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NITRO Scalping for serious traders

  • #721
  • Sep 30, 2009 2:37pm Sep 30, 2009 2:37pm
Not much to say.
wait for correlation... +5
in the trade for 15 seconds



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  • #722
  • Sep 30, 2009 3:13pm Sep 30, 2009 3:13pm
Quoting >Apocalypto<
is this method still working?

I notice the drop in thread participation.
I guess thread participation doesn’t say anything about the system profitability. I’m sure huge part of Edgtrader thread followers were just newbie’s who wouldn’t make it in the forex world with any system. The rest is just busy making money J
  • #723
  • Sep 30, 2009 5:44pm Sep 30, 2009 5:44pm
Quoting DaveW
SlushFund.

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.

Dave W
How to determine correlation among the pairs? What to look for?

- Renko brick forming in the same direction? at the same time? Or once a brick is formed on one pair, wait for it to form in another pair and than take a trade?

Can you explain what to look for to determine corelation?
  • #724
  • Sep 30, 2009 8:30pm Sep 30, 2009 8:30pm
All of it actually.
PA should be in the same directon for all [most] pairs, at a given time.

Normally, once a brick is formed on one pair (or better said, once direction is clear and one pair is ahead) you wait for it to move on another pair and then if momentum is high you take the trade. At trader's discretion. Remember you are the one that through observation + intuition, will determine when to enter the trade.

There's plenty of info about this subject in this thread,
I suggest you read it, re-read it and practise it


Quoting kerty9
How to determine correlation among the pairs? What to look for?

- Renko brick forming in the same direction? at the same time? Or once a brick is formed on one pair, wait for it to form in another pair and than take a trade?

Can you explain what to look for to determine corelation?
  • #725
  • Oct 1, 2009 4:22am Oct 1, 2009 4:22am
Euro

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  • #726
  • Oct 1, 2009 7:28am Oct 1, 2009 7:28am
Analyst

All you need to know about this trading strategy is contained in the pages of this thread. There is no substitute for some concentrated effort on your part if you are interested enough to do it. I assure you it is worth it. But do yourself - and us - a favour and do the hard yards - read the thread please and then ask questions which I'm sure many of the contributors to this thread will be happy to answer.
  • #727
  • Oct 1, 2009 8:07am Oct 1, 2009 8:07am
I have been sneaking a few extra pips on each trade. If you have tails on the renko bricks, you can observe that in most cases the PA retraces from the opening price of the brick. If the trade is going to be successful, the brick is going to be 10 pips in profit from the open. However, as the PA slips a few pips (you can usually count on 2-3 at least) from the open price, I add this to the 10 of the expected brick and still set my TP at the close of the traded brick ie my TP is 12 pips. If the retracement does not occur, I just pass the trade - I don't chase it. There are plenty more.

I set my SL at 21 pips below (above) the open price of the brick. By sneaking a few extra pips, it also reduces the potential loss. I never let it get that far anyway before I pull the plug as it becomes obvious when the trade has gone sour.

This has been working quite well - the hit rate on this strategy is fantastic. It does require patience and does not like it if you 'manufacture' the trade. I have also been looking at the USD pairs - EU, GU and AU. There seems to be pretty good correlaton there also and the same rules apply.
  • #728
  • Oct 1, 2009 8:22am Oct 1, 2009 8:22am
Quoting jackal
I guess thread participation doesn’t say anything about the system profitability. I’m sure huge part of Edgtrader thread followers were just newbie’s who wouldn’t make it in the forex world with any system. The rest is just busy making money J
I hope some good comes from it.
  • #729
  • Oct 1, 2009 8:33am Oct 1, 2009 8:33am
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..
keep at it, i scalp and it's a matter of getting your eye in to the new price pace your watching.

if this is not compatible with your personality then maybe try a higher time frame?

well it's good to see people making pips with this, as in the end it looked to be some kind of set up to rip new traders.

good trading all
  • #730
  • Oct 1, 2009 9:53am Oct 1, 2009 9:53am
7 pips on EY after NY open, it took a while for correlation to happen
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  • #731
  • Oct 1, 2009 10:17am Oct 1, 2009 10:17am
trades from today...after ny open
gj + 5
ej + 5

sometimes it does take sitting on your hands and waiting for correlation and momentum.

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forgot to mark today's ej trade with a vertical line
  • #732
  • Edited 10:32pm Oct 2, 2009 1:39am | Edited 10:32pm
Think someone recently mentioned the importance of the speed at which renko bricks are forming in regards to nitro trading.
Lou mentioned this indi before but unless you visted the programming section on renko charts you probably missed it. RenkoAm shows the length of time it takes for each brick to form, a long bar may indicate a trend change is about to take place. Short bars means tread is moving at a steady clip and not as likely to change anytime soon. Lou mentioned that he thought it was an even better indi for renko than momentum. Which would make sense since indi's follow price action & not the other way around although I haven't tried trading nitro without a momentum indi of some kind on my charts yet, but should be worth a try at least on demo.
The other indi I attached was made by Limsylz for FrankenPip's method.
Just thought of trying it on renko charts tonight as I was thinking it would be nice if there was an indi to show just about how close a renko bricks was to finishing up & I remembered this one. I've got 5 pip bricks on the chart so a new brick pops out at about 1.1 for those. Haven't tried it on 10 pip bricks yet, but guess they would pop out at near 2.1. Gives a nice numerical visual of what's going on, changes color red if negative pips & blue if positive pips are going into the brick.
Anyway not trying to make any major changes to nitro, as it is a pretty solid method as is, just throwing these indi's on the table as they may help traders new to nitro.
Attached Image (click to enlarge)
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Attached File(s)
File Type: mq4 Train Length b.mq4   1 KB | 690 downloads
File Type: mq4 RenkoAM_v2.0.mq4   1 KB | 718 downloads
  • #733
  • Oct 2, 2009 4:16am Oct 2, 2009 4:16am
didn't he say later it wasn`t working in commercial renkos?

