Open Scalping Strategy | Page 8 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trying scalping with a 1000 bucks - Scalping is expensive! 39 replies

strategy builder/tester for new scalping strategy 1 reply

1M & 5M Scalping System (Scalping Paradise) 21 replies

30 second EURJPY Tokyo Open scalping 7 replies

Scalping Thread Open mind 2 replies

Attachments: Open Scalping Strategy
Exit Attachments

Open Scalping Strategy

  • #141
  • Aug 6, 2014 3:58am Aug 6, 2014 3:58am
Quoting swilliam
{quote} Thanks for feedback This 2nd trade is still on testing, if somebody finds it usefull. And somebody show statistical results about it would be great. I basically only do 1st Trade. And for me the strategy works until now
Can you post your results?
  • #142
  • Aug 6, 2014 5:31am Aug 6, 2014 5:31am
HERE IS EXAMPLE OF 2ND TRADE TODAY

**UPDATED FIRST POST***
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
Profit is on the other side of your mind
  • #143
  • Aug 6, 2014 9:27am Aug 6, 2014 9:27am
Quoting alphac
{quote} Can you post your results?
?
  • #144
  • Aug 6, 2014 9:45am Aug 6, 2014 9:45am
hi,

i dont need to prove anything, since the system rules is already outlined clearly.
i'm already posting my charts even before the trade was taken.

I also dont like to post myfxbooks since the people can test if system works or not.

Regards
Swilliam
Profit is on the other side of your mind
  • #145
  • Aug 6, 2014 9:49am Aug 6, 2014 9:49am
2 winning trades today.
  • #146
  • Aug 6, 2014 9:52am Aug 6, 2014 9:52am
Quoting swilliam
HERE IS EXAMPLE OF 2ND TRADE TODAY **UPDATED FIRST POST*** 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) {image} PREPARE 2ND TRADE {image} 2ND TRADE WON (+15 Pips) {image}
i like the 2nd trade approach! will definitely try this out
  • #147
  • Aug 6, 2014 10:37am Aug 6, 2014 10:37am
Quoting swilliam
hi, i dont need to prove anything, since the system rules is already outlined clearly. i'm already posting my charts even before the trade was taken. I also dont like to post myfxbooks since the people can test if system works or not. Regards Swilliam
As expected.
  • #148
  • Aug 6, 2014 10:54am Aug 6, 2014 10:54am
Willy,

I just wanted to inform you. I am getting the trend direction from Daily, Weekly and Monthly Open line. I will add more lots and hold the trades as much as possible. So if rate moved up from monthly line, weekly line and now trading below the daily line. You wait for the price to cross the daily line with a Stop Order. Just like the Scalping strategy. Sometimes, there is a mismatch between Daily and Weekly (like price below Weekly but above Daily, while all above monthly), Then we take weekly open line or wait till price moves further, until we are clear.

I will tell more on money management, if interested.

Edit: Went long in the beginning of the month and trying to come out of the loss.
  • #149
  • Aug 6, 2014 11:00am Aug 6, 2014 11:00am
Quoting alphac
{quote} As expected.
He does not need to prove anything, this is a well tried ,tested very old method and it works very well.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #150
  • Aug 6, 2014 3:29pm Aug 6, 2014 3:29pm
Just to add my 2 cents... I found that the win rate was slightly lower than I'd hoped for when I manually backtested, so I've been experimenting with reducing the TP to 5 pips. This creates a less desirable R/R ratio, but I found that the win % went up significantly. The highest I found was 88% win rate on AUD/USD from Jan to current when reducing to 5 pips TP. Keeping the SL at 15 means risk/reward ratio of 3:1 so one has to be right over 75% to profit. I think this is easily achievable.. So far I'm 4/4 after making this adjustment. I'll continue to update my progress with this variation.
  • #151
  • Aug 6, 2014 10:01pm Aug 6, 2014 10:01pm
Quoting pannet1
Willy, I just wanted to inform you. I am getting the trend direction from Daily, Weekly and Monthly Open line. I will add more lots and hold the trades as much as possible. So if rate moved up from monthly line, weekly line and now trading below the daily line. You wait for the price to cross the daily line with a Stop Order. Just like the Scalping strategy. Sometimes, there is a mismatch between Daily and Weekly (like price below Weekly but above Daily, while all above monthly), Then we take weekly open line or wait till price moves further, until...
Please do share your insights

