Scalping the tower | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

scalping strategy 31 replies

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

Crazy Towers + 12/24h: Trading Tower and Valley Patterns 22 replies

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

Scalping 100 pips?! 3 replies

Attachments: Scalping the tower
Exit Attachments

Scalping the tower

  • #1
  • First Post: Aug 28, 2010 2:21am Aug 28, 2010 2:21am
Hi, i want to share with you this very simple system, the idea is to scalp the big candles. Generally, when a big move is detected, we have a good chance it will go further for 20 pips.

I had backtest it manually for the last 3 months, so it is necessary to demo it and backtest it more.

The result :

june EUR/USD 120 PIPS GBP/USD 120 PIPS EUR/JPY -20 PIPS TOTAL 220 PIPS

JULY EUR/USD 0 PIPS GBP/USD 80 PIPS EUR/JPY 140 PIPS TOTAL 220 PIPS

AUGUST EUR/USD 60 PIPS GBP/USD 40 PIPS EUR/JPY -20 PIPS TOTAL 80 PIPS

The rules :

pairs : EUR/USD GBP/USD EUR/JPY
TF 4H
when a candle body (close - open) > 80 pips, i go in the same direction at the open of the next candle with TP = 20 pips and SL = 100 pips
here are the last trades on GBP/USD
Attached Image (click to enlarge)
Click to Enlarge Name: 10-08-28 09 01 23.jpg Size: 74 KB
  • #2
  • Aug 28, 2010 3:11am Aug 28, 2010 3:11am
Another possibility is TP = 100 pips and SL = 100 pips

then the result is :

june EUR/USD 100 PIPS GBP/USD 200 PIPS EUR/JPY 200 PIPS TOTAL 500 PIPS

JULY EUR/USD 400 PIPS GBP/USD 600 PIPS EUR/JPY 300 PIPS TOTAL 1300 PIPS

AUGUST EUR/USD 200 PIPS GBP/USD -200 PIPS EUR/JPY -100 PIPS TOTAL -100 PIPS
  • #3
  • Aug 28, 2010 5:08am Aug 28, 2010 5:08am
Make sure you use at least a SL/TP of 1:1. If you go for 20 with a stop of 100, you can be assured of ruin sooner or later, unless this is just a hypothetical system and never intended for real use. Just think how you would react if you traded like that with a 6 figure account and you had a number of consecutive losses. Would you be able to stomach that and not get emotional?
It's not about how much you make, it's about how much you don't lose.
  • #4
  • Aug 28, 2010 5:10am Aug 28, 2010 5:10am
???
I checked H4 candles.

August TP=20, SL=100
GBPUSD -100+20+20+20 = -40pips
EURUSD -100-100+20+20 = -160pips

Am I wrong...?

blue dot line = tp, red dot line = sl
Attached Image (click to enlarge)
Click to Enlarge Name: bigcandle_gbpusd_h4_20100828_1906.gif Size: 17 KB

Attached Image (click to enlarge)
Click to Enlarge Name: bigcandle_eurusd_h4_20100828_1906.gif Size: 15 KB
  • #5
  • Aug 28, 2010 7:55am Aug 28, 2010 7:55am
Quoting Taiyakixz
???
I checked H4 candles.

August TP=20, SL=100
GBPUSD -100+20+20+20 = -40pips
EURUSD -100-100+20+20 = -160pips

Am I wrong...?

blue dot line = tp, red dot line = sl
Attachment
Attachment
Your candles and mine are different, because with different brokers, 4H candles can start at different times...
But i think if the idea is good, it will work even with different candles.

I think TP = 100 is better, what is your result with this on the 3 pairs during 3 months ?
  • #6
  • Aug 28, 2010 9:36am Aug 28, 2010 9:36am
Quoting zebulon
Your candles and mine are different, because with different brokers, 4H candles can start at different times...
But i think if the idea is good, it will work even with different candles.

I think TP = 100 is better, what is your result with this on the 3 pairs during 3 months ?
Without checking, I don't know why it wouldn't do better if you put a simple trend line indicator on the chart. A ma, non-lag MA or even supertrend.


Cheers
  • #7
  • Edited 11:32am Aug 28, 2010 11:07am | Edited 11:32am
Quoting zebulon
Your candles and mine are different, because with different brokers, 4H candles can start at different times...
But i think if the idea is good, it will work even with different candles.

I think TP = 100 is better, what is your result with this on the 3 pairs during 3 months ?
June
EURUSD -100+100+100+100+100-100-100=+100pips
GBPUSD +100-100-100+100-100+100-100+100-100+100-100+100+100-100+100=+100pips
EURJPY -100+100-100-100+100+100+100+100-100-100-100-100+100-100-100+100=-200pips
total 0pips

July
EURUSD +100+100-100-100=0pips
GBPUSD +100+100-100+100+100+100=+400pips
EURJPY +100-100(+100)-100-100-100-100+100-100=-400(-200)pips
total 0(+200)pips
(EURJPY 2nd is win if spread is not considered)

August
EURUSD -100-100+100-100=-200pips
GBPUSD -100+100-100-100=-200pips
EURJPY +100-100-100+100-100=-100pips
total -500pips

Alpari UK/Live, GMT+2
  • #8
  • Aug 29, 2010 2:33am Aug 29, 2010 2:33am
Try it when it moves +25 instead of +80
  • #9
  • Aug 29, 2010 3:47am Aug 29, 2010 3:47am
Quoting gloworm
Try it when it moves +25 instead of +80
What is your result?
  • #10
  • Aug 29, 2010 4:08am Aug 29, 2010 4:08am
Quoting Taiyakixz
???
I checked H4 candles.

August TP=20, SL=100
GBPUSD -100+20+20+20 = -40pips
EURUSD -100-100+20+20 = -160pips

Am I wrong...?

blue dot line = tp, red dot line = sl
Attachment
Attachment
Shouldn't you take into account the trend ?
  • #11
  • Aug 29, 2010 4:27am Aug 29, 2010 4:27am
Quoting forexgenuine
Shouldn't you take into account the trend ?
??
I think that my backtest is not different from zebulon's strategy.
You have a good idea to make the results better?
  • #12
  • Sep 28, 2010 3:30am Sep 28, 2010 3:30am
I must say, when i read the first post i thought: No that wont work at all.
My signature is: "Classified".
  • #13
  • Last Post: Oct 12, 2010 2:15am Oct 12, 2010 2:15am
Hi zebulon!

Can you share your indicator that is in the right side of the first picture please...?
What is the name of the indicator?

thanks
0 traders viewing now