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NITRO Scalping for serious traders

  • #261
  • Aug 31, 2009 10:20am Aug 31, 2009 10:20am
Quoting 4xtrader2
Price action as a whole sucks today.
EJ provided good trades. I normally don't trade CADJPY but felt the pattern indicated an impending uptrend (highlighted rectangle). However it was delayed and cost me two losing trades. Am done for the day as Price is going nowhere right now.
Agree, there is no clear direction, however I managed to get a long on the GY that I'm about to cash in. My only trade today so far.
******************* I'd rather make money than be right.
  • #262
  • Aug 31, 2009 10:28am Aug 31, 2009 10:28am
Quoting bali2002
Take a break Chris, The PA is crazy today.. remember it's a patience game

I've had 2 winnings on the asian open and that's enough for the day
Nice work. Knowing when not to trade is one of the most important skills in this game.

"After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I’ve known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn."

Jesse Livermore
  • #263
  • Aug 31, 2009 11:25am Aug 31, 2009 11:25am
Quoting Chris_B
Hi...
to be honest...i'm just trying...but today the original Nitro way would have been much better than support & resistence...

I'm having the poorest, most indisciplinated and big losing day from when i started with Nitro...
I'm not focused on the method, i'm trying some other things and this is evolving in a big lose today...
And you know...when you lose you feel bad, you are less focused, you search for revenge..and you lose again...

At the same time i'm doing some trade with the old C4...and trying C4 also on the TOS platform...too...
Chris, you have been one of the people i have read and studied charts from the old thread. It seem to me that you were on a roll with the NITRO method.. you know second reversal bar, correlation, price action and boom +5 pips. It might be a good idea to continue using something that was working before. It might be one of those days that you are just better off not trading at all. It might be a good time to read or re-read some chapters of trading in the zone, to help you deal with a bad trading day.
Best Regards and keep that chin up.
JC
  • #264
  • Aug 31, 2009 12:23pm Aug 31, 2009 12:23pm
I will post this in both the thread because i think it can be useful both for those who like Nitro variations and for those who like the original version but want to make better the R/R ratio.

I was observing the chart with the renko wicks activated...i've noticed something interesting.

On EURJPY most of the times when a reversal brick occours...the price retraces before going in the right direction...and retraces often about 10 pips.

On GBPJPY the situation is different, when there is a good reversal...the most of the times the price doesn't retrace and goes in the right direction pretty quickly...due to the major volatility.

So...an idea can be:

On EURJPY:

- Don't take the trade if it doesn't retrace
- Enter the trade if the price retraces about 10 pips with a TP of 10 pips and a SL of 11 pips + spread

On GBPJPY:

- Take always the trade (because if the signal is good the price doesn't retraces too much) with a TP of 5 pips and a SL of 11 pips + spread

This is just an idea...i don't know how it can do in real trade...i'm sure the hit rate is a little bit lower...but the R/R ratio can be surely better.
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Market is like a puzzle, YOU have to fit the pieces!!
  • #265
  • Aug 31, 2009 1:14pm Aug 31, 2009 1:14pm
EY, I entered on breakout after PA moved past previous high, 5pips.
Correlation + momentum is long on all 4 pairs
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  • #266
  • Aug 31, 2009 1:32pm Aug 31, 2009 1:32pm
Quoting waddij
Yeah, I as just thinking the exact same thing!

The level of inteligence here shocks me sometimes !! Thanks guys
ianf0ster and smJones,

I apologies if the above was taken the wrong way, i was in no way sarcastic, fully sincere.

Sorry if it came out the wrong way.
  • #267
  • Aug 31, 2009 1:47pm Aug 31, 2009 1:47pm
Quoting Chris_B
I was observing the chart with the renko wicks activated...i've noticed something interesting.

On EURJPY most of the times when a reversal brick occours...the price retraces before going in the right direction...and retraces often about 10 pips.

So...an idea can be:

On EURJPY:

- Don't take the trade if it doesn't retrace
- Enter the trade if the price retraces about 10 pips with a TP of 10 pips and a SL of 11 pips + spread
Hey Chris
I have been messing with the wicks too, but your post made me have one of those hmmm moments.
Actually on E/J there is a pattern that occurs quite frequently besides what you have discovered.
If the second brick has a very tiny. or better yet. zero retrace wick it almost always makes a 3rd brick.
The ONLY time this does not stand true is during congestion.
Check it out.
Q
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The Only Constant Is Change!
  • #268
  • Aug 31, 2009 2:02pm Aug 31, 2009 2:02pm
Sounds interesting.
It'd be cool to have more data


