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  • #141
  • Apr 21, 2009 7:20am Apr 21, 2009 7:20am
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...
That's annoying. It's hard enough to make money, and then you have the bucket shops to deal with if you win too much.
Life is too short to have anything but delusional notions about yourself.
  • #142
  • Apr 21, 2009 7:30am Apr 21, 2009 7:30am
Everybody remember, this is essentially a method that picks tops and bottoms which can be quite dangerous to those that are new. Please demo for a while until you get the feel of it.
Life is too short to have anything but delusional notions about yourself.
  • #143
  • Apr 21, 2009 7:39am Apr 21, 2009 7:39am
Hi Hoss,

Please review the screenshot. Is it a good trade?
Attached Image (click to enlarge)
Click to Enlarge Name: eurousd - hoss-2104.09.-1.gif Size: 29 KB
  • #144
  • Apr 21, 2009 9:21am Apr 21, 2009 9:21am
Quoting Horn
Hi Hoss,

Please review the screenshot. Is it a good trade?
Yes and no. Here's why. Yes, because it looks as though you got in at a price outside the bands. No, because it doesn't look like price is coming up to a Murrey/Pivot, and it looks like the first push outside of some consolidation or channeling. You can easily get caught up in a breakout here. Therefore, I would not enter here. I will sit patiently and wait for it to breakout, show some exhaustion after a 2-3 pushes up, look for some divergence or another OB situation, and then enter.
Life is too short to have anything but delusional notions about yourself.
  • #145
  • Apr 21, 2009 9:31am Apr 21, 2009 9:31am
Quoting hoss
Yes and no. Here's why. Yes, because it looks as though you got in at a price outside the bands. No, because it doesn't look like price is coming up to a Murrey/Pivot, and it looks like the first push outside of some consolidation or channeling. You can easily get caught up in a breakout here. Therefore, I would not enter here. I will sit patiently and wait for it to breakout, show some exhaustion after a 2-3 pushes up, look for some divergence or another OB situation, and then enter.
Hoss, Thanks for the advice
  • #146
  • Apr 21, 2009 9:42am Apr 21, 2009 9:42am
Quoting Horn
Hoss, Thanks for the advice
no prob.
Life is too short to have anything but delusional notions about yourself.
  • #147
  • Apr 21, 2009 2:07pm Apr 21, 2009 2:07pm
Quoting The Fool
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?
You might get an initial fast run up before you catch their attention, but you'll know it when they flag you. Then you'll have to use direct access brokers, such as Currenex partners, ECN's, etc if you want honest execution. And no, I don't work for any brokerages in case you were wondering, haha. They can't pay me enough.
  • #148
  • Apr 21, 2009 4:28pm Apr 21, 2009 4:28pm
Quoting hxcjf
You might get an initial fast run up before you catch their attention, but you'll know it when they flag you. Then you'll have to use direct access brokers, such as Currenex partners, ECN's, etc if you want honest execution. And no, I don't work for any brokerages in case you were wondering, haha. They can't pay me enough.
Thanks hxcjf,

I shoulda known it was all too good to be true. I probly oughta just go back yo pickin' up cans....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #149
  • Apr 21, 2009 5:04pm Apr 21, 2009 5:04pm
Quoting The Fool
Thanks hxcjf,

I shoulda known it was all too good to be true. I probly oughta just go back yo pickin' up cans....
Oh, its not too good to be true. It works, and many people clean up on mean reversion strategies with aggressive compounding. They don't post here because they're out on a beach somewhere, lol. You just have to use a broker with honest quotes. Just don't get caught by an outlier that wipes out all your profits.
  • #150
  • Apr 22, 2009 1:37am Apr 22, 2009 1:37am
Many thanks Hoss for your comprehensive reply.
  • #151
  • Apr 22, 2009 4:47am Apr 22, 2009 4:47am
Hi Hoss,

I am using your strategy effectively on my live account. However, at this moment I am just trading micro lots, until I master this strategy. The reason I am trying it on live account, cause when doing demo the emotional attachment is not there and one is not worried about losses and let the trade run indefinitely until trade is in your favor.

Here are my results for all live trades taken on April 20th & 21st.

Total Trades : 22
Winners : 19 (Winning Percentage 86.36%)
Losers : 3 (Losing Percentage 13.64%)
Total Pips Won : 53 (Average 2.79 Pips Per Trade)
Total Pips Lost : 76 (Average 25.33 Pips Per Trade)

As you see that my winning percentage is about 86% but still I am down -23 pips because of bad money management. If I had a good money management, I would be in profit for sure, with this kind of success rate.

One reason for these losses is even though I enter a bad trade and I know it, I stick too long in that particular trade in anticipation that prices will come back and atleast I will break even, which sometimes doesnt happen and I end up loosing 20 to 30 pips per trade. This is what happened above.

Here is what I am going to do from now on. I will set my stop loss to 10 pips. If it reach -10 I will close my trade. Will see how it works out.

I hope above info would be useful to other newbies like me.

Hoss, once again thank you for this fantastic stategy. Would appreciate your comments on above.

