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Attachments: Gamblers 5 and 15 minute trading system
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Gamblers 5 and 15 minute trading system

  • #61
  • Mar 15, 2008 6:57am Mar 15, 2008 6:57am
Quoting Gambler180
It is not subjective. I use the rules from post 1 but I only trade if there is some sort of volatility, it's for example not a good idea to trade the EUR/USD when both The European and the US session is closed. And I don't trade the small trends inside a big previous up or down candle.
How do you know when volatility is present?
How do you measure it?
  • #62
  • Mar 15, 2008 9:29am Mar 15, 2008 9:29am
Quoting billbss
How do you know when volatility is present?
How do you measure it?
I don't measure it. It is easy to see if there is volatility just by looking at the charts.
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #63
  • Mar 16, 2008 5:28am Mar 16, 2008 5:28am
well your getting quite a bit of interest gambler. I think that without discretion, taking every signal with stop and reverses with such small targets, that a losing sequence of only 3 or 4 (they do happen with your system) will take back all the profit of a large winning streak (15+) and some. from my testing your system does not beat the spread and has a negative expectancy overtime. However, a little patience watching price for a while till you get the "feel" of overall direction whilst observing reaction to S/R. the trigger has definite merit.
Waiting for an ideal opportunity to enter with confidence, its as good as my secret MA as a signal trigger (5wma -black and white line on chart)
Here are two trades I did on fri using trend bias for direction, pivot points for support/resistence and your trigger for entry. the first trade had 1/1 risk reward and achieved 73 pips. The second has locked in profit and is still open +113 Notice the long signal your system gave after the first trade would have exited the trade at a loss. Tha maximum you could have achieved from that "false" long signal would be 7 pips before it went on to reverse short again -40 pips. a few trading days like that and your scalpng will not be able to recover the losses I feel. I hope you do well and prove me wrong gambler
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY Spot.png Size: 20 KB
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  • #64
  • Mar 16, 2008 12:07pm Mar 16, 2008 12:07pm
Quoting M.A.C.Doug
well your getting quite a bit of interest gambler. I think that without discretion, taking every signal with stop and reverses with such small targets, that a losing sequence of only 3 or 4 (they do happen with your system) will take back all the profit of a large winning streak (15+) and some. from my testing your system does not beat the spread and has a negative expectancy overtime. However, a little patience watching price for a while till you get the "feel" of overall direction whilst observing reaction to S/R. the trigger has definite merit.
Waiting for an ideal opportunity to enter with confidence, its as good as my secret MA as a signal trigger (5wma -black and white line on chart)
Here are two trades I did on fri using trend bias for direction, pivot points for support/resistence and your trigger for entry. the first trade had 1/1 risk reward and achieved 73 pips. The second has locked in profit and is still open +113 Notice the long signal your system gave after the first trade would have exited the trade at a loss. Tha maximum you could have achieved from that "false" long signal would be 7 pips before it went on to reverse short again -40 pips. a few trading days like that and your scalpng will not be able to recover the losses I feel. I hope you do well and prove me wrong gambler
I have never said that the system should be working on EUR/JPY. I have only used the system on EUR/USD and USD/CHF and there it is working
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #65
  • Mar 16, 2008 12:37pm Mar 16, 2008 12:37pm
hey gambler should the closing price of the current candle close below the close as well as open of the previous candle? Can you explain this a bit more pls i don't understand. Perhaps with a chart.
Thanks
BK
  • #66
  • Mar 16, 2008 1:02pm Mar 16, 2008 1:02pm
Quoting bksujal
hey gambler should the closing price of the current candle close below the close as well as open of the previous candle? Can you explain this a bit more pls i don't understand. Perhaps with a chart.
Thanks
BK
Have you seen the first post?

