10.3 SCALPER/RANGE TRADE SYSTEM

[theforexedge]

Bob

I'm experimenting trading on Weekly Charts with a hybrid of 10.2 & 10.3 and was wondering whom I should

ask if its possible to change the 10.3 MA BUY DP.DO / 10.3 MA SELL DP.DO EA's for a cross of the Monthly Pivot?

Thanks, JP

[nanningbob]

Bob

I'm experimenting trading on Weekly Charts with a hybrid of 10.2 & 10.3 and was wondering whom I should

ask if its possible to change the 10.3 MA BUY DP.DO / 10.3 MA SELL DP.DO EA's for a cross of the Monthly Pivot?

Thanks, JP

The EA would only need to be changed from using Daily Pivot to Monthly pivot. I sure someone can do that easily enough.

[nanningbob]

The Eur:USD was a real winner yesterday for those who took the action both ways.

There was never much doubt about the price action moving into profit after crossing the DO away from the DP. One of the great things about 10.3 and Baluda's indy with its DP-S/R Levels and DPS/RFib levels is the ample choices we have for setting TP on the trade.

Depending on your Trade Management method, this trade was always good for 56 pips down to the DP-SFib Level 3 for a clean exit; and then for an equally classic Counter Trend trade back to the DO.

While the CT trade still had another 20 pips going for it, I would have exited at the DO given how strongly it was moving in that direction.

As a large lot trader, this trade alone would have added 112% equity to my account for the day.

A picture says a thousand words per the below.

Phil

10.3 FXSystems14.JPG

Nice pic Phil, you learn quickly. Waiting to be taken out to an all you can eat Brazilian Buffet. mmmmmmmm

[Mortiiy]

The way I read this method is it works fine when the markets are trending each day bullish or bearish making new lows or highs each day but as soon as you get a change in trend or range play whipsawing this will smash your account to pieces.

I think this is silly. I have experienced more winning trades than losing trades every week, including the ones with the jump EA quickly closing the gap on my losses. This has lead to having my wins average always larger than my loss averages. Then I have more winners than losers. Yes I have days in which I have more losers than winners but staying within the system it works.

Second this was designed to work in ranging markets because trending markets have been very hard to come by the last couple of months so I dont know where you got the trending idea from. I had a field day today taking the JPY crosses and following them as they have retraced across the board. Yes they were grey boxes discretionary trades but ended up nice trades. I scored on the eur/jpy, nzd/jpy, and aud/jpy. 10.3 all by itself has worked very nicely for me. Each one score 25-50 pips, so 5-1 for the day and up 117 pips.

Bob, for an American, you are a gentle man, and a gentleman.

I am far from either.

Some twit who joins Steve's site 3 weeks ago and with 2 posts to his "credit" with not a positive word to be said is just that; a twit.

My son told me off for telling the twit to piss off; and my son was right. The twit should have just been ignored.

We've got real business to get on with.

Phil, I decided to report your post......... for excellent entertainment value.....

[Faramirsen]

Today - I see a lot of opportunities - few pairs went from grey to green / red So lets make some pips

I just entered GBP/AUD short at DP (+ Big Number) lets see how it goes.

@Phil: You EU trade yesterday looks beautiful

[thelearner]

It is a lot of greeeennnn colourrr today...is it time the market trending? How I hope so

[pacinvest]

A question for you Phil.............

I am doing demo trading and some visual back testing of the hedge strategy that you suggested for 10.3. I have a little question about managing the hedge. I got your comment a ways back in the thread about using discretion with closing the hedge if it goes into profit and then shows a good move back towards the original trade. That makes sense. There is one scenario which is rare but it does show up on some pairs visually backtesting where the price just touches the -30 pips mark or beyond a bit and then starts to wander back to first trade or worse bolts back up. In my case this could happen when I am asleep as I trade from a New Zealand base (bad I know) but just curious what you do in this situation where your hedge does a runner in wrong direction. I can't see going to a hedge of the hedge as it would be too risky or impossible with large lot trading. Setting a stop loss here seems against your religion but with large lot sizes this could get ugly fast as recovery and then gain from first trade is only 50% of hedge. You are perfectly correct that this scenario almost never happens especially in EURUSD but it is a bit more common or at least I found a few examples in some of the more volatile pairs which suggests that perhaps the -30 hedge level may be not quite right for these other pairs. Any comment would be appreciated as this issue is pretty fundamental to trading 'heavy' at least for my 'muppet' mind

A second question. Phil with the CT strategy that you are working on. Are you setting up a hedge with trade manager for these, similarly to the normal 10.3 trade?

Hey Phil need to say also to you and NB and Baluda this thread is like gold - exciting stuff - I am learning a lot. Phil I think your contribution on the CT strategy for 10.3 and putting it correctly in the context of range trading is really valuable. I have looked at a lot of scalping systems over the last few years and they have all disappointed at some stage. 10.3 is growing legs before our eyes! Thanks

[POH]

Hopefully someone can tell me where I went wrong with this CT trade. I entered on the previous bar (the green one) and it had a full body when I entered. I saw it hit DS3 and with such a nice bullish bar I thought I'd enter a buy trade and see how it goes (my first CT trade.. obviously I need some more lessons).

[jutex405]

Help me .., this indi chart I can not seem to work well

[Haggadah]

Phils rig updated.zip

[/quote]

I trade at 400:1 leverage
My Criminal busts my trades if I lose 90% equity
My lot size is 1 Lot per $1,000 equity, giving me 1% equity growth per 1 pip

DO REMEMBER THIS IF YOU TEST MY STYLE

I think this is gambling. Tried 1 lot for my $4000 demo account, at 20 pips dd for a single trade, my margin level went down to 200% and have no room to maneuever. Newbees, don't do this unless you have a lot of reserve to play. Please visit babypips on position sizing. http://www.babypips.com/school/position-sizing.html.

Haggadah