Thanks,

Alifari
The purpose of knowledge is action, not knowledge
  • #152
  • Apr 22, 2009 5:59am Apr 22, 2009 5:59am
Quoting hoss
They all don't need to match at once, but the more the merrier...
- price outside of bands
- price has made at least 2 to 3 waves in one direction
- price is hitting a strong pivot/murrey
- price is a nice distance away from 200 ema
- price is making a new high/low - not consolidating
- try not to make the first trade on the first push outside of consolidation
- RSI(8) is way overbought/sold - 80 to 85+ or 20 to 15-
Does this mean you only take trades going back towards the 200 ema, ie long if the price is below the ema and short if it is above the ema?
  • #153
  • Apr 22, 2009 6:36am Apr 22, 2009 6:36am
Quoting juakali
Does this mean you only take trades going back towards the 200 ema, ie long if the price is below the ema and short if it is above the ema?
Yes, that is what that means. As for your money management, you may want to scale back even more if you think you are getting out too quick. Try a way to have enough to comfortably enter 10 times until price goes your way. You probably won't ever need to enter that many times, but it will give you the confidence to stay in the trade without much drawdown. You can then go more as you get better at it.
Life is too short to have anything but delusional notions about yourself.
  • #154
  • Apr 22, 2009 9:56am Apr 22, 2009 9:56am
Lit the Euro up today. Check out the divergence. This was after exhaustion after a flag pattern as well. If all you did was wait for days where stuff lined up like this, it is hard not to make money with this. Remember to let price take off on you. Let it run and run. Then wait to pick it apart when the move is over. You can see I only averaged in once this morning.
Attached Image (click to enlarge)
Click to Enlarge Name: eur.jpg Size: 65 KB
Life is too short to have anything but delusional notions about yourself.
  • #155
  • Apr 22, 2009 12:37pm Apr 22, 2009 12:37pm
Quoting hoss
Lit the Euro up today. Check out the divergence. This was after exhaustion after a flag pattern as well. If all you did was wait for days where stuff lined up like this, it is hard not to make money with this. Remember to let price take off on you. Let it run and run. Then wait to pick it apart when the move is over. You can see I only averaged in once this morning.
Hi Hoss

Your last chart left me puzzled on most of your entrys...?

The first marked with the line is a long you took... I guess It was a mistake of yours..??

All others I marked... price was closer to the mid BB than to the upper Band.

Mhh... I'm puzzled why you took them...

Respectfully...
Colbru
Attached Image (click to enlarge)
Click to Enlarge Name: eur copy.jpg Size: 139 KB
  • #156
  • Apr 22, 2009 8:26pm Apr 22, 2009 8:26pm
[quote=alifari;2686608]Hi Hoss,

I am using your strategy effectively on my live account. However, at this moment I am just trading micro lots, until I master this strategy. The reason I am trying it on live account, cause when doing demo the emotional attachment is not there and one is not worried about losses and let the trade run indefinitely until trade is in your favor.

Here are my results for all live trades taken on April 20th & 21st.

Total Trades : 22
Winners : 19 (Winning Percentage 86.36%)
Losers : 3 (Losing Percentage 13.64%)
Total Pips Won : 53 (Average 2.79 Pips Per Trade)
Total Pips Lost : 76 (Average 25.33 Pips Per Trade)

Hi Alifari,

If you had a lower stop loss of only 10 pips, your stats may not be correct as the some of the 19 winners could have been stopped by a lower stop loss.
  • #157
  • Apr 22, 2009 10:05pm Apr 22, 2009 10:05pm
Quoting colbru
Hi Hoss

Your last chart left me puzzled on most of your entrys...?

The first marked with the line is a long you took... I guess It was a mistake of yours..??

All others I marked... price was closer to the mid BB than to the upper Band.

Mhh... I'm puzzled why you took them...

Respectfully...
Colbru
Colbru,

Yes, they were middle of the band. I "knew" the price was not going to bust out any further north. (99% sure). There was a flag pattern on the 5 minute and this was basically the tail end of the completion of it. So basically every time the price moved up with the large divergence at the end of that pattern I hopped in. That's what I mean when I talk about screen time. It's hard to summarize in a mechanical way what I am doing each time. I can only describe in basic terms what I am doing, but I am always using some discretion. I don't mean to confuse anyone, but I'll just post charts as much as I can to give an idea of what I am doing. Yes, the one trade was a breakout from a different system I trade, but decided not to hang in for too long even though it was profitable. I should have erased that one for the sake of this thread.
Life is too short to have anything but delusional notions about yourself.
  • #158
  • Apr 22, 2009 10:20pm Apr 22, 2009 10:20pm
hoss, are you trading a real account now? are your results on par with your demo results?

i've been watching this thread closely as i trade a similar style on the short time frame and another system on 15M..
  • #159
  • Apr 23, 2009 5:50am Apr 23, 2009 5:50am
Hoss,
An audible alert indicator would help us alot with this strategy. I've been searching for one that would alert you when price is x amount of pips away from the 200MA. Set it for say 30-35 pips and when alert goes off, start looking for divergence. 30-35 pips away from the 200MA seems to give you a good chance of a 5 pip retrace when you have divergence. We wouldn't have to be glued to the screen all day with something like this.
  • #160
  • Apr 23, 2009 6:44am Apr 23, 2009 6:44am
Quoting Toothman
Hoss,
An audible alert indicator would help us alot with this strategy. I've been searching for one that would alert you when price is x amount of pips away from the 200MA. Set it for say 30-35 pips and when alert goes off, start looking for divergence. 30-35 pips away from the 200MA seems to give you a good chance of a 5 pip retrace when you have divergence. We wouldn't have to be glued to the screen all day with something like this.
I agree an alert would help. Yes, if you put envelope bands around your 200 ema at 30-35 pips, you can see that price definitely does not like to go far beyond that. When it does, it will go on a run and can stay outside the envelopes for 30+ minutes. But, if you think contrarian, it won't stay outside of the envelope forever. That's where I come in.
Life is too short to have anything but delusional notions about yourself.
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