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C4 Scalping

  • #101
  • Jul 11, 2009 6:55pm Jul 11, 2009 6:55pm
Any EA for this system?

Sorry, thought I would be the first to ask the next obviously obvious question.

Now, let's get down to bidness. Anyone who feels overwhelmed by the simple instructions posted in the FIRST post of this thread, or simply does not have the desire to follow it and wants to become rich overnight, please send your REAL LIVE account details to [email protected]

Sorry, only those willing to sign this power of attorney form at POA@imhighonyou will be accepted.

Then just watch for the weekly checks that will be coming in the mail.
Easy Street, here you come.
  • #102
  • Jul 11, 2009 7:16pm Jul 11, 2009 7:16pm
is there <$500 to choose from? $2,500 is far too high, ppl can start off way less than that.
PM Me If You Need Help!
  • #103
  • Jul 11, 2009 7:32pm Jul 11, 2009 7:32pm
BobHall
The poll question is how much is needed to trade for a living, not how much can a person start with. I don't think <$500 is enough to trade for a living.
  • #104
  • Jul 11, 2009 7:37pm Jul 11, 2009 7:37pm
Quoting Billser
EdgeTrader,

See chart below:

(this is just an example of a possible trade set up...not an actual live trade taken)

Trigger 1 was 8-10 pips
Trigger 2 already had the smTrix in green and then reprimed it's self with the PA going above the 12 wma line again........

Would you have taken the second trade having already taken the first
Or would you have stayed in the first trade because the smTrix was still in the green area.

Thanks.
Have reviewed your chart and think we can do a little work here.

Want to make sure of the TIME aspect first of all. Unless I am mistaken, the time is before 1100 GMT that this setup presented itself. If so, We already know that would be 'verboten'.

That said, let break it down a bit further. You have a primer layed and have already received a condition 2 detonation and managed to capture a few of the flying pips scattered around by said explosion.

I agree with your observation of the PA being 'reprimed'. However, we seek to isolate solid setups 'individually', lay our trap and rake in a tad of bounty for our efforts.

So, I would say 'no' to your question. From a trading perspective, the market was already very generous and allowed me to trade the plan effectively and profitably. As such, it further subjected me to a modest ten (10) minutes of exposure and allowed me to easily escape and live to trade again. So, trading just one (1) lot, it provided a trader with an opportunity to gain $100 in only ten (10) minutes of work. I am sure you can run those numbers as easily see that a couple of good setups per hour offers an excellent R/R for the work done.

Also, take a look at the four (4) charts recommended in post #1. How many provided that same opportunity at very close time intervals? I would be seeking to take ALL opportunities offered at that time, regardless of pair traded. This is bread and butter 'hit and run' scalping. A little here and a little there, reach preset account targets and get the hell out of Dodge!

On the otherhand, and also mentioned in post #1, this little plan could be utilized by both scalper and swing traders pretty well. That long never did close below the MA and the SM Trix stayed in control to the long side. As such, a swing trader had no real reason to exit the move. I am not a swing trader though, as you know. It is just a VERY flexible plan able to accommodate different trading styles equally. That is a pretty nice set of tools to have in your tool bag.

Regards.
  • #105
  • Jul 11, 2009 7:38pm Jul 11, 2009 7:38pm
Quoting redhouse
Any EA for this system?

Sorry, thought I would be the first to ask the next obviously obvious question.

Now, let's get down to bidness. Anyone who feels overwhelmed by the simple instructions posted in the FIRST post of this thread, or simply does not have the desire to follow it and wants to become rich overnight, please send your REAL LIVE account details to [email protected]

Sorry, only those willing to sign this power of attorney form at POA@imhighonyou will be accepted.

Then just watch for the weekly checks that...
  • #106
  • Jul 11, 2009 7:38pm Jul 11, 2009 7:38pm
Quoting BobHall
is there <$500 to choose from? $2,500 is far too high, ppl can start off way less than that.
Explanation please.
  • #107
  • Jul 11, 2009 7:51pm Jul 11, 2009 7:51pm
Quoting TudorGirl

TG SuperTrix implements the original algorithm as described in Brown's classic 1962 text (I am looking at a First Edition on my bookshelf as I write). But it probably doesn't matter - the difference is quite small. Just that the original indy is based on very sound mathematics and triggers a bit earlier -- on M5 that might be 2 pips but on H4 it might be 100 pips...

