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Recently I was experimenting with a couple of indicators used for a non-scalping system presented by BigBear - Follow The Bouncing Pip
I was debugging one of the indicators when I switched to the M5 chart and noticed a nice setup for a quick short trade... hmmm.... probably a coincidence I thought. I returned to my PC after an hour or so and there it was another setup, this time a BUY signal. At the end of the day there was yet another long trade setup.
I did some backtesting, added another indicator as a filter and came up with a scalping system, which I would like to share with you. Maybe together we can verify it, improve it and automate it.
Please let me know what you think. Here are some screen shots:
Here are the indicators I used and the template with the correct settings for the M5 chart:
Nix,
Could you please explain when did you buy/sell from the chart. Is it the first arrow or you wait for other filter. Could you please give me the indi that you use for the resistance and the support line in your chart. Thank you
Can you please explain in words what the indicator is supposed to do. I see you have used a bunch of trignometric and geometrical concepts in the indicator.
Please post your rules for entry triggers and basic exit strategy. then once we understand it we can attempt to modify and improve it???
To tell you the truth, I was counting on others to spot the entry signals and maybe come up with better rules than I came up with, but OK, I'll post my entry and exit points:
The following image illustrates the system:
SHORT ENTRY
If Price trigger == (-1) and the candle above the trigger opens BELOW the orange volatility pivot you enter SHORT.
This condition is enclosed in the box labeled A on the illustration above.
LONG ENTRY
If Price trigger == (1) and the candle above the trigger opens ABOVE the orange volatility pivot you enter LONG.
This condition is enclosed in the box labeled B,C & D on the illustration above.
EXIT RULES
I have spotted 2 (or actually 3) EXIT scenarios:
Exit at the opposite Price Trigger Signal (see box B)
Trail your STOP LOSS using the value of the Volatility Pivot indicator (see box C where the LOW wick of the last candle in the box crosses the Volatility Pivot)
Exit when a candle closes with an opposite nonlagdot (for example: if we go LONG we wait for a candle to close with a RED nonlagdot, if we go SHORT we wait for a closed candle with a BLUE nonlagdot
Please experiment and let us know what you think. I'm also looking for a reasonable initial STOP LOSS value, any suggestions?
Linear Mode
