3/5 WMA very simple scalping

Interesting system. I'm trying it out as an EA right now and I hope to be able to post something shortly.

BTW, the MM on it a little weird.

I like this system, very interesting. Just looking at a chart with the historical WMA seems to show a high degree of accuracy.

Some observations:
1 - You can't get greedy with it, make your pips and get out. The WMA is very short and fast, so it will change quickly.

2 - The OP is right, EUR/JPY works best. Tried it against EURUSD and was no where near as effective.

3 - Going back to greed - make sure to run it on H1 charts.

I'm very impressed by the OP, they have done their work on the best settings for this system.

But, I don't have the discipline needed, so I have created an EA to do the work for me. I've attached it here. This is only an alert system, it is not an autotrader. If you want that, or other customizations, send me a PM.

Attached is a picture that shows the result of the EA I wrote for this. The alerts are in the upper left-hand corner.

I have not traded short scalping strats much (actually not at all.) "Trend" - does that mean the direction of the WMAs regardless of the number of candles or overall longer trend which would mean that short retracements wouldn't be traded. Can't quite get the handle on this although my 1st demo trade went well as I saw the WMAs change direction at 08:00 EDT and I took it ($/J).

Comment pls.

I don`t believe in EA`s. You will have to build up your discipline and fight the stress. If you can`t manage to do so you better find another job. Indicator with alert is good idea but there is one already. I found it somewhere at forex-tsd.com .

Its not the holy grail. You will see your positive result after 100 trades. Don`t waste your time backtesting. If you have negative result after 100 trades write it down here so other people save their money. If you have positive result do the same. Avoid the news. Play london session. Avoid playing at the close of big bars 100+ points.

I don`t even know why I`m giving you this knowledge. I hope I will eventually go to haven.


I hope you all find your way to the "5% successful traders" place.

Hi Firee & All,

You have shared knowledge selflessly..Looks like you seem to have a good system but it died down..you still using this?

I'm very keen to learn more..tried twice and got burnt..when you say you look at 1hr charts, do you zoom into a smaller time frame for confirmation or ...?

I'm a little weary about the distance between the MAs..anything else that may help in ascertaining this?


thanks for your reply and knowledge sharing!

Cheers

Leodlaure,
This thread is 2 1/2 years old.
I wouldn't waste any time or real money on this method.
Just my 2 cents.

Hi Intu,

Thanks, i guessed as much..hmm, i gotta trawl again for something simple..this was something a little straightforward because all the other forums recommended strategies that used indicators not available in my trading platform (Saxo Capital Markets) sigh!

anyway, thanks and cheers!

Thanks for your comments & enlightenment. I appreciate that very much. It really helps for taking entries. Do we need an indicator for confirmation of the direction of

the trend. Could we use candlesticks pattern. Thank you.