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5m scalp system

  • #101
  • Jun 10, 2011 9:26am Jun 10, 2011 9:26am
I am jealous
Poshcom
  • #102
  • Jun 10, 2011 9:33am Jun 10, 2011 9:33am
I simply meant, what if your trade has a smaller take profit than you stop loss? Eg the SL is 15pips away and TP is only 7 pips. Thanks for your help

[quote=0002097;4681231]
Quoting Rtm

Sorry, I did not understood your question...
All posts are my personal opinion
  • #103
  • Jun 10, 2011 11:51am Jun 10, 2011 11:51am
[quote=Rtm;4681591]I simply meant, what if your trade has a smaller take profit than you stop loss? Eg the SL is 15pips away and TP is only 7 pips. Thanks for your help

Well, it doesn't. R:R is 1:1, and as I said earlier, a couple of post before, sometimes I don't go for the spread, but I manage my next orders size to compensate that points.
  • #104
  • Jun 12, 2011 7:31am Jun 12, 2011 7:31am
Hey ,

I got one question to you , i hope its not too personal .

I want to run it first on a demo before i go live like any other person , but can you tell me if you trade it live or not ? And if yes , whats your start equity and where did you end after using the system
  • #105
  • Jun 12, 2011 8:43am Jun 12, 2011 8:43am
Quoting raxxxx0r
Hey ,

I got one question to you , i hope its not too personal .

I want to run it first on a demo before i go live like any other person , but can you tell me if you trade it live or not ? And if yes , whats your start equity and where did you end after using the system
Hi Raxxxx0r! I trade it live for 5 months now. I already posted some data relative from my results over the last months, and as I said before, I don't trade it fulltime because I also have my degree to finish, I'm planning to go fulltime on September though. But I have several systems in my trading arsenal, this is just one of them.
Go demo, backtest it, forwardtest it, get your results. Using the same system, with the same hard set of rules, two traders can get different results, you should do your own research, that's the way to get full confidence on a system.

This system has been profitable for me and I believe that there's no reason it shouldn't prove itself for you as well.
  • #106
  • Jun 13, 2011 10:47am Jun 13, 2011 10:47am
Hey , 0002097

Thank you for the fast reply ,

I will do exacly as you said , from the way your talking i see that you regard me as a noob in trading . Well i am a noob in trading , my problem is actualy that i dont know how to start with getting a system to work .

I learned already what backtesting is , if i understand it correctly , it means that before i trade with a system , i check for previous signals with it on the chart and if it goes well for 3 consecutive times , its prolly going to work again. if its not the case , pls correct me

But forwardtest is something i am unfamiliar with , does it mean that its just trading the signal in demo and see how it performs ?
  • #107
  • Jun 13, 2011 11:40am Jun 13, 2011 11:40am
Hi,
My results from today werent good I started about 10 am GMT+2 so it affected my day as well. I am appending my results. Can you tell about yours ?
win:3
loss:5
Attached Image (click to enlarge)
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  • #108
  • Jun 13, 2011 2:15pm Jun 13, 2011 2:15pm
Quoting lizu
Hi,
My results from today werent good I started about 10 am GMT+2 so it affected my day as well. I am appending my results. Can you tell about yours ?
win:3
loss:5
Hi Lizu, I didn't trade today.
Starting at 8.00 am (your broker time) here are the results you should have: 5 losses and 7 wins.
Here's my chart;
Attached Image (click to enlarge)
Click to Enlarge Name: monday.gif Size: 31 KB
  • #109
  • Edited 5:08pm Jun 13, 2011 3:40pm | Edited 5:08pm
Thank You for your update. I missed a couple of good opportunities and need some practice with entries and spreds.

I am wondering about following entries you would make. Three green lines shows your entries but i wouldnt pick them as entries because they dont have higher highs/ Lower lows and this pattern repeats through your trades a lot.

One orange entry everything was good to go why you dint pick it up.

Thx
  • #110
  • Jun 13, 2011 4:27pm Jun 13, 2011 4:27pm
Quoting lizu
Thank You for your update. I missed a couple of good opportunities and need some practice with entries and spreds.

I am wondering about following entries you would make. Three green lines shows your entries but i wouldnt pick them as entries because they dont have higher highs/ Lower lows and this pattern repeats through your trades a lot.

One orange entry everything was good to go why you dint pick it up.

Thx
Hey Lizu! I've marked two trades wrong, they were supposed to be on the next candle instead. The third were a valid signal candle.

