Synergy Method For Scalpers and Scalpers Hourly Range Calculator (Based on TSR) | Forex Factory

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Synergy Method For Scalpers and Scalpers Hourly Range Calculator (Based on TSR)

  • #1
  • First Post: Edited Jun 6, 2008 12:59am Jun 4, 2008 12:08am | Edited Jun 6, 2008 12:59am
(see next post for Synergy Method for Scalpers)

I took the TSR and changed it to hourly instead of daily ranges.

This gives the scalper a great tool to know the range of pips in the last hour rather than days.

It also shows the average hourly range for the

last 5 hours

last 10 hours

and last 20 hours (almost a day

Im not a programmer so if there are some programmers out there that can take a look at this and see if it needs any tweeking


Thanks,

Mike Lewthwaite
Attached Image (click to enlarge)
Click to Enlarge Name: Scalper chart (1069 x 719).jpg Size: 190 KB
Attached File(s)
File Type: mq4 Scalpers Hourly Range Calculator (based of TSR Daily Range Calc).mq4   15 KB | 3,752 downloads
File Type: tpl scalper.tpl   15 KB | 3,040 downloads | Uploaded Jun 6, 2008 12:59am
  • #2
  • Edited 12:37pm Jun 4, 2008 12:01pm | Edited 12:37pm
This calculator is very similar to Dean Malone's Average Daily Range Calculator which he sells for 50 dollars and is meant to work well with his system.

Dean acknowledges that the Synergy Method can work well with any time frame and I have found that it does.

It works fine for the scalper but what he doesnt have is an Hourly Range Calculator which is needed for scalpers of the 1 min. TF

Those who trade off the 15 min and above use the DR Calc. But us scalpers need the range within the last hour.

There are 48 30 min. (average user of Synergy) periods in a daily range. So the daily range works well with the 30 min chart user. But if we are working of the 1 min. chart then we need around the same ratio which works out to being 60 1 min. periods in an hour.

So this Hourly Range Calculator will give the same benefits to the 1 min. chart user as the Daily Range Calculator would give to the 30 min. chart user.

Check out Dean Malone's system. It is a very simple system which I use along with the Rainbow. I use Metatrader to watch the 1 min chart with the synergy and then use Oanda (.9 pip spread EUR/USD) with the rainbow and 10 sec chart to time my entry. Works great.

Mike Lewthwaite

P.s I added the Indicators that work well with the system.
Attached File(s)
File Type: pdf SYNERGY_Basic.pdf   1.8 MB | 9,874 downloads
File Type: mq4 AOwInputs.mq4   3 KB | 3,189 downloads
File Type: mq4 Traders_Dynamic_Index.mq4   9 KB | 3,233 downloads
File Type: mq4 Heiken Ashi.mq4   4 KB | 2,545 downloads
File Type: mq4 Scalpers Hourly Range Calculator (based of TSR Daily Range Calc).mq4   15 KB | 3,293 downloads
  • #3
  • Jun 4, 2008 12:48pm Jun 4, 2008 12:48pm
A very nice presentation of the system, thank you. Can you provide a little more details about how many trades one can expect on daily chart?

Btw the calculator is an invalid attachment and can not be downloaded (at least I cannot)...
  • #4
  • Jun 4, 2008 1:16pm Jun 4, 2008 1:16pm
Quoting Wonko
A very nice presentation of the system, thank you.

Dont thank me, thank Dean Malone. And if you want his nightly video on the system which really helps go here. http://www.compassfx.com/synergy/commentary.htm

Can you provide a little more details about how many trades one can expect on daily chart?

I dont use a daily chart. This is using his system for scalping. Though he says the system works for all TF's He personally uses the 15 min to trade and the 4 hr. to check trend.

Btw the calculator is an invalid attachment and can not be downloaded (at least I cannot)...

Must be your comp. No probs here.
Mike
  • #5
  • Jun 5, 2008 1:20am Jun 5, 2008 1:20am
Hi Mike,
Great idea here, Mike. I viewed the latest Malone video which was quite helpful as well. Thanks for posting the info here. I assume you're scalping 1 and 5 minute charts which I kind of like too. Though I would rather trade off the longer term, my limited bankroll inhibits me from taking the drawdown the longer tf's sometimes require. So this suits me for the time being.

