10.3 SCALPER/RANGE TRADE SYSTEM

[Anonymous]

DJ30 short.

Let 's see what happens.

Very slow momentum for DJ30 this am. Just hit tp 20 pips.

Better momentum at NY open this pm.

Missed the EURAUD short and GU long this morning, just cannot keep up with so many opportunities.

[grimweasel]

Don't forget our sample pool with this system is still very small. We would need to backtest the method or at least trade it over 6 months for some meaningful data under all market conditions...

[fx800]

The ones that got away, GBPCHF long and EURGBP short from 7 am.

[Kimmy]

Hi Guys

My trades did not turn out as well as some of you

eurjpy short = stopped out -15
chfjpy short = stopped out -10
chfjpy short = stopped out again -10

looking at the audusd short

[Pooler]

Bob,

Congrats on little Lia. If I look closely at that photo she's saying "Go loooong, Grandad..."

I experimented for a long while with 4 hr charts on the Monday opening with the idea that wherever the daily candle goes --thats often it for the whole week. (Breakout theory). I had mixed results but I learnt the following---Jpy pairs tend to move right from Asian opening (which makes sense) and when they do they there's no messing around--they invariably hit 2 resistance levels before calming down. I use to take 45% of the Weekly ATR as a TP target for the 4 hr chart and it was pretty accurate except for the JPY pairs where I used 65-75%.

With the other pairs I would wait for opening of Europe session before there was a definite move. Looking at today this has played out exactly like that. On the 1 hr charts I would wait for this session and then place pending trade just above opening and stop loss just below daily pivot. Then TP just below SR/DR which is often 40-50% of daily ATR.

I think we'll also see that the distance between Daily opening and Daily pivot play determine the strength of the trade. If we could calculate that accurately then $$$$

[fx800]

Don't forget our sample pool with this system is still very small. We would need to backtest the method or at least trade it over 6 months for some meaningful data under all market conditions...

I agree, trying out the scalper live using small lot size.

[Mortiiy]

Hi Guys

My trades did not turn out as well as some of you

eurjpy short = stopped out -15
chfjpy short = stopped out -10
chfjpy short = stopped out again -10

looking at the audusd short

Kimmy, briefly looking at your trades only in timing, I would consider those trades late into the euro session. Take a look at it in history.

Here is my chart while I am doing backtesting and formulating trade plans. The coloured blocks marks my euro killzone to regulate timing.
Excuse the additional Fib lines in past days, Those are to depict historical levels while backtesting.

10-3 Kimmy.jpg

[The_Snowman]

The ones that got away, GBPCHF long and EURGBP short from 7 am.

Not from me, the EUR-GBP anyway, see the chart, price not only below Daily Open, Daily Pivot but also 30M & 4H Supertrend, at London open, GBP strong, EUR weak, hit it 5 times and my Take Profit EA got me out for 3%

[fx800]

Hi Guys

My trades did not turn out as well as some of you

eurjpy short = stopped out -15
chfjpy short = stopped out -10
chfjpy short = stopped out again -10

looking at the audusd short

Both yen pairs should have been LONG (Daily open > Daily pivot). Both hit TP 20 pips.

Might have been better to trade yen pairs at Tokyo open.

[grimweasel]

Bob - may I suggest a small amendment? - to make the trade 'safer' , as with other scalping systems I have used, it might be better to wait for the last high/low of the 5M chart to be taken out in the direction of your trade, rather than just crossing the Red line - this should reduce whipsaws and make the win/loss ratio greater?

I have attached and example on cable this morning. See how the market came back and tested that break out level too and put in a bullish hammer candle too, pointing to higher prices!