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NITRO Scalping for serious traders

  • #101
  • Aug 27, 2009 8:09am Aug 27, 2009 8:09am
Quoting justme
A possible way is using 'hi-lo activator' set to '3, 0' and wicks enabled on Renkos.

Attachment
This seems to be nothing more than a Parabolic SAR indicator which realistically gives you the same information as the SM Scalper Candles and MA.

It might be useful for making trade judgements but realistically we already know we are only going to trade with the trend and single bar counter trends would be losers. MA gives us the trend direction and TRIX or SM Scalper candles give us confirmation.
4XTrader2
  • #102
  • Edited Aug 28, 2009 1:21am Aug 27, 2009 8:17am | Edited Aug 28, 2009 1:21am
It's a small deal but it makes a big difference for me..is momentum.
I have very specific rules for the momentum indy
1. I added levels 100.05 and 99.95 for confirmed crosses
100 crosses are not good enough for me
2. I only enter if momentum crossed up or down
correctly the same candle as my signal, ie the
same renko bar that the trix or dxtrade etc gave an
arrow. If it crossed before, even 1 bar before I let
the trade go...its about momentum, the momentum
has to break my levels at the same time as everything
else I am looking at for a trade.

Clarification!: On #2, to clarify, I never enter if momentum 4 is already
in the correct direction ie above 100.05 or below 99.95 before the
signal brick. I only trade if momentum crosses the level on the same
as the signal brick or during the entry brick, which is my
favorite of the two and usually when I would actually enter the trade.

Brian
  • #103
  • Edited 9:35am Aug 27, 2009 8:24am | Edited 9:35am
Quoting 4xStar
This is interesting and may be more useful than the HMA, at first glance .. but I don't get why it is important to see the wicks. Do they add something to interpretation of the indicator?
It seems that without wicks it looks quite differently. I think in case of plain bricks true highs and lows (which are wicks) aren't saved in the file.
Take a look at the picture - it's plain bricks for the same period of time.


Attached Image (click to enlarge)
Click to Enlarge Name: plain hi-lo.gif Size: 11 KB



Generally speaking I think without wicks we are missing a great portion of market info. But it's just my personal preference.
Actually it was me who persuaded Michal (the author of the script) to add that option
Wherever you look, there's something to be seen
  • #104
  • Aug 27, 2009 8:26am Aug 27, 2009 8:26am
Have been trading C4 for some time, but seems there may not be much interest in continuing with C4 on the main thread.

Will continue to demo trade it on my own, anyway.

Though I'd have a look at Nitro.

Can someone who is successfully trading Nitro on MT4 with a free script kindly PM me with a link to where they acquired it? I have Googled for it, but would prefer a recommendation for one in particular.

Thanks.
  • #105
  • Aug 27, 2009 8:30am Aug 27, 2009 8:30am
Quick in and out on two trades. Both trades less than a minute in the market. 7th day in a row profitable for the day.

If you want to "see" price action focus on the chart. Watch the bars forming and the price on the sideline. The first trade was right after the news. I couldn't even get the profit target set. The second trade was made from the traditional "signal" of price crossing MA, Scalper Candle changing color and closing, and "Boom!" in the trade and out. I set the profit target wrong on the second trade. I was intending 5 pips (which it hit) and then reversed, so I got out with 4 pips.
Attached Image(s) (click to enlarge)
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4XTrader2
  • #106
  • Aug 27, 2009 8:40am Aug 27, 2009 8:40am
Quoting 4xtrader2
Quick in and out on two trades. Both trades less than a minute in the market. 7th day in a row profitable for the day.

If you want to "see" price action focus on the chart. Watch the bars forming and the price on the sideline. The first trade was right after the news. I couldn't even get the profit target set. The second trade was made from the traditional "signal" of price crossing MA, Scalper Candle changing color and closing, and "Boom!" in the trade and out. I set the profit target wrong on the second trade. I was intending 5 pips (which...
Very nice.

Imagine if someone told you 6 weeks ago that your trading for a day would take you less than a minute and you were only going to take 1 or 2 trades a day! Would have probably laughed at them !
  • #107
  • Aug 27, 2009 9:02am Aug 27, 2009 9:02am
Quoting waddij
Very nice.

Imagine if someone told you 6 weeks ago that your trading for a day would take you less than a minute and you were only going to take 1 or 2 trades a day! Would have probably laughed at them !
Laughing all the way to the bank ... .
******************* I'd rather make money than be right.
  • #108
  • Aug 27, 2009 9:10am Aug 27, 2009 9:10am
Having trouble with my demo platform today ( forex.com)

Managed to get +5 on ej 4 lots 2%

will post charts later if i can.

It's driving me crazy
  • #109
  • Aug 27, 2009 9:12am Aug 27, 2009 9:12am
Here my Nitro trades for today. Using a slightly modified setup.
MA in Color_wAppliedPrice setttings 50,3,6 for direction.
DXTrade C4 Nitro Dashboard settings 3,10,4 for entries, could just use TRIX settings 3,E,E,E,C instead.
Nitro-Momentum-Indy-V2 for additional entries.
Attached Image (click to enlarge)
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  • #110
  • Aug 27, 2009 9:24am Aug 27, 2009 9:24am
Quoting 4xStar
I think if you read through prior posts you'll see it is based on a lot more than hope. We have people starting to make consistent returns using renko PA, some have gone 7 days or more without a single loss. That is why we see such huge potential in this.

