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C4 Scalping

  • #1,501
  • Jul 19, 2009 10:43am Jul 19, 2009 10:43am
Quoting SkyzerFX
Guys, what's that RENKO you are talking about? Some indy?
If it's not secret, could you please post it? Thanks.
Sorry,

I don't have the renko charts on MT4, it's a commercial addon for MT4 (not free).

Simply is another way to represent price...instead of bars, candle...and so on, but it gives less noise because renko is not a timeframe based chart, but a price based chart.
Market is like a puzzle, YOU have to fit the pieces!!
  • #1,502
  • Jul 19, 2009 10:48am Jul 19, 2009 10:48am
Quoting SkyzerFX
Guys, what's that RENKO you are talking about? Some indy?
If it's not secret, could you please post it? Thanks.
Hi Skyzer

If you haven't seen a Renko chart, I have attached one from my archive. Much smoother PA than the raw candles!

The Renko addition for MT4 is 30 euro/dollar so not expensive.

Anne
Attached Image (click to enlarge)
Click to Enlarge Name: gu-renko-20.jpg Size: 104 KB
  • #1,503
  • Jul 19, 2009 10:51am Jul 19, 2009 10:51am
Quoting TudorGirl
Hi Skyzer

If you haven't seen a Renko chart, I have attached one from my archive. Much smoother PA than the raw candles!

The Renko addition for MT4 is 30 euro/dollar so not expensive.

Anne
Anne...i have a curiosity...

when you put TRIX on a renko chart...MT4 calculets automatically the TRIX value considering the renko??
Market is like a puzzle, YOU have to fit the pieces!!
  • #1,504
  • Jul 19, 2009 11:01am Jul 19, 2009 11:01am
Quoting TudorGirl
Hi Skyzer

If you haven't seen a Renko chart, I have attached one from my archive. Much smoother PA than the raw candles!

The Renko addition for MT4 is 30 euro/dollar so not expensive.

Anne

Looking good. Thanks!
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
  • #1,505
  • Jul 19, 2009 11:04am Jul 19, 2009 11:04am
Very good post. Will check it out.
Quoting thecatpreach
Hi everyone,
This is my first post at FF, have been lurking for the past 8 months. Seeing as no one has responded to this post, I thought I could finally contribute something of value.

VerbTheory has posted a great jpg on his free web site at http://www.manualforextrader.com/forum/viewtopic.php?f=3&t=30 that I include below, that explains most of the stars. One thing this does not cover is Market Structure Highs/Lows, so for a good link, go to http://www.linnsoft.com/qa/a/45.htm for a good explanation.

While I have traded...
  • #1,506
  • Jul 19, 2009 11:08am Jul 19, 2009 11:08am
Quoting thecatpreach
Hi everyone,
This is my first post at FF, have been lurking for the past 8 months. Seeing as no one has responded to this post, I thought I could finally contribute something of value.

VerbTheoryhas posted a great jpg on his free web site at http://www.manualforextrader.com/forum/viewtopic.php?f=3&t=30 that I include below, that explains most of the stars. One thing this does not cover is Market Structure Highs/Lows, so for a good link, go to http://www.linnsoft.com/qa/a/45.htm for a good explanation.

While I have traded...

Sunday Greetings!
And welcome!
A fellow Canadian I read, awesome(I traded out of Calgary a few years back, nice town, great beef).
Thanks for the update to US. EA....I'll have a gander...
Best and good luck,
J
  • #1,507
  • Jul 19, 2009 11:09am Jul 19, 2009 11:09am
Hi All,

Great thread! Great strategy! Great Indys!

Does anyone know what "Pin" stands for on the Price Action indy? and

How do you turn off MT4 Chart AutoScaling?

