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C4 Scalping

  • #7,501
  • Edited 3:00pm Aug 21, 2009 2:48pm | Edited 3:00pm
Just wanted to say thanks Edge for all your efforts and PATIENCE with those who constantly post nonsense and negativity (if they only knew how they become little bundles of misinformation)...If they would listen more, post less and trade constantly they would be in much better shape. These kind of people constantly "MAJOR ON THE MINORS" Always starting controversy--always chasing another fox down an endless path---cluttered minds....

I haven't posted any charts because I live trade with MB trading but have my Renko charting with Interbank FX...

Even though I am retired and now trade full time, and have been trading for some years, I have learned much with this scalping method...and using the Renko bars....I am doing well with NITRO and adjusted nicely----so you CAN teach an old dog new tricks...key is discipline!!!!! Following orders....Following the plan. I sit and chuckle many times at posters who won't follow the plan and wonder why they fail--some praise the system and the teacher at first then end up cursing them!!!! I can sometimes spot the trouble-makers in their first post....

I learned discipline when I joined the Marines at age 17 in the 60's during the Viet Nam conflict......learned to take and follow orders... don't constantly question... stick to the plan....understand teamwork.....don't always think you have a "better way"...have undying confidence that you will accomplish the task....be willing to undergo the intense training....do it over and over and over until you can do it in you sleep...

Soldiers that lack this discipline DIE!!!! Traders that lack this discipline are most all the time "losers" and many become bitter-- you see it in their posts and their "results" They become 'freelancers' and yet from page 1 of this thread the plan was "keep it simple" Just follow the plan

Well enough said except I'm really looking forward to having a new thread exclusively dedicated to NITRO as I'm sure we have a lot more learning to do as we become "excellent" in our trading (Sorry for the rant)

Eegle
  • #7,502
  • Aug 21, 2009 3:14pm Aug 21, 2009 3:14pm
Quoting SusanD
My daughter and I spent the summer reading over and over and watching videos of a famous trader.

Even after that we knew we needed more.

The more is directly related to price action I believe.

I think this thread addresses the PA directly and it is great.

No matter how many indicators, EA's etc., if you do not understand PA you will never be successful at this.

I think the people who are trading the Renko candles with no indicators have the best chance.

The market makes the same march over and over and no matter what you use to interpret...
Your post really hit home. I've been screwing around with every indicator I got my hands on... I'm all indicator-out. The irony is, I did better when I first started trading a couple years ago and didn't know squat. Then I went live and lost 85% of my risk capital within 4 months.

For some reason, went I went live, I also added all these indicators to my "system" because I thought I knew what I was doing. It's now time to get back to simplicity and having the confidence to believe the plain and uncomplicated facts staring at you in the chart.

Following this thread since day one, thank you very much Edge, I'm no longer asking where do I get in, but where do I get out? Find out the answer to the latter, and former is easy.
  • #7,503
  • Edited 6:56pm Aug 21, 2009 3:17pm | Edited 6:56pm
Achieved my 2% goal for the day. Trading outside hours so was going for few small profitable trades to achieve mission success.

Few naysayers and negativity lately - they dont matter. Focus on the plan and trade it. You'll be profitable. Stick to mission objective.
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  • #7,504
  • Aug 21, 2009 3:20pm Aug 21, 2009 3:20pm
Quoting Edgetrader
Thanks.


The Mayonnaise Jar

It just goes to show you that no matter how full your life may seem,
there's always room for A couple of cups of coffee with a friend.'


Highest Regards.
One of my favorite life inspiring stories. This is my first post in this forum even though I have been learning and applying the lessons taught by Edge and all the other contributers since day one. Thanks to all of you for your hard work and contributions. I too, have improved my trading, especially the mental aspect. C4 has been somewhat successful in pips gained but Nitro is proving to be the answer to my search for a successful trading plan. I have only been using Renko bars and Nitro for 10 days but I have been able to show a profit (in pips) for 8 of the 10 days. Won't bore with details now but am looking forward to more information on how to trade Nitro. Will post charts as I master the plan. Thanks again to all who contribute to this thread.
  • #7,505
  • Aug 21, 2009 3:41pm Aug 21, 2009 3:41pm
Quoting Edgetrader
Thanks.

We are soon to form a relatively tight little group I believe. First effort at thread operation was a self graded 'C' effort. Good learning process for myself also.

FF community was able to benefit to some extent and that is always a good thing. Time to work on trading only though. Will really ramp up the trading efforts part tremendously. The 75% mental trading aspect is going to front burner now. A month of trading until one drops should be good enough to start the mental transformaton process into pure probability theorem trading....

Hi Edge,

for sure,these "Golfballs" are the really most important things in our Life...

Greetings from
Toledo Jr.1 (a Sportsman par excellence!), Toledo Jr.2 (trades much better than me and teach me not to be greedy !!!) and last but not least Toledo, the "Master of Desaster"!

