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Open Scalping Strategy

  • #461
  • Nov 1, 2014 1:09am Nov 1, 2014 1:09am
Quoting griffinssoul
Finally got triggered on EU +7pips : I really liked the PA but dropped the runner (too much unnecessary risk for the end of the trading week... the runner would have worked but you can't be too greedy) So, that makes it 7 wins for 1 loss this week : 53pips all up ... have a great weekend (I'll be hard at work on additions and improvements to my indi) EDT: Oops, please excuse me I had GU setup (totally forgot) until an alarm went off and I had a heart-attack ! GU +7pips What can I say?
great result. happy weekend to all
Profit is on the other side of your mind
  • #462
  • Nov 1, 2014 1:39am Nov 1, 2014 1:39am
Quoting swilliam
{quote} great result. happy weekend to all
Hi Swilliam, I've been working on a 'new' indi for this thread. Just fixed some bugs with XAUUSD and indicies. It shows trade status, type, difference b/w opens (in pips), and spread. I'm adding a few more things hopefully... what do you think?
Attached Image (click to enlarge)
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  • #463
  • Edited Nov 2, 2014 1:59am Nov 1, 2014 3:13am | Edited Nov 2, 2014 1:59am
...just added a Trigger value [Trig] which is, by the rules, 1 pipette above/below previous days high/low... and an ATR% which tells you what percentage the current value of (MN_High - MN_Low) is with respect to the ATR(14) on the MN1 TF. This gives you an indication of how much the current MN has 'room to move' relative to the average. However, there will also be extremes; for example a small doji or spinning top would show a small ATR% where as a large engulfing candle (pattern) would result in a large ATR%. Remember, the definition of the ATR does not only depend on (MN_High - MN_Low).
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  • #464
  • Nov 5, 2014 10:07pm Nov 5, 2014 10:07pm
hi griff, can you share the indicator and how to use
Reaction is better than Prediction
  • #465
  • Nov 6, 2014 12:24am Nov 6, 2014 12:24am
Quoting mikajap
hi griff, can you share the indicator and how to use
Hi mikajap, just waiting for the ok from swilliam. Its a simple indi but seems to be working ok and is informative more so than anything else. Basically, it shows the current MN and W opens (just two horz lines). This updates every MN/W so there is effectively no history. The reason I did this was too simplify the display as I don't really need previous opens(?) [see examples in the above post]. Then there is a corner information panel. If the trade is valid it will say 'Trade' otherwise it says 'No Trade'. So just by glancing you know which pairs are trades (sometimes its hard to tell). Then it tells you what kind of a trade it is e.g. MWRR, etc. This is just something I'm keeping track of and it may be important. Next is how far apart the opens are in pips - in the first week they are 0pips! ... lol. You may decide that 10pips is a minimum before trading? The next is the spread in pipettes (for 0.00010). Finally there is the ATR% as explained above.
  • #466
  • Nov 8, 2014 9:52am Nov 8, 2014 9:52am
Hi griff,

you can share it. also to keep interaction around here. Ideas are open here.
Please identify your trade rules so others can fully understand

Happy weekend to all.
Profit is on the other side of your mind
  • #467
  • Edited Nov 9, 2014 3:54am Nov 8, 2014 11:18pm | Edited Nov 9, 2014 3:54am
Hi Traders, please find attached the indi I have developed and am using for this strategy. Please feel free to modify it as required, in anyway - help everyone by further development if you can, thank you. This is my first MT4 indi as I have only recently downloaded the program. Common sense then implies that everyone using this indi should excersize cation and, again, I recommend that we only conduct [demo] account testing here. (One thing I'm trying to understand is there seems to have been a (major?) change in the programming language so I'm not sure if I've written this in the modern version - there is no buffers?)

Instructions: please place in MQL4/indicators folder as per usual. Select the indi within MT4 and then toggle through MN, W to D TF's. Oh, and just save a 'template' as this makes things easier.

Attached File(s)
File Type: mq4 Open Scalping Strategy - Copy.mq4   8 KB | 960 downloads
  • #468
  • Edited 1:11am Nov 9, 2014 12:19am | Edited 1:11am
Quoting griffinssoul
Hi Traders, please find attached the indi I have developed ... the indi within MT4 and then toggle through MN, W to D TF's. {file}
You may like to know that there are a full array of execution scripts @ http://www.mql5.com/en/code/11087 and the author encourages modification. This seems easy to mod to suit this strategy - it gets a bit repetitive setting orders.

