NITRO Scalping for serious traders | Page 33 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trying scalping with a 1000 bucks - Scalping is expensive! 39 replies

CHART Reading for serious traders 453 replies

1M & 5M Scalping System (Scalping Paradise) 21 replies

NITRO Variations for Open-minded Traders 290 replies

Attachments: NITRO Scalping for serious traders
Exit Attachments

NITRO Scalping for serious traders

  • #641
  • Sep 22, 2009 9:45am Sep 22, 2009 9:45am
Hi Traders
Just came across this site and I am very interested in the Nitro system so I thought I would try it out. I purchased the commercial version of the Renko Blocks and have added it to several charts. I do have a question concerning the red line I see on Dave's charts, I haven't seen it on any of my charts yet, is this a setting I have to turn on or is this a different indicator. Also one more question if I may, being new to Forex, why do you use the pairs you do for this system?
Also as mentioned in a previous post, it would be nice along with the cahrts being posted that you could tell us what price you got in and out at.
Great thread

Thanks
Gene
  • #642
  • Sep 22, 2009 10:36am Sep 22, 2009 10:36am
Quoting seller9
Hi Traders
Just came across this site and I am very interested in the Nitro system so I thought I would try it out. I purchased the commercial version of the Renko Blocks and have added it to several charts. I do have a question concerning the red line I see on Dave's charts, I haven't seen it on any of my charts yet, is this a setting I have to turn on or is this a different indicator. Also one more question if I may, being new to Forex, why do you use the pairs you do for this system?
Also as mentioned in a previous post, it would be nice along...
Hi Gene.

Welcome to the thread, although it is pretty quiet at the moment.

The red lines are simply vertical lines I place on my charts to show where the bricks have closed painting the Mom either below/above the 99.95/100.05 levels. The theory is that when the brick closes on the second of the 2 pairs (gbp/jpy and eur/jpy) and the price is moving with increased momentum it is likely to run far enough to be able to take your profit (I go for +7 pips on each trade). I personally refer to the aud/jpy to see that it is heading in the same direction. Others have the usd/jpy or the chf/jpy. Again the theory is that all the yen crosses move together and as long as they remain correlated then a sudden move by the leader (usually the gbp/jpy) will drag the others along with it.

Hope that helps.

Dave W

Although I am not trading this week (other commitments have left me no time) I have attached the chart from NY today. The aud was the first to close the brick below the Mom 99,95, followed by the gbp then the eur. The trade would have been taken at the opening of the block following the vertical red line on the eur chart at 134.85. The action slowed down but had no difficulty closing the trade at 134.75 (+7 pips with spread of 3)
Attached Image (click to enlarge)
Click to Enlarge Name: ny 1.gif Size: 61 KB
  • #643
  • Sep 22, 2009 10:49am Sep 22, 2009 10:49am
Thanks Dave
I appreciate your help.

Gene
  • #644
  • Sep 22, 2009 10:53am Sep 22, 2009 10:53am
Hi dave,

Maybe i missed it, but what is your brick size? 10 with the 3.0 version?
I like your chart!
  • #645
  • Sep 22, 2009 11:01am Sep 22, 2009 11:01am
Quoting DaveW
Hi 45FxGuy.

Here is the indicator you requested. The arrows on the chart indicate the cross over on the MI and if of you use them as a trigger in conjunction with the LWMA colour, corellation and time of day they are very accurate. Can get chopped to death if you trade when there is no momentum.

Dave W
Looks like your still doing well, congrds on becoming a serious Nitro Fx Rockstar , & appreciate your details description of your trading methodology. I think 4xstar owes you a couple of her's, lol.
I still can't see momentum indi you uploaded probably because I don't also have the mq4 file in my indi's folder, &/or can you upload the mq4 file if you have it. Could you please upload your template?
That way I'll/we'll still be able to use it even if I/we can't see it in my navigation folder to attach it to charts.
Thank you
45
  • #646
  • Sep 22, 2009 11:02am Sep 22, 2009 11:02am
Quoting Thierry
Hi dave,

Maybe i missed it, but what is your brick size? 10 with the 3.0 version?
I like your chart!

Hi Thierry.

Thats it, 10 brick size anchored at the xxx5. Convenient, as if I enter the trade at the beginning of the brick then +7 with the spread of 3 makes the close of the brick the t/p. I like keeping it simple.
  • #647
  • Sep 22, 2009 11:51am Sep 22, 2009 11:51am
Ok thank you i also trade now 10 bricks with the 3.0 version.
  • #648
  • Edited 2:22pm Sep 22, 2009 1:36pm | Edited 2:22pm
Hey DaveW,
I temp moved all other indicators from my mt4 indis folder to a temp folder just leaving the nitro ones so they would be easier to find.
Seems may have been looking for a "momentum", indi that starts with a
'm', rather than 'i', so was probably part of the reason I was having trouble spotting it. Anyway, how does this template compare to yours?
I didn't see any signal arrows yet from the indexedmomentumk indi so put DXtrade dashboard on the chart per post # 1, plus sm's renko signals.
Will try it on all three or four yen pairs tomorrow with 10 pip bricks as stated below.

Is your bottom momentum indi applied to close?



Quoting DaveW
Hi Thierry.

Thats it, 10 brick size anchored at the xxx5. Convenient, as if I enter the trade at the beginning of the brick then +7 with the spread of 3 makes the close of the brick the t/p. I like keeping it simple.
Attached Image (click to enlarge)
Click to Enlarge Name: a davew nitro temp.gif Size: 29 KB
  • #649
  • Sep 23, 2009 5:15am Sep 23, 2009 5:15am
Hi guys

I'm new to this thread, loving it so far. Love your work guys, thank you.

