10.3 SCALPER/RANGE TRADE SYSTEM

[cmeade2]

I hate daylight saving time because we dont have it in China. They also dont have time zones here so you can have one part of the country where the sun gets up at 5 am and another part it is almost 9am before it comes up.

Sounds like the old days in the Soviet Union/Russia where everyone operated on Moscow time, even though there were 8 time zones in the country.

[fxozgirl]

I pretty much took every trade yesterday (20) for a total 327 pips (from a potential maximum pips of 746).

audcad -28, audchf +53, audjpy -25, audnzd -26, chfjpy +33, euraud +52, eurcad +10, eurgbp -9, eurjpy +42, eurnzd +35, eurusd +29, gbpcad +16, gbpjpy +71, gbpnzd +49, gbpusd +37, nzdjpy -18, nzdusd -18, usdchf +24

Price has to be below Daily Open and cross above for a Buy and above Daily Open and cross below for a Sell entering off the 15M chart. TP was 75% of the Daily Average Volatility (as Bob posted in the excel spreadsheet) and SL was DP +2.
2 trades took full TP & 6 trades hit SL. The rest I closed a couple of hours before Sydney Open with all of them being in profit at the time.
I took trades/set pending orders near enough to the start of the day, however that's not going to be practical for me moving forward, and I will most likely be placing trades just prior to London Open.

Now that I have a starting point I am looking to apply some filters. Like Spydie and a couple of others I am investigating the benefits of referring to slope for added confirmation.

For now, I am now going to test the following parameters:
Price has to be below DO and cross above DO for a Buy and above DO and cross below DO for a Sell, entering off the 15M chart
TP - 50% of the Daily Average Volatility
SL - Daily Pivot level + 2
H4 and/or D1 slope has to agree with Daily Open

[nanningbob]

Thanks or the results. I didnt take the across the board approach but did take 11 trades, 3 were the eur/nzd so I only traded 8 pairs yesterday. I had 8 winners and 3 losers for a 92 pip profit. My problem was I had 2 trades that triggered and then ran for the SL. I also had two trades reach almost the TP line reverse to the TS and then move on back, love that Empty4 broker software. Otherwise I would have had a much better day. I also do not like the TS because it will take trades out early. I prefer a jumping stop that stops at a minimum profit. Steve is designing one for just this system. I want the jumping stop to improve my trading ration from 1.5:1 to 3:1 or more after price moves into profit. His MPTM at the present wont do what I want it to do so he is developing another one now. Then some of these trades will show bigger profits. I can spend over 4 hours away from my computer at times so if I am going to trade bigger lots and sizes than I normally do I need to protect my account. I see you got thumped on the same 3 AUD pairs I did too.

[fxozgirl]

Thanks or the results. I didnt take the across the board approach but did take 11 trades, 3 were the eur/nzd so I only traded 8 pairs yesterday. I had 8 winners and 3 losers for a 92 pip profit. My problem was I had 2 trades that triggered and then ran for the SL. I also had two trades reach almost the TP line reverse to the TS and then move on back, love that Empty4 criminal software. Otherwise I would have had a much better day. I also do not like the TS because it will take trades out early. I prefer a jumping stop that stops at a minimum profit. Steve is designing one for just this system. I want the jumping stop to improve my trading ration from 1.5:1 to 3:1 or more after price moves into profit. His MPTM at the present wont do what I want it to do so he is developing another one now. Then some of these trades will show bigger profits. I can spend over 4 hours away from my computer at times so if I am going to trade bigger lots and sizes than I normally do I need to protect my account. I see you got thumped on the same 3 AUD pairs I did too.

Yeah those AUD pairs had no intention of going the right way

Looking forward to Steve's EA...should definitely help with improved trade/money management.

So far today I have placed the following trades:
Currently eurusd +11, gbpusd +3, usdchf +10gbpcad +3, gbpnzd +1

[ciliano]

I prefer a jumping stop that stops at a minimum profit. Steve is designing one for just this system. I want the jumping stop to improve my trading ration from 1.5:1 to 3:1 or more after price moves into profit. His MPTM at the present wont do what I want it to do so he is developing another one now. Then some of these trades will show bigger profits. I can spend over 4 hours away from my computer at times so if I am going to trade bigger lots and sizes than I normally do I need to protect my account. I see you got thumped on the same 3 AUD pairs I did too.

I believe the Shelley Jem autotrader does this or something like it. I am using it for basket jumping stops. Just disable the "add trades to basket" option and it basically works like a trade manager

[fxozgirl]

AUD has just gone through the roof due to no change in interest rates...

I hope some of you had buys...unfortunately I didn't

[Jemook]

Hi Shelley,

Got my Melbourne cup punts in and they either started with AUD or ended in AUD

2012-11-06 03.50.46 pm.png

J

[nanningbob]

AUD has just gone through the roof due to no change in interest rates...

I hope some of you had buys...unfortunately I didn't

I always find it funny when no rate change causes a spike. Doesnt last long and it will be back to the basic fundamentals. How are exports doing? steady or going up aud is up, not steady sliding down, aud is down. So I watch the exporting of the AUD and NZD.

[fxozgirl]

AUD has just gone through the roof due to no change in interest rates...

I hope some of you had buys...unfortunately I didn't

I always find it funny when no rate change causes a spike. Doesnt last long and it will be back to the basic fundamentals. How are exports doing? steady or going up aud is up, not steady sliding down, aud is down. So I watch the exporting of the AUD and NZD.

It was highly tipped to be a rate cut, so no change was almost as good as an increase as far as the market was concerned.

[fxozgirl]

Hi Shelley,

Got my Melbourne cup punts in and they either started with AUD or ended in AUD

2012-11-06 03.50.46 pm.png

J

Nice Jem, I'd be looking to TP fairly soon though, as Bob said I don't think it's going to stay there too long!

I hope you backed the winner of the Cup?