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C4 Scalping

  • #6,941
  • Aug 17, 2009 11:47am Aug 17, 2009 11:47am
[quote=FrankenPip;2961416]
Quoting paulw6182

Attachment

Hi paulw6182:

You have to download all 3 indicators. The scalper indicator calls the primer and charge. Though not recommended, you can wait for one of the bombs to change color to signal exit if you want more pips.
thanks anyway its still not working, nevermind
  • #6,942
  • Aug 17, 2009 12:27pm Aug 17, 2009 12:27pm
"Here how it works:
Trix crossing down, smi red below white, brick closes below 10,3,3"

When a renko brick closes and the above 3 conditions are met, about 70% of the time another 10-pip renko brick forms in the "good" direction.

This was tested over the last two months. Visual confirmation suggests 70% is probably pretty close. I used EURJPY and 2,10,2,3 for the SMI.

No trend confirmation, no other TRIX confirmation.


Quoting Edgetrader
When the arrow appears, how often does a 10 tic brick form?

With DX, we simply need to know how often a 10 tic brick is formed AFTER his arrow appears.

Do not be concerned on trend at this time. Just run the numbers over a couple of months and let me know. Just need a ballpark figure here.

Regards.
  • #6,943
  • Aug 17, 2009 12:32pm Aug 17, 2009 12:32pm
I might be getting the hang of this scalping thing!

Seventh trading day in a row that target was met:

EURUSD (C4) +6 +7

EURJPY (Nitro) +5 +5

Just want to make a note about the way that I trade Nitro. May not be by the book, but I can assure you that it has been working for me.

When a signal is triggered on the Renko Chart, I immediately go to my one minute chart to see what is going on. If it looks like price might retrace a bit, I wait to enter. The Renko charts seem to be doing a great job at identifying the entries, but I really need to look at the candlestick chart to get a good feel for PA.

Doc
  • #6,944
  • Aug 17, 2009 12:40pm Aug 17, 2009 12:40pm
Quoting zznbrm
"Here how it works:
Trix crossing down, smi red below white, brick closes below 10,3,3"

When a renko brick closes and the above 3 conditions are met, about 70% of the time another 10-pip renko brick forms in the "good" direction.

This was tested over the last two months. Visual confirmation suggests 70% is probably pretty close. I used EURJPY and 2,10,2,3 for the SMI.

No trend confirmation, no other TRIX confirmation.
70% on an overall 24/6 is not too bad.

It needs further narrowing to the targeted time to trade. Same as C4 times.

Beside a data feed difference, the biggest problem I see with MT4 is the arrows showing up and disappearing during a current brick. Chris's arrows are showing up I brick before my own often, indicating a trade could be initiated on the next brick open. Need to make sure they never repaint.

DXTrade arrows are showing up on the brick I would think best to trade but will not stick until candle complete.

No problem, this week is dedicated to seeing if those issues can be resolved somehow. Worst case scenario put a trader on live indicators. Nothing wrong with that either.

Regards.
  • #6,945
  • Aug 17, 2009 12:42pm Aug 17, 2009 12:42pm
This topic has really been eating at me for a while, because I don't think that some of the folks here have a clue about what is going on with respect to risk.

Both C4 and Nitro are based upon watching PA on four highly correlated pairs. So when there is an entry signal, why on earth would you enter a trade on more than one of the pairs? It makes no sense. If you are going to enter a trade for all four of the pairs, you might as well just take one of the pairs and enter with a four times bigger position.

The premise of this approach is that the pairs are correlated. If the premise is correct, trading all four at the same time is just like trading one. Positions in all four of the pairs, or even two of the pairs, does not give any less risk because they are too correlated. Sure there are slight differences in PA, but not significant enough to diversify the risk.

And consider the fact that you are attempting to manage multiple trades at the same time - much more difficult than managing a single position.

I watch all four of the pairs to judge the overall PA of the market, and then choose one of the pairs to trade based upon which I think looks the best.

You may disagree with me, but I can tell you that if you are entering multiple pairs at the same time that you are likely trading four times the risk that you think you are.

Doc
  • #6,946
  • Aug 17, 2009 12:43pm Aug 17, 2009 12:43pm
Quoting DocPMD
I might be getting the hang of this scalping thing!

Seventh trading day in a row that target was met:

EURUSD (C4) +6 +7

EURJPY (Nitro) +5 +5

Just want to make a note about the way that I trade Nitro. May not be by the book, but I can assure you that it has been working for me.

