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C4 Scalping

  • #6,101
  • Edited 10:07am Aug 11, 2009 8:00am | Edited 10:07am
Quoting luckylady
As everyone knows, I only go when the 15min agrees (as per Edge a while back) and the price has gone 2 pips past the signal candle low/high. I hang on for more than 5 pips (usually 10 but more if its moving fast) Yesterdays GU and EU were perfect for it from the minute I started until I finished for the day
I am quite 'rigid' with those just starting out and I admit that can be abrasive at times.

However, I am quite flexible when I see charts showing bread and butter C4 base setups and someone who has enough experience behind them to take a simple set of tools (albeit good ones) and improvise, adapt and overcome in order to use the plan to meet their goals.

Going for M80 (+10) level pips is fine provided one does not come back in the thread and start promoting this goal and more as a holy grail TP level.

Otherwise, we have extra training in the form of
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  • #6,102
  • Aug 11, 2009 8:18am Aug 11, 2009 8:18am
C4 trades for the day almost too easy.
Both the EU and GU were strictly PA based. Broke the MA with some umph. The EJ trades were more TRIX based.
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  • #6,103
  • Aug 11, 2009 8:27am Aug 11, 2009 8:27am
another +5 on CHFJPY
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  • #6,104
  • Aug 11, 2009 8:35am Aug 11, 2009 8:35am
4xStar -

I find your momentum indicator interesting. Would you be willing to share the template?
  • #6,105
  • Aug 11, 2009 8:36am Aug 11, 2009 8:36am
Quoting Chris_B
Yes...entry very late....take off that M15 TRIX....you don't need it on the chart...and if you watch the Edge's template on the 1st post...there is no M15 TRIX...
Looks like I suffered the same "David" affliction - same trade on GY, too late into its run, with the same SL consequence. -30 for me.

I also have had an ongoing battle trying to come to terms with the philosophy of "detonate, put 5 in your pocket, and scamper".

All those large runs with big pips flying around, ready to be grabbed. What a waste.

Being a C++ and VBA coder by day I couldn't resist building fancy EA's for trailing stops, break evens, if this add that, blah blah blah.

Today was my turn to see the light. Indi's say go, you go, you take, you regroup.

As I mentioned a few days ago in my first post, I still need to work on the 30 pip SL but it's honestly a sense of relief to embrace 5 pip bundles.

Happy with today's progress, even the "educational" trade, and getting in tune with the gently rolling GY PA (gentle in Renko at least).

Bedtime here in Oz, goodnight.

David
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  • #6,106
  • Aug 11, 2009 8:41am Aug 11, 2009 8:41am
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...
GROUP!!! Attention!!!!!

We have been at this long enough to not be forced into 'remedial' training.

Last time I will address this.

Taking excerpts for postings on BOTH plans is not going to do here.

1. Anything that is moving from top left toward bottom right on your chart is a DOWNTREND.

2. Anything that is moving from bottom left toward upper right on your chart is a UPTREND.

If the Nitro chart is showing a clear downtrend, is your 5m chart showing the same? How about your 15m? Is the 15m meter reading short? Did you spend the 5 seconds necessary to visually confirm this?

Are you an aggressive or conservative trader? That simply asks if you are one who has enough faith in the trading plan to tall EACH and EVERY signal provided, or, are you conservative in nature and do you only take signals provided in the direction of a dominant trend?

3. THE EURUSD currency pair IS NOT a NITRO pair!!!! At no time has it been proclaimed as one. If you CHOOSE to trade this pair as such, THAT IS YOUR DECISION. However, you had better be far enough along in this SELF PACED course to be able to trade it properly and consistently.

4. You have to decide which plan you are going to focus efforts on exclusively. As this case projects Nitro, I am not sure how much more I can really tell you here. It was the thread followers who decided to run with this plan on their own accord. Every single one of you working on trading this plan are doing so on a learn as you go basis. It has been moderately adapted to fit MT4 platforms and is doing quite well in that regard. Remember, YOU have just as much experience trading it on this platform as I do.

Once again, when faced with a challenge, what do we do? We 'I', 'A' and 'O'. Work the problem.

Lastly, PA is the single most important aspect of any trading plan ever imagined, thought of, developed, implemented or utilized. IT IS THE HORSE!!!!!!!!

Indicators ALL LAG!!!! They are confirmational tools only that confirm your PA directional hypothesis. THEY ARE ALL CARTS!!!!!!!!!!!!!

Regards.
  • #6,107
  • Aug 11, 2009 8:42am Aug 11, 2009 8:42am
2 good trade this am.
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  • #6,108
  • Aug 11, 2009 8:44am Aug 11, 2009 8:44am
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!
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Hi DXTrade:

Would it be possible for you to not have the comment on the left hand side? You could put the comment at the bottom of your meter.

What happened to ATR?

Thank you, DXTrade.
If you only trade long, then you can't always be wrong.
  • #6,109
  • Aug 11, 2009 8:46am Aug 11, 2009 8:46am
It is a well known problem you can avoid it by keep the charts open all the time and the you will see the chape stays the same as it was or try reattach the Renko script to the chart untill the previous chart shape is back. The author of the Renko bar indicator is aware of that problem and I read that some guy sent him few lines of code that should fix the problem.

