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C4 Scalping

  • #1,861
  • Jul 21, 2009 8:41am Jul 21, 2009 8:41am
IanfOster, here is a small dashboard to show you strength or weakness of any particular currency. Place it in your experts file.
Attached File(s)
File Type: ex4 !xMeter.ex4   20 KB | 663 downloads
  • #1,862
  • Jul 21, 2009 8:41am Jul 21, 2009 8:41am
Hi all,

Here is an interesting set up on the GU this afternoon (see attached) Two opposing signals at the same time but on different time lines.

I take it we avoid these areas (possible consolidation) until PA resolves the situation?

Nick
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 24 KB
  • #1,863
  • Jul 21, 2009 8:43am Jul 21, 2009 8:43am
Quoting mary4x
Edge, or anyone with the answer: I'm going back to Post #1 and starting over. What does "PA violation--IT MUST BREACH THE M.A." mean?
Sorry Mary,

To much to do here. Just finished the edit of page 1 (again).

Set it up with only the indi's shown there now.

Also, make sure ALL alarms are turned off. (Tools, Options, Events, uncheck the enable box).

Regards.
  • #1,864
  • Jul 21, 2009 8:43am Jul 21, 2009 8:43am
Sorry, IanfOster, my last post should have been for draco76.
  • #1,865
  • Jul 21, 2009 8:47am Jul 21, 2009 8:47am
Quoting OrAnGu
+44 fresh pips.
I am trading 2 minis, one runs with tp sugested by edge and as soon as tp is hit I move second mini to be and let it run. I'll be testing this a couple of weeks to see if this aproach is more profitable than just sticking to edge's suggested tp.

The wining trade was taken without mtf trix confirmation because price was bouncing off of the confluence of strong resistance and fibo level.
This makes over 110 pips (live account) for this week and only took me about 3 hours of trading.


Great system.
Nice...

Edge! The force is strong with this one.
  • #1,866
  • Jul 21, 2009 8:59am Jul 21, 2009 8:59am
+10 and free risk riding the second mini.

The greedy side is strong too. (closing metatrader after this one I promiss)
Attached Image (click to enlarge)
Click to Enlarge Name: scalp_003.gif Size: 47 KB
  • #1,867
  • Jul 21, 2009 9:03am Jul 21, 2009 9:03am
Quoting OrAnGu
+10 and free risk riding the second mini.

The greedy side is strong too. (closing metatrader after this one I promiss)
Lol...Beware there is a dark side.
Attached Image
  • #1,868
  • Jul 21, 2009 9:04am Jul 21, 2009 9:04am
Quoting Lou G
Edge - read the entire thread over the weekend and am learning a lot in the last two days of live trading (and taking some necessary lumps).

The only area of confusion for me is bailing out of failing trades. I've seen several different approaches taken here (fixed SL of 20-30, a bar closing on the wrong side of the MA, PA passing through the MA) and wonder what you suggest. I understand that it's hard to generalize but I feel that excessive losses on uncooperative trades is my biggest headache. If you could speak to this subject I'm sure it would...
That is a tough one and EVERYONE here has struggled with this issue.

In trading C4 at +5 levels, I think taking a -20 loss is too excessive.

-10 to -13 should be about the most you take. As PA moves against you and crosses the MA opposite your trade, that is about it for me. On the surface, the R/R stinks. However, that is the nature of 5m scalping. Just a numbers game.

Overall, there is no set amount as a s/l. Trader has to manage their trade based upon the PA they see unfoldng in front of them. That MA acts as a good buffer though!!! Hard to mentally accept -10 or so though. Need to battle those demons constantly.

As for me, I am pure probability theory and will continue trading muliple pairs as it provides me a perceived opportunity to spread my risk among other pairs. A loss or so is just what it is. No time to dwell on it, PA is moving and you need to focus on the next trade. This is where the +2%/-4% of account value daily is handy. I just look at the PA, check the ATR to see what kind of oscillation is present and start trading signals. Very few losers occur at +5 with 15m confirmation.

Regards.
  • #1,869
  • Jul 21, 2009 9:04am Jul 21, 2009 9:04am
Ups, not riding anything free risk. Closed both accidentally.
  • #1,870
  • Jul 21, 2009 9:06am Jul 21, 2009 9:06am
Quoting Edgetrader
Sorry Mary,

To much to do here. Just finished the edit of page 1 (again).

Set it up with only the indi's shown there now.

Also, make sure ALL alarms are turned off. (Tools, Options, Events, uncheck the enable box).

Regards.
Edge, I see the sm UltraSuperTrix v.1 has been changed to the sm SuperTrix PV4 Color. Couldn't find the "Ultra" anyway... Thanks.
  • #1,871
  • Jul 21, 2009 9:14am Jul 21, 2009 9:14am
My results for today are 13 trades 4 losses total of +11 pips.
Progress made:-
1. I have refined my entry strategy.
1a. And once I had done so, I stuck to it.
2. I refined my exit at a loss strategy. Unfortunately made a mistake on one trade and inadvertantly set disaster SL inside my chosen MA and so exited prematurely - trade would have gone on to be a winner. Net loss 25 pips

Mistakes made:-
1. Getting in late (once because I forgot which chart of the 4 I had last clicked on and so brought up Order for the wrong pair).
2. Thinking my TP was within the 50% retacement and not calculating to make sure. If had realised would have had a winning trade of +8 rather than a loser of -16.
3. Exit strategy mistake (2. above).

