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| A day traders scalper. https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=5526 |
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| Author: | SilverTrader [ Tue Sep 11, 2018 8:20 am ] |
| Post subject: | A day traders scalper. |
Good day folks Very basically, and if there is enough interest, then I shall expand and hopefully get insight from other folk here to turn this into something that the entire SHF community can benefit from? I say Scalper, but that is purely my interpretation as a day trader as my normal hunting grounds are the H4 charts, so this, to me, is like trading lightening. In a nutshell and the graphic comments included in the screenshot will give you a good idea of what I do and how it is traded. Three indicators make up the base line for trend direction. (These could all be replaced with HGI and/or some of the other great indicators at work here.) Three time frames make up the trend direction. (H4, H1 and M30) A much lower time frame takes the trades when the three upper time frames are in agreement. (M5) Trades are taken at signals generated that resume trend in the same direction as the three upper time frames. (In the graphic above, starting on the right at the bottom of the screen, H4 is long, H1 is long. M30 is long and the MACD has returned to long so we take a long trade. SL and TP are calculated simply by ATR on the M5 chart with multiplyer of 6.0 for the TP and 3.0 for the SL. I guess this means that as an automated strategy, this should be able to trade any pairs and as many as one would like to? Manually, one just does not have the ability to manage too many pairs, well at least, I do not.) I have had a basic EA written for this some time ago, but it is of no consequence here I feel as the folk that wrote it for me originally are not English speaking and I do not speak their language which has led to much confusion and an incomplete bit of code. Before I race off and find someone to code this, I thought I'd bring it here first. If it has no traction, then so be it, but I know that there are some amazing indicators here, like HGI, that could replace the MACD and ZigZag indicators that I currently use and quite possibly make this simple modification of a manual system something that SHF members would enjoy using? Comments, questions and suggestions, thank you. |
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| Author: | Yannis [ Tue Sep 11, 2018 5:14 pm ] |
| Post subject: | A day traders scalper. |
Hello Wayne, thank you for sharing your system, I always find very interesting the use of the multiple time frames for the direction and 'tuned' entries from M5. I have 1 question for you related to the multiple entries I see on the chart. Do you open a new position, every time the MACD switches back to the main direction, or when ANY one of the indicators used is switching back towards the main direction? Yannis. |
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| Author: | SilverTrader [ Wed Sep 12, 2018 1:01 pm ] |
| Post subject: | A day traders scalper. |
Hi Yannis Yes, that is correct, on the entry timeframe, in this case M5 at every signal generated by either ZigZag or MACD a new trade is opened. I have also been playing with another idea of rather than waiting for a signal from the indicators, use price action to get into a percieved price run on the M5. Let me explain in a picture, but please note, this is at this stage untested and just an idea that could yield a quicker entry and possibly capitalise on a run rather than only waiting for a retrace and then getting back into the market. In my mind re-entry trades work something like this? 1)Price would need to cross above the last high. (12 Candles back, giving 1 Hour Data) 2) Enter first trade where there is no body overlap of candles, at the open of the next candle. 3) TP is open and a TS is set by the standard rules defined in ATR. Bottom dotted red line in the picture. 4) Continue to open trades, absolute entry method still being worked on and happy to have suggestions and keep the SL for all susbequent trades at the closest open trades current SL, then possibly trail all open trades by ATR or another means? I currently use a ATR based Chandelier Indicator to help with SL modification set at a much tighter setting than the original trades so as to avoid any losses in a quick turn of price. SL shown here by the dotted red line between the two dotted green lines, which would have been the entry points for trades 1 and 2 in the case of the picture. Both have their merits and possibly some sort of combination of the two systems will win out in the end? |
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| Author: | SteveHopwood [ Wed Sep 12, 2018 7:39 pm ] |
| Post subject: | A day traders scalper. |
We are already doing this: http://www.stevehopwoodforex.com/phpBB3 ... 15#p163415 Also Slopey Candle Bob, albeit at a less advanced stage. Usual reply; make some valid claims via manual trading and someone here will make a conversion of HGCB to suit what you are doing. We already have the basics in place.   |
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| Author: | SilverTrader [ Thu Sep 13, 2018 6:38 am ] |
| Post subject: | A day traders scalper. |
Thank you Steve, I'll take a look and contribute where I can. |
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