Mad Scalper

Trading Systems Free Forex Trading Systems
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Update Dec. 2010: I would like to invite everyone to my VSA thread. Including the basic concepts of VSA will increase your win percentage for Mad Scalper…or any system. I no longer use these types of indicators. I read what professional money is doing using Volume, and have found it much more consistant than any “system”.
vsa-sr-fibb-etc.html

Mad Scalper by Petefader.zip from Sendspace.com

Entry is when the shaded red or blue on the chart change color on a 5min candle CLOSE.

50 EMA (purple) gives general direction by it’s angle and acts as supp/resist. If price is above it AND if its angle is up, then LONGS ONLY. Do not trade against the angle of the 50 ema, and DO NOT trade if it is flat.

14 EMA (red) If you are looking for longs then you must have a candle close ABOVE the 14 EMA to enter. It also acts as supp/resist in very strong trends. (If price is crossing back and forth on the 50 ema, this line can help determine longs or shorts by being above or below the 50 ema.)

Trend Changes: Let’s say we are in an up trend. When the 14 EMA crosses down on the 50 EMA, and does not soon cross back up, then the up trend is weak and may reverse.

If the 50 EMA slants down, and 14 ema stays below, you would now look to short instead of long. Entry on that would be AFTER A PULL BACK of the down move (blue then red, and all conditions met).

OSMA (looks like macd) must be above zero for longs, below for shorts, (I HAVE REMOVED THIS).

The pivot points and murry math lines will change everyday to give to supp/resist levels, also drawing your own fibbs and trend lines is good, but not crucial. Some days the Murry Math lines will be very close together, caused by a small range the day before. You can chose to ignore them in these cases as any decent move will break them.

This is meant for scalping so stops and targets for EU and GU about 20 pips…give or take. Always keep your stops in place, never take a big loss.

Only trade during active times for better probability and avoid entering a trade right before a news release.

Remember this is just playing the probabilities, as with any system, so if you take a loss just stick to the rules and find the next setup.

I would recommend trying this out on a demo. If anyone does, let me know your results, or if you have any questions/ideas about the rules etc.

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Here’s the last 2 short entries that were confirmed by my mad scalper method.

I didnt take the first because vlm was low, and its was a slow time of day. I got the second one.

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Looks interesting Pete - thanks for posting.

Is there a way of letting the market tell you when to close your position? eg. when price closes on the wrong side of the 14EM? Rather than setting a target?

Also, do you trade this on other pairs?

And finally [!], what are the other indicators which have appeared on your second chart?

Many thanks.

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About targets. This is scalping after all, so I like to take some profit off at the first sign of reversal, once I’m up about 15 pips…like a solid 5min close in the wrong direction etc, Maybe some exit guidelines can be set based on EMAS just like entries, I will explore that.

Then let some of the