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5m scalp system

  • #21
  • May 13, 2011 2:17pm May 13, 2011 2:17pm
Quoting StayFocused
Sorry for my previous post. I see where I went wrong. Sorry for the confusion.
It's ok, did you make any pips today?

I wish some talented programmer notice this system and help us to build a EA...
  • #22
  • May 13, 2011 3:28pm May 13, 2011 3:28pm
I did make pips today, enough to make 20% gain on my account (demo, and today was an exceptional day...everyday is not like that for me.) but I am trying to learn your method and I must be doing something wrong. I thought I figured out where I went wrong but I guess not. I have more trades than what you have on your chart. I have yet to trade your method but in back testing today only, I have trades that I see as valid that you don't have on your chart.

I love the simplicity of your method but can't seem to figure out why I seem to see trades that are valid per your rules that you did not take.

I will create a chart so I can show you the trades that I see as valid that I don't see on your chart.

As for an EA, if it works manually I would not have a problem at all adding it to my toolbox and trading it manually. I'm just different in I don't mind placing my trades manually as watching my dreams come true...gives me a sense of gratification on my journey to where I want to be.

Quoting 0002097
It's ok, did you make any pips today?

I wish some talented programmer notice this system and help us to build a EA...
Changing my life one pip at a time!
  • #23
  • May 13, 2011 3:50pm May 13, 2011 3:50pm
Quoting StayFocused
I did make pips today, enough to make 20% gain on my account (demo, and today was an exceptional day...everyday is not like that for me.) but I am trying to learn your method and I must be doing something wrong....
Hi, I just reviewed all possible trades of today according to the rules, I missed two trades (shown in the chart), 1 loss and 1 win. As for the other trades, they all seem correct and nothing seems to be missing, at least according to my broker's data.
Prepare your chart, I'm curious...
  • #24
  • May 13, 2011 3:57pm May 13, 2011 3:57pm
Here is the chart I was speaking about in my previous post. According to my understanding of the rules which state a candle must be 15 pips or less in size and have a higher high and higher low than the previous bar (buy situation) and a lower high and lower low than the previous bar (sell situation) and the PWR must be above 0 for buy and below 0 for sell, these are the candles that I have that fit the valid signal rules. I'm sure I'm doing something wrong so I'm hoping somebody can clear up whatever mistake I'm making.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.gif Size: 50 KB
Changing my life one pip at a time!
  • #25
  • Edited 4:10pm May 13, 2011 3:58pm | Edited 4:10pm
Here's the chart. Actually was just one trade I missed, 1 loss...
Attached Image (click to enlarge)
Click to Enlarge Name: vv.gif Size: 16 KB
  • #26
  • May 13, 2011 4:29pm May 13, 2011 4:29pm
Quoting StayFocused
Here is the chart I was speaking about in my previous post. According to my understanding of the rules which state a candle must be 15 pips or less in size and have a higher high and higher low than the previous bar (buy situation) and a lower high and lower low than the previous bar (sell situation) and the PWR must be above 0 for buy and below 0 for sell, these are the candles that I have that fit the valid signal rules. I'm sure I'm doing something wrong so I'm hoping somebody can clear up whatever mistake I'm making.
I think you're taking every trade. When I take a trade I ignore all the other signal until tp or sl is hit. Is that it???
  • #27
  • May 13, 2011 4:30pm May 13, 2011 4:30pm
Time to read around and see what new is up.

Look simple, will set it up on a chart and follow it a bit next week.
  • #28
  • May 13, 2011 4:43pm May 13, 2011 4:43pm
Yes, that could be exactly what it is. So you are only in one trade at a time, correct?

That makes much more sense and would stop one from overtrading by taking every signal.

I will only take one trade at a time starting with the Asian session on Sunday and see how it goes.

The best part about this method is that the maximum stop loss will never be more than 15 pips.

I do have a question for you. How do you handle getting your limit orders in quick enough before price has passed your entry point? Since your stop loss will vary from trade to trade and you are risking 2% per trade (same mm I use) I was wondering how you handle this situation. You will be changing your lot size each trade depending on the stop loss size. Since your limit order is just 1 pip away from where the previous candle closed, do you find it often that by the time you have calculated how many lots to use, price has already passed your entry point? If so, do you just ignore that trade and wait for the next one or do you then enter with a market order? Hopefully my question makes sense.

Quoting 0002097
I think you're taking every trade. When I take a trade I ignore all the other signal until tp or sl is hit. Is that it???
Changing my life one pip at a time!
  • #29
  • May 13, 2011 5:04pm May 13, 2011 5:04pm
Quoting StayFocused
Yes, that could be exactly what it is....
It makes all sense. I make all my calculations manually, which is kind of complicated sometimes. Sometimes I cant place my orders, when it happens, either I ignore the trade, or I wait until the price comes back to here I wanted to place the original order, sometimes I can even squeeze one or two more pips.
  • #30
  • May 13, 2011 5:08pm May 13, 2011 5:08pm
Quoting Freddyfx
Time to read around and see what new is up.

Look simple, will set it up on a chart and follow it a bit next week.
Welcome! Every input is important!
  • #31
  • May 13, 2011 5:11pm May 13, 2011 5:11pm
Ok, thanks for answering. I understand how it can be complicated at times but it seems to be worth it with the results that you have shown.

On average, what % do you make per day and how long have you been trading this method?

