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NITRO Scalping for serious traders

  • #21
  • Aug 26, 2009 9:57am Aug 26, 2009 9:57am
No doctored screens just 6th day in a row making a profit. The key is price action. Note that I removed everything but the Renko scalper candles and the MA. I have another MA on the chart strictly to help me identify the larger trend.

I am only posting the EJ chart as this is all I traded today.
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4XTrader2
  • #22
  • Aug 26, 2009 10:03am Aug 26, 2009 10:03am
Quoting 4xtrader2
No doctored screens just 6th day in a row making a profit. The key is price action. Note that I removed everything but the Renko scalper candles and the MA. I have another MA on the chart strictly to help me identify the larger trend.

I am only posting the EJ chart as this is all I traded today.
Nice ... I managed to get in too late on GY and EY on the last move up .. should have paid more attention to overall trend.
What setting do you use on your longer term MA?
******************* I'd rather make money than be right.
  • #23
  • Aug 26, 2009 10:05am Aug 26, 2009 10:05am
Quoting 4xtrader2
No doctored screens just 6th day in a row making a profit. The key is price action. Note that I removed everything but the Renko scalper candles and the MA. I have another MA on the chart strictly to help me identify the larger trend.

I am only posting the EJ chart as this is all I traded today.
Just my 1st day on Renko system, very impressed by system, just got to follow the rules..
  • #24
  • Aug 26, 2009 10:11am Aug 26, 2009 10:11am
Hello All,

Glad that this thread got started.

As you probably know, I was banned from the C4 thread for disagreements with Edge. If you took the time to go back through my posts there (please don't waste your time) you will see that all of my posts had good intentions and that I was simply asking probing questions. I was working very hard to make C4 and Nitro work for me.

In the end, I hit a roadblock with Nitro and asked Edge to give another clue to help us along. That's when he went off his rocker - and admittedly so did I for a post or two. In my last post in that thread I stated that I thought Nitro was nothing but vapor. That's because Edge kept dangling the carrot in front of us (and as of this week still was by delaying his Nitro thread another week), and I was beginning to think it might all be some kind of joke.

His response indicated to me one of two things: either Nitro would not ever work, or the keys to the system would be eventually offered for sale in the form of an EA by Edge (or an alias). I could figure no other explanation for his response.

I feel that I was treated unfairly. I was just trying to contribute. I never criticized the methods negatively, just was asking difficult questions. I gave Edge the benefit of the doubt that his methods were sound. My gut, at the time, told me that something underhanded was going on. So I would not be telling the truth if I said I was not happy to see Edge disappear.

I do suspect that there might be a way to make Nitro a powerful scalping method. But keep in mind - the math does not lie. If the TP level is 5 pips and the SL is around 20 pips, we will need a hit rate of over 85% for this to be a comfortably profitable method.

I hope that you realize that I can add value here and that you will welcome me back. If not, ban me and I'll just watch from the sidelines. I hope you make some good progress.

Doc
  • #25
  • Aug 26, 2009 10:15am Aug 26, 2009 10:15am
Quoting 4xStar
Nice ... I managed to get in too late on GY and EY on the last move up .. should have paid more attention to overall trend.
What setting do you use on your longer term MA?
I am using the MA in Color_wAppliedPrice(24,3,6). It helps identify the longer term trend.
4XTrader2
  • #26
  • Aug 26, 2009 10:20am Aug 26, 2009 10:20am
These are my trades for today...i was very distracted by the "non trading" posts...and not enough focused on trading...took 2 losses...but the day end with a +1,42%
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Market is like a puzzle, YOU have to fit the pieces!!
  • #27
  • Aug 26, 2009 10:21am Aug 26, 2009 10:21am
Quoting 4xtrader2
I am using the MA in Color_wAppliedPrice(24,3,6). It helps identify the longer term trend.
OK .. I am trying it with 34 (another fib number) but will put your settings on as well to see which one works better for me. Thanks.
******************* I'd rather make money than be right.
  • #28
  • Aug 26, 2009 10:22am Aug 26, 2009 10:22am
Quoting Chris_B
These are my trades for today...i was very distracted by the "non trading" posts...and not enough focused on trading...took 2 losses...but the day end with a +1,42%
Can't argue with that!
******************* I'd rather make money than be right.
  • #29
  • Aug 26, 2009 10:31am Aug 26, 2009 10:31am
Quoting 4xStar
All those who are serious about continuing to learn this SCALPING technique to take 3-10 pips per trade, 2% per day are welcome. Those who want to swing trade, take more profit, make more than 2% or become forex billionaires are invited & encouraged to go elsewhere. On FF there is room for all.

We still have much to do .. let's get back to work.

====================================================

TRADING NITRO

A commercial version of the renko bars is recommended, the free version written for MT4 does...
I am in.

