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Open Scalping Strategy

  • Poll

  • What is your usual SL/TP using Open Scalping Strategy(OSS)
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  • #1
  • First Post: Edited Nov 4, 2015 9:22am Jul 13, 2014 2:10pm | Edited Nov 4, 2015 9:22am
BASIC STRATEGY GUIDELINES

1. TIMEFRAME: D1
ZOOM INTO smaller timeframe like M5 or M15 to see better.

2. StopLoss & TakeProfit
7-10 Pips

3. No Trading on Sunday or First Day of the Week
NOTE: You can trade Sunday, This is just my personal preference to avoid sunday candle confusion

BUY RULES
1. Previous day's Close Above Monthly and Weekly Open
2. Buy 1 tick above the previous days HIGH

EXAMPLE

  1. Close Yesterday was above Weekly & Monthly Open Lines
  2. Yesterdays High is 0.89620
  3. Buy TODAY if Price goes 1 Tick Above Yesterdays High. Or Buy if Price goes at least 0.89621

Attached Image (click to enlarge)
Click to Enlarge Name: buy-1.PNG Size: 43 KB

Attached Image (click to enlarge)
Click to Enlarge Name: buy-2.PNG Size: 44 KB



SELL RULES
1. Previous day's Close Below Monthly and Weekly Open
2. Sell 1 tick above the previous days LOW

EXAMPLE

  1. Close Yesterday was below Weekly & Monthly Open Lines
  2. Yesterdays Low is 1.35608
  3. Sell TODAY if Price goes 1 Tick Below Yesterdays Low. Or Sell if Price goes at least 1.35607

Attached Image (click to enlarge)
Click to Enlarge Name: Sell-1.PNG Size: 49 KB

Attached Image (click to enlarge)
Click to Enlarge Name: Sell-2.PNG Size: 47 KB



SECOND TRADE STRATEGY

FOR TESTING PURPOSES ONLY AND NOT YET TESTED, TRADE AT OWN RISK
LOGIC: If the first breakout attempt was a bit "SHY", the second attempt should be stronger

1. IF First Trade was A Loss, Open another Trade on the SAME Level of the First Trade
2. Set StopLoss Same as Previous
3. Increase Takeprofit By 50%

FIRST TRADE HIT STOPLOSS (-10Pips)
Attached Image (click to enlarge)
Click to Enlarge Name: SL Hit 1.PNG Size: 32 KB


PREPARE 2ND TRADE
Attached Image (click to enlarge)
Click to Enlarge Name: SL Hit 2.PNG Size: 34 KB


2ND TRADE WON (+15 Pips)
Attached Image (click to enlarge)
Click to Enlarge Name: SL Hit 3.PNG Size: 36 KB



Indicators:
Attached File(s)
File Type: ex4 !!Open Marker.ex4   42 KB | 1,462 downloads | Uploaded Sep 25, 2015 3:25am

Attached File(s)
File Type: ex4 !!Hide Orders.ex4   22 KB | 1,235 downloads | Uploaded Sep 25, 2015 3:28am
Profit is on the other side of your mind
  • #2
  • Jul 13, 2014 2:13pm Jul 13, 2014 2:13pm
Hi,

I look for nearly the same setups as yours. can you please upload your charts to see them bigger,

thanks
  • #3
  • Jul 13, 2014 2:23pm Jul 13, 2014 2:23pm
ok i have uploaded indicator and images
Profit is on the other side of your mind
  • #4
  • Jul 13, 2014 2:46pm Jul 13, 2014 2:46pm
ok. Much better know. Getting a bit more in the details, The setup looks well, what strategy are you using for SL and TP. Trading on Daily (in my opinión perfect), the Sl needs to be quit far away. Looking on the chart you have to put the SL above/below the previous candle.
What you think about the TP on fixed pips (depending of the account I should put it on 1 or 2% of the account)

ronichimo
  • #5
  • Jul 13, 2014 2:55pm Jul 13, 2014 2:55pm
i want to get in and out quickly with high hitrate so i use 10Pips stop and Takeprofit For EU,GU and AU. Other pairs like USDCHF, i used 7Pips.

I used Risk% per trade.
Profit is on the other side of your mind
  • #6
  • Jul 13, 2014 3:11pm Jul 13, 2014 3:11pm
In & out asap, perfect. But a 10 pips SL is too short no? After entering you need the PA go right to the TP before the retracement, no?
  • #7
  • Jul 13, 2014 4:50pm Jul 13, 2014 4:50pm
That sounds a good strategy Swilliam. Did you try to build an EA for automated trade or you trade only manually?
  • #8
  • Jul 13, 2014 6:16pm Jul 13, 2014 6:16pm
Any trading stats available for this strategy?
  • #9
  • Jul 13, 2014 9:20pm Jul 13, 2014 9:20pm
Quoting paulopt
That sounds a good strategy Swilliam. Did you try to build an EA for automated trade or you trade only manually?
I only trade manually, because sometimes i consider fundamentals before place a trade.

I also dont have ea for the strategy

William
Profit is on the other side of your mind
  • #10
  • Jul 13, 2014 9:51pm Jul 13, 2014 9:51pm
Quoting swilliam
i want to get in and out quickly with high hitrate so i use 10Pips stop and Takeprofit For EU,GU and AU. Other pairs like USDCHF, i used 7Pips. I used Risk% per trade.
When you're using such a small stop loss on a daily time frame (where you can't see the small price moves), you can't get an accurate probability of this method.