Thanks in advance.
  • #1,508
  • Jul 19, 2009 11:13am Jul 19, 2009 11:13am
Furthering my previous post about when the arrows appear and matching time frames on a historical chart. I don't think you can look at the history and see when the 15 minute arrow and 30 minute arrows match, and figure you could have made a trade there, because you need to wait for that time frame to finish to have confirmation that the arrow wouldn't have disappeared had you been there watching it. In other words, if you make a trade at the first sign of an arrow match on two time frames, it could be a false signal.
After the 15 and 30 minute match, and using the open of the next bar as the entry, attached is a chart of the UCAD for Friday. Considering spread, would be 2 and three, and if you're using a TP of 10 and SL of 20, that would be a loss of 40 pips.
Admittedly, this was a Friday, and a poor time to trade. Only posting the chart for consideration of what could happen.
Attached Image (click to enlarge)
Click to Enlarge Name: friday ucad.gif Size: 78 KB
  • #1,509
  • Jul 19, 2009 11:13am Jul 19, 2009 11:13am
Quoting Chris_B
Anne...i have a curiosity...

when you put TRIX on a renko chart...MT4 calculets automatically the TRIX value considering the renko??
Absolutely. The Renko add-on is NOT an indy! It turns MT4 into a true Renko workstation. Any indy or EA you put on the chart looks at the Renko bricks. The raw price is completely hidden from the indys.

Anne
  • #1,510
  • Jul 19, 2009 11:23am Jul 19, 2009 11:23am
Quoting paradoxical
Furthering my previous post about when the arrows appear and matching time frames on a historical chart. I don't think you can look at the history and see when the 15 minute arrow and 30 minute arrows match, and figure you could have made a trade there, because you need to wait for that time frame to finish to have confirmation that the arrow wouldn't have disappeared had you been there watching it. In other words, if you make a trade at the first sign of an arrow match on two time frames, it could be a false signal.
After the 15 and 30 minute match,...
Here is the same time period with 3 Trixes. I can see only one entry on the chart and it is not a loser. Price moves down for 44 pips. This is more than enough for either taking profit or setting the stoploss to breakeven. So, it is a trade with a small win or zero result.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 76 KB
  • #1,511
  • Jul 19, 2009 11:26am Jul 19, 2009 11:26am
Quoting Kyote
Would it be reasonable to believe that when price moves into a certain proximity of an unresolved Red Star one might book say 75% of your scalp profit and feel comfortable to let the balance go to the Star?
I don't see why not?
No one ever got hurt taking profits.
Although, I should say co-mingling time frames( as so many talk about) actually increases risk, both fundamentally and technically- be aware of this.

Have a great day.
  • #1,512
  • Jul 19, 2009 11:47am Jul 19, 2009 11:47am
OK, my chart is a little different. You're figuring on taking a trade off a 15 minute chart only when the 15 minute arrow matches the 30 minute and hour, I gather. How do you guage false signals on the 15 minute chart when an arrow appears for a period of time, and then goes off? If someone takes that trade as soon as the arrow shows on a 15 minute chart, he/she could be getting in too early, and the arrow could disappear. After the close, the arrow would no longer be there, but at the time the trade was taken, the arrow was there. While the candle on this particular scene went down 40 some pips, you can't know that while you're sitting looking at a chart. That brings it back to the question of when you enter. Do you enter as soon as the arrow appears on the 15 minute chart (if it matches the 30 minute and hour), do you enter at some proscribed amount of pips after the appearance of the down arrow, or do you wait for the current candle close? What doesn't show on the history chart are all the times an arrow appeared and disappeared. In your scenario, you figure entering right at that arrow that shows on the chart. What no one can know is the point in time on that 15 minute chart the arrow actually appeared. Don't get me wrong. I'm with you on looking for an edge using the 15 minute chart along with a higher time frame chart, and just going for 10 pips and calling it a day on that particular move until there's a new signal, and using maybe three other pairs so that I can get an average of 50 pips a day. All I'm saying is one has to be mindful in looking at the history chart since you can't always figure you'd have jumped into a trade at the first sign of the appearance of an arrow on the 15 minute, and I think you have to figure you would have made the trade after the open of the next bar.
Quoting Indrek
Here is the same time period with 3 Trixes. I can see only one entry on the chart and it is not a loser. Price moves down for 44 pips. This is more than enough for either taking profit or setting the stoploss to breakeven. So, it is a trade with a small win or zero result.
  • #1,513
  • Jul 19, 2009 11:49am Jul 19, 2009 11:49am
Anne ! I'm eyeing that renko thing for a while ,probably it's time to give it a shot. Would you please post where did you buy it ? Dan
  • #1,514
  • Jul 19, 2009 11:53am Jul 19, 2009 11:53am
Quoting thecatpreach
Hi everyone,
This is my first post at FF, have been lurking for the past 8 months. Seeing as no one has responded to this post, I thought I could finally contribute something of value.

