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Scalping System by Machine

  • #141
  • Jun 28, 2024 6:25am Jun 28, 2024 6:25am
  • #142
  • Edited 7:06am Jun 28, 2024 6:47am | Edited 7:06am
Quoting DwnUndrTrdr
{quote} Don’t change if it’s working for you, but are these technically correct trades as per system recommendations? As I said, don’t change.. winners are grinners

1. RSI filtering was introduced by @since0808 in Post #80 and approved by OP in Post #86, so I have started using it myself (even though it has not made its way to Post #1).

2. Regarding the ATR filter, it is interesting to observe that the system appears to be robust enough to perform well on EURUSD (6E) even without it. However, this could just be a temporary lucky streak or may only be valid for EURUSD. Further research is necessary in this regard.
  • #143
  • Jun 28, 2024 7:00am Jun 28, 2024 7:00am
Quoting Silkysilv
{quote} Good job! what is your RSI filter setting and rules? Thanks

As mentioned above, the RSI filter was introduced by @since0808 and approved by OP. Following the RSI settings of @since0808 (see attached screenshot), I also use the 65% cut-off to filter out overbought conditions and the 35% cut-off to stay on the sidelines when the market is oversold.
Attached Image (click to enlarge)
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  • #144
  • Jun 28, 2024 7:03am Jun 28, 2024 7:03am
Quoting RoboSeer
{quote} 1. RSI filtering was introduced by @since0808 in Post #80 and approved by OP in Post #86, so I have started using it myself. 2. Regarding the ATR filter, it is interesting to observe that the system appears to be robust enough to perform well on EURUSD (6E) even without it. However, this could just be a temporary lucky streak or may only be valid for...
As I said Roboseer, do your thing. If it works use it…
  • #145
  • Edited 9:26am Jun 28, 2024 8:59am | Edited 9:26am
ATR

CC

Threshold

EMA

Bounce

Volume Increase Everex Volume

BP
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  • #146
  • Edited 10:35am Jun 28, 2024 9:30am | Edited 10:35am
+1R
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  • #147
  • Jun 28, 2024 10:34am Jun 28, 2024 10:34am
+1R
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  • #148
  • Edited 1:30pm Jun 28, 2024 12:01pm | Edited 1:30pm
open

still in trade came close to TP but not quite


should have protected position. Entry candle was 3x Atr and should have took profit around 1-2x. Unrealistic to expect such movement.
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  • #149
  • Jun 28, 2024 3:15pm Jun 28, 2024 3:15pm
6E (EUR/USD Futures) M5 from 8AM-4PM EST: 1 winner/3 losers (with R:R 1:1 and RSI filter). Past 3 days: 16 winners/4 losers.
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  • #150
  • Jun 28, 2024 3:35pm Jun 28, 2024 3:35pm
ES (SP500 Futures) M5 from 9:30AM-12:00PM EST ("kill zone") with RSI filter (35/65%): 1 winner
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  • #151
  • Jun 28, 2024 3:38pm Jun 28, 2024 3:38pm
MachineLearn, if you do not mind I will post my scalp trades today. It is not your technique, but I am just showing what trading for living means to a successful trader.

There is no illusions, it is a Hard work, but great rewards when you(or anytrader) "get it!" Today Profit is +3.4%

Dow Futures, Crosses represent Stop Outs, Checkmarks represent Profitable trades. Last trade for 76 points is still ongoing, but it is end of the week, so will count as this week trade.

I will remove my post, if you ask me to remove it.
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  • #152
  • Jun 28, 2024 3:54pm Jun 28, 2024 3:54pm
Quoting driven18
MachineLearn, if you do not mind I will post my scalp trades today. It is not your technique, but I am just showing what trading for living means to a successful trader. There is no illusions, it is a Hard work, but great rewards when you(or anytrader) "get it!" Today Profit is +3.4% Dow Futures, Crosses represent Stop Outs, Checkmarks represent Profitable trades. Last trade for 76 points is still ongoing, but it is end of the week, so will count as this week trade. I will remove my post, if you ask me to remove it. {image}
of course brother, If anything it’s just motivation to other traders
  • #153
  • Jun 28, 2024 5:40pm Jun 28, 2024 5:40pm
Quoting driven18
MachineLearn, if you do not mind I will post my scalp trades today. It is not your technique, but I am just showing what trading for living means to a successful trader. There is no illusions, it is a Hard work, but great rewards when you(or anytrader) "get it!" Today Profit is +3.4% Dow Futures, Crosses represent Stop Outs, Checkmarks represent Profitable trades. Last trade for 76 points is still ongoing, but it is end of the week, so will count as this week trade. I will remove my post, if you ask me to remove it. {image}
driven, forgive my laziness.. is that a 1 minute chart
  • #154
  • Jun 29, 2024 2:57pm Jun 29, 2024 2:57pm
Quoting MachineLearn
Will appreciate if anyone has a % Candle Closed indicator for MetaTrader users
I was using this one to test some ideas, I think it would work for your method here.