Many others who are trading this successfully have not yet posted here.
...
One thing I've noted: when people start to trade with renko they usually lose more than win the first couple of weeks. ...
I don't see any evidence on this thread that there is a statistical edge to the HMA/Trix/Renko combination. A statistical edge would give you better than 66% winners on a 5/10 TP/SL which is what a random entry would give you.

There are successful scalpers but what does that tell you about Nitro?

If waddij is right and its all about the trader - then there is no system.

Bottom line is that if Nitro has an edge it should be possible to demonstrate that on historical data. If being profitable requires trader discretion then Nitro has no edge and you should all head over to Frankenpips thread
  • #111
  • Aug 27, 2009 9:29am Aug 27, 2009 9:29am
I posted this in the other nitro thread, but with the permission of 4xStar, I am posting it here also:

"I am a futures trader and have been looking to venture into forex. I've read most of the C4 thread with a special interest in the use of renko and you guys are definitely on the right track. I just wanted to offer a thought that I hope can be helpful. It seems that you have maximized the utility of indicators within this system, and any more time spent tweaking them or looking for new ones would probably be better spent elsewhere--especially when it comes to renko.

Your system relies heavily on a high hit rate to make up for the R:R. Looking at the 4 pairs and the overall momentum of the markets (not the momentum indicator) is a great way to increase the hit rate. The focus should now be on finding high probability setups or patterns within the blocks that will increase your hit rate even more. This is true price action. I took Edgetrader's last chart and marked it to show some examples.

Long story short: indicators will not get you to where you want to go and in my opinion, the day you get rid of them is the day your trading takes off (that's just opinion however as I know many like to use them). Your time and community effort would be best spent in trying to achieve the high hit rate by looking at price action alone--or more specifically how and WHY the renko blocks form the way they do. Study and track these formations with statistics/probabilities and you will be successful. That's where the efforts of a community could be put to good use. The devil is now in the details and hard work really will pay off--literally. Keep up the good work. Hope this helps.

(I was going to post this in the other Nitro thread but thought it may be more appropriate here, though it would certainly apply there as well.)"
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  • #112
  • Aug 27, 2009 9:35am Aug 27, 2009 9:35am
Quoting asdf
I posted this in the other nitro thread, but with the permission of 4xStar, I am posting it here also:

"I am a futures trader and have been looking to venture into forex. I've read most of the C4 thread with a special interest in the use of renko and you guys are definitely on the right track. I just wanted to offer a thought that I hope can be helpful. It seems that you have maximized the utility of indicators within this system, and any more time spent tweaking them or looking for new ones would probably be better spent elsewhere--especially...
Great Post! I like your examples as they are clear and concise. Will need to study them a bit but I think you have added a clue to help us all. Thanks.
4XTrader2
  • #113
  • Aug 27, 2009 10:03am Aug 27, 2009 10:03am
Quoting jzw
...Bottom line is that if Nitro has an edge it should be possible to demonstrate that on historical data. If being profitable requires trader discretion then Nitro has no edge and you should all head over to Frankenpips thread
OK .. why don't you go first? Maybe we'll join you there eventually .. and then again, maybe not.
******************* I'd rather make money than be right.
  • #114
  • Aug 27, 2009 10:06am Aug 27, 2009 10:06am
here goes the 1st (probably the only one today).

on the bright side: i only got wins today! ok, didn't have time to lose yet.
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dreams do come true.
  • #115
  • Aug 27, 2009 10:10am Aug 27, 2009 10:10am
Quoting 4xStar
OK .. why don't you go first? Maybe we'll join you there eventually .. and then again, maybe not.
The Only Constant Is Change!
  • #116
  • Aug 27, 2009 10:17am Aug 27, 2009 10:17am
Quoting asdf
The focus should now be on finding high probability setups or patterns within the blocks that will increase your hit rate even more. This is true price action. I took Edgetrader's last chart and marked it to show some examples.
Great post! We have been working on deciphering some patterns for the last couple of days. This discussion is more than welcome here!
Thanks
Q
The Only Constant Is Change!
  • #117
  • Aug 27, 2009 11:00am Aug 27, 2009 11:00am
Hi.
what is the indi for candles like these?
http://www.forexfactory.com/showpost...&postcount=110
  • #118
  • Aug 27, 2009 11:17am Aug 27, 2009 11:17am
It is called renko. There are a few free indis out there but the commercial one is recommended. A quick google search will lead you there.

http://www.investopedia.com/terms/r/renkochart.asp


Quoting Trader100
Hi.
what is the indi for candles like these?
http://www.forexfactory.com/showpost...&postcount=110
  • #119
  • Edited 6:12pm Aug 27, 2009 11:34am | Edited 6:12pm
Hi guys and gals. I thought I would start with a contribution of how my charts are laid out as well as how I will be testing this method. Nothing groundbreaking, just more data for you all to analyze. I'm starting with 10 tic blocks as well as the HMA color line set at 8,3,3.

I'm going to be trying out a fixed TP of 10 and SL of 20 for the four pairs I'm using. **Correction I am now trading EUR/JPY, GBP/JPY, AUD/JPY and NZD/JPY**

My primer is a contrarian bar, my trigger is a change in color of the HMA.

I'm trading live, although my pip values will be low until I achieve the hit rate I am looking for. Oh and I'm using Oanda for now.
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  • #120
  • Aug 27, 2009 11:44am Aug 27, 2009 11:44am
Here is a simple example that demonstrates my trade criteria being met.

Oh, and 4xStar if I am deviating too much from the original plan just let me know and I'll post this on the other thread. I thought it was relevant enough, but it isn't my thread.
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