Open Scalping Strategy

GBPUSD + 7
EURUSD + 7
AUDUSD - 7
USDCHF + 7

3 wins 1 loss

Mika

All my trades are winners, 10Pips SL and TP (EU, GU & AU)

Swilliam

Only one trade today but was a winner on AUDUSD Short

Some were filled up late,

i got 3 trades

Win on AUDUSD +7
Loss GBPUSD - 7
Win USDCHF +7

non on EU

Mika

Did anyone trade it with real money?

Yesterday was a really good day for me!
UC +10pip
NU +5pip
UJ +12pip
EJ +12pip
AU +7pip

Hi Swilliam and Everyone-else,
First, thanks so much for sharing this trading idea Swilliam. There is about 5 Billion (joking) ideas posted on this forum, some good, others not so good (in my opinion: for example, one scalping method does not have a SL?). The Open Scalping Strategy is appealing to me as no special indicators are needed. (I don't have MT4 or anything like it, just the broker's web-based platform.) It is very simple to understand and use.

First trade [demo]:

Win UJ +10pips (10pip SL) [Aussie/Asia session] : the win was never in doubt

I also tried an index :

Win Aussie Cash 200 +10points (10points SL) : again, never in doubt (over some RED news)

Just some general comments: looking at some losing trades and comparing to winners, either the win is hardly ever in doubt and executed (relatively) quickly or the price action whips around and in the to'n and fro'n the entry is hit along with the SL. If this is the case more often than not then the strength of the strategy could be based on a number of factors: where the entry actually is (we hope this is true!), the session(s) traded over and the amount of pips we demand over the number the market wants to give us (gone within a blink of an eye it seems, if we are greedy). The last two factors have room for refining, as everyone has been doing...great job and thank you! Following Swilliam, I'm using fixed TP & SL with as close to 1:1 Risk:R as possible (no point in going 2:1 if the above observations are close to correct IMO).

Griff

GU +7
UChf +7
AU -7
2nd entry - AU -7 news related
3rd entry - AU +4.6 TS
4th entry - AU +5.1 TS

You all trade demo? Thats really bad

trade first on demo for at least 3 months, then go live.

testing should be done first

Hi ChrisGC, great idea with multiple entries. I tried the same idea during the London session yesterday;

Loss UCAD -10pips : hit entry, then RED news, then hit SL
Win UCAD +5pips : 2nd entry (waited until it got around 3-5 pips below first SL - reload) then it hit 2nd entry followed by TP very quickly

I was close to BE but I had two previous wins.

I should say Mikajap is absolutely correct at this stage we are only testing. If our stats show that this is a good method then you can decide for yourself if going live is a good idea. What I'm trying to do is find the sweet spot(s) - when to trade and number of pips.

Update:

UCAD +6pips (this was the 2nd entry - missed 1st which was a loss anyway) : staggered up but got there easily in the end
UCAD +10pips (this was the 3rd entry) : just on RED news, hit TP very quickly

Watch out on NU - looks like its headed for major support? Bounced strong (15M TF) off lows (roughly) against RED news (Griff scratches head )
Seems like the same story with EU? Same general patterns on D TF. If they start retracing then just watch?

NU +4pips (this was the 3rd entry for the day but I didn't like the first two) : price action looked good here but risky stuff ATR(24)=8 on the 15M so went for 4pips - turns out could have done better but still 1:1 R:R. Both NU & EU are giving me symmetric triangles with false breaks to the wrong side and then breakouts to the entry which seems to be strong price action for this method. On the flip side we are majorly oversold near major support (Griff continues to scratch head )

UCAD : valid 4th entry since price action came back to 10pip SL (my original 2nd entry trade) and then would have hit TP again(!) but I was too busy looking at NU. Also, it looked a bit exhausted to me - this is a tough job

Ok, traders that's it for me - please keep trading the method through Mondays and the first week of month as we need the info (for those of us who are testing, of course)

Please work out first on demo. And build confidence on the system.

