Simple Scalp Machine
Currency Pairs: all
(may be its better to prefer these ones with a little spread)
Time Frame: (30 sec.), M1, M5
Indicators: wellxAMA, Bollinger Band, Pivotal Points
Indicator settings: wellxAMA: 9, 2, 30, 2.0, 2.0, Bollinger Band: 20, 2
Stop Loss: Stop Loss could be set according to the generic well known instructions.
Rules of wellxAMA:
1. As long as the dots are of the same color - the current trend continues.
2. Whenever a wellxAMA dot changinges color - the trend changes to the opposite.
3. If wellxAMA draws a new dot with every new chart candlestick - the market is trending.
4. Whenever a dot is missing - it is an indication of a sideways moving market ahead.
(On the monitor you can see an empty thin red line stretching alongside several candlesticks in a row) - this signalize that a trend is pausing and we may encounter range-bound conditions ahead.
5. What direction to follow when the wellxAMA dots are missing? Stick to the previous trend direction = the previous wellxAMA dot color before the range occurs.
6. If you're in a trade when wellxAMA starts to range, consider tightening your stops. If you haven't started trading - you may want to keep out until the trend is resumed.
Learning to disginguish trend and range bound market condition
One of the methods to distinguish range-bound conditions from trends is to look at the WellxAMA indicator. It allows us to switch our strategy according to the current market situation. If the WellxAMA indicator showing dots of the same color, it means the current trend continues. But if the WellxAMA indicator showing missing dots, it is an indication of a sideways moving market ahead.
Be aware
Despite the nonexistence of the magic formula there are certainly high probability ways of trading the forex market. At FF the most comments are focused on the Method part, but you need to combine Method with both Money and Mind in order to attain success in the trading business.
This thread hasn't the intention to get hold of the Holy Grail, whether it truly exists or not. A lot of traders seek the perfect formula that is capable of predicting with 100% accuracy the future price movements. Want to know where it lies? It only exists in the creative part of the mind - together with fairies and gnomes.
I believe that an important factor of trading success lies in the matching of Method with the trader's own personality and trading style. "Simple Scalping Machine" could be also used with Strategies like "Breakout Fading" or "Breakout Trading" or "Decreased Volatility Breakout" or in trends with steep gradients depending on your own risk appetite and could put in in other trading styles or in confirming trend direction and trend strength with oscillators (e.g. Stochastic, MACD). You can let it simple or could use it in a more complex way.
Time Zone:
http://www.worldtimebuddy.com/?lid=5...147714,1819729
Indicators:
Indicators from GarethC, p.11, #161;
Trade Examples:
Exit Rules, p.1, #3; Trend, p.7, #7 ; Range Bound Trading, p.1, #9; Fast In - Fast Out p.1, #14; Entry Rules - Conservative Strategy, p.1, #15; Trade Management, p.2, #16; What to make when wellxAMA dots are missing?, p.2, #19; Trading The Power Hours, p.3, #35; The Best Times to Trade the US Dollar, p.3, #36; Stop Loss!, p.4, #47; EURUSD, M5, 2011 Mai 05, p.4, #51; Bollinger Band, p.4, #55; What is Risk Management?, p.4, #54; Silver, M1, 2011 Mai 05, p.7, #93; Find hundreds of Metatrader Indicators, p.8, #112; Silver, M5, 2011 Mai 09, p.9. #122; Advanced Level Trading? - EURUSD, M1, 2011 Mai 09, p.9, #125; Trade the wellxAMA with the Pivotal Point - EURUSD, M1, 2011 Mai 09, p.9, #128; Enter Long at every Hammer near the EMA200 - Silver, M5, 2011 Mai 10, p.10. #142; Focus at EMA200 as an Exit Line in this example - Silver, M1, 2011 Mai 17, p.12, #168; Trading with the Pivotal Points, EURUSD, M5, 2011 June 02, p.12, #180;
Forex Articles & Links:
Worldtime/Change Time Mode, p.10, #136; Correlation Table, p.10, #143; Trailing Stop EAs for MT4, p.12, #172 ;
Template & Indicators: see attachment, please.
see #183
2011 June 04
It's time to say Good-Bye!
Enough has been said!
I wish you Success & Happiness!
