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Bazza's Scalping method

  • #21
  • May 18, 2007 4:37am May 18, 2007 4:37am
As i said, my tests on futures (still) looks promising. I am not using any others indicators but i look for the price action and watch at the same time the entire market, with this i mean the other future contracts.

I will not short the market when it`s strongly trending up. I think i have a "feel" for it and that`s why i don`t use further indicators. The 3 Ema shows me already an OB/OV situation and if the candle body is outside the ema AND at a significant support or resistance level..... i become active.

I habe no experience with this method trading FX because it`s "better" for me to scalp on a 3 minute chart with a minimum spread on commodities.
  • #22
  • May 18, 2007 6:27pm May 18, 2007 6:27pm
Quoting Gold_Surfer
Interesting method, may I know how long have u try this system? and which pair is work for the system? Can we use it with a pair that have 4 points spread?

yes Gold surfer, you can use it on a 4 pip spread pair, but you need volatility, would be pointless during Asian session if Market is ranging only 4-6 pips in an hour.

Avoid Asian session except occassionally if there was a big run Friday, sometimes a good run at Tokyo open on Monday!

Bazaz
  • #23
  • May 18, 2007 8:47pm May 18, 2007 8:47pm
The thing is, looking for 2-3 pips on a pair which has a spread of between 2-3 pips does not make for a good r/r ratio. I wouldn't use this on cable, but on EURUSD, trading on Oanda with a 1.2 spread, or currenex with a < 1 spread. The key with scalping is to not be greedy. Get your pip(s), get out, move on to the next setup. And GET OUT if the trend against which you are trading reasserts itself.
  • #24
  • May 20, 2007 8:32am May 20, 2007 8:32am
Quoting asliok
Errr.... I want to post here an interesting system. I hope you don't mind. I thought this can work about impove this system. Anyway:

Add 10 sma HIGH
and 8 sma LOW

When the bar opens above 8 sma, you buy
When the bar opens below 10 sma, you sell

But you need to understand how it works this system. I'm attached an example picture, you'll see how it works.

http://www.forexfactory.com/attachme...1&d=1179052335
This is not making too much sense. The 8SMA is the yellow line and 10SMA is the red line on your chart. In both cases, "When the bar opens above 8 sma, or When the bar opens below 10 sma" the price will be between the two SMA's, so do you buy ot sell. Doesn't make sense the way you explain it.
  • #25
  • May 31, 2007 5:30am May 31, 2007 5:30am
I've been reading this thread for the last 5 days, and I have some question to ask. But it seems this thread are no longer active, please if still anyone pay attention to this thread please respon. I need some help here, coz I'm a newbie, in fact this is my first post in forex factory forums.
  • #26
  • Jun 3, 2007 4:42am Jun 3, 2007 4:42am
red,

please ask. If i can, i will answer to your questions

Chris
  • #27
  • Jun 5, 2007 1:21am Jun 5, 2007 1:21am
Thanks for responding...
I made some filter for this system such as ;
adding 34 EMA and 9 EMA lines, if 34 above 9 means trend up, vice versa if 34 below 9 means trend down.

And I only trade following the trend...means if the trend telling me to go up, I only looking for up reversal candle.

I also adding up 5,3,3 stochastic...if the stochastic in the overbought or oversold zone it means a strong signal (if it is linear with the trend).

I want to know wether this modification work well or not, coz I'm bactesting it...it's quite good to avoiding me in entering a bad signal.
  • #28
  • Jun 6, 2007 6:44am Jun 6, 2007 6:44am
HI Bazza,

thanks for sharing your system.
Could you post some more chart for example ?
and could you explain about reversal candle ?
coz i'm newbie.


regards,
  • #29
  • Jul 14, 2007 1:22pm Jul 14, 2007 1:22pm
Sweet setup Bazza.
Thanks for providing your system and commentary.
Have you noticed if Tick charts smooth out indicators?
Here is EUR futures which move tick for tick with forex.
In the first pane you see volume delta bars cumulative and
in the bottom pane you see RSI set to 8 smoothing period 3, simple with momentum period 1, set to Morris Modified RSI available at Investor/RT.
Attached Image (click to enlarge)
Click to Enlarge Name: 20070714131850.jpg Size: 59 KB
It really is that easy.
  • #30
  • Jul 16, 2007 8:27am Jul 16, 2007 8:27am
Hi,

Any update on this system?
Look easy...and a nice system!

