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The Scalpers Dream

  • #41
  • Oct 23, 2010 8:23am Oct 23, 2010 8:23am
Quoting jaws810
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.
Jaw810,
Nice stats and method thanks for posting the information! Do your back test results include the total of all three pairs -EU, GU, & UJ - over the three week period? And if the 33-W 6-L stats are the total of the three could you break it down and tell us the stats of each of the pairs.

In other words, EU W vs L, GU W vs L, and UJ W vs L.

Thank you!
  • #42
  • Oct 23, 2010 9:34am Oct 23, 2010 9:34am
Quoting Stocky Monk
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.

[color=black][font=Verdana]Scalping the FX market is difficult even for experienced institutional traders and becoming profitable comes with lots of...
I've tried many other systems and methods of trading and I've consistently had problems in 2 areas.
1) finding a good trade setup
2) having a good setup become a bad trade because of stop hunting at the big numbers
So using this system I don't need to find the trades, just place the orders and let the trades find me, and I'm using my second problem to my advantage.
The best ideas are usually the simplest, but if this does fail I'll check out your thread for some new ideas.
  • #43
  • Oct 23, 2010 9:53am Oct 23, 2010 9:53am
Hi Jaws,

I think it looks an excellent system. I'm going to backtest it on 3 or 4 pairs over the weekend and post the results tomorrow.
  • #44
  • Oct 23, 2010 11:32am Oct 23, 2010 11:32am
"jaws810" I found reading this http://www.investopedia.com/articles...topHunting.asp as a nice read, no system is perfect and we will never get the perfect system, only when all people think alike and trade the same trades then we will "maybe" (which is a low percentage chance) come close to a holy grail and till we die one day will never happen, my thought is only this, if the wins outlast the losses then I will ride such a system, too many other systems was said to be have traded and it came down to the same thing as what is mentioned by "Stocky Monk", no offense please. I will carry on and if the wins is above 70% or even above 50% with good money management I will stick to the plan.
  • #45
  • Oct 23, 2010 11:50am Oct 23, 2010 11:50am
Jaws810 you could add that trading account to your Myfxbook page again, calling it something else.

Then at the top of the page, hit Custom Analysis, change the date to Oct 17 through whenever. Then use the "push pin" button to save the custom start date.

That would just show the recent trades with your new methods.

It would look something like this:
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-10-23_124049.jpg Size: 110 KB
  • #46
  • Oct 23, 2010 12:06pm Oct 23, 2010 12:06pm
Quoting Intu
Jaws810 you could add that trading account to your Myfxbook page again, calling it something else.

Then at the top of the page, hit Custom Analysis, change the date to Oct 17 through whenever. Then use the "push pin" button to save the custom start date.

That would just show the recent trades with your new methods.

It would look something like this:
Cool, thanks Intu, you just helped me as well sorting my stuff out
  • #47
  • Oct 23, 2010 2:12pm Oct 23, 2010 2:12pm
[quote=jaws810;4117305]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.

Hi

33W/6L is a good ratio. With only 6 losses can we look at the losers and identify some common factors? This would allow you to take preventive action when these factors are present again -eg avoid setup totally, tighten stops, etc

Thanks
  • #48
  • Oct 24, 2010 11:59am Oct 24, 2010 11:59am
this would be a good system if you add momentum indicator and take traades only when momentum indicator is in agreement. we should avoid taking trades in asian market hours

just because it worked in few days, weeks doesnt make a good system. need to backtest for atleast 1 year.
  • #49
  • Oct 24, 2010 12:43pm Oct 24, 2010 12:43pm
Here come all the suggestions for indicators...
  • #50
  • Oct 24, 2010 4:52pm Oct 24, 2010 4:52pm
I just learned a costly lesson. Do not leave any pending orders over the weekend the combination of chaos at the open and high margins cost me to lose a trade. Oh well live and learn. All future orders are Good till Friday, then place them again on Sunday after the chaos is over.
  • #51
  • Oct 24, 2010 5:00pm Oct 24, 2010 5:00pm
Quoting roundrock
this would be a good system if you add momentum indicator and take traades only when momentum indicator is in agreement. we should avoid taking trades in asian market hours

just because it worked in few days, weeks doesnt make a good system. need to backtest for atleast 1 year.
I do good during the Asian session.
I know it's not a proven system yet, but it has shown promise and I did the back test manually using Oanda's platform data and it was limited to 3 weeks. If it ever makes it to the point where it gets put into an EA, I'll think about adding indicators. For now I just want to keep it as simple as possible.
  • #52
  • Oct 24, 2010 5:05pm Oct 24, 2010 5:05pm
You'll get post after post about adding this indicator and that one. Indicators have been proven not to work. Keep doing what you are doing.

