C4 Scalping | Page 59 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

scalping strategy 31 replies

Trying scalping with a 1000 bucks - Scalping is expensive! 39 replies

Scalping PIPs? 5 replies

1M & 5M Scalping System (Scalping Paradise) 21 replies

Scalping 100 pips?! 3 replies

Attachments: C4 Scalping
Exit Attachments

C4 Scalping

  • #1,161
  • Jul 17, 2009 7:02am Jul 17, 2009 7:02am
An even safer way to play this, IMHO is to wait for a price pullback to the 200 ema then trade in the direction of the slope of the 200. So if 200 is still in a definite down slope when price pulls back . and price does not break it to the upside, re-shorting at the 200 is probably safer than the counter-trend trade.
Although I must admit I love counter-trend trading myself .. not sure why!


Quoting JillyB
Not sure I quite agree with this. If PA is below the 200 EMA then you can still take a long trade, especially if the PA is a long way below. Think of PA being on a piece of elastic attached to the 200 EMA - if it gets too far away then the elastic snaps it back towards the 200 EMA. This is noticeable in times when there is high volatility and volume - such as the times when 'Edge' has set for trading the system.

Your screenshot shows an excellent trade - but note that although price is below the 200EMA it is only just below it, giving it space...
******************* I'd rather make money than be right.
  • #1,162
  • Jul 17, 2009 7:08am Jul 17, 2009 7:08am
What caused the big spike up in several pairs?
******************* I'd rather make money than be right.
  • #1,163
  • Jul 17, 2009 7:14am Jul 17, 2009 7:14am
Quoting Indrek
Could anybody explain in a very simple way how to use the PA indicator? There was an explanation but I seem to be too stupid to understand...
Hey,
My apologies for not getting back to you earlier.
Busy taking over the world. See post above.

For the record I don't think your stupid.
It's just someday's people themselves decide whether they'll be winners or losers.
The ultimate freedom- deciding whether you'll succeed or fail.
  • #1,164
  • Jul 17, 2009 7:16am Jul 17, 2009 7:16am
Good Afternoon (here in Spain) to everyone.

I have refrained from posting before out of respect for Edge's request for the thread to adhere to the system outlined in post No 1. However as the subject of automation has now been discussed by very eminent members I now feel I can comment.

But first I would like to compliment Edge for starting this thread and presenting such a simple but effective system. I must also thank all the contributors who are willing to give their ideas and coding skills so willingly.

As a very old (64) dog in this field, I find that to keep up with the speed of scalping I must use some degree of automation.

I do not wish to speculate or comment on anyone else's trading method but I can show you how mine makes it appear that I am placing multiple trades at the same price and at an impossible speed for manual trading.

All my trades are entered manually, which would of course be the easiest task to automate just taking the Trix Signal with the required Filter.

From then on the trades are managed by an EA. I have tried several but most have bugs which are hard work to keep control of in a fast market. For example one requires to be reloaded onto the chart after every completed trade!

The one I use is not all singing and dancing but it does exactly what I require without any "Maintainance". Except as a user I have no connection to this EA.

I use UpdateStopsv30pip which can be found here:-

http://www.forexfactory.com/attachment.php?attachmentid=270789&d=Jul 9, 2009 4:45pm

Assuming 5 digit decimals my set is:- 50, 120, 40, 40, 140, 60, 120, 40,
My lot size is 0.8

This means that at 5 pips (net) I take profit on 40% (0.3 lots)

At 6 pips the stop is moved to Break Even.

In the attachment ticket no 3728 is opened at 08:31 and 0.3 lots is closed at 08:32.BUT because of the way MT4 works, the whole 0.8 lots is closed and a new 0.50 ( the remainder) is opened automatically.

This new ticket no 4106 is opened at 08:31 (really 08:32) and closed when 12 pips from the original price is hit at 08:33.

Again the whole 0.5 lots are closed and a new ticket no 4801 is opened for the remaining 0.2 lots at 08:31 (really 08:33) and closed manually at support at 21 pips 08:35.