Regards

JC
  • #30
  • Aug 26, 2009 11:20am Aug 26, 2009 11:20am
Hi 4X


Which indicator is it for MA
MA in Color_wAppliedPrice or HMA_color_nrp ?
  • #31
  • Aug 26, 2009 11:49am Aug 26, 2009 11:49am
Quoting 4xStar
All those who are serious about continuing to learn this SCALPING technique to take 3-10 pips per trade, 2% per day are welcome. Those who want to swing trade, take more profit, make more than 2% or become forex billionaires are invited & encouraged to go elsewhere. On FF there is room for all.

We still have much to do .. let's get back to work.

====================================================
What Do We Know About Nitro?


From Edgetrader’s post on the C4 Strategy forum of Sunday, August 02, 2009, 8:58 pm (since removed):
His “original” Nitro system backtested on TradeStation including a screenshot of Nitro trades on the EURJPY, supposedly had the following indicators and settings:
1. WMA (16)
2. TRIX (5)
3. Momentum (4) – Primer
4. MA cross with TRIX confirmation is the Trigger
Listed the GBPUSD, EURUSD, and USDCHF pairs. However the screenshot and Excel spreadsheet shared was for the EURJPY.
Renko blocks were set at 10 pip blocks but it was suggested 5 pip blocks could provide quicker activity. The screenshot showed 10 pip blocks. I have checked the trades in the trade list of the spreadsheet against the screenshot and they do check out.

From the C4 Strategy Post #1 updated August 7, 2009, the following was recommended for the NITRO STRATEGY:
Commercial Renko charting package is recommended.
The following Indicator settings were recommended:
1. HMA color set at 8,3,3,true,2,0. (MA in Color_wAppliedPrice.mq4)
2. SM Super Trix PV4 set at 2,1,1,1. (Keep ONLY the signal arrows on your charts) (smSuper TRIX_PV_4col.ex4).
3. Momentum set at 4 and overlayed within the TRIX indicator box. (Standard MT4 indicator).
4. DXTrade Information C4/Nitro meter (default settings) (DXTrade C4 Nitro Dashboard.ex4)
5. SM Scalper Candles set at 2,1,1,1 overlaid on the Renko bricks. (smC4Scalper Candles_v3.ex4)
Best suited pairs listed were the EURJPY, CHFJPY, AUDJPY, and GBPJPY. Substitute GBPJPY with USDJPY if uncomfortable with large spreads and high volatility.

1. Set the Renko brick size to 10 pips
2 - SM Scalper candles turn color as does the HMA color indicator.
Momentum crosses the 'zero' level of the TRIX indicator – Primers
3 - TRIX arrow appears – Charge!
4 - Two (2) bombs on the meter that are the same color. – Detonator.
TP = 5 pips SL is arbitrary.
What is the Nitro Strategy Now?


Renko charts – commercial or freebie – your choice.
Indicators:
· Moving average. WMA 8 to 12 or HMA 8
· TRIX 2 to 6 OR
· IndexedMomentumK – 2,10,2,3.
· Other indicators per your discretion
Entry/Exit: 5 pips TP, SL is discretionary
Correlation with other JPY pairs provides confirmation of trend direction.
FOCUS ON PRICE ACTION. Price action is best described as how fast the price is moving in the direction of the trend. If it is moving fast enough you can get in and hit your profit target within one to two minutes. This is considered a high-probability trade.
The concept of “less is more” applies to indicators, trading goals, risk.
Conceivably, a 5 pip profit made with one trade of 5 lots has less risk than 5 – 1 lot trades making 5 pips.
Can this strategy be traded profitably?
That is for you to decide. A number of people have been forward testing this strategy and are convinced that it is profitable and worth pursuing. I am one of those who believe that. My basic plan has been to trade it for a couple hundred trades in a demo environment, go live with small exposure (1 mini lot) and test it again for a couple hundred trades. From there, go to larger lot sizes (1 to 10 standard lots).

Post your thoughts, comments, feedback, critiques, ideas, etc. that you feel will validate and improve the strategy. Please don't post mindless BS, accusations, innuendos, rants, etc. that do not improve the strategy.
Thanks
4XTrader2
  • #32
  • Aug 26, 2009 12:01pm Aug 26, 2009 12:01pm
Quoting 4xtrader2
What Do We Know About Nitro?


From Edgetrader’s post on the C4 Strategy forum of Sunday, August 02, 2009, 8:58 pm (since removed):
His “original” Nitro system backtested on TradeStation including a screenshot of Nitro trades on the EURJPY, supposedly had the following indicators and settings:
1. [color=#0070c0][size=3][font=Calibri]WMA...
i am new to this system and was wondering my templates and indis issit correct?

and the last thing is how do we define the entry to long or short?

TIA and rdgs
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trade safe
  • #33
  • Aug 26, 2009 12:06pm Aug 26, 2009 12:06pm
Many thanks for starting this thread 4xTrader2. I was about to go crazy just trying to read the other thread. My contributions will come soon.
JoeSDF
A traders greatest enemy is boredom.
  • #34
  • Aug 26, 2009 12:11pm Aug 26, 2009 12:11pm
Quoting zz_zhang
i am new to this system and was wondering my templates and indis issit correct?

and the last thing is how do we define the entry to long or short?

