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C4 Scalping

  • #5,121
  • Aug 4, 2009 1:49pm Aug 4, 2009 1:49pm
Just for the sake of reiterating from my post earlier regarding the DXC4_Renko EA as you can see it gets many winners in a row, but the occasional losers at 20 pips overshadow the winners and draw the account down. I fully agree with Edge that this method is best traded manually since you can apply some discretion to the entries. Once you manually trade the method for a while you will simply start to get the "feel" for it as you gain experience and very soon after a hundred trades or so you can be the master of pips

Regards
Attached Image (click to enlarge)
Click to Enlarge Name: DX-EA_trades.jpg Size: 291 KB
If it backtests good run it live!
  • #5,122
  • Aug 4, 2009 1:59pm Aug 4, 2009 1:59pm
Edgetrader,

So, based upon these and your previous Renko trades, there is no set rule to wait for the primer candle (HMA changes color) to close.

I believe at least 1 EA is coded to wait for this primer candle to close. It seems that many others are under this impression also. This (among other things) is part of the reason for many losing trades and negative results with backtesting the EA(s) so far.

The HMA can turn color, the momentum can cross zero, and the TRIX can change color within seconds of each other. If PA (and momentum and volitility) says go, you go...no use in waiting for a new candle to form.


Quoting Edgetrader
Yeah, would agree. Way too 'busy' and way off subject.

Understand the principle, just not as a part of this plan.

You could indeed use all of those things, or, just play around and watch a few pairs and knock out a 30 pip set. That would be good enough for a whole days pay trading Nitro.

A beautiful symphony of correlation cuminating in a wonderful harmonic overture toward trading success for all those who will 'plan the trade' and then 'trade the plan'.

Regards.
  • #5,123
  • Aug 4, 2009 2:00pm Aug 4, 2009 2:00pm
Quoting lrathi
Always believed in the good old HULL MA... like many others before me.

Always a winner when used with correct settings...
HMA is useless in this setting even though it is a good indicator. Simply take a look at a Renko 2 min chart with the HMA plotted and you will observe that anytime Renko turns HMA always agrees with it. If you check the HMA color it is always in the direction of Renko. So why use it? Because if you have a higher setting (slower) then you will be able to filter some entries but at the expense of entering late or missing the move altogether. Check it out!
If it backtests good run it live!
  • #5,124
  • Aug 4, 2009 2:19pm Aug 4, 2009 2:19pm
Edge,

I've noticed in your last few screenshots that you have a Nitro chart on EURUSD, which is not a nitro pair recommended on page 1. Is your opinion on trading nitro EU changing, or are you just testing it at the moment?

Regards,
Matthew
  • #5,125
  • Aug 4, 2009 2:20pm Aug 4, 2009 2:20pm
Quoting zznbrm
Edgetrader,

So, based upon these and your previous Renko trades, there is no set rule to wait for the primer candle (HMA changes color) to close.

I believe at least 1 EA is coded to wait for this primer candle to close. It seems that many others are under this impression also. This (among other things) is part of the reason for many losing trades and negative results with backtesting the EA(s) so far.

The HMA can turn color, the momentum can cross zero, and the TRIX can change color within seconds of each other. If PA (and momentum and volitility)...
Nope.

I never set forth in any posting to wait for a Renko block to close. I never mentioned anything specifically other than using 'discretion' in making your trades based upon what you see PA doing, and a simple primer and detonator to use as one sees fit. It is their call as to when to push the plunger.

As for 'candles', that is a C4 plan and I already mentioned that I 'prefer' to let PA develop on candles before taking a trade. No ea ever on that plan.

I gave everyone a 'glimpse' of Nitro and it has been a kicked open ant hill ever since. It was an individuals choice as to what to use to develop an ea for a MT4. I simply let them do that which they enjoy and feel it to be a challenge to take on.

This is what makes an ea so dangerous, especially those using one that has only a day under its belt. To depend on a 'robot' to do the work of a trader when it is not fully programmed is a bit risky. One year and 5000 trades would be my testing requirement before I put funds upon its decision.