All the best and have a nice weekend!
  • #7,506
  • Aug 21, 2009 3:47pm Aug 21, 2009 3:47pm
Thank you Edge! Your guidance has brought my trading to a new level for sure. I know I have not been an active poster here put for sure I have been silent follower of you teaching. Sometimes I feel that you have already teached us already everything but for sure everyday I look at the charts I learn something new. Sry to say I was never a big fan of C4 but I am huge fan of NITRO. So for sure I am looking forward what the real NITRO has to offer us and what else you can offer to us.

Regards

Kristjan
  • #7,507
  • Aug 21, 2009 4:01pm Aug 21, 2009 4:01pm
Thanks everybody, especially Edge! Looking forward to the next level!
Q
The Only Constant Is Change!
  • #7,508
  • Aug 21, 2009 4:35pm Aug 21, 2009 4:35pm
On July 10 the C4 scalping thread was presented to the Forex factory web site without fanfare or advertising. The success of this thread was the result of a dedicated individual who was willing and able to reach out to a group of investors who had a demand for a successful short term scalping method.

With 500 plus pages, 7000 posts and page views in excess of 1 million views is a testament to our mentor Edgetrader , bravo Edge.

Todays announcement by Edge stating that a new thread will be open next week is wonderful news.
As a group we can be assured by past experiences that Edge will be taking members to another higher level .

As a long term trader in stocks, I was looking for another investment option to add to my retirement and looked into the FX market. For several weeks I was flondering around in the bushes with thoughts of moving on until I found the C4 scalp thread, what a benifit I have gained as most of the other members have by their posts relating to the knowledge gained.

I cannot say enough about the input by other members with their posts that have helped me to learn and understand...Thanks Guys

Looking forward to next week..

Again Edge, a big thank-you..

deano
  • #7,509
  • Aug 21, 2009 5:16pm Aug 21, 2009 5:16pm
Thanks Edge and all who have so generously shared and contributed.

I am looking forward to the next level of training. It has been an exciting journey so far.

Have a great weekend!

Greg
  • #7,510
  • Aug 21, 2009 7:00pm Aug 21, 2009 7:00pm
Made the switch from C4 to Nitro. Can't wait to see this beauty in action...
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  • #7,511
  • Aug 21, 2009 8:24pm Aug 21, 2009 8:24pm
Edgetrader,

Good luck on your new thread, Mate. Hope you give everyone a blank slate. Don't hold old grudges.
  • #7,512
  • Aug 21, 2009 8:37pm Aug 21, 2009 8:37pm
Edge and all contributers to this thread. As a quiet follower and a rare poster
myself from day one I would also like to show my appreciationfor the educational journey I have been on. Nitro is my prefered trading method and funny how looking back at C4 candles I wonder how I ever managed looking forward also to the Nitro-focused thread. I promise also to be more thread active...good and the not so good trades.
Best regards
excuse poor sentence layout. I'm in a car heading to sunshine coast(QLD) on the iPhone
where thought goes energy flows
  • #7,513
  • Aug 21, 2009 9:45pm Aug 21, 2009 9:45pm
Damo12
Couldn't resist it - I am also on the Sunshine Coast (Pelican Waters). We are still in the grip of winter here - Damo, rug up Mate, its forecast to be 29oC today and warmer tomorrow!! All you northern hemi people, eat your hearts out!!

I too am looking forward to further learning with Edge and the crew with a concentration on Renko trading.
  • #7,514
  • Aug 21, 2009 9:52pm Aug 21, 2009 9:52pm
Quoting Edgetrader
Page one is now updated for the final time. All reference to Nitro trading material has been removed so that only those interested in C4 will have the material to do so.

Will work diligently on the new thread front page.

Maybe we gain some renewed energy next week.

Then again, C4 boot training was mild compared to what is coming with the Nitro thread. Already have several 50 cal. machine guns oiled and ready. (Plenty of room in the 'ignore' section).

We will have an opportunity to stay on subject and focus efforts there. No new indicators,...
Edge,
I have only posted once but I have followed you from Paulus thread and have worked the C4 and Nitro systems with dedication practically every day. I love what you have brought forward and how you have guided me to the next level. I have worked FX for 2 years now and this was brought forward in perfect timing. Thank you for your generousity and dicipline.
Onward!
  • #7,515
  • Aug 21, 2009 11:10pm Aug 21, 2009 11:10pm
A poor week on C4 with Nitro pairs for me.

Reviewing my mistakes this week, I believe the main issue I have is 'seeing' when the momentum is flowing, when it is not flowing and taking timely action.

Whilst I believe I do a good job understanding the prevailing trend and reading price action, I feel my weakness right now is not pulling the plug fast enough when momentum is not present.

