NITRO Scalping for serious traders

Don't think the awesome oscillator that comes standard with MT4 repaints, have you tried that one?
You do need to make it's lines thicker to see it well though.
I'll admit I do like sm bar version of fish, it works very well when used with fractal s/r support.
No bull-whips please, got enough of that yesterday after mt4 crashed on me & I tried trading without it on my other platform.

Hi Dave...What settings are you using for the LWMA.

Thanks Freddi

Are there any coders here that can make a simple change
to a great HA indicator? I have a system I would like to show
here for my version of Nitro, but I need this HA Smoothed
Alert to be adjusted so it only alerts on the candle close..ie
color change is alerted only when the candle/bar when the change
occurs closes... can anyone here help?

Brian

lol, I was just looking at one like it again too.
Used with s/r fractals etc, looks near grail stuff.
Don't know if this has what your looking for guess you can do a side by side chart comparison to see if one is any better than the other.
This one places signal arrows on charts & think it has alerts.

trade from earlier today.

waited for pa to make a new high, had correlation, and BOOM!

+5 x 4 contracts

That's because you are actually redirected to a overload.html page so when you refresh it keeps refreshing that page .. you just have to change the url in the input box and delete the /overload.html part to go back to ff root page.

If you can't find anyone here to do it, try the programmers thread .. then bring the finished result back to us.

Slow but sure, +7

This is getting boring (as it should) Frankfurt +7

Dave,

A few questions about the way you trade Nitro if you don't mind...

- Do you enter in the opening of the bar after the vertical line?
- The criteria to enter is, sync among the three pairs, MI crossing, HLMA color but all the three should be ok to enter or you only need one or two of them?
- About the right time to enter, do you enter around the session opening or you can even enter in the middle of the session if the criterias agrees?
- How long do you keep the trade open, till TP or SL or do you have a time or indicators "SL" in some cases?
- Which criteria do you use to choose the pair to enter?

Thanks a lot for your daily charts Dave, they're really useful!

Regards,
Fernando.

Hi Freddi

The LWMA is actually the HMA Color Nrp. Don't know what the difference is. I imagine they both do the same thing.

Settings are:-

8
3
3
True
2
0

Best of Luck

Dave W

Yep, another day, another set of boring ol' charts with those boring, consistent profits... what a bore

Dave, which pair do you trade ... the first chart? And do you only correlate 3 pair?

Hi Fernando.

Although I have the HLMA on the chart I don't really use it. However, it does look pretty - all those colours !

I am a simple soul and like a simple life so have decided to go with something that doesn't need a lot of brain power and is pretty much automatic once you recognize the set up.

I limit myself to trading when the Stock Markets become active on the basis that when the stocks start moving invariably the currency move also, couldn't care which way as long as they move.

I disregard Pivots, Fibs, Ganns, and all the other complicated indicators as they make my head hurt and clutter the charts. The only s/r I might take notice of is the latest high/low as I find that if the market price was rejected an hour ago at a certain level then entering a BUY order 4 pips below that price is not a good bet.

So, when the trading window opens, and I have my coffee and taken the dog for a walk I basically just sit and watch the charts. What I am looking for is for either the gbp/jpy or the eur/jpy to complete a brick and cause the Mom(4) to form a peak/trough above the 100.05 or below the 99.95. I then wait for the other pair to do the same. Usually the momentum builds up at that point and if the aud/jpy is following the action and heading the same direction (very rarely will the aud/jpy close its brick at the same time unless the movement is rapid) I take the trade.

I trade with Oanda so have a Buy/Sell order on the screen and as soon as the setup is complete and price starts moving in the right direction I hit the button. If I am lucky and the PA is rapid then by the time I get to setting in a t/p the price will have moved in excess of +7 in which case I close it immediately, otherwise I set my +7 t/p and wait. Usually the price will either hit the t/p or miss by the odd pip, retrace for 10 or so pips before it comes back to close the trade.

So to answer your specific questions.

1. The red vertical lines on my chart are when the MOM has closed above/below 100.05/99.95 so I enter the trade at the brick following the second red vertical line when the second Mom brick is complete (assuming that the first one to close has not drifted the other way but that in usually not the case).

2. The criteria is indeed the MI crossing (this will have occured if the Mom has closed above/below, the Mom closing below/above and all 3 in synch. As long as the aud/jpy is travelling in the right direction it need not have closed above/below the 100.05/99.95 Mom. The deciding factor before taking the trade is that there is some rapid movement of the PA.

