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Sathish FxP-C4 Scalper

  • #141
  • Sep 13, 2016 10:19am Sep 13, 2016 10:19am
Here is what I have done to make this a bit better. I have moved over to the 5min chart. I have taken CCI off the chart entirely. Time of day is very important. Trading the first few hours of london open, and US open made it a profitable day.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM5_Short.png Size: 42 KB
Know your edge and trade within it
  • #142
  • Sep 13, 2016 10:20am Sep 13, 2016 10:20am
Quoting fxtrader29ca
{quote} Thank you . I am glad its working for you.
Cheers
Alex
Stay GREEN my friends........
  • #143
  • Sep 13, 2016 10:31am Sep 13, 2016 10:31am
do you have smSuper TRIX_v1.ex4 as MQ4 ?
  • #144
  • Sep 13, 2016 10:45am Sep 13, 2016 10:45am
Quoting nullx8
do you have smSuper TRIX_v1.ex4 as MQ4 ?
see the post 77
  • #145
  • Sep 13, 2016 3:03pm Sep 13, 2016 3:03pm
Hello Al,
In utilizing what you use for trading on your 1 minute chart, I thought that before I posted to the thread, I wanted to make sure that you were ok with some suggestions I would like to make.
First, I would add four important levels to your Trix indicator, at levels, 0.03, -0.03, 0.1 and -0.1. These will used to determine the strength of a particular move and second, will give you the ability to exit your current trade before you get an arrow going in the opposite direction.
Second, I would eliminate the bottom CCI chart and use a 50 and 200 ema average to let you know how the market is in relationship to those averages.
Now, for the trading idea(s): I would still use the up or down arrow to get into a trade and then watch the Trix indicator as it moves up to the 0.03 0r -0.03 lines (there is no special reason why these numbers were suggested, but through eyeballing a chart it appears to be a threshold that the indicator should get through to show some strength.) The key to finding out whether there is strength in the market is to make sure that the indicator is strong enough to go above those lines. If it can't, most probably you have two things going on, first, the market is going to go in the opposite direction because of where price is in relation to the two ema's or the market is in a very quiet time and best not trade. So, when that indicator goes above or below that =/- 0.03 level when it reaches it's apex or nadir and it starts backing off in the next bar from its extreme I would exit the trade. In general one will do better this way than waiting for a reverse signal. Now, will there be times when the indicator backs off and price continues in the same direction, the answer is yes, but, if one is looking to grab a piece of the pie and you did, then you did well.
Finally when the indicator goes over the +/- 0.10 levels you have an extreme situation where again when the bar pulls back from those levels, I would suggest exiting, even though you might not get the highest or lowest price, you will for sure make some money.
So, Al, there you have it, a way to help protect and keep some of those profits that come your way without having to give back too much or have a loss.

Let me know what you think or if you have any questions.

All the best and great job of setting up this thread idea.

WGT
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDiM1.png Size: 27 KB
  • #146
  • Sep 13, 2016 3:07pm Sep 13, 2016 3:07pm
Quoting wiseguytrade
Hello Al, In utilizing what you use for trading on your 1 minute chart, I thought that before I posted to the thread, I wanted to make sure that you were ok with some suggestions I would like to make. First, I would add four important levels to your Trix indicator, at levels, 0.03, -0.03, 0.1 and -0.1. These will used to determine the strength of a particular move and second, will give you the ability to exit your current trade before you get an arrow going in the opposite direction. Second, I would eliminate the bottom CCI chart and use a 50 and...
Thank you for your advise it make sense i will try it
  • #147
  • Sep 13, 2016 3:27pm Sep 13, 2016 3:27pm
One other thing that crossed my mind.

The above approach to trading using your indicators will give good results on non trending days, which occur anywhere from 70-80% of the time.

When the trending day shows up, watch the indicator (I have a sense that once price starts on its merry way, and I feel it should hang above/below the 0.03 level while the move is in progress. There of course will be times when price will zoom the indictor above/below 0.10, but when it takes a respite, it should hang around (above/below) that +/- 0.03 level, at which point I would consider reentering the market if you know or sense it is a trending day.

Also, look for the divergence that the peaks of the indicator makes with the peak of price. It might help you get a sense what the next direction the market might take.

Hope that helps and wish all green pips.

WGT
  • #148
  • Sep 13, 2016 4:56pm Sep 13, 2016 4:56pm
yeah...didn´t took long for it to happen.

Maybe all the people trying to "improve" should just let a system be a system.
Obviously it works like it is for OP.
Obviously it doesn´t matter which indicators you delete or add and whatever secret settings they would need..

you will not get 100% .. ever ...

from time to time it´s quite amusing when you come back here , look at those new system threads.. and they develop the same way like they did last year or the year before or ..

good luck guys
TWEE, revoke my membership.
  • #149
  • Sep 13, 2016 5:03pm Sep 13, 2016 5:03pm
Wealthpro created this thread two days ago and already people are adding indicators and changing the system.

I take it everyone making these changes have tested their theories rigorously and know the adaptions they are making will improve the returns to Wealthpro's system.

