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C4 Scalping

  • #7,561
  • Aug 22, 2009 5:55pm Aug 22, 2009 5:55pm
Quoting fxspeedster
What is there to be learned from these kind of posts?
That the poster didn't get enough breast milk when they were young and still needs attention.



(runs and ducks for cover)
  • #7,562
  • Aug 22, 2009 6:40pm Aug 22, 2009 6:40pm
Quoting gbppip
Sorry Mate, but the MA 48 is an indicator. Good job in finding something that works.
You obviously misunderstood me, the MA 48 was used only to make my simple visual back test quicker.
Q
The Only Constant Is Change!
  • #7,563
  • Aug 22, 2009 6:51pm Aug 22, 2009 6:51pm
Quoting JazzmanQ2
You obviously misunderstood me, the MA 48 was used only to make my simple visual back test quicker.
Q
Thanks for clarifying, Mate.
  • #7,564
  • Aug 22, 2009 6:57pm Aug 22, 2009 6:57pm
Quoting gbppip
Thanks for clarifying, Mate.
Thats one of the reasons I like Renko visually. Its easier to see direction.
Q
The Only Constant Is Change!
  • #7,565
  • Aug 22, 2009 10:35pm Aug 22, 2009 10:35pm
Quoting scartree
I am grateful for the fact that the FX market does not trade 24/7. The w/e gives a respite to recharge the batteries, catch up on this runaway thread and spend time thinking about the results of the previous weeks trading efforts.

It occurs to me that two of the most important factors in our Renko trading are momentum and currency correlation. I am sure we will hear more on the momentum of the PA but the correlation between various pairs (which can change with time and circumstances) has not really been canvassed.

Correlation can be affected...
G'day Karl
smjones posted a Renko alert indy a few pages back. Wonder if it could be adapted into a correlation indy ie alert when all 4 pairs have closed with a up/down bar Also his S/R lines on the indy look tradeable
smjones if you are still around is this worthwhile/feasible?
We are all One. Be present. Be the Observer
  • #7,566
  • Aug 22, 2009 10:58pm Aug 22, 2009 10:58pm
Quoting fxspeedster
You said it so well. So many posts like this and for what? What is there to be learned from these kind of posts?
I respect Cobra's opinion, but i feel the need to reply since i was one of the followers of Edge's thread who posted these kind of posts. I was simply accomplishing 2 things: 1- Posting trades as requested by Edge 2- Giving encouraging testimonials to others that someone with not too much experience in forex could successfully trade C4 or Nitro and accomplish the daily mission. Best Regards
JC
  • #7,567
  • Edited 11:06pm Aug 22, 2009 11:02pm | Edited 11:06pm
To all Nitro Traders

Assuming that the daily target of Nitro traders is 2% and maximum risk is -4%, then a rethink needs to take place regarding the Money Management side of things.

For simplicity lets consider an account of $10,000.

At -4% Max risk would be $400.

Allowing a stop loss of 25 pips then the maximum that could be traded on any one trade ( or combination of simultaneous trades) would be $16.

If a take profit of 5 pips is used then a winning trade would gain $16 x 5 = $80 ( 0.8% ), So, a target of 2% for the day ($200) would require 2.5 succesful trades ( or combination of simultaneous trades) a day.

I image Edge would agree that neither the target of 5 pips nor the 2% target per day were handed to him on a stone tablet fresh from the top of the mount and the Forex Police are not monitoring each of the Nitro Forum member's accounts to prevent them taking 2 or 3 trades per day.

So before we move from Boot Camp to Basic Trade Training School it will be necessary for each member to study the combinations and come up with a formulae that fits in with their trading regime.

Those who are willing and able to put in the screen time may be happy taking 0.8% per trade 2-3 times a day. Others who wish only to expose themselves to the enemy once a day will have to decide between building their account at a slower rate ( 0.8% a day) or to increase their risk level to 5-6% and cease trading for the day when their monetary target has been reached.

In the weeks to come people have to find their own comfort level. Once they are confident that they can hit their target 90% of the time then accepting a greater amount of risk is not a problem.