Thanks again, Tom (Brimm)
  • #6
  • Jun 5, 2008 1:49am Jun 5, 2008 1:49am
Good stuff thanks for that

Alex


Quoting Brimm
Hi Mike,
Great idea here, Mike. I viewed the latest Malone video which was quite helpful as well. Thanks for posting the info here. I assume you're scalping 1 and 5 minute charts which I kind of like too. Though I would rather trade off the longer term, my limited bankroll inhibits me from taking the drawdown the longer tf's sometimes require. So this suits me for the time being.

Thanks again, Tom (Brimm)
  • #7
  • Jun 5, 2008 10:12am Jun 5, 2008 10:12am
What I like about Malone is that he doesnt make it look as though his system in his e-book is all that is needed.

He clearly shows in his videos... (which are very informative and show live trading scenario's)

http://www.compassfx.com/synergy/commentary.htm

that he uses trend lines, fibs, 00's 50's , and other trader knowledge along with his system. And if you watch his videos long enough you can see how he uses them and how you can use them also.

Anyways, Ive found them very helpful.

Glad you guys like.


Mike
  • #8
  • Jun 5, 2008 10:36pm Jun 5, 2008 10:36pm
Here is a video by Dean on the ADR Calculator.

He is speaking of the calculator as in days but if you listen and replace days with hours in your head you can understand what he is saying and the value of this tool.

http://www.compassfx.com/video/flash..._overview.html

Mike
  • #9
  • Jun 6, 2008 4:52am Jun 6, 2008 4:52am
Quoting Pip Ventures
Here is a video by Dean on the ADR Calculator.

He is speaking of the calculator as in days but if you listen and replace days with hours in your head you can understand what he is saying and the value of this tool.

http://www.compassfx.com/video/flash..._overview.html

Mike
Hi Mike,

Yes, Deans videos are very good. If one were to scalp on 1 min, combined with 5 min, could you explain how you would do it, please. An example with posted chart would be great.

I've not used the AO in conjunction with synergy, do you use it to confirm trades?
Many thanks.

Regards
Pardy
  • #10
  • Edited 9:09am Jun 6, 2008 8:31am | Edited 9:09am
Quoting Pardy
Hi Mike,

Yes, Deans videos are very good. If one were to scalp on 1 min, combined with 5 min, could you explain how you would do it, please. An example with posted chart would be great.

The below chart shows an average 10 pip move. I use the 5 and 15 to draw my trend lines so I know when a greater breakout is going to happen. In the example below there is no greater breakout, just a breakout on the 1 minute which was all that was needed.

Also, I only go for 6 pips when scalping the EUR/USD. So I would have gotten out at 6 pips safe. (only if there is major breakout of 15 min or 1hr or its moving really fast will I stay in). I find its safer to look for breakouts, go for 6 pips and then rest easy. If the trade goes in the wrong dir (closing in the price channel) get out. Maybe you loose 3-4 pips but you loose 3 times and win three times your 6 -9 pips ahead at the end of the day and thats all you need.

(oh, I say 3-4 pips because I am using Oanda with a .9 pip spread. This is the only way to go when scalping otherwise it's to hard)

I've not used the AO in conjunction with synergy, do you use it to confirm trades?

I dont have any rules for the AO. Its just another visual way to "see" the market besides the charts. Scrap it if you dont like it.


Many thanks.

Regards
Pardy
Mike

P.S. Please note. This system is used n conjunction with the Rainbow method. I use the 10 sec rainbow chart on Oanda to perfect the entries and exits.
Attached Image (click to enlarge)
Click to Enlarge Name: Illustration (1152 x 864).jpg Size: 284 KB
  • #11
  • Jun 7, 2008 9:05am Jun 7, 2008 9:05am
Hi Mike,
Again, thanks for posting this system. I'm interested in your correlation with a rainbow chart, though synergy itself seems to be quite successful on the 15/30 minute charts, at least during back testing. I'll try it next week. Please elaborate on the rainbow when you get a chance. Thanks, Tom
  • #12
  • Edited 9:09am Jun 8, 2008 6:47am | Edited 9:09am
I demo'd it solely for 3 months, and would then kind of check it out to see what was happening for about 6 months afterwards.
Hopefully I can save some traders some time and money.
It blew 2 demo accounts because of false break-outs on Dean's channel.

