Open Scalping Strategy

Great results Steef! Well done

My UJ is still pending... [of course, shouldn't be trading at that time (see above for comments on 'strange' price action) but like to test everything to the extreme...]

UJ +19pips : looked strong in the end

(side note: Aust 200 +10points : so far haven't got a loss since trading this, quite amazing)

Keep going Mikajap you're doing great, collect all the information you can during your testing

EJ looks like it could come back to trade (a reversal - morning star type pattern forming)?
GU looks good aswell to come back to trade?
ECHF, EG is no trade
GJ - l don't like the look of this (huge shooting star on D1 and could roll over and become no trade?) - wait till later in week?
All other major dollar pairs looking strong?

Anyone spot anything of interest? I generally look at all majors with low spread.

ECHF, EG still no trade but plenty of candidates going into the London open

GJ coming on strong... [Griff watching 1H TF ... looks like a range but price only has to break to the high end ... Red News]
EU ... [Griff watching for a break of the WO... engulfing a shooting star price broke the WO but now need a close below to confirm]
NU ... [Griff watching a nice reversal, harami followed by shooting star... mmm heading into yearly lows ]

EU +9pips : strong move down [first surge of the long candle would have hit SL I think but by the time I executed the order it came back and hit entry then TP]
UCHF +8pips : super strong move (Red News... Bang!)

Could have done much better on everything

GU +8pips : broke the 1.62000 psychological / round number then surged to TP. Scary as bounced off level maybe 4 or 5 times. This just broke down +20pips
UCAD +7pips : direct steady move up to TP [could have done a bit better but still great stuff ]

UJ ... I'm in and lookiing steady...got to 7pips but still looking good...going for 14pips...ATR(14)=7pips on 15M TF...broke 109.800...rebound off this level...broke back and looking good...we want just below .900...came back and bounced off .800 wow! New 15M candle hit new high by 2 ticks (1/5th of a pip)...bouncing off .800 level again, so set SL to BE (if it wants to come back down I don't want to know about it)...ok hit BE ... I'm stuffed c'yas hope everyone did well.

No entry's hit yet today for me

AU was a possibility during Asian session - looks like anything better than a 8pip SL would have been ok [looks like Red News caused this]

My bad - just noticed that its a new month! So, this is against the rules!

[Aust 200 +12points : got in too early (pre-open) and got hit with a wide spread (ouch!) - otherwise a strong move down, it got to +18points from entry]

Mmmm ... notice that the system reversed signals on pairs like EU, AU & NU that where all @ major S&R levels... interesting

GJ, EJ, EG, ECHF, EU, UCAD, UCHF, GU, NU --- No Trade status

AU ... online, trade-able...have a look at the 1H TF [Griff takes a pass ]

This is what traders have observed (see previous posts) about the start of new month - the system is adjusting / updating and will produce less trades as a result ... [Griff swing trading on side ]

hi griff,

nice to keep us posted, i cant trade this week, since i have affairs to do,

good luck to all

Bad day

GU SL-10
GJ SL-10
AU TP +5
EJ SL-10
EU No trade yet
UC No trade yet

A trailing stop would be a good idea, but is difficult to backtest for me.

Actually, perhaps that's the best idea...

Thanks for the information Steef. I think what is happening is that the system is going through an adjustment phase and perhaps this reflects your findings? It will be very interesting to see how things turnout.

UJ +7pips [Asian session]: nice inverted cup&handle on the 1H TF ... strong move, break down, across the entry [of course, could have done better currently +30pips]

GJ - would have worked @ 7pips TP and at least this for SL

GJ -7pips : 2nd entry [Tokyo session] : massive slippage here but no Red News (did I miss something? Cross checked 1H charts. Mmmm... a vacuum cleaner perhaps...here is a possibility http://www.forexfactory.com/news.php?do=news&id=506809 ... to add to confusion, as you know, sometimes Red News goes by unnoticed...take it on the chin, stiff upper lip and carry on...)

GJ [London session] : 3rd entry for the day

50% Risk --- 1:1 +9pips : strong move to entry then a bit of a rest until a surge to TP
50% Risk --- 1:3 +28pips : amazing! this worked well!!!

First few days of the month I'm holding out until Monday to start trading again.

I think that would be a good amendment to the rules... today has been all over the place and the system is adjusting...

[side note: Sing 30 : had it set for 7points and it would have slowing, very slowly, worked... never toke it too busy....I'm in the UK 100 but just adjusted SL's to BE, setup a 50/50 order as above, went for 11points which looks like too much for first 50% risk... up 5points or so...if I realize I've been too greedy I set to BE and see what happens... I'm out BE, could have gotten 8points]

This is the result of September with live account. ECN of IC Market.

22 win and 21 loss.

Hope a better result next month.

Happy trading!

Hi Linhpip, thanks so very much for the data and congratulations on the results so far - this is very informative & encouraging. I'm comparing your two results (the other from a demo from Aug). Your gains are significantly higher than your losses given all things equal. This is a great result!

I can tell you that my statistics have improved from week to week so maybe the more I practice and gain experience the better my results? (Of course, there's always the other side of the equation -> the market!) I think that this may also be true for other traders here as there has been mention of 65% winning results and better! I suspect 65% win will be the sweat spot for this system, IMO. That is a phenomenal statistic - think about it!

Final trades (on the side) before finishing up...

UK100 +9point : quick move down (TP Manually cause I'm stuffed! )

US 30 +18points : again, quick move down (TP Manually cause I'm really stuffed! )

AU, NU, UJ, GJ, ECHF, EG --- status is Trade

EU, UCAD, EG, UCHF, EJ, GU --- status is No Trade

Please cross check these ...

Technically, it is still within the rules to trade @ the 1st week of the month but since the opens are likely to be within +- 4 x ADR, say, its like the system is indicating a consolidation stage (this may or may not be the case with regard to price action). In the light of linhpip's results this is a very important issue for the system. Any opinions or comments would be most welcome.