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** will continue posting on this post to put whole strategy up.
NOTE: this is for collaboration purposes only, please post your comments feedback, or better yet suggestions to make this better. I want to make sure everyone understands the logic behind this strategy and then maybe we can develop a scalper around it. |
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A few trades on EURUSD today. I like to scalp between 4-6 pips per trade.
Looking at EURUSD today Feb 28th 2007 on FXDD platform, here is the setup... Attach Alligator indicator to M5 EURUSD chart. usually I enter 1 pip above Bullish or Bearish Divergence bar. SO today, 03:35 candle on M5 chart is a bullish divergence bar, and price pulled away from the alligator's blue line, perfect setup for pull back. I would setup Buy Stop 1 pip above that candle so Buy Stop @ 1.3217 or manually open Buy order and close after 4-6 Pips. another example is 10:40 bar same day same currency... Buy @ 1.3194, take 4-6 pips profit then close Next is at 15:40 bar, bearish divergence bar. Sell @ 1.3216 for 4-6 pips profit Next is 17:35, Bullish Buy @ 1.3202 for 4-6 pips profit Next signal is just now on new day, March 1 2007 as I write I see it, candle is 00:50 Buy @ 1.3225 for 4-6 pips There are alot of other signals on just one day on one currency. I just wanted to get the idea out there and see if you guys know what I am talking about. As with any system this generates false signals as well, but mostly winners. 2 things I need to work on, and need help from you guys... 1: Filter out bad trades, i donot mind getting no trades at all in a day if the signal is not strong enough 2: Some how automate this. Thanks for reading. Killer |
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hi
CAn you explain your scalp system ...regarding TF,entry point,TP,SL,exit point ?
and your indicator too ? so everyone here who expert on EA can help you =================== Forex Indicators Collection |
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Quote:
Currency: Any Indicator: Alligator Indicator with just the Jaw Line Take Profit: 4-6 pips, usually 4 Pips Entry: 1 Pip above Bullish Divergence bar for Longs 1 Pip below Bearish Divergence bar for Shorts StopLoss: Still working on this, so far have not used SL, but manually close trade if -15 Pips. Also for buys I usually use the closest fractal - 1 pip or for sells the closest fractal + 1 pip. I will need help from you all to fine tune the strategy and tweak it to be as succesful as possible then maybe code it into an EA. thanks,
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KillerKhan Last edited by KillerKhan; 03-01-2007 at 04:06 PM. |
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Price is moving away from the alligator, stretching the rubber band. Will Look for a long EURUSD if the current bar turns out to be bullish divergent bar. Notice I moved to M15, I think during news M5 is too noisy, M15 gives a better smoother look at the chart.
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KillerKhan |
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