Opportunities missed:-
1. Should have at least treated the swing down at US Stockmarket open (16:30 on my charts) as a counter trend swing and entered looking for +5, rather than ignore it wiating for next swing up.
2. Need to be ready to take entries on 2 pair on the same 5 min candle. Perhaps wait for equivalent (or better) price to the open for the second pair.
Attached Image (click to enlarge)
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  • #1,872
  • Jul 21, 2009 9:16am Jul 21, 2009 9:16am
Look at the last trades.

EY is the only one with a clear short signal with 15m confirmation.

EU is close enough and GU and AU have been short for a while.

However, look at the BIG picture. As EY triggers, note the trix reading on the other pairs. Remember yesterday? Strength begets Strength.

You have increasing strength in trix readings of all pairs and the come along for the ride.

This will drive you mechanical traders nuts I am sure, however, as I mentioned before, a purely mechanical trader will lose in the long run. Every time.

I said many times in the past to challenge yourself. I also said in post one that you need to be in a place when you trade that provides no interruptions. We need to start getting up to speed here, get some C4 pips, and get out of dodge.

How many of you are actually trying the +2/-4% daily goals on those demo account? Not too many is my guess. Still seeing pip accumulation mindset here and there. That is fine with lower lot sizing, however, it will be the kiss of death should you start trading standard lots. That money issue is going to creep up on you and skew your thinking when trading decent money amounts.

Less is more, embrace it, live it and love it. You will be glad you did.

Regards.
Attached Image (click to enlarge)
Click to Enlarge Name: 5m.jpg Size: 189 KB
  • #1,873
  • Jul 21, 2009 9:17am Jul 21, 2009 9:17am
Quoting mary4x
Edge, I see the sm UltraSuperTrix v.1 has been changed to the sm SuperTrix PV4 Color. Couldn't find the "Ultra" anyway... Thanks.
Hi Mary4x,
SM didn't change the name when he turned Super into UltraSuper. But the correct indicator will say UltraSuper when attached to a chart.
He was creating indis at a heck of a rate at that time!
Ian
  • #1,874
  • Jul 21, 2009 9:18am Jul 21, 2009 9:18am
Quoting Nick'em
Hi all,

Here is an interesting set up on the GU this afternoon (see attached) Two opposing signals at the same time but on different time lines.

I take it we avoid these areas (possible consolidation) until PA resolves the situation?

Nick
If conservative, you take the trade once 15m confirms.
  • #1,875
  • Jul 21, 2009 9:20am Jul 21, 2009 9:20am
Quoting jacson101
Nice...

Edge! The force is strong with this one.
Young jedi this one is!!!!!

Or perhaps, one who has been around a while but has simply dropped in to share some views.

Regards.
  • #1,876
  • Jul 21, 2009 9:29am Jul 21, 2009 9:29am
Hi,
who from you has the code for the HG_ooo1a indicator which is developed by Tudorgirl??
Attached Image (click to enlarge)
Click to Enlarge Name: hg_0001a tudorgirl indicator.JPG Size: 11 KB
  • #1,877
  • Jul 21, 2009 9:32am Jul 21, 2009 9:32am
Quoting ianf0ster
My results for today are 13 trades 4 losses total of +11 pips.
Progress made:-
1. I have refined my entry strategy.
1a. And once I had done so, I stuck to it.
2. I refined my exit at a loss strategy. Unfortunately made a mistake on one trade and inadvertantly set disaster SL inside my chosen MA and so exited prematurely - trade would have gone on to be a winner. Net loss 25 pips

Mistakes made:-
1. Getting in late (once because I forgot which chart of the 4 I had last clicked on and so brought up Order for the wrong pair).
2. Thinking my TP was...
Ian,

Was reviewing your charts. Am sure you notice the activity a bit before U.S. open until about an hour later.

Very few signals fail there.

Regards.
  • #1,878
  • Jul 21, 2009 9:33am Jul 21, 2009 9:33am
This is the same indy.. and this one has alerts.

Brian

Quoting dutchsignals
Hi,
who from you has the code for the HG_ooo1a indicator which is developed by Tudorgirl??
Attached File(s)
File Type: mq4 MACD_CCI_mtf_Alert_v1.mq4   4 KB | 614 downloads
  • #1,879
  • Jul 21, 2009 9:34am Jul 21, 2009 9:34am
Quoting Edgetrader
That is a tough one and EVERYONE here has struggled with this issue.

In trading C4 at +5 levels, I think taking a -20 loss is too excessive.

-10 to -13 should be about the most you take. As PA moves against you and crosses the MA opposite your trade, that is about it for me. On the surface, the R/R stinks. However, that is the nature of 5m scalping. Just a numbers game.

Regards.
Just curious...and trying to understand...if you trade ej and gu and the spread is roughly 4pips. You are already in the hole -4 and then price can only go a max of 9pips against you before you take the loss? Am I understanding that right? Seems pretty tight and that you'd have to have just about the perfect entry to keep this from happening on most trades right?
  • #1,880
  • Jul 21, 2009 9:40am Jul 21, 2009 9:40am
Quoting roto7gl
Here are my trades from today.

8 trades + 59 pips

I'm finding that "less is more" as Edge would put it.


Attachment
This is a superior effort and is GOLD star quality.

Hit the early trading session spot on, took what was provided and got the hell out of dodge.

Very good work here.

Regards.
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