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NITRO Scalping for serious traders

  • #701
  • Sep 30, 2009 2:47am Sep 30, 2009 2:47am
Correct me if I'm wrong but New York opens at 9:00 (Tokio time) not 10:30?


Quoting DaveW
Hi Ferrari

I only trade those times when the Stock Markrts open and the wheelers and Dealers are pushing the prices due, I suppose, to traders having to open and close positions to allow them to trade in the stocks.

I therefore trade 9:30 onwards (Tokyo), 3:00 pm (Frankfurt), 4:00 pm (London) and 10:30 (New York), all times Tokyo.

Trades can take anywhere between a couple of mins to 1/2 an hour depending on the PA.

As I am retired, I am fortunate in that I have the time to do this sort of trading as I have nothing else to do with my time,...
  • #702
  • Sep 30, 2009 2:48am Sep 30, 2009 2:48am
Quoting Bud Fox
Who knows - seems a little convoluted to me... but either way, it'd take some sizeable kahunas to trade a method with a (roughly) 1:8 risk/reward Good luck with that.
Then look elsewhere. Risk to reward only has a meaning if you factor in win to loss ratio.
  • #703
  • Sep 30, 2009 2:49am Sep 30, 2009 2:49am
Quoting bali2002
Correct me if I'm wrong but New York opens at 9:00 (Tokio time) not 10:30?
He means stock market open not forex open.
  • #704
  • Sep 30, 2009 2:58am Sep 30, 2009 2:58am
Quoting Bud Fox
Who knows - seems a little convoluted to me... but either way, it'd take some sizeable kahunas to trade a method with a (roughly) 1:8 risk/reward Good luck with that.
How do you figure 8:1 anyway?
  • #705
  • Sep 30, 2009 3:01am Sep 30, 2009 3:01am
Quoting SlushFund
Then look elsewhere. Risk to reward only has a meaning if you factor in win to loss ratio.
Of course, and don't forget the number of trading opportunities as well. Point is, for anyone who scalps (or just trades) for a living, the mental scars after watching hours (days/weeks) of hard earned pips get eaten up in one bad trade, can be debilitating. And in particular for scalpers as it is a more demanding pursuit.

Each to their own, but it's a deal-breaker for me, and something that many don't consider till they're knee-deep, as they're too busy testing and analyzing setups. Been there, done that.
  • #706
  • Sep 30, 2009 3:04am Sep 30, 2009 3:04am
Quoting >Apocalypto<
that was not a newbie cry for help SF.

I watched the circus that was edge trader's nitro trading for months.

as soon as he was banned I noticed that all the master traders making pips after pips day after day just vanished.

makes me think he had a lot more then one nick.

I have had good days with Nitro....trading in demo mode.
But i've experimented that "for me" this kind of scalping is too much stressful in the long run...so now i'm studying and practicing "real" price action on longer time frames...just a personal choice.

Anyway I follow the thread and read the updates every day..
Market is like a puzzle, YOU have to fit the pieces!!
  • #707
  • Sep 30, 2009 3:11am Sep 30, 2009 3:11am
Quoting Chris_B
I have had good days with Nitro....trading in demo mode.
But i've experimented that "for me" this kind of scalping is too much stressful in the long run...so now i'm studying and practicing "real" price action on longer time frames...just a personal choice.

Anyway I follow the thread and read the updates every day..
I've found this approach to be helpful:
http://www.forexfactory.com/showthre...55#post2997455
  • #708
  • Sep 30, 2009 3:33am Sep 30, 2009 3:33am
You mean the NYSE then?

That would be 9:30 Eastern time or 22:30 tokio time (NOT 10.30)

Quoting SlushFund
He means stock market open not forex open.
  • #709
  • Sep 30, 2009 3:42am Sep 30, 2009 3:42am
+10 E/J
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  • #710
  • Sep 30, 2009 3:42am Sep 30, 2009 3:42am
Quoting bali2002
You mean the NYSE then?

That would be 9:30 Eastern time or 22:30 tokio time (NOT 10.30)
Correct
  • #711
  • Sep 30, 2009 3:45am Sep 30, 2009 3:45am
First nitro trade, +9

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  • #712
  • Sep 30, 2009 4:03am Sep 30, 2009 4:03am
Quoting Ferrari
First nitro trade, +9
Well done Ferrari. Keep at it.
  • #713
  • Sep 30, 2009 4:17am Sep 30, 2009 4:17am
Quoting SlushFund
Well done Ferrari. Keep at it.
Thanks for the help too guys
  • #714
  • Sep 30, 2009 4:23am Sep 30, 2009 4:23am
No opportunity at Frankfurt and London was a while before it came through.

