10.3 SCALPER/RANGE TRADE SYSTEM

[jeremysprite]

Yesterday's results:

19 trades, 7 winners avg 15 pips 12 losers avg 26 pips. Net -200 pips
This is placing trades (pretty much) at open at GMT 0, SL at DP +5 (or 15 if too close) and trailing by 20 pips

A number of trades hit SL after some EU news soon after open, then more hit SL when UK news came out in the evening.
I'll keep trying placing trades just at GMT 0 open for another week or so and see how it goes. I'm getting a lot of moves against the DP-DO trend during JPY session, getting stopped out, then the trades move back in that direction after EU opens.
Hopefully after a couple of weeks I might be able to say its a better idea to place trades at frankfurt or london open or not.

Thanks all, happy trading

[xrismak]

Bob,

I have been rethinking:

1. Would it be simpler to use ADX(14) > 25 for trending, and ADX(14) <20 for ranging, instead of TMASlope (repaint)? Or does TMASlope have some better properties? I would think the TMASlope would actually lag more given more calculations and smoothing.

2. Essentially 10.2A looks at trending in H4 and above, while 10.3 looks at ranging H1 and below. But why can't we have both trending and ranging in any TF?

3. Isn't the basic issue about trading interval (time between entry and exit)? When we trade, say, H1 TF, what is the nominal trading interval? 30 min, several hours, few days? How about other TFs, in your experience?

4. Re: volatility groups, shouldn't they also be classified according to the sessions (Asia, US, Euro and overlaps)? Because sessions hugely differ in trading style and pairs traded.

5. Is there an easy volatility measure, in your opinion, say ATR, that can guide us with our trading?

Regards,
Athar.

Yesterday was a bad day 7-13 will look at the ones left and see if I want to close. I was amazed that some of these trades after entering didnt move enough pips to slide the SL up but I did save by setting SL -18 instead of -20. Total for the day was -102 pips. I am going to wait until the Euro Open to set trades today. I will be in a conference this morning so wont get a chance to post. If you see some good trade setups feel free to post some pictures. The markets were really flat yesterday which is going to give a bunch of flat lines today. Expect to see the green and whites on top of each other. Maybe a pretty much no trade day even for scalping.

I am not an ADX dont use it. The issue with slope indicator is not repainting, it is learning how to use it and read it. Get repainting out of your vocabulary or you will never see its usefulness. 10.2a trades are longer term trades that is why you use the 4 hour Chart, 10.3 is a scalping ranging system, dont forget that. Price still has to move to have successful trades, Yesterday was about as dead as dead can be. My aud/chf trade never moved enough to hit a SL or move the SL up, that is really dead. The amount of time you spend in a trade depends on whether or not price is moving. If price is not moving you can sit there all day and have nothing happen.

The bottom line is this and I know many professional traders. They use one or two indicators and trade. The more info you apply the more confused you will get. You may have noticed since my mistake of 10.0 and making too many decisions, I have kept my systems simple and easy. Very easy reads and instructions. Adding more and more indicators will just confuse you because they are all based on the same thing. Take a moving average or two or three, do a math calculation with them and put them on a chart. Trading is basically simple. Draw a couple of lines on a chart if above buy if below sell. Price has no relationship to these charts or indicators it is moving around as people do business. We need a frame of reference so we can trade. If you draw a line horizontally across the screen and say buy above sell below. Then draw a 45 degree line as a 2nd entrance/exit point you have a trading system that would work. This one uses two pivot lines and a MA line. That is all you need. If you want ADX to be your angle line, it will work. If you want FIB to be your line instead of pivots it will work. If you want MACD to be your angle line and 6th indicator be your horizontal line, it will work. That is because of one basic fundamental in life that we learned in science class. Something that is in motion will continue in motion until an equal or greater force is enacted on it. That is the very simple heart of trading FOREX. Price will move in a direction until another force moves it in another direction. So when you put any kind of line on the screen and price crosses that line your chances of it continuing are better than it not continuing. Then it is a matter of making your winners bigger than your losers. I dont know how it can be made any simpler than that. There are no magic indicators out there because they all are based on a math formula added to a MA line or a static line. That is why there is a million of them. None of them work, it is just a reference because of a simple scientific fact. Once something is in motion it will continue in motion until an equal or opposite force is enacted on it. So if the motion continues you have a winner, if it doesnt you have a loser, If it doesnt move then nothing. That is all there is to Forex.

