10.3 SCALPER/RANGE TRADE SYSTEM

[disbellj]

Well everyone, I tried. The charts I made looked good, but when I put the same code in Daily and Weekly indicators, I see that the pivots and S/R are way off. I'm thinking of maybe a simpler way to fix, but don't know yet. Anyways, I may or may not do further work on this. At this point I recommend using my DailyOpenPivotSR indicator from 16th to make sure days are aligned, and use DWMPivots for WP and MP. I don't recommend my weekly indicator I posted at all. It is totally wrong.

-OR-

Use offline charts made to target 17:00 ET day start, use indicators in first post, no changes needed.

Either way should get us on same page.

Kindest regards,

Don

P.S. Baluda or any other coder that wants to can use my DailyOpenPivotSR indicator from 16th to fix DO and DP in Baluda's DWMPivots and DailyPPivotFib11 indicators.

[atharmian]

DancingPhil,

Is it possible for you to post YOUR complete system with all the used indicators/EAs/templates and all instructions (any background/basic rules/caveats/additional recommendations etc) in one comprehensive post, regardless of all other posts?

I am sure there are some of us here who would like to start from scratch and who appreciate your trading style ...

Long live The Pearl River Delta,


Athar.

PS. As aside, I use FXCM whose offset is GMT+0. But anyway, the US opennis 8am EST, and the London open is 3AM EST. Don't know if your trades are Euro (Frankfurt) or London open.

Just some observations from a different perspective to most reports of the trading experience with 10.3 that I have read here.

My approach is different because

A) I have never been a user of SL's; I use MPTM's hedge function to trigger at -30 pips (or I manually set them as pending stop orders) for getting out of trades that go against me. And

B) I Have no desire to or experience with trading multiple currency pairs; rather I use much larger lot sizes on the currency pair I am most familiar with - EUR:USD. And

C) Unlike Bob who sets his many trades then goes off to eat pizza without a care in the World, I do sit at my computer watching movies with 75% of my screen used and monitor my large lot sizes out the corner of my eye; ready to add new trades as the chart suggest they are reasonable to take.

I am loving 10.3 because

1) It is a truly simple system to work with

2) statistically on most days price action does move in favor of crossing the red DO line away from the Black DP. And

3) The Pivot's DR AND DS levels for exiting trades cleanly. And with Baluda's fib levels the past few hours, I have seen very clear additional TP targets to work with throughout the London and New York trading sessions. Almost like clockwork, price action almost always tends to hover around these DS/DR and DSFib And DRFib targets.

Using today (November 19) as a case in point;

YES the red line DO cross has worked its magic, AGAIN.
YES the DS/DR levels have worked their magic, AGAIN
YES Baluda's fib levels both DRFib1 and DRFib2 both have worked their magic too; allowing for profit taking and order re-entry upon retraces.

In addition, at what looks like the end of momentum for the main trading day, I am also finding strong successes with counter trend trading from the DS or DR levels for an additional 20-35 pips.

By this method, with much larger lot sizes, 10.3 with the various profit targets now clearly plotted, and by only working the one currency pair I have always enjoyed and have come to have some feeling for; I routinely and regularly find I am able to make 20-35 pips several times a day.

As for hedging; where price action goes in favour of the black line DP away from the DO, I find that rather than just let the hedge (set at 200%) hit a break even to close both trades, I prefer to scoop up the extra pips by closing both the original trade and the hedge at a DR or DS profit target.

I began practice with the 10.3 system by being shy of the DS/DR profit targets, setting my trades to close just before these targets. But now I have a high degree of confidence that almost always the target gets fully and firmly met; and so I now set my TP closes at just outside the target levels for an additional 5-8 pips per trade.

And I am now very confident that when a DS/DR2 level is reached late in the trading day that there's usually a solid 30-50 pips to be had on the counter trend weakening in price in the hours towards the end of New York and the Opening of Tokyo.

I love your work brother Bob. A most hearty pat on the back from Dancingphil in Guangzhou.

[disbellj]

I'm done with changing indies for this. It's just too difficult and I'm tired of trying to make it work better than it does or on other timeframes. If people want synchronization, they can use my indicator on H1 (Baluda or anyone else that wants to use my code to fix these things in Baluda's DWMPivots and DailyPivot Fib11 indicators). Otherwise I recommend the offline chart babalu4u gave link to and using standard indicators.

Is there anyone that wants me to update my AllPairs?

Kindest regards,

Don

[atharmian]

Don,

Thanks for all your dedicated work. Is there a way to make your indy less CPU intensive?
Previously I got zero div errors, now the indy loads but hangs after the main menu OK click.

But your indy is very nicely designed... I just wish it could be optimized ! And the time sync I don't worry much about. Users ought to be able to find their own GMT offsets, or just use EST for market opens.

I have noticed two screenshots for your indy- one for CTS, the other for 10.3. Does the current package have both choices?


Regards,
Athar.

I'm done with changing indies for this. It's just too difficult and I'm tired of trying to make it work better than it does or on other timeframes. If people want synchronization, they can use my indicator on H1. Otherwise I recommend the offline chart babalu4u gave link to and using standard indicators.

Is there anyone that wants me to update my AllPairs?

Kindest regards,

Don

[nanningbob]

ok my trades for yesterday were 6 wins 3 losses average win was 21 pips average loss 15 pips. I will take those kind of results from now til the day I die. 126 pips in 45 bye bye for +81 for the day. Look forward to Euro open.

