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Here is A scalping system I've recently developed with excellent results. On average it makes 50+ pips a day. The system is still in it's infancy and needs tweaks and adjustments but overall its okay as is.
One problem the system has is that you cannot sit in front of the screen all day to wait for an entry, In addition since it has lots of rules you need to be very quick on making the proper decision as it arrives. I believe that an EA is the most suitable solution for such a system. But since the system has lots of rules, making an EA can be very complicated. Following is the system:
Indicators;
AO – settings: 5, 14 Levesl – 0.01, -0.01
FX Sniper’s T3 CCI – settings: 120, 5, 0.618, Levels - 120, -120, 40, -40
ATR – settings: 1, Levels – 0.025, 0.08
Heiken_Ashi_Smoothed – settings: 0,8,3,2
Slope Direction Line – settings: 80, 3, 0
Entry rules:
When AO moves above or below 0.010 and price crosses the SDL in the direction you are taking.
Put SL 4 pips above or below from the last top (resistance) or bottom (support), consider tops and bottoms form last AO cycle.
Suitable trade Conditions:
1) If price has not moved yet more the 14 pips from the previous bottom or top only then take the trade, this will allow for a SL not to exceed18 pips.
Unsuitable Trade Conditions:
1) If when the second bar closes the conditions are not yet ripe for the entry then forgo this trade - don't use the the third bar for entry.
2) If the FX sniper is over 120 levels do not take a trade at an opposite direction.
3) If ATR is above 0.0800 level
4) If the last top or bottom is less the 6 pips don’t trade
Take Profit Rules:
1)When trade moves over 10 pips in profit, move SL to BE
2) Set at 50 pips (optional)
3) If it losses 15 pips of profit then close it.
4) If the AO reverses direction, close it.
5) If the HA changes color, confirmed by the next candle, close it.
Exiting from trade when not in profit. Do not use the Take profit exits.
1) If FX sniper reaches above 120 levels when it’s against your position, exit and reverse.
2) If you entered a trade against the direction of the FX Sniper then exit if the AO falls to below 0.010. Only consider direction of FX sniper if it’s above the 40 level.
3) If when you entered the trade FX sniper was under 40 and now reaches over the 40 levels against your position in negative or in plus, consider the new direction as to the level of the AO as in no. 2.
4) If this scenario happens twice, that prices moves away 8 pips and returns, close trade at BE as it returns on its third chance.
Additional Rules:
1) If position holds longer then 15 minutes without profit, try to close it at BE
3) If you have a losing trades do not enter the next trade within the same 10 pips of price as the previous one.
4) If the ATR is moving in the last 15 minutes mostly below the 0.0200 levels stop trading until the range improves and keeps mostly steady for 15 minutes thereafter.
5) If your profits stands still in the same 4 pips range for 15 minutes then close it with profit.
hi
i think FX Sniper’s T3 CCI be repaint the past right?
As far as I know it doesn't. Secondly, it doesn't really matter because with scalping you only care with what the chart shows you on the spot and thats what you work with. Anyway that's what I've been doing, and it doesn't matter to me if it repaints afterwards, but as I said I think it doesn't.
______ repainting the past ____ As far as I know it doesn't. Secondly, it doesn't really matter because with scalping you only care with what the chart shows you on the spot and thats what you work with. Anyway that's what I've been doing, and it doesn't matter to me if it repaints afterwards, but as I said I think it doesn't.
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