Regards
Swilliam
Profit is on the other side of your mind
  • #152
  • Aug 6, 2014 10:04pm Aug 6, 2014 10:04pm
Quoting billytt
{quote} He does not need to prove anything, this is a well tried ,tested very old method and it works very well.
Thanks
Profit is on the other side of your mind
  • #153
  • Aug 6, 2014 10:11pm Aug 6, 2014 10:11pm
Quoting Nico1359
Just to add my 2 cents... I found that the win rate was slightly lower than I'd hoped for when I manually backtested, so I've been experimenting with reducing the TP to 5 pips. This creates a less desirable R/R ratio, but I found that the win % went up significantly. The highest I found was 88% win rate on AUD/USD from Jan to current when reducing to 5 pips TP. Keeping the SL at 15 means risk/reward ratio of 3:1 so one has to be right over 75% to profit. I think this is easily achievable.. So far I'm 4/4 after making this adjustment. I'll continue...


Yes, decreasing TP would significantly increase winrate.
So far, there are times that price nearly touces the 10Pip TP then reverses,
5 pips maybe a better target on this current market condition

Please update Us
Swilliam
Profit is on the other side of your mind
  • #154
  • Aug 6, 2014 10:28pm Aug 6, 2014 10:28pm
I ADDED on first post

*ON THE PROCESS* on first Post Aside from the basic trading approach,
we are testing the possibility of
1. Trading only when news is approaching
2. Decreasing TP to 5Pips significantly increases win rate in this current market condition
3. Application of 2nd trade easily recovers a loss

FF Members pease hsare you insignts to we can determine the best approach as possible

Warm Regards
Swilliam
Profit is on the other side of your mind
  • #155
  • Aug 7, 2014 12:18am Aug 7, 2014 12:18am
Hi there swilliam, I'm new to here and your strategy. Just want to ensure that I'm following steps by steps to your strategy rules, are there sell stop EUR/USD around 1.33330 and buy stop AUD/USD around 0.93740? GBP/USD has no trade since yesterday high is between monthly and weekly open. Am I correct? Please guide me if I'm doing it wrong. Thank you very much!!
Not searching for unusual subject matter but making the commonplace unusual
  • #156
  • Aug 7, 2014 2:26am Aug 7, 2014 2:26am
yes,

Sell stop on EU, buy stop on AU
Profit is on the other side of your mind
  • #157
  • Aug 7, 2014 5:19am Aug 7, 2014 5:19am
Ohh, that's great. Thank you for your reply. One thing, how long should I hold the buy stop or sell stop position? Until it is triggered or delete it when having new position tomorrow?
Not searching for unusual subject matter but making the commonplace unusual
  • #158
  • Aug 8, 2014 12:28am Aug 8, 2014 12:28am
Quoting vintex
Ohh, that's great. Thank you for your reply. One thing, how long should I hold the buy stop or sell stop position? Until it is triggered or delete it when having new position tomorrow?
hold if for the whole day, delete it on the opening of a new daily bar. then place a new order for the new day

Swilliam
Profit is on the other side of your mind
  • #159
  • Aug 8, 2014 7:36am Aug 8, 2014 7:36am
UCAD win on unemployment news.
  • #160
  • Aug 9, 2014 3:58am Aug 9, 2014 3:58am
Quoting Fbird
UCAD win on unemployment news.
nice trade, also got the same!
0 traders viewing now