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C4 Scalping

  • #1,541
  • Jul 19, 2009 11:20am Jul 19, 2009 11:20am
Quoting Indrek
Mark has a strong point in his post... What could we do for keeping things focused? Open another thread for discussing the system's behaviour at other timeframes?
I have posted here and followed the thread carefully as I like the system itself but ONLY for swing trading.
So, my question is: do we have enough interested people here for opening another thread?
I agree with markfx and indrek...good posts! Cheers!
  • #1,542
  • Jul 19, 2009 11:24am Jul 19, 2009 11:24am
Today is your mid-term test. Good luck to all and remember, Simplicity, the single most difficult trading aspect to wrap your mind around".

Question #1

What item is singularly most important to ensure combat readiness and mission completion as a C4 explosive ordinance expert?
(may reference attached chart for clue)


A. Primer

B. Detonator

C. Both

D. Neither


Question #2

Review your answer to question #1 and confirm your answer below.


A. Primer

B. Detonator

C. Both

D. Neither


Time Up! Pencils down!

Regards.
Attached Image (click to enlarge)
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  • #1,543
  • Jul 19, 2009 11:24am Jul 19, 2009 11:24am
Quoting Indrek
As I know that I am not only swing trader in this community, I hereby introduce a system that I am going to test from tomorrow:
Chart: M15
Primers: Trix M30 (3,1,1,1); Trix H1 (4,1,1,1).
Trigger: Trix M15 (3,1,1,1).
Entry: Trix M15 gives a signal and the direction matches with Trix 30 and Trix H1.
Stop Loss: ATR(14)*2 + spread
Exit: at a close of a M15 candle when Trix H1 has changed its colour.
This system should give 5-8 trades per pair in a week if to trade btw 5 and 14 GMT that I am intending...
You are very perceptive. The 15m Trix is the bomb.The other stuff on your chart is just fluff. Nice work.
  • #1,544
  • Jul 19, 2009 11:25am Jul 19, 2009 11:25am
Quoting Indrek
Mark has a strong point in his post... What could we do for keeping things focused? Open another thread for discussing the system's behaviour at other timeframes?
Yes, please open another thread for those interested in discussing variations of edge technique. This one is already too diluted from the original message. Thank you.
  • #1,545
  • Jul 19, 2009 11:29am Jul 19, 2009 11:29am
Quoting redhouse
Yes, please open another thread for those interested in discussing variations of edge technique. This one is already too diluted from the original message. Thank you.
First thing is to find out if anyone needs it. Second would be to find out how could it be done. I have no idea...
Who wants a different thread "C4 swinging" - please PM to me. And who knows how to open a thread - also
Thanks.
  • #1,546
  • Jul 19, 2009 11:40am Jul 19, 2009 11:40am
e
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  • #1,547
  • Jul 19, 2009 11:51am Jul 19, 2009 11:51am
Quoting Indrek
Best choice with USDCAD from my experience is not to trade it at all Never
Not from trader perspective, but I' telling you, that you can Trade USDCAD
without any charts or indies at all.. CAD currency is pure commodity play
OIL/METALS.. OIL is only around $60/b right now.. Wouldn't take too long
to set new record.. 2010-2011 you will see OIL over $150/b and Dollar
below $1.50/Euro, but this is just an overview.. ( Since market is closed I think
you can forgive me Off topic figures) Thanks
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
  • #1,548
  • Jul 19, 2009 12:04pm Jul 19, 2009 12:04pm
Quoting Indrek
Very nice post, Edge!
One remark, though. When speaking about the probable exit I did not mean the point where H1 Trix crosses to other direction. Exit is when H1 Trix just changes its colour on M15 chart. So, as soon as H1 Trix is not any more hot red or green, we exit after current M15 candle closes.
And when describing the system, I forgot to mention that I usually move my SL to BE after the price has moved to "my" direction for ATR(14)*2 pips. After that I go after many pips or nothing
[b]I am not going to trade all day long. I...
OK, I think I understand the idea, but this H1 still perplexes me.

All that is apparently happening is taking a trade off a lower TF with and upper TF confirmation. In this case the 1H. So, what purpose does the 30M MFT serve. It seems totally redundant to such an effort and is nothing more than wasted chart space.

In addition, it seems there is a heck of alot of faith that the 1H will hold as a developing trend. Otherwise, the 15m is going to whipsaw due to lack of direction and trader indecision at that level.

In addition, we have a SL in place of around 28-60 pips depending on pair traded, and we have the initial spread to account for also.

So a trader trying to do this for a living is risking approx. $280-$600 on a trade based on 1 standard lot traded. (I already touched on how much capital is needed to trade higher TF's for a living previously).

That is a pretty hefty potential draw-down for even a modest $10k account on a per trade basis. 3-6% on a per trade basis simply terrifies me personally as I would only risk 4% on an entire session. Just me though.