I'm a bit slow, is this the nitro setup? Do you guys (Dave & co) use nitro mom indy v2 for the arrows on the renko?

So,

1) MI Crosses (this is the heads up)
2) MOM is in the right location, below for buy, above for sells
3) Arrow comes in, open trade on close of candle

Thanks guys

Attached Image (click to enlarge)
Click to Enlarge Name: setup.gif Size: 15 KB
  • #650
  • Sep 23, 2009 7:27am Sep 23, 2009 7:27am
Is it just me or does it seem like most of the yen's major price action is happening way before the ny open these last few days?
Is that common for this time of the year?
  • #651
  • Sep 23, 2009 11:39am Sep 23, 2009 11:39am
Quoting 45Fxguy
Is it just me or does it seem like most of the yen's major price action is happening way before the ny open these last few days?
Is that common for this time of the year?
45fxguy, I Think its due to public holidays throughout asia and japan this week.

Dr.S
  • #652
  • Sep 23, 2009 1:04pm Sep 23, 2009 1:04pm
Quoting Dr.Scalpall
45fxguy, I Think its due to public holidays throughout asia and japan this week.

Dr.S
I setup a profile on usd pairs while I was waiting, so still made my +5% today.
  • #653
  • Sep 23, 2009 2:19pm Sep 23, 2009 2:19pm
I stared reading this thread but it seams that it started somewhere else.. can anyone point me in the right direction so i can start from the beggining ??

Thanks!!
  • #654
  • Sep 23, 2009 3:26pm Sep 23, 2009 3:26pm
The original Nitro thread started in the (now ditched to the recycle byn) C4 forum here:

http://www.forexfactory.com/showthre...81900&page=155

Beginning on page 155 of that thread, you'll see the transition from C4 into Nitro (it's hundred of pages mind you, full of junk at the end because of the Edgetrader mess, I believe it's enough to read this thread).

Quoting acereto
I stared reading this thread but it seams that it started somewhere else.. can anyone point me in the right direction so i can start from the beggining ??

Thanks!!
  • #655
  • Sep 23, 2009 9:43pm Sep 23, 2009 9:43pm
Whee .. it's been a busy week, my son & wife came into town and it turned out to be non-stop entertaining them! No time to trade, but I find that when I am forced not to trade but just have time to check the charts a few times a day it reminds me of the bigger picture and how much a role patience plays in all of this. Just waiting for the right setups to occur is 98% of the battle.

Ferrari, remember also to factor in CORRELATION. We want to see at least 3 yen crosses moving together, then I always pick what looks like the strongest one. At least 2-3 good setups occur around each major market opening, I usually do Tokyo and NY open, from about 1 hour before until I have my pips or if I am not seeing good setups, I do nothing. But that is rare. It is also rare to lose once you learn how to do this. And although DaveW and some others will contribute their excellent charts as examples, nothing can replace continuous practice .. as we all have found.

I look forward to some good trading tomorrow .. Thursdays are often pretty volatile.
******************* I'd rather make money than be right.
  • #656
  • Sep 23, 2009 9:44pm Sep 23, 2009 9:44pm
Quoting acereto
I stared reading this thread but it seams that it started somewhere else.. can anyone point me in the right direction so i can start from the beggining ??

Thanks!!
Post #1 of this thread should give you all the information you need to trade it .. the other thread is just past history, however some good things there include the numerous 'pep talks' and often scoldings from Edge, who first introduced us to this lucrative method of trading.
******************* I'd rather make money than be right.
  • #657
  • Sep 23, 2009 10:43pm Sep 23, 2009 10:43pm
Quoting DaveW
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...
Thanks for your detailed description of how you trade DaveW. What I'm wondering is when you say form a "peak/trough", do you mean it has to form a new low or new high on the Momentum indicator? Or simply another point that is below or above 100.05/99.95.

i.e. Let's assume EUR/JPY already has formed a brick (a long while ago) with a momentum reading of less than 99.95. If another brick is formed and the momentum is below 99.95 but not a lower momentum than the previous brick then does this count as an entry signal?
  • #658
  • Sep 24, 2009 6:02am Sep 24, 2009 6:02am
Did anybody slide into that channel?
Attached Image (click to enlarge)
Click to Enlarge Name: trade2.gif Size: 29 KB
  • #659
  • Sep 24, 2009 8:21am Sep 24, 2009 8:21am
Hi 4xStar,
How's the weather in Katy, TX?
Started to cool off any yet? It's supposed to be fall now you know. lol


Quoting 4xStar
Whee .. it's been a busy week, my son & wife came into town and it turned out to be non-stop entertaining them!...
  • #660
  • Sep 24, 2009 8:58am Sep 24, 2009 8:58am
Quoting bali2002
Did anybody slide into that channel?
Sorry I missed that one too, must have been a SRDC breakout.
Hard to get up that early when I stay up to 1am. lol...
You know there's a fractal channel indi that can probably draw those same lines for you, & sometimes good for catching breakouts too.
Here goes for anyone who wants to forward test it, with what they are already using. Doesn't really take up much space or get in the way of anything.
No bullwhips please... lol
Attached File(s)
File Type: mq4 Fractal-Channel.mq4   3 KB | 499 downloads
1 trader viewing now