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eur/usd scalping method

  • #1
  • First Post: Edited Feb 18, 2009 11:18am Dec 31, 2008 10:12am | Edited Feb 18, 2009 11:18am
I have been experimenting with this scalping method for a SHORT time. I want to stress this. The system works as follows:

Eur/Usd 5 min chart

Place PSAR (.02,.2) and the Slope Indicator (12,3,0)

Go long/short when both indicators are in agreement.

Exit when the Slope indicator is opposite to the PSAR.

Reenter when the Slope Indicator is in agreement with the PSAR

Stop Loss is equal to 2x the ATR(14)

Trailing Stop Loss of 2x the ATR(14) if you want to set it and forget the trade. If I can I manually adjust the SL based on price action.
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  • #2
  • Dec 31, 2008 10:47am Dec 31, 2008 10:47am
Would you be so kind to post the indicators that you use?
  • #3
  • Dec 31, 2008 10:50am Dec 31, 2008 10:50am
Here is the Slope Indicator. The PSAR is available on any MT4 platform.
Attached File(s)
File Type: ex4 Slope Direction Line.ex4   4 KB | 5,617 downloads
  • #4
  • Dec 31, 2008 1:11pm Dec 31, 2008 1:11pm
Does said slope indicator repaint?
  • #5
  • Dec 31, 2008 1:27pm Dec 31, 2008 1:27pm
As far as I have worked with it, no
  • #6
  • Dec 31, 2008 2:00pm Dec 31, 2008 2:00pm
this is interesting... I have never used the slope indicator, but for some reason I have always been trusting of PSAR. I'll look into it
  • #7
  • Dec 31, 2008 2:57pm Dec 31, 2008 2:57pm
Quoting PTOURNIS
I have been experimenting with this scalping method for a SHORT time. I want to stress this. The system works as follows:

Eur/Usd 5 min chart

Place PSAR (.02,.2) and the Slope Indicator (12,3,0)

Go long/short when both indicators are in agreement.

Exit when the Slope indicator is opposite to the PSAR.

Reenter when the Slope Indicator is in agreement with the PSAR
Hi

Thanks for sharing, can you post a chart indicating entry and exit points so I can work out how these indicators operate as they're new to me.

Cheers
  • #8
  • Dec 31, 2008 4:55pm Dec 31, 2008 4:55pm
This appears to work on the 1 min too. Would you modify the indicators from what is used on the 5M for the 1 min TF? Thanks.
"Loss and failure are inevitable but misery is optional"
  • #9
  • Dec 31, 2008 9:29pm Dec 31, 2008 9:29pm
PTOUNIS !!

this is very interesting! Parabolic always use in my system lately, you should see this setting!

-Parabolic sar 0.03, 0.6
-Slope direction line 20, 3, 0

When a signal occurs in 5M TF,confirm to 30M tf whether the two signals coincide enter the trade!

I am impressed with the quality of these signals, if we secure it took a very good profit!

Thanks!
  • #10
  • Jan 1, 2009 3:13am Jan 1, 2009 3:13am
Quoting ninpojutsu
PTOUNIS !!

-Parabolic sar 0.03, 0.6
-Slope direction line 20, 3, 0

When a signal occurs in 5M TF,confirm to 30M tf whether the two signals coincide enter the trade!


Thanks!
I used 5m and 15m to check signals. Worked pretty well.
  • #11
  • Jan 1, 2009 3:54am Jan 1, 2009 3:54am
this method works %?
Charting Markets into the Future...MǎҖ€¥.
  • #12
  • Jan 1, 2009 7:26am Jan 1, 2009 7:26am
I had hoped someone could turn it into an EA. I typically do not like EAs but this one is a pretty simple system.
  • #13
  • Jan 1, 2009 7:28am Jan 1, 2009 7:28am
Quoting carmel
This appears to work on the 1 min too. Would you modify the indicators from what is used on the 5M for the 1 min TF? Thanks.
I'm also interested in the 1 minute time frame any confirmation of settings would be very welcome.