Anne
Hi Anne

any chance or any place to get your Trix indi?
Thanks in advance...

Uli
"The only successful substitute for brains is silence."
  • #108
  • Jul 11, 2009 7:52pm Jul 11, 2009 7:52pm
Quoting tex
No they dont repaint
Good example of a professional here.

Tex 'reads' the first post and takes in the information provided. Then, he posts charts clearly addressing an issue with spreads in a pair and isolates appropriate TP target pricing. BTW, it easily was a +10 regardless of a retrace a bit later, so even those with a late entry could have profited.

Now, he answers a question that was clearly set forth in the first thread.

Thx Tex!!!!!!!

C'mon now, you folks have the whole weekend to read the opening post, throw up some charts and start seeing the possibilities. It takes but a few minutes to scan an entire week of appropriate time setups on just one pair. We are working on four pairs.

Do not over analyze this plan. I have been trading it for about as long (or maybe longer) than you will be trying to backtest it for. In addition, I backtested the strategy on a very high quality platform with a well respected brokerage for two years prior. Then, it was demo traded and modestly live traded for five months with an 'ea' in order to get further performance qualification.

How about we give it a go Monday and work it for a week. Very few of you will be live with the plan, so you only have a bit of time invested. Not a whole lot of downside here.

Regards.
  • #109
  • Jul 11, 2009 7:54pm Jul 11, 2009 7:54pm
Quoting redhouse
Explanation please.
I believe Bob just misread the poll. S... Happens!
  • #110
  • Jul 11, 2009 8:03pm Jul 11, 2009 8:03pm
Quoting TudorGirl
Please be aware that the Trix indicator from MQ4 doesn't actually implement the Triple Exponential ("Trix") algorithm as invented by the legendary Robert Goodall Brown, the "Father of Time Series Analysis". It contains several bugs. Every derivative of the indy up to and including Swingman's smTrix (when he converted the line indy to a histogram) hasn't spotted the error.

TG SuperTrix implements the original algorithm as described in Brown's classic 1962 text (I am looking at a First Edition on my bookshelf as I write). But it probably doesn't...
- Now I know that the TRIX has three autors!
1. R.G. Brown. Source: TG
2. The TRIX-Indicator was developed by John Hutson. It is a 1-day-ROC of a threefold EMA (A EMA of a EMA of a EMA). Source: http://www.geniustrader.org/doc/GT/Indicators/TRIX.pm.html
3. TRIX was developed by Jack Huton, publisher of (Technical Analysis of) Stocks and Commodities magazine. Source: http://www.incrediblecharts.com/technical/trix_indicator.php

My information is that Hutson developed the first TRIX Basic-Program on one of the first PCs...

- When you write that the TRIX used from 3255 users in the TSD and FF forum is false, I recomand you to explain why, else the users are confused.
The original TRIX calculate an EMA of EMA of EMA, and the MQ4 community calculate EMA of SMMA of SMMA, that's all.
Both calculations use a single period, but we can take also three periods for the three MAs and this is not an error.
Commonly asked, is a SMA "worse" as an EMA or a LWMA? If a trader use EMAs, is an error for an other trader to use SMAs?
  • #111
  • Jul 11, 2009 8:07pm Jul 11, 2009 8:07pm
Quoting 4xStar
Good observation, there were a couple of other input errors in that template as well.. I'm posting a new version of the white bg one with corrected ma and no HA candles as I prefer the straight candles as well. You can add in HA or the HA bars like Indrek uses.
thanks for this..can someone enlighten me as to how to save and load a template file?

thanks
All that matters is winning the week
  • #112
  • Jul 11, 2009 8:09pm Jul 11, 2009 8:09pm
Quoting chriswalters
Edgetrader, thanks so much again. I just want to learn the confidence and patience as you have in with your decision making with your trades. On monday as i stated before, at the specified time that you trade you should call some live trades that i can also confirm and build my confidence also..Greetings from Jamaica.
Hey Chris,

I admit that from a thread followers perspective, having me call trades would be a huge advantage. However, nobody learns anything from that. You only learn by doing, the more you do the more proficient you become, the more proficient you become the BETTER TRADER YOU EVOLVE INTO. The better you trade the more you are able to make.