My usual set-up is (say for a downtrend) for price to cross below the MA, wait for close of the first red candle, check for confirmation on the dashboard for both Trix (Down) and Mom (< 100) and aim to enter soon after (discretionary element based on perceived momentum) the open of the second candle.

However, as has happened a few times every week, even though all of the above conditions are present, when I entered I would find insufficient momentum to drive the price lower. i.e. price just chops around. This is the main issue I have at this time.

Thanks to Edge, DaveW, 4xTrader2 and Chris_B for addressing the importance for MOMENTUM in the last 10 pages. I know momentum is not just a reference to the indicators (Trix and momentum) simply because all indicators lag, but whether price itself is showing a high probability to move and to move quickly.

I know momentum can only be determined by looking at the price chart. To date I haven't been able to do that too well. If any of the 4 traders above could add anything further to help me read / anticipate price momentum better, that would be most welcome.

I've just read through the last 10 pages of posts and realise Edge will now focus exclusively to Nitro trading. I look forward to reading more about Nitro, because I believe I will at some point, try Nitro for myself.... but probably after cracking this momentum issue at hand. One step at a time.

Look forward to your constructive feedback.

Have a good w/e
  • #7,516
  • Aug 21, 2009 11:23pm Aug 21, 2009 11:23pm
Quoting tex
We are on the same side. I agree with you - watching PA and seeing what is going on is king. I just think it would be a little bit more comfortable if one gets some help of his stupid little helper under his desk (no not the dog lol)..

I agree with tex. While nothing can replace keen observation of the PA with your 2 brown/blue/green eyes but it can be frustrating at times when PA is ranging for hours and you are monitoring multiple pairs.

The moment you go for a toilet break and the PA moves and you miss the trade.... Often alot of fx pairs with high correlation moves simultaneously...

I think we only need one indy with an alert. Indy that can measure price volatility as in the measure of prices changes over a short time frame. And I dont mean the standard MOM indy.

With increasing velocity in price movement, we increase our probability of hitting our TP of +5

The alert is to allow us to make a decision whether to enter the trade or not when we are not glued to the monitor.

Just we use a computer to process the ticker price info instead of the old ticker tape/ newspaper...this technology be it hardware or software is to make our trading life easier and more efficient.

Rgds,

dngfx


DN
  • #7,517
  • Aug 21, 2009 11:34pm Aug 21, 2009 11:34pm
Edgetrader,

First and foremost I would like to say a BIG Thank You.I am enjoying tremendously your words of wisdom and teaching.

I am always lurking in the background reading and learning as much as I can from your and a handful other members' posts and practicing Nitro on demo. The results so far were mixed.

That is also one of the reason I did not post my results and charts not because I can't but I do not want to give impression that your method ain't working.

It is me that ain't good at it yet.(not for long)

I promise myself that I will post charts of the trades I took in the near future.

From your method,I also understand now why professional traders only need few pips daily to reach their targets.

Lastly but not the least I'm looking forward to your new thread exclusively on Nitro.

Thank you again

Vincent
  • #7,518
  • Aug 21, 2009 11:49pm Aug 21, 2009 11:49pm
That's so funny. Just read a post from someone who shall be nameless, accusing Edge of playing with fancy indicators. They just don't get it. What a brilliant way of teaching price action. To make everyone comfortable, introduce some indicators because that's what the indicator junkies expect. Then start to remove them and show that it's PA that really counts. If Edge had started a thread saying, sit in front of your screen and look at price for 100 hours, it wouldn't have got much attention.

Looking forward to your new Nitro thread Edge. You are the man. And please don't waste your energy on all the useless negativity that creeps in from time to time. And a big thanks to all the positive posters. You know who you are.
  • #7,519
  • Aug 22, 2009 12:13am Aug 22, 2009 12:13am
Quoting SlushFund
That's so funny. Just read a post from someone who shall be nameless, accusing Edge of playing with fancy indicators. They just don't get it. What a brilliant way of teaching price action. To make everyone comfortable, introduce some indicators because that's what the indicator junkies expect. Then start to remove them and show that it's PA that really counts. If Edge had started a thread saying, sit in front of your screen and look at price for 100 hours, it wouldn't have got much attention.

Looking forward to your new...
Come on, Mate, stop fanning the flames, especially when they can't respond back to you. Be a good bloke.
  • #7,520
  • Aug 22, 2009 12:25am Aug 22, 2009 12:25am
I have been watching this thread from the first week, and have been doing ok with c4 so far. And, I do tend to get slapped around a bit if I try to trade outside the asian/london session. As my mind doesn't function very well after sleeping, I have stayed at that session. My failures are getting fewer, and my successes better and more numerous. I look forward to the Nitro thread and am thinking about buying renko script for MT4
I am however still looking for a scriipt for dukascopy's jtrade platform... If anyone knows how or where I could get one, I'd be really appreciative....
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