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Simple scalping system, all red or all green

  • #21
  • Jan 11, 2010 7:44am Jan 11, 2010 7:44am
Basically trade the slope system

But buy only EU 2001-2008!! Mad results
  • #22
  • Jan 11, 2010 7:58am Jan 11, 2010 7:58am
I was playing around with an idea like this ages ago. Even tried to start a thread about it but got no replies. I was looking to see whether different combinations of candle closes came up with different results, the reason being having all green at the stroke of the hour seemed like a strong buy signal, but on the open of the new candles, price would often drop for a retracement. Thus as a scalping strategy, I found myself more likely to get stopped out than hit a tp. I believe the lowest point of a candle that closes up is usually hit before the highest point. I actually tried doing the opposite as well - shorting when different time frames all closed green so I could catch a retracement, but I could never get anything to work.

But that was just me. I look forward to seeing if anything can be made of this.
  • #23
  • Jan 11, 2010 8:06am Jan 11, 2010 8:06am
Quoting magnumfreak
You need to learn how to read. I said at the top of each hour. This was assuming he is using current active candle.
What do you mean by the "top" of an hour?
  • #24
  • Jan 11, 2010 8:10am Jan 11, 2010 8:10am
beginning

sorta like looking at a clock when it's at the top, new hour
  • #25
  • Jan 11, 2010 8:12am Jan 11, 2010 8:12am
Quoting Sim
Does he mean closed or unclosed?? I don't even know anymore
If it's active, by that I understand that it isn't closed. If it's closed, it isn't active anymore.
  • #26
  • Jan 11, 2010 8:15am Jan 11, 2010 8:15am
Quoting Sim
beginning

sorta like looking at a clock when it's at the top, new hour
Thank you, when he said top , I thought he meant top of the hourly candle. Those bloody Americans should learn how to communicate properly!
  • #27
  • Jan 11, 2010 8:18am Jan 11, 2010 8:18am
Haha think thats bad, what about 'top of the mornin' to ya',, what the hell that mean? Darn Irish!
  • #28
  • Jan 11, 2010 8:23am Jan 11, 2010 8:23am
Quoting magnumfreak
You need to learn how to read. I said at the top of each hour. This was assuming he is using current active candle.
Now that I understand you, you make a good point. Looking at the start of each hour you would buy on the first pip up of that hour or sell on the first pip down. Could work I suppose if you're only scalping a few pips. Not for me though.
  • #29
  • Jan 11, 2010 8:35am Jan 11, 2010 8:35am
The thing is that 5 min after new hour you will always have a signal when playing with active candles.

For example 12:05 - price droped by 15 pips. You have all 1h, 30min, 15min and 5min RED because they start the same time.

So every hour you have a signal (tottaly random based on 5min candle).
It's better just to look at 5min chart and trade in direction of first 5min candle every hour - the same.

It could work maybe (don't know) when starting trading after 30min for example when we have active 1h candle and closed one 30min and two 15min candles.

Anyway it needs more clarification than this.

Misiacyk
  • #30
  • Jan 11, 2010 8:36am Jan 11, 2010 8:36am
The thread starter needs to convince us about the accuracy of this method before putting it up for other people to toy with. If you want to scalp in general, look at the direction of H1 time frame, confirm with wth M5 and M1, if the three agree, then enter from M1, setting your stop losses and TP accordingly. This arrangement can only give small profits and need constant monitoring for about 20 to 30 minutes.

There is no perfect system that gives 100% accuracy, but it is beeter if a system has been properly tested and has at least over 75% accuracy before other people can consider it valuable.
  • #31
  • Jan 12, 2010 2:24am Jan 12, 2010 2:24am
Quoting magnumfreak
it has to be the closed candle otherwise at the top of each hour all the time frames would always line up.
Not necessarily, all candles would line up only if there was little/no upper/lower wick.
  • #32
  • Jan 12, 2010 2:27am Jan 12, 2010 2:27am
Nice trade on GU this morning. I'm not going to post all charts you can start with this one, easy 30 pips and safe to, 15 pip stop. 1 hr and 5 min attached. All charts in between added up. I only have 1hr, 15 min and 5 up - not 30 - but that was also fine.

This is a trend trading system in its simpliest form, ie you can have say a green up candle on 1hr and it takes some time for the other candles to follow in line.
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  • #33
  • Jan 12, 2010 3:21am Jan 12, 2010 3:21am
If I am to decide my trade for say 2AM hourly candle, the 5 min candle(1.55am to 1.59am), 15 min candle(1.45am to 1.59am), 30 min candle(1.30am to 1.59 am), hourly candle( 1am to 1.59 am) should be of the same color..This is what I understand. Am i right?
  • #34
  • Jan 12, 2010 3:31am Jan 12, 2010 3:31am
Quoting Vantage
This is a trend trading system in its simpliest form, ie you can have say a green up candle on 1hr and it takes some time for the other candles to follow in line.
Hi Vantage, thanks to share your experience, i just want to be sure if you wait for 1H candle close before check other time frame if they are in agreement and if they must have a close candle too (15M and 5M ) ? Thanks Vantage

Luke
  • #35
  • Jan 12, 2010 3:50am Jan 12, 2010 3:50am
Quoting simplecoders
If I am to decide my trade for say 2AM hourly candle, the 5 min candle(1.55am to 1.59am), 15 min candle(1.45am to 1.59am), 30 min candle(1.30am to 1.59 am), hourly candle( 1am to 1.59 am) should be of the same color..This is what I understand. Am i right?
Correct. If any don't agree then you'd wait till they swing around. Personally I look for a crossing of 5 min 8 LWMA for an entry.
  • #36
  • Jan 12, 2010 3:51am Jan 12, 2010 3:51am
Quoting PipsRider
Hi Vantage, thanks to share your experience, i just want to be sure if you wait for 1H candle close before check other time frame if they are in agreement and if they must have a close candle too (15M and 5M ) ? Thanks Vantage

Luke
Yes.
  • #37
  • Edited 4:07am Jan 12, 2010 3:57am | Edited 4:07am
Personally I don't use 30 mins in the set up, if I did I'd use some common sense.

1hr (not shown) has a nice green close hammer but 30 min also has a nice hammer however its red. I wouldn't let that keep me out of a trade. 15 min also has red candles but they are all nice hammers.

5 min entry on green cross of 8 lwma also a higher low.

PS this follow the 1hr kept you out of all the recent chop/rubbish pa.

30 min and 5 min charts shown.
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  • #38
  • Jan 12, 2010 3:59am Jan 12, 2010 3:59am
My apologies Brb Fraudin for bringing in 8 lwma on 5 min and discussion of candles not agreeing. Please advise if you want to keep thread pure to first post or if you are open to discussion/development.
  • #39
  • Jan 12, 2010 4:06am Jan 12, 2010 4:06am
Just want to confirm I have been using a follow the 1hr system for ages on GU, works like a charm.
  • #40
  • Edited 4:28am Jan 12, 2010 4:12am | Edited 4:28am
Quoting Vantage
Just want to confirm I have been using a follow the 1hr system for ages on GU, works like a charm.
Again not wishing to hi-jack this thread or change its course but this will give an idea as to how long I've followed this basic set up http://www.forexfactory.com/showthread.php?t=108544
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