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C4 Scalping

  • #2,281
  • Jul 23, 2009 6:40pm Jul 23, 2009 6:40pm
I found another reason to fall in love with this simple simple trading method.

I've had houseguests in & out all week and usually with that kind of distraction, trading is out of the question. Usually after a 2 or more day break from trading, it would take me a day or 2 to get back in the groove.. had to check multi timeframe charts, news events, other opinions on where a pair might be going next, etc etc,

BUT with Edge's C4 all I need do it log in and wait for the next primer - trigger combo, then BOOM, I am out a few minutes later with pips safely banked and free to return to chasing two highly energetic (but adorable) grandkids....

This truly gets easier every day... all it requires is practice & patience as Edge keeps trying to drum into us ......

Note: practice & patience only... not more indys!!
******************* I'd rather make money than be right.
  • #2,282
  • Jul 23, 2009 6:48pm Jul 23, 2009 6:48pm
I don't really see the point of using Renko charts with Metatrader because you can't select a low enough time frame. They should be used on 5 or 10 second charts. So, in essence a lot of what Edge refers to as "PA" is being smoothed out and lost.

But hey, maybe that's what you're looking for.

Here you can see the difference between Renko applied to a 10s, 1min and 5min chart.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Renko10s.GIF Size: 45 KB
Click to Enlarge Name: Renko1min.GIF Size: 41 KB
Click to Enlarge Name: Renko5min.GIF Size: 41 KB
  • #2,283
  • Jul 23, 2009 7:33pm Jul 23, 2009 7:33pm
Gerry, I loaded your template, and must say....you've taken simplicity to another level altogether.
One question, I note you have the 3 ducks indicator. Is it safe to assume you only take trades when the 3 ducks indi is in agreement, or do you sometimes go against it?
Quoting gerry berard
Thanks to Big Jim, PGPB, and Kostas1 I learned how to post charts & templates today.
  • #2,284
  • Jul 23, 2009 7:36pm Jul 23, 2009 7:36pm
Trade only above/below 32 lwma as s/r. Just testing it out. Will take trades only in the direction above/below lwma color bias direction with trix color confirmation.

Attached Image (click to enlarge)
Click to Enlarge Name: renko 1.gif Size: 30 KB
  • #2,285
  • Jul 23, 2009 9:22pm Jul 23, 2009 9:22pm
Quoting maxximus
Trade only above/below 32 lwma as s/r. Just testing it out. Will take trades only in the direction above/below lwma color bias direction with trix color confirmation.

Attachment

Would you share the settings for this chart set up? I would like to know the box size you are using as well as the MA indicator settings. I would also like to study this set up.

Thanks.
  • #2,286
  • Jul 23, 2009 9:23pm Jul 23, 2009 9:23pm
Quoting Syahmi
Totally agree with you Edge....

Look at the attached chart... 15min TF signal coincides with the breakout of the HAMA.

Taking 5min trades only when 15min (HAMA breakout) confirms the trend...

Cheers !
I totally agree. HULL aka HAMA and trix a great combination. See my earlier posts.....

YOU now come along with the same 100's of posts later ...

I see the QQE used in your charts.... a long time favourite of mine too

One MA family and TRIX makes a good combination as a winning strategy.

Of course without saying as I have said one millions times before with higher TF participation, divergence awareness and key S&R.
  • #2,287
  • Jul 23, 2009 9:49pm Jul 23, 2009 9:49pm
Quoting gerry berard
Here is another trade.
Also confused from your chart.

Trading H1 but a short trade...? when H1 and H4 60sma is long? M5 60MA is short?

Please elaborate your rules?
  • #2,288
  • Jul 23, 2009 10:01pm Jul 23, 2009 10:01pm
Quoting JazzmanQ2
I've been trading several years trying to find a system that suits me...I think I flippin found it.
Rock On!
Q

Hard to read text on chart. It says: "After hours trade, hesitated on the trigger but got lucky. I took my 26 pips then the bottom drops out. It's cool because I made over 2% on that one trade. Kaboom! Done for the day.
After hours or not ...... Good trades will happen but probability more will happen at Peak times of overlap sessions Asian/London or London/US....

Your trade shown....

Had all the PA you needed to predict a good trade. Look at the triple bearish divergence.... either setting of trix COUPLED with breaking S&R lines.... Monthly and weekly lines.

This does not need Peak hours ....Again and again

Trade with higher TF participation PLUS Divergence awareness PLUS S&R !
  • #2,289
  • Jul 23, 2009 10:26pm Jul 23, 2009 10:26pm
johnthom. Settings are 2 pip renko and 32 lwma on weighted close.
  • #2,290
  • Edited 11:17pm Jul 23, 2009 10:59pm | Edited 11:17pm
Quoting Edgetrader
It is 2:40 p.m. pst when this chart shot was taken.

It is the EY pair with a 10 tic block sizing.

I suggest ANYONE playing with those Renko over the counter indi deals compare their charts with the one shown and make sure it matches up correctly.

Regards.
I found this renko chart script from the search TG suggested. Seems okay. Pretty close to yours.

Attached Image (click to enlarge)
Click to Enlarge Name: renko.gif Size: 18 KB
  • #2,291
  • Jul 24, 2009 12:53am Jul 24, 2009 12:53am
Quoting pgpb
c/ take profit 10 pips
d/ stop loss well, I usually close it if it goes 20 pips against me

I am trading very, very small until I get consistent
You have an R:R of 2:1, risk 2 to make 1

that is madness. if u have 10 losses you will need 20 wins to BE.

not a great idea my friend.
  • #2,292
  • Jul 24, 2009 12:54am Jul 24, 2009 12:54am
if someone using HMA, signal line, slop direction line etc.

