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Attachments: Razor-sharp scalping
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Razor-sharp scalping

  • #1
  • First Post: Edited Jan 14, 2011 12:02am Jan 12, 2011 1:21am | Edited Jan 14, 2011 12:02am

The origins of razor-sharp are found in a thread http://www.forexfactory.com/showthread.php?t=172963
started by http://www.forexfactory.com/tony_dtrader
which appears to have been abandoned for a little over a year.

We have been trading the system for a week or so and posting results in the discussions forum
http://www.forexfactory.com/showpost...9&postcount=68

The results have been very good on demo and we are taking the system to micro and wanted to post activity in the trading systems forum since trader feed back and innovative ideas are very valuable for becoming more and more proficient in the great art and science of trading forex.

The system is a very simple scalping strategy. Using the 60m candle formations we look for a continuation candle. If the new candle moves 5 pips in the continuation direction we enter in that direction. I like to follow the action on the 1m and 5m.
Bull candle closes, new candle moves 5 pips up enter long.
Bear candle closes, new candle moves 5 pips down enter short.
10 pip stop, 25 pip tgt. Nice r/r.

To make things as easy as possible there is an indicator:
http://www.forexfactory.com/attachme...02009%202:08pm

coded by http://www.forexfactory.com/fxxx

which signals entries, exits and targets.

I also consult macd (21,100,9), 200ema, wood pivots and s/r, market times, trend lines, fibos, etc. for confirmations.

Most signals are good. Some are obviously not good to take.

The zip has what I use for my main template. I am partial to heiken-ashi but also consult candlesticks.
The candlestick chart is the 1 hour showing the 2 candle set up.
The second chart is what I like to follow on the 1m and 5m.
Take what you can use and leave the rest...

Attached Image(s) (click to enlarge)
Click to Enlarge Name: razor2.gif Size: 72 KB
Click to Enlarge Name: razor3.gif Size: 64 KB
Attached File(s)
File Type: zip razor sharp scalping.zip   26 KB | 1,504 downloads
  • #2
  • Jan 12, 2011 1:27am Jan 12, 2011 1:27am
Thanks for sharing. I'm going to load up the indicators and take a look. I do have one quick questions. You said that you use a 10 pip stop loss and a 20 pip take profit, which is great R:R like you said. My question is pertaining to your attached screen shot. Unless my math is of (which it may be) it looks like you are using a larger stop loss than 10 pips. From my calculations, you are using 19 pips for the take profit and 22 pips for the stop loss. Is that correct or am I off base?


Quoting jiva34

The origins of razor-sharp are found in a thread started by http://www.forexfactory.com/tony_dtrader

which appears to have been abandoned for a little over a year.


We have been trading the system for a week or so and posting results in the discussions forum
http://www.forexfactory.com/showpost...9&postcount=68


[center]The results have been very good on demo and we are taking the system to micro and wanted to post activity in the trading systems...
  • #3
  • Jan 12, 2011 1:35am Jan 12, 2011 1:35am
Quoting Scalp
Thanks for sharing. I'm going to load up the indicators and take a look. I do have one quick questions. You said that you use a 10 pip stop loss and a 20 pip take profit, which is great R:R like you said. My question is pertaining to your attached screen shot. Unless my math is of (which it may be) it looks like you are using a larger stop loss than 10 pips. From my calculations, you are using 19 pips for the take profit and 22 pips for the stop loss. Is that correct or am I off base?
Thanks for pointing that out..
The indi plots a 25 pip tgt (I meant to post 25 not 20) and a 10 pip stop. But somehow with market movements and spreads it distorts a bit... Sometimes I get in a little late..
Let us know how it goes...
So it's approximate...
Good luck...
  • #4
  • Jan 12, 2011 1:38am Jan 12, 2011 1:38am
Thanks for clearing that up. Does everything need to be loaded to the 5min chart of the 60min chart. If reading the other thread is necessary, I will do that.

Quoting jiva34
Thanks for pointing that out..
The indi plots a 25 pip tgt (I meant to post 25 not 20) and a 10 pip stop. But somehow with market movements and spreads it distorts a bit... Sometimes I get in a little late..
Let us know how it goes...
So it's approximate...
Good luck...
  • #5
  • Jan 12, 2011 1:47am Jan 12, 2011 1:47am
Quoting Scalp
Thanks for clearing that up. Does everything need to be loaded to the 5min chart of the 60min chart. If reading the other thread is necessary, I will do that.
Good idea to read the other thread. It's very short.
It doesn't matter what time frame chart you load the indis to. The time frame for signals is an option in settings. time frame 60 will show signals for 1hr candles on any time frame.