VerbTheory has posted a great jpg on his free web site at http://www.manualforextrader.com/forum/viewtopic.php?f=3&t=30 that I include below, that explains most of the stars. One thing this does not cover is Market Structure Highs/Lows, so for a good link, go to http://www.linnsoft.com/qa/a/45.htm for a good explanation.

While I have...
Thanks for replying to the question.
Less lurking, and more posting....
  • #1,515
  • Jul 19, 2009 11:53am Jul 19, 2009 11:53am
Quoting paradoxical
OK, my chart is a little different. You're figuring on taking a trade off a 15 minute chart only when the 15 minute arrow matches the 30 minute and hour, I gather. How do you guage false signals on the 15 minute chart when an arrow appears for a period of time, and then goes off? If someone takes that trade as soon as the arrow shows on a 15 minute chart, he/she could be getting in too early, and the arrow could disappear. After the close, the arrow would no longer be there, but at the time the trade was taken, the arrow was there. While the candle...
Certainly, the entry is right after the close of the current candle. This is a basic principle of any indicator based system that cannot even be argued about.
And, of course, you have two choices - to sit and watch the charts or to set a proper target.
Best choice with USDCAD from my experience is not to trade it at all Never
  • #1,516
  • Jul 19, 2009 11:55am Jul 19, 2009 11:55am
Anne,
Hope you had a nice trip.
A useful feature for the EA would be a day function (i.e. flag which days to trade, for example no trading on Fridays, etc.)

Kostas1
  • #1,517
  • Jul 19, 2009 11:56am Jul 19, 2009 11:56am
Quoting todor113
Anne ! I'm eyeing that renko thing for a while ,probably it's time to give it a shot. Would you please post where did you buy it ? Dan
I cannot advertise commercial services here, even if I have no connection as it against FF rules. You can easily do a Google search on "renko" "mqlservice" and see what you can find....

Annie
  • #1,518
  • Jul 19, 2009 11:58am Jul 19, 2009 11:58am
Quoting kostas1
Anne,
Hope you had a nice trip.
A useful feature for the EA would be a day function (i.e. flag which days to trade, for example no trading on Fridays, etc.)

Kostas1
Hi Kostas,

I could add this but it is easy just to turn off EAs in the MT terminal say Thursday evening. I do this around news times etc anyway and other times I don't want to trade.

Anne

Edit.. PS Just seen Indrek's simultaneous reply!!
  • #1,519
  • Jul 19, 2009 11:58am Jul 19, 2009 11:58am
Quoting TudorGirl
I cannot advertise commercial services here, even if I have no connection as it against FF rules. You can easily do a Google search on "renko" "mqlservice" and see what you can find....

Annie
Anne i bought renko some minutes ago and i will test my EA with it...i suppose i can't do a backtest on renko in MT4....or i am wrong??
Market is like a puzzle, YOU have to fit the pieces!!
  • #1,520
  • Jul 19, 2009 12:00pm Jul 19, 2009 12:00pm
Hopefully I am not beating a dead horse here, but when you are trading with MTF indicators you are actually trading the higher TF. Take a look at my chart for clarification. If you get a buy signal on the M5 then you have to wait two more bars for confirmation using M15 as your MTF timeframe. Trading MTF is not as easy as everyone thinks.

TimeFreedom

Quoting Chris_B
I agree!! You are totally right!!!!

When you watch historical charts you see the arrows of 5M and 15M corrisponding...but in real trade it's not so simple...
In the 5M you "know" that the arrow is stable after 5 minutes...but in the 15M you "know" that that arrow will not repaint only after 15 minutes (close of the candle)...and in some cases this could mean a late entry.

I've tried to make an EA that uses 5M TF with 15M confirmation....and this problem is evident!!!!
It give me some wrong trades because in the moment the EA take the...
Attached Image (click to enlarge)
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