On a ranging market it's disastrous, and needs to really take off to pay any pips. I didn't pay $50 for it, I got it for free. At least the 'Basic Synergy System. Then eventually you learn for $1000 you can enroll in the 'Advanced Synergy System Workshop'.

However, with all due respect to Dean Malone, the 'Trader's Dynamic Index' (available in a couple of places in the FF) IS EXTREMELY GOOD when used just by itself. I made a lot of good trades by ignoring the Synergy Heiken Ashi candles and channel break-outs on the main chart, and just traded solely on the TDI when the green and yellow lines seperated, and exited when they re-crossed.

As with everything else in trading, this was just my experience, but I DID devote a lot of energy and time into studying and learning and then using the Synergy System. I'm sure you may find traders that love it and it works for them. I just wasn't one of them.

Just putting my two cents in. I won't be back on this thread as I'm busy elsewhere, so if anyone needs help I'll be happy to do what I can, but you'll need to PM me.
*footnote
I don't know where the info came from that Dean Malone is charging $50 for the Basic Synergy System, but you can down load it for free here: http://www.compassfx.com/
And as I previously mentioned - it's a pretty good system WHEN the market's moving. When it's ranging there's just too many false break outs when you just look at the HA candles breaking out of the channel.
  • #13
  • Edited 11:06am Jun 8, 2008 10:49am | Edited 11:06am
Quoting Flamenco143
I demo'd it solely for 3 months, and would then kind of check it out to see what was happening for about 6 months afterwards.
Hopefully I can save some traders some time and money.
It blew 2 demo accounts because of false break-outs on Dean's channel.

However, with all due respect to Dean Malone, the 'Trader's Dynamic Index'IS EXTREMELY GOOD when used just by itself. I made a lot of good trades by ignoring the Synergy Heiken Ashi candles and channel break-outs on the main chart, and just traded solely on the TDI when the green and yellow lines seperated, and exited when they re-crossed.

And as I previously mentioned - it's a pretty good system WHEN the market's moving. When it's ranging there's just too many false break outs when you just look at the HA candles breaking out of the channel.
Flamenco,

You mention entering many false breakouts. This is bound to occur. We just want to be right more than we are wrong and loose less when we loose then we win when we win.

But I stated in a post above that dean does not rely soley on the indicators to place trades. So I ask you...

1. Were you drawing trend lines and waiting for true breakouts??
http://www.compassfx.com/video/flash/52108/52108.html
2. Were you making sure the TDI (yellow) was heading in your direction or at least starting that way?
3. Did you look for Divergence?
http://www.compassfx.com/video/flash/60308/60308.html
4. What about trading in the high/low channel (If your real close to the hourly, daily, high and you decide to go long because the indicator says so then go figure.)
5. Did you run your fibs?

If you dont do any support and resistance breakouts and just look for a bar closing above the channel, rsi over 50, yellow, red, ect. your going to have many false breakouts.

I could go on, but As I said before, if you watch Deans videos you will soon see that this system is not the holy grail, but rather a good simple indicator system to go along with your other trading skills.

There are many of his videos where he answers questions from people who are saying, 'why wasnt this a good trade' and he shows why it wasnt.

http://www.compassfx.com/video/flash/22708/22708.html
http://www.compassfx.com/video/flash/30308/30308.html
http://www.compassfx.com/video/flash/32508/32508.html

Those are just a few.

I too love the TDI. It's a great tool and if we use all our tools together in the proper way we can get the traders edge.

Mike

PS. You mentioned that it is a good system when the market is moving. Thats great, if its working for you when the market is moving then only trade at those times! Dont trade everything that comes along.

