10.3 SCALPER/RANGE TRADE SYSTEM

[marsie]

I have tested a similar system named Dolly Indicator. The best pairs was gbpjpy, euraud,eurnzd, gbpchf, nzdjpy, eurjpy and gbpusd. I trade without sl. The pairs need room to breathe. For tp i use Camarilla Indicator. Tonight 15% profit. Now I wait for comeback of the usdcad. The only pair in loss today.

[nanningbob]

... hit my trailing SL Go home from school and see what is next. I am in usd cad

Bob are you using instant trailing stop from MPTM or something else for your TS strategy?

I am using Empty4 TS. The MPTM jump probably would work better but just learning. My disadvantage in teaching this is I have not been a scalper trader in the past so some of these experienced guys are going to be better at it than me.

[nanningbob]

Nice breakouts yesterday. With my new grand daughter was kind of distracted and will be today. If you see a trade please post it. My mailbox is still getting questions so one more time, dang can it get any simpler than this, sorry if I sound a bit impatient with this but I dont know any system simpler than these two rules.

OK one last time.

Red line is the daily open :!:
Black line is the daily pivot

Red above black or open above pivot buy
Red below black or open below pivot sell

Reason behind it is if price opens above the pivot that is its general strength and direction. Probably keep going. The retracement was not strong enough to stop the momentum. Same with open is below the pivot momentum will probably continue.

If price retraces enough to make the lines flop that probably means momentum has stopped and there is enough strength for price to reverse at least for one S or R line. That is its simplicity.

[patman]

If you see a trade please post it.

Hi nanningbob,

I agree its a simple system - thank you for sharing it.

Maybe its too simple for me but...

If I look at say 15 charts at the start of the day.
Open and Pivot are plotted
The only reason not to trade is id open and pivot are equal
So immediately there are 10-15 trades (too many to post, I think)

Am I missing something obvious here?

Pat

[fx800]

Aussie PPI DATA causing spikes in the AUSSIE.

[nanningbob]

If you see a trade please post it.

Hi nanningbob,

I agree its a simple system - thank you for sharing it.

Maybe its too simple for me but...

If I look at say 15 charts at the start of the day.
Open and Pivot are plotted
The only reason not to trade is id open and pivot are equal
So immediately there are 10-15 trades (too many to post, I think)

Am I missing something obvious here?

Pat

Then from those you choose which ones you think would do best OR do all of them and figure that the majority will go into profit. My intention with this was to give me some trades during quiet and ranging times. Dont know what it will do during strong trends. Since every currency pair has been ranging and it is a ranging style trading method it should be showing lots of trades. We will see what happens when markets start trending again.

[nanningbob]

Choices for today

aud buys except aud/nzd sell
cad/jpy chf/jpy buys
eur sells except eur/nzd buy
gbp sells except gbp/jpy buy
nzd buys
usd sells except usd/jpy buy

Have fun watching and choosing. So far what I am seeing is different pairs move at different times of the day so action all day long. Gotta go

[VirtualFM]

Today is going to be a busy day for me. Just found out I am a grandpa again. Lia entered the world just a couple of hours ago.

Wow!

You know what's funny?! First time I saw your nickname I knew nothing about cities in China, so I thought your job was putting babies to sleep and taking care of them. Yes, I thought it was "Nannying"Bob, or "Bob's services as Nanny".

And now you really are!

PS: Nice system, thanks for sharing!

[Faramirsen]

I Took today GBP / CHF - Its on fib 50 - and hope will further go down to 61:

[nanningbob]

I have placed 7 trades for today usdcad usdchf euraud eurnzd gbpnzd gbpaud gbpchf. So a little of everything no jpy so far though.