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C4 Scalping

  • #1,001
  • Jul 16, 2009 8:14am Jul 16, 2009 8:14am
137, ok Got it.. I add to lines into your Indy

0.30 (long)
-0.30 (short)

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  • #1,002
  • Jul 16, 2009 8:15am Jul 16, 2009 8:15am
Quoting 4xStar
The primer + signals are great .. but other factors must be taken into consideration, just trying to figure out which ones are the most important.
I agree with you. And the key issue (in fact, almost only important thing) is to know the trend. If you know that trend is up, for example, then it could not be clever to close your long scalping position after receiving a contrarian signal from any M5 indicators. Just wait a bit, let it go down for a while and most probably you still win after some time. Stop Loss should be set in a situation like this, of course, but not too tight. Maybe even 40-50 pips depending on the pair and situation at the market.

If you have a quick hand then it is too easy to close many positions in a row at -10-15 pips and to discover afterwards that they all were winning but just needed patience and risk tolerance.
  • #1,003
  • Jul 16, 2009 8:23am Jul 16, 2009 8:23am
Well, took 2 more trades to finish up the day. EJ was nice for +15 again, but GU almost cost me that...ended breakeven. Overall for the day, I'm +40 and couldn't be happier!!! Time will tell, but like edge has mentioned...I really think one should keep things simple! You don't need a lot of indicators if you can read price action! Many pips to all!!! Hope my charts are helping someone out there.
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  • #1,004
  • Jul 16, 2009 8:25am Jul 16, 2009 8:25am
Quoting 137
two sweet signals on EJ. i really like this pair. GU can just be so sketchy.
137: where may I get ZeroAlpha indicator ?
Thank you,
  • #1,005
  • Jul 16, 2009 8:38am Jul 16, 2009 8:38am
Quoting cce
zznbrm,
I use a mental SL based on higher TF. I use MM that will allow me to trade without SL. No SL means no Stop hunting.
I look at where PA is inrelation to the big picture...am I entering at the top of a channel, the middle, the bottom...where is S/R, is the market trending or drifting sideways, etc.

So, I really do like the way Edge teaches. His matter of fact approach has hit the nail on the head, as it were.
Hope this bit of a rambling reply helps your trading.
Cliff
Cliff,

Your rambling is appreciated.

This thread is getting closer to making this strategy work. Throwing more lagging indicators on the chart is not the answer. I think you are on the right track with channel, S+R, higher TF trend analysis. I have also been investigating candlestick patterns as confirmation of trigger/detonator signals.

Thanks...zz
  • #1,006
  • Jul 16, 2009 8:39am Jul 16, 2009 8:39am
Quoting Mr.Pip
137: where may I get ZeroAlpha indicator ?
Thank you,
To get any past indicators click on paper clip at top right of thread, next to the page numbers. You can click Hide Images to see only the indicators. Right click on inidcator and save directly to your MT4.
******************* I'd rather make money than be right.
  • #1,007
  • Jul 16, 2009 8:42am Jul 16, 2009 8:42am
A slight change....If I may...

Primer = KijunTenkan (more or less the same as using 12WMA & TrendMagic together).

Detonator = smTrix

Thanks
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  • #1,008
  • Jul 16, 2009 8:42am Jul 16, 2009 8:42am
A plethora of different observations going on today.

Lots of talk on a 200 EMA which is akin to the MTF trix. Is a good reliable addition but is not proven more effective. However, am real familiar with the trader that introduced such, so will acquiese to his experience and long time use of such.

Lots of talk on Swing trading. Mentioned from post #1 that this plan serves traders of all styles. This method obviously promotes the 'less is more' concept by use of larger lot sizes and garnishing less pips, thereby reducing market exposure. However, is good to see postings detailing the swing trade possibilities. Have even seen a couple of 1H proponents using the base methodology which with proper account size and prudent MM is of course a viable option.