"Buy when a candle close above the last down bar in a downtrend
Sell when a candle close below the last up bar in an uptrend"

That is the system and I can't give a better explanation than that. There also is a chart in the first post.
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #67
  • Mar 16, 2008 2:22pm Mar 16, 2008 2:22pm
Seems like some people are a bit lazy reading stuff... ^^
From my experience this system works best on EUR/USD (small spread good for scalping and trending nicely). GBP/JPY is not working that well even on smaller or bigger timeframes.
  • #68
  • Mar 16, 2008 8:51pm Mar 16, 2008 8:51pm
Attachment This system is based on price action. Gambler180 uses an engulfing pattern (either Bear or Bull) to make the entrance decisions.

Like M.A.C. Doug, I use pivots for S/R and determining exits. On the attached EUR/JPY chart, price has fallen completely through my pivots. The ma's are a simple 5/8 ema crossover. The 5 ema is on the close, while the 8 ema is on the open. I also use a 200 ema on my higher frame charts to determine overall trend. Since the ema's lag behind price action, they are only used as a reference point for my eyes when scanning multiple charts (I watch 8 currency pairs at once.)
Attached Image (click to enlarge)
Click to Enlarge Name: Chart120.JPG Size: 114 KB
  • #69
  • Mar 17, 2008 1:05am Mar 17, 2008 1:05am
you guys aren't going to believe this - I can hardly believe it myself but on that E/J trade that i kept open over the weekend, I set a limit at 152.20 just above support as a longer term target. i turned on my pc today late Asia expecting the trade to have retraced a little against me after Fridays big move to find the trade had closed out +470 PIPS !!! during the markets most quiet time, Mondays open!! Not to shabby for a gambler 180 scalp trade. Now Ive seen it all, anything really can happen. Thanks gambler for bringing me such good luck!
here is my weekly chart showing the analysis that provided the target that enabled me to capture the whole move bar ten pips.Theres a couple of fibs pulled just for show off value - lol
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY Spot.png2.png Size: 19 KB
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  • #70
  • Mar 17, 2008 2:54am Mar 17, 2008 2:54am
Quoting M.A.C.Doug
you guys aren't going to believe this - I can hardly believe it myself but on that E/J trade that i kept open over the weekend, I set a limit at 152.20 just above support as a longer term target. i turned on my pc today late Asia expecting the trade to have retraced a little against me after Fridays big move to find the trade had closed out +470 PIPS !!! during the markets most quiet time, Mondays open!! Not to shabby for a gambler 180 scalp trade. Now Ive seen it all, anything really can happen. Thanks gambler for bringing me such good luck!
here is my weekly chart showing the analysis that provided the target that enabled me to capture the whole move bar ten pips.Theres a couple of fibs pulled just for show off value - lol
Nice trade M.A.C. Doug. Gambler180's two rules seems to sum up price action quite well.
  • #71
  • Mar 17, 2008 3:19am Mar 17, 2008 3:19am
nice? it was phenomenal!! 1:8 risk reward 470 pips in under two trading sessions and more than double my previous best trade - Home run? its out of the ball park! here it is on the hourly chart. look at the bounce at support after my exit - proof of the value of Technical analysis and support/resistance in particular
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY Spot.png3.png Size: 15 KB
BTC Return This Year: na
  • #72
  • Mar 17, 2008 4:22am Mar 17, 2008 4:22am
Does anyone has that Candle Countdown Indicator that says 13:20 minutes to candle close?

Turning this into an EA would require a decent Stop Loss and Exit Strategy.
And I'm afraid it would take just every signal even contiuation patterns.
  • #73
  • Mar 17, 2008 2:02pm Mar 17, 2008 2:02pm
Quoting Tjpld
Does anyone has that Candle Countdown Indicator that says 13:20 minutes to candle close?

Turning this into an EA would require a decent Stop Loss and Exit Strategy.
And I'm afraid it would take just every signal even contiuation patterns.
I am a little confused. Trading manually, it is a simple matter of looking at the clock on your task bar to determine when the candle will close.

