This EA was posted to the Yahoo Group with the following statement from the author:

All,

TrueScalper 49c is attached, as well as the weeks forward test. They may also be found at:

http://www.lightpatch.com/forex/TrueScalper49+/

The EA ONLY WORKS ON GBPUSD 5Minute chart right now. If you read the code, you'll find that the calculations are on 15M, and that is correct. So it's taking direction from 15M and trading 5M chart. It covers a LOT of the requests that have been made.

The 'abandon' code is gone. I could never get it to increase the win/loss percentage.
It does a sort of hedge, that is, it buys in the proper direction, up to the nine-orders-at-a-time limit for GBPUSD. So if your broker doesn't support hedging, don't run this EA.
For Sergey, I never could get it to be profitable at 5 pips for ProfitMade.
Thanks to Carol for testing the interem versions for me.
We'll see if the upcoming week will hold up the 1600 pip gain from last week.

Ron

Attached Files

TrueScalper_v49c_Ron_MT4.mq4 (11.8 KB, 392 views)

Hello Eric,

I have just tested this EA, but in full automatic, it is not really advantageous and I have to close the positions manually to have serious profits.
It is thus to manually retain.
I am spirit to test the new version 49h, I would keep you informed of my conclusions

This version of Truescalper (49h) allows you to specify the number of
long and short trades allowed at a time. This means that the number
of total trades allowed cannot be swamped by all-long or all-short conditions.

PLEASE NOTE
The settings are different

GBPUSD ONLY
5M chart
ProfitMade 104
StopLoss 51
NumberOfLongOrders 5
NumberOfShortOrders 5


The important thing is that the equity line is almost always ABOVE
the balance line. This indicates that this is a very positive change,
that may correct the big draw downs similar to the past day.

The changes were pretty minor, but I've done no forward testing yet.

Ron

Attached Files

TrueScalper_v49h_Ron_MT4.mq4 (12.0 KB, 248 views)

Here is the latest version of TrueScalper (v49L). It is the same as v49h in that you can set the maximum number of longs and shorts, but in this version you can enable a breakeven profit lock. Here is the author's statement:

All,

I've taken the ProfitLock idea and implemented a 1-step break-even
lock to OrderOpenPrice+spread.

http://www.lightpatch.com/forex/True...9L_Ron_MT4.mq4

It 'saves' about 20% of the orders. and produces about 25% more
profit when enabled. (that is, in a back-test anyway)

It would have taken away a LOT of the pain on Friday when GBPUSD went
up then down, hitting stoplosses.

MetaTrader 4 only

GBPUSD only

5Minute chart

0.1 lots

ProfitMade 103
StopLoss 54

Long orders 12
Short orders 13

PLEnabled true
PLBreakEven 52

I did try a multi-level lock, where 1/4 1/2 & 3/4 were locked into
place, but it produced a lot of noise, and no more profit. I believe
this is due to the fact that the break-even point is pretty high already.

And, the break-even point is high to give the pair room to move.
StopLoss of 54 and break-even of 52 gives 106 points of movement
before anything happens.

Ron

Attached Files

TrueScalper_v49L_Ron_MT4.mq4 (13.3 KB, 230 views)

Please be informed that new TrueScalper_v49P_Ron_MT4 version was posted to the yahoo group by Ron with the following information:

Attached Files

TrueScalper_v49P_Ron_MT4.mq4 (14.4 KB, 384 views)

probably its me, but I am atm frontesting this ea on a demo account since monday morning, with unchanged settings on GBPUSD M5. Result: So far 11 trades, 3 hit the SL, 2 are about to hit the SL, 4 are dangling arround 0 and 2 are about 30 pips in the plus. Quite astonishingly: For a system which calls it sell TrueScalper. No trade even looks remotly like scalping (hit and run).

Any suggestion whats the problem?

I don't think there is a problem -- this EA is just performing very poorly the last couple weeks.

And you are right, it is definitely not a "scalper" in any sense of the word. Maybe the name just stuck from the original version where there was a 9 pip target.

It was 10 pips.

Hi folks,

I have just started to use this EA, and after todays profits, it seems good. More demo'ing is needed for sure. I am using version p.

So far I am impressed, maybe it was just a fluke *shrug*

atm, its just gone 11am GMT, so far no signal/alerts. lets hope.

Attached Images

mon-27-11.jpg (116.5 KB, 857 views)

Yes, this week so far has been good for Truescalper and any EA that is a trend follower. Hans123 is doing quite well too. The problem arises when the market gets choppy and ranges. So it is important to keep testing these EA's for as long as possible to measure the overall performance.