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C4 Scalping

  • #5,201
  • Aug 5, 2009 3:30am Aug 5, 2009 3:30am
Quoting golden1
If you would.. what are the settings of the trix index and t3 trix
you are using? And just to confirm what you are using yourself..you are using 5 tic renko still?
Default settings..... Still using the same one...
  • #5,202
  • Aug 5, 2009 3:46am Aug 5, 2009 3:46am
4th Trade: Only too +3.4 but that was difficult it seemed...now I'd be -15!

SO it's a Win...

EUR/USD (why did I wake up @ 3AM CST to trade EUR/USD! What was I thinking!!) lol

EU+3.4
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  • #5,203
  • Aug 5, 2009 3:59am Aug 5, 2009 3:59am
I found the same a couple of days ago - it does provide a slightly earlier indication of a probable turn.

I've now blacked out the colours of Trix 1 and deleted Trix 2 altogether.

Thanks, Steve
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  • #5,204
  • Aug 5, 2009 4:18am Aug 5, 2009 4:18am
Hi, just thought I'd let you guys know that if you have an account with ODL (UK), you will have probelms running Buy/Sell Scripts that have an associated Stop Loss and/or Take Profit value.

ODL UK accounts will only accept Scripts that place a Buy or Sell Market Order (Instant Execution) without an associated value for Stop Loss or Take Profit. (Apparently, "because the price can move so quickly with ECN system".)

You have to modify the trade, after it's executed, to add a stop loss or take profit value. Not very convenient or fast, is it?
  • #5,205
  • Aug 5, 2009 4:19am Aug 5, 2009 4:19am
Those who purchased the Renko Script... there is an update to download where you bought it where you can chose to show the wicks.
Nice stuff for backtesting!
"The only successful substitute for brains is silence."
  • #5,206
  • Aug 5, 2009 4:20am Aug 5, 2009 4:20am
Hi Everyone,

thanks for the advice you gave me. i will follow it.

i have already lost 3000€ (early 2009) in the past and right now i am on demo (trying) to learn.

i stopped trading for a few months and have been back at it for the last couple of months. bought (and read) a couple of books, read a lot of threads, many, many hours looking at the screen but i feel i am still very far from constantly making profit. my biggest (identified) obstacles are staying away from the market and keep changing my strategy. also my entries aren't consistently the best...

anyway i will keep trying and will keep with you guys.

thanks and good trading for you all!
dreams do come true.
  • #5,207
  • Aug 5, 2009 4:21am Aug 5, 2009 4:21am
May be someone can point to any mistake regarding this trade .
I just entered 1 pip bellow the previous brick price .
It is recomended to enter bellow the previous bar low (for Short) , or better higher, expecting for the possible retracement to end (?).
HMA 8 was red , Trix arrow red .
Does the SL needs to be 20 pips or 20 pips +spread ?
Now I see tht the price is going down . Can I re-enter according to the rules ? when ? next brick opens ?
Tks
David
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  • #5,208
  • Aug 5, 2009 4:27am Aug 5, 2009 4:27am
Quoting david4u
May be someone can point to any mistake regarding this trade .
I just entered 1 pip bellow the previous brick price .
It is recomended to enter bellow the previous bar low (for Short) , or better higher, expecting for the possible retracement to end (?).
HMA 8 was red , Trix arrow red .
Does the SL needs to be 20 pips or 20 pips +spread ?
Now I see tht the price is going down . Can I re-enter according to the rules ? when ? next brick opens ?
Tks
David
I'm new at this too, but my approach is as follow:

1. If it's choppy or range bound...I will wait for the block to CLOSE once I get an arrow and all other conditions are met.

2. If I'ts a trade against a trend...such as your case I also wait for the Close of the block that generated the arrow. Because you want Momentum to Cross BEFORE you take the trade...

just my 2 cents
  • #5,209
  • Aug 5, 2009 4:31am Aug 5, 2009 4:31am
Hi Everyone,

Another lurker here coming out into the open.

This is my very newbie first post for my first trades on my first Forex strategy. I hope I have done the attachment ok as it is off a 24" screen.

I've started with the basic Renko setup and I'm obviously still teaching the trigger finger about efficient trade opening and closing.

I'm pretty sure I had the EU signals lined up too - maybe they changed that much afterwards or maybe it was over excitement on my part.

My thanks to all concerned to get me up to this stage, and I'm now happy to lay things on the table as I go.

Cheers,

David
Attached Image
  • #5,210
  • Aug 5, 2009 4:33am Aug 5, 2009 4:33am
Quoting davidhh
Hi Everyone,

Another lurker here coming out into the open.

This is my very newbie first post for my first trades on my first Forex strategy. I hope I have done the attachment ok as it is off a 24" screen.

I've started with the basic Renko setup and I'm obviously still teaching the trigger finger about efficient trade opening and closing....
Nice...but we can't see the attachment because it's too small...try posting a regular .jpg of the picture
  • #5,211
  • Aug 5, 2009 4:34am Aug 5, 2009 4:34am
Quoting david4u
May be someone can point to any mistake regarding this trade .
I just entered 1 pip bellow the previous brick price .
It is recomended to enter bellow the previous bar low (for Short) , or better higher, expecting for the possible retracement to end (?).
HMA 8 was red , Trix arrow red .
Does the SL needs to be 20 pips or 20 pips +spread ?
Now I see tht the price is going down . Can I re-enter according to the rules ? when ? next brick opens ?
Tks
David
David, there are more experienced traders here than I, but my 2cents worth
I dont think you made a mistake in the trade, it looks like it met the rules

I use a trade manager, which sets the SL and TP, so I have no more imput, I dont think the spread matters in that regard (but happy to be corrected).