Bob,

Well said, exactly my thought Process all these years of Trading and the Only thing that's kept me using the 10.3 system with quite a Degree of success to date, I strayed from using the 10.3 system for just over a week and I saw a pretty significant DD.
I am back to trading with the 10.3 System simply because it's Visually Simple and Straightforward to Apply. Keeps giving me More Winners than Loosers and that's what Forex is About, One always has Good and Bad Days but if the Good Days Outnumber the Not So good Days then Life Trading Forex becomes simple, thanking you Once Again for a Complete and Simple System, all it takes is a Bit of Patience, Understanding and less Greed and One will always be Contented.

Happy Trading Y'all,

xrismak.

[atharmian]

Bob,

Thanks, you are certainly right.
One thing I don't get though- saying that lower TFs are about ranging, higher TFs about trending. I see no difference; it all depends upon how volatile/calm the market is in the given TF, as recent days suggest.

Happy conferencing ....


Athar.

The bottom line is this and I know many professional traders. They use one or two indicators and trade. The more info you apply the more confused you will get.......

Adding more and more indicators will just confuse you because they are all based on the same thing.
Take a moving average or two or three, do a math calculation with them and put them on a chart. Trading is basically simple. Draw a couple of lines on a chart if above buy if below sell. Price has no relationship to these charts or indicators it is moving around as people do business.
We need a frame of reference so we can trade. If you draw a line horizontally across the screen and say buy above sell below. Then draw a 45 degree line as a 2nd entrance/exit point you have a trading system that would work. This one uses two pivot lines and a MA line. That is all you need.

Absolutely true Bob- I do agree with you. A successful trader don't use a lot of indicators, and too often he's trading naked. A basic strategy with a simple cross between 2 MA could be really successful, if the trader is consistant and persistant. Thank you for this wisdom Bob.

[marsie]

9 trades today. 118 pips win. It could be more when I had wait until the gbp came down.

[nanningbob]

Bob,

Thanks, you are certainly right.
One thing I don't get though- saying that lower TFs are about ranging, higher TFs about trending. I see no difference; it all depends upon how volatile/calm the market is in the given TF, as recent days suggest.

Happy conferencing ....


Athar.

The bottom line is this and I know many professional traders. They use one or two indicators and trade. The more info you apply the more confused you will get.......

Adding more and more indicators will just confuse you because they are all based on the same thing.
Take a moving average or two or three, do a math calculation with them and put them on a chart. Trading is basically simple. Draw a couple of lines on a chart if above buy if below sell. Price has no relationship to these charts or indicators it is moving around as people do business.
We need a frame of reference so we can trade. If you draw a line horizontally across the screen and say buy above sell below. Then draw a 45 degree line as a 2nd entrance/exit point you have a trading system that would work. This one uses two pivot lines and a MA line. That is all you need.

Absolutely true Bob- I do agree with you. A successful trader don't use a lot of indicators, and too often he's trading naked. A basic strategy with a simple cross between 2 MA could be really successful, if the trader is consistant and persistant. Thank you for this wisdom Bob.

You are right in that any TF there is no difference except the higher the TF the more of what price is doing you see. I tend to stay in trades longer on high TF because I can see better what price is doing. So that is why I made that statement but you are correct; TF itself there is no difference in what you are seeing.

[nanningbob]

I am doing very little trading, even my Cowboy IBFX secure line was shut down yesterday for over 4 hours. Anything dealing with VPN or secure lines are being squeezed or shut down here in China. Those of us living here are very frustrated so please forgive me if I seem to be gone. My VPN wrote me yesterday with this explanation and the problem has been discussed in the press. Please post trade examples as you see them. Sorry but I am not going to risk a lot of money or do a lot of trades until I know my secure connections will stay open.

