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  • #121
  • Apr 17, 2009 10:29am Apr 17, 2009 10:29am
[quote=GimmePips;2662805]To be corrected:
1. Auto Pivot parameter Use_sunday_data set to "false"
2. RSI levels change to 20 and 80 - to be orthodox :-)

Regards![/quote

Hi Horn,

I downloaded Auto Pivot provided by Hoss. However, I changed Use_Sunday Data to False, based on above info.

Moreover, Weekly SR Levels & Monthly SR Levels should also be set to False, everything else set to True.

I hope this helps.

Thanks
The purpose of knowledge is action, not knowledge
  • #122
  • Apr 17, 2009 10:35am Apr 17, 2009 10:35am
Hi Hoss,

Which pairs you recommend for this strategy. I am currently trying Eur/Usd, Usd/Jpy, Gbp/Usd & Usd/Chf. Do you recommend any other pairs beside these with low spread.

Thanks,

Alifari
The purpose of knowledge is action, not knowledge
  • #123
  • Apr 17, 2009 10:58am Apr 17, 2009 10:58am
Quoting alifari
Hi Hoss,

Which pairs you recommend for this strategy. I am currently trying Eur/Usd, Usd/Jpy, Gbp/Usd & Usd/Chf. Do you recommend any other pairs beside these with low spread.

Thanks,

Alifari
Yes, those are fine. I throw the AUD in there every now and then, too.
Life is too short to have anything but delusional notions about yourself.
  • #124
  • Apr 17, 2009 11:05am Apr 17, 2009 11:05am
Quoting hoss
Not sure on that. I don't think I ever changed anything on my indicators.
Hi Hoss,
Guess should just leave it as ' true '. Its just that for Weekly and Monthly SR levels your settings are on ' false" . Wonder whether there are any difference?

Appreciate your views.
  • #125
  • Apr 17, 2009 1:16pm Apr 17, 2009 1:16pm
Quoting Horn
Hi Hoss,
Guess should just leave it as ' true '. Its just that for Weekly and Monthly SR levels your settings are on ' false" . Wonder whether there are any difference?

Appreciate your views.
i can actually see the monthly and weekly pivots on my charts, and i don't mind them being there. they can be pretty strong S/R.
Life is too short to have anything but delusional notions about yourself.
  • #126
  • Apr 17, 2009 1:22pm Apr 17, 2009 1:22pm
Quoting hoss
Here was a beauty on the CAD. Waited patiently for price to reach the 5/8 on the Murrey at around 1.2177. Price moved aggressively north. RSI hit around 87 and I took it short. Even though price was not outside the it was still a high probability trade because price was outside the band a few minutes early and never retraced. I don't recommend this pair at all for beginners. Spread is too high and I don't trade it much at all but I couldn't resist here.
Hi again Hoss,

Just curious, you are posting Oanda charts but mention about the Murray Math lines, are you using Metatrader for charting with this indicator? Oanda has pretty poor Pivot point indicator support.

Thanks, liking the thread.

J
  • #127
  • Apr 17, 2009 3:32pm Apr 17, 2009 3:32pm
Thanks Hoss. Here's how I've been trading your strategy for the last couple days with all winners and no average ins yet. Been waiting for anything over 80 or under 20 on RSI (8) 1M chart. When this happens price seems to always be a nice distance from the 200 EMA and is pulling away from the 5 EMA. I'm not taking the trade however until I see RSI divergence on a second plunge down in price. Would love to find an indicator with an alert when RSI crosses a 20-80 line. I'm using the RSI-TC alert (found in this forum) now and can't get it to alert at these levels. I'd like to use the RSI_Alert_FORTURAMA(found in this forum) because it keeps ringing (not just once) as long as RSI is above or below these levels. Problem with that alert is you can't put it on a 1M chart. Any suggestions?
  • #128
  • Apr 17, 2009 4:12pm Apr 17, 2009 4:12pm
  •  zykas
  • | Joined Oct 2008 | Status: ... measure thrice, but cut once | 196 Posts
Quoting hoss
Is anybody else trading this way? Looking for some discussion. I trade mainly with RSI and divergence and look for retraces for about 5 pips after exhaustion. I turned 100K into 300K on demo in about a month in a half and now I am trying it out on a real account with same results with $4K. Have a look at my attachments. I am making $150 to $200 per day at the $4K level and will start compounding every $1K similar to demo. Any thoughts to make it better if any are appreciated although I think it's an eye for price action that makes this work so far,...
Just pass by and saw this . Seems interesting... It shows one can make pips with any method'''all you need is fine tune it with good sense of PA .LOL
I like the Big Dogs because I trade like them
  • #129
  • Apr 17, 2009 7:14pm Apr 17, 2009 7:14pm
Quoting Jmc
Hi again Hoss,

Just curious, you are posting Oanda charts but mention about the Murray Math lines, are you using Metatrader for charting with this indicator? Oanda has pretty poor Pivot point indicator support.

Thanks, liking the thread.