Kristjan

Quoting fxspeedster
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!
  • #6,110
  • Aug 11, 2009 8:52am Aug 11, 2009 8:52am
Quoting beepblip
Hi EdgeTrader,

I am not looking to avoid the work, but an honest opinion of yours.
Do you think the rules are simple enough that an expert advisor could be coded up to execute them? I did search back in the thread and you mentioned that you wouldn't let a robot do demolition. Well, not to disagree, but smart bombs have become pretty popular, no?
I have NEVER seen an ea do well with candlesticks on a 5m chart. If you have the ability to design one and offer it to the thread followers then by all means, have at it.

As mentioned previously, there ARE existing ea's that do well with Nitro. However, they are relatively expensive and I think one should know how to trade their preferred trading plan inside out, top to bottom, in inclement whether and through hell and high water before using one. Further, I think a professional trader who would let a robot have total control over their trading account and walk away from their desk while trading is active is asking for trouble.

Lastly, I think anyone trying to use a 'smart bomb' to do something they themselves cannot do is lazy and does not deserve to have such a device. From what I have seen throughout the FF threads, many have tried and most have failed. I have not seen a 'successful' ea introduced and kept in a trading plan in FF yet.

Regards.
  • #6,111
  • Aug 11, 2009 8:56am Aug 11, 2009 8:56am
Quoting DocPMD
I'll give my opinion:

There has been tons of discussion in the thread about how this trading method is "25% Mechanical, 75% Mental (discretionary)".

So the answer is "NO".

It amazes me that there is still discussion about it. And it amazes me even more that Edge doesn't take a firm stance against it when the subject comes up.
That would be an attempt to stifle the creative thinking process. Better to have tried and failed than never to have tried at all. Try the shortcut, recognize the failure and go do the work right that should have been done in the first place.

Regards.
  • #6,112
  • Aug 11, 2009 8:58am Aug 11, 2009 8:58am
The brick with the arrow eventually colde down but made +5 long before the turnaround - very fortunate...
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Old Benjamin was right
  • #6,113
  • Aug 11, 2009 9:03am Aug 11, 2009 9:03am
Hi Edge,

Here are the Nitro trades taken while not trading the live system. The mechanical part is now straight forward ... lots of focus and eye / hand coordination to enter quickly. All but two trades were easy +5 gains with all the pairs behaving in similar fashion. On two, however, momentum started fading and other pairs started showing signs of reversing. Exited those with less than +5 to "get out of Dodge".

GJ - +5, +4
EJ - +5, +5
AJ - +5
CJ - +5, +2

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  • #6,114
  • Aug 11, 2009 9:07am Aug 11, 2009 9:07am
+5 on 'the beast'
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  • #6,115
  • Aug 11, 2009 9:18am Aug 11, 2009 9:18am
Quoting paidperpip
Some attempts at coding an EA have been made, but have not necessarily profitable... Whilst it is easy enough to code up the 25% mechanical aspect, its getting the rest right that is the problem...

In truth though, some of the discretionary aspects of the plan were taken into account with the EA. Longer term trends (MTF Trix), and other factors were investigated. However, to date, nothing has seemingly been openly shared that can take up enough slack on the 75% discretionary side of the equation yet.

False signals seemed to be the problem with...
Good posting Russ.

I do not care how long a posting is.

If someone is interested in learning, then they read.

Then, they diligently practice that which they have read until they are proficient enough in the practice, philosophy or methodology to relay that accumulated knowledge to their trading efforts without 'fear'.

They then attain the ability to do what?

Yep, they earn. In fact, they earn enough to take care of their family for quite a long time. They even manage to earn enough to get a couple of 'tool upgrades' that allow them to become master craftsmen.

Regards.
  • #6,116
  • Aug 11, 2009 9:21am Aug 11, 2009 9:21am
Quoting david4u
Any comments ?
Tks
David
Yep. A signal for an aggressive trader was two bricks back. Why are you waiting?
  • #6,117
  • Aug 11, 2009 9:25am Aug 11, 2009 9:25am
Quoting david4u
Dx & Chris_B
I am trying to follow the rules so at the open of the second
blue brick I could not enter as the Trix (M15) was down !
I have placed the Trix MTF indi to monitor it very close and I entered as the Trix (M15) became green .(I know the info is in Dx meter)
Do you use the confirmation of the M15 Trix ?
May be , if the M15 confirmation comes "late" I should have passed this trade ? Are any rules about cases like this ? how many bricks after the Trix arrow u can still enter the trade ?
Tks
David
Sure do like to think mechanically. This is the barrier every trader hits when playing with indicators. Waiting for the indicator (cart) to lead the PA (horse).

Do the PA exercise mentioned earlier. Take ALL indicators off those charts except for the SM scalper candle overlay onto the Renko bricks.
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  • #6,118
  • Aug 11, 2009 9:32am Aug 11, 2009 9:32am
C4 trades today using the updated layout on P1.

EU: +5 (not shown), -6 (no reason to take trade)
EJ: +3.5, +5
GU: -14, +7
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  • #6,119
  • Aug 11, 2009 9:41am Aug 11, 2009 9:41am
Hi DXT..many thanks for all the hard work you have put into this thread (of course especially Edge!!)...Just so that I (and perhaps many others) am clear, could you please confirm what you mean by "go if all confirms".

Cheers,
Freddi

Quoting DXTrade
It should be the same info... with some very
small delay... imperceptible.
But to answer David: NO waiting brick!
Once the brick with the arrow is closed you go if all confirms... or you forget it altogether. As I said: in your example you traded M15 with M5 confirmation... the wrong way around!
  • #6,120
  • Aug 11, 2009 9:43am Aug 11, 2009 9:43am
just got +5 on GBPUSD C4
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