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C4 Scalping

  • #6,001
  • Aug 10, 2009 11:40am Aug 10, 2009 11:40am
Caught the downdraft for a 5 pip short..

Thanks again Edge and others
  • #6,002
  • Aug 10, 2009 11:42am Aug 10, 2009 11:42am
Interesting, I will definitely watch that. I never had much luck with CAD pairs. I always thought the CAD pairs were tied to oil?

Quoting Edgetrader
Some of you IBFX users may want to take a look at intergrating the GBPCAD into the C4 method.

Has a 5 pip spread, but is smooth when compared to EY.

VERY GOOD CORRELATION TO GU for those who care.

Regards.
  • #6,003
  • Aug 10, 2009 11:44am Aug 10, 2009 11:44am
Nitro Trades from today

All +5

+40 and done for today


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  • #6,004
  • Aug 10, 2009 11:47am Aug 10, 2009 11:47am
Quoting Edgetrader

...

We will work a good bit this week on the 75% mental aspect I think.

...

I have been contemplating this "75% mental aspect" quite a bit because I am one who is having inconsistent results. I admit most comes from a lack of discipline and an untrained eye but I have noticed improvement in my trading over that last couple of weeks. I thought I would share some of my observations from beyond the 25% mechanical part of the strategy which may be of help to others with this C4 strategy. Some of you may consider this elementary, but to others it may be eye opening.

  1. Do not take short entries during a strong uptrend. Likewise, do not take long entries during a strong downtrend. Trade with the trend.
  2. If you cannot enter a signal on the open of the next bar, you may not have enough price action to carry the trade to a profitable conclusion. How strong is the price action...you have to judge that.
  3. Do not take a long trade at the top of a bar or a short trade at the bottom of the bar; wait for retracement and confirmation.
  4. Don't take a second counter trend trade signal unless price action clearly dictates.
  5. If TRIX is flat (i.e. price action), don't take a trade even if you have a signal.
  6. Don't get in before the close of the bar (candle) unless price action warrants it. (Example: Bar crosses the MA and continues moving strongly in trend direction. Even then, it is better to wait for the next bar because usually price retraces and provides a better entry point.)
  7. Whenever price is around a whole number and is oscillating, do not get in until the trend defines itself.
  8. Do not take trades when there is no signal and price action doesn't warrant it. (i.e. several bars after the initial signal.)
  9. Don't take trades when prices are hovering around pivot points or support/resistance unless price action "blows through" the price level.
  10. Watch for strong price crossovers as an indicator of price action and opportunity to enter trade.
  11. Review your trades for what you did right or wrong. This will help reinforce the good habits and help expose the bad trading habits so they can be corrected. Be honest with yourself. If you can't figure out what you did wrong, get a second pair of eyes to look at your trades.
  12. The four currency pairs recommended for C4 trading are pretty closely correlated to the Dow Industrials and other stock market indicators. If trading other sessions, look to the Nikke or FTSE for correlation. Generally (again generally, not all the time) with the DOW, if stocks go up, USD goes down.

Identifying the above has helped me improve my trading. As I gain more discipline and train my eyes to watch price action, I am sure there will be many other revelations as well.

4XTrader2
  • #6,005
  • Aug 10, 2009 11:59am Aug 10, 2009 11:59am
Correction on the USD/JPY chart.
I had an extra vert line and the one trade didn't have the actual trade marked. Had the blue line but no arrows.
That trade is also a good example of why backtesting doesn't work. Look where the trade was taken and it was good for 5 pips. Looking at it historically, it doesn't look profitable.


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  • #6,006
  • Aug 10, 2009 12:02pm Aug 10, 2009 12:02pm
Now that I have caught up with the thread from front to back I thought it was time to come out and say Hello! and express my sincere gratitude to all contributors.

Some Top Notch people here--- my hats off!

Thank you Edgetrader for taking on this endevor and for doing far more than throwing out a fish. Your leadership breeds confidence in the troops.

I am currently demo trading C4 and will continue to do so until it becomes second nature. I have includes some charts of this mornings practice.

The light at the end of the tunnel just might be a train--Hit the ignitor!!
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  • #6,007
  • Aug 10, 2009 12:03pm Aug 10, 2009 12:03pm
Quoting roto7gl
Correction on the USD/JPY chart.
I had an extra vert line and the one trade didn't have the actual trade marked. Had the blue line but no arrows.
That trade is also a good example of why backtesting doesn't work. Look where the trade was taken and it was good for 5 pips. Looking at it historically, it doesn't look profitable.


Attachment
Still, ample opportunity to hit goal and get out of harms way. Plenty of pairs to choose from.

Regards.
  • #6,008
  • Aug 10, 2009 12:09pm Aug 10, 2009 12:09pm
Quoting 4xtrader2
I have been contemplating this "75% mental aspect" quite a bit because I am one who is having inconsistent results. I admit most comes from a lack of discipline and an untrained eye but I have noticed improvement in my trading over that last couple of weeks. I thought I would share some of my observations from beyond the 25% mechanical part of the strategy which may be of help to others with this C4 strategy. Some of you may consider this elementary, but to others it may be eye opening.[list][*][font=Calibri][size=3]Do not take short entries...
Good posting.

Seems an aweful lot to think about but really is not.

Following multiple pairs forces one to look more at PA first and indicators second. Very good effort here to rationalize and develop a trading mindset that fits the individual.

As mentioned previously, the plan is just the guide. It is the TRADER who makes the plan work. Discipline is crucial.

Regards.
  • #6,009
  • Aug 10, 2009 12:09pm Aug 10, 2009 12:09pm
Quoting nick2112
Hi everyone,

just wanted to say a very big thank you to Edge for investing the time and patience to show us the simple method, simple charts and simple explanations. In my opinion it does not get much easier. Thank you.