FXcube
Currency Pairs: all
(may be its better to prefer these ones with a little spread)
Time Frame: (30 sec.), M1, M5
Indicators: wellxAMA, Bollinger Band, Pivotal Points
Indicator settings: wellxAMA: 9, 2, 30, 2.0, 2.0, Bollinger Band: 20, 2
Stop Loss: Stop Loss could be set according to the generic well known instructions.
Rules of wellxAMA:
1. As long as the dots are of the same color - the current trend continues.
2. Whenever a wellxAMA dot changinges color - the trend changes to the opposite.
3. If wellxAMA draws a new dot with every new chart candlestick - the market is trending.
4. Whenever a dot is missing - it is an indication of a sideways moving market ahead.
(On the monitor you can see an empty thin red line stretching alongside several candlesticks in a row) - this signalize that a trend is pausing and we may encounter range-bound conditions ahead.
5. What direction to follow when the wellxAMA dots are missing? Stick to the previous trend direction = the previous wellxAMA dot color before the range occurs.
6. If you're in a trade when wellxAMA starts to range, consider tightening your stops. If you haven't started trading - you may want to keep out until the trend is resumed.
Learning to disginguish trend and range bound market condition
One of the methods to distinguish range-bound conditions from trends is to look at the WellxAMA indicator. It allows us to switch our strategy according to the current market situation. If the WellxAMA indicator showing dots of the same color, it means the current trend continues. But if the WellxAMA indicator showing missing dots, it is an indication of a sideways moving market ahead.
Be aware
Despite the nonexistence of the magic formula there are certainly high probability ways of trading the forex market. At FF the most comments are focused on the Method part, but you need to combine Method with both Money and Mind in order to attain success in the trading business.
This thread hasn't the intention to get hold of the Holy Grail, whether it truly exists or not. A lot of traders seek the perfect formula that is capable of predicting with 100% accuracy the future price movements. Want to know where it lies? It only exists in the creative part of the mind - together with fairies and gnomes.
I believe that an important factor of trading success lies in the matching of Method with the trader's own personality and trading style. "Simple Scalping Machine" could be also used with Strategies like "Breakout Fading" or "Breakout Trading" or "Decreased Volatility Breakout" or in trends with steep gradients depending on your own risk appetite and could put in in other trading styles or in confirming trend direction and trend strength with oscillators (e.g. Stochastic, MACD). You can let it simple or could use it in a more complex way.
Time Zone:
http://www.worldtimebuddy.com/?lid=5...147714,1819729
Indicators:
Indicators from GarethC, p.11, #161;
Trade Examples:
Exit Rules, p.1, #3; Trend, p.7, #7 ; Range Bound Trading, p.1, #9; Fast In - Fast Out p.1, #14; Entry Rules - Conservative Strategy, p.1, #15; Trade Management, p.2, #16; What to make when wellxAMA dots are missing?, p.2, #19; Trading The Power Hours, p.3, #35; The Best Times to Trade the US Dollar, p.3, #36; Stop Loss!, p.4, #47; EURUSD, M5, 2011 Mai 05, p.4, #51; Bollinger Band, p.4, #55; What is Risk Management?, p.4, #54; Silver, M1, 2011 Mai 05, p.7, #93; Find hundreds of Metatrader Indicators, p.8, #112; Silver, M5, 2011 Mai 09, p.9. #122; Advanced Level Trading? - EURUSD, M1, 2011 Mai 09, p.9, #125; Trade the wellxAMA with the Pivotal Point - EURUSD, M1, 2011 Mai 09, p.9, #128; Enter Long at every Hammer near the EMA200 - Silver, M5, 2011 Mai 10, p.10. #142; Focus at EMA200 as an Exit Line in this example - Silver, M1, 2011 Mai 17, p.12, #168; Trading with the Pivotal Points, EURUSD, M5, 2011 June 02, p.12, #180;
Forex Articles & Links:
Worldtime/Change Time Mode, p.10, #136; Correlation Table, p.10, #143; Trailing Stop EAs for MT4, p.12, #172 ;
Template & Indicators: see attachment, please.
see #183
2011 June 04
It's time to say Good-Bye!
Enough has been said!
I wish you Success & Happiness!
FXcube
Attached File(s)
wellxAMA.mq4
3 KB
|
4,218 downloads
PivotsD_v5.mq4
32 KB
|
3,161 downloads
simple scalping machine.tpl
11 KB
|
2,874 downloads