While I have Metatrader on my computer, I prefer to trade manually. That being said, I would think that Gambler180's rules could be translated into code. Since his entrance and exit rules are based on direction and pip closure as related to the previous candle's opening or closure.
  • #74
  • Mar 17, 2008 3:04pm Mar 17, 2008 3:04pm
Quoting Clansman
While I have Metatrader on my computer, I prefer to trade manually. That being said, I would think that Gambler180's rules could be translated into code. Since his entrance and exit rules are based on direction and pip closure as related to the previous candle's opening or closure.
'Could' is a very subjective word here, I'm afraid. Gambler180 has responded to every request for a quantitative rule definition with a variant of "I just see it on the charts." I don't deny that his system works for him, but a system based upon personal discretion CANNOT be mechanized. For a computer to trade this strategy, it needs specific definitions of what constitutes an uptrend or downtrend. Therein lies the rub of strategy programming.
  • #75
  • Mar 17, 2008 4:27pm Mar 17, 2008 4:27pm
Quoting drummer486
'Could' is a very subjective word here, I'm afraid. Gambler180 has responded to every request for a quantitative rule definition with a variant of "I just see it on the charts." I don't deny that his system works for him, but a system based upon personal discretion CANNOT be mechanized. For a computer to trade this strategy, it needs specific definitions of what constitutes an uptrend or downtrend. Therein lies the rub of strategy programming.

His two rules are stated below:

"Buy when a candle close above the last down bar in a downtrend
Sell when a candle close below the last up bar in an uptrend"

In essence, he waits for an engulfing pattern to change the trend. A trend could literally be one candle. For example, if a down candle closes below the previous up candle, it could be considered as a trend change. I am not a programmer, but isn't it possible to write an EA based on the above parameters?
  • #76
  • Mar 17, 2008 5:00pm Mar 17, 2008 5:00pm
Quoting Clansman
His two rules are stated below:

"Buy when a candle close above the last down bar in a downtrend
Sell when a candle close below the last up bar in an uptrend"

In essence, he waits for an engulfing pattern to change the trend. A trend could literally be one candle. For example, if a down candle closes below the previous up candle, it could be considered as a trend change. I am not a programmer, but isn't it possible to write an EA based on the above parameters?

He has modified his rules in later posts.
He has to have volatility. He doesn't know how to measure it, but he knows it when he sees it.
There is more.
  • #77
  • Mar 17, 2008 5:43pm Mar 17, 2008 5:43pm
Quoting billbss
He has modified his rules in later posts.
He has to have volatility. He doesn't know how to measure it, but he knows it when he sees it.
There is more.
What do you know by doesn't know how to measure it? Do you mean that I don't use an indicator to do it?

I think it's easy to see when the market is volatile and when it isn't. Just look at the chart below.

http://img186.imageshack.us/img186/9...vngivetvx7.jpg
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #78
  • Mar 17, 2008 6:09pm Mar 17, 2008 6:09pm
Quoting Gambler180
What do you know by doesn't know how to measure it? Do you mean that I don't use an indicator to do it?

I think it's easy to see when the market is volatile and when it isn't. Just look at the chart below.

http://img186.imageshack.us/img186/9...vngivetvx7.jpg
Jup just trade during London and NY Session and you're fine. You won't get anymore volume and volatility during the day.
  • #79
  • Mar 17, 2008 7:30pm Mar 17, 2008 7:30pm
Quoting Clansman
His two rules are stated below:

"Buy when a candle close above the last down bar in a downtrend
Sell when a candle close below the last up bar in an uptrend"

In essence, he waits for an engulfing pattern to change the trend. A trend could literally be one candle. For example, if a down candle closes below the previous up candle, it could be considered as a trend change. I am not a programmer, but isn't it possible to write an EA based on the above parameters?
It doesnt have to be an engulfing pattern, just a candle close lower than the previous bull candle in an uptrend (opposite for downtrend). This can happen over a few candles without the need for an engulfing pattern to qualify entry.
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  • #80
  • Mar 18, 2008 5:28am Mar 18, 2008 5:28am
Yeah who started talking about engulfig stuff? No one mentioned it.
The main flaw I see in this system is that you don't know when to get out.
You could get 5 pips but could have gained 30. The next bad trade will kill you because you risk more than you gain.
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