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Attachments: The Scalpers Dream
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The Scalpers Dream

My second trade currently from yesterday at same entry 1.3915 short
I made my 1st trade on EU for a short trade @ 1.3915 Took profit @ 1.3900 as per Jaws rules.

Thanks, Jaws!

BC
Now I have to wait for price to hit my long trade, or add another pending long if price drops down to 1.3850 as per Jaws rules.
Second trade EU hit TP @ 1.3900
Quoting TriMagic
Second trade EU hit TP @ 1.3900
TM,

Oanda showed price only went up to 1.3932 before reversing and hitting your TP. Jaws seemed to indicate he would wait for price to go up to 1.3950 before resetting a new pending trade @ 1.3915. Obviously it worked well for you, but this leaves me wondering at what point, it makes sense to reset that pending short trade?

Any takers?

BC
Quoting Bobcat2
TM,

Oanda showed price only went up to 1.3932 before reversing and hitting your TP. Jaws seemed to indicate he would wait for price to go up to 1.3950 before resetting a new pending trade @ 1.3915. Obviously it worked well for you, but this leaves me wondering at what point, it makes sense to reset that pending short trade?

Any takers?

BC
Don't want to mention other systems here, not sure if it's appropriate but I have the Abonacci system on another EU chart and when looking at the fib lines I just thought at the stage the possibility for price moving down again was very positive and on that I opened the pending again.
i think sl of 25-30 pips is more than enough.
because this strategy works also in this way if price reach close to 50s it will hit 50 for example if price cross 40s or 60s then it will hit 50 most of the time.
think about it. if we tweak this strategy it will turn out good for everyone here.
i m going to demo it it with 30 sl for one week .
feed back is needed
Quoting syedhsg
i think sl of 25-30 pips is more than enough.
because this strategy works also in this way if price reach close to 50s it will hit 50 for example if price cross 40s or 60s then it will hit 50 most of the time.
think about it. if we tweak this strategy it will turn out good for everyone here.
i m going to demo it it with 30 sl for one week .
feed back is needed
Great stuff, fire away and let us know how it performs for you with 30 SL
Quoting syedhsg
i think sl of 25-30 pips is more than enough.
because this strategy works also in this way if price reach close to 50s it will hit 50 for example if price cross 40s or 60s then it will hit 50 most of the time.
think about it. if we tweak this strategy it will turn out good for everyone here.
i m going to demo it it with 30 sl for one week .
feed back is needed
Good feedback, but...

Hmmm...Jaws SL is 35 pips. Not much different from the proposed 30 pips.
Hi Jaws,

With all due respect this is NOT a 'scalpers dream system' but more like a 'scalpers nightmare’. I have traded for a number years which includes professional high frequency proprietary trading and I can confirm anyone following this system will be on a slippery road to a £0 account balance very quickly.

Scalping the FX market is difficult even for experienced institutional traders and becoming profitable comes with lots of practice using technical basics like Price action, trend identification, sup/res, market profiling and tick volume. Setting buy and sell orders set distances from psychological levels will not cut the mustard. Learning to scalp is unfortunately very difficult on the FX market due to its irrational moods and volatility. Learning to demo scalp on something like the Bund Futures market is more recommended as it is much calmer but the principles are the same.

Anyway I haven’t posted this to burst your bubble but merely to give some friendly advice to you and others who may be inexperienced enough to maybe use this system live.

Tip: Learn to gauge momentum and identify key support/res of higher timeframes and you are already half way there to a working system. Price does not rally 1000 pips a day or even a few hundred pips most days. Instead it follows a similar pattern and repeats this daily. i.e. test Asia low or high....form a bell distribution (range) breakout of the bell distribution (this is where you find increased momentum which is usually the LND open move)to make new highs or lows and then form another bell distribution once the market is happy with the current price level.....and so on.....By watching market profile charts and knowing the ATR price becomes predictable.....all you need then is trend, support/res, tick volume and you are on your way to scalping successfully. Remember when the market is scared or unsure you will always have irrational moves which can make scalping too difficult to be consistently profitable...so knowing when to scalp is just as important as knowing how to scalp.

Stocky

if you want to learn about all types of trading feel including market profiling free to pop into my thread

http://www.forexfactory.com/showthre...243587&page=43
Stocky,

Does this mean you are a better trader than Boris Schlossberg at BK Trader?

Just kidding...but after all, Boris popularized this strategy.
Scalper's Nightmare.

Had that too often.

BTW, I just made another +15 pips with profit at 1.3900 on EU

So...2 wins/0 losses so far. Thanks, Jaws.

Anyone else make this trade?
count me in guys ,I will be demoing this for a while.Thanks Jaws
Quoting Bobcat2
BTW, I just made another +15 pips with profit at 1.3900 on EU

So...2 wins/0 losses so far. Thanks, Jaws.