Because, if you haven't, I would suggest you do this testing before posting other wise no one is going to know which method to Trade.
  • #150
  • Sep 13, 2016 5:22pm Sep 13, 2016 5:22pm
Quoting FX Compass
And a chart to show you. Candle 1 - only reaches 80 on the Stochastic, not a real upward move as 90 is not reached. So it's just a retrace on a downward move. Candle 2 - reaches the 90 level warning you to get ready for a change in direction. Candle 3 stops the Stochastic at the 50 level (this is usually a turning point or trend continuation level). If the OP would like me to stop posting, I will. Otherwise just trying to contribute for improvement. And yes the stochastic I have traded live as one of my indis for some time. {image} PS. 5 Minute...

Hi FX Compass,

I get that you are only trying to improve the system but how do you know it needs improving have you forward tested it and found it doesn't work as you where expecting?

If you have tested it over how many weeks have you been testing?

Do you have records of the testing you have done on the original system and the adaptions you are proposing?

What improvements are you seeing in terms of % return?

Do you see where I'm coming from?

If it isn't broke stop trying to fix it!

No offence meant
  • #151
  • Sep 13, 2016 5:44pm Sep 13, 2016 5:44pm
Wealthpro - First, Nice Work.
This caught my eye as it had some of the same thoughts as a 1min system that I use. In following with 'cigarguy' and 'wiseguytrade' - I actually agree that the CCI indicator might have you not getting all the potential of the trades and also, potentially not giving you enough info to make good risk management decisions. On the attached chart I have the following:
200EMA
50 BB w/ 2 Dev
50 BB w/ 3 Dev
50 %R with a 5SMA attached
+ Your TRIX
My normal thought is to Enter a trade when Price is in or coming just out of the BB Channel and the %R is moving out of its OB/OS area. The 50 and the 200 lines then act as guidelines to improve the profit/risk model of the trade. With the addition of the TRIX I have been able to find a few more entry points and points where I close out when the extreme range areas have not been met.
I trade both Trend and Counter Trend to the Longer Range Charts... I think you should have an idea where to start each morning on direction, but after that let price be your decider. I 100% agree that you should only scalp during active sessions. I try to close my ST trading by 1/2 way between the London Close and the NY Close - as guideline.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-m1-forex-capital-markets.png Size: 58 KB
  • #152
  • Sep 13, 2016 6:16pm Sep 13, 2016 6:16pm
Anybody else tested this strategy?
  • #153
  • Sep 13, 2016 6:55pm Sep 13, 2016 6:55pm
Quoting stevepatt
Wealthpro created this thread two days ago and already people are adding indicators and changing the system. I take it everyone making these changes have tested their theories rigorously and know the adaptions they are making will improve the returns to Wealthpro's system. Because, if you haven't, I would suggest you do this testing before posting other wise no one is going to know which method to Trade.
true.thank you steve
  • #154
  • Sep 13, 2016 7:31pm Sep 13, 2016 7:31pm
Quoting wealthpro
{quote} true.thank you steve
I agree! and I am always timid to post .... but I have traded for a living since 1988 and I started using the BB Bands and %R 15 years ago and I am still here! I think the suggestion by 'cigarguy' is all I was leading on. His posts speak for them selves...
  • #155
  • Sep 13, 2016 8:33pm Sep 13, 2016 8:33pm
Quoting kxr123
{quote} I agree! and I am always timid to post .... but I have traded for a living since 1988 and I started using the BB Bands and %R 15 years ago and I am still here! I think the suggestion by 'cigarguy' is all I was leading on. His posts speak for them selves...
Thanks for the info kxr123, we can all help each other with our thoughts.

I have been trading for many years now, but have just incorporated a change from your previous post which has improved my system
further. Thank you.
  • #156
  • Sep 13, 2016 9:24pm Sep 13, 2016 9:24pm
Quoting kxr123
Wealthpro - First, Nice Work. This caught my eye as it had some of the same thoughts as a 1min system that I use. In following with 'cigarguy' and 'wiseguytrade' - I actually agree that the CCI indicator might have you not getting all the potential of the trades and also, potentially not giving you enough info to make good risk management decisions. On the attached chart I have the following: 200EMA 50 BB w/ 2 Dev 50 BB w/ 3 Dev 50 %R with a 5SMA attached + Your TRIX My normal thought is to Enter a trade when Price is in or coming just out of the...
thank you for the info
  • #157
  • Sep 13, 2016 10:06pm Sep 13, 2016 10:06pm
nice strategy sir

do you have forward test this strategy?
share please
onorebate
  • #158
  • Sep 13, 2016 10:13pm Sep 13, 2016 10:13pm
Quoting putrimawarfx
nice strategy sir do you have forward test this strategy? share please
i forward tested for three month. i built this strategy to make 20 pips daily on EUR/USD with minimal risk . read first few pages. then forward test yourself.see is it fit for your trading style.if so use it as it is.or modify to your need. thank you
  • #159
  • Sep 13, 2016 10:27pm Sep 13, 2016 10:27pm
Quoting wealthpro
{quote} i forward tested for three month. i built this strategy to make 20 pips daily on EUR/USD with minimal risk . read first few pages. then forward test yourself.see is it fit for your trading style.if so use it as it is.or modify to your need. thank you
okay thank you sir
do you have myfxbook or fxjunction to forward test ?
onorebate
  • #160
  • Sep 14, 2016 12:52am Sep 14, 2016 12:52am
Quoting putrimawarfx
{quote} okay thank you sir do you have myfxbook or fxjunction to forward test ?
NO
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