When a signal is triggered on the Renko Chart, I immediately go to my one minute chart to see what is going on. If it looks like price might retrace a bit, I wait to enter. The Renko charts seem to be doing a great job at identifying the entries, but I really need...
Nice job.

Try a 2 tic renko chart for timing entry. See how that looks for you.

Regards.
  • #6,947
  • Aug 17, 2009 12:47pm Aug 17, 2009 12:47pm
Quoting SusanD
Sorry, I have tried to no avail. I am not good at this.

Hi Susan,

pehaps take a look on this:

http://www.forexfactory.com/showpost.php?p=2958645&postcount=744

I hope it helps.

If there are pips you can collect - just do it!
  • #6,948
  • Aug 17, 2009 12:56pm Aug 17, 2009 12:56pm
Quoting DocPMD
This topic has really been eating at me for a while, because I don't think that some of the folks here have a clue about what is going on with respect to risk.

Both C4 and Nitro are based upon watching PA on four highly correlated pairs. So when there is an entry signal, why on earth would you enter a trade on more than one of the pairs? It makes no sense. If you are going to enter a trade for all four of the pairs, you might as well just take one of the pairs and enter with a four times bigger position.

The premise of this approach is that...
Do not disagree at all.

Gave the hint last week that 'nobody said you had to TRADE all pairs, only WATCH them. Only took a month or so for someone to crack the nut on that mental exercise. Thank God this happened this week. New thread will reflect MM for such.

Nice clear and concise explanation for why also.

Of course you only trade one pair. You have a nice big picture to look at to gage market direction.

Trading four pairs at once is really difficult at times. It can be done but why should you?

If you have FAITH in the trading plan, and have a particular pair that performs well for you, why would you trade any other? If traded appropriately, you can be done with 2 trade setups daily. Hope everyone is taking demo trades, hitting targets, resetting and going again.
Goal is +2%/-4% daily.

Only question remaining is "Which Pair Do You Trade and WHY"?

GOLD STAR FOR DOC!!!!!!!!!


Regards.
  • #6,949
  • Aug 17, 2009 12:58pm Aug 17, 2009 12:58pm
Quoting Edgetrader
70% on an overall 24/6 is not too bad.

It needs further narrowing to the targeted time to trade. Same as C4 times.

Beside a data feed difference, the biggest problem I see with MT4 is the arrows showing up and disappearing during a current brick. Chris's arrows are showing up I brick before my own often, indicating a trade could be initiated on the next brick open. Need to make sure they never repaint.

DXTrade arrows are showing up on the brick I would think best to trade but will not stick until candle complete.

No problem, this week...
Ok...i've done a little visually backtest...but only from 07 August (is what is showing my chart...i will expand my backtest tomorrow)...so

11 days of trading 24/6:

Assuming an entry at the open of the brick after the arrow, settings 2,10,2,3 on EURJPY, using only momentum crosses, no trix and no ma, assuming a SL of 30 pips.
Some trade has a drawdown of 1 brick before going in the right direction but:

108 total trades
94 winners
14 losers

we are at an 87% hit rate...but i think we could do better...i wanna reach at least 95%..
Market is like a puzzle, YOU have to fit the pieces!!
  • #6,950
  • Aug 17, 2009 1:01pm Aug 17, 2009 1:01pm
Quoting Edgetrader
. . . Only question remaining is "Which Pair Do You Trade and WHY"?

GOLD STAR FOR DOC!!!!!!!!!


Regards.
Thanks for the Gold Star!

My screening for the trading pair is as follows:

1. Which pair has the smoothest PA for the day?

2. Which pair is having the bigger swings for the day?

3. If neither of the above is clear, I choose the pair with the smallest spread.

I don't know for sure, but probably 4/5 times Reason #3 wins out. But since the pairs are correlated, shouldn't matter much anyway.

Doc
  • #6,951
  • Aug 17, 2009 1:17pm Aug 17, 2009 1:17pm
Quoting Chris_B
Ok...i've done a little visually backtest...but only from 07 August (is what is showing my chart...i will expand my backtest tomorrow)...so

11 days of trading 24/6:

Assuming an entry at the open of the brick after the arrow, settings 2,10,2,3 on EURJPY, using only momentum crosses, no trix and no ma, assuming a SL of 30 pips.
Some trade has a drawdown of 1 brick before going in the right direction but:

108 total trades
94 winners
14 losers

we are at an 87% hit rate...but i think we could do better...i wanna reach at least 95%..
The MT4 material will never be 100% in correlation to my own material due to the data feed alone.

No matter, focus on the best times to trade and see what happens to your testing results at that point.

Nice work Chris.