Anyone else make this trade?
Wasn't at computer, definitly missed that one but I am also 2 wins/0 losses so far.
  • Post #36
  • Quote
  • Edited Oct 23, 2010 2:46am Oct 22, 2010 9:08pm | Edited Oct 23, 2010 2:46am
WOW, I thought this thread died, I appreciate all the posts and I'm glad it helped so many people. Here is a link to this week's results. http://www.myfxbook.com/members/Jaws...oZxJG05OdXsgYB

Here is some more info on how I traded it and answers to some questions.
I traded manually so occasionally placed new orders before it reached 1.**50 but never before it hits 1.**40/60.
I always placed my SL at the !.**50
It's not 100% win this is a crazy market, I had 2 losing trades and 14 winning trdes and came out up 76% for the week. Not a likely result unless you could increase trades at the micro level or like OandA the unit level. I increased my unit level after every successful trade.
CP= current price
I don't think that it would work as well using 00 and 50 as TP because there would not be enough space. To get 15 pips you would have entry points at 15 and 35 with SL at 15 would leave 5 pips between trades and I think that's called noise, I've seen up to 20 pips in a couple seconds which could set off the SL on one set the entry on the other then come back to hit the TP of the first trade that just hit the SL while setting off the SL of the second trade giving you 2 losing trades, and that is without any news.
Quoting Bobcat2
Good feedback, but...

Hmmm...Jaws SL is 35 pips. Not much different from the proposed 30 pips.
yes it does not make much difference
so i decided to do it with 25
i back tested it on usd/cad with 15 pips sl and almost 10 winning trades in a row
i m just trying to minimize the loss and draw down
REMEMBER
once u know how to avoid risk, profit comes automatically
Seems that as the system is designed on psychological levels its purely playing on psychology of people moving the market to certain levels.

However to piggyback onto what the other person said, about ranges and ADR, etc, the market has moved into a bouncing consolidation, so if this is working now it might be coincidentally following support and resistance of the box price is currently bouncing in(depending on what pairs you are doing). This is my main concern about when you started the system up until this point.
Which means if it did not work during a trend(though it might still if it rode the trend, as long as there is no resistance blocking it), possible situation would be to pull this out when the pair is ranging for days, and your targets are inside said box. It seems to be scalping a consolidation in a box.

I’m always looking for set and forget and going to sleep trades for if I’m not around or a rinky dink job is in the way. And I’m not always comfortable commenting on everyones system, besides my big mouth, I just think there is one thing that needs to be confirmed, or maybe there’s a coincidence in the range trading at present. Look how your take profits are the same for the last 3 days. Meaning it may only work in a specific situation but if we trend again it might have to wait. Which goes to price action.
Also, I was going to ask how you account for the spread, but the eur/usd is low anyway so I suppose it’s not a big deal.
So if it stopped working when it breaks and trends, wait for the next consolidation, and make sure that the 00's aren't after a support or resistance is my two hundredths of a cent.
Quoting jaws810
WOW, I thought this thread died, I appreciate all the posts and I'm glad it helped so many people. Here is a link to this week's results. http://www.myfxbook.com/members/Jaws...oZxJG05OdXsgYB

Here is some more info on how I traded it and answers to some questions.
I traded manually so occasionally placed new orders before it reached 1.**50 but never before it hits 1.**40/60.
I always placed my SL at the !.**50...
Welcome back, stats doesn't look bad at all.
I back tested it. Over the last three weeks, if traded nonstop by an EA it would have a record of 33W/6L for a net pip gain of 285.
BTW, if anyone could create an EA with the following specs either PM me with the cost or post it if you'll do it for free. Either way is fine with me.

 Every time the price crosses X.XX50 the EA will check the account balance and determine the lot size based on the account balance and user defined risk%, then it will place limit orders above at X.XX85 and X.XX15 below with a user defined SL, and TP set at X.XX00, so whichever way the price goes it will initiate a trade 15 pips from the big number with the TP set at the big number. It has to work with both 4 and 5 digit brokers and standard and micro accounts. If possible could you make it work on up to 3 user defined pairs from one window and have a user defined limit of how many trades can be open at the same time with no conflicts if I attach it to several charts(maybe a different magic number for each pair). The reason for this is I would like access to more trading opportunities while limiting the number of open trades which can’t be done if EA is attached to one chart for each pair, and I also would like the option to trade more than 3 pairs when my account allows . The user defined variable defaults would be:

5 digit broker- true/false(unless it could be done automatically)
SL in pips- 35
Risk management- true/ false(true default)
Risk %per trade- 15 (initiates maximum allowed trade using 15% of the account balance)
Lot size- .1 (used only if risk management is false)
Max trades- 2
Number of pairs to trade- 1,2 or 3
Pair 1 - EUR/USD (list of pairs to choose from)
Pair 2 - GBP/USD
Pair 3 – USD/JPY
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