FX scalping system

[kimleow]

so the entry rules to my system are pretty easy -

EUR USD 1M chart
wait for divergence on the 8,15,9 OSMA Multi colour
wait for Dynamic Range Indicator(70) to show arrow.

Trade - TP 10 pips. once I make my 10 pips for the day I'm done. I start at about 10am and trade until I have made my 10pips...

SL - this is where I come unstuck. I can either put on a 8 or 10 pip SL or whatever. then the system is like win loss win loss win loss and if there is an edge that stays in my favor make money over time.... the tempting thing to do is use a dollar cost averaging setup that scales into the trade to make the systems more like win win win win win win BIG LOSS....

hmmmm I cant seem to upload the indicators... how do I do that?

 

[TabJockey]

so the entry rules to my system are pretty easy -

EUR USD 1M chart
wait for divergence on the 8,15,9 OSMA Multi colour
wait for Dynamic Range Indicator(70) to show arrow.

Trade - TP 10 pips. once I make my 10 pips for the day I'm done. I start at about 10am and trade until I have made my 10pips...

SL - this is where I come unstuck. I can either put on a 8 or 10 pip SL or whatever. then the system is like win loss win loss win loss and if there is an edge that stays in my favor make money over time.... the tempting thing to do is use a dollar cost averaging setup that scales into the trade to make the systems more like win win win win win win BIG LOSS....

hmmmm I cant seem to upload the indicators... how do I do that?

Pretty simple system, I have doubts that its going to be effective for any period of time, but then again I have no experience with intraday forex scalping.

Have you backtested it? Or how long have you traded this live?

Also about your 10 pip a day limit, wouldn't that really limit your gains and lower your expectancy in a big way? I know that as soon as I put in a take profit rule at almost any level in my systems the expectancy goes down.

 

[kimleow]

Just because the system is simple doesnt mean its going to fail.

Attached is todays winner. I have made 10 pips eveyday this week. I limit myself to 10 pips as I dont want to sit and stare at the computer all day long. I make my 10 pips and I'm done for the day. Today there were over 6 trades all winners, but I only needed 1....

 

[kimleow]

well the weeks trading is over for me - days of trading and 5 winning trades. 10 pips each day making $500 for the week which is my weekly target.

 

[TabJockey]

Congrats, nothing like turning a profit.

 

[TabJockey]

Also, how do you calculate the Dynamic Range Indicator?

 

[kimleow]

Its a custom indicator - it wont let me upload it here PM me and I'll send it to you

 

[kimleow]

todays 10 pip winner - was a bit freaky as i never like going against the trend, but it was a very easy 10 pips.

 

[kimleow]

pic here

 

[G-Zilla]

Are you scalping on a live account?
What timezone are you in?

Generally I have found MT4 brokers bad for scalping and use them for my longterm/novel stuff

 

[kimleow]

well its been over 4 months since I started this system and the results have been pretty awesome. I have attached the screen shot from MT4i Stats.... I tried to upload the indicators, but it wont let me.... over the next few days, I'll make a how to guide etc and document all the ins and outs of the system and hopefully we can all make money together.

 

[TabJockey]

well its been over 4 months since I started this system and the results have been pretty awesome. I have attached the screen shot from MT4i Stats.... I tried to upload the indicators, but it wont let me.... over the next few days, I'll make a how to guide etc and document all the ins and outs of the system and hopefully we can all make money together.

Sounds like a very good result mate, just remember these inefficiencies dont last forever, so when you stop getting those results back off the position size a bit.

 

[kimleow]

in addition to my counter trend scalps, I've also added trend following scalps as well. I'm still using my profit targets and while lots of people love to go on about how much that limits things, while I agree it could be better, its the best that I have at the moment.

I have attached my history, and next week will put up some pics. I'm only taking 1-2 trades per day making my 30 pips and thats it. Its >30 degrees Cel. so I have better things to do then trade!

I get pretty bored trading/waiting for trades to happen so was thinking of setting up a free chat room where traders could hang out etc.... does one already exist? any interest?

 

[TabJockey]

in addition to my counter trend scalps, I've also added trend following scalps as well. I'm still using my profit targets and while lots of people love to go on about how much that limits things, while I agree it could be better, its the best that I have at the moment.

I have attached my history, and next week will put up some pics. I'm only taking 1-2 trades per day making my 30 pips and thats it. Its >30 degrees Cel. so I have better things to do then trade!

I get pretty bored trading/waiting for trades to happen so was thinking of setting up a free chat room where traders could hang out etc.... does one already exist? any interest?

I am still waiting for the calculation of that indicator you use, its some MACD Hist variation right?