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C4 Scalping

  • #6,081
  • Aug 11, 2009 5:43am Aug 11, 2009 5:43am
David4U,

The answer is definitely Price Action comes first. Always.

All of the indicators we have been given lag price. So when your indicator shows an up arrow, if price is still making lower highs and lower lows (as per your screen shot), your course of action would be to WAIT patiently to see if price will continue its current direction. If it fails to create a higher high (i.e. fails to break the downtrend), this would be price telling you that the dominant trend is still down.

To answer your other question about which trend to watch, my suggestion with this method would be to use what is on your chart. Now this also includes the DX Trade Info box which has three key indicators to confirm the trend direction. As you know, these are Trix (5), Trix (15) and Mom (4). As long as they are all in the same direction as price action you have your trend to scalp +5. In addition, Edge has given us another great confirmation indicator by looking at the trend of all 4 pairs together. i.e. more confirmation of trend as a result of the high correlation between them.

The key to success with such a simple method, and I definitely include myself, is to be patient and to pull the pin only when the all conditions line up.

Simple really

Good luck

Quoting david4u
From Edge's posts :
"Following multiple pairs forces one to look more at PA first and indicators second"
"Excellent effort, all trades taken with 'dominant' trend."
"Nobody ever claimed it was a 100% mechanical system."
"Clean, clear, concise charts and good PA allowing your signals to work together to confirm what would be a pretty easy hypothesis to reach regarding direction."
We are scalping , looking to make a fast +5 . In this case what trend should we be watching ? Long term of the last...
  • #6,082
  • Aug 11, 2009 5:46am Aug 11, 2009 5:46am
David,

The way i see it is.....

At the point that the Renko block with the arrow in it closes and a new one opens that is the time to trade. If the DX Info does not support the trade then DONT TAKE IT, move on and wait for the next signal.

With watching 4 pairs it shouldn't take too long.

I think it may have been a slip up by DX, he did not mean the 5M as this was C4 trading.....

By waiting for the 15M on either your lower trix or the DX Info you have moved passed the point of Primer, Charge and Detonator. Dont forget that all the arrows are doing are giving a visual promt when the set up occurs....If you wait for the PA to move 20 pips, which in your example you have done, the set up is in the past and you are going in blind.

As with everything though its about your understanding of what the PA is doing. You dont HAVE TO wait for the DX Meter, if you feel and think that the set up has occurred and you feel and think that it is going to go for +5 +Spread then DO IT, or Dont its up to you.

Hope this helps. Ask if it doesn't
  • #6,083
  • Aug 11, 2009 5:48am Aug 11, 2009 5:48am
Quoting david4u
Dx
sorry I don't .
Our trigger is the 3 indi in the same direction , correct ?
If it does not happened almost simultaneously , then you don't wait ...
and you wait for the next Trix arrow ?
Can you explain about the M5 ?
We have the trix of our chart (M2) and in the meter the M15 Trix ...
but the M5 ?
I am missing something ...
tks
David
The actual Trix or scalper candle or arrow is the first signal.
Then I check the MA color and direction and then the colors of the meter.
All the same? GO
One not OK? Go or not...

But the M15 is the confirmation of a longer time frame, right? So if you wait until the MTF gives a signal, then you can immediately trade from M15... same thing!
The example you showed on GY was like a trade from M15 with only the trix on your chart, right?

Got my point?
"The only successful substitute for brains is silence."
  • #6,084
  • Aug 11, 2009 5:49am Aug 11, 2009 5:49am
Quoting david4u
Regarding the gu...(not one of the 4 pairs)
I entered on the same brick of the arrow .
too early ?
the earliest entry can be only at the open of the 1st brick after the arrow ?
Tks
David
David,

Again it is up to you..... If the set up is there and the PA is behaving such then go for it. I have had a few successful taking the cross of the MA, Colour Change and Trix which have all taken place within the same renko as this signal.
  • #6,085
  • Aug 11, 2009 5:54am Aug 11, 2009 5:54am
Quoting waddij

By waiting for the 15M on either your lower trix or the DX Info you have moved passed the point of Primer, Charge and Detonator. Dont forget that all the arrows are doing are giving a visual promt when the set up occurs....If you wait for the PA to move 20 pips, which in your example you have done, the set up is in the past and you are going in blind.
You can explain that better then me
"The only successful substitute for brains is silence."
  • #6,086
  • Aug 11, 2009 6:22am Aug 11, 2009 6:22am
first +5 of the day
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  • #6,087
  • Aug 11, 2009 6:30am Aug 11, 2009 6:30am
another +5
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  • #6,088
  • Aug 11, 2009 6:56am Aug 11, 2009 6:56am
Quoting DXTrade
You can explain that better then me
I dont think so.....it is YOUR indi.

Good idea to put the copywrite in the corner as well, never know who will try and sell it as their own!
  • #6,089
  • Aug 11, 2009 7:13am Aug 11, 2009 7:13am
Tuesday, 7am my time
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Old Benjamin was right
  • #6,090
  • Aug 11, 2009 7:18am Aug 11, 2009 7:18am
Hi - Can somebody help me with the DXTrade Meter on my Renko chart.

