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Simple Scalp Machine

  • #141
  • May 10, 2011 9:17am May 10, 2011 9:17am
Silver, M5, 2011 Mai 10

Enter Long at every Hammer near the EMA200.

If you are scalping M5 you could have to trade in this way!
(At this time I wasn't at home. I have given a driving lesson my son).
Attached Image (click to enlarge)
Click to Enlarge Name: Silver, M5, 2011 Mai 10.jpg Size: 258 KB
  • #142
  • Edited 9:42am May 10, 2011 9:25am | Edited 9:42am
Silver is a too much risk for a 150.-$ Account. Don't copy this kind of absurd trading Money Management, please. Wait if you have 1'000.-$ at one account and trade with 0.01 lot sizes, and even better if you have a 5'000.-$ Deposit Account.

I take a look at EURUSD and JPYUSD when I follow the Silver Price at M1/M5 Level at one time. NZDUSD has a higher correlation to XAG (M5 82.8%) but it's a little bit too slow.

http://www.mataf.net/de/tools/01-01-correlation
http://www.channel-forex.com/Glossar...nition-XAG.htm

http://www.mataf.net/#de
Attached Image (click to enlarge)
Click to Enlarge Name: Correlation Table.jpg Size: 554 KB
  • #143
  • May 10, 2011 9:43am May 10, 2011 9:43am
Forex News
http://www.channel-forex.com/

Ah dinna ken! I'll just drop in for a second by surfing.

Be aware:
Don't trust Forex News at all because of the tricks institutional players use.
  • #144
  • May 10, 2011 10:20am May 10, 2011 10:20am
Global View
EURUSD, Daily, 2011 Mai 10

A trader's mindset is the most important ingredient of success.

Daily indicators (P1 & P2) are signalizing an upward trend, but if you take a look more exactly at this frame you could notice the downward moving RSI (P3). So it's not the best time to trade H4 or greater trading concepts currently. Remain at M1/M5/M15 since the market will give more qualified and valide parameters for a trade with higher probabilites of success.

Often it's better to wait if you'll get sustained success at the Forexmarket. Fear and Greed are the two dominant emotions that effect not just state of our mind, but also the currency market.

May be it's good time for making a jogging-tour!

I believe that an important factor of trading success lies in the matching of Method with the trader's own personality and trading style.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD, Daily, 2011 Mai 10.jpg Size: 459 KB
  • #145
  • Edited 2:58pm May 10, 2011 2:14pm | Edited 2:58pm
Profit Today: + 8.41 $

(7.6% within 1 Day, based on 110.-$ Account)

Exclusive Scalping Trades produced 14.75$
(13.4% within 1 Day, based on 110.-$ Account)

Be aware:
It isn't possible to trade Medium Term or Long Term Silver at 0.01 lot sizes with a 110.-$ Account!
The Hedging Order 1 could have been run in a win with all the two silver orders today (Long & Short), if this account could have been more deposits (1'000.-$). May be I have to wait since this account grows and becomes bigger and bigger and will try it in autumn or wintertide again.
Attached Image (click to enlarge)
Click to Enlarge Name: Profit 2011 Mai 10.jpg Size: 314 KB
  • #146
  • May 10, 2011 4:22pm May 10, 2011 4:22pm
Quoting Forexcube
Global View
EURUSD, Daily, 2011 Mai 10

A trader's mindset is the most important ingredient of success.
Sometimes im wondering if im trading of if price is trading me. Also it would seem its at least as important for me to get to know myself in all important aspects as it is to actually aquire the skills to trade, when it comes to trading. Also i think i do most of my important trading when im not trading, meaning the important thought work is not done in front of the computer but in front of the fire deep in the woods or something like that. Or why not by the river?
Attached Image (click to enlarge)
Click to Enlarge Name: 201105102073.jpg Size: 124 KB
My signature is: "Classified".
  • #147
  • May 10, 2011 4:28pm May 10, 2011 4:28pm
Quoting Forexcube
Profit Today: + 8.41 $