I'm running two (Buy/Sell) scripts for 7pips/7pips (EU, AU, etc...) and 15pips/15pips (UJ, etc...). This looks great! Remember reeeen4 said 15pips was the most win% for UJ, etc. There is also a mod SL script - you can set it to BE+some...
  • #469
  • Nov 10, 2014 1:30am Nov 10, 2014 1:30am
Ok, traders - here we go... currently have the following set-ups leading into the first trading D (Tue) of the new W of the new MN;

EU, GU, UChf, AChf, EA, GA, AU, UJ, NU, UCad

Notice that all these are either XXGR or XXRG combo's - there is no XXRR nor XXGG. This is what typically happens early on the trading MN timetable... when things get going trend-wise we will have RR's and GG's ...
  • #470
  • Edited Nov 11, 2014 1:36am Nov 10, 2014 10:52pm | Edited Nov 11, 2014 1:36am
... watching EU. Ok, we had a bounce off the trigger then (so far) a 38.2 retrace (15M TF). Looking good for LO... roughly a descending triangle... coming in for landing...

No (Red) News(?), US bank holiday.
  • #471
  • Nov 11, 2014 2:07am Nov 11, 2014 2:07am
EU +7pips : also added runner (+10pips) due to strong PA : see chart (15M TF)
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 24 KB
  • #472
  • Edited Nov 12, 2014 4:29am Nov 11, 2014 9:47pm | Edited Nov 12, 2014 4:29am
...watching some of the XJ's : EJ, GJ, AJ (are all 2nd entries) & UJ, all MWGG's

...Dialing down to 1H TF, seeing engulfing pattern on all (yet to be confirmed). Only one thing worries me, all are way overbought [confirm with any osc].

Engulfing pattern (on all) not confirmed we're going for a 38.2 retrace... eta trigger LO or bust... Hang-on, wait!, make that NYO or bust... lol!
  • #473
  • Nov 13, 2014 5:23am Nov 13, 2014 5:23am
Ok, I got AJ triggered with +15pips (didn't see it) but none of the others triggered...

I missed a lot today... nothing currently looking good...
  • #474
  • Edited Nov 14, 2014 3:43am Nov 13, 2014 11:09pm | Edited Nov 14, 2014 3:43am
Ok... Mmmm everything looking a bit exhausted... PA may well put its feet up and have a nice cup of Tea perhaps... lol

Watching EG (2nd entry) may have a surprise at the LO or USO (also watching GChf)? UCad could do the same?

UCad just 38.2 retraced into the trigger (15M TF), its a bit early but we'll see what happens... ooops, got in too early by the look of it - it retraced 61.2... I'm out with -7pips

Also, EG & GChf -7pips each... Ouch!
  • #475
  • Nov 15, 2014 6:19pm Nov 15, 2014 6:19pm
I created an EA for this strategy. It works on daily charts (D1 time frame). To backtest it, you need to use the real ticks.
Attached File(s)
File Type: ex4 MathTrader7_OpenScalpingEA_V1.ex4   15 KB | 776 downloads
Trading is the hardest way to make easy money...
  • #476
  • Nov 16, 2014 12:15am Nov 16, 2014 12:15am
Quoting MathTrader7
I created an EA for this strategy. It works on daily charts (D1 time frame). To backtest it, you need to use the real ticks. {file}
Hi MathTrader7, this is great! I notice that its a .ex4 file ... is there any chance of uploading the .mq4 version. If not could you please let us know how it works? (I haven't used a EA before.) Many thanks!
  • #477
  • Edited 3:59am Nov 18, 2014 1:42am | Edited 3:59am
Ok, start-up the EA, ...lol... I'm looking at AN & UJ....

AN +7pips : took 1 second... not taking UJ looks tied, perhaps needs a nap... lol
  • #478
  • Edited 2:01am Nov 19, 2014 1:26am | Edited 2:01am
Ok, watching EG (&GChf).... a light retrace on the 1H TF... would have been nicer to see a 38.2 as it looks like a dumpling top... (Mmmm dumplings...lol)

EG +7pips and, its cousin, GChf +7pips : just took one 15M candle but got there quiet strongly... absolutely perfect timing for this one...
  • #479
  • Nov 19, 2014 5:32am Nov 19, 2014 5:32am
Been a really bad past few days for me with this strategy... my demo is lower then its ever been!!! not sure what's going on... going to have to sit down and study the charts.
Learning is all about about asking the right questions!
  • #480
  • Edited 6:18am Nov 19, 2014 5:37am | Edited 6:18am
Quoting reeeen4
Been a really bad past few days for me with this strategy... my demo is lower then its ever been!!! not sure what's going on... going to have to sit down and study the charts.
Hi reeeen4, hope you had a relaxing & fun holiday! Ok, I think I have a handle on this now... see the chart on post 471 (like above, on this page)... well thats the general idea... if PA retraces too much then chances are it will bounce but if it retraces like around 38.2 then it has a better chance of TP... keep going!!! Oh, and the timing is important... the LO seems to be the most reliable... but it also swaps around to make things confusing with Tokyo & US...

Don't forget the market is changing all the time so PA wins in the end over anything else...

EDT: but thats just me reeeen4, you should keep doing what you were doing cause it was working...
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