We can all benefit going forward if when members post their trades they state the risk level and take profit target as I am sure this would help all of us seeing how the different combinations work out.

Regards to all.

Looking forward to the next step.

Dave W
  • #7,568
  • Aug 22, 2009 11:49pm Aug 22, 2009 11:49pm
Quoting KingHigh
SoOOO - looking at an "always in" stragegy -- worst cast is to look at the last bar and it is an up bar above trigger point so go LONG. Next bar is down bar - whoops - get out of LONG and open short if below trigger point and so on. IE - lose every trade by 5 or 10 pips -- BAD but not very probable....
Thanks for your post! Could you please post a chart with examples for us visual people?
Q
The Only Constant Is Change!
  • #7,569
  • Aug 22, 2009 11:55pm Aug 22, 2009 11:55pm
Quoting Analda3
I respect Cobra's opinion, but i feel the need to reply since i was one of the followers of Edge's thread who posted these kind of posts. I was simply accomplishing 2 things: 1- Posting trades as requested by Edge 2- Giving encouraging testimonials to others that someone with not too much experience in forex could successfully trade C4 or Nitro and accomplish the daily mission. Best Regards
JC
I completely agree with you Analda3. It was part of exercise to post trades made according to Edge's system. The system is very simple and one either CAN follow it or CAN NOT. What's to analyze when someone can't follow a simple plan? I think following good examples does much more good than saving a mental picture of some bad trades. I only analyze my bad trades to avoid making the same mistakes in the future.
  • #7,570
  • Aug 23, 2009 1:44am Aug 23, 2009 1:44am
Quoting KingHigh
Any comments would be appreciated. For anyone who may care, my results were right up there with Edgetrader's published Nitro spreadsheet using GU.
Without really understanding your system - did you factor in that a down renko bar is actually double the cost if you use that as your exit? As in, say you enter after an up bar is formed - for a down bar to form the pip cost would be 2 bars plus the spread.

Also, I found that backtesting renko bars is entirely unreliable. I tested an EA that showed phenomenal results, however MT4 parsed the tick data incorrectly when testing on Renko bars.
  • #7,571
  • Aug 23, 2009 2:34am Aug 23, 2009 2:34am
Quoting cinex
is that strategy profitable?
could somebody give a sense how profitable is it, i dont get idea of scalping at all, but its interesting, what can be daily average return/loss?
Profitable in relation on the training effect
  • #7,572
  • Aug 23, 2009 4:16am Aug 23, 2009 4:16am
Quoting JazzmanQ2
Just for fun (I'm addicted), I wanted to do a visual backtest of Renko blocks, specifically when there is just one block formed. The results are kind of interesting although I don't know if it means anything.
These are all approximations...but pretty close.
From August 3rd on EJ there have been 405 changes of direction where at least one 10 tic brick was formed in the opposite direction.
Of those 405 direction changes, 123 were only 1 brick which translates to roughly 30%....
Hi Jazzman, I've been working on the same kind of stuff. I was wondering what kind of edge we would get if we traded only the simple binary patterns in the renko chart. Here are my figures for EY from 3rd July 2009 to 21st August (for a 10pip renko chart):

Any UP brick is followed by another UP brick 68% of the time.
Any DOWN is followed by another DOWN 67% of the time.

A DOWN and then an UP is followed by another UP 71% of the time.
An UP and then a DOWN is followed by another DOWN 65% of the time.

