nanningbob wrote:

SteveHopwood wrote:

nanningbob wrote:
Do you trade immediately at the open, or do you wait for a cross of the red?

Cheers

Except for a couple of trades I try to be within 5 pips of the red line for entrance. Stuff like crossing 100 lines I will place above or below. I also am consulting the 10.2 to make sure there is not a weekly or monthly pivot also nearby to bounce off of. I use the numbers of pips to next S/R lines to determine TP. Large pip spread pairs I put 10-15 pips away, lower pip spread pairs 5-10. I try to make sure the trade can get me over 20 pips to the nearest S/R lines or I dont think there is enough room to risk a trade. Just some thoughts for now. I have been setting 15- 20 pip TS to lessen my losses on trades that bounce back on you. This has really helped in keeping my win to loss ratio closer to 3 or 4:1. So I set up a minimum 1.5:1 or 2:1 ratio on a trade but the TS ends up making it a higher ratio as it moves the SL up on trades. My studies have shown that if you dont get close to the 3:1 win to loss ratio on trades in scalping the spreads eat up a lot of profit.

For example if you have a 20 pip profit and pay 2 pips that is 10% 3 pips is 15%. That is steep, that is why most people lose money scalping. If you set SL at 15 it takes more than one winner to offset 1 loser. Your SL is really 13 at 2 pips and 12 at 3 pips because you lose 2 or 3 pips for spread and the profit really must run 22 or 23 pips. Pulling that SL up makes the ratios work in your favor much better even though it may knock you out early sometimes.

Volatile pairs like eurnzd and gbpnzd you really need to look at 30-50 pip profits to over come their 4-8 pip spreads and be consistently profitable. Anyways that is why scalping EAs are almost impossible to write. That Take profit S1/R1 line needs to be considered whether it gives you enough room to take a trade.

Fabulous Bob. Thanks very much.

Cheers

Iamshakey wrote: I thought of the Slope Indy and wondered if a simply glancing at the oscillator color might do the trick. In doing a lookback, it seems Deadly accurate, BUT, ALL technical Indies are nearly 100% accurate on a lookback. Since open last night, I have kept the Slope on, and the MTF feature to H1. The Idea: looking for a confirmation color, and a negative number on the H1 and Current TF. I'm not that familiar with the slope indy, so if you guys think this idea has any merit, you would probably have a much better idea about specifics.

alex_forex wrote:Got my first trades but also many many 130 errors (invalid stops).

Not really surprising because of the tight stops but I should remove
some pairs causing most of the errors.

Cheers
Alex

pierre wrote:

alex_forex wrote:Got my first trades but also many many 130 errors (invalid stops).

Not really surprising because of the tight stops but I should remove
some pairs causing most of the errors.

Cheers
Alex

On pepper demo I put ECN= true and all errors (invalid stop) disappeared