10.3 SCALPER/RANGE TRADE SYSTEM

[SteveHopwood]

There appears to be some confusion.

Here is the pm I just sent to Bob:

"Good morning Bob.

Whilst you were asleep, lots of good-natured chaos has ensued.

There seems to be some confusion about what line has to be above what line to trigger a buy, or below what line to trigger a sell.

It seems pretty clear to me. If red > black buy. If red < black, then sell.

Thing is, you appear to have stated the opposite as well. I have not seen this, but that might just have been because I have not been looking. I could well be upside down in my reasoning (for goodness sake, don't tell Shelley)

Hehe. You fired off a trading system before breakfast, so some confusion is inevitable. Once you come back online, we can sort out which line is supposed to be in which place and resolve the problems.

In the meantime, I am briefly locking both threads until you can resolve what is what, so saving a lot more pointless discussion. You are a mod, and so can unlock them when you get up. This will be before me, so please do so in order that fruitful discussion can continue.

I hope you slept well.

Cheers"

On reflection. I have not locked this thread because it is Bob's and I would only take on such a presumption under exceptional circumstances. It might be worthwhile bearing in mind that there appears to be some confusion. This will be resolved soon.

[intcust]

With all this back and forth on red line over black line Is this correct? "open(red)is above daily pivot(black) buys black above red sell" Please let me know. I am easily confused. maybe the dp should be green if it going to be buy if open is above it. Thus green on top buy red on top sell. Just a thought

[nanningbob]

Red above black buy red below black sell. Thats it. It is designed to be traded when markets are ranging. How well it will do in trend times probably show no trade days many times. Generally trend trading methods work poorly during ranging times and ranging trading methods work poorly during trend times. Sorry guys but that is usually how it works. That is why most EA that run 24/7 just wont work. The ability to adjust back forth is the tricky thing of trading. You all know the last couple of weeks have been awful for trend trading systems. Now we have an answer for these dead times.

[ciliano]

Would requiring a minimum distance between lines be helpful to filter good trades?

I ask because after a visual check, it seems that many of the unsuccessful historical opportunities occurred when the lines were close together.

On the other end, perhaps too great a distance would indicate too strong of a trend and signal that one would not want to take a trade? Just brainstorming here...

[nanningbob]

The Aud/cad trade took while I was asleep. I had a trailing stop on it and it hit at -6. I could have closed it this morning at +10 if I hadnt done that soooooo. Will have to evaluate using trailing stops. Cant complain though. aud/nzd didnt take. Will wait for the new pivotlines to set to evaluate for new trades. See you later

[nanningbob]

Would requiring a minimum distance between lines be helpful to filter good trades?

I ask because after a visual check, it seems that many of the unsuccessful historical opportunities occurred when the lines were close together.

On the other end, perhaps too great a distance would indicate too strong of a trend and signal that one would not want to take a trade? Just brainstorming here...

To me the most critical factor will be time of day will the filter. Euro market open to Euro market close will be the best trading time with the exception of aud and nzd. They will also work during their open time. Other than that experience will work best.

Guys understand I was bored, had nothing to do, found no trades for 3 days so this is what I came up with. Normally I will private trade a system for a while before posting but this works right now during this range time. I suspect this range time will continue until the election so I decided not to wait and get your help.

red above black buy red below black sell. Thats it, those are the rules.

[SteveHopwood]

Guys understand I was bored, had nothing to do, found no trades for 3 days so this is what I came up with. Normally I will private trade a system for a while before posting but this works right now during this range time. I suspect this range time will continue until the election so I decided not to wait and get your help.

red above black buy red below black sell. Thats it, those are the rules.

Do keep on getting bored from time to time, won't you?

[disbellj]

nanningbob,

I can tell you that you ARE on to something for sure. I'be been noticing this for awhile myself but haven't "gotten around to" making an EA (I'm sure you know how it goes, many ideas, not enough time in the day).

Also at news times I can see price play ping pong between Daily Pivot S/R levels (big spike up and down - so big distance in price - over short period of time).

I thought about making an EA for this just the other day. The obvious SL conservatively speaking would be next Daily Pivot S/R below in a buy, and /TP would be the the next above Daily Pivot S/R. I've read somewhere when the range is very high, some people reset their Pivots using Session open, or consider the market is ranging (because many pips between pivots show big move just happened, and most of the time that means ranging ahead).

Put the Daily Pivot S/R and Hourly/FourHourly/Daily/Weekly/Monthly opens on chart and tell me what you think. I myself know there are many great pips to get going with the H1 and H4, but knowing it and trading it (at least for me) are two entirely different things. Look for Semafor on H1, then H4/H1 agreement. Dealing with stoploss is what I don't do well, hold my losers and cut my winners short. Nobody's fault but mine. Brain seems to have a defect that my EAs don't have. But then I try and outthink the EAs instead of letting them run. Basket case LOL.

Also forgot midpivots and round numbers (SweetSpotsGold indicator set every 25 pips colored Gold, wish I could set it to every 13 pips like we have MidPivos, but dpesn't work).