(7.6% within 1 Day, based on 110.-$ Account)

Exclusive Scalping Trades produced 14.75$
(13.4% within 1 Day, based on 110.-$ Account)

Be aware:
It isn't possible to trade Medium Term or Long Term Silver at 0.01 lot sizes with a 110.-$ Account!
The Hedging Order 1 could have been run...
Think i agree, long term is SL 300+ pips on E/U for instance, so thats about -20 $, thats not going to work well if you trade multiple pairs and multiple positions. Or in your case an open position in -300 should not be a problem, since we often see that in a day. Might work with that account size if you trade one pair and only one position at a time, otherwise i cant see how you could trade long term on such a small account.

I think if you trade paper silver you should not have an SL at all, so only do it with relatively small lots if at all. A lot of the medium and small investors who had open longs on the silver market have been crushed and swept away. Volatility is looking quite calm now compared to earlier.
Attached Image (click to enlarge)
Click to Enlarge Name: Silver H1.jpg Size: 91 KB
Attached File(s)
File Type: tpl silver h1.tpl   22 KB | 531 downloads
File Type: mq4 KeltnerChannel_v1.mq4   3 KB | 578 downloads
My signature is: "Classified".
  • #148
  • May 10, 2011 5:25pm May 10, 2011 5:25pm
Quoting yaed
Sometimes im wondering if im trading of if price is trading me. Also it would seem its at least as important for me to get to know myself in all important aspects as it is to actually aquire the skills to trade, when it comes to trading. Also i think i do most of my important trading when im not trading, meaning the important thought work is not done in front of the computer but in front of the fire deep in the woods or something like that. Or why not by the river?

Nature Materials

Organic semiconductors: What makes the spin relax?
  • #149
  • May 10, 2011 5:27pm May 10, 2011 5:27pm
Quoting yaed
Think i agree, long term is SL 300+ pips on E/U for instance, so thats about -20 $, thats not going to work well if you trade multiple pairs and multiple positions. Or in your case an open position in -300 should not be a problem, since we often see that in a day. Might work with that account size if you trade one pair and only one position at a time, otherwise i cant see how you could trade long term on such a small account.

I think if you trade paper silver you should not have an SL at all, so only do it with relatively small lots if at all....
  • #150
  • May 11, 2011 1:39am May 11, 2011 1:39am
Hi Forexcube
Do you think an EA is possible with the excellent indy wellxAMA ?
Very simple : when a buy dot is appearing --> Buy
when a sell dot --> close buy trading and Sell....etc...
With this EA, the trader can choose other tools to confirm or filter.
Thx
  • #151
  • May 11, 2011 4:12am May 11, 2011 4:12am
Quoting madscalp
Hi Forexcube
Do you think an EA is possible with the excellent indy wellxAMA ?
Very simple : when a buy dot is appearing --> Buy
when a sell dot --> close buy trading and Sell....etc...
With this EA, the trader can choose other tools to confirm or filter.
Thx

Hi madscalp

Forex EA scalping systems are also very common. These take very small profits of maybe 5 to 10 pips (smallest price change possible for a given exchange rate) many times throughout the day. These robots are advertised to win 90 percent to 95 percent of the time. Although that is true, the problem is that the stop losses that are used to protect your money are often huge. So for every 10 pips you make in profit, you are risking 100 pips. You can win nine out of 10 trades and still end up a loser overall.
Brokers bad tricks price fluctuations would counteract evey good EA power.

May be you feel free to code one or with other here at this board and will generate the first experience at a demo account. If so post your results at this thread, please.

Kindest regards
FXcube
  • #152
  • May 11, 2011 5:44am May 11, 2011 5:44am
Quoting madscalp
Hi Forexcube
Do you think an EA is possible with the excellent indy wellxAMA ?
Very simple : when a buy dot is appearing --> Buy
when a sell dot --> close buy trading and Sell....etc...
With this EA, the trader can choose other tools to confirm or filter.
Thx
You can try to send SteveHopwood a private message and with this system I guess he will agree to code this robot, make sure to explain the rules and the conditions so we get the most benefit from the code.
  • #153
  • May 11, 2011 6:03am May 11, 2011 6:03am
IMHO
FULL EAs just don't work.