It was my mistake, since I didn't trade today I just reviewed all possible trades to give you the results.
6 losses and 7 wins is the real result for today, once again sorry to confuse you.
Attached Image(s) (click to enlarge)
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  • #111
  • Jun 13, 2011 4:41pm Jun 13, 2011 4:41pm
Quoting raxxxx0r
Hey , 0002097

Thank you for the fast reply ,

I will do exacly as you said , from the way your talking i see that you regard me as a noob in trading . Well i am a noob in trading , my problem is actualy that i dont know how to start with getting a system to work .

I learned already what backtesting is , if i understand it correctly , it means that before i trade with a system , i check for previous signals with it on the chart and if it goes well for 3 consecutive times , its prolly going to work again. if its not the case , pls correct...
Hi Raxxxx0r! I'm sorry, it wasn't my intention to regard you as noob. I wanted to say that personally I do my own testing, back and forward, otherwise I won't be confident enough.
Backtesting is a little bit more than that, for me it means to analyze 100's, 1000's of past possible trades using a predefined set of rules taken from the observations I do daily. 3 times is far from enough.
  • #112
  • Jun 13, 2011 5:04pm Jun 13, 2011 5:04pm
You are right about this orange entry. I double checked on live account and pwr was short that time. On demo you have Long entry.
Attached Image
  • #113
  • Jun 14, 2011 5:41am Jun 14, 2011 5:41am
hey ,

You dont have to apologize m8 , as i was saying i am a noob :l)

But i understand what you mean by backtesting , but what is forwardtesting .
  • #114
  • Jun 15, 2011 3:29am Jun 15, 2011 3:29am
Ok, I am still not 100% on this, and I get the feeling a lot of others aren't either. I really think we should get the exact same results if the system truly is 100% mechanical. So I was wondering if we could get a flow chart like series of instructions.

I am quite sure we only need to look at whether we're in a trade, and the past 3 bars, so shouldn't be too hard.

1-We only check the chart at the start of each bar.
2-?
  • #115
  • Jun 15, 2011 6:31pm Jun 15, 2011 6:31pm
Quoting raxxxx0r
hey ,

You dont have to apologize m8 , as i was saying i am a noob :l)

But i understand what you mean by backtesting , but what is forwardtesting .
Back testing:
You put the system to test by applying it on previous data. This can be done visually by scrolling through a chart or in a simulator. Using a simulator is better. When scrolling through a chart visually, you may get some info on the direction of the next bar as the current bar is always closed and the indicators being used reflect that. This may lead to the testing providing misleading results.

Forward testing:
Trading the system live in a demo account. Some people prefer using a cent account, where a dollar goes a long way!

Here are some simulators for MT4's strategy tester:
http://www.forexfactory.com/showthread.php?t=70742
http://www.forexfactory.com/showthread.php?t=60849
http://www.forexfactory.com/showthread.php?t=289899
  • #116
  • Jun 15, 2011 6:52pm Jun 15, 2011 6:52pm
Thank you Zaphod ,

i really appreciate it.
  • #117
  • Jun 16, 2011 10:08am Jun 16, 2011 10:08am
Quoting Koellefornia
Based on your rules I build an EA wich follows your strategy.
Please compare the results on a demo account with the trades you'll take on your live account.

Be careful, he trades automatically and will kill your money..

Please report every differences to your strategy.

This EA doesnt work doesnt open trades at all. Please fix it.
  • #118
  • Jun 16, 2011 3:26pm Jun 16, 2011 3:26pm
Quoting TraderHotch
Ok, I am still not 100% on this, and I get the feeling a lot of others aren't either. I really think we should get the exact same results if the system truly is 100% mechanical. So I was wondering if we could get a flow chart like series of instructions.

I am quite sure we only need to look at whether we're in a trade, and the past 3 bars, so shouldn't be too hard.

1-We only check the chart at the start of each bar.
2-?
Hi TraderHotch! I made a flowchart today.
Results for this week for now:
9 wins, 4 losses
6 wins, 9 losses
11 wins, 3 losses
7 wins and 3 losses for today, we still have this Friday to go.
Attached Image(s) (click to enlarge)
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  • #119
  • Jun 16, 2011 3:33pm Jun 16, 2011 3:33pm
good job, what time is the end of the trading day?
Poshcom
  • #120
  • Jun 16, 2011 3:40pm Jun 16, 2011 3:40pm
my 5m scalp, 200ma, 100ma, 20ma, 13ma, 7ma, stoch with 13, rsi on top and macd. along with fibs {50% retrace constantly is taken on the 5m charts when putting in the sessions/days high/low.

add in daily Res & support and you are good to go!
I gotta dollar .. I gotta dollar .. I gotta dollar .. HEY HEY HEY HEY
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