It doesn't display price, spread or the M15 Trix.

Is there something wrong with my setup?

Thanks
Greg
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  • #6,091
  • Aug 11, 2009 7:26am Aug 11, 2009 7:26am
Quoting GregB
Hi - Can somebody help me with the DXTrade Meter on my Renko chart.

It doesn't display price, spread or the M15 Trix.

Is there something wrong with my setup?

Thanks
Greg
Attachment
Do you have your M1 chart still open?
Do you receive tick data?
Go to page 402 or 403 and download both indicators from my post.
Try again then!
"The only successful substitute for brains is silence."
  • #6,092
  • Aug 11, 2009 7:35am Aug 11, 2009 7:35am
Quoting david4u
We are scalping , looking to make a fast +5 . In this case what trend should we be watching ? Long term of the last days ? last few bricks ?
If I look at the chart of the EURUSD as an example , I can see a clear down trend .If like in the yellow rectangle , I see a trigger with both Trix indi pointing up as well as the mom(4) , shall I take this trade OR I am supposed to wait patiently to get a setup with the direction of the PA which is SHORT ?
To answer this part of your question, which I think is very important, if a pair looks like the one in the chart below, where I drew a trendline, I will not take a long signal. I will wait for the next short signal until the trendline is broken and re-tested from above .. just like on a normal chart.
Maybe just me, but that puts probability more in my favor I think.

If on the daily/4h the trend is clearly up .. but the renko chart looks like below, then I will probably still wait for shorts but when TL breaks to upside I will be more ready to go long as that is the larger trend.

Still a lot of things to take in consideration ... but I try to stay with trend whenever possible.
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******************* I'd rather make money than be right.
  • #6,093
  • Aug 11, 2009 7:36am Aug 11, 2009 7:36am
Quoting DXTrade
Do you have your M1 chart still open?
Do you receive tick data?
Go to page 402 or 403 and download both indicators from my post.
Try again then!
DXTrade thanks for your reply.

Yes the 1 minute chart is still open and it is still receiving tick data.

I'll download both indicators and try again.

Greg
  • #6,094
  • Aug 11, 2009 7:41am Aug 11, 2009 7:41am
And if a pair looks like the first chart, but when I zoom out it looks like the second chart (and especially if it is The Beast!) then I won't be trading it at all until a new trend is clearly established. Checking the daily/4 hr chart, obviously there was a sharp drop, or pullback from the sharp rise. Unless one is highly skilled at scalping and very very quick, this for me, would be no man's land until proven otherwise.
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******************* I'd rather make money than be right.
  • #6,095
  • Aug 11, 2009 7:47am Aug 11, 2009 7:47am
Quoting DXTrade
Well I hate to say this, but I'm pretty happy with my DX Meter now

Checked it and it's showing all values as it should.
5-digit spread is fixed.
Will not change it anymore until post#1 is changing

You obviously still need the DXTrix in either your indicator or expert folder (not on the chart)

Time to trade now!

Front Page reflects this meter alone and is used on both C4 and Nitro trading plans.

Regards.
  • #6,096
  • Aug 11, 2009 7:49am Aug 11, 2009 7:49am
By the way I am using trix on 2 min charts.
  • #6,097
  • Aug 11, 2009 7:51am Aug 11, 2009 7:51am
Quoting DXTrade
Do you have your M1 chart still open?
Do you receive tick data?
Go to page 402 or 403 and download both indicators from my post.
Try again then!
Hi DXTrade

I've reloaded the latest versions but its still the same.

Must be something wrong with my setup.

Thanks
Greg
  • #6,098
  • Edited 9:59am Aug 11, 2009 7:51am | Edited 9:59am
Quoting fxspeedster
So what does this setup have to do with this thread? Are you following which concept? Anything to do with what we're discussing here?
These trades are with 'original' indicators. Has a MA, 5m trix and 15m trix which seems to work fine so might as well go with it.

Not sure on the 4H chart but that is none of my business.

Regards.
  • #6,099
  • Aug 11, 2009 7:56am Aug 11, 2009 7:56am
I must say that I was a big fan of Renko when I first started to use it, however lately I noticed few times that the Renko chart I was looking earlier does not look the same 5 min from now. So I started paying attention to it closer and further noticed that it reshapes its bars. So if I had a signal 5 min ago - that signal is no longer there now. What a mindf**k! Please do this exercise on your own and pay attention to its bars. Make a screenshot and compare it with the Renko chart 5-10 min later.. you will be surprised at what you will find!
If it backtests good run it live!
  • #6,100
  • Aug 11, 2009 7:58am Aug 11, 2009 7:58am
First significant negative day for me, guess had to pay for lack of discipline as on top of everything i doubled my lot size. E/J gave me lots of problems and other 2 pairs didnt help much. Also ignored the higher tf TRIX more than twice and it cost me in all occasions.

Overall -30 pips.
E/U: BE
G/U: -5
E/J: -25 (chart not posted)

It seems to me that LuckyLady has a valid point when talking about the value of paying attention to M15 when trading C4 and plan to research this further.

Regards
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