C4 Scalping

Why stick to a crappy broker that exposes you to such with antiquated servers? Why suffer brokerage induced 'requotes' due to their cheap business operation and substandard equipment. If they are advertising 'instant' order execution and you are not getting such, why bother continuing a business relationship with them?

If the do not have the 'high quality tools' neededto handle their client orders why do folks even bother with them?

Regards.

Lou,
I am curious, you must be a real expert, so please tell me

How can you have close, high,low or ATR without a timeframe?
Surely without a timeframe all there is, is Price.

I must be dumber than I thought,
Ian

Just so there are no misconceptions on this, the following should be taken as fact.

1 - I NEVER requested or told anyone to go get Renko at any time. I simply stated it was available to anyone who chose to obtain such. I also stated that it was a good idea to research that chart style, as it was that which I personally traded.

2 - I NEVER told anyone we should trade the "Nitro" plan. Everyone single person here looking to do so is on their own with their efforts. I promised a 'sneak preview' and that is exactly what I provided.

3 - In fact, the material provided for 'Nitro' was actually verifiable and their are those who did exactly that. This thread is not now, nor has it ever been, such as to set forth a trading plan with 'claims' of high hit rates or profits generated. It is well situated that those who apply their trading skills will reap what they sow.

4 - I specifically stated that the C4 methodology in place was quite adequate to have a trader reach goals commensurate with that of being a professional in this industry. This is so true that, in a previous posting, I said verbatim that we (the thread) would continue on this specific course a while longer.

All the hoopla over a 'ea' trading at 100% over the course of 2 months is a waste of energy imho. With appropriate account size targeting the trading for a living concept in mind, how often could 'Nitro' achieve one (1) pip net profit trading ten(10) standard lots ($100)? For those with a bit less to apply to their trading account, just think of trading 10 mini's instead ($10). In the end, the money is all 'green' and we already know I will target the 'less is more' philosophy.

I mentioned previously that there were good ones (ea's) out there that, set with appropriate presets, would do well. Will watch intently though as those who want the work done for them try to split the atom with that little deal. We have already seen some efforts conducted on, of all things, the 'beast'. Well, I am not heartless, and I want continued focus on trading. As such, I will save you some time here. The 'beast' is the worse performing pair you will apply wasted effort to. At best, I can only get 78% over an extended period at a 5 pip spread. There are much better alternative pairs to focus on.

Some others may have actually realized that, with a good set of tools in their bag, the Forex can be traded at ANY time of day, not just the time I trade it. It is all about setting goals and not over-trading an account. Get over the greed thing as fast as you can. As mentioned previously, it is your arch enemy. Gordon Gecko is a myth and that phrase of his is BS.

Also, I never stated that I sat there 24/7 and actually watched the ea trigger trades and decide which ones to accept. Nor did I say that I let the ea run while being away. In fact, I have consistently stated the exact opposite. I simply gave you a glimpse of what is possible and you formed your own queries and hypothesis. And, no, my PM is not going to go wild nor will I answer to anyone looking to harness this tool as a marketing product. In short, they have not earned that right as they have done no work at all. It is best that they keep the consulting fee in their pocket and move on. There are plenty of ea's on the market for traders to explore.

That said, all who follow this thread are aware of my intent. It has never deviated from day one. The goal is to have you trade a simplistic plan within a proven methodology and with but a few 'high quality' tools. Further, I asked that everyone get up to speed on probability theorem trading and provided a source for obtaining the general outline of such. In addition, I traded as much as possible along side everyone here in order to 'proof up' the methodology. The thread is also an attempt to have a few gain an alternative or, an augment to, their current job or career. That too has been mentioned several times previously.

To that extent, the work I anticipated putting into the thread has been both successful and could be considered complete. You have everything needed to hone your trading efforts into that of a professional day trader. With proper MM and prudent business operation goals, the full time trader infrastructure in in place.

Now, there is nothing else I can do to assist in the 'mental' aspects associated to trading for a living. It is up to you to provide seed capital and to demo trade (or live trade) at various levels until you gain both the confidence and proper mindset needed to take the next step.

I find it somewhat entertaining to see many light up like a kid at Christmas over some of these toys that have been thrown about during the course of this thread. It is indeed important that everyone have 'hope', as without such there is no purpose. Whether a believer or skeptic, this thread has enough material to fuel both individuals creative sides.

So, we close the second week of the thread with a bit of a bang. This thread has progressed at warp speed compared to some others. This is great, as I also mentioned from the beginning that I was not intent on oversight of a long term thread.

As for week three, it is going to be chaos. This is the week we see who is focused and who is not. Will see both candlestick and Renko trades and that does not bother me in the least. The plan is intact and the missions are the same regardless of ones charting package choice. As for me, I have already stated my intent in an ongoing capacity.

Lets see whether this thread can become cemented in trading plan unison and evolve along those lines, or become fractured due to speculation of something as trivial as a charting package option. If you feel you are capable enough to incorporate Renko into your trading then that is YOUR choice. As I said, this is a self paced course and this thread evolves quickly at times.

I think the only work needing focused on, other than trading the setups, is that of Anne's diamond theory. That is an interesting project and I hope she has time to expedite her efforts there.

Regards.

Pardy,,,Its driving me nuts,,,I usually dont have issues,,,,,I ll start over and go through the steps you described,,,,Thanks!!!