TIA and rdgs

For Nitro we are using Renko charts,I think its posted in the first post where to get a free version.
Im not using the free version myself so im not sure how well it works.

Edit: actually its in the other Nitro thread,if you want the free version you should look at the second post:
http://www.forexfactory.com/showthread.php?t=193547

~Jeroen
  • #35
  • Aug 26, 2009 12:42pm Aug 26, 2009 12:42pm
really glad to see i am not the only one!

started 2 weeks too.

i'll keep fighting along your side, pal!

be well

Wanna
dreams do come true.
  • #36
  • Edited 1:01pm Aug 26, 2009 12:59pm | Edited 1:01pm
Quoting RacerX7
Good to see this new thread started!
Ive been testing nitro for 2 weeks and I'm still no profitable AT ALL.
I lose constantly every day

But I see many goods results so I will keep practicing so I can master this system.

All you losers using Nitro, you are not alone we need to practice more!

Thanks all.
Racer and Wannerbe.

Guys, was a struggle at first, cant really explain it, it just clicked at some point Was mostly due to not reacting to the indicators. It was waiting for the set up then deciding at that point if i was happy to take the trade.

Someone else said something that stuck " When the set up occurs I look for reasons NOT to take the trade rather than reason to take it. If i cant find any then take it"

If you post a chart or two of trades taken that didn't work out we will all do our best to help to show how or why we would have kept out.

All the talk about the Risk/Reward and Win/Lose needs to be talked over slightly I think.......

The overall aim/direction of Nitro was to minimise the exposure in the market as much as possible, and i believe it was going to eventually lead to 1 trade a day.

When only looking for that 1 trade a day you can chose the BEST possible set up when everything is good and in your favor.

Yes, there is never going to be a 100% system. But being at 7 days in a row without loss i am happy with the numbers. When all 4 pairs are in unison and I am only looking for 1 trade for a pathetic 5 pips which usually takes all of about 15 seconds to get and rarely goes into the red then it is worth it (In my opinion)

This system hasn't been around long enough to show what it is going to be like over a longer period of time, however those here are working to wards that and are hopeful.

Thanks guys for opening the thread and continuing the system, looking forward to future developments

Thanks
Waddij
  • #37
  • Aug 26, 2009 1:09pm Aug 26, 2009 1:09pm
Today's trade were 50% win and 50% loss. (many negative pips overall)

well keep trading this system for a few more days to decide if it is for me or not.

still unsure of the indis.
  • #38
  • Aug 26, 2009 1:09pm Aug 26, 2009 1:09pm
Quoting RacerX7
Good to see this new thread started!
Ive been testing nitro for 2 weeks and Im still no profitable AT ALL.
I lose constantly every day

But I see many goods results so I will keep practicing so I can master this system.

All you losers using nitro, you are not alone we need to practice more!

Thanks all.
I really feel for you man. I couldn't do squat with it at first but I spent a lot of hours just sitting and watching the charts. I have begun to recognize Price Action and can identify when to get in and out fairly intuitively. It hasn't been easy. I've only had 6 profitable days straight and each trade is always a risk. But, the more you practice, the better you will become at this. However, I have been averaging 4% to 6% per day on a 10K account (demo right now). You see in my post above that my plan after trading it for a couple hundred trades in demo is to go with mini lots first and then to full lots. I trade the demo as closely as I would trade a live account. (Been trading live for 5 years so I am not a virgin). However, this scalping strategy suits my trading style better than other strategies I have utilized so that is why I am sticking with it.
Good luck. Keep at it. You will succeed if you put your mind to it.
4XTrader2
  • #39
  • Aug 26, 2009 1:55pm Aug 26, 2009 1:55pm
Quoting DocPMD
Hello All,

Glad that this thread got started.

As you probably know, I was banned from the C4 thread for disagreements with Edge. If you took the time to go back through my posts there (please don't waste your time) you will see that all of my posts had good intentions and that I was simply asking probing questions. I was working very hard to make C4 and Nitro work for me.

In the end, I hit a roadblock with Nitro and asked Edge to give another clue to help us along. That's when he went off his rocker - and admittedly so did I for a post or...
I think it is best to say all comers are welcome so long as we stay on track. The focus here is on the Nitro in its current incarnation. Please see my other posts for additional info.
4XTrader2
  • #40
  • Aug 26, 2009 2:12pm Aug 26, 2009 2:12pm
If you are having trouble look at your charts, E/J specifically, there are patterns that repeat with Renko.
How many wins if you would just enter on second brick every time?
How many wins if you would just enter on second brick every time in the direction of strength? (just throw MA 50 on your chart for strength direction)
How many wins if you would just enter on second brick every time in the direction of strength and at the suggested trading times?
How many wins if you would just enter after one brick pullback every time in the direction of strength and at suggested trading times?
What does probability trading mean? We heard about it but never really looked into it.
Do the work for yourself, the results will at least intrigue you!
Q
The Only Constant Is Change!
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