thanks
Patience, let the market come to you!
  • #31
  • Aug 1, 2007 6:29am Aug 1, 2007 6:29am
Quoting asliok
Errr.... I want to post here an interesting system. I hope you don't mind. I thought this can work about impove this system. Anyway:

Add 10 sma HIGH
and 8 sma LOW

When the bar opens above 8 sma, you buy
When the bar opens below 10 sma, you sell

But you need to understand how it works this system. I'm attached an example picture, you'll see how it works.

http://www.forexfactory.com/attachme...1&d=1179052335
Which one SMA exactly? Simple or smoothed.
Thanks in advance
  • #32
  • Aug 1, 2007 6:56am Aug 1, 2007 6:56am
Simple Moving Average

Regards.
  • #33
  • Aug 1, 2007 7:40am Aug 1, 2007 7:40am
Quoting asliok
Simple Moving Average

Regards.

How many TP and what is the suitable TF?

Thank you.
  • #34
  • Aug 31, 2007 2:11pm Aug 31, 2007 2:11pm
Quoting kisspips
How many TP and what is the suitable TF?

Thank you.
I do scalping and asliok system is perfect in giving a signal on M30....
After the direction of trade is clear on M30...
I usually setting up an entry using smaller TF to minimize the risk....
using M5 or sometimes M1 depend on price movement

Entry with higher lot and small TP (5 or 10 pips) which will ended on around 5 or 15 minutes can guarantee your success in forex....

If you are not sure or detect that the price is moving against you... close your position immediately..... don't worry... loss is part of the game...
You can get better trading set up later...

Wish you luck...

regards,
"Live is for living not for working"
  • #35
  • Sep 1, 2007 3:13am Sep 1, 2007 3:13am
Thanks for posting your system Bazza. I appreciate you sharing.

If you're only capturing 20-30 pips a day, i'm guessing you are trading or plan to trade when more comfortable, multiple lots per trade. Is that right?

Also, what pair or pairs are you using? I know this was asked. If you answered, i missed it.
thx
dak
  • #36
  • Sep 2, 2007 12:37am Sep 2, 2007 12:37am
Hi Dax,
it works on any major pair, USD/GBP or USD/EUR, however, whatever major pair works well. Thanks to many people sharing their systems on FF, I think Bagovino for establishing the trend & mine for quick entries. I often use it to capture 5 pips, 5 trades a day, thats it.

I do like a lot of other systems I have read on FF, I do like Philip Nells 5 min intraday & Bagovino's. I really love Daily Fozzy for a position trade as well as weekly scalping method. I enter either of the above with a Moutiki 4 hr chart T/L break.

The above sums up what I like best on FF,
Cheers
Bazza
  • #37
  • Oct 17, 2007 6:30am Oct 17, 2007 6:30am
Hi Bazza. Do you still trade this system? Just wanted to clarify: once you identify a hammer or inverted hammer that gaps from the 3ema you take it only after the close of the next candle? And for a long you want the candle after the hammer/inverted hammer to be a bullish candle?
  • #38
  • Oct 18, 2007 6:13am Oct 18, 2007 6:13am
Quoting foxyfx
Hi Bazza. Do you still trade this system? Just wanted to clarify: once you identify a hammer or inverted hammer that gaps from the 3ema you take it only after the close of the next candle? And for a long you want the candle after the hammer/inverted hammer to be a bullish candle?
Yes, I still use the method, now I use Fibs as well on 5 min chart, but the reversal candle is very important, hammer, RR tracks, doji, etc
  • #39
  • Oct 18, 2007 11:44am Oct 18, 2007 11:44am
I use it too, mostly on EURJPY as it seems the most reliable at this time. Somebody said something about risk/reward not good. Who gives a rip when you make 20 - 30 pips a day. That's my goal, and I reach it most times. Also, if I see a day when a pair has run straight up or down, I will enter the opposite way for 10 pips.
  • #40
  • Oct 18, 2007 5:10pm Oct 18, 2007 5:10pm
I have been back testing this method and found that a bullish hammer in a down trend is more likely to reverse than a bearish hammer. That hammers with some body (open and close not at same price) are more reliable. Hammers where the entire candle gaps away from the 3EMA are more reliable than than those that don't touch but are closer to the 3EMA.I am yet to see the benefit of the RSI. Maybe I just need to back more but from what I have found so far a winning trade and a losing trade can have exactly the same RSI pattern??
Anyone using any other criteria to weed out losing trades?
bhale what is your win loss ration using this method? Do you enter on close of the hammer or wait for the next bar as stated by Bazza?

FoxyFX
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