There is supposed to be no re entry. However I'd suggest you use your descretion, while remembering its your choice.
  • #5,212
  • Aug 5, 2009 4:36am Aug 5, 2009 4:36am
Since i've ventured to post a reply.

I'd like to thank Edge, and the many contributors to this thread, I find since Edge has used his "ignore" button, I now have to read every post, since all of them are of value.

Thank you everyone.
  • #5,213
  • Aug 5, 2009 4:39am Aug 5, 2009 4:39am
Hi all,
I think it would be a really good idea to have feint horizontal lines 10 pips apart on C4 charts. This would give an instant visual clue to the range of the market. A visual alternative to ATR if you like.

Very good when viewing 4 charts at once.

Does anyone know how to do this? Does it need to be coded?
  • #5,214
  • Aug 5, 2009 4:43am Aug 5, 2009 4:43am
Nice chart set ups, Best of luck.
D.
Quoting davidhh
Hi Everyone,

Another lurker here coming out into the open.

This is my very newbie first post for my first trades on my first Forex strategy. I hope I have done the attachment ok as it is off a 24" screen.

I've started with the basic Renko setup and I'm obviously still teaching the trigger finger about efficient trade opening and closing.

I'm pretty sure I had the EU signals lined up too - maybe they changed that much afterwards or maybe it was over excitement on my part.

My thanks to all concerned to get me up to this stage, and I'm...
where thought goes energy flows
  • #5,215
  • Aug 5, 2009 4:46am Aug 5, 2009 4:46am
Just my opinion:

if you look at a chart like below (EU) what do you see?
A nice uptrend and then since 2 days it's ranging! Moving from R1 to Pivot, to S1, to Pivot... ranging market. And that's a smoothed renko chart. On a candle chart it's even worse.
You can try to grab 5 pips here and there (and I did it today against better knowledge), but no trader with at least some brain (yes, I know) would engage in a chaos like this. The risk is too big. Sure, you have all kind of indicators... but a view on the bigger picture isn't bad sometimes.
Choose a trending pair and wait till EU starts moving in either direction.
My bet is south... but thats just me
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"The only successful substitute for brains is silence."
  • #5,216
  • Aug 5, 2009 4:55am Aug 5, 2009 4:55am
Quoting DXTrade
Just my opinion:

if you look at a chart like below (EU) what do you see?
A nice uptrend and then since 2 days it's ranging! Moving from R1 to Pivot, to S1, to Pivot... ranging market. And that's a smoothed renko chart. On a candle chart it's even worse.
You can try to grab 5 pips here and there (and I did it today against better knowledge), but no trader with at least some brain (yes, I know) would engage in a chaos like this. The risk is too big. Sure, you have all kind of indicators... but a view on the bigger picture isn't bad sometimes.
Choose...
Excellent point. Reading the recent posts, I am getting that a lot of people are just trying to trade and not always looking at the bigger picture i.e. is the pair trending? range-bound? which direction? hitting s/r areas, etc.

Nothing wrong with that if one is still practicing & I know Edge encouraged everyone to just practice pulling the trigger since we have to train our minds and our trigger-fingers to respond quickly to the setups.

However if you feel you have got the hang of this and are now looking to make some money, remember the 'big picture' and be willing to wait for the best setups. Oftentimes you will make your entire week's worth of pips in a couple hours of one day while the other days you are just watching and doing nothing. Such is life in Forexland.
******************* I'd rather make money than be right.
  • #5,217
  • Aug 5, 2009 4:58am Aug 5, 2009 4:58am
Quoting DXTrade
Just my opinion:

if you look at a chart like below (EU) what do you see?
A nice uptrend and then since 2 days it's ranging! Moving from R1 to Pivot, to S1, to Pivot... ranging market. And that's a smoothed renko chart. On a candle chart it's even worse.
You can try to grab 5 pips here and there (and I did it today against better knowledge), but no trader with at least some brain (yes, I know) would engage in a chaos like this. The risk is too big. Sure, you have all kind of indicators... but a view on the bigger picture isn't bad sometimes.
Choose...
Is this indicator on the background your Fibonacci Pivots? Thanks
  • #5,218
  • Aug 5, 2009 4:58am Aug 5, 2009 4:58am
30M TF

ATR below 20 pips on 30M TF ???????
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" Never let the past hold the future to ransom "
  • #5,219
  • Aug 5, 2009 5:03am Aug 5, 2009 5:03am
Quoting 4xStar
Excellent point....

Sorry to keep banging on but this is my point exactly. On the Renko chart you showed it is easy to see the scale of the problem. With the same data on a candle chart you cannot see the scale unless you inspect the very small numbers on the right hand side. With a 10 pip grid the scale of the trends and range of the last few candles becomes obvious.

Could someone help please?

John.
  • #5,220
  • Aug 5, 2009 5:13am Aug 5, 2009 5:13am
4xstar,

But if we wait for the market to trend isn't it a better strategy to ride the wave instead of scalp?

aren't ranging markets better for scalping, capturing all the small profits of the back and forth movements?

i am not challenging just trying to learn...
dreams do come true.
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