Quoting 0002097
It makes all sense. I make all my calculations manually, which is kind of complicated sometimes. Sometimes I cant place my orders, when it happens, either I ignore the trade, or I wait until the price comes back to here I wanted to place the original order, sometimes I can even squeeze one or two more pips.
Changing my life one pip at a time!
  • #32
  • May 13, 2011 5:23pm May 13, 2011 5:23pm
Quoting StayFocused
Ok, thanks for answering. I understand how it can be complicated at times but it seems to be worth it with the results that you have shown.

On average, what % do you make per day and how long have you been trading this method?
Since January.
Something from -6% to +36%
  • #33
  • May 13, 2011 5:32pm May 13, 2011 5:32pm
Congrats on your results. I look forward to trying this style of trading next week. My goal is to average 2% profit per day so we shall see how it goes.

The simplicity of this method is very powerful.

Quoting 0002097
Something from -6% to +36%
Changing my life one pip at a time!
  • #34
  • May 13, 2011 5:47pm May 13, 2011 5:47pm
You are trading betwin 8 and 18h only, ok. But what time ? GMT or EST?
  • #35
  • May 13, 2011 6:53pm May 13, 2011 6:53pm
Quoting Ema
You are trading betwin 8 and 18h only, ok. But what time ? GMT or EST?
My platform is Central European Time (CET) or London time +1
  • #36
  • Edited 1:58am May 14, 2011 12:12am | Edited 1:58am
Here is an indicator I wrote to generate signals for this system.
It requires that PwR.ex4 is installed. Get it from the first post:

xM5-Scalper v0.90 Indicator
Indicator parameter Descriptions

PA.Settings

  1. PA.MaxBarRange=15;
    // Maximium range of bar in pips

Arrow.Settings

  1. Arrow.Type=2;
    // 0=Thin, 1=Thick, 2=Hollow, 3=Round, 4=Diagonal Thin, 6=Diagonal Thick, 7=Diagonal Hollow, 8=Fractal, 9=Ribbon, 10=Thumb, 11=Finger
  2. Arrow.Size=1;
    // Size of arrow (1-5)
  3. Arrow.Spacing=25;
    // Offset from end of candle to show arrow


Alert.Settings

  1. Alert.Popup=false;
    // Popup window & sound on alert
  2. Alert.Email=false;
    // Send email on alert
  3. Alert.Subject="Default";
    // Email Subject. If '    Default', the subject is generated automatically

Attached Image (click to enlarge)
Click to Enlarge Name: xM5-Scalper.png Size: 22 KB
Attached File(s)
File Type: mq4 xM5-Scalper.mq4   10 KB | 842 downloads
File Type: ex4 xM5-Scalper.ex4   7 KB | 615 downloads
  • #37
  • May 14, 2011 12:56am May 14, 2011 12:56am
I just want to say thanks for creating this. This will help find the candles that meet the criteria much more quickly.

Have a great weekend.

Quoting Xaphod
Here is an indicator I wrote to generate signals for this system.
It requires that PwR.ex4 is installed. Get it from the first post:

Indicator parameter Descriptions

PA.Settings
[list][*][font=Tahoma]PA.MaxBarRange=15;...
Changing my life one pip at a time!
  • #38
  • May 14, 2011 1:31am May 14, 2011 1:31am
Since I will begin demo trading this method starting on Sunday with the Asian session, I decided to make a slight modification. I will use a hard stop loss of 15 pips on all trades. My target will be based off the size of the signal bar, per the original rules. My thought process for this slight modification is that by using a 15 pip stop loss, I give each trade some room to breathe.

This is only a demo account so the testing does not have any negative affects to it. I'm hoping that my slight modification will be of help to not just me but to others as well.

Thanks again to Xaphod for creating the indicator for us that shows which candles have met the valid criteria. That indicator is a huge help for this system.
Changing my life one pip at a time!
  • #39
  • Edited 9:40pm May 14, 2011 2:21am | Edited 9:40pm
Superceeded by v0.93. Go to post 56 for files and info.

An EA for backtesting the 5m scalp system. It does not seem to do well. Needs parameter tweeking and filters.
Note! It requires that PwR.ex4 is installed. Get it from the first post, and the THV T3 Trix if you want to use that filter.

xM5-Scalper v0.92 EA
Input parameters

RunTime.Settings

  1. RunTime.Enable="08:00";
    // Enable trading after this time
  2. RunTime.Disable="18:00";
    // Disable trading after this time

RunMode.Settings

  1. RunMode.Method=0;
    // Mode 0: Standard. PA + PwR
    // Mode 1: Hieken Ashi filter. PA + PwR + HA
    // Mode 2: Trix Filter. PA + PwR + Trix
  2. RunMode.BarCount=2;
    // Max bars from signal to take entry

Order.Settings

  1. Order.LotSize=0.1;
    // Lotsize
  2. Order.TPSLMode=0;
    // Take profit/Stoploss Mode.
    // Mode=1: Use Fixed TP/SL values.
    // Mode=1: Use size of setup bar, but minimum sizes of Order.TP and Order.SL
  3. Order.TP=5;
    // Take profit
  4. Order.SL=5;
    // Stoploss

PA.Settings

  1. PA.MaxBarRange=15;
    // Maximium range of bar in pips.

  • #40
  • May 14, 2011 2:25am May 14, 2011 2:25am
Quoting StayFocused
Thanks again to Xaphod for creating the indicator for us that shows which candles have met the valid criteria. That indicator is a huge help for this system.
You are welcome!
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