And a few here that are really pushing the cerebral cortex to the maximum trying to do whatever it is they do. It is a very good learning base to read their opinions (even for me) as you never know what the intellectuals and advanced traders may discover that will benefit all in the community.

Lastly, there are some just pushing the plunger and gaining proficiency at blowing crap up. That is kind of fun too. I know I enjoy it!

Overall, a bit better PA today and some crystal clear setups regardless of how one chooses to trade the plan. Kind of like the MTF and 200 EMA deals for cautious traders. Nothing like a little 'recon' team out there helping isolate good demolition areas.

Threw a few trades on the MT4 myself this morning. Nothing spectacular, but even with a few losses was able to derail a couple of trains and scoop up some bounty for the effort.

It seems the thread is as anticipated. A few groups of people splitting off somewhat and exploring possibilities with those who are like minded, but still focused on the course itself. Just like college if you ask me.

Good job all.

GOLD STARS FOR EVERYONE!!!!!!!!!!!!!!

Regards.
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  • #1,009
  • Jul 16, 2009 8:45am Jul 16, 2009 8:45am
A difficult day for me with the ranging, whipsaw markets. Many thanks to those who post charts - quite enlightening.

Looking at many of the different charts I'm struck by a common factor - namely how there are many primer/detonator combinations but only certain ones are taken. Perhaps this is an area we need to concentrate on to refine the process as the basic setup is fairly straightforward.

It would be interesting to hear from the more experienced traders why certain setups were either left or taken. Accepted, today's markets were tricky on most pairs but, in a way, these are the most important (and challenging markets) for us. Insights into how experience tackles such to minimise losses would be really useful I suspect.
  • #1,010
  • Jul 16, 2009 8:47am Jul 16, 2009 8:47am
TwOeleven: Where might I find a lesson on "reading price action"?
  • #1,011
  • Jul 16, 2009 8:48am Jul 16, 2009 8:48am
After trading this unprofitably the past couple of days I think I found the technique that works for me.

Before, I was taking every signal indiscriminately. This led to a net loss at the end of each session.

Now, I only take trades in the direction of the existing trend. If price is consolidating I stay out.

My primer is the EMA/HK candles. My detonator is Swingman's trix.

When a signal comes along that meets my criteria, I execute the trade. I don't think about it, I don't wait. Overall this session I had five wins and two losses. A net gain of 2% on my demo account. Increasing my stop losses has helped my trades a lot. I base them off of the ATR. For today's session I used 20 for EU and UJ, 25 for AU, and 30 for GU. My TP was set at 10 for each pair.

Here is the first trade I took:

Hope this helps someone! I look forward to refining this method and learning what Edge has to share with us.
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  • #1,012
  • Jul 16, 2009 8:49am Jul 16, 2009 8:49am
Quoting Syahmi
A slight change....If I may...

Primer = KijunTenkan (more or less the same as using 12WMA & TrendMagic together).

Detonator = smTrix

Thanks
I do not see the 'channel' from yesterday's chart and would caution against 1M trading no matter which plan one trades.

Quick trades, decent lots size and minimal market exposure.

Would you be so kind as to proof up your material for us there. How are we gaining a better position by incorporating your plan with that which exists?

Could you place side by side charts of the two plans and explain a bit more in detail?

Regards.
  • #1,013
  • Jul 16, 2009 8:54am Jul 16, 2009 8:54am
Quoting Syahmi
A slight change....If I may...

Primer = KijunTenkan (more or less the same as using 12WMA & TrendMagic together).

Detonator = smTrix

Thanks
I see that you are substituting the Kijun/Tenkan cross for the TM/WMA deal. What are your settings for this?