Make it personal, and wake it work on live

Have a good weekend

Review of August for EU [not including spreads/comm's]
[Possible win(s)] = might be a win depending upon a number of factors [estimates off D TF]
Note that on MN TF we have 3 black crows (or so it appears at the moment) for months July, August & September. June is a bearish (green) hanging-man (hammer).

W1 - no trade
Fri [July 1st]

W2 - trade
Mon - no trade
Tue - sure win = 43pips
Wed - no trade
Thur - no trade
Fri - no trade

W3 - trade
Mon - possible win(s) = 6pips max
Tue - possible win(s) = 39pips max
Wed - sure win (with min 6pip SL) = 55pips max
Thur - possible win = 12pips max
Fri - no trade

W4 - trade
Mon - no trade due to gap down(?)
Tue - possible win(s) = 17pips max
Wed - possible win(s) = 11pips max
Thur - no trade
Fri - possible win(s) = 27pips max

Review of July for EU [not including spreads/comm's]
All weeks trade-able.

W1 - trade
Mon [June 30th]
Tue - no trade
Wed - sure win = 29pips max
Thur - possible win(s) = 44pips max
Fri - possible win(s) = 9pips max

W2 - trade
Mon - possible win(s) = 12pips max
Tue - no trade
Wed - no trade
Thur - possible win(s) = 13pips max
Fri - no trade

W3 - trade
Mon - no trade
Tue - possible win(s) = 34pips max
Wed - sure win (with min 2pip SL) = 39pips max
Thur - sure loss (with TP greater than 3pips) = -SL max
Fri - possible win(s) = 23pips max

W4 - trade
Mon - no trade
Tue - possible win(s) = 54pips max (just missed sure win since SL would have to be greater than 15pips)
Wed - sure loss (with TP greater than 5pips) = -SL max
Thur - possible win(s) = 14pips max
Fri - possible win(s) = 27pips max

W5 - trade
Mon - no trade
Tue - possible win(s) = 21pips max (just missed sure win since SL would have to be greater than 15pips)
Wed - sure win (with min 8pip SL) = 34pips max
Thur - no trade

Review of August for EU [not including spreads/comm's]
All weeks trade-able. Majority of price action b/w MN & W opens - as expected - careful, as nothing is valid [if the previous week is invalid the Mon next will also be invalid by definition]

W1 - no trade - W open ~ MN open
Mon [June 2th]

W2 - no trade - W open ~ MN open

W3 - no trade - no valid previous close

W4 - no trade - no valid previous close

hi, so on these results, what SL is used?

these are all max profit, it would be a good baseline to get an average target.

Some comments on the above three previous MN :

1. The first W of MN should not be invalidated
2. Mondays seems likely to be a no trade day - needs more checking
3. Strategy inherently stops trading during periods of indecision (on the MN TF - candle-stick-wise)
4. Triggers during trend (MN TF) but stops trading on D consolidations

These are all just (somewhat crude) guesses based on what I can see off the above numbers.

The way I see it, you could approach this in one of two ways: as a turtle or use of some supplementary information supporting discretion. I have no idea which, if any?

Hi moneybill,
Thank you for your question. This is a scalping strategy so people have been trying various TP & SL's with varying R:R. One of the discussions suggested that a 1:1 Risk:R would be no different to a 2:1 since the SL was hit on a losing trades regardless. If, after testing, this appears to hold true on average it would make sense to try and stick to a 1:1 R:R as close as possible. So, in the above MN summaries, I did not state particular SL & TP settings (apart from extreme values).

For explicit numbers see above for peoples trading examples. You get the feeling that a typical TP ~ 7pips with a SL anywhere b\w 7 to 15(?) pips. This is all speculation at this stage and may remain that way. One possible technique would be to use the ATR(?) (on the entry TF, 15M say) as a measure of noise.

ECHF +6pips with 6pip TS [2nd entry around the London open. 1st entry price action looked sluggish and was in the Asia session]. There was a bullish converging trend channel breakout that won the trade for us but this happened after entry was triggered so a bit risky [see image].

It is observed that people here do not post their trading picture. It is easy to say I won 3 trades and lost 1. But when you post your trade picture, it will help others build their trading confidence.