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Boogie Man Is Coming To Get Pips...

  • #41
  • Nov 26, 2007 3:25pm Nov 26, 2007 3:25pm
thanks a lot
50 pips a day keep the doctor away!
  • #42
  • Nov 26, 2007 3:34pm Nov 26, 2007 3:34pm
thats look like a KISS System... thank u... will give it a try this week...
Attached Image (click to enlarge)
Click to Enlarge Name: RSI SYSTEM.png Size: 80 KB
Attached File(s)
File Type: tpl umair scalp.tpl   15 KB | 414 downloads
File Type: mq4 Parabolic SAR Color - Alert.mq4   3 KB | 1,031 downloads
  • #43
  • Nov 26, 2007 3:41pm Nov 26, 2007 3:41pm
Hey guys,

I believe that on your templates you have Moving Average OF RSI 21 and RSI 21.I think it has to be RSI 21 and Moving Average 10 of CLOSE

I think that Umair has to resolve this issue
  • #44
  • Nov 26, 2007 3:44pm Nov 26, 2007 3:44pm
Quoting PolishTrader
Hey guys,

I believe that on your templates you have Moving Average OF RSI 21 and RSI 21.I think it has to be RSI 21 and Moving Average 10 of CLOSE

I think that Umair has to resolve this issue
Thats the look if i take it from the close
Attached Image (click to enlarge)
Click to Enlarge Name: MA 10 from close.png Size: 30 KB
  • #45
  • Nov 26, 2007 3:47pm Nov 26, 2007 3:47pm
Quoting Iqtrading
Thats the look if i take it from the close
You right,sorry for confusion.I realized about this after a while.Somehow the signals aren't as clear on MT4 as Umairs' but I will give a try
  • #46
  • Nov 26, 2007 3:50pm Nov 26, 2007 3:50pm
Quoting PolishTrader
You right,sorry for confusion.I realized about this after I while.Somehow the signals aren't as clear on MT4 as Umairs' but I will give a try
no prob, i try a little bit, also i use a WMA for the calculation (RAINBOW)

looks pretty good will try tomorrow oanda 5 and 10 sec chart
  • #47
  • Nov 26, 2007 3:53pm Nov 26, 2007 3:53pm
BTW, I would like to know how are you doing with the method today? I'm having trouble because I get 3-4 winners of 5 pips and then a loser of 15 pips, then 3-4 winers of 5 pips and other big loser again...
Ado Whether you believe you can do a thing or not, you are right.
  • #48
  • Nov 26, 2007 4:01pm Nov 26, 2007 4:01pm
Quoting Iqtrading
no prob, i try a little bit, also i use a WMA for the calculation (RAINBOW)

looks pretty good will try tomorrow oanda 5 and 10 sec chart
This is a nice idea, but in the 5 sec. chart it's a damn complete mess je je je, but in 1 min looks good, as you said when posted template, helps to determine high probability trades
Ado Whether you believe you can do a thing or not, you are right.
  • #49
  • Nov 26, 2007 4:02pm Nov 26, 2007 4:02pm
Thanks for showing us this system Umair, I am going to test it out as well. I have my own method of scalping using mostly just RSI and a few other indicators for confirmation. I'll try your indicators and see how it goes.

I know my own method works, I am up over $300 on my mini account right now today and have never had a loosing day, but it could use improvement, so I'll see how yours works (it is similar to mine since it uses the RSI as a main indicator).

BTW, have you tried scaling out of your position as an exit? I do this and am able to stay in the market to ride the wave to it's very end, I don't need a certain signal to exit.
  • #50
  • Nov 26, 2007 4:03pm Nov 26, 2007 4:03pm
Quoting Ado
BTW, I would like to know how are you doing with the method today? I'm having trouble because I get 3-4 winners of 5 pips and then a loser of 15 pips, then 3-4 winers of 5 pips and other big loser again...
i didn't try it, because i want to get a feeling for itand have drunk a beer, i see on 1 min chart u should set a tight stoploss, let your profits run, what it means when rsi is below 50? short right, i will try it tomorrow and post the results at the end of the day here... but i think the success of the system depends on yourself, if u cut your losses then u get a better success rate... indicators are history... so try to get intuitive don't think about make and set stop, let the trade run if S/L then S/L, or u can use a Disaster Stop maybe around 15 or 18 + spread, but this should only hit when u r not seeing that the trade goes against ur direction or your wife is calling you because something happends, i think 5-8 pips + spread is okay for normal stoploss...

And if u want i use this Pivot indicator for S/R Levels and a faster view where could stop or ranging
Attached File(s)
File Type: mq4 SDX-TzPivots.mq4   23 KB | 357 downloads
  • #51
  • Nov 26, 2007 4:23pm Nov 26, 2007 4:23pm
hey

i'll be testing this strat out but,
i was just wondering what was your win/loss ratio for this method? thanks
  • #52
  • Nov 26, 2007 4:31pm Nov 26, 2007 4:31pm
looks a little bit confusing but i think with screentime u can increase profitability...
Attached Image (click to enlarge)
Click to Enlarge Name: 5sec chart.png Size: 61 KB
  • #53
  • Nov 26, 2007 4:50pm Nov 26, 2007 4:50pm
...
Attached Image (click to enlarge)
Click to Enlarge Name: 20pips.png Size: 43 KB
  • #54
  • Edited 7:05pm Nov 26, 2007 6:43pm | Edited 7:05pm
Umair thanks for sharing..