Notes to the above:- If 6 pips is not reached then I am relying on Manual exit or the hard stop of 14 pips. Therefore it is possible to win 5 pips but lose 14 pips = net loss 9 pips. If the final 0.2 lots are not closed manually then I am relying on the trailing stop of 12 pips to close it. Yesterday 14 pips SL was too small. 25 would have been nearer but that is too much for the TPs that I use.

Although I do have 3 live accounts this example is taken from my Alpari UK Demo Account.

The benefits that I see are that if the price just falls short of your fixed Take profit of say 10 pips, at least you get out with profit. If the price goes well beyond your fixed Take profit you can have some extra profit. After 6 pips you can relax knowing that you have a positive trade.

But for me the biggest benefit is the speed that the EA can act. I am slow, my computers are slow and my Spanish IP is even slower! If for example I wanted to exit a trade that appeared to be turning bad, even though I have a Leeway of 4 pips it can take me three or four attempts to get a trade accepted.

Sorry for the size of this but I do hope that it has enlightened at least some people as to how basic automation can help.

Please Note This Account Is In GBP.

Best Trades to All
Anthony
Attached Image (click to enlarge)
Click to Enlarge Name: UpdateStopsV30pip.jpg Size: 251 KB
  • #1,165
  • Jul 17, 2009 7:19am Jul 17, 2009 7:19am
Quoting jacson101
Hey,
My apologies for not getting back to you earlier.
Busy taking over the world. See post above.

For the record I don't think your stupid.
It's just someday's people themselves decide whether they'll be winners or losers.
The ultimate freedom- deciding whether you'll succeed or fail.
You did not understand my point... I put the indicator to my chart and found out that those stars do not speak anything to me... I just need some explanation about how you act according to these stars
  • #1,166
  • Jul 17, 2009 7:24am Jul 17, 2009 7:24am
Quoting Indrek
You did not understand my point... I put the indicator to my chart and found out that those stars do not speak anything to me... I just need some explanation about how you act according to these stars
If it makes you feel better, I don't know how to use them either.

Also ask for more in depth explanation from the poster.
  • #1,167
  • Jul 17, 2009 7:29am Jul 17, 2009 7:29am
Quoting Indrek
You did not understand my point... I put the indicator to my chart and found out that those stars do not speak anything to me... I just need some explanation about how you act according to these stars
Another live chart...Euro/Dollar...

When C4 goes hot to buy(long). This little unresolved red star is my target.

One thing I beg of you, please keep it simple.
Otherwise, I'll be forced to the sidelines.
Attached Image (click to enlarge)
Click to Enlarge Name: aaa1.gif Size: 27 KB
  • #1,168
  • Jul 17, 2009 7:29am Jul 17, 2009 7:29am
Quoting jacson101
Hey,
My apologies for not getting back to you earlier.
Busy taking over the world. See post above.

For the record I don't think your stupid.
It's just someday's people themselves decide whether they'll be winners or losers.
The ultimate freedom- deciding whether you'll succeed or fail.
Is there an explanation in here somewhere? I too am not sure what the stars are trying to tell me ... especially on the lower timeframes. I can see it on 60 min or 4 hour .. but on 5 min I don't get it, yet several in here already using this to make pips. How?
******************* I'd rather make money than be right.
  • #1,169
  • Jul 17, 2009 7:36am Jul 17, 2009 7:36am
Quoting 4xStar
What caused the big spike up in several pairs?
I think US Building Permits announcement. It pays to know when RED news is comming out - look at the Forex Factory Calendar.

Ian
  • #1,170
  • Jul 17, 2009 7:39am Jul 17, 2009 7:39am
Quoting ianf0ster
I think US Building Permits announcement. It pays to know when RED news is comming out - look at the Forex Factory Calendar.

