Idiot's Guide to Scalping | Forex Factory

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Idiot's Guide to Scalping

  • #1
  • First Post: Edited Feb 7, 2013 8:35pm Feb 6, 2013 1:47am | Edited Feb 7, 2013 8:35pm
Hi

For all those people who want to trade/scalp forex but want a simple system to use and mint 5 - 10 pips , this guide will help them do just that

all u need is a 5/21 ema cross indicator and the 10.2 TMA SLope indicator.

Entry :- Take entry 1 pip above the high of the 5/21 ema cross indicator in case of a buy provided the TMA agrees .

can it be any simpler than this.

Preferred pair is EJ

Time Period is 1 M
Attached File(s)
File Type: mq4 10.2 TMA slope v.1.4B 4.30.mq4   10 KB | 2,305 downloads
File Type: mq4 EMA Crossover Signal.mq4   4 KB | 2,502 downloads
  • #2
  • Feb 6, 2013 1:52am Feb 6, 2013 1:52am
Only avoid news time .
Attached Image (click to enlarge)
Click to Enlarge Name: entries.png Size: 31 KB
  • #3
  • Feb 6, 2013 2:33am Feb 6, 2013 2:33am
thanks for sharing. 1 pip above the high ,as you said may be difficult to target because of 1 min chart re-quotes and slippage. but i am a fan of ej on 5 mins. i will try your system also. and what is your sl?
Besides what broker do you use because you will need low spread which is very difficult to get on ej on some brokers now a day. I do use hotforex, because that is low spread broker on ej with around 2 pips or less i can see best, for now. please share.
We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #4
  • Feb 6, 2013 2:35am Feb 6, 2013 2:35am
thanks for posting.... looks promising this morning..
  • #5
  • Feb 6, 2013 2:35am Feb 6, 2013 2:35am
Hi,
thanks (for calling me idiot
what SL do you use?
  • #6
  • Feb 6, 2013 2:39am Feb 6, 2013 2:39am
ind >>>> 10.2 TMA slope v.1.4B 4.30

reapaint
  • #7
  • Feb 6, 2013 2:48am Feb 6, 2013 2:48am
Hi unimak,

Thank you for sharing, but I do agree with mo3ty2002 that TMA slope indicator is notorious for repainting. How do you deal with that?
  • #8
  • Feb 6, 2013 2:49am Feb 6, 2013 2:49am
You have to bear in mind that TMA is badly repainter indicator.
  • #9
  • Feb 6, 2013 3:03am Feb 6, 2013 3:03am
Quoting iwan73
You have to bear in mind that TMA is badly repainter indicator.
The question is this. Does it repaint with an open candle? Or does it repaint once a candle is closed? If your using a 1m time frame, then once the candle closes, and you have a signal. If 2 mins later the signal you had 2 mins prior disappears from your chart. Then the indicator is no good. Could someone please confirm.
  • #10
  • Feb 6, 2013 3:08am Feb 6, 2013 3:08am
Bella, my experience with it is the second part of what you mentioned. Repaint after the close, which is why I want to know how unimak deals with that.
  • #11
  • Feb 6, 2013 3:09am Feb 6, 2013 3:09am
Changing colour of current candle is not repaiting. Canging colours of closed candles is repainting. TMA is repaintng.
  • #12
  • Feb 6, 2013 3:10am Feb 6, 2013 3:10am
I'm running his script right now. It doesn't repaint. Yet what you have to watch out for is accumulation. This system identifies accumulation when the bars are a pink and light blue color. You must ignore the signal given at that point. If you enter during that color phase, your stop loss will get hit often.
  • #13
  • Feb 6, 2013 3:12am Feb 6, 2013 3:12am
Quoting iwan73
Changing colour of current candle is not repaiting. Canging colours of closed candles is repainting. TMA is repaintng.
I'm running it right now, and it has yet to repaint. I'm actually recording the screen. So I can easily backtest it to prove if what is said here is true. Until then lets ASSUME it doesn't
  • #14
  • Feb 6, 2013 3:16am Feb 6, 2013 3:16am
Bella, please elaborate. My experience with it is I get a signal for, say a buy (confirmed by color and the side adviser), but a while later after the close of the candle (and thereafter many candles) that buy signal becomes a sell or neutral.
Please explain the accumulation part as you have me at a loss. With thanks.
  • #15
  • Feb 6, 2013 3:18am Feb 6, 2013 3:18am
Quoting Info Seeker
Bella, please elaborate. My experience with it is I get a signal for, say a buy (confirmed by color and the side adviser), but a while later after the close of the candle (and thereafter many candles) that buy signal becomes a sell or neutral.
Please explain the accumulation part as you have me at a loss. With thanks.
Accumulation is when the price has fallen into a range. Also known as sideways trading. We are currently in a range, which is why over the last 20 mins we have gotten 4 signals.
  • #16
  • Feb 6, 2013 3:24am Feb 6, 2013 3:24am
Thanks for d system. It is like your system has no stop loss.
I am more afraid of 100 sheep led by a lion than 100 lions led by a sheep!
  • #17
  • Feb 6, 2013 3:24am Feb 6, 2013 3:24am
Bella, thanks for your prompt reply. I do understand accumulation as in a ranging market. My question was how it relates to the repainting of the TMA indicator.
Also I just noticed that unimak posted the 10.2 TMA slope v.1.4B 4.30 which I assume you're testing right now and which I have no experience with. My experience relates to the 10.2 TMA slope _ Norm that was used in his chart. So we may after all be talking about two different indicators.
  • #18
  • Feb 6, 2013 3:28am Feb 6, 2013 3:28am
Quoting Info Seeker
Bella, thanks for your prompt reply. I do understand accumulation as in a ranging market. My question was how it relates to the repainting of the TMA indicator.
Also I just noticed that unimak posted the 10.2 TMA slope v.1.4B 4.30 which I assume you're testing right now and which I have no experience with. My experience relates to the 10.2 TMA slope _ Norm that was used in his chart. So we may after all be talking about two different indicators.
Well that appears to be correct (that we are speaking of two different indicators). Clearly people jumped on the chance to claim that this indicator would repaint. Without testing it themselves. Yet this indicator does not repaint at all. I was simply saying that you can identify accumulation by the pink and light blue color you see on the slope_norm indicator.
  • #19
  • Feb 6, 2013 3:30am Feb 6, 2013 3:30am
The tma slope indicator does actually repaint, but the indicator which gives you the arrows doesn't. As the indicators with the arrows is what should be used anyway for the entry.
  • #20
  • Feb 6, 2013 3:38am Feb 6, 2013 3:38am
Yes, acknowledged. I will be testing the indicator he posted as I know the one in the chart is a repainter. I hope these last few posts would encourage people to actually delve into his system with the posted indicators and not use the one shown in the chart he posted should they already have it like I did. Thanks again and I will definitely give this a test and report in due time.
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