Scalping system #6-a (Trend Trades)

Very quickly James, I have been playig with this since June. I have changed a few things as you can read, ad also have researched it on traderslab searching under walterw.

I average between 75 and 80% win rate. Most of my losers have been my fault. Scalping for me is very different and sometimes it's hard to exit when all indicators say so.

I like it a lot. The best part of Walter's mindset is his 10 pts per day idea. If you look at risk reward, proper equity mgmt and the win rate, it can make you a bit of money on a consistent basis.

With September here my family schedule is very different so I need to get back into it, but all you need is to look at a chart from 1-2 hrs before the NY open to see the lucrativity (is that a word?? It is now!!!) of it.

That's all for now. Sunday drive in the country time.

Good luck

Grant

After reading the good article,
Question 1:
M5: Price went above Magenta for first time, then black line follow and price stop increase and bearish candle appear. Is this a Setuping? and we go into M1 to wait for the entry point?

Question 2:
continue from Question1, what kind of entry are we looking here? If black line already fall into rainbow region, do we enter only when the black line breakout rainbow region upward? in this case, the blackline is not fall below dark green line during the pull back.

Thanks you,
Patrick

Hi,
I notice that there is a case where EUR/USD price go above Magenta line in M5 while GBP/USD price still below Magenta M5.
EUR/USD is going upward and from theory the black line goes above magenta and this is uptrend.
GBP/USD is going upward but price stay below Magenta line and black line cross dark green line, this seem as a pull back and price is seem heading downward.

Because of the close corellation,i am interested on EUR/USD. Do i prepare for a uptrend or do i need to consider that there is a potential of downtrend due to GBP/USD?

GBP/USD have been downtrend for 3 day in M5 and i cannot find a setup since no price goes above Magenta. But this seem like a exhaustion in GBP/USD

Or which currency will be the best advice?

thanks,
Patrick

sir ,
i have attached the indicator to template as provided by you . but i am not getting a rainbow like yours ... i was only getting a yellow line which i turned to black . picture is attached here .

Have you also copied the indicator: FantailVMA3.mq4 to your MT4 platform? You have to run it too.

Thomas

Hi Patrick,

sorry for the late reply, I thought that someone from my team was already working on it.

So, here we go:

"Question 1:
M5: Price went above Magenta for first time, then black line follow and price stop increase and bearish candle appear. Is this a Setuping? and we go into M1 to wait for the entry point?"

Exactly as you said, even if price stopped advancing, we prepare to enter. It'll be an entry on a retracement - a winning situation. swithing to 1 min charts would be the best way to handdle it.

"Question 2:
continue from Question1, what kind of entry are we looking here? If black line already fall into rainbow region, do we enter only when the black line breakout rainbow region upward? in this case, the blackline is not fall below dark green line during the pull back."

If the black line is inside the rainbow region, we wait till it gets out of that region and then enter. If the black line didn't reach the green rainbow area, it is a good sign of a healthy trend under way.

EURUSD and BGPUSD maintain good correlation, but even then I wouldn't recommend referring to one currency when trading another one. Since it is a scalping strategy on a small time frame correlation factor would be of a little help.

If to choose between GBPUSD and EURUSD, I'd trade with EURUSD.
(Also with EURGBP and USDJPY).

Best regards,
Edward

Hello, I Don't trade forex I trade e-mini s&p. Has anyone tried this system on futures?

love it love it love it!!!!