If you all get the time, all of those postings on how to set up Renko and the like need to be deleted by the posters.

Perhaps everyone can join in as time permits and delete postings that are basic communications in nature and not trading related. Would be of great help in condensing the thread overall.

Thanks in advance and

Best Regards.

piptaalk you are not going to see your renko bars until market opens on sunday. Once they have started printing you can see them over the weekend, the past bars .. but the first time you set it up, you will just have to wait for market open to see the bars.

I will attempt to further clarify, hopefully put an end to, this 'timeframe' talk with respect to renko ...

In MT there are tabs with chart timeframe numbers on them: 1, 5, 15, 30 min and so on

When you set up renko, there IS NO TIME. Pretend you are in the 4th or even 5th dimension. No time.

So you input the bar range (which should be 5, 10, 20 etc depending on the pair & your own experimentation) and in the next box you can put in any number you choose except for 1, 5, 15, 30 as these are reserved for MT's own time-based charts.

The number you put in will appear in the offline chart option for that pair. You should use the SAME number for each bar range number. I.e. if you use 5 pip bar range for E/U and A/U then the input number for the tab should be '2' for both (or whatever number you want, just not the reserved ones).
I use 2 for 5 pip bars and 3 for 10 pip bars.

Hope that helps clarify.

By jove, you've done it! Week 2 has shown a lot of progress as little lightbulbs are lighting up in brains everywhere, including mine.
My 'ah-ha' moment (or one of them) came when I realized I did not have to spend hours in prep for trading. I can login any time during volatility hours and instantly be ready to pull the trigger .. If A appears, wait for B .. then shoot. What could be siimpler?


Week 3, bring her on .. Houston, we have lift-off!

Thanks Edge .. you have made a huge difference to those willing to listen & learn.

Well I am done doing My setup for Tomorrow and can't wait to test it out.
Edge I thank you and Tudor Girl even though Tudor Girl's wisdom is way over my head at times. Here is my setup, what do you think.

Piptalk... would you enable your private messaging for a bit.....

thanks

Nick,

Thanks for putting this document together. It is very helpful. Keep up the good work.

rptrader

I meant, why no slippage on your performance report?

The MT4 version will quite probably allow elimination of the trix indicators thus allowing a trader to focus on the following:

LWMA set as they wish and SM Trix candles.

As you should already have found out through study of trix, one of its many usages is to portray strength of move or 'trend'. That alone makes it the ultimate detonator possible for a potential demolition expert.

With the LWMA in color coded format, we have the opportunity to have a super 'primer' also.

Have attached a chart for review. Notice how, as PA wanders around, it hits areas wherby the primer and detonator 'go hot' apparently simultaneously. A very nice situational issue to deal with indeed.

As for Renko, there is no question at all about its superior ability to smooth PA. Anne has already pointed out the characteristics associated to this action.

As more and more people complete their due diligence regarding Renko, I believe the consensus formed will be unanimous. Especially for those swing traders who were somewhat left out in the cold a week or so ago.

I apologize for that. I did not mean to alienate or ignore you fine folks. I simply needed a week or so of focus on scalping as it is difficult to operate and control two methodologies on one thread.

With Renko, the possibilities are as varied as your creative minds will allow. Trade any variation of block size you wish.

NOW IS A VERY GOOD TIME TO PAY IT FORWARD WITH REGARDS TO OUR FRIEND PAUL (Paulus) and throw that TRENDMAGIC indi on those Renko charts and see how it looks.

Regards.

Again, how do you report what does not occur.

Guaranteed order fill is exactly that, guaranteed fill. Where do you anticipate slippage occuring? If I place an order at 1.3456 on a pair, buy or sell, I get filled at that price 100% of the time. It has given me no problems for quite awhile now.

It seems that you are inferring your brokerage is slipping you a few tenths or even a pip here or there. Is this accurate?

Regards.

Just my opinion but if to still keep sth more on the chart besides what Edge just mentioned then it could be MTF Trix M15. If Renko bar is set to 5 pips then Trix 15 works quite well. Provides also possibility to catch bigger moves.

Not a bad idea...I have been contemplating this as well.....I will give a go....Thanks

Well, all credibility has gone right out the window on that one. The slippage I'm referring to is not caused by the broker but by high volatility which causes prices to move quickly.

I used Tradestation for a few years, and sure, it's really easy, using a simulation, to take a simple strategy, optimize it and generate a performance report with perfect entries and exits, no slippage and no partial fills that looks quite fantastic. But wait until you try that live.

And if you think by using limit orders only that is somehow going to guanrantee you entries and exits, well, that opens up a whole new avenue of headaches when strategy trading.

Try posting that performance report on the TS forums and see what the general consensus is.

Anyway have fun with your endeavours.

can anyone tell me what are the settings for LWMA if i use renko charts?

thanks

I think it is a brilliant idea to delete all posts that are not of value to helping others learn. I can not figure out how to delete my posts though.
Can someone pm me and let me know how to do that. (then I will delete this one....and others that do not have charts.

Edge, Dont laugh? but Is the picture that was attached to post 2579 one of a tweaked "smC4scalper candles_v3" indie to look like renko or is it a picture of the renko that everyone seems to be buying??

Regards

doc