Regards.
  • #6,952
  • Aug 17, 2009 1:23pm Aug 17, 2009 1:23pm
Quoting DocPMD
This topic has really been eating at me for a while, because I don't think that some of the folks here have a clue about what is going on with respect to risk.

Both C4 and Nitro are based upon watching PA on four highly correlated pairs....
It is really tough to trade multiple pairs short term because you don`t have the luxury of an error margin on both entries and exits with a small target.
I trade 2 pairs maximum using EA to TP .. that is my limit.
" Never let the past hold the future to ransom "
  • #6,953
  • Aug 17, 2009 1:29pm Aug 17, 2009 1:29pm
Quoting DocPMD
Thanks for the Gold Star!

My screening for the trading pair is as follows:

1. Which pair has the smoothest PA for the day?

2. Which pair is having the bigger swings for the day?

3. If neither of the above is clear, I choose the pair with the smallest spread.

I don't know for sure, but probably 4/5 times Reason #3 wins out. But since the pairs are correlated, shouldn't matter much anyway.

Doc
Hint. Spread is nothing to be overly concerned about. We need only MOMENTUM.

When you have that, it matters not what a pairs spread is. That is for the brokerages to survive on. Why do different pairs have higher spreads? Simple. Easy money for the brokerages is one thing, however, they also want you to succeed so as to trade more often with them.

As such, with decent momentum, even GY will knife through a 7-9 pip spread during optimum trading times as if it were a 2 pip spread.

Again, great observation earlier. I piss and moan about diminished market exposure pretty often. So, why would I promote trading four pairs as opposed to one? If I can hit my target with but ONE trade a day providing a good setup, why not just do that?

And before anybody mentions it, I could care less about being stopped out. Am a probability theorem trader. Every loss provides an even better opportunity on the next trade. A high hit rate will easily absorb the loss, even at a 1:5 or 1:6 ratio.

Focus ALL efforts for now on listening to what Chris and DX are coming up with. Big props to Jacson101 also.

There is more to Nitro still to come. We solve one mystery with MT4 at a time. The key is, as always, MOMENTUM.

Regards.

Regards.
  • #6,954
  • Aug 17, 2009 1:31pm Aug 17, 2009 1:31pm
Quoting Edgetrader
The MT4 material will never be 100% in correlation to my own material due to the data feed alone.

No matter, focus on the best times to trade and see what happens to your testing results at that point.

Nice work Chris.

Regards.
Some days ago the coder of the MT4 renko script wrote that if we want he can anchor the brick formation to a value (0 value?) so we could have all the same picture i think...
Do you think this could help?

Is in post #6281

http://www.forexfactory.com/showpost.php?p=2948926&postcount=6281
Market is like a puzzle, YOU have to fit the pieces!!
  • #6,955
  • Aug 17, 2009 1:35pm Aug 17, 2009 1:35pm
Quoting harar
40 pips within half an hour. Strangley I stopped watching anything except the PA.
  • #6,956
  • Aug 17, 2009 1:36pm Aug 17, 2009 1:36pm
[quote=paulw6182;2961480]
Quoting FrankenPip
thanks anyway its still not working, nevermind
Close MT4.

Download and unzip the indicators into the indicator folder in the experts folder.

Open MT4.

It should work unless you have exceeded the indicator limit.
If you only trade long, then you can't always be wrong.
  • #6,957
  • Aug 17, 2009 1:39pm Aug 17, 2009 1:39pm
Quoting Chris_B
Some days ago the coder of the MT4 renko script wrote that if we want he can anchor the brick formation to a value (0 value?) so we could have all the same picture i think...
Do you think this could help?

Is in post #6281

http://www.forexfactory.com/showpost.php?p=2948926&postcount=6281
I would rather have everyone on the same page as opposed to each person reading something different.

Regards.
  • #6,958
  • Aug 17, 2009 1:48pm Aug 17, 2009 1:48pm
yes, i think that would be a good idea. lets contact michal.


Quoting Edgetrader
I would rather have everyone on the same page as opposed to each person reading something different.

Regards.
  • #6,959
  • Aug 17, 2009 1:50pm Aug 17, 2009 1:50pm
Quoting Edgetrader
I would rather have everyone on the same page as opposed to each person reading something different.

Regards.

I also think that would be a good idea
  • #6,960
  • Aug 17, 2009 1:56pm Aug 17, 2009 1:56pm
Quoting tex
yes, i think that would be a good idea. lets contact michal.
I have sent him a PM...
Market is like a puzzle, YOU have to fit the pieces!!
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