Thanks
  • #14
  • Jan 1, 2009 8:07am Jan 1, 2009 8:07am
Quoting PTOURNIS
I had hoped someone could turn it into an EA. I typically do not like EAs but this one is a pretty simple system.
Hi Pete

I know someone who knows a good coder but he plays things very close to his chest. I trade an S&R break out method, but have been looking for something to make money with when my set ups don't occur. If I manage to make money with your method I will gladly use some of it to have the coder work on it and share it with you mate.

Can you explain entry and exit in a bit more detail and advise settings for 1 min tf the settings are lagging, unless it's my eye as I'm unfamiliar with these indicators. 1 min tf is my preferred tf. If you advise that the settings remain the same for 1 min tf I shall work on recognising the signals :-)

Highlanderx
  • #15
  • Jan 1, 2009 8:52am Jan 1, 2009 8:52am
PT,

This is simple...I like simple...if it works.

Isn't the dot on a PSAR subject to change until the close of the current candle? If so, do you wait for the current candle to close before making a trading decision?

Thanks for sharing!
Bob
  • #16
  • Jan 1, 2009 9:23am Jan 1, 2009 9:23am
What an incredibly simple system that seems to work!
Thanks!!! I hope this thread keeps growing!
  • #17
  • Jan 1, 2009 11:31am Jan 1, 2009 11:31am
plugged it through the visual backtester, indicator doesn't repaint past the open bar which is always good news.

Just my 2 cents, Scalping in general I find a bit stressful and often trades even on the 5 minute timeframe don't leave you with a lot after the spread (which is getting especially bad nowadays) So bumping it up to the 30 min or hourly timeframe may be to somebody's preference.

For those of you that are still dead set on scalping on lower timeframes, I've included a Parabolic sar alert indicator which'll make a sound whenever the SAR changes sides.
Attached File(s)
File Type: mq4 Parabolic_Alert.mq4   8 KB | 1,578 downloads
  • #18
  • Jan 1, 2009 11:39am Jan 1, 2009 11:39am
Quoting georgecotton
plugged it through the visual backtester, indicator doesn't repaint past the open bar which is always good news.

Just my 2 cents, Scalping in general I find a bit stressful and often trades even on the 5 minute timeframe don't leave you with a lot after the spread (which is getting especially bad nowadays) So bumping it up to the 30 min or hourly timeframe may be to somebody's preference.

For those of you that are still dead set on scalping on lower timeframes, I've included a Parabolic sar alert indicator which'll make a sound whenever the SAR...
Thank you George

Do I add this alert as well as the standard Parabolic SAR on Metatrader on instead of it?

I know what you mean about scalping low time frames being stressfull but it suits me as I'm generally not scalping more using a scalp to enter a move in the direction of a trend. I guess all trades of that kind start life as a scalp.

Can you help with 1 min settings for both the indicators mentioned in this thread?

Cheers
  • #19
  • Jan 1, 2009 11:41am Jan 1, 2009 11:41am
And remember everyone, Always use stop losses, and as soon as you're 20 or so pips in the clear (on a low time frame) set a break even stop loss, or a trailing stop if you feel confident enough.

Happy trading y'all
  • #20
  • Jan 1, 2009 11:52am Jan 1, 2009 11:52am
No need to add the normal default Parabolic SAR to your chart as the Parabolic alert indicator paints it all on the chart as the normal one would, However the default Properties aren't as suggested in the beginning of this thread so be sure to change them (0.02, 0.2).

As for actual settings for the 1 minute time frame I can't help you, not just because the settings given at the beginning of the thread work perfectly well. But I tend to stay away from the 1 minute frame as a whole, because trades often don't swing large enough to give a signficant profit, and the ones that are can easily be caught on the 5 and 15 minute timeframes (think of a larger time frame as a filter for the noise). Though if that doesn't convince you to work on a higher time frame then my advice is simply... To experiment, use the visual backtester (open up the stratergy tester tick the Visual mode box, and choose an EA like moving average or something and change the settings so the Ea can't actually trade, For example set the lots to 9999999 and there you have a nice chart to drag indicators onto that is as similar to a live feed as you're going to get)

Any more questions for me feel free to ask.
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