Also here is a video about trading in the choppy market. http://www.compassfx.com/video/flash/50808/50808.html
  • #14
  • Jun 9, 2008 6:56pm Jun 9, 2008 6:56pm
Quoting Brimm
Hi Mike,
Again, thanks for posting this system. I'm interested in your correlation with a rainbow chart, though synergy itself seems to be quite successful on the 15/30 minute charts, at least during back testing. I'll try it next week. Please elaborate on the rainbow when you get a chance. Thanks, Tom
Rainbow is just for getting the entry right and seeing it visually. Sometimes its just not that clear on the chart but when you look at the rainbow you can see the valleys and peaks and can spot your "best" entry point. This is after you have confirmed it is time to enter through your other tools.

Mike.

P.S. I just found a broker who uses Metatrader and has awesome spreads!!! 0-1 pip on eur/usd and and 2 pip eur/jpy and 3-4 gbp/jpy!!! AND USES METATRADER and does not discourage scalping and has good reviews.

I havent had any experience with them yet but if there live trading is like their demo platform I think us scalpers are in for a real treat.

oh yeah... Its IKON ROYAL.
  • #15
  • Jun 10, 2008 9:27am Jun 10, 2008 9:27am
Hi pls can anyone attach the ADR(average daily range) pls,tnx
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #16
  • Jun 23, 2008 4:46pm Jun 23, 2008 4:46pm
hi


why is this thread not updated?
  • #17
  • Edited 6:38pm Jul 1, 2008 6:01pm | Edited 6:38pm
Sorry No update. Trying out Scalping GBP/JPY with this on the 1 min. It is working pretty well.

Check out the screen shot of how the setup looks.

MBT has a great platform (you have to get used to it though) and good execution.

The spread is typically 1-3 during the London and Us. Remember there is 2 pip comm on this pair. Which brings the spread to 2-5 pips which is still better than anything else out there. Oanda even only gets to 6 but most are 8 and above.

Also you can order inside the spread and many times get filled! meaning if it is 45 48 and you put a limit sell in for 46 most of the time you get filled. This reduces your spread by another pip. So now you are trading the GBP/JPY for 1-4 pip spread and usually no more than 3 all together when getting filled in the spread

The two entries on the chart : 1st = 25 pip gain 2nd = 32 pip gain (average gains in volatile hours)

Remember, if you want your stop loss to be -15 pips, you better set it at -13. That way went you get stopped out at -13 and add the 2 pip comm you get -15.
Attached Image (click to enlarge)
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  • #18
  • Edited 5:11pm Jul 19, 2008 4:04pm | Edited 5:11pm
New update, (wouldn't be fair not to post this)

This system I posted can and does work fine but...

We all have to grow up sometime and now is my time.

I have now given up all lagging indicators.

Scalping based only on PRICE ACTION is the way to go and when coupled with intuition and the traders mindset brings much higher probability trades.

I now use strictly candles (heiken ashi though) and S&R and Trend lines.

Without all the clutter on the page it is much easier to observe PA. I may post about this new system later but it is really nothing new.

Others have been doing this same thing by following the Rainbow method or Linuxtroll. Im looking into this a little but I feel the reason this method works so well for many is that it is based on PA only and the only reason for the rainbow is to help get a clearer view of PA.

I personally at this time believe Heiken Ashi candles give "ME" the clearest view of what PA is doing. But whatever method you choose Remember that PA is of first importance and whatever you are using make sure it is only so that you can SEE more CLEARLY what PA is doing.

Again personally all the indicators seem to make it less clear what PA is doing. I think trading on the 1 min. and using the 5 min. for trends and s&r is working well.

Trade breakouts (of trends, S&R, Channels)
Trade channel bounces
Trade strong momentum moves

Take the highest probability trades of these that are available.


Mike



.
  • #19
  • Jul 20, 2008 5:20pm Jul 20, 2008 5:20pm
Visit this thread for more info:

http://forexfactory.com/showthread.php?t=96863


MIke
  • #20
  • Feb 26, 2009 12:30pm Feb 26, 2009 12:30pm
Instead of 5, 10, and 20 hour intervals, can you make it show 4, 12, and 24 hours to match the charting times in MT4?
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