We need a coder to put a sound alert and pop up option t/f when a new signal is generated.
I tried but my coding skills are, well, cough cough.. never mind.
  • #6
  • Jan 12, 2011 1:51am Jan 12, 2011 1:51am
Late to the party again.
Attached Image(s) (click to enlarge)
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  • #7
  • Jan 12, 2011 2:26am Jan 12, 2011 2:26am
late getting in,
got back in when it pulled back

going lot higher no doubt..
Attached Image (click to enlarge)
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  • #8
  • Jan 12, 2011 5:21am Jan 12, 2011 5:21am
signal short
changed the paramaters a bit. bigger stop and bigger limit
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  • #9
  • Jan 12, 2011 5:24am Jan 12, 2011 5:24am
here it is on the 5m
Attached Image (click to enlarge)
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  • #10
  • Jan 12, 2011 5:34am Jan 12, 2011 5:34am
closed at wood pivot
Attached Image(s) (click to enlarge)
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  • #11
  • Jan 12, 2011 6:24am Jan 12, 2011 6:24am
Can you describe more about "If the new candle moves 5 pips in the continuation direction" , thanks


----

lgr RSI

.
  • #12
  • Jan 12, 2011 7:44am Jan 12, 2011 7:44am
...
Attached Image(s) (click to enlarge)
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  • #13
  • Edited 8:21am Jan 12, 2011 7:47am | Edited 8:21am
Quoting errich fx
Can you describe more about "If the new candle moves 5 pips in the continuation direction" , thanks


----

lgr RSI

.
2 candle system.
a candle closes up, if the next candle moves 5 pips up from its open, that's a signal for a possible long scalp.. continuation.... of up move...

note: This refers to a reversal candle...
by that I mean, for example... if there is a bear candle, then a bull candle, we would look for a second bull to move 5 pips, so actually it is a reversal strategy...
confused?
I can explain more....
The second candle would be a continuation of the reversal move...
same in opposite for short...

read the original thread, it's very short but good...http://www.forexfactory.com/tony_dtrader
Attached Image (click to enlarge)
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  • #14
  • Jan 12, 2011 8:03am Jan 12, 2011 8:03am
Thanks for sharing jiva34. Got 20 pips just know.
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  • #15
  • Jan 12, 2011 8:13am Jan 12, 2011 8:13am
Quoting Pip Chaser
Thanks for sharing jiva34. Got 20 pips just know.
I like this system.
I'm up 20 pips too.
Simple enough, just watch the booby traps, s/r, trend lines, market times. etc..
would be nice to have a popup alert and sound function (optional on or off)..
hint, hint, any coders viewing??
  • #16
  • Jan 12, 2011 9:28am Jan 12, 2011 9:28am
It is a very nice system but I have a problem with the template. There is no signal for today so i was wrong somwhere. Can You help me please.[IMG]file:///C:/DOCUME%7E1/Acer/LOCALS%7E1/Temp/moz-screenshot.png[/IMG][IMG]file:///C:/DOCUME%7E1/Acer/LOCALS%7E1/Temp/moz-screenshot-1.png[/IMG]
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  • #17
  • Jan 12, 2011 9:28am Jan 12, 2011 9:28am
Quoting errich fx
Can you describe more about "If the new candle moves 5 pips in the continuation direction" , thanks


----

lgr RSI

.
wtf is with ur avatar?lol,scares the crap out of me evrytime i see it
  • #18
  • Jan 12, 2011 9:30am Jan 12, 2011 9:30am
hey jiva,this looks interesting,but to give u a suggestion i recommened using the heiken ashi indi,with candlestick charts without haikenashi chart bars,
i think u know what i mean,
this is good for timing,macd sure looks good with the ha indi
  • #19
  • Jan 12, 2011 11:53am Jan 12, 2011 11:53am
Quoting dragan53
hey jiva,this looks interesting,but to give u a suggestion i recommened using the heiken ashi indi,with candlestick charts without haikenashi chart bars,
i think u know what i mean,
this is good for timing,macd sure looks good with the ha indi
I flip back and forth between the 2. I like ha because of the strong trend visibility... Sometimes candlesticks give my stomach the jitters...
  • #20
  • Jan 12, 2011 11:55am Jan 12, 2011 11:55am
Quoting dragan53
wtf is with ur avatar?lol,scares the crap out of me evrytime i see it
time lapse photography taken over the course of 1 lifetime..birth to.baby to boy to man to old man to death, and then the cycle begins again...
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