Scalping system #6-a (Trend Trades)

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

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

Here is the explanation:
http://codebase.mql4.com/5953

Regards,
Edward

Thanks for this beaut indi Edward. Can you give a n explanation of the various features?
Thanks.

Thank you, James

I follow the thread, all threads :), but I don't scalp in general and therefore can't comment much on the results.

FX Multi-Meter is a nice indicator indeed. Thanks a lot for sharing!
I've found a second version of it: FX_Multi-Meter_II.mq4

Just one note to traders: you have to copy the file into /Experts folder, not into /Indicators folder.

Best regards,
Edward

hello readers,
i read this thread and have been forward testing this system today. it seems really simple and accurate.
id like to know if anyone is actively viewing this and has any thoughts as this thread has been active a long time.
also i have a indicator which is a perfect companion to this system.

FX_Multi-Meter.ex4

thanks james

Hi Alex,
Please disregard my last comment, I failed to put the Indicator file into the Experts/indicator folder.
Thanks, Alasdair

How come I just get a bar chart on a gray background?
Alasdair

HEY FOLKS ONE MORE THING . . . .

I WAS RE-READING WALTER'S STUFF AT TRADER'S LAB AND I FOUND THIS THREAD ABOUT THE CHIMP OSCILLATOR.

http://www.traderslaboratory.com/forums/24/playing-vmar-s-open-research-...

ENJOY

GRANT

Great stuff, Grant

Thank you for beautiful examples and detailed explanations!

Best regards,
Edward

Dear User:

I use EUR exclusively for a number of reasons, it trends nicely, low spread, med volatility, and I just am used to it. It fits my RR needs too. Otherwise AUD works good, but the spread is not as good.

As far as the fantail, it was the FantailVMA3 that was included on the first page. All I did was remove half the VMA's, and changed the 2nd one in color only yellow to red. I use this for exit and sometimes entry.

Trading time is not what I want, I would rather trade the London/ NY overlap, but due to work, it is 10:30 NY time to noon. I occasionally trade in the evening, the Japanese session, but that is a little slower usually.

As far as the value of the system, it works well. Remember this is scalping, so don't look for 100 pts per trade. If you go to trader's lab and look up walterw, you will find a bunch of info there, and onto the chimp's site, more. There is the most important thing I have learned, and that is his 10 pts per day ideal. One way of looking at trading is as a business, as an entrepreneur, you want consistency in your business. It's like baseball. Just try to get on base, not hit a homer. The guys getting on base have a better batting average than the homer kings.

Ten pts per day can make you rich too. The hard part is that this business makes you think you can make millions quickly. I can make my 10 pts in 10 minutes and then what??? Then you want to make another trade and you don't wait, and you lose it all, and then some. In the 2 mos I have been using this system, I have rarely made a losing trade that was according to the rules. I can think of 2 trades that were not positive, the rest I had the chance to get out with a few pts. I have my own problems but they are not with the system.

As far as how easy and fast it is to make 10 pts, place an order at any time any direction with a 10 pt stop and 10 pt PT. It should take about 15 minutes to either win or lose. Now all you have to do is get the direction right!!!!

I have made a ton of losers that were positive and then the trend changed and didn't get out when I had a few pts. I got stopped out in the end because I was 'hoping' that the indicators would change back to make me right and make a big gain.

I am very occupied with risk and find that 2 trades of 5 pts is much less risky than 1 of 10 or more. I tend to think that risk increases greatly with the amount of pts you are looking for, an example is GBPJPY, very volatile, lots of points to make but very dangerous.

The attached screenshot shows some entries, basically if black over red, go long and VV, I look at the chimp to help and make sure it's away from the magenta because it's with with trend. In the middle was one counter trend, I didn't take it because it was close to the dark green 24 line, but the next one, the short after the big up I did because it was far away from the 24 and magenta.

I hope this helps. Read over the attached PDF's from Walter agin as well. It toook me a few times to get into it.

Grant

what currency are you trading and what GMT times? Im not having any luck with this :(
Which fantail are you using? they have a plenty of versions there..

Here is the chimp indicator folks . . .

Chimp2_1.mq4

Walter uses it just to confirm crosses but I look crosses, overbought/oversold levels (ie .6, -.6) and at divergences just like a RSI or other oscillators. Remember, as with and osc, it is best used WITH the trend or it can get you into trouble on a retrace.

GOOD TRADING

GRANT

Hi Grant,

where i can grab the chimp? Im on TL too but cant find it...its already tuned to work with this strategy?

Grant,

Thanks for explaining this, it was very helpful!

Alex Liu