This way of trading may not be everyone's cup of tea but it suits me, pure PA action, the momentum indicators are there as an aid as they give me a heads up as to when the PA is liable to move and present a trading opportunity.
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  • #715
  • Sep 30, 2009 4:51am Sep 30, 2009 4:51am
Hey guys,

I've been thinking about this method and really trying to break it down. I scribbled a few notes on my notepad and came up with this diagram which I redrew in paint which I attached below. I'm a firm believer in 2 things,

1. The teachings of Mark Douglas in Trading in the Zone
2. Having a methodolgy based on a market principle (in this case momentum)

So we start with a mechanical, systematic and rule based approach and we progress towards trading in the zone. Consistancy and profitability is achieved in the mechanical stage.

A lot of the technicals have already been shared, maybe we can share some of the price action charateristics that occur with our profitable trades (and our loosers too.) Maybe we can uncover some discernable patterns? I have read from a lot of people that the best trades occur in the smallest amount of time, you're in and out in less than a minute or so.

Ferrari

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  • #716
  • Sep 30, 2009 5:08am Sep 30, 2009 5:08am
Ferrari,

Have you read the whole thread? There's plenty of top quality PA analysis performed on the nitro charts, particularly from the posts of asdf.

Quoting Ferrari
Hey guys,

I've been thinking about this method and really trying to break it down. I scribbled a few notes on my notepad and came up with this diagram which I redrew in paint which I attached below. I'm a firm believer in 2 things,

1. The teachings of Mark Douglas in Trading in the Zone
2. Having a methodolgy based on a market principle (in this case momentum)

So we start with a mechanical, systematic and rule based approach and we progress towards trading in the zone. Consistancy and profitability is achieved in the mechanical stage.

A...
  • #717
  • Sep 30, 2009 5:15am Sep 30, 2009 5:15am
Quoting bali2002
Ferrari,

Have you read the whole thread? There's plenty of top quality PA analysis performed on the nitro charts, particularly from the posts of asdf.
Hey,

I haven't is the short answer, there is so much info on renko, c4, nitro etc and so many posts I am very overwhelmed. My goal is to impliment a mechanical system based on a market principle as my foundation. I'm really looking for a return to simplicity. I read that the secret of renko is that you don't need anything else in the way of indicators, etc! This is the goal, but if I get stuck then I'll need a safety net, ie. a mechanical system.

Ferrari
  • #718
  • Sep 30, 2009 6:26am Sep 30, 2009 6:26am
Quoting Ferrari
Hey,

I haven't is the short answer, there is so much info on renko, c4, nitro etc and so many posts I am very overwhelmed. My goal is to impliment a mechanical system based on a market principle as my foundation. I'm really looking for a return to simplicity. I read that the secret of renko is that you don't need anything else in the way of indicators, etc! This is the goal, but if I get stuck then I'll need a safety net, ie. a mechanical system.

Ferrari
It's good that you mention Trading in the Zone which is my favourite trading book. But Ferrari, don't get too analytical about this. Everything you need to know is on Page 1 of this thread. We have some basic rules, but it's the exercise of some discretion that is needed to capture pips. And that needs practice. That's all. It's not rocket science.

Just sit and wait for the signal and when all pairs are in correlation there will come a moment when all pairs sync and move together. You'll miss it if you blink. The discretion is needed to get the precise timing. The hardest part is to know when to go with the price move or to wait for a retrace first. This is beyond analysis. You just need practice.

This method is so boring but it seems to have a very high win probability. But I'm not here to be entertained.

This is not my primary method. I trade the H1 charts, but I could see this becoming the way I trade. I think DaveW is already there. I've looked at a lot of scalping systems, but so far, Nitro gets my vote. I'm not a defender of this method. I'm just trying it like others are and I like what I see. I'm not concerned about those who think the R:R sucks or whatever. I tire of those who are always asking about other traders win rates without trying it themselves or criticize the method without even reading the thread.

Sorry, I'm ranting. Ferrari, you are asking sensible questions and now you are getting results. That's great.
  • #719
  • Sep 30, 2009 9:42am Sep 30, 2009 9:42am
SlushFund.

You hit the nail on the head. This is boring. Frankfurt/London was a 2 hr wait until they trade was there. Ny was a 18 min wait and the trade closed in 14 mins.

Once you get the hang of this type of trading it becomes stress free as once the correlation and PA momentum is there together then you can take the trade with confidence. Yes occasionally it isn't going to hit your t/p and you may suffer a loss but literally 9 times out of 10 is is going to do exactly what it did tonight and all the other times I have posted.

For those that are trading Forex for the thrill of it all, good luck. Those who wish to make this a way of putting a little jam on the bread and butter then everything you need is in this thread.

Good Luck

Dave W
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  • #720
  • Sep 30, 2009 10:59am Sep 30, 2009 10:59am
Quoting >Apocalypto<
is this method still working?

I notice the drop in thread participation.
This is just one of the systems that I trade...probably the simplest but most consistent. I just have not had time to participate in the thread. I love Nitro, I take my 5 pips whenever there is a set up.
Q
The Only Constant Is Change!
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