Again, if one is to trade a 15m TF, the 1H is even a reach here for anything other than initial trend confirmation. Same as trading a 5M off a 15m confirmation. In fact, the thread I admittedly criminally hijacked (EURGBP) already was tailor made for this swing trading stuff. Also, Paul's TM indi is unparalleled as a primer and TRIX would serve well as the detonator for swing traders.

However, I feel it important to trade within one financial means, anything else is glorified monopoly. By actually trading a decent 5M plan after gaining proficiency in such, one is able to step up their efforts to higher TF's based upon their account growth. Trading is a business to me personally and I think should be taken as such by everyone. I know full well that is never going to happen as the FF is designed more as a creative persons think tank, not as a traders actual forum. Lots of ideas are floated around, not much actual implementation of trading per plan is present though.

That is just my general observation though, I am sure others will disagree and of course have that right in a public forum such as this.

As to your other highlighted comment, I must have misinterpreted that post as I though you were indeed saying you were going to devote 9 hours daily to this effort. However, if you are only going to do so temporarily during summer months and then go trade the 1H as you deem prudent, how does that benefit us as a community. It will simply be unfinished work as a couple more months is not going to allow a potential trader to gain a reasonable profit expectancy based on what can only be 100 trades at best on the 15m. Again, there are better ways to qualify your plan now for minimal expense and have those who wish to, and can afford to, trade such expeditiously.

I apologize for any misinterpretations and appreciate as others do your continued postings and dedication to your trading style.

regards.
  • #1,549
  • Jul 19, 2009 12:06pm Jul 19, 2009 12:06pm
Quoting Edgetrader
Overall, I think the 15m is a good option for some. However, I am going to increasingly request that efforts on that TF be such as to completely warrant actually trying to trade it for a living.
Thanks Edge, very well said..
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
  • #1,550
  • Jul 19, 2009 12:12pm Jul 19, 2009 12:12pm
Quoting Edgetrader
Trading is a business...
I have said this before myself, in this same thread if my memory serves me right. I believe the quoted number of 95% of those whole fail at trading forex don't take that into account. In my mind they think forex is like hitting the lottery, spend some money and get rich, although the odds are the same and the drawdown for playing the lotto is usually much smaller. Until people start treating trading any market as a business sucess will be very difficult to find.
  • #1,551
  • Jul 19, 2009 12:20pm Jul 19, 2009 12:20pm
Edge! Beats me to understand why you're spending your valuable time to kick some knowledge , common sense into the heads of the crowd following your great thread.
Please keep up your good job, some of us can get it. Dan
  • #1,552
  • Jul 19, 2009 12:24pm Jul 19, 2009 12:24pm
Quoting Indrek
Mark has a strong point in his post... What could we do for keeping things focused? Open another thread for discussing the system's behaviour at other timeframes?
I have posted here and followed the thread carefully as I like the system itself but ONLY for swing trading.
So, my question is: do we have enough interested people here for opening another thread?
Was indeed a very good post by Mark and THX!!!

As you no doubt read yesterdays postings. I mentioned that I was not concerned on which TF a trader trades. The signals are all the same, regardless of TF.

There are both aggressive and conservative traders here. My concern is to trade the base signals as generated and to become proficient at doing so. If someone cannot accomplish trading a MA cross with a momentum indi confirmation, I do not see them succeeding on ANY TF.

Sure, you have plenty of folks who would like to tackle the 15M TF here. Again, what is their base strategy? The same as here is it not.

Only thing different is their mindset as it is indisputable at this point that their reasoning in general is MORE PIPS. Everyone knows how I feel on this. However, yesterdays posting also mentioned how I am hopeful of more chart shots of trades than anything. That is the only way I can judge the effectiveness of the plan on others. It needs to be VISUAL. I do not care about pips gained or lost right now as everyone should be in 'demo' mode until they can trade several signals competently. I have crossed this bridge a few times also.

A potential trader gaining trust in the base plan at +10 TP levels is going to get solidified further in their thought process by dropping to a +5 level. If you were doing 70% at +10. you will do better at +5. The C4 component is the explosion to your account value, not your pip accumulation value.

Traders suffer one sin worse than any other, That is GREED. Is a constant battle in the beginning to control that particular demon. Only strength of mind, focus and faith in plan, and repetition of trades will become the magical elixir able to dispel that curse. Just my opinion though.

Regards.
  • #1,553
  • Jul 19, 2009 12:28pm Jul 19, 2009 12:28pm
Quoting todor113
Edge! Beats me to understand why you're spending your valuable time to kick some knowledge , common sense into the heads of the crowd following your great thread.
Please keep up your good job, some of us can get it. Dan
In the days of old, I also took many a beating screaming "Thank-you sir, can I have another".

There are so many here that get it also, they just cannot accept it. It is somewhat difficult to unscramble scrambled eggs.

IMPROVISE, ADAPT, OVERCOME. Not only in battle, but in athletics, education and life.