Regards.
  • #1,014
  • Jul 16, 2009 8:59am Jul 16, 2009 8:59am
Quoting mary4x
TwOeleven: Where might I find a lesson on "reading price action"?
That is a very good question, one I don't really have a concrete answer for I'm affraid. Perhaps someone else will have more information than me. But just in general, I have been trading for 3yrs now and have just picked up things along the way such as candle stick patterns(pinbars, doji's, tweezers, etc..), chart patterns(triangles, head&shoulders, wedges, etc...), and also picking out the trend(HigherHighs + Higher Lows = uptrend, Lower Lows + Lower Highs = downtrend). Also watching how price reacts around pivots works well for my trading style.

I hope that has helped. And as mentioned earlier, maybe someone else has more to add. Happy Trading!
  • #1,015
  • Jul 16, 2009 8:59am Jul 16, 2009 8:59am
Edgetrader: great system there!! trading so well... I just wish to ask you do you watch other TF's before entrying in M5 ?? thanks,
  • #1,016
  • Jul 16, 2009 9:00am Jul 16, 2009 9:00am
Quoting Indrek
I agree with you. And the key issue (in fact, almost only important thing) is to know the trend.
.....

If you have a quick hand then it is too easy to close many positions in a row at -10-15 pips and to discover afterwards that they all were winning but just needed patience and risk tolerance.
Very very very true .. the trick is to determine the difference between a normal pullback and a reversal.
I'm working on it ....
******************* I'd rather make money than be right.
  • #1,017
  • Jul 16, 2009 9:03am Jul 16, 2009 9:03am
Quoting 4xStar
Very very very true .. the trick is to determine the difference between a normal pullback and a reversal.
I'm working on it ....
You have to find out what is the intraday trend and then you have to believe that you are right. Sounds easy?
  • #1,018
  • Edited 9:17am Jul 16, 2009 9:03am | Edited 9:17am
Sorry for interupting your thread.. Just to learn and keep learning....

Yeah.. you got it right....."subtituting" my settings for Kijun/Tenkan ....9,29,3,9.... I superimposed both 12wma and trend magic together with Kijun/Tenkan.....

Either one will do... just pick one you are comfortable with..

My trade is based on 5M & 15M TF.... just looking for entry point at 1M chart.

Detonator is still smTRIX... very comfortable with it....

Thanks a lot.

Quoting Edgetrader
I see that you are substituting the Kijun/Tenkan cross for the TM/WMA deal. What are your settings for this?

Regards.
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  • #1,019
  • Jul 16, 2009 9:04am Jul 16, 2009 9:04am
Quoting Yidrasil
A difficult day for me with the ranging, whipsaw markets. Many thanks to those who post charts - quite enlightening.

Looking at many of the different charts I'm struck by a common factor - namely how there are many primer/detonator combinations but only certain ones are taken. Perhaps this is an area we need to concentrate on to refine the process as the basic setup is fairly straightforward.

It would be interesting to hear from the more experienced traders why certain setups were either left or taken. Accepted, today's markets were...
I think this would be difficult. This plan has mechanical primers and detonators but has discretionary plunger pushing. There is simply no way without everyone running a carbon copy ea that the trades will match one another.

Also, it has further discretion as some trade it as set and some trade it based on a larger TF confirmation.

Naturally, you should feel free to ask a person who posts a trade if you are so inclined. However, I would ask to be left out of this at this time. I miss about as many trades as I take due to working my own trading and chaecking the thread contents and questions. Not trying to 'backstroke' here just not enough hours in the day for me at times.

Regards.
  • #1,020
  • Jul 16, 2009 9:10am Jul 16, 2009 9:10am
I am having a lot of fun playing with this system. Just for the heck of it I wrote an EA for this system to do some back testing. (Little faith in back testing btw)

Just a note I thought I would pass along.... Some people seem to be making pips and some not. I wonder how many people are using the trading times suggested by Edgetrader... Those who are I would suppose are the ones making the pips as the back testing seems to show much better profit there. Low volatility is a death sentence with out a doubt. I myself am trading this live and doing quite well. I am not using T/P and S/L. I allow the indicators to tell me when to take profit. They are much smarter than I am.

Thank you very much for posting this system.!!
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