FREE FOREX STRATEGIES

Scalping system #18 (Scalping 1 min EU)


Submitted by ctlprogrammer

I wrote a scalping strategy for the EU 1 min chart.
See http://ctltrading.blogspot.com/2010/12/scalping-strategy.html
Expert advisor for GFT dealbook included.

First of all for those who don't know.
Scalping = http://en.wikipedia.org/wiki/Scalping_(trading)


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If I read your code correctly, you are looking back over an interval of 5 candles to detect any candles where the high or low is 5 pips higher (or lower) than the current candle. Is that correct? The code line I'm looking at for example, is:
if close[currentbar-5-i]<(close[currentbar]-0.0005) then longallowed:=true;
so I believe "currentbar-5-i" is testing the prior 5 candles.

I must comment regarding the several novices who say they don't understand the terms and ask for a simplified version of the strategy.

All the terms used in the TEXT explanation of the strategy are quite basic. If you don't understand them, you should not be trading. You can easily look them up using Google to get a definition and explanation. investopedia.com or wikipedia.com can help you help yourself. You are more likely to get an answer here if you ask a specific question, for example "How far back do you go to look for a candle that's 5 pips higher/lower than the one that pierced the Bollinger Band?" But you should not be asking "What is a Bollinger Band?" You need to Google that for yourself.

On the other hand, if you are asking for a definition of the words used in the PROGRAMMING code example, that's more difficult, because the answers are specific to the code language itself. The programming code language on your trading platform may be different from the code language used by Mr. ctlprogrammer. In fact his coding language IS CTL. You may be using MT4, or C#, or MQL4, or EasyLanguage. If you are an experienced programmer, the text description of how the strategy works is sufficient information to allow you to reproduce the strategy in the programming language you are familiar with. If you are not an experienced programmer, I tell you that this strategy is fairly simple, and it would be a good learning exercise for you to try and program it in whatever automated trading language you have. If you are unsuccessful, post your broken code here to show you made some effort, and ask for corrections in your code.

Ask intelligent questions that illustrate that you are making some effort to teach yourself. And provide some background about what trading platform you are using and what language are you programming with. Send snippets of your code and ask why it doesn't work, or how it could be improved. Prove that you are attempting to solve the problem rather that asking to be spoon-fed.

If you are unwilling to ask intelligent questions and make an effort to educate yourself, I'd advise you to subscribe to one of these:
1) A Forex trading tip service. They will send you buy and sell signals, and you don't have to know anything about why they are buying and selling - just buy and sell when they say to.
2) Put your money in a managed trading account. Pay somebody else make all the decisions and pull the trigger for you.

For managed accounts and tip services, forexpeacearmy.com has enlightening reviews and performance statistics for several services. Be aware that many such services are scams. forexpeacearmy tries to separate the scams from the legitimate services.

Having said that, I'd be remiss in not pointing out that some people think forexpeacearmy is itself a scam. Google the phrase "forexpeacearmy scam" and make your own judgement.

Lastly, use the internet and find local Meetup groups or Yahoo groups who are focused on Forex. Get together with experienced traders and ask questions there.

But don't expect anybody to hold your hand.

In the strategy we check over a period of x candles back if their was a close 5 pips lower than the close of the last candle. So the strategy actually trades in the direction of the trend.

The default value of x is 40. So default the strategy checks if in the last 40 minutes their was a close 5 pips LOWER than the current candle.

Like with all strategies the most important is to know when to use this strategy. I use this strategy when i see the market conditions are great.

So when are the market conditions great?
- when its ranging
- when its trending

So when are the market conditions not OK?
- when the market is changing trend all the time

So why do i like this strategy?
Because its ok to use in 2 out of 3 situations. Meaning its ok to use in a trending and ranging market. Its only bad when the trend is changing multiple times/day

I started programming in MT4 MQL too. Will translate this in MT4 MQL soon.

ctlprogrammer

Sir, have you finished the program in MT4 yet?
Regards,
BT

No sorry to busy right now. :-)

hi,ctlprogrammer am trading with marketiva streamer, can you automate it?

thanks in advance
edu
kenya

Hey User- You are all over these threads !

Slingshot, IKH-HA strategy and now here . First , you claim to be a novice, but

you are NOT . Who are you ?

Harry

This is a great site, I am learning a lot from here.
Thank you for sharing these information.

Please if someone can provide an EA for the above system to be used on MT4?
Thank you in advance, and appreciate your help