Regards.
  • #1,554
  • Jul 19, 2009 12:32pm Jul 19, 2009 12:32pm
Quoting Edgetrader
Traders suffer one sin worse than any other, That is GREED.
Regards.
Actually playing Market on DEMO/ TEST account almost the same
as playing poker IN Las Vegas using unlimited virtual money..
This is total different. That's is why I'd say to all of you TEST account
traders, - try it on LIVE even with 0.01 (lot).. You'll see what I mean..
It's like Apples and oranges.. Your mistakes should really cost you, or you'll never learn..
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
  • #1,555
  • Jul 19, 2009 12:33pm Jul 19, 2009 12:33pm
"All that is apparently happening is taking a trade off a lower TF with and upper TF confirmation. In this case the 1H. So, what purpose does the 30M MFT serve. It seems totally redundant to such an effort and is nothing more than wasted chart space."

Edge, what about scalping 10 pips only and a 20 pip stop using a 15 minute chart based on Indrek's plan using four or more pairs during a trading day? Would you be catching some quick momentum trades that way & getting out quickly? That way, one could just set the alert on the 15 minute chart & check things out when he hears it. I haven't tested it live, and am only going by what I see on the charts. Almost identical to your 5 minute system.
  • #1,556
  • Jul 19, 2009 12:34pm Jul 19, 2009 12:34pm
Quoting Edgetrader
Question #1

What item is singularly most important to ensure combat readiness and mission completion as a C4 explosive ordinance expert?
(may reference attached chart for clue)


A. Primer

B. Detonator

C. Both

D. Neither...
You can't blow stuff up without either one so I would say both!
Q
The Only Constant Is Change!
  • #1,557
  • Jul 19, 2009 12:38pm Jul 19, 2009 12:38pm
Quoting TudorGirl
I am off to the airport now but before I go, suffice to say that IF you have learned how to trade this system as per Edge's instructions, then the Renko will take you from your current pippage to the sort of figures I have been posting.

There has been a certain amount of wailing and gnashing of teeth over my results but I know that Edge has some real goodies in store for all of you when he is ready....

Have a great week - will pop in when I can.

Anne
Lil Miss provides a small peak at "NITRO". I would ask she not unleash that ea until she consults with me, which she will not as a professional courtesy. Her's is rough around the 'edge's' yet and she is still working on such. It needs compared to mine, and I will guarantee you that 'my kung-fu is strong'. Already promised a sneak peak later this week.

Many here are not ready. You are building a nice vehicle here, but you need a motor.

You learn and you earn is the positive. Prove some measure of merit!!

You learn or you burn is the negative. Give nothing and you will take nothing.

Regards.
  • #1,558
  • Jul 19, 2009 12:40pm Jul 19, 2009 12:40pm
Quoting JazzmanQ2
You can't blow stuff up without either one so I would say both!
Q
I would choose "neither" and guess that the most important item is the hand/finger that sets the detonator and then pulls the trigger Or even the mind that drives the finger
  • #1,559
  • Jul 19, 2009 12:47pm Jul 19, 2009 12:47pm
Quoting paradoxical
"All that is apparently happening is taking a trade off a lower TF with and upper TF confirmation. In this case the 1H. So, what purpose does the 30M MFT serve. It seems totally redundant to such an effort and is nothing more than wasted chart space."

Edge, what about scalping 10 pips only and a 20 pip stop using a 15 minute chart based on Indrek's plan using four or more pairs during a trading day? Would you be catching some quick momentum trades that way & getting out quickly? That way, one could just set the alert on the 15 minute chart &...
Fine if that is a traders actual trading goals. +10 are relatively easy to spot on a 15m, -20 may be too tight at that higher TF but give her a go and see.

The whole idea is to trade signals at the moment. Throwing real money at it is a bit nervy for beginners I think, but that is a personal choice.

As for alers, they have never concerned me much as I do not walk away very often. I usually trade no more than 2 hours in real time, so they have no bearing on my trades.

I am given a mission, I make sure my s... is right, I insure extraction is planned, I seek my target and I try to blow the crap out of it.

Less is more and very little exposure. Capture is rare, although the threat is constant.

Regards.
  • #1,560
  • Jul 19, 2009 12:47pm Jul 19, 2009 12:47pm
Your Welcome. OK, I will post again.

Here is a sample from Friday's action that can show you how you can anticipate what the market might do. I'll take any advantage (Edge) possible, if it can get me pointed in the right direction so I do not lose pips because of swap!

The attached chart shows how when 2 red stars alternate without anything intervening, it is probably a trading range developing (Here confirmed by lack of depth on Trix).

With Pin Bars, we normally expect a price reversal, but like most indicators, a failure is also a signal telling you something (supply and demand imbalance). Good time to place Buy/Sell stop above high of bar.

The Market Structure Highs and Lows often show you reversals as well. Good time to raise stops under the low of the bar, and maybe even reverse.

The 12 LWMA High and Low make excellent trailing stops. As in picture, when the price low rises above the LWMA High, good time to raise stops to this line. These lines could also be used in conjunction with Trix as Primer or Detonator.

Hope these observations help a bit.

Best wishes,

Quoting 45Fxguy
Thanks for replying to the question.
Less lurking, and more posting....
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