Where you've marked those entries, plot it on the chart and move to a 5min time frame and see if, after making a new low/high and triggering your order, price continues straight through to hit your TP. Alternatively there's a good chance price fluctuates back and forth a bit before going to your TP, in which case you could have very well been stopped out, but on the daily chart looks like a successful trade.

I've done the first one for you... your very first BUY example that you posted in your chart was stopped out - see attached. Now just do it for say 500 trades according to the rules and we'll be able to gauge how probable this method could be lol
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 30 KB
  • #11
  • Edited 10:28pm Jul 13, 2014 10:14pm | Edited 10:28pm
sure

anyone can test the method.

The image i posted included lossing trades. Its normal to hit SL for me. I only Need at least 60% win rate
to have postive traders equation on long run.


Again , very easy, no fancy indicators just price action
Profit is on the other side of your mind
  • #12
  • Jul 13, 2014 10:30pm Jul 13, 2014 10:30pm
Quoting swilliam
sure anyone can test the method. The image i posted included lossing trades. Its normal to hit SL for me. I only Need at least 60% win rate to have postive traders equation on long run. Again , very easy, no indicators just price action
I'm not questioning your method, and of course everyone will have losses using any method or system they use, but where do you get that figure of 60% win rate from? That's what I'm trying to get at, to find a percentage win rate you'd have to literally check each and every trade (back testing) or forward test it for an extended period of time before coming up with a percentage that will be accurate. And by back test I mean you must break each trade down to a lower time frame to see what price action does. This alone could be very, very time consuming to accumulate the appropriate amount of data, unless it's possible to have it coded to view the stats?

Or, I could be wrong all together and you've been using this method for the last 2 years successfully in which case it has been tested
  • #13
  • Jul 13, 2014 10:30pm Jul 13, 2014 10:30pm
if you found other value for stoploss is better or other exit method

, please share to us so we can improve the system even better.!
Profit is on the other side of your mind
  • #14
  • Jul 14, 2014 2:39am Jul 14, 2014 2:39am
Quoting pierre23
{quote} I'm not questioning your method, and of course everyone will have losses using any method or system they use, but where do you get that figure of 60% win rate from? That's what I'm trying to get at, to find a percentage win rate you'd have to literally check each and every trade (back testing) or forward test it for an extended period of time before coming up with a percentage that will be accurate. And by back test I mean you must break each trade down to a lower time frame to see what price action does. This alone could be very, very time...

flying visit,, the daily breakout strategy is a very simple and very profitable trading method but a 10 stop loss is ridiculous, it can work as just happened with e/j unless the thread owner intends to get back into the trade should he be busted or martingale etc,
Bigger stop loss lots of potential, be good ,trDE WELL
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #15
  • Jul 14, 2014 2:53am Jul 14, 2014 2:53am
thanks.

for suggestions, but its possible that to avoid trade going to hit STOP, is application of time filter.

Like Placing an oder above high or below low onnly during london session. Since asia session gives false breakouts.
but it can cause some setups to be missed.

Tomorrow will be start of trading, hope others will also test so we can improve the system but keep it as simple as Possible
Profit is on the other side of your mind
  • #16
  • Jul 14, 2014 3:04am Jul 14, 2014 3:04am
Is USD/CAD a setup right now? maybe a few pips past open! Except no mon trades?
  • #17
  • Jul 14, 2014 3:30am Jul 14, 2014 3:30am
i prefer not to trade monday


but if you did,

the Buy would have been triggered and hit takeprofit

https://charts.mql5.com/5/205/usdcad...boforex-lp.png

https://charts.mql5.com/5/205/usdcad...boforex-lp.png
Profit is on the other side of your mind
  • #18
  • Jul 14, 2014 6:42am Jul 14, 2014 6:42am
Quoting swilliam
BUY RULES 1. Previous day's Close Above Monthly and Weekly Open 2. Buy 1 tick above the previous days HIGH SELL RULES 1. Previous day's Close Below Monthly and Weekly Open 2. Sell 1 tick above the previous days LOW
Hi William,
Thanks for sharing!

May I clarify what do you mean by 1 TICK?

For example if the previous day CLOSE (Above Monthly and Weekly Open) was 1.34567 (for EUR/USD. I am using Ironfx which has 5 decimals)
What is the entry value?

Thanks !!!
  • #19
  • Jul 14, 2014 8:29am Jul 14, 2014 8:29am
Quoting nsn14
{quote} Hi William, Thanks for sharing! May I clarify what do you mean by 1 TICK? For example if the previous day CLOSE (Above Monthly and Weekly Open) was 1.34567 (for EUR/USD. I am using Ironfx which has 5 decimals) What is the entry value? Thanks !!!

Example:

Yesterdays Closing Price @ 1.12300 Above Monthly & Weekly Open
Yesterday's High @ 1.12400

Enter Buy if price goes above Yesterday's High at least 1 tick or at least 1.12401
Profit is on the other side of your mind
  • #20
  • Jul 14, 2014 10:22am Jul 14, 2014 10:22am
Quoting swilliam
{quote} Example: Yesterdays Closing Price @ 1.12300 Above Monthly & Weekly Open Yesterday's High @ 1.12400 Enter Buy if price goes above Yesterday's High at least 1 tick or at least 1.12401
OIC!
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