[Faramirsen]

My results yesterday:

Pips: 136.3
Average Win: 31.66 pips /
Average Loss: -22.00 pips /

Longs Won: (1/2) 50%
Shorts Won: (4/4) 100%
TOTAL: 5/6

BTW: I observed if a big number (1.2000, 1.3000) is in between DR1 /DS2 and DR2 / DS2 that they are good TP target - I usually put my TP 5 to 7 pips above that big number in these cases and it works so far well

I am going to reduce my SL - I will use Bobs Template and EA - might play around with SL and Jump settings but not sure yet if i succeed i will let you guys know

looking for today E/U open - dont know how the market gonna react that France got downgraded by Moody?


Question: Is it possible to place a pending order with a magic number (103)? I was just thinking sometimes I would like to trade the bounce of a BN in the 10.3 direction etc?!?!

[nanningbob]

Hey I do get to Guangzhou 1 or 2 times a year. Will have to give you a shout next time I go. I will be going to Nanjing for Christmas to see my son and his wife. I like it when guys show how they use a system successfully. I am a teacher/administrator all day so I get to peak at my screen a couple of times a day. I trade small to keep my account intact because I can be away from my computer over 8 hours on some days. However, there are a lot of people who would like to trade like you do so I encourage you teach some on your trading style and methods. You could post some examples now and then. My question is what broker are you using and do they take USA citizens? I tried foreign brokers twice now and both of them were really bad. One had the software program on that goes for a margin call. It actually put price on a Cad/jpy trade I had going below 0 to try to get my account to margin out. I took pictures and account statements and was ready to post them at FF and Forex Peace army when they refunded all my money and I closed out the account. So being able to hedge is a good tool if you know how to use it. I have hedging theories but no broker to practice them on. Anyway keep posting.

Just some observations from a different perspective to most reports of the trading experience with 10.3 that I have read here.

My approach is different because

A) I have never been a user of SL's; I use MPTM's hedge function to trigger at -30 pips (or I manually set them as pending stop orders) for getting out of trades that go against me. And

B) I Have no desire to or experience with trading multiple currency pairs; rather I use much larger lot sizes on the currency pair I am most familiar with - EUR:USD. And

C) Unlike Bob who sets his many trades then goes off to eat pizza without a care in the World, I do sit at my computer watching movies with 75% of my screen used and monitor my large lot sizes out the corner of my eye; ready to add new trades as the chart suggest they are reasonable to take.

I am loving 10.3 because

1) It is a truly simple system to work with

2) statistically on most days price action does move in favor of crossing the red DO line away from the Black DP. And

3) The Pivot's DR AND DS levels for exiting trades cleanly. And with Baluda's fib levels the past few hours, I have seen very clear additional TP targets to work with throughout the London and New York trading sessions. Almost like clockwork, price action almost always tends to hover around these DS/DR and DSFib And DRFib targets.

Using today (November 19) as a case in point;

YES the red line DO cross has worked its magic, AGAIN.
YES the DS/DR levels have worked their magic, AGAIN
YES Baluda's fib levels both DRFib1 and DRFib2 both have worked their magic too; allowing for profit taking and order re-entry upon retraces.

In addition, at what looks like the end of momentum for the main trading day, I am also finding strong successes with counter trend trading from the DS or DR levels for an additional 20-35 pips.

By this method, with much larger lot sizes, 10.3 with the various profit targets now clearly plotted, and by only working the one currency pair I have always enjoyed and have come to have some feeling for; I routinely and regularly find I am able to make 20-35 pips several times a day.

As for hedging; where price action goes in favour of the black line DP away from the DO, I find that rather than just let the hedge (set at 200%) hit a break even to close both trades, I prefer to scoop up the extra pips by closing both the original trade and the hedge at a DR or DS profit target.

I began practice with the 10.3 system by being shy of the DS/DR profit targets, setting my trades to close just before these targets. But now I have a high degree of confidence that almost always the target gets fully and firmly met; and so I now set my TP closes at just outside the target levels for an additional 5-8 pips per trade.

And I am now very confident that when a DS/DR2 level is reached late in the trading day that there's usually a solid 30-50 pips to be had on the counter trend weakening in price in the hours towards the end of New York and the Opening of Tokyo.

I love your work brother Bob. A most hearty pat on the back from Dancingphil in Guangzhou.

[nanningbob]

And I am now very confident that when a DS/DR2 level is reached late in the trading day that there's usually a solid 30-50 pips to be had on the counter trend weakening in price in the hours towards the end of New York and the Opening of Tokyo.

A fellow CT trader. A man after my own heart.

[disbellj]

As far as AllPairs, I can see what I can do, but there's not much more I can do to lessen resources. Actually limiting pairs shown by spread increases resources.

I have auto eastern time offset in there. If anyone wants to save resources, they can set this manually after finding out what it is automatically (or put it in manually if they already know it).

Kindest regards,

Don

[disbellj]

Bob,

Just loaded up your template from a couple days ago, and nothing from DWMPivots are showing although by the user inputs looks like it should show daily line, weekly line, monthly line, and weekly S/R (that's the setttings I see, just don't see anything on chart unless I reset indicator. We shouldn't be showing day line or day S/R since my indicator you've renamed takes care of that.

Do you want to show weekly S/R?

Also, I don't see 1.0 Daily IMA on chart although it's in indicator list. I removed it since my indicator shows DO.

Kindest regards,

Don