I stick with taking the first trade in each session. I realise that there are many other opportunities during the trading day, but a certain phsae comes to mind, "Less is More". I probably manage 2 - 3 trades a day as I have a semi-invalid in the house who needs constant care (or that is what she is always telling me). Trading with a $4,000 account each trade is worth $50 so on a normal day I will make $150, That equates to $36,000 per annum. The few losses that I will have to take are covered by the days when I can do 4 trades. I started trading this method only a few weeks ago and am compounding my account so that in time I will own all the money in the Forex Market, well at least that's what my spreadsheet says. Realistically as we go on I will reduce my risk level and settle on a reasonable daily income that will suffice to keep me in a manner to which I hope to become accustomed.

As far as a S/L is concerned I thought real men didn't use stop losses (read that on the FF somewhere). Seriously, I set an initial stoploss of 25 pips so including the spread I stand to lose 28 pips which is 4 times my possible gain. Not great but I have found, through many hours of using this method of trading, that if you stick to the criteria then losses are few and far between. In all the trades I have taken since I started I would not have had one single loss if I had stuck strictly to the method I have laid out above. But of course I know better than the market and I just KNOW that the price will fall so if I just get in before the brick completes I will be able to get an even quicker profit. Do you know something, I am a crappy trader when I do it by guesswork, which is why I have a set of rules and now stick to them.

Having said that today I did exactly that. I missed the first setup at London opening and persuaded myself that the price was BOUND to go down only to see it jump up and cost me 28 pips. Bloody thing.

So in future, it's stick to the method, even if it becomes boring.

Last question was which criteria do I use to decide which pair to trade. I strictly follow the rule, if it is called the eur/jpy I will trade it. The spread varies between 2 and 3 on Oanda so I am happy with that. Even though the action is more pip-heavy on the gbp/jpy it is too volatile. Having said that the gbp/jpy is invaluable for my method of trading, as by monitoring the action on the gbp I know where the eur is likely to go, i.e. in the same direction.

One last word on stoplosses. My 25 is an initial s/l I will adjust that a few pips either way to take into account the even xx00 and xx50 levels just in case the price does a quick run up and touch move.

Hope this helps you in understanding the charts I keep posting. As they come from my FXDD platform I am unable to put the Oanda trades on them, however, whether I took the trades or not if you look at the setup you will be able to work out the entry and exit points fairly easily and see if my method of trading has merit or not.

Regards

Dave W

Hi 4xStar.

Answer to your question is in my previous post to Behr.

I stick with trading the eur/jpy as the spread is low and the action not as volatile as the gbp/jpy. The Aud/jpy is there for re-inforcement so as long as it is heading in the right direction I do not insist on it having crossed the Mom (you cannot trust Aussie anyway). I did start off consulting the usd/jpy as well as the chf/jpy but they were not adding anything to the mix so I ditched them.

Regards

Dave W

Dave,

Great explanation, almost verbatim how I trade also.
It does seem to work.
Keep it simple, Less IS more.

Greg

Hello Dave,

Thank you very much for that very detailed account of your trading method, I hope people who read it understand your point about not over-complicating one's trading. My main problem at the moment is similar to yours in that I will still try to anticipate the market and get in too early; comes with the territory of boring trading I suspect.

I wish you and your loved one all the very best and am pleased that you are now finding the success necessary to help make your lives easier. For the last six years I have been caring for my mother while demo trading so I understand how difficult it is to concentrate on the job in hand knowing that one is likely to have to stop what they're doing at the drop of a hat (or anything else for that matter )

Dave,

Many thanks for the explanation on you trading method.

Is there a reason why you have your EUR/JPY MI indicator set at 2,10,8,3 and the other pairs set at 2,10,2,3 ?

Hi Noel.

Thanks for pointing that mistake on the MI. I posted the latest charts from my lap-top and somehow I had the wrong setting.

DaveW

Thanks for your very detailed response, it was really helpful!

Just one thing, if you can please post the price you entered on a pair of those charts you usually post just to see more or less where you had your entry point.

Regards,
Fernando.

Dave
I am very impressed by your trading method and your explanation above is really helpful. Can you please confirm that you enter at the start of the brick AFTER the 'red line' brick?

You chastise yourself for sometimes jumping the gun, but surely, if you are confident in the direction and start of the next brick, (and you certainly should be given your record), you could have the order box set and ready to go. I use a simple EA for managing my trades so its a matter of placing the order and the EA takes over. Alternatively, you could have a pending order in the market as you know where the next brick will open. You would not have to sit with finger poised over the 'go' button! If the signal brick does not complete but reverses, then the order can be cancelled. It seems that even with a retracement, the brick comes back to do the right thing anyway.

I got caught in Sept 2001 as I had sold naked options on futures and was margined out of existence!! (I know, I know!!). I have a very small capital base so my expectations are very similar to yours. I also have a wife who is very negative about me trading any form of derivatives or futures. Forex is different - isn't it?? (Ha-Ha).

Thanks for your help mate, its all good.
Regards Karl