I have a HMA modified alert, which was working before, I have no clue why it does not work...

I find this indicator would be a bonus to this system, but need to fix however I do not know what would be the problem.

sorry Edgetrader I do suggestion an indicator that would help other trader to improve their trading skills. if an indicator does not work for me I will not post it.

thank you for understand
Attached File(s)
File Type: mq4 HMA_Modified_sigalert.mq4   7 KB | 685 downloads
  • #2,293
  • Jul 24, 2009 12:55am Jul 24, 2009 12:55am
Quoting angus
I don't really see the point of using Renko charts with Metatrader because you can't select a low enough time frame. They should be used on 5 or 10 second charts. So, in essence a lot of what Edge refers to as "PA" is being smoothed out and lost.

But hey, maybe that's what you're looking for.

Here you can see the difference between Renko applied to a 10s, 1min and 5min chart.
Angus,
I think you misunderstand. What we are all referring to here is true Renko - i.e. based upon single ticks! We are not talking about the crappy MT4 Renko indicator.
There is a script from mqlservices which creates a chart in Renko format from tick by tick data as it is passed to a 1 minute chart. The script works at the tick level and uses a feature of MT4 to produce a non-standard timeframe chart - but in this case it is really a 1 tick chart in Renko format.
OK so you get a slight delay whilst the extra processing is done by the script, but that seems a small price to pay, as does the fee that mqlservices charges for it. ( I have not purchased it yet, since Edge suggests mastering the setups on the 5min first).

Ian
  • #2,294
  • Jul 24, 2009 1:00am Jul 24, 2009 1:00am
Quoting Edgetrader
The plan I trade has not changed in over 5 YEARS, much less a couple of weeks.

Also, this is somewhat of a training thread to some I suppose. The actual purpose is to provide a 'time' tested and verified trading plan to the FF community that can and will generate profit if traded responsibly and professionally. Many here have already discovered the inherent versatility it contains and have begun trading such with some degree of confidence.
Step one complete...

The other purpose was to share my own trading philosophy and to show how a combination...
Good post!

Is renko a part of this method now?

I hope you guys understand how much it lags and on a 5 min chart that can be a major factor.

cheers,
  • #2,295
  • Edited 2:14am Jul 24, 2009 1:05am | Edited 2:14am
Quoting >Apocalypto<
You have an R:R of 2:1, risk 2 to make 1

that is madness. if u have 10 losses you will need 20 wins to BE.

not a great idea my friend.
Apocalypto,
Madness ? - That is not strictly true. It all depends upon your win/loss %.
In my testing of C4 I have found that my win/loss % is approx 70% so 7 out of 10 wins (this is only over 6 days though), but it should improve since I am still making mistakes (usually 1 or 2 per day).

My R:R is even worse than that quoted, I often risk an initial 25 pips to target 5 pips - it depends upon the PA. Obviously as soon as price moves in my direction I tighten the disaster stop loss. Also, that is just the DISASTER Stop Loss - since I follow Edge's suggestion for closing out losing trades. I think I have only hit the Disaster Stop Loss twice so far.

Ian
  • #2,296
  • Edited 1:09am Jul 24, 2009 1:09am | Edited 1:09am
Quoting >Apocalypto<
Good post!

Is renko a part of this method now?

I hope you guys understand how much it lags and on a 5 min chart that can be a major factor.

cheers,
Apocalypto,
Those who are using renko, have supposedly mastered the C4 scalping on the 5 min chart. They are not using a MT4 Renko indicator on a 1min or 5min chart. See post # 2293.

Ian
  • #2,297
  • Jul 24, 2009 1:14am Jul 24, 2009 1:14am
Quoting mtuppers
if someone using HMA, signal line, slop direction line etc.

I have a HMA modified alert, which was working before, I have no clue why it does not work...

I find this indicator would be a bonus to this system, but need to fix however I do not know what would be the problem.

sorry Edgetrader I do suggestion an indicator that would help other trader to improve their trading skills. if an indicator does not work for me I will not post it.

thank you for understand
Hi mtuppers,
I appear to have missed your Proof that your HMA modified alert will improve other traders skills with the C4 method. Please tell me on which posts I can see your minimum of 5 days of actual trades using that indicator.

Ian
  • #2,298
  • Jul 24, 2009 2:14am Jul 24, 2009 2:14am
Hi Folks,

anybody any thoughts on divergence?

All the best.

Nick
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 17.3 5min.gif Size: 21 KB
  • #2,299
  • Jul 24, 2009 2:41am Jul 24, 2009 2:41am
Quoting gerry berard
If I did it right this should be my template. Any questions please let me know.
Could you tell me how you entry (when arrow is) ?because is to much false signals
thanks
  • #2,300
  • Jul 24, 2009 3:14am Jul 24, 2009 3:14am
Hi Edge, and everyone else who has contributed to this system... I don't want to clog the thread with this, but I wanted to give a heart-felt thanks for your contributions.

I followed your stuff in the Trendmagic thread (and your valuable contributions Anne and Swing Man) and must say that I took flowers to the funeral, and wept when it died... I was really happy to see that this thread has not gone the same way.

I only came across the Trendmagic thread a couple of days ago... it is a little heartbreaking to see that something so beautiful and powerful died before it had a chance to fly... even before I got to catch up.


But I have been following C4 for all of about 24 hours (still in catch up mode) and just wanted to voice my thanks for your common sense approach to trading. I am a slow reader, so I have just the initial indi's on, and I realise that some have come and gone since then.

Finally, the thing I love most about C4 is it gives us some power back over the market. There is a lot of strength in that. We name the price and the exit. Then we are gone. Pure poetry...

I look forward to catching up with the thread, and moving forward with your training... It sounds like this is just the beginning...

Russ
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