Scalping system #21 (Utmost simple scalping)

Edward...... where are you ??

Stuart

Where is everybody ?

Jason

sorry guys for this late respons due to familymatters. I do mean 'break previous high/low' and not the previous close.
The break of this levels just dont have to happen the verry next bar, instead it can appear on the 2nd, 3th,...bar and is only valid untill barcollor changes. Goodluck.
rudy

Almost all candle in H1 timeframe has two way direction movement, up and down from the bar open price. Even a doji. So, if we just aim to catch few pips, 2-3 pips, it's posible.
(BTW, how many pips categorized as "scalp" ?)

So, if we open trade at opening of the bar, on both direction, i.e. BUY and SELL at ONCE, aiming for 2-3 pips, almost all will finished in profit.

I made a simple indicator, to count the range between opening price and high price (High-Open) and range between Opening price and low (Open-Low).. more than 50% can be used. (Depend on spread)

However, the challenge is to predict which bar will have no/small upper wick (in a down bar) or lower wick (in a up bar), and setting of stop loss.

My Expert, base on this strategy (so she open two order every new bar opening, Buy and Sell), with some exception open only one direction. Still working to filter when she allow to open only one direction, but so far good enough. But I intend to use on M5 timeframe... :) Greed you know...

What does that mean, Mr. " User'

Jake

Kids idea.

HI RUDY- SEE CLAUDE'S AND PAUL'S QUESTIONS .

PRICE BREAKING THE PREVIOUS HIGH OR LOW DOES NOT MAKE SENSE . DON'T YOU MEAN THE PREVIOUS CLOSING PRICE ??

STUART

Rudy-

Please answer Claude's questions in his Oct. 30 comment !

Paul

Hmmm... Rudy, I look forward to hearing your results.

This is such a simplistic system, and though I see flaws with the idea... I also see some merits. Surely there will be times when market will oscillate around the open price, and other times when the market goes through then significantly retraces. But then again there should also be times that it does work. The question is percentages.

I think I might ATR the hourly candles to see average ranges, and look at some data tables to see how much above and below the candle goes (high low) from open. I just did ATR and looked at the candles. Checked out a bunch of the smallest candles, and the smallest I've found (didn't look at them all) was about 12 pips. Certainly more than enough room to scalp some pips on most candles. Did a 240 period ATR and see that the average candles are in excess of 35 pips.

Just thinking out loud... maybe using it as a signal in conjunction with something else? Looking at charts? (but then it goes back to a more complex system).

****

Just tried it in a demo account on the EUR/USD and... it's kind of like watching paint dry. I set up a price alert to get an audible when price hit open price. I also had a 1M chart up beside to visually watch what is going on.

I can imagine having four or more charts set up of various pairs along with a corresponding 1M chart for each to watch what is going on... I'd filter trades if it appears to cross with gusto, or just oscillating there at that level.

Perhaps some rule like market must have moved 5 pips away before switching directions. This should clear out switching directions as market hover around open price.

Also I like what someone said about doing this on daily candles - what other variables do you use when you trade this way?

It is an intriguingly simple concept. I will be thinking about it some more.

Hmmm... Rudy, I look forward to hearing your results.

This is such a simplistic system, and though I see flaws with the idea... I also see some merits. Surely there will be times when market will oscillate around the open price, and other times when the market goes through then significantly retraces. But then again there should also be times that it does work. The question is percentages.

I think I might ATR the hourly candles to see average ranges, and look at some data tables to see how much above and below the candle goes (high low) from open. I just did ATR and looked at the candles. Checked out a bunch of the smallest candles, and the smallest I've found (didn't look at them all) was about 12 pips. Certainly more than enough room to scalp some pips on most candles. Did a 240 period ATR and see that the average candles are in excess of 35 pips.

Just thinking out loud... maybe using it as a signal in conjunction with something else? Looking at charts? (but then it goes back to a more complex system).

****

Just tried it in a demo account on the EUR/USD and... it's kind of like watching paint dry. I set up a price alert to get an audible when price hit open price. I also had a 1M chart up beside to visually watch what is going on.

I can imagine having four or more charts set up of various pairs along with a corresponding 1M chart for each to watch what is going on... I'd filter trades if it appears to cross with gusto, or just oscillating there at that level.

It is an intriguingly simple concept. I will be thinking about it some more.

Like the strategy.I use the strategy on the 1Day bar with success. would be trying it on the 1hr bar next week. thanks Rudy

Very Good ... :-bd Regards : Manus168.

Thank you Claude that is almost the same with what I want to tell the user my name is Yemi Philips. I believe that there are different system for different people if any system do not suit you forget about it instead of insulting the person. If you must criticize it must be constructive. No point calling Rudy a stupid person.

User,

Whatever your name is. You should work on your English and stop using teenager lingo instead of insulting well meaning people.

Claude

U seem to b a stupid person! keep ur strategy with you , dont post it and get laughed at u!