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C4 Scalping

  • #6,161
  • Aug 11, 2009 12:47pm Aug 11, 2009 12:47pm
Quoting Edgetrader
I see ONE signal. Therefore I can expect a high probability of ONE trade.
Thanks!!
Gee the mental side of trading has me lusting after that big move.
I have come to realize that life teaches you about yourself.
It seems that trading teaches you about yourself also
Hmmmm.....interesting!!!
thanks for your patience Edge
  • #6,162
  • Aug 11, 2009 12:52pm Aug 11, 2009 12:52pm
Quoting pgpb
Thanks!!
Gee the mental side of trading has me lusting after that big move.
I have come to realize that life teaches you about yourself.
It seems that trading teaches you about yourself also
Hmmmm.....interesting!!!
thanks for your patience Edge
Sure.

When you procure that crystal ball that foretells PA in the future, dont forget the good old FF share concept.

Regards.
  • #6,163
  • Aug 11, 2009 12:56pm Aug 11, 2009 12:56pm
Quoting Edgetrader
How long exactly have you been trading 'true' Renko? Never.

Momentum does not matter? My entire trading life has revolved around momentum affecting PA. Momentum affects everything. Without being able to gage such, you lose! I don't care what plan a person trades. No momentum = no PA movement = no trading opportunities. When combined with trix, it is the ultimate confirmation to a hypothesis in the short term. Momentum is an indicator and is only used to confirm, nothing else. It should agree with Renko. When it does not, you have consolidation...
I am 100 % in agreement with you and every single indicator repaints but this has gotten me trading successfully for the first time with 70% win rate. So until there is better I am with Edge on this one.
  • #6,164
  • Aug 11, 2009 12:59pm Aug 11, 2009 12:59pm
Quoting Edgetrader
How long exactly have you been trading 'true' Renko? Never.

Momentum does not matter? My entire trading life has revolved around momentum affecting PA. Momentum affects everything. Without being able to gage such, you lose! I don't care what plan a person trades. No momentum = no PA movement = no trading opportunities. When combined with trix, it is the ultimate confirmation to a hypothesis in the short term. Momentum is an indicator and is only used to confirm, nothing else. It should agree with Renko. When it does not, you have consolidation...
I was simply making a comment on Renko + momentum. What I observed is that if you take the 10 pip Renko bar chart and place the momentum(4) indicator underneath, you will see that at every Renko turn the M(4) also crosses. If you take another M5 chart with regular candles M(4) is very discriminative there. So I will use the C4 regular bars from now.
If it backtests good run it live!
  • #6,165
  • Aug 11, 2009 1:02pm Aug 11, 2009 1:02pm
Edge
I traded with the trend - Short . Thought it's a quality trade
but .... lose 25 pips .
Without the wicks you can not know if all the trades were winners or not .
Do you think that a 25 pips SL is enough for GY ?
What about placing the SL above the previous High ?
Did I make something wrong ?
Tks
David
Quoting Edgetrader
BOOM!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Not one short setup on that chart would have failed!
Attached Image (click to enlarge)
Click to Enlarge Name: short gbpjpy.gif Size: 62 KB
  • #6,166
  • Aug 11, 2009 1:14pm Aug 11, 2009 1:14pm
[Originally Posted by parky87 http://cloud.forexfactory.com/images...s/viewpost.gif (http://www.forexfactory.com/showthread.php?p=2946919#post2946919)
don't put it in FXDD/experts/scripts, put it in FXDD/experts and run it as an expert, not as an ea. The link below is a pdf file with instructions oon how to do it.
http://www.forexfactory.com/attachme...02009%206:45am (http://www.forexfactory.com/attachment.php?attachmentid=279652&d=Jul%2028,%202009%206:45am)]

Quoting mgs1f
Thats what i meant, thanks for the correction. The forum rocks with great posts like yours. Have a great trading day.