Quoting jaws810
I do good during the Asian session.
I know it's not a proven system yet, but it has shown promise and I did the back test manually using Oanda's platform data and it was limited to 3 weeks. If it ever makes it to the point where it gets put into an EA, I'll think about adding indicators. For now I just want to keep it as simple as possible.
  • #53
  • Oct 24, 2010 7:12pm Oct 24, 2010 7:12pm
Quoting Dreamliner
You'll get post after post about adding this indicator and that one. Indicators have been proven not to work. Keep doing what you are doing.
Good Advice!
  • #54
  • Oct 24, 2010 7:55pm Oct 24, 2010 7:55pm
+15 Pips on EU @1.4000

3 wins
0 losses
  • #55
  • Oct 24, 2010 8:26pm Oct 24, 2010 8:26pm
Quoting Bobcat2
+15 Pips on EU @1.4000

3 wins
0 losses
Got that one too which puts me at 15w/3L and the 3rd loss was because I didn't delete pending orders and the market opened with a wild swing and huge margins which hit my entry and SL in less than an hour.
  • #56
  • Oct 24, 2010 9:08pm Oct 24, 2010 9:08pm
I'd have to agree with Bobcat2 and Dreamliner, a momentum indicator will only tell you where the momentum was in the past but not when it will end and not what it will do in the future. The reason this is working so well is because it doesn't involve emotion, lagging indicators, trend lines or any other complicated ideas that are easily screwed up by human error, heck I screwed one trade up because I placed a short order when it should have been long, I was lucky enough to notice it before it became a loss but you get my point. If any type of judgment or discretion is required most people will screw it up, including me. K.I.S.S it's the best way to go unless you have a system and a really good programmer in which case we'd all be trading from the tropics while letting an EA do all the work. The less you have to know and decide the less chances you have to screw up; and the more you have to know and decide the more chances you have to screw up. I keep it simple so the cards are slightly skewed in my favor.

My charts are naked so not much to screw up, some of the charts around here are dressed for a trip to the north pole or perhaps an acid trip with all those colors, LOL
  • #57
  • Oct 24, 2010 9:22pm Oct 24, 2010 9:22pm
Jaws,

Will you be waiting for price to continue up to 1.4050 before you would take a short trade @ 1.4015? If that's not a requirement, how much does price have to move up before you would consider another short trade?

Thanks,
BC2
  • #58
  • Oct 24, 2010 9:23pm Oct 24, 2010 9:23pm
jaws, which pairs you are watching apart from EU ?
  • #59
  • Oct 24, 2010 11:51pm Oct 24, 2010 11:51pm
Quoting Bobcat2
Jaws,

Will you be waiting for price to continue up to 1.4050 before you would take a short trade @ 1.4015? If that's not a requirement, how much does price have to move up before you would consider another short trade?

Thanks,
BC2
Usually I'll take it when the price goes over 40, but 37 is close enough for me since I'm up. I use 50 because it's the center-point between trades, actually you could replace it whenever you think that the market is losing momentum and ready to reverse, 50 seemed like a good place but I've reset as low as 35.

Quoting Roundrock
jaws, which pairs you are watching apart from EU ?
Actually, I haven't been watching any other pairs that closely; However it should work fine on any pair that gets enough volume and has a fairly small spread, But if you think about it spread won't matter much because the spread must be covered if the big money is looking to take out stops at the big numbers. I know it would work with cable and probably any of the major pairs, but I haven't tried any of the others because Euro is working so well. If you have a larger account and want more trading ops I'd say look at cable, the $/yen would work but trade would take longer to close because it has less of a range but you could probably adjust the parameters since you could buy more lots with the same amount of money since margin is linked to the dollar which would allow you to cut the TP down to 10pips and sl around 20-25pips, but the frequency of trades would be much less than with euro and cable. I really haven't traded anything other than those three enough to know if the pair is active enough for this method to work, but someone in this thread used it successfully on USD/CAD, so work with whatever pair you know best, look at the 5min chart and see if it behaves like the euro at the big number, which it should if there is enough big money being traded in that pair basically any Euro, USD, or GBP cross as long as it's not an exotic pair unless you don't mind 20:1 leverage, personally I wish the Feds would stay out of the market if I want to risk my money at 500:1 and a broker offers it, I should be allowed to.
  • #60
  • Oct 25, 2010 12:07am Oct 25, 2010 12:07am
this should be quite easy for an ea to be written as its quite mechenical. any programmers interested so far?
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