Based on your system is the diagram below correct where I should enter the trade and exit, and take my first TP at 5 pips.
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you're not using my template but as I checked on my template it's right, the entry point is on 1.3767, but in my chart the candle is near the open of the day, I wait till the price break that level but I see the open of the day on your chart is some pips away and you already passed that level at entry and you're right. I think the difference is because the time of the brokers, are you using THV4 TzPivotsD (Black) as your fibo pivot indicator? because I thought the time problem was solved with this indicator.
you're not using my template but as I checked on my template it's right, the entry point is on 1.3767, but in my chart the candle is near the open of the day, I wait till the price break that level but I see the open of the day on your chart is some pips away and you already passed that level at entry and you're right. I think the difference is because the time of the brokers, are you using THV4 TzPivotsD (Black) as your fibo pivot indicator? because I thought the time problem was solved with this indicator.
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Thanks for your feedback, yes I am using THV4 TzPivotsD (Black). Yep its the time of our brokers.
I'm doing a different strategy in opening and closing the trades,
as you see since I'm in 5 pip profit I breakeven, I don't risk my profit, if the price goes on I take another 5 and I put 5pip trailing stop, it means the stop is placed at the first TP point, if the price continues we have more profit and if it comes beck the trade is closed with another 5 pip with the rest of lot size that we have.
Anyway I think the system is more profitable in this way, because sometimes after getting 5 pips the price comes back and goes in loss and that affects our win/loss ratio. With 5 pips taking and have breakeven we have few stoploss hit and all other winning trades covers that with a good win/loss ratio.
So I use indicators to get the signal but I don't use them for getting out, I got that with those few indicators we have a strong signal that goes in profit at least 5 pips most of the time, so if I want to have bigger TP I have to add some other indicators to filter those signal that don't go in profit less than 5 pips, I have to check 5min, 15 min and even 30min chart with some of those indicators too, and that leaves me with a 1-2 trades daily and maybe not, it makes it a complete different system and I say it's not scalping anymore! In this system we have to check 15min chart but just for support and resistance, not with any indicators.
The system works properly for now and I don't see any changes necessary, just some tools to continue the trends which are already in profit more than 15 pips and that requires different strategy and I say that's another part, I hope some people come and help me with this matter, or I find out something if I find some free time.
Nice Trading.
With regards to exiting, I tend to monitor the ADX. The ADX shows trend strength/exhaustion, this can give a good heads up for early exits and also for long trend.
With regards to checking the m15 for support and resistance, you can use the KG, S&R indi, this checks the major time frames and plots the point on the M1
Here is the rest, after I took first and second TP with 5 and 10 pips I didn't put trailing, because I thought it would go higher so after 25 pips I put trailing stop.
Nice Trading.
With regards to exiting, I tend to monitor the ADX. The ADX shows trend strength/exhaustion, this can give a good heads up for early exits and also for long trend.
With regards to checking the m15 for support and resistance, you can use the KG, S&R indi, this checks the major time frames and plots the point on the M1
Nice Trading.
With regards to exiting, I tend to monitor the ADX. The ADX shows trend strength/exhaustion, this can give a good heads up for early exits and also for long trend.
With regards to checking the m15 for support and resistance, you can use the KG, S&R indi, this checks the major time frames and plots the point on the M1
Thanks
The KG indicator is so useful
I also added it to the first page and made a new template
About ADX: What setting do you recommend? and how do we use it?
thanks again
I'm doing a different strategy in opening and closing the trades,
as you see since I'm in 5 pip profit I breakeven, I don't risk my profit, if the price goes on I take another 5 and I put 5pip trailing stop, it means the stop is placed at the first TP point, if the price continues we have more profit and if it comes beck the trade is closed with another 5 pip with the rest of lot size that we have.
Anyway I think the system is more profitable in this way, because sometimes after getting 5 pips the price comes back and goes in loss and that affects...
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Perhaps a coder here on FF could assist you putting the scalp method in EA Form? Seems it would be easier to test set performance if an EA.
Atlas1
Perhaps a coder here on FF could assist you putting the scalp method in EA Form? Seems it would be easier to test set performance if an EA.
Atlas1
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Hi Atlas1,
I thought about that matter too, but as in this method we should be aware of supports and resistances, psych levels, fibo pivots and other things like that, I think it would be better trade manually.
I know they can code all the above things in an EA but I'm not sure it would work like manual trading, anyway maybe someone can do it better than I think, I appreciate if someone code an EA for us.
Yes I too enjoy trading this system on M1-M5
is there a EA or indicator that can
compare last 2 candles
like a movement of price 5-15 pips
then the ea buys or sells (in same or op direction)
Regards Davros
Hi Atlas1,
I thought about that matter too, but as in this method we should be aware of supports and resistances, psych levels, fibo pivots and other things like that, I think it would be better trade manually.
I know they can code all the above things in an EA but I'm not sure it would work like manual trading, anyway maybe someone can do it better than I think, I appreciate if someone code an EA for us.
Ignored
Actually there is an EA already built with a host of features, including pivots, S&R, news,
With :
Trix, ADX, EMAs, Daimani Volatmeter, all in MTF mode, with advance MM features. It was originally coded by Xux99, and most recently by myself. I could never get it to work consistently for my liking tho i had some success.
There is a an installer and some presets for you to play with. Some guys have gotten it to work.
Actually there is an EA already built with a host of features, including pivots, S&R, news,
With :
Trix, ADX, EMAs, Daimani Volatmeter, all in MTF mode, with advance MM features. It was originally coded by Xux99, and most recently by myself. I could never get it to work consistently for my liking tho i had some success.
There is a an installer and some presets for you to play with. Some guys have gotten it to work.
Thank you very much Tread, I appreciate your concern,
I, myself, am not so familiar with EA's, and I don't use them. But for simple methods like this maybe an EA could work.
If you have the time would you please leave your setting that was successful with this EA on my thread so everyone can test it.
Thanks
Yes I too enjoy trading this system on M1-M5
is there a EA or indicator that can
compare last 2 candles
like a movement of price 5-15 pips
then the ea buys or sells (in same or op direction)
Regards Davros
Ignored
Hi Davos,
I'm afraid there isn't any EA for this system yet, but as the system is somehow simple maybe you can get help from other EA's as Tread said, and then give us your feedbacks,
anyway I didn't get what you said about comparing the last 2 candles, would you explain more and tell me how you're working on 5min chart with this system exactly?