Trading these plans at this time in the thread is 25% mechanical and 75% mental. Until one has placed enough trades to be able to trade their preferred trading plan almost by instinct, how can one possibly code an ea that has the appropriate input to be reliable. Trial and error is for the laboratory, not a trading account.

'Close' only counts in horse shoes and hand grenades. It is fatal in trading.

Regards.
  • #5,126
  • Aug 4, 2009 2:21pm Aug 4, 2009 2:21pm
Quoting Syahmi
Try this one...
Ok! Syahmi, thanks a lot for your help!!!
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  • #5,127
  • Aug 4, 2009 2:24pm Aug 4, 2009 2:24pm
Quoting tazmaan
FX:
Not sure I would trust fxdd data for anything, so filtered....
Hi taz,
Actually you can benefit from filtered smoother data in the backtest. Most spikes are taken out so it makes it rather more beneficial for the EA since you dont get stopped out as often. I tried with a smaller SL than 20 and much worst results if they can get worse than blowing the account. The main issue with the EA is that it enters late..it waits for the SMTrix bar to finish with a buy/see and then enters. This is like going to a movie and arriving when the credits are showing on the screen at the end. Finding a way to enter earlier may just give the 5 pips more often avoiding being stopped out and making the 5 pips.

Regards
If it backtests good run it live!
  • #5,128
  • Aug 4, 2009 2:26pm Aug 4, 2009 2:26pm
Quoting parky87
Edge,

I've noticed in your last few screenshots that you have a Nitro chart on EURUSD, which is not a nitro pair recommended on page 1. Is your opinion on trading nitro EU changing, or are you just testing it at the moment?

Regards,
Matthew
As it is such a favorite pair of so many, and is obviously cost effective to trade, I will look at it further on the MT4 with this store bought Renko setup.

It is definately not my preferred choice as its moves very slowly and erratically at times. As the top traded pair in the world, I would expect no less. Can be in and out of a Nitro primary yen pair in seconds as opposed to minutes with EU.

All about diminished market exposure for me. Get them while the are moving, get a few pips and get out of the way.

Regards.
  • #5,129
  • Aug 4, 2009 2:27pm Aug 4, 2009 2:27pm
Quoting fxspeedster
HMA is useless in this setting even though it is a good indicator. Simply take a look at a Renko 2 min chart with the HMA plotted and you will observe that anytime Renko turns HMA always agrees with it. If you check the HMA color it is always in the direction of Renko. So why use it? Because if you have a higher setting (slower) then you will be able to filter some entries but at the expense of entering late or missing the move altogether. Check it out!

I have to disagree with you, look here, the Renko brick closed in the opposite direction of the Hull as marked by the orange lines.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: renkohma2.gif Size: 19 KB
  • #5,130
  • Aug 4, 2009 2:29pm Aug 4, 2009 2:29pm
+ 10 pips again in ranging Market just based on Day High/Low (while indies are still RED)
Green lines are visible average day Low/High (Red lines represents SL/TP based on range)
I just manually exit trade with +10
Attached Image (click to enlarge)
Click to Enlarge Name: nitro8.gif Size: 14 KB
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  • #5,131
  • Aug 4, 2009 2:30pm Aug 4, 2009 2:30pm
Quoting Edgetrader
As it is such a favorite pair of so many, and is obviously cost effective to trade, I will look at it further on the MT4 with this store bought Renko setup.

It is definately not my preferred choice as its moves very slowly and erratically at times. As the top traded pair in the world, I would expect no less. Can be in and out of a Nitro primary yen pair in seconds as opposed to minutes with EU.

All about diminished market exposure for me. Get them while the are moving, get a few pips and get out of the way.