Ian
dailyfx.com calendar that I use says that this news is of LOW importance.
  • #1,171
  • Jul 17, 2009 7:42am Jul 17, 2009 7:42am
Quoting 4xStar
Is there an explanation in here somewhere? I too am not sure what the stars are trying to tell me ... especially on the lower timeframes. I can see it on 60 min or 4 hour .. but on 5 min I don't get it, yet several in here already using this to make pips. How?
Jascon uses this indicator as target, but this is not the sense of this indicator.
The indicator shows candlestick formations like pin bar or bearish/bullish outsidebars (you can see it in his picture post 1167 upper left side).This formations have only a low meaning on lower time frames.

  • #1,172
  • Jul 17, 2009 7:46am Jul 17, 2009 7:46am
jackson101,

Thanks for the PA indi - I have to confess, though, that even after the posts above I'm still not quite clear on how a trade should be executed using this indi.

Could you post a chart example - I suspect I may be mis-interpreting your words.

All the best
  • #1,173
  • Jul 17, 2009 7:48am Jul 17, 2009 7:48am
Quoting glanfx
Good Afternoon (here in Spain) to everyone.


The benefits that I see are that if the price just falls short of your fixed Take profit of say 10 pips, at least you get out with profit. If the price goes well beyond your fixed Take profit you can have some extra profit. After 6 pips you can relax knowing that you have a positive trade.

But for me the biggest benefit is the speed that the EA can act. I am slow, my computers are slow and my Spanish IP is even slower! If for example I wanted to exit a trade that appeared to be turning bad, even...
Hi!!

I love this kind of EA too...

many times is a life safer....and profit safer :-)
Market is like a puzzle, YOU have to fit the pieces!!
  • #1,174
  • Jul 17, 2009 7:51am Jul 17, 2009 7:51am
Quoting Indrek
dailyfx.com calendar that I use says that this news is of LOW importance.
Yes different services have different interpretations as to whch announcements move the markets most.

Personally, I don't have time to look at them all, so I just print out the FF calendar for the day and use that.

Ian
  • #1,175
  • Jul 17, 2009 7:53am Jul 17, 2009 7:53am
Quoting ianf0ster
I think US Building Permits announcement. It pays to know when RED news is comming out - look at the Forex Factory Calendar.

Ian
I did .. but the spike occured at 8 am NYT and the news was scheduled for 8:30. I know things can move 5-15 minutes prior, but 30 minutes seemed a bit much.
******************* I'd rather make money than be right.
  • #1,176
  • Jul 17, 2009 7:53am Jul 17, 2009 7:53am
Follow the rainbow! (With C4 rules of course)

heh heh

Attached Image (click to enlarge)
Click to Enlarge Name: rainbow.gif Size: 50 KB
  • #1,177
  • Jul 17, 2009 7:55am Jul 17, 2009 7:55am
Quoting elbablaster
Jascon uses this indicator as target, but this is not the sense of this indicator.
The indicator shows candlestick formations like pin bar or bearish/bullish outsidebars (you can see it in his picture post 1167 upper left side).This formations have only a low meaning on lower time frames.
Exactly .. I am used to pin bars and similar on 4 hour where they can be very significant, but I do not understand how people are trading them on the 5 min because for example the red star 'targets' can be taken out one or two candles later before the signal kicks in. Unless people are ignoring the signals and just playing the targets.....
******************* I'd rather make money than be right.
  • #1,178
  • Jul 17, 2009 7:55am Jul 17, 2009 7:55am
Quoting 4xStar
I did .. but the spike occured at 8 am NYT and the news was scheduled for 8:30. I know things can move 5-15 minutes prior, but 30 minutes seemed a bit much.

8am is what I consider the "real" US open...might have just had a spike in volume at that time. just my opinion though.
  • #1,179
  • Jul 17, 2009 7:57am Jul 17, 2009 7:57am
it was the citigroup earnings report that caused the spike at 8:00 EST. Better than expected.
  • #1,180
  • Jul 17, 2009 7:58am Jul 17, 2009 7:58am
Quoting Tw0eleven
8am is what I consider the "real" US open...might have just had a spike in volume at that time. just my opinion though.
True, but it does not do that sort of jump every day, especially on a Friday .. still with Forex, ya never know!
******************* I'd rather make money than be right.
4 traders viewing now