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eur/usd scalping method

  • #241
  • Jan 9, 2009 1:47pm Jan 9, 2009 1:47pm
Well that depends on Eagle, todd.

Eagle, I noticed you use more than one slope direction line, and the AO.

I know you mentioned that you trade based on AO color, but you also mentioned something about the AO being above/below 0. could you elaborate?
  • #242
  • Jan 9, 2009 1:53pm Jan 9, 2009 1:53pm
Hi..
Can anyone post the AO settings and also the trade guide.. how to trade with AO settings..
thanks
  • #243
  • Jan 9, 2009 2:06pm Jan 9, 2009 2:06pm
hello PTOURNIS and EAGLE, i get bad confused. Looks like we have two strategy's on same thread or am i wrong? one is PTOURNIS M5 scalp and then next EAGLE fxsniper M30 template.
I am getting bad head read and read again but still not knowing what indicators and rule are for what strategy and hope someone can help me plz. PTOURNIS what exact do i need for youre M5scalp and can u post them here in one post plz? Next what exact do i need for EAGLE fxsniper and can EAGLE post them plz? Thx for any help


Quoting ^eagle^
Use on 30m time frame any pair. Reccommend eur/usd

You have to download both slope indicators here on this threadas well as the alert PSAR and install them in yoru mt4 indicator folder.


Basically all I did was add the high and low price slopes and change all the colors on the PSAR. It will alert you when PSAR changes then you wait for all the lines to change to the same color as the PSAR to enter.

Exits:
Conservative
When one line turns opposite color.

agressive
when two ore more lines turn opposite color

Go For it!
When PSAR changes...
  • #244
  • Jan 9, 2009 2:08pm Jan 9, 2009 2:08pm
Quoting Ronald Raygun
Well that depends on Eagle, todd.

Eagle, I noticed you use more than one slope direction line, and the AO.

I know you mentioned that you trade based on AO color, but you also mentioned something about the AO being above/below 0. could you elaborate?
Ronald, 'Eagle' explains in post #217 on how he uses the AO. Basically the para changes the same time as the slope. AND the AO must be red for short or blue for long. The key is the AO not only must be red for short, but the lines must be pointing down also. vise versa for long. I myself will not enter a trade of the slope changes color BEFORE the para. Eliminates quite a few loser trades.
  • #245
  • Jan 9, 2009 2:11pm Jan 9, 2009 2:11pm
Quoting aminur
Hi..
Can anyone post the AO settings and also the trade guide.. how to trade with AO settings..
thanks
I second that. I have been having a very hard time tweaking the settings to make the EA profitable.

Can anyone trading the EA successfully please let us know what settings you have for:

* PSAR TimeFrame (VERY IMPORTANT)
* Slope Direction timeframeminutes (VERY IMPORTANT)
* UseTakeProfit & TakeProfit
* UseTrailingStop & TrailingStop
* MoveStopOnce, MoveStopWhenPrice, & MoveStopTo

I assume the other settings for PSAR are 0.02, and 0.2 and for the Slope 12,3,0. Am I right?

Also there are many versions of indicators posted here that I don't know witch one I'm supposed to use.

Witch Slope Direction Line indicator should I be using?

Do I need Parabolic_Alert or Parabolic SAR Color - Alert ?

A complete list of the updated right indicators would help a few having issues with the EA.

Thanks in advance,

Seb
  • #246
  • Jan 9, 2009 2:13pm Jan 9, 2009 2:13pm
Hey Ronald can you help me with the ea. when there is an opposite trade the ea doesnt close the open trade and it doesnt open buy trades. Only sell and when both indicators are for the buy the ea says no trade. Is something wrong with my settings? im using the first version.
  • #247
  • Jan 9, 2009 2:29pm Jan 9, 2009 2:29pm
1) Use the most recent EA I posted.
2) What exactly do the comments in the upper left section say when there is a trade signal?
  • #248
  • Jan 9, 2009 2:30pm Jan 9, 2009 2:30pm
Quoting todd960960
Ronald, 'Eagle' explains in post #217 on how he uses the AO. Basically the para changes the same time as the slope. AND the AO must be red for short or blue for long. The key is the AO not only must be red for short, but the lines must be pointing down also. vise versa for long. I myself will not enter a trade of the slope changes color BEFORE the para. Eliminates quite a few loser trades.
That's all good and well, but what about the other slope direction lines? (I see more than 1)
  • #249
  • Jan 9, 2009 2:33pm Jan 9, 2009 2:33pm
Exception to the up or down only rule on the AO....

From Alpari

A buy (sell) signal called the Twin Peaks buy (sell) signal is generated when the histogram is lower (higher) than the zero line, and the last indicator's bottom is higher (last indicator's top is lower) than the preceding one. Between these two bottoms (tops) the histogram can never be higher (lower) than zero:
http://www.alpari-us.com/files/pic/docs/1/106_208.gif The Awesome Oscillator Twin Peaks signal

The Twin Peaks buy signal is the only buy signal that is created below the zero line. Similarly, the Twin Peaks sell signal is the only sell signal that is created above the zero line.
Place a Buy Stop (Sell Stop) one tick higher than the top (lower than the bottom) of the signal bar. In the case of a buy signal, histogram “C” bar (a signal one) is always green, otherwise it is red.
Never buy on a red histogram bar and never sell on a green one. If an “unfriendly” histogram bar occurs before the execution of a pending order, which was placed in the direction of the Awesome Oscillator signal, the signal has to be ignored and the order has to be deleted.
  • #250
  • Jan 9, 2009 2:43pm Jan 9, 2009 2:43pm
Quoting Ronald Raygun
That's all good and well, but what about the other slope direction lines? (I see more than 1)
The three lines are open, close, and median price SMA of the last 12 bars.