Regards.
I must admit that I am surprised that you do not suggest GU that to my mind is the best pair for any system under any conditions. Perfectly trending and very predictable.
Why is that?
  • #5,132
  • Aug 4, 2009 2:35pm Aug 4, 2009 2:35pm
Hi Edge and others,

Been reading as a guest since you introduced this in the Trendmagic thread and have now managed to free up a couple of hours daily before going to the office so that I can learn to trade in earnest.

Your posts and those from many others here have often been inspiring and for that, and of course for the system and your teaching in general, I am very grateful. Thanks also to Swingman and many many others who have helped along the way.

Now onto business...todays demo trades are attached. Traded from 6am GMT as I live in the UK. Also following EJ charts but the spreadbetting firm I'm using doesn't offer it (at least not in demo).

Good few lessons learnt - some emotional, even in demo. I can't imagine what I'll feel when I go live with hard-earned money!

Was using swing lo/hi as SL and hence to drive MM but didn't let it go that far.
Will go to +5 as I build confidence and become more familiar with PA.
And know that I should remove the 15M trix.
Noticed when browsing charts that GU appears to work very well.

Thanks again
Saylu
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
Click to Enlarge Name: 20090804EU.jpg Size: 88 KB


Attached Image (click to enlarge)
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  • #5,133
  • Aug 4, 2009 2:36pm Aug 4, 2009 2:36pm
Quoting DETrader
I have to disagree with you, look here, the Renko brick closed in the opposite direction of the Hull as marked by the orange lines.
I guess it depends on your HMA setting. A fast setting will match Renko almost perfectly, but a slower setting will not. As you pointed out there are exceptions to this.
If it backtests good run it live!
  • #5,134
  • Edited 3:11pm Aug 4, 2009 2:40pm | Edited 3:11pm
Quoting saylu
Hi Edge and others,
Your HMA setting look to conservative that's why you got
Pair going down well above RED HMA.. HMA Settings doesn't look right..
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  • #5,135
  • Aug 4, 2009 2:42pm Aug 4, 2009 2:42pm
Hi BOSS, I am new in forex, can u help me how to download renko indcator in meta trader.
  • #5,136
  • Aug 4, 2009 2:44pm Aug 4, 2009 2:44pm
Quoting Indrek
I must admit that I am surprised that you do not suggest GU that to my mind is the best pair for any system under any conditions. Perfectly trending and very predictable.
Why is that?
I simply suggest the pairs that perform the best overall based on the trading plan settings.

EVERY yen pair will outperform GU on a strike rate percentage over the period of 1/1/ 2009 to present. Even NZDJPY which many do not have on their platforms. This based on a 6/24 review.

So, if for example, all yen crosses grade out at 78.1% and GU comes in at 78.0% it is still beaten.

Regards.
  • #5,137
  • Aug 4, 2009 2:45pm Aug 4, 2009 2:45pm
Quoting Edgetrader
Nice work, you are half way home. GU is not a Nitro pair BTW but is a good effort none the less.

Now, once you grasp the 'less is more' concept and trade with 'faith' in the (your) trading plan, the light bulb that comes on will illuminate much more than just a room.

Good work.

Regards.
Thank you SIR!
  • #5,138
  • Aug 4, 2009 2:58pm Aug 4, 2009 2:58pm
Quoting Edgetrader
I simply suggest the pairs that perform the best overall based on the trading plan settings.

EVERY yen pair will outperform GU on a strike rate percentage over the period of 1/1/ 2009 to present. Even NZDJPY which many do not have on their platforms. This based on a 6/24 review.

So, if for example, all yen crosses grade out at 78.1% and GU comes in at 78.0% it is still beaten.

Regards.
Ok, but GU is still very predictable. When trading GY you can have +3 pips and after you return from bathroom it is already -300

I have 52 pairs available, even some that I cannot understand what they are. Like SGD/JPY...
  • #5,139
  • Aug 4, 2009 3:02pm Aug 4, 2009 3:02pm
Could someone tell me where the Renko indicator is available. I can find a lot of info on it, but not a place to purchase or download.
  • #5,140
  • Aug 4, 2009 3:06pm Aug 4, 2009 3:06pm
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