Quoting JazzmanQ2
Hey Chris
I have been messing with the wicks too, but your post made me have one of those hmmm moments.
Actually on E/J there is a pattern that occurs quite frequently besides what you have discovered.
If the second brick has a very tiny. or better yet. zero retrace wick it almost always makes a 3rd brick.
The ONLY time this does not stand true is during congestion.
Check it out.
Q
  • #269
  • Aug 31, 2009 2:11pm Aug 31, 2009 2:11pm
Quoting JazzmanQ2
Hey Chris
I have been messing with the wicks too, but your post made me have one of those hmmm moments.
Actually on E/J there is a pattern that occurs quite frequently besides what you have discovered.
If the second brick has a very tiny. or better yet. zero retrace wick it almost always makes a 3rd brick.
The ONLY time this does not stand true is during congestion.
Check it out.
Q
Yes...that's true...the same heppens on G/Y...

So...are you suggesting to open the trade...and if it retraces...exit the trade with a very small SL??
Market is like a puzzle, YOU have to fit the pieces!!
  • #270
  • Aug 31, 2009 2:21pm Aug 31, 2009 2:21pm
Quoting Chris_B
Yes...that's true...the same heppens on G/Y...

So...are you suggesting to open the trade...and if it retraces...exit the trade with a very small SL??
Posibly best discussed in the other thread?
  • #271
  • Aug 31, 2009 5:31pm Aug 31, 2009 5:31pm
Here is what I am looking for on my Nitro set ups besides correlation and the other rules.
The first set up is what most of us are doing I think. Break of MA, Trix and Momentum confirmation and correlation.
Reversal brick closes, 2nd brick (forming brick) pulls back 5-10 pips and enter. Wait for the pull back! Don't jump in right after brick forms. If there is no retrace use set up #2

Set up number 2 is when there is no 2nd brick retrace (no wick). This looks like a very consistent set up if we can figure how to trade it. Usually there is a 3rd brick formed when this happens. For a brick to have zero retrace (no wick) it must have some decent momentum in it. You must be focused and quick for this one.
My idea, all of the Nitro rules have to be met as well, is set a buy/sell stop on the last pip (#10 on 10 tick bricks) of the forming 2nd brick. TP with all 10 pips of 3rd brick. Keep in mind any time the 2nd brick retraces and starts forming a wick, you need to cancel your order and go back to set up #1.
So far looks very promising visually back testing on my live platform.
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The Only Constant Is Change!
  • #272
  • Aug 31, 2009 8:37pm Aug 31, 2009 8:37pm
Good Morning all.

A little bit of patience goes a long way. +7 on the Eur/Jpy again
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  • #273
  • Sep 1, 2009 2:20am Sep 1, 2009 2:20am
Missed Frankfurt again!!! London for +7 pips
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  • #274
  • Sep 1, 2009 2:24am Sep 1, 2009 2:24am
+10 E/J London opening. PA + correlation.
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  • #275
  • Sep 1, 2009 7:11am Sep 1, 2009 7:11am
Trade from today so far.
wasn't my 'ideal' setup so I only used 1 lot
+5
Was already into the trend, so it was a little late. but had a nice break of support and there was some correlation. It was also outside of my regular trading hours.


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  • #276
  • Sep 1, 2009 8:20am Sep 1, 2009 8:20am
GBYJPY, huge spread, but still worth it

Got in the trend after the box breakout
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  • #277
  • Sep 1, 2009 8:53am Sep 1, 2009 8:53am
Another one on EY after reversal, correlated. Just before news.

I didn't use a TP on this one, came out on candle/mom reversal
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  • #278
  • Sep 1, 2009 9:15am Sep 1, 2009 9:15am
Quoting bali2002
GBYJPY, huge spread, but still worth it

Got in the trend after the box breakout
Noticed that strong V-top reversal in on your gbpjpy chart and had to see what would cause such a strong move away. Great example of a channel. Connect points 1 and 3, draw the parallel line starting at point 2, and then look for a reversal formation at 4. Unfortunately, there was no pullback on your chart and only a slight one on mine. Tough to catch a move like that.
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  • #279
  • Sep 1, 2009 9:29am Sep 1, 2009 9:29am
NY open for +7pips
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  • #280
  • Sep 1, 2009 9:31am Sep 1, 2009 9:31am
Quoting asdf
Noticed that strong V-top reversal in on your gbpjpy chart and had to see what would cause such a strong move away. Great example of a channel. Connect points 1 and 3, draw the parallel line starting at point 2, and then look for a reversal formation at 4. Unfortunately, there was no pullback on your chart and only a slight one on mine. Tough to catch a move like that.
asdf,
What size renko brick are you using?
It looks prrtty small on your chart, is it 1 pip?
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