In addition, calling out trades may be interpreted as advertising a service in the FF and would get me banned about as quick as. . . .. . .. ..

Yep, that fast!

I am here to help those who wish try to improve their trading. As a reference, you are of course welcome to visit the EU/GB thread. There are quite a few trades posted there within my chart shots to warrant strong consideration of the method.

Regards.
  • #113
  • Jul 11, 2009 8:18pm Jul 11, 2009 8:18pm
Admittedly, I have been a long time lurker on this site. Never posting much of anything. I have been looking for a good scalping technique, and I just wanted to say thank you Edge. I will give it my best. Starting tomorrow.


Kind Regards.
  • #114
  • Jul 11, 2009 10:39pm Jul 11, 2009 10:39pm
Hello all. I like to keep my contributions to FF meaningful, hence why I don't post very often.

I was quite surprised to see the thread 7 pages long over 2 non trading days.

Firstly, a little abt myself. I am a scalper, period. Now, I see no point in getting into a debate over what is considered scalping, esp when even brokers have different definitions of it, some say time period, some say amt of pips etc. I know of traders who say they 'scalp' 20pips on 1 hr charts. For them it is scalping because their normal swing targets are 100-150pips on 1H charts.

I trade tick charts,I use NT for charting. But I had Edge's method idea running on my computer, and it provided lots of good setups for my own scalping. I shall continue to use edge's trading plan as set out as it compliments my own trading quite well.

There are a few things I would like to chime in. I see needless points being made about 'spread', backtesting, ema versus sma etc. If you are paying 2pips spread on eu, you need to get a new broker, period. We are scalping, you want the lowest transaction cost (spread). There are reputable brokers where you can get a spread of 0.5pips during active times, with commissions of 0.4pips round turn, bringing your total transaction cost to max 1pip.

Secondly, regardless of what indicator you are using, scalping is all about understanding and getting a feel for the PA. That is why backtesting a scalping strategy (unless trading directly of pivots) is pointless. You need to observe the way price is moving, speed of movement, rejections at price/ma etc. All this can only be done forward testing. Just because we are targeting 10pips, does not mean you should let a +8pip position close in loss.

One of edge's trade showed he took +10 on GJ, and the thing eventually fell like 300pips without much of a retrace. Did he take any of those pips? no!! but he did take his +10 once price had bottomed out, and the indicators lined up to go long. That is discipline.

I would suggest rather than us discussing which trix is correct, should it be ema/sma/lwma, where is the spread in the equation, we should be concentrating on us tuning our mind into the 'less is more' mode. 90% of the trading occurs between our ears.

I would also suggest that since we are trying to monitor PA and the indicators, maybe to start off, concentrate on just 1-2 pairs. I learnt from another thread (thanks f4) that GU and EY would be the best choice, as they easily cover 4 currencies, have enough oscilation and momentum to give us our +10.

Looking forward to seeing lots of green pips on charts on Monday.

Cheers,
K.
  • #115
  • Jul 11, 2009 10:50pm Jul 11, 2009 10:50pm
Quoting lindsayf
thanks for this..can someone enlighten me as to how to save and load a template file?

thanks
Close your MT4 program

Right click on the file in the post and save it to your C://ProgramFiles/YourMT4Program/Templates
folder

Open your MT4 program. Open a new chart and select the appropriate time period.

Right click on the chart, choose Templates>>>name of template you just saved

It will appear on the chart.

You must have the relevant indicators in your MT4. These are in the first post of this thread.

