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Attachments: Razor-sharp scalping
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Razor-sharp scalping

  • #41
  • Jan 13, 2011 2:56am Jan 13, 2011 2:56am
not much confidence in the trade. Hopped out.
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  • #42
  • Edited 3:26am Jan 13, 2011 3:03am | Edited 3:26am
what do I know?
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  • #43
  • Jan 13, 2011 4:37am Jan 13, 2011 4:37am
Quoting jiva34
what do I know?
The famous rally is always a problem. What may work is after the close of the hour bar, wait for a fractal to form and then enter after the break of the fractal. This might be enough to evade rallies. Just an idea
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  • #44
  • Jan 13, 2011 5:14am Jan 13, 2011 5:14am
The original strategy called for a stop to be placed above the first bear candle and look for 10 to 20 or so pips short at the open of the second bear candle once it has moved 5 pips lower than open.
I think that is more realistic than just placing a 150 pip stop indiscriminately.
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  • #45
  • Jan 13, 2011 5:18am Jan 13, 2011 5:18am
Jiva good news so far with the backtesting, I quickly wrote a simple strategy that opens a long after a bull candle and a short after a bear candle, with a take profit of 50 and stop loss of 50.

Over a year the strategy performed just above break even, so with the right filters and good PPA usage this is definately a winner.

By the way you can trust the test results I tested with historical TICK data on JTrader, more accurate than metatrader can ever be.

Will develop an advanced strategy with this idea and post the results.
  • #46
  • Jan 13, 2011 5:34am Jan 13, 2011 5:34am
the 4hr is tough to ignore..
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  • #47
  • Jan 13, 2011 5:39am Jan 13, 2011 5:39am
need a nice cross on the 15m on macd to confirm divergence
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  • #48
  • Jan 13, 2011 5:40am Jan 13, 2011 5:40am
Quoting Saidar
The famous rally is always a problem. What may work is after the close of the hour bar, wait for a fractal to form and then enter after the break of the fractal. This might be enough to evade rallies. Just an idea
will look into use of fractals. I think that is Bill Williams technique....
  • #49
  • Jan 13, 2011 5:46am Jan 13, 2011 5:46am
Quoting jiva34
will look into use of fractals. I think that is Bill Williams technique....
Yes just another method to detect SR
  • #50
  • Jan 13, 2011 11:53am Jan 13, 2011 11:53am
Some bad news, I don't think this strategy will work as a scalping strategy, a stop loss of at least 30 pips is required and a risk to reward ratio of at least two.

But this is for a robot that cannot define bad market movements so maybe this is different for a human.

If you are in a good trade squeeze every pip out of it that you can don't close too soon.
  • #51
  • Jan 13, 2011 3:14pm Jan 13, 2011 3:14pm
Quoting Saidar
Some bad news, I don't think this strategy will work as a scalping strategy, a stop loss of at least 30 pips is required and a risk to reward ratio of at least two.

But this is for a robot that cannot define bad market movements so maybe this is different for a human.

If you are in a good trade squeeze every pip out of it that you can don't close too soon.
There are some problems with it.
I am looking at candles on the 4hr rather than the 60m.
The 4 hour candles form differently for different brokers gmt. I am using fxdd.
and yes scalping may not be the right term. Short term trades may be better.
  • #52
  • Jan 13, 2011 11:37pm Jan 13, 2011 11:37pm
Here's the plan.
Use the 4hr candle to look for 2 candle set ups.
this may require a larger stop.
But the possibility for gains is greater.
So it is not actually scalping..
Just short term trades.

The entry is on a signal from the indicator.
Stop is below low of 1st candle in the set up.
2 positions to open.
1st closes at 20 pips.
2nd gets a trailing stop just past break even when 1st closes. stop moves to follow swing lows on the 15 min chart or a macd cross on the 15 min.
so lock in gains and get ready for a free ride should there be a big move.

M-candles is being added to the template to help identify what is going on with the 2 candle setup...
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  • #53
  • Edited Jan 14, 2011 12:04am Jan 13, 2011 11:49pm | Edited Jan 14, 2011 12:04am
I like to use heiken ashi on the lower time frame...

So there are market times shown with gray and dark gray backgrounds
The higher time frame candles in dark red and dark green backgrounds (in this case the 4hr candles)
heiken ashi on lower rime frame (here it is 15 min)
macd (21,100, 9) to look for crosses, divergences and general trend
and a 20 sma (color indi).

Another way to exit would be when 20 sma changes color.
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File Type: mq4 MA_In_Color[1].mq4   4 KB | 303 downloads
  • #54
  • Jan 13, 2011 11:57pm Jan 13, 2011 11:57pm
2 positions, 1st to close at 20 pips
2nd with trailing stop to spread + break even after 1st closes should work nicely.
  • #55
  • Jan 14, 2011 12:11am Jan 14, 2011 12:11am
so we wait for a signal to test the setup...
Frankfurt opens in less than an hour...
  • #56
  • Jan 14, 2011 12:39am Jan 14, 2011 12:39am
The name of the thread is misleading since we have changed from scalping to short term trading.
am going to rename this strategy and start over...

So we have moved to....

Two Reversal Bar Entry System
http://www.forexfactory.com/showthre...11#post4313211
  • #57
  • Jan 14, 2011 3:15am Jan 14, 2011 3:15am
Could someone code an audio alert for the indy ''MACDcrossingdimgray'' please? When the grey line shows, it should sound the alert and display a ''Box Message'' naming the currency pair if possible. I'm surprised that it doesn't already exist.


Many thanks
  • #58
  • Jan 14, 2011 3:25am Jan 14, 2011 3:25am
Sorry, my request above is for the alarm:

MACD with crossingdimgrey


I attached it below. Audio alarm and Box alert needed when grey line is first shown.


Thanks again
Attached File(s)
File Type: mq4 MACD with crossingdimgray.mq4   3 KB | 390 downloads
  • #59
  • Jan 14, 2011 1:36pm Jan 14, 2011 1:36pm
Jiva,

Thanks for resurrecting this, I wouldn't have seen it otherwise. Performing a manual test from Sept 2010 has yielded good results.

Thanks again.
  • #60
  • Jan 14, 2011 4:56pm Jan 14, 2011 4:56pm
sorry guys, but this system is a fail.

good luck in making it a success.
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