China has locked down alot of locations due to their government meetings.. this is affecting ALL vpn companies.. you will have to test various locations and protocols to see what is working for you... it is varying from location to location inside china which ones are working. This should resolve itself once the communist congress stops meeting in a week or so.

[POH]

Sounds pretty unfair what you're going through there Bob, but it's probably a good week for it trades aren't anywhere near as good as they were last week.

[bshoe24]

China has locked down alot of locations due to their government meetings.. this is affecting ALL vpn companies.. you will have to test various locations and protocols to see what is working for you... it is varying from location to location inside china which ones are working. This should resolve itself once the communist congress stops meeting in a week or so.

You could consider putting a remote server (e.g. VPS) that ran RDP protocol on port 80 or 443 since these are the two most difficult outbound ports to secure/block. This might bypass their controls unless their doing higher layer traffic inspection - which would be more involved for them and expensive cpu wise. http://www.nullamatix.com/howto-remote- ... -firewall/

[POH]

Is anyone having any luck today? Seems like forex knows what I'm doing and is going the opposite direction all week, I'd be rich if I placed all trades in the opposite direction.

[disbellj]

POH,

Yep. Pass a line and enter instead of caring about anything else seems to be the most profitable. I like the 5 LWMA shifted 1, and I like using also the 1 SMA of different timeframes. Price follows H4 and D1 1 SMAs pretty good, so trends and bounces. My personal strategy of following H1 and H4 candle color/direction agreement pays off really well when I combine with H1 Semafors, but I use FXDD so your H4 probably isn't same as mine. It sure pays more than what I've been seeing anywhere else here lately. I just am too screwed up to trade it right, but if one goes on FXDD, places my Colored OHLC indicator and set it to show timeframe 240 and choose to show open, and do the same for timeframe 60, but place indicator both times on M15 timeframe, then place 3 Level ZZ Semafors MTF set to timeframe 60, and 3 Level ZZ Semafors indicators, again both on M15, after an H1 Semafor, we see H1 and H4 agree and sometimes reverse. Other times break out. If looking at the setup, one would see that it's pretty good but could probably be improved. I like the Daily pivots and their SR and Daily open also on chart.

TRO on another forum always said that trading was just putting a line on chart, even randomly. If price crossed it, then get in. He always said the best thing a noob could do to make money was go to H1 chart, put an indicator on that marks every 25 pips (SweetSpots Gold) and when a green candle passed up through a line, buy. Go for 5 pips if against the daily, or hold on if with the daily. Since then I've learned price action (lower highs, lower lows, both on candles and swings), which certainly help also.

Knowing it and doing it are two different things. There's been a day i doubled my account in a day. I've also burned an account in a day. Not from risking too much. Original MM was 2%, but I didn't obey it (NO SL). You would be surprised what you can do with TRO Multi Meter CandleColor and a NLMAv7.1. I made 40% one day with that simple setup. Just bought when all lights lined up green (meaning all timeframes going up) and NLMA agreed. It was on EURUSD. The next day I didn't realize that we were at a peak, saw that everything was lining up, but didn't close my trade when I should have and lost 60%. Small SL can give large TP. M15 chart is alright.

I like Bob's simple setup, but see that crossing lines looks more important than layer of lines. Maybe it cause it's been ranging that I haven't seen enough good long-term setups that show me that DP > WP > MP and vice versa is actually better than just using DP with daily S/R.

Just my 2 cents.

Kindest regards,

Don

P.S. I guess this post shows why I like that song Crazy I posted a link to. "It's not that I didn't know enough, I knew too much" LOL. If I could stick with ONE strategy, consistently, I'd probably do pretty well. But I like trendlines (got 'em automated), like Fibs (got 'em automated, but would have to find LOL), like Semafors (use this indicator for horizontal S & R and to build trendlines, Fibs, equidistant channels, etc.), just lately like the Daily Pivots S/R so here I am

Is anyone having any luck today? Seems like forex knows what I'm doing and is going the opposite direction all week, I'd be rich if I placed all trades in the opposite direction.