It is discussed here:

https://www.forexfactory.com/thread/...9#post11879079

Attached File(s)
File Type: ex4 Wick Label 2.0.ex4   28 KB | 248 downloads
  • #155
  • Jun 29, 2024 3:45pm Jun 29, 2024 3:45pm
Quoting jwpdad
{quote} I was using this one to test some ideas, I think it would work for your method here. It is discussed here: https://www.forexfactory.com/thread/...9#post11879079 {file}
Thanks I’ll add to the main post for the meta trader users
  • #156
  • Jul 1, 2024 5:20am Jul 1, 2024 5:20am
Quoting MachineLearn
This system operates with a strong emphasis on its rules, yet it's crucial not to fixate so much on them that you overlook what the market is doing relative to the rules.
@MachineLearn: thanks for sharing your system!

Can you please elaborate on "not overlooking what the market is doing relative to the rules"? Perhaps some examples?

I also back tested your system mechanically and manually on EURUSD from June 1st to last Friday, trading the London and NY morning sessions only, avoiding trading before news.

Found 58 trades with a 55% win rate.

If you took trades only in line with current trend, as indicated by market structure, the number of trades fell to 36, but the win rate increased to 61%.

Not clear though if the increase in win rate is statistically significant or not.

Thanks again for sharing your system!
  • #157
  • Jul 1, 2024 10:57am Jul 1, 2024 10:57am
Quoting MachineLearn
{quote} of course brother, If anything it’s just motivation to other traders
Happy new month of many pips! I placed a trade earlier and reached my take profit of 3R. I was only looking for buy entries due to the news. What a great way to start the month with profitable pips. Thank you!
I've been searching for re-entries and it got me thinking about the re-entry method. Are you trading every potential entry or something else?
Attached Image (click to enlarge)
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  • #158
  • Jul 1, 2024 11:15am Jul 1, 2024 11:15am
Quoting m618
{quote} @MachineLearn: thanks for sharing your system! Can you please elaborate on "not overlooking what the market is doing relative to the rules"? Perhaps some examples? I also back tested your system mechanically and manually on EURUSD from June 1st to last Friday, trading the London and NY morning sessions only, avoiding trading before news. Found 58 trades with a 55% win rate. If you took trades only in line with current trend, as indicated by market structure, the number of trades fell to 36, but the win rate increased to 61%. Not clear though...
Thanks for the backtest report! Did you run the test on M1 or M5? With or without RSI (35-65%) filter? (Applying the RSI filter may protect from buying into resistance and selling into strength.)
  • #159
  • Jul 1, 2024 11:46am Jul 1, 2024 11:46am
Quoting ProfitStream
{quote} Happy new month of many pips! I placed a trade earlier and reached my take profit of 3R. I was only looking for buy entries due to the news. What a great way to start the month with profitable pips. Thank you! I've been searching for re-entries and it got me thinking about the re-entry method. Are you trading every potential entry or something else? {image}
Glad you're finding success. If you're not greedy you can be profitable with the system, no questions asked.

I definitely don't take every trade... there's some discretion that's taken into account, mostly price action.
  • #160
  • Jul 1, 2024 11:58am Jul 1, 2024 11:58am
Quoting m618
{quote} @MachineLearn: thanks for sharing your system! Can you please elaborate on "not overlooking what the market is doing relative to the rules"? Perhaps some examples? I also back tested your system mechanically and manually on EURUSD from June 1st to last Friday, trading the London and NY morning sessions only, avoiding trading before news. Found 58 trades with a 55% win rate. If you took trades only in line with current trend, as indicated by market structure, the number of trades fell to 36, but the win rate increased to 61%. Not clear though...
Nice, sounds about right. I average 60% but that's with some discretion applied to the system through price action.

As with anything in life I think it comes down Balance. A beautiful blend of discretion, subjectivity, objectivity and mechanics.

I've given some examples about how I use discretional methods like price action to help filter entries. There's no magic button, it's all common sense. Follow market structure, observe trend lines, monitor volume, pay attention to news, look for liquidity, watch for breakouts, check technical ratings, pay attention to candlesticks.

The system itself is just one tool to help time your entries in a repeatable and successfully proven way, but how one sees the market and their experience and psychology are also tools. You don't have to use them. Could you build a house with only a hammer? Sure...
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