If you find them confusing just use the close.

I use three for the exit. If one changes color then exit.

I'm still looking at whether its all right to go for a signal on the AO even if its pointing down. I see a lot of missed trades because of this.

Possible the two bars with proper color but wrong direction and shrinking.

Interesting indicator.
  • #251
  • Jan 9, 2009 2:49pm Jan 9, 2009 2:49pm
Quoting Ronald Raygun
That's all good and well, but what about the other slope direction lines? (I see more than 1)
Not sure what the purpose of those other slope lines are. From what I've been observing, you could have a pretty decent EA with just the para/one slope/and AO as explained. It won't shoot off trades like it's on seroids. And it looks like high percentage wins if waiting until every lines up correctly.

thx,
todd
  • #252
  • Jan 9, 2009 2:54pm Jan 9, 2009 2:54pm
Quoting enochben
Thanks for the thread.

This is a fantatsic system. Simple and forces you to watch the price action. It gave some tremendous pips today ( that i regrettably only watched).

I have read this thread a few times and cannot seem to find any discussion on the placement of the initial Stop Loss. Is this to say that it is left up to the discretion of the trader? Or have I simply overlooked something?

Thanks in advance for your time and consideration.
If your scalping then the stop loss is when the slope line changes color after you enter.

If your using this as a position then the stop loss goes at the PSAR once you open the trade and trails with the PSAR
  • #253
  • Jan 9, 2009 3:43pm Jan 9, 2009 3:43pm
Anyone willing to share the EA preset file or settings?
  • #254
  • Jan 9, 2009 4:29pm Jan 9, 2009 4:29pm
Quoting Ronald Raygun
1) Use the most recent EA I posted.
2) What exactly do the comments in the upper left section say when there is a trade signal?
when the psar and the slop are both red the comments say shor t for both and the trigger is open short. but if the slope and the psar on the graph are both blue for buy the comments on the psar say long but the slope still says short even if the line on the graph is blue. and the trade trigger is none. and sell position opened earler remains open untill SL is hit.
  • #255
  • Jan 9, 2009 4:57pm Jan 9, 2009 4:57pm
Quote
...
I'm still looking at whether its all right to go for a signal on the AO even if its pointing down. I see a lot of missed trades because of this.

Possible the two bars with proper color but wrong direction and shrinking.

Interesting indicator.

Eagle,
I am wondering on one approach regarding missed trades due to AO filter. I think for that matter the purpose of filters is to keep the signals in proper directions most of the times. But they definitely miss some good trades also. If we adjust the position size according to number of signals, we may settle at some common ground. For example,
slopeline long use 0.1 lot
slopeline + psar long use 0.2 lot
slopeline + psar + AO long use 0.3 lot

This way we can get the best with larger position when trend is strong (supported by all trhee indicators) and also take chance with smaller poistion when minor/weeker trends occur.

Just a thought.

This is very good thread. Thanks for all contributors.
  • #256
  • Jan 11, 2009 3:37am Jan 11, 2009 3:37am
Hi Ronald,

I tried on the EA by adjusting some settings for scalping.I set take profit to true.However,whenever it reach profit target,as the conditions are still met,it open a new position of the same direction.Is there anyway to stop it?That is once profit taken,i don't want it to open a new position on the same direction?If this can be done,I feel that this system will be very profitable by having a conservative profit target.Please advise.Thanks
  • #257
  • Jan 11, 2009 4:46am Jan 11, 2009 4:46am
Does anyone fix this yet plz?


Quoting ^eagle^
RR
The slope line alert found in this thread doesnt work. Any body know how to fix it?
  • #258
  • Jan 12, 2009 7:32am Jan 12, 2009 7:32am
Quoting darrenlck
Hi Ronald,

I tried on the EA by adjusting some settings for scalping.I set take profit to true.However,whenever it reach profit target,as the conditions are still met,it open a new position of the same direction.Is there anyway to stop it?That is once profit taken,i don't want it to open a new position on the same direction?If this can be done,I feel that this system will be very profitable by having a conservative profit target.Please advise.Thanks

That was taken care of (supposedly) in the lastest EA I attached. With the new EA, only one bar has the signal.
  • #259
  • Jan 12, 2009 9:10am Jan 12, 2009 9:10am
Using the orginal system, I got 95 pips today. Have great day!!!!
  • #260
  • Jan 12, 2009 10:04am Jan 12, 2009 10:04am
Hi Ronald,

Thanks for that update.I just did a forward test setting 5pips profit target.It reach the profit whithin the first entry bar.after the position is closed,it open a new position again.on the 2nd bar,it does reach the profit target again and finally it didn't open any more position.Is it possible that if position is taken on the 1st bar and profit taken,it doesn't open anymore position?
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