Thanks also to everyone that has contributed to the thread and for keeping it focused, a pleasure to read. Thanks also ( I`ll be finished in a minute, sorry for rambling on but I need to get it out there, lol) to all the folks for providing the indicators and so on, sorry if I dont mention names but you know who you are.

I put...

Please email me a copy ([email protected])

Thanks.
  • #6,010
  • Aug 10, 2009 12:20pm Aug 10, 2009 12:20pm
Quoting Edgetrader
Still, ample opportunity to hit goal and get out of harms way. Plenty of pairs to choose from.

Regards.

Absolutely.

Get in, Get out. Repeat
  • #6,011
  • Aug 10, 2009 12:45pm Aug 10, 2009 12:45pm
2 losses, one wash, 4 wins. Wash could have been a win. Biggest loss would have turned profitable but would have had to adjust stop loss too much for comfort and wait another 30 minutes.
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4XTrader2
  • #6,012
  • Aug 10, 2009 12:51pm Aug 10, 2009 12:51pm
Quoting sirogreness
Haha. The action has to be appropriate for me to enter. When the candlestick has formed an overbar before the entry we are entering homerun territory. It is the best pa indicator you can use, and since you are recognizing it on the sticks it never lags.
What's an overbar? Have not heard of that term .. is that a bullish or bearish engulfing?
******************* I'd rather make money than be right.
  • #6,013
  • Aug 10, 2009 12:58pm Aug 10, 2009 12:58pm
long ago i quit caring how stupid my question might be because others too embarassed to ask wanted to know the same thing.. so here goes .. i have been studying forex for seven months.. made all the classic mistakes and spent a couple of grand on books and video lessons. burned through two demo accounts and enjoy the heck out of it but .. am still struggling and one of the things i struggle with is understanding terms.. so what is a scalping candle? how do you set it? I looked for an imputs tab on the basic meta 4 tool bar and cant find it.. is there a version of the c4 for those of us who are really trying but just dont have all the information yet?
  • #6,014
  • Aug 10, 2009 1:08pm Aug 10, 2009 1:08pm
Tally for today, 9 winners, 2 losers. +30

I let a lot of potential good ones get away due to the fact I am still fiddling with charts. Also I was more hesitant after the bad 2 days last week, but today has shown me once again how quickly losses can be made up with this system, even ones made thru sheer stupidity!

================
******************* I'd rather make money than be right.
  • #6,015
  • Aug 10, 2009 1:23pm Aug 10, 2009 1:23pm
Quoting zeno
Beginning of new week and C4 trading still going strong. New setup/template even better as it really helps to keep focus on price action rather than indicators. Unfortunately broke my plan by trading outside my window. Mr market had no problem with that, he just took back most of my pips

E/U +5, +5, +5, +7
E/G +10, +5, -11
E/J -19 (order entry mistake by me, nothing to do with C4)

As time passes, one should begin to understand more of the subtleties of trading C4. Edge slowly reveals some of it like a very proficient teacher who demands that...
Hi Zeno, I love your template, do you mind sharing it?
  • #6,016
  • Aug 10, 2009 1:56pm Aug 10, 2009 1:56pm
Quoting cactus
In between trading live I made time to trade the Nitro setup exactly as described in Post number 1. In general for each trade the "related" pairs were making similar moves even if there was not a trigger for a trade. Results were:

Attachment

Look forward to moving further past the mechanical approach. I appreciate the remarkable amount of effort Edge has put into this.

cactus, good results, congratulations!

You did not set a SL for any trades.
But about which SL you thought during the trades opening?
Rgd.
  • #6,017
  • Aug 10, 2009 2:21pm Aug 10, 2009 2:21pm
Quoting Dm3554
Why do you need Zeno's template?...
That was a pretty un-necessary NEGATIVE response.
You do not know me or how much effort I have already put into learning this or any method. For your information, I have already spent countless hours setting up my own templates, programming indicators and all kinds of other mindless effort that ends up taking forever to do. I simply liked the colors of Zeno's template and didn't want to spend hours trying to pick a color.
When someone else has already done it. A color has nothing to do with how well I trade. I would gladly provide any of my templates or other things if someone asked me. But is does not sound like your are the sharing type!
  • #6,018
  • Aug 10, 2009 2:43pm Aug 10, 2009 2:43pm
Here is my C4 template. Note that it includes the TRIX histogram at the bottom which can be redundant since the price bars are actually color coded in exactly the same way (assuming one uses the same TRIX period for both of course). It's just that at this stage i still like to watch the histogram lobes and arrows on the TRIX.

It can be removed very easily so that the chart becomes even cleaner and simpler in appearance.

Regards
Attached File(s)
File Type: tpl c4_scalper.tpl   6 KB | 600 downloads
  • #6,019
  • Aug 10, 2009 2:43pm Aug 10, 2009 2:43pm
Quoting DojiMojo
That was a pretty un-necessary NEGATIVE response.
You do not know me or how much effort I have already put into learning this or any method....
A asks B a question.

C sticks his nose in.

Next thing you know, you have a squabble between A and C.

We do not need C on this forum.
If you only trade long, then you can't always be wrong.
  • #6,020
  • Aug 10, 2009 3:24pm Aug 10, 2009 3:24pm
2 sessions for me today..

1st session (i don't have the screen because i worked with another pc)
made +16 in 3 trades...and then 2 losing ones for -36 (i took 2 longs...obviously counter trend...)
so... -20

2nd session...this evening
4 trades on Nitro... 21 pips

I just made an error with the first order....0.10 lot instead of 1.0 lot
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