Note: Must reset attached indicator after Empty4 restart for it to look correctly, but for me it has opened up and shown me more of "where we are at in big picture", much as pivots and fibs (between last Semafor 3 on each timeframe) MTF give us we we are in bigger picture. I believe most of my losses have been either trying to trade when there is no movement (total movement is a few pips at most, which led me to think of creating a REALVOLUME indicator that only increases the volume count by 1 if the movement between this tick bid and last tick bid is more than 3 pips, just another idea, get too many to get around to), or trying to trade against the trend when there is movement (and that is me fighting the trend although it makes NO sense whatsoever, and I always kick wanna kick myself for not knowing a 4-year-old that I could bring along and do what I can't - look at my easy-to-understand colorful charts I make with MQL4 code and actually obey it). So as usual, forgot a 4-year-old. LOL

BTW I've done the impossible before and doubled my account in a day. Also another day I increased it 40%. But I not consistent in doing so, and believe it or not, the time when I increased it 40% in a day, used NonLagMAv7.1, and candle colors for all timeframes. When all timeframes lined up for EURUSD below 4-hour (other than within 5 minutes after H4 open), would trade as long as NonLagMAv7.1 agreed. Next day however, not having the big view, and my holding onto an obvious loser, I lost 60% the next day. My MM wasn't bad. I was bad by not closing the trading until I lost my account (well, almost nothing left each time). The MM is right if the losers are cut and rules followed. Gotta borrow somebody's 4-year-old so they can tell me the obvious that I already know and I "might" listen LOL (but because money is involved all rational thought and action at the time goes out the window).

Thanks Bob for all you do. Nice to meet you!

Kindest regards,

Don

First Eur/Nzd take profit 35 pips. 55 pips the first two trades. Hmmmmmmm

Ok to answer questions I put this thing together this morning before class started. I checked charts during my break. At lunch I placed my trades. 6 hours later, I have to tell people how to expertly trade this thing. HMMMMMMMMMMM

I placed my pending orders right on the daily pivot line. SL and TP are well ........... ah ............. hmmmmm .............. a wild guess. So that is the story. This thing is not even 12 hours old. Steve has got an EA coming and I am looking at chart after chart wondering what I have stumbled into.

How is that for a professional trader guru answer.

[nanningbob]

Students arrive in about 5 minutes. I am ready for another day. Funny just 24 hours ago I was playing with different lines on a screen looking for someway to trade this market. Pulled out the old MA on all screen thing and threw it up on 10.2a. I saw something that looked interesting and took all the indicators and lines on the screen to build an idea around DP and DO. After staring at a chart for about 5 minutes I thought, what else do I need to add. Sent the kids off to recess 5 minutes early. (privilege of being both the teacher and administrator of the school) I compared chart after chart and said, why add anything, this is good enough. So 10.3 is now officially 24 hours old.

My thoughts at this time are; in the 10.2a read when price is between the Weekly pivot and Monthly pivot and markets are ranging you would do 10.3. When you have the set ups in 10.2a or 10.2 you trade them. The others that are ranging go to a lower chart and trade 10.3. That is where this seems to be going. If it all fits you can then trade all markets. Ranging, dead, trending and super trending. The system then will be complete. That is how I it at this point of time. That is what I was looking for.

[nanningbob]

[quote="disbellj"]nanningbob,

I can tell you that you ARE on to something for sure. I'be been noticing this for awhile myself but haven't "gotten around to" making an EA (I'm sure you know how it goes, many ideas, not enough time in the day).

Also at news times I can see price play ping pong between Daily Pivot S/R levels (big spike up and down - so big distance in price - over short period of time).

I thought about making an EA for this just the other day. The obvious SL conservatively speaking would be next Daily Pivot S/R below in a buy, and /TP would be the the next above Daily Pivot S/R. I've read somewhere when the range is very high, some people reset their Pivots using Session open, or consider the market is ranging (because many pips between pivots show big move just happened, and most of the time that means ranging ahead).

Put the Daily Pivot S/R and Hourly/FourHourly/Daily/Weekly/Monthly opens on chart and tell me what you think. I myself know there are many great pips to get going with the H1 and H4, but knowing it and trading it (at least for me) are two entirely different things. Look for Semafor on H1, then H4/H1 agreement. Dealing with stoploss is what I don't do well, hold my losers and cut my winners short. Nobody's fault but mine. Brain seems to have a defect that my EAs don't have. But then I try and outthink the EAs instead of letting them run. Basket case LOL.

Note: Must reset attached indicator after Empty4 restart for it to look correctly, but for me it has opened up and shown me more of "where we are at in big picture", much as pivots and fibs (between last Semafor 3 on each timeframe) MTF give us we we are in bigger picture. I believe most of my losses have been either trying to trade when there is no movement (total movement is a few pips at most, which led me to think of creating a REALVOLUME indicator that only increases the volume count by 1 if the movement between this tick bid and last tick bid is more than 3 pips, just another idea, get too many to get around to), or trying to trade against the trend when there is movement (and that is me fighting the trend although it makes NO sense whatsoever, and I always kick wanna kick myself for not knowing a 4-year-old that I could bring along and do what I can't - look at my easy-to-understand colorful charts I make with MQL4 code and actually obey it). So as usual, forgot a 4-year-old. LOL

Thanks Bob for all you do. Nice to meet you!

Kindest regards,

Don [quote="disbellj"]

Thanks for your nice letter. The resetting of the pivots was taught to me my first of trading and made absolutely no sense to me. The good thing about pivot trading at the time is it stopped the bleeding of my early trading career but I never could make it profitable. So I ditched it for about 5 years. Lately been looking at pivots and that formed the basis of the different 10.2 systems. I suspect by the time I sit down this weekend I will have had a chance of looking at doing the same thing with weekly and monthly pivots. The early poster who suggest that was a brilliant idea, just havent had time to look at it.