This system is a recipe for disaster when not used in the right conditions. In essence it looks great with hindsight but if the market you're trading isnt making a large directional move your entries will be too late 90% of the time and you will end up at a loss or breakeven(if you're lucky) I've tested it with Interactive Brokers using test amounts with their BookTrader which enables 1 click orders.

So my take on this is if you want to minimise exposure during a potentially large move in order to trade with bigger lots, this method may be an option but doesn't make all that much sense.

Good luck.

PS if you want to scalp and have something that really works more often than not, try Philip Nel's 5min system. The signals are less frequent but probability is increased using a trend following mindset.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: umair.jpg Size: 119 KB
Click to Enlarge Name: Booktrader.jpg Size: 113 KB
Attached Image
  • #55
  • Nov 26, 2007 6:46pm Nov 26, 2007 6:46pm
Quoting Iqtrading
i think 5-8 pips + spread is okay for normal stoploss...
Actually we agree in that stop loss, but sticking to the TP of Umair, he says he only takes between 3-5 pips per scalp, my point is, If I do so, I lose all the profit in the thirtd of fourth trade when losing 10-15 pips, and is like walking in circles (maybe my broker would be very happy and I could get a salary je je je ).

Quoting Iqtrading
looks a little bit confusing but i think with screentime u can increase profitability...
Well, your chart is also a mess, bot doesn't look as bad as mine je je je, anyway, while I agree those can be good options to consider and improve the system, the main idea starts to lose simplicity again, one indicator here, other there, two more of them that place... and the starter system gets lost in the space
Attached Image
Ado Whether you believe you can do a thing or not, you are right.
  • #56
  • Nov 26, 2007 7:50pm Nov 26, 2007 7:50pm
Your points are well taken. For what its worth, I mitigate loss by using multiple time frames. I always trade with the 4 hr trend confirmed by the 1 hr or 30 min, plus the 5 min. I then trade the 1 M. I never trade the 1 min if it is not going the same way as at least the 5 min and the 30m or 60m. This has been a life saver many times.

Having daily SR lines in place is vital too, IMO. Being in what looks to be an excellent trade can turn disastrous if you unknowingly hit a SR line.

Finally, if you truly are trading with the trend; have not overextended yourself in the trade financially, you can almost always ride out a reversal by simply waiting till the trade turns back your way.

Just my 2 pips worth...

Quoting bobblong
Umair thanks for sharing..

This system is a recipe for disaster when not used in the right conditions. In essence it looks great with hindsight but if the market you're trading isnt making a large directional move your entries will be too late 90% of the time and you will end up at a loss or breakeven(if you're lucky) I've tested it with Interactive Brokers using test amounts with their BookTrader which enables 1 click orders.

So my take on this is if you want to minimise exposure during a potentially large move in order to trade with bigger lots, this method may be an option but doesn't make all that much sense.

Good luck.

PS if you want to scalp and have something that really works more often than not, try Philip Nel's 5min system. The signals are less frequent but probability is increased using a trend following mindset.
"Loss and failure are inevitable but misery is optional"
  • #57
  • Nov 26, 2007 8:01pm Nov 26, 2007 8:01pm
Wow,
The System looks very simple...
Great Job...

I have some question here:
Are the any Fake Signal in your System?
Is it OK to trade the Jappanese and GU in TF5 (not in TF 1)??



WisBiz
  • #58
  • Nov 26, 2007 8:10pm Nov 26, 2007 8:10pm
Quoting carmel
Your points are well taken. For what its worth, I mitigate loss by using multiple time frames. I always trade with the 4 hr trend confirmed by the 1 hr or 30 min, plus the 5 min. I then trade the 1 M. I never trade the 1 min if it is not going the same way as at least the 5 min and the 30m or 60m. This has been a life saver many times.

Having daily SR lines in place is vital too, IMO. Being in what looks to be an excellent trade can turn disastrous if you unknowingly hit a SR line.

Finally, if you truly are trading with the trend; have not overextended yourself in the trade financially, you can almost always ride out a reversal by simply waiting till the trade turns back your way.

Just my 2 pips worth...
I second that. That is how I trade. Find a trend confirmed by many timeframes and go with it.
  • #59
  • Nov 26, 2007 8:21pm Nov 26, 2007 8:21pm
@Iqtrading

Why you put the 144MA in the RSI windows?

Actually, I confused here...
Which kind of MA that we use in the RSI windows (MT4 platform)?
  • #60
  • Nov 26, 2007 8:59pm Nov 26, 2007 8:59pm
I have tried out your system and all I can say is:

IT ROCKS!!!!!


I have used a similar system for a 30min TF but this seems to be a more revised system. I will continue to trade with micro-lots until I become more confident with this system.


Thanks Umair for this system.

Jazakallah!
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