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Here is a great scalping method

  • #41
  • Feb 25, 2017 3:57pm Feb 25, 2017 3:57pm
well, just found 2 min charts on netdania...will look in to it this week as the trading week starts.

will try to fine tune the exit points this week. will keep this thread updated.
Drawdown is more important than Account Size !
  • #42
  • Feb 25, 2017 8:34pm Feb 25, 2017 8:34pm
Quoting procrude
{quote} For more than 6 months.
Procrude,

Thanks for the thread. Which broker are you using? I noticed from your first chart that the spread is very high.
  • #43
  • Feb 25, 2017 8:43pm Feb 25, 2017 8:43pm
This strategy may be improved by analyzing the main trend and S&R levels on higher time frame.
  • #44
  • Feb 25, 2017 9:17pm Feb 25, 2017 9:17pm
Hi This looks very interesting. One question you say that the EA will take you into the trade, I understand this no problem.
Then you say the trade will close if the SL is hit or another cross happens in the opposite direction, this I get also.

However the EA has a setting for TP is this used? Will the trade close when the TP is hit.

My logic is simple lots and lots of small wins........
  • #45
  • Feb 25, 2017 9:38pm Feb 25, 2017 9:38pm
Quoting brianmcm
Hi This looks very interesting. One question you say that the EA will take you into the trade, I understand this no problem. Then you say the trade will close if the SL is hit or another cross happens in the opposite direction, this I get also. However the EA has a setting for TP is this used? Will the trade close when the TP is hit. My logic is simple lots and lots of small wins........
Hi there thanks for your post. The tp is set at 200 pips which you will never hit in a 1 min time frame. Unless of course something big happens which is highly unlikely.

You will exit the trade manually.

Thanks
Drawdown is more important than Account Size !
  • #46
  • Feb 25, 2017 9:47pm Feb 25, 2017 9:47pm
Quoting pipsfan
{quote} Procrude, Thanks for the thread. Which broker are you using? I noticed from your first chart that the spread is very high.
Hi there the first image was a screen capture after 5pm EST on Friday . Markets were closed so the spread was ridiculous.

I use forex.com which is owned by Gain capital . The average spread with them is 1.6 on eurusd.

Thanks
Drawdown is more important than Account Size !
  • #47
  • Feb 25, 2017 10:00pm Feb 25, 2017 10:00pm
Quoting procrude
{quote} Hi there thanks for your post. The tp is set at 200 pips which you will never hit in a 1 min time frame. Unless of course something big happens which is highly unlikely. You will exit the trade manually. Thanks
Yes I see that and if I set the TP to 5. I assume that if price hits this then the trade will close
  • #48
  • Feb 25, 2017 10:08pm Feb 25, 2017 10:08pm
Quoting brianmcm
{quote} Yes I see that and if I set the TP to 5. I assume that if price hits this then the trade will close
Yes the trade will close at the tp you will set.
Drawdown is more important than Account Size !
  • #49
  • Feb 25, 2017 10:12pm Feb 25, 2017 10:12pm
Quoting procrude
{quote} Yes the trade will close at the tp you will set.
Thanks I look forward to giving this a run tomorrow
  • #50
  • Feb 25, 2017 10:45pm Feb 25, 2017 10:45pm
Quoting DerBerliner
@Snoopy: Many of us here dont use MQ5 - so is it possible to post a MQ4 Version of your EA ?
Please see post #1. Procrude has already provided an EA for MT4.
  • #51
  • Feb 26, 2017 2:56am Feb 26, 2017 2:56am
OK - so let's see what other manual traders will report here about their results using this method. Do they have same the same skills like the TO ? Or can they learn quickly how to apply this method ? Does it really work like in the hands of the TO ? I unfortunately can not try this interesting system ... I'm not a full time trader so far.
  • #52
  • Feb 26, 2017 3:11am Feb 26, 2017 3:11am
Yes, any one looking to try this should try this in a demo account first.

Also, remember i have used it from sydney open to london close.

market gives profit during certain times, the other slower times market will take back what you earned.

one more thing: when i hit 15-20 sometimes 35 pips a day i will just stop trading and go back to trading the next day. but, thats just me.

good luck
Drawdown is more important than Account Size !
  • #53
  • Feb 26, 2017 3:21am Feb 26, 2017 3:21am
Quoting procrude
Yes, any one looking to try this should try this in a demo account first. Also, remember i have used it from sydney open to london close. market gives profit during certain times, the other slower times market will take back what you earned. one more thing: when i hit 15-20 sometimes 35 pips a day i will just stop trading and go back to trading the next day. but, thats just me. good luck
So do you have any even vague rules for your T/P? Just gut instinct or?? You did mention that you sometimes set a BE once your up 10 pips, however I suppose you must be up at least 12 or 13 before setting BE at 10? Do you think it would make sense to trail after BE? Just trying to get a sense of what has made this successful for you so far? Again, as for S/L goes you let the EA deal with that by cross or by S/L? Do you ever manually intervene for S/L?