If you use an ea to close out positions Like Steve's MPTM or UPDATES which is a trailing stop ea. Those work fine but as far as something to do your job it will suck your account dry. One member already stated you make 10 pips 90% of the time but get a 100 pip loss on 10% and it wipes you out.

Manual entries with MM - control DD and MPTM works best for me
  • #154
  • May 11, 2011 7:31am May 11, 2011 7:31am
Quoting dryclean
IMHO
FULL EAs just don't work.

If you use an ea to close out positions Like Steve's MPTM or UPDATES which is a trailing stop ea. Those work fine but as far as something to do your job it will suck your account dry. One member already stated you make 10 pips 90% of the time but get a 100 pip loss on 10% and it wipes you out.

Manual entries with MM - control DD and MPTM works best for me

Isn't there a chance that in a fast-moving market your order won't be filled at all or too late or may suffer slippage, when using this type of trailing stop order, the same mishap what you could spot at Stop-Limit Orders, is it?
  • #155
  • May 11, 2011 7:36am May 11, 2011 7:36am
Stop-Loss Order

An order to close a position if the market price hits a certain level. Note however, that this type of order means that after the stop price is hit the order becomes a market order and you may suffer slippage.
  • #156
  • May 11, 2011 8:35am May 11, 2011 8:35am
Hi all!

To be absent for holiday reasons.

I wish you success & happiness!

FXcube
  • #157
  • May 11, 2011 8:56am May 11, 2011 8:56am
Hi

Have used Steve's template and built an EA. Have set the periodAMA to 11 to get a better result. As you can see from the attached graph the EA was doing fine and then did 100 or so trades in 1 bar. Cant seem to find the fault so if anybody can help, please do.

Looks interesting while it worked. Have also set the AMA to 14. One again gave okresults till the 1 bar mass trade.

regards
Attached Image (click to enlarge)
Click to Enlarge Name: ama-fault.jpg Size: 147 KB
Attached File(s)
File Type: mq4 AMA- r0.mq4   44 KB | 545 downloads
  • #158
  • May 11, 2011 9:14am May 11, 2011 9:14am
Quoting Forexcube
Isn't there a chance that in a fast-moving market your order won't be filled at all or too late or may suffer slippage, when using this type of trailing stop order, the same mishap what you could spot at Stop-Limit Orders, is it?
can't say I have experienced this with MPTM or the update eas
But I suppose anything could happen
  • #159
  • May 12, 2011 2:07am May 12, 2011 2:07am
Quoting GarethC
Hi

Have used Steve's template and built an EA. Have set the periodAMA to 11 to get a better result. As you can see from the attached graph the EA was doing fine and then did 100 or so trades in 1 bar. Cant seem to find the fault so if anybody can help, please do.

Looks interesting while it worked. Have also set the AMA to 14. One again gave okresults till the 1 bar mass trade.

regards
Good beginning ....
Could you talk at Steve about this issue ?
  • #160
  • May 12, 2011 5:01am May 12, 2011 5:01am
Could be a bug in the wellxAMA as have replaced it in the code with "AMA optimized" indicator. Have checked and they seem to give exactly the same results.

Have not done any optimization and the results of the graph are for TF = 5M, SL=20, periodAMA=11 and no trailing stop. Have also a BEP=15 and BEProfit=5.

Notice that it gives away a lot of pips when there is a large move up/down. Perhaps the JumpingStop might be a solution!!
Attached Image (click to enlarge)
Click to Enlarge Name: ama-optimized.jpg Size: 44 KB
Attached File(s)
File Type: mq4 AMA- r1.mq4   44 KB | 693 downloads
File Type: mq4 AMA optimized.mq4   7 KB | 740 downloads
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