http://www.forexfactory.com/showpost...&postcount=204


Quoting 45Fxguy
Think someone recently mentioned the importance of the speed at which renko bricks are forming in regards to nitro trading.
Lou mentioned this indi before but unless you visted the programming section on renko charts you probably missed it.
  • #734
  • Oct 2, 2009 7:17am Oct 2, 2009 7:17am
Quoting bali2002
didn't he say later it wasn`t working in commercial renkos?

http://www.forexfactory.com/showpost...&postcount=204
bali2002,
Thanks for catching that, I'd forgotten he said that. The indis may need more demo forward testing &/or code work before being used live.
That gives me a idea though, wouldn't it be nice to just have a simple indi that displays the number of bricks being formed per, min, 5min, 15 min etc?
That probably wouldn't be very hard to code, but don't really know since I don't code yet.
  • #735
  • Edited 8:04am Oct 2, 2009 7:51am | Edited 8:04am
45,

Have you checked the other renko thread, which is more suited for indi traders?
http://www.forexfactory.com/showthread.php?t=193547

I think that may suit your style better. This thread was intended for traders that want to focus mainly on price action, not on indis:

As clearly defined on Post 1 of this thread:

Nitro Scalping is a trading strategy using RENKO bars instead of candles (although some still use candles).We try to stay focused on PA (price action) instead of relying on indicators, which nearly always lag price. Our goal is to trade pure PA capturing 3-10 pips per trade.

Using this "less is more" strategy, many are saying they are making consistent profits in forex for the first time ever.




Quoting 45Fxguy
bali2002,
Thanks for catching that, I'd forgotten he said that. The indis may need more demo forward testing &/or code work before being used live.
That gives me a idea though, wouldn't it be nice to just have a simple indi that displays the number of bricks being formed per, min, 5min, 15 min etc?
That probably wouldn't be very hard to code, but don't really know since I don't code yet.
  • #736
  • Oct 2, 2009 1:01pm Oct 2, 2009 1:01pm
... a collection of all the graphics on Price Action from both the threads, by asdf...a gem!
Attached File(s)
File Type: zip pa.zip   893 KB | 1,218 downloads
  • #737
  • Oct 2, 2009 10:39pm Oct 2, 2009 10:39pm
ok, I'll look at it this weekend.
Never been one to be accused of using too few indicators before.
Often got flames on "C4 for poor traders", for trying to add indis where none were needed.
So guess that could be a complement as far a trading nitro style goes.
Can't use this one very often because my old pc needs a major upgrade or replacement, but how many indis can you count on this chart?
lol

Quoting bali2002
45,

Have you checked the other renko thread, which is more suited for indi traders?
http://www.forexfactory.com/showthread.php?t=193547

I think that may suit your style better. This thread was intended for traders that want to focus mainly on price action, not on indis:

As clearly defined on Post 1 of this thread:

Nitro Scalping is a trading strategy using RENKO bars instead of candles (although some still use candles).[b][b]We try to stay focused on PA (price action) instead of relying on indicators, which...
Attached Image (click to enlarge)
Click to Enlarge Name: a 45fxguy multi indi nitro.gif Size: 32 KB
  • #738
  • Oct 2, 2009 10:59pm Oct 2, 2009 10:59pm
Quoting 45Fxguy
"There is no mystery about my style. My movements are simple, direct and non-classical. The extraordinary part of it lies in its simplicity", Bruce Lee
Yeh man, Edge allued to this too, the answer lies in simplicity. Nitro is a price action system after all. Awesome!
  • #739
  • Oct 3, 2009 12:54am Oct 3, 2009 12:54am
Quoting msiamd
Hi GrZack,

I was wondering how things go with your project.
Did you already solved the bug?

Regards,
I've had a week holiday. The EA ran all week. The wins were great, the losses were awful. I'm not sure that "the original Nitro" is/was real, or it will work on the current Metatrader platform. Anyway, the current modified verson 2 (my EA) is much better than version 2 or version 1. I'm having problem programming version 3, which should be "MUCH better" than the other version (crossed fingers). I don't give up, I WON'T give up.

Take care,

GrZack


ps.: Fish repaint couldn't be solved. Main problem: the 'moving' 0 line. If I could find the solution to FIX the 0 line... that would be great.
  • #740
  • Oct 3, 2009 2:45am Oct 3, 2009 2:45am
Hi asdf
Great post
What brick size do u use ? 5 or 10 ?
smC4 Scalper set to 2 or 3 ?
I would like to PM you , but it's not possible .
Can u pls contact me.
Tks
david4u
Quoting asdf
Chris,

Your chart is an excellent example of how using price action alone is much more efficient and risk averse than using indicators. I provided a step-by-step analysis of how price actions plays out in real time. It may be helpful to print it, cover it with another piece of paper, and the read the commentary from left to right, as if you were watching the market. At each key area, you may want to ask, did the indicators help clarify what price action was saying? Did the indicators distract from what price action was saying? Also, have you noticed...
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