Thanks
  • #54
  • Feb 26, 2017 3:41am Feb 26, 2017 3:41am
Quoting Telac
{quote} So do you have any even vague rules for your T/P? Just gut instinct or?? You did mention that you sometimes set a BE once your up 10 pips, however I suppose you must be up at least 12 or 13 before setting BE at 10? Do you think it would make sense to trail after BE? Just trying to get a sense of what has made this successful for you so far? Again, as for S/L goes you let the EA deal with that by cross or by S/L? Do you ever manually intervene for S/L? Thanks

No Telac, there is no set rule that i use to exit my trade or a number to set for a TP. One of the users in this thread suggested candlestick reversal pattern idea to exit so i will look in to it this trading week.

i plan to let the ea takes trades during sydney to london session and make exits based on 2min candles on "potential" reversals.

i will post some pics ect this week as we go along.... hopefully we can make some pips this week.
Drawdown is more important than Account Size !
  • #55
  • Feb 26, 2017 9:13am Feb 26, 2017 9:13am
Hi procrude, like the thread, Oanda has two min charts on their Oandafx platform. I've been using two min charts with EMA crossovers, I really like the two min charts for scalping. I also use Heiken Ashi candles to help me stay in the trade. When you get a color change with HA candles, can also be used as an exit signal.

Are you aware of the period converter indicator? It will allow you to run 2min charts (in an off line chart) in MT4. It basically doubles the time frame on the offline chart, so you can have 2min charts, ten min charts, 8hr charts like that. There are a few youtubes about it, and how to set it up. I think if search 8hr charts for MT4 on youtube you will find it. I don't think your EA will work with an offline chart, but you could monitor it for exit signals.
  • #56
  • Feb 26, 2017 9:44am Feb 26, 2017 9:44am
Quoting procrude
{quote} Hello again Axleman, Just got home. I was avoiding the lower time frame ma because it generates a few more bad entries than the 21ema. Take a look at the following two images with entries on 21/100ema cross and 7/100ema cross. Both during the same time on 1 min. What do you suggest? I do understand sometimes with a 7/100ema you get a better entry but the idea is to avoid as many bad trades as possible. Looking forward to your input. Once again, I do thank you for your info. {image} {image}
Hi Procrude,

Your welcome & hope you enjoyed the ride.

Yes I do see that a Ema7 (or faster) causes potentially more bad entries & exits, but my thoughts were for you to see if it works in your favor for an "exit "mostly and not so much of an entry. Also, that you add it with the 21/100 not on its own as 7/100. The SR and candle reversals were in addition to help determine direction and or aggressive entry/exits. keeping the low M1 time frame in mind the goal would be to get in/out relatively quick while catching as many pips /trade as possible. I think some more thought is needed towards the rules of entry/exit coupled with a pip/trade session goal.

Here are some more scenarios to think of to help tweek the strategy while trying to keep it clean & simple to follow.


Cheers,
Axleman
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Chf 72100 example 1.png Size: 62 KB
Click to Enlarge Name: Chf 72100 example 2.png Size: 58 KB
Click to Enlarge Name: Chf 72100 example 3.png Size: 53 KB
  • #57
  • Feb 26, 2017 10:02am Feb 26, 2017 10:02am
Quoting Axleman
{quote} Hi Procrude, Your welcome & hope you enjoyed the ride. Yes I do see that a Ema7 (or faster) causes potentially more bad entries & exits, but my thoughts were for you to see if it works in your favor for an "exit "mostly and not so much of an entry. Also, that you add it with the 21/100 not on its own as 7/100. The SR and candle reversals were in addition to help determine direction and or aggressive entry/exits. keeping the low M1 time frame in mind the goal would be to get in/out relatively quick while catching as many pips /trade as possible....

Thanks Axleman... now i get the idea ... thanks for the great suggestion and info
Drawdown is more important than Account Size !
  • #58
  • Feb 26, 2017 10:06am Feb 26, 2017 10:06am
I have downloaded the EA thanks for that looks interesting will publish results
  • #59
  • Feb 26, 2017 10:07am Feb 26, 2017 10:07am
Quoting Alansdca
Hi procrude, like the thread, Oanda has two min charts on their Oandafx platform. I've been using two min charts with EMA crossovers, I really like the two min charts for scalping. I also use Heiken Ashi candles to help me stay in the trade. When you get a color change with HA candles, can also be used as an exit signal. Are you aware of the period converter indicator? It will allow you to run 2min charts (in an off line chart) in MT4. It basically doubles the time frame on the offline chart, so you can have 2min charts, ten min charts, 8hr charts...
great info ! thanks again
Drawdown is more important than Account Size !
  • #60
  • Feb 26, 2017 12:05pm Feb 26, 2017 12:05pm
Hello

I do often trade the euro dollar,and hope this strategy works.

Thanks for sharing,i will update my charts with it.
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