Most profitable Scalping System

I have searched a long time though various trading systems.

But I did not find a system which convinced me.

Maybe some experienced traders could say me, what is the most profitable trading system, what system makes really sense.


Hope for help.

I don't know if my system qualifies as a scalping System since I often get +50 Pips. But I'll explain a litte bit of what I do.

Instead of waiting for RSI, MA, Super Triple Smoothed CCI blala to cross I open my ears an let the Chart talk to me. I'm interessted in what is happening right now not in the past.

1. I start with doing a bit of research on the internet.
Dukascopy gives you a nice little market overview.
http://www.dukascopy.com/swiss/engli...aily_overview/

2. I put my nose in the wind and try to figure out where price is likely to go.
Up or Down? I use my little dash board and 2 Lines for this.
Remeber its much easier to sell the weakest and buy the strongest performing currency pair! You want to encrease you probabilty as much as you can!

3. Looking for the Entry. This takes a little experience. Since there is a great discretionary part in my system others might not have any success with it. I trade the EUR/USD M15 since it offers the tightest spread. Over time you develop a sixeth sense for the Euro. I only enter at the close of a candle because I want to know what happend. A strong Bullish Candle can quickly form into a Pinbar in seconds. Especially when the Candle is about to close. This is when you will spot the most activity.

4. Exiting. I usually aim for the next S/R Level unless it's moving very fast than I try to catch as much as I can. -> Increasing Risk/Reward!
Very often the chart tells you when to get out. Open your ears!
My minimum target is my risk. You always want to cover your risk.

http://img260.imageshack.us/img260/6...rusdls9.th.jpghttp://img260.imageshack.us/images/thpix.gif
My System is a compilation of rules and guide lines along with some skill and Price Action stuff I found over time. It's like a tailored suite which fits me just fine.

Tools:
http://www.forex-tsd.com/215104-post1.html
Here you can find the Dashboard along with the template which I use for my background.
http://codebase.mql4.com/544
Pivot_AllLevels

The rest is attached to this post. For the MultiTimeLines fill the row with 0s to get the start of the day. I know MT4 has something like that build in but I don't like it.

Thanks, appreciate it.
Some how I think that mechanicel systems might look good at first.
Less emotional etc. But what is the point in trading it manualy? This only means that you don't need any skills as a trader to trade this system anyway.
I see my system only as a tool to help me get my skill, experience and Edge into the market.

Feel free to ask further questions regarding my system.

Just to show you how good the London Open acts as support and how nicely the Price Action Indicators warns me of the reverseal (Market Structure High/Low -> light blue stars). That sooo much better than waiting for stupid stochastic Movinge Average Blabla to cross.

Can you tell us how to use these indies in conjunction with each other?
ie, what does wonderful stop line indicate with crystal ball signal, etc.

Thanks in advance

They are not there to indicate anything. Because this would make them Indicators which I hate. The Cristall Ball changes colour when the bar closes at a certain point (based on price action) The Wonderfull stop line is just there for visual confirmation. I never use it.
There is no IF A goes to B then go Long and Vice Versa rule. Because this
would make it an indicator System and they are bound to fail.
Remember it's only a tool.

For all of you thinking that there is an easy way to your pot of Gold. All you have to
do is wait for AO and RSI to align or the run some stupid EA. Please smack yourself in the face.
If "A -> B" Systems were profitable which means everyone could do it, why are 95% of all people losing money?
Maybe because there is more? An Edge? Experience?

hey

Just simple question. What do 'TBH', 'TBL', 'MSH', 'MSL' mean?

Thanks
Regarts

Jacek

Hi Tjpld,

thanks for sharing your trading experience and indi's
I tried to attach them to my charts, but it failed.
Can you (or somebody else) help me?

I have got problems with
-price action indicator
- multi time lines
- daily open lines
- wonderful stop line

They are in my experts/indicators but I can't find them in my metatrader navigator.....

Thanks!

best regards

Hey,

hope you guys made a ton of pips. Some easy +100 Pips move in the last days.
Jazz1964, this seems odd. Have you tried installing some other brokers MT4 Plattform and setting it up on their plattform?
Everything belongs in C:/Programms/Your MT4 Broker/experts/indicators
Now you have everything under costum indicators in your navigator. Make sure you restart MT4 so it loads them in the navigator list.
If you have any further questions feel free to PM me.

Much Appreciated, thank you very much for sharing. I will be studying your approach extensively.

I read this metaphor the other day and remembered it when I saw your post:

"Sell markets that show the greatest weakness, and buy those that show the greatest strength. Metaphorically, when bearish, throw your rocks into the wettest paper sack, for they break most readily. In bull markets, we need to ride upon the strongest winds... they shall carry us higher than shall lesser ones."

----Dennis Gartman-----

Ok here is my metaphor:

"If your opponent lies on the ground. Kick him in the nuts.
He can't defend himself. -> Sell"

i am of the opinion that scalping is not profitable in the long run. ( i may be wrong, and feel free to contradict me)
from what i have learned and observed, longer term trading is where the real money is at.
and also, trading long-term allows you to have a life which scalping doesn't because you have to be glued to your computer.

Thanks for sharing those visual aids and thanks for sharing your trading method. I agree with you 100% BTW. "If/then" systems do not work, the market just won't behave well enough for it. Screen time, the brain and a few lines are really all you need.

It depends. If a person is willing to put in the screen time watching their chosen pair then they can indeed become proficient at predicting when a pair will respect a given support/resistance level. That and the ability to respect when one is wrong coupled with the knowledge of when to reverse a trade is what is needed. A currency pair is like a living creature, it has a particular temperament and personality that forms patterns that are more visible to the human eye and memory than to any indicator. RSI, Stochastics etc all have the same weakness that can't be coded out: They have no memory. When someone sees that EUR/USD did 'X' and "N" time of day or in "S" situation 1000 times out of 1300 then they remember that and act without hesitation. Oscillators do not take any additional factors into account, only where price has been. This is not enough.

I m with u sir now on... but what are the stars for ???

Just let it run for a while you will see that you get a price action alert on when the bar closes. Red = Ib etc.
You can use the TdOpen Feature of the NewsIndicator for a 0 GMT Daily Open line. I like it better than the
extra daily open indicator.

Hi Tjpld,

I like the look of your template would it be possible for you to post some screen shots of your trades explaining your entry and exit and what caused you to enter and exit the trade.

Thanks in advance MikeP

i dun think there is such thing as most profitable system agreed by everybody. it works for someone, for sometimes, but not to all one and all the time. all u got to do is to keep searching, keep trying until in the end u are able to create ur own.