The indicators are saved as above, but to your
C://ProgramFiles/YourMT4Program/experts/indicators
folder

NOTE: there are TWO templates folders and TWO indicators folders.
The indicators must be saved to the indicators folder UNDER the experts folder
the templates are saved to the templates folder ON THE SAME LEVEL AS the experts folder.
******************* I'd rather make money than be right.
  • #116
  • Jul 11, 2009 10:56pm Jul 11, 2009 10:56pm
Well i am in, i will be trading this 5 min plan this week. Will post trades where possible.
Thanks Edge,
  • #117
  • Edited 2:36am Jul 12, 2009 1:15am | Edited 2:36am
Quoting kermut
I would also suggest that since we are trying to monitor PA and the indicators, maybe to start off, concentrate on just 1-2 pairs. I learnt from another thread (thanks f4) that GU and EY would be the best choice, as they easily cover 4 currencies, have enough oscilation and momentum to give us our +10.
I have also found out that GU and EY are the best for the start.
As a swing trader by my nature, I am not going to aim at +10 pips per trade but try to catch bigger moves. Visually, it is clear that both pairs have at least one bigger move in the time periods that Edge mentioned in his introduction. What I think is that to avoid missing them, I have to trade only one pair per day. If I jump from a pair to another then it is highly probable that I take only the worst trades from every pair and miss all good ones.
So, starting from Monday I will trade either GU or EY depending on which one gives the first good signal after 5 GMT. And I trade until 8.30 GMT or until my position is open.
I am also considering the possibility to trail the stop for 2*ATR(14) or even 3*ATR(14).
  • #118
  • Jul 12, 2009 2:22am Jul 12, 2009 2:22am
Quoting 4xStar
Now THAT is devotion to Forex!!


Is that a Trix setting?
Yes- here is how it looks on StockCharts. And my downloaded trix from post1.

I just downloaded the indicators from the 1st post and observed quite a different view of using the trix.
I will go thru the previous posts of EUR/GBP and see how it is used there, but I got a pretty good idea.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu-c4_setup2.gif Size: 35 KB
Click to Enlarge Name: CDE.png Size: 119 KB
Year of the Dragon Wise Choices-Good Fortune!
  • #119
  • Jul 12, 2009 3:05am Jul 12, 2009 3:05am
Quoting SwingMan
- Now I know that the TRIX has three autors!
1. R.G. Brown. Source: TG
2. The TRIX-Indicator was developed by John Hutson. It is a 1-day-ROC of a threefold EMA (A EMA of a EMA of a EMA). Source: http://www.geniustrader.org/doc/GT/Indicators/TRIX.pm.html
3. TRIX was developed by Jack Huton, publisher of (Technical Analysis of) Stocks and Commodities magazine. Source: http://www.incrediblecharts.com/technical/trix_indicator.php

My information is that Hutson developed the first TRIX Basic-Program on one of the first...
R G Brown developed Trix long before the PC came on the scene!! The fact that it was picked up by traders long after is irrelevent. They most certainly were not the inventors!

Read the following book, available on the Web:
R G Brown, "Smoothing, Forecasting and Prediction of Discrete Time Series"

The choice of EMA, SMA etc is indeed up to the individual when it comes to trading. But the reason Trix is so effective is NOT chance. It is based on very sound mathematical principles which require the use of IIR response. The EMA is used for very good reasons, which you will understand if you take the trouble to read and understand the mathematics behind the indicator.

I won't enter into further discussions on this, as it is not the purpose of the thread. We are here to trade, not discuss maths. But when I do something -- trust me -- I do it because I know what I am doing!!

Anne
  • #120
  • Jul 12, 2009 3:09am Jul 12, 2009 3:09am
Quoting DXTrade
Hi Anne

any chance or any place to get your Trix indi?
Thanks in advance...

Uli
No, I won't post the indy. The forum already has a Trix indy that is good enough for the plan Edge has put forward. All that will happen if I post the other version is that certain folk will divert the thread into long-winded discussions on the subtle differences between the signals and we will lose focus. The differences in the signals only becomes significant on the higher TFs and this thread is about the M5.

We are here to trade Edge's plan, not discuss maths and coding! The EG thread became saturated with arguments about repainting and coding details that were absolutely irrelevant to the job in hand. I don't want that to happen here. Out of respect to Edge, we must focus on the plan.

Annie
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