J
Yep. I'm using MT4.
Life is too short to have anything but delusional notions about yourself.
  • #130
  • Apr 17, 2009 7:18pm Apr 17, 2009 7:18pm
Quoting Toothman
Thanks Hoss. Here's how I've been trading your strategy for the last couple days with all winners and no average ins yet. Been waiting for anything over 80 or under 20 on RSI (8) 1M chart. When this happens price seems to always be a nice distance from the 200 EMA and is pulling away from the 5 EMA. I'm not taking the trade however until I see RSI divergence on a second plunge down in price. Would love to find an indicator with an alert when RSI crosses a 20-80 line. I'm using the RSI-TC alert (found in this forum) now and can't get it to alert...
Nice job. You must be seeing the set ups well. Not sure about the alerts. And yes, many days when I am on target, I don't average in at all. The key is to be patient and let the price move, then jump in when you've got divergence or a nice push back into the 80/20.
Life is too short to have anything but delusional notions about yourself.
  • #131
  • Apr 17, 2009 7:19pm Apr 17, 2009 7:19pm
Quoting zykas
Just pass by and saw this . Seems interesting... It shows one can make pips with any method'''all you need is fine tune it with good sense of PA .LOL
Very true. Once you get past lagging indicators and use your discretion, all sorts of things open up to you.
Life is too short to have anything but delusional notions about yourself.
  • #132
  • Apr 19, 2009 5:49pm Apr 19, 2009 5:49pm
hoss.....good stuff.

I expect nothing less from a fellow Buckeye.

What divergence are you talking about? Price against RSI?
  • #133
  • Apr 20, 2009 10:49am Apr 20, 2009 10:49am
Hi Hoss,

I noticed there is not much action on this thread lately. I think we should post some trades on daily basis, just to keep this fantastic thread alive.

What do you say?

Thanks,

Alifari
The purpose of knowledge is action, not knowledge
  • #134
  • Apr 20, 2009 5:28pm Apr 20, 2009 5:28pm
Very insightful strategy Hoss. I'll probably implement it as a trigger with my S/R levels trading (no brainer trade-style) You may find when you go live with Oanda and begin making abnormal profits that they will begin to slip you on entries and avoid your limit orders. My friend ran an account from $40 to $2700 in a couple weeks and then they began to slip him terribly and work the feed oscilator against him till he couldn't make money with them anymore. Market makers hate scalpers as a general rule because they can really work the leverage and put the hurt on in a short period of time. FXCM Micro would work pretty good with this strategy (1.2 on Euro, 1.5 yen), as well as any Currenex platform. GAIN with a +25k account would work well too. Interactive brokers also has an ECN for 10K+ I think. Also, the Cyrox scalping group has some good connections with scalping-friendly brokers.

Thanks for sharing and congrats on your success!
  • #135
  • Apr 20, 2009 9:21pm Apr 20, 2009 9:21pm
Quoting hxcjf
Very insightful strategy Hoss....
Hoss,
Are you experiencing slippage with Oanda? I haven't yet but I'm trading small lot size.
  • #136
  • Apr 20, 2009 10:33pm Apr 20, 2009 10:33pm
Quoting hxcjf
Very insightful strategy Hoss. I'll probably implement it as a trigger with my S/R levels trading (no brainer trade-style) You may find when you go live with Oanda and begin making abnormal profits that they will begin to slip you on entries and avoid your limit orders. My friend ran an account from $40 to $2700 in a couple weeks and then they began to slip him terribly and work the feed oscilator against him till he couldn't make money with them anymore. Market makers hate scalpers as a general rule because they can really work the leverage and...

Hello all,

I was sorry to read the above about Oanda. I am a day or so of opening a live account with them. Have any of you experienced this kind of problem with Oanda? If you are trading this or a similar scalping method successfully elsewhere, what brokers do you use who consistently treat you fairly?

As an aside, and just for laffs, what percentage of the active posters on FF and other Forex forums would you say are employed by Forex brokers?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #137
  • Apr 21, 2009 4:24am Apr 21, 2009 4:24am
Thank you Hoss for a very interesting contrarian approach.

The one thing that worries me is handling the price going badly against you.

Do you average in more than once?

Suppose you have averaged in when the opening position is at -20 pips. If you were to close out when the second position is at +5 pips, as you normally would, you would be out at a net loss of 10 pips. So when would you get out?

How many total pips are you prepared to lose before bailing out?

Any guidelines much appreciated.
  • #138
  • Apr 21, 2009 7:12am Apr 21, 2009 7:12am
Quoting Neil-76
hoss.....good stuff.

I expect nothing less from a fellow Buckeye.

What divergence are you talking about? Price against RSI?
What's up? Yes, I am using the RSI against price, but MACD, Stochs, etc., will all show divergence as well.
Life is too short to have anything but delusional notions about yourself.
  • #139
  • Apr 21, 2009 7:14am Apr 21, 2009 7:14am
Quoting alifari
Hi Hoss,

I noticed there is not much action on this thread lately. I think we should post some trades on daily basis, just to keep this fantastic thread alive.

What do you say?

Thanks,

Alifari
I'll try my best!
Life is too short to have anything but delusional notions about yourself.
  • #140
  • Apr 21, 2009 7:18am Apr 21, 2009 7:18am
Quoting juakali
Thank you Hoss for a very interesting contrarian approach.

The one thing that worries me is handling the price going badly against you.

Do you average in more than once?

Suppose you have averaged in when the opening position is at -20 pips. If you were to close out when the second position is at +5 pips, as you normally would, you would be out at a net loss of 10 pips. So when would you get out?

How many total pips are you prepared to lose before bailing out?

Any guidelines much appreciated.
Yes, I average in more than once. Not often, but I have. I have a mental stop loss of around 10% in my head that I am willing to lose. It sounds like a lot, but again, it keeps me focused on that initial entry. I rarely get close to it. To answer your question about getting out after the second position - I get out at breakeven, or if I like my chances, I will let the trade run until I can get that 5 pips or more. Getting in after price has made a run that is greater than a pair's ADR is a safe way to start. You won't get as many signals, but your chances for reversal are quite high.
Life is too short to have anything but delusional notions about yourself.
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