I've attached a screenshot with my figures. 'D' means DOWN brick, 'U' means UP brick. In each case I was calculating the percentage of a one-brick outcome happening after a specific trigger pattern. For example, UDUU 72% means that for the trigger pattern UDU it is 72% likely that the outcome is U.
Quote
Now what if we did the same thing and added momentum and a few other factors like PA. We might be able to get that percentage even higher...at least the probabilities are better.
Yes, adding momentum and pa will improve the percentage, but is this not what Edge has already done?! Filter your signals with momentum, pair correlation and maybe trix and you're back to where you started - Nitro. For me these figures do nothing but strengthen my faith in Nitro.
Regards,
Matthew
Attached Image (click to enlarge)
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  • #7,573
  • Aug 23, 2009 4:23am Aug 23, 2009 4:23am
Hi Iamfx
Thanks for your thoughts, however, it was not my intention that we wander from the strategy in play. I think that the introduction of S/R is considered not necessary. I have used S/R and pivots in my trading for years but I have struggled to dispose of these 'extras' using Nitro and I am nearly there. My 'Linus blanket' (thanks Peanuts!) is still '3 Ducks' - and I don't even rely on their presence!
My suggestion was seeking more information about one of the elements used in Nitro in order to increase the chance of a successful entry and further reduce the risk of a trading loss. If we know that the chosen pair is following one or more other pairs and the current correlation info confirms our decision, then we can be more confident.
Karl
  • #7,574
  • Aug 23, 2009 4:42am Aug 23, 2009 4:42am
Quoting parky87
Yes, adding momentum and pa will improve the percentage, but is this not what Edge has already done?! Filter your signals with momentum, pair correlation and maybe trix and you're back to where you started - Nitro. For me these figures do nothing but strengthen my faith in Nitro.
Regards,
Matthew
Yes...from the first time i have seen a renko chart on my screen i've noticed that just watching PA patterns the hit rate could be high...
If you stay with the trend the hit rate increases..
If you add momentum it increases more...

Edge has worked on this for a year...he has said...to find the "perfect" edge that increases the hit rate to over 90%...so it means that THIS IS POSSIBLE!!

Now...what is the difference between TS Nitro and MT4 Nitro??

Just my opinion but...it could be simply TS...more than once he has said that MT4 is not exactly enough to trade in a real professional way.

So the difference (IMHO) is TS...and a more refined momentum indy...
Market is like a puzzle, YOU have to fit the pieces!!
  • #7,575
  • Aug 23, 2009 5:24am Aug 23, 2009 5:24am
what stop loss do you use on this
  • #7,576
  • Aug 23, 2009 5:27am Aug 23, 2009 5:27am
To Daniel17.

To which post of the 7,500+ are you referring
  • #7,577
  • Aug 23, 2009 5:40am Aug 23, 2009 5:40am
Quoting DXTrade
The updated renko script from micha is doing just this
I purchased the Renko script a while ago - where can I obtain this updated script? I tried redownloading it from MQLService but it doesn't seem to have this feature...
  • #7,578
  • Aug 23, 2009 5:41am Aug 23, 2009 5:41am
Quoting Chris_B
Just my opinion but...it could be simply TS...more than once he has said that MT4 is not exactly enough to trade in a real professional way..
If Nitro is as good as I think it is then wouldn't you consider migrating to TS if it had an edgier edge than the MT4 version. I just checked out the TS website. $99.95 a month for the platform, but free if you do 10 or more one lot trades a month. In either case FX data feed is free. Not such a bad deal.
  • #7,579
  • Aug 23, 2009 6:03am Aug 23, 2009 6:03am
Quoting SlushFund
If Nitro is as good as I think it is then wouldn't you consider migrating to TS if it had an edgier edge than the MT4 version. I just checked out the TS website. $99.95 a month for the platform, but free if you do 10 or more one lot trades a month. In either case FX data feed is free. Not such a bad deal.
You will no doubt want to do some research on GC (initials only) who is the data/clearing broker partner of TS forex. Although I very much like the TS platform I am less than enthusiastic with GC. Just my 2 cents.
  • #7,580
  • Aug 23, 2009 6:16am Aug 23, 2009 6:16am
Quoting SlushFund
If Nitro is as good as I think it is then wouldn't you consider migrating to TS if it had an edgier edge than the MT4 version. I just checked out the TS website. $99.95 a month for the platform, but free if you do 10 or more one lot trades a month. In either case FX data feed is free. Not such a bad deal.
I'm not saying this will not be a future step...not now...

At this stage i don't think it would do any difference...TS Nitro has a specific setup...without that setup any platform change doesn't add nothing to what we have now...
Market is like a puzzle, YOU have to fit the pieces!!
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