Thanks...will try it..freddi
  • #6,167
  • Edited 1:43pm Aug 11, 2009 1:15pm | Edited 1:43pm
Quoting fxspeedster
I was simply making a comment on Renko + momentum. What I observed is that if you take the 10 pip Renko bar chart and place the momentum(4) indicator underneath, you will see that at every Renko turn the M(4) also crosses. If you take another M5 chart with regular candles M(4) is very discriminative there. So I will use the C4 regular bars from now.

"I know most of you using Renko do not want to hear this but there are serious drawbacks using Renko. I was one determined Renko user until 2 days ago when things just dawned on me such as:
1. Renko repaints - what you see is not what you get


Pretty strong 'comment' and is unsubstantiated as very few can confirm this. If the platform is left running, it does not 'repaint' at all. In fact, the PA is very close to what I actually trade".

We will let that go though as it is not important. I would however, like to see a chart shot of your C4 setup when you get a chance.

Regards.
  • #6,168
  • Edited 1:27pm Aug 11, 2009 1:15pm | Edited 1:27pm
Hi all I just wanted to present my 2 versions of the basic C4 setup.
Attached Image (click to enlarge)
Click to Enlarge Name: 1znbxfr.gif Size: 53 KB

Attached Image (click to enlarge)
Click to Enlarge Name: 20aywlf.gif Size: 43 KB


please let me know if they look ok.

Thanks!
  • #6,169
  • Aug 11, 2009 1:22pm Aug 11, 2009 1:22pm
Quoting fxspeedster
I know most of you using Renko do not want to hear this but there are serious drawbacks using Renko....
fxspeedster, you are not thefirst who took into consideration the fact.
I absolutely agree with you.
And at this stage, I definatelly choose and try to develope for me C4.
Regards and with respect to creator of the strategy...
  • #6,170
  • Aug 11, 2009 1:24pm Aug 11, 2009 1:24pm
Quoting Edgetrader
How long exactly have you been trading 'true' Renko? Never.

Momentum does not matter? My entire trading life has revolved around momentum affecting PA. Momentum affects everything. Without being able to gage such, you lose! I don't care what plan a person trades. No momentum = no PA movement = no trading opportunities. When combined with trix, it is the ultimate confirmation to a hypothesis in the short term. Momentum is an indicator and is only used to confirm, nothing else. It should agree with Renko. When it does not, you have consolidation...
How do I quantify PA? I'm getting about a 70% strike rate but that still leaves me in the red everyday. Any help would be appreciated. (c4 only)
  • #6,171
  • Aug 11, 2009 1:29pm Aug 11, 2009 1:29pm
whats the c4 scalper in top right corner
  • #6,172
  • Aug 11, 2009 1:37pm Aug 11, 2009 1:37pm
Quoting f4mnect
whats the c4 scalper in top right corner
Yes, SnapCracklePip, what's the indicator in the top right of your chart, and how have you reversed the DXTrade Indi display in the bottom right?

Thanks, in anticipation.
  • #6,173
  • Aug 11, 2009 1:37pm Aug 11, 2009 1:37pm
Hey there Edgetrader,

Did you get my private message/email I sent..Thanks...

Jimmy B
  • #6,174
  • Aug 11, 2009 1:40pm Aug 11, 2009 1:40pm
Good evening guys and gals,

Great day for going with the trend. Of course i tried to take a trade against it on the eur/jpy and stopped out for -25. Signal was there but everything else in me was saying "WHAT ARE YOU DOING YOU MORON!"

I think i will listen next time. Still made it back with such easy clear signals today.
  • #6,175
  • Aug 11, 2009 1:46pm Aug 11, 2009 1:46pm
Althou the question was to Edge but I think even I can answere the question what was wrong there. Your SL was way too small IMHO. The stop should be atleast high of the last Renko brick + spread.

Kristjan

Quoting david4u
Edge
I traded with the trend - Short . Thought it's a quality trade
but .... lose 25 pips .
Without the wicks you can not know if all the trades were winners or not .
Do you think that a 25 pips SL is enough for GY ?
What about placing the SL above the previous High ?
Did I make something wrong ?
Tks
David
  • #6,176
  • Aug 11, 2009 1:47pm Aug 11, 2009 1:47pm
Quoting SnapCracklePip
Hi all I just wanted to present my 2 versions of the basic C4 setup.Attachment
Attachment

please let me know if they look ok.

Thanks!
Looks good. Does the 'bomb' meter match well with the Dx meter or is it independent and based on something else?

Regards.
  • #6,177
  • Aug 11, 2009 1:50pm Aug 11, 2009 1:50pm
Quoting jimbnc
Hey there Edgetrader,

Did you get my private message/email I sent..Thanks...

Jimmy B
Got it. Thanks.

Waiting and will advise once work is done today.

Regards.
  • #6,178
  • Aug 11, 2009 1:55pm Aug 11, 2009 1:55pm
Quoting fxspeedster
I know most of you using Renko do not want to hear this but there are serious drawbacks using Renko. I was one determined Renko user until 2 days ago when things just dawned on me such as:
1. Renko repaints - what you see is not what you get
2. Momentum(4) on Renko is meaningless - always agrees with Renko turns
3. HMA(8-10) is meaningless as well since it agrees with Renko
...
that?
I have been "thinking real hard" about this:

Firstly, I would like to say that many people are using Renko with, seemingly, great success. It also seems that NITRO is a great system. However I think people should be made aware of a few facts.

We all know the feature of Renko to do with, 'when', PA wise, the Renko chart is started; one person's Renko may not look the same a another's. This may not a big problem though.

What I feel some people don't realise, and has been alluded to above, is that Indicators don't work with Renko bars.

I will try to explain:
The Indicators we use such as moving averages, TRIX and momentum etc. are digital filters. Digital filters work by being 'fed' with samples taken at regular time intervals. When we do this we can filter particular frequencies (a MA is a low pass filter), work out how fast the price is moving and work out acceleration etc.

Renko bars remove the time element of the data so we are left with just the price, in blocks, with no other reference.

In essence the filters are being 'fed' with data of only one dimension. Any filter fed with data like this will simply present the same data in a different way. It is impossible to extract any more information out of the data and therefore the TRIX and momentum indicators placed on Renko charts will not indicate anything more than the price action that is shown in the Renko chart anyway.

Think of a car journey from A to B with landmarks on the way. We could measure the distance from A to B in Km, miles or pips, it doesn't matter. When we arrive at B all we know is that we have covered X distance and passed landmarks on the way. We do not know how long the journey has taken and have no idea of what speed we achieved. If we draw a graph of this journey it is simply a straight line. It doesn't matter what graph paper or what scale we use it is still a straight line. If we add a clock to our journey and take note of the time we start, the time when we pass the landmarks and the time we finish, we have a lot more information and can plot distance against time (2 dimensions) and if we plot the landmarks we can use the slope of the line between the landmarks to measure speed (and the change of slopes to measure acceleration).

I am not saying that NITRO does not work, it clearly does. I'm just pointing out that it doesn't matter what indicator you use, it will not give you any more information than the Renko bricks themselves.

In my view, the NITRO system works on the probability of PA, nothing more. As such, I think that you can trade it with just the Renko bricks and nothing more.

Any comments?

Cheers,
John.
  • #6,179
  • Aug 11, 2009 2:04pm Aug 11, 2009 2:04pm
Quoting Dm3554
Yes, SnapCracklePip, what's the indicator in the top right of your chart, and how have you reversed the DXTrade Indi display in the bottom right?

Thanks, in anticipation.
To reverse the indi go into the inputs menu and at the very bottom change the "What Corner" setting to number "3"

Kind regards
  • #6,180
  • Aug 11, 2009 2:20pm Aug 11, 2009 2:20pm
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!
Thank you for your work and this new meter. Is there anyway to get the new meter to be transparent so that the past price action is not blocked. With prior versions when the box was made the same color as background the bars were in front of the meter info.
Attached Image (click to enlarge)
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