Scalping system #7 (Great GBP/JPY 1M scalping strategy)

So,

I didn't sign the comment posted at January 14, 2010 - 00:20
But believe me it was I.
I realize that my previous post sounds selfish, I don't just want the EA, I want to learn the language
through writing the EA/revising it.

That's the kind of help I'm looking for.

Regards,

Sam

hi Dirk
as your post in p 13 and your statment of demo account did you use for it expert or is manually?
B.R.
abdullah

I've been trying this system manually for about 3 days, It is Gorgeous! I was wondering if anyone has already written an EA for it or script? I'm new to both the programming and the forex game, but I'd like to dive right in.

Any takers on some help?

dear chelo
your syestm in page 3 did you use for it expert or did you make your trade manually i am waitting for your replay

Hi Lorenzo,

What settings would you like to have?

In MT4 when you insert Bollinger bands (or you can also right click on the existing Bbands on your charts) it offers you a settings window.

You can change Period to 20, 40, 200 or whatever value you want.
Also Deviations: standard value is 2 (means it'll draw upper deviation line at +2 and lower at -2).
Use shift only if you want BB indicator to shift in time: forward or backward in the relation to your charts.

Hope it helps,
Thomas

I guys,
I'm new in Mt4... How I can personalize all the values in Bollinger Band? I mean how I can insert the "Edward's value" in BB?

Thanks,
Best Regards
Lorenzo

After 2 pm and till 5 am you'll find this pair ranging the most.

Cheers,

Rich

Okay, I've got a question.

I know this is a powerful strategy. I want to use it on a volatile pair with a tight spread - preferably EUR/USD.

I want to trade for 1 or 2 hours per day using it, but I need a very "ranging" type market.

What time of the day would be good for that? I used to trade futures and I know from 11:30am to 2:30pm each day is often times pretty "rangy". Is there a time like this for the EUR/USD?

Also, I'm interested in only taking trades in line with the major trend, whether that be defined by the 200 period SMA on a higher time frame of a simple trend line and average down once or twice, going for a 2% ROI per day, on average, and preferably an initial 1:3 risk/reward ratio.

I need to know a good time to trade the previous mentioned pair, EUR/USD and maybe some suggested money management.

Do note that I am using RSI as a filter as well as upper time frame confirmation.

I'm open to not averaging down if you'd rather comment on that.

Thanks.

5, 15 but no higher than 30 min frame.

Regards,
Edward

Hi Edward, regarding in the determination of the style of the market ( ranging or trending) for this strategy, what time frame shall we look at?

I am using the scalping strategy on p. 6 with good success. I use it along side Theodosi's Simple System #8 and scalp 6-10 pips at a time, while in a longer trade with Theo's System. Works well. Rebecca

Hi Dirk,

with 1-3 pips per trade, you'd need either an ECN broker, who won't care about your scalping tactics, or at least a broker who welcomes scalpers or have a special scalping account, otherwise all you'll get in the end is a non-acceptance of your hard-earned profits and account closing... That's a true face of Forex trading with a dealing desk and some NDD brokers as well (not ECN, but those calling themselves STP brokers).
So, my recommendation would be to find an ECN brokers list, or possibly use this Search engine:
http://www.100forexbrokers.com/fx/broker_results.php , which allows to select an additional parameter "Scalpers are welcome".

Best regards,
Edward

Hello,

On the smaller demo account started with 0,1 and increased to 0,3 starting 9.11.2009 + having 2nd EA running for only EUR/CHF during night time. On the bigger account the lot size has been mainly 1,0 and added for night time additional EA having lot size of 3,0 (EUR/CHF as well). The latter would require as live account approx 10 000 usd account to start with.

I'm going to test soon live trading and wonder if anyone has experience with any broker (that has low spreads ; 1-2 pips) with trading on really small pip winnings? Especially on the EUR/CHF the profits are mainly generated on a relatively small pip profits i.e 1-3 pips..

R. Dirk

woow some good profit there. what lot sizes you trading? i find for quick trades page 3 does cause issues....but the indicators are useful on the 5min/15min charts so you can see the longer story. many a time i traded against the 1minute chart signals and it goes in my favour.

Hello,

Thanks for directing me to page 3... has not been incorporated yet into the EA though. The EA uses Envelope and MA to determine when not to make trades - mostly giving good "defense" but especially in fast moves these indicators do no give restricting signal fast enough..
If someone is interested to see what the system on MT4 is doing you can look at either of the below links. Trading EUR/CAD and EUR/CHF - working good on demo at least.
Spread on the broker has to be low, especially for EUR/CHF. Some SL drawdowns here and there (as trading 24hours - not trying to eliminate the news moves etc so get a better feel on how the system perform when left alone..), but recovers normally quite fast.

http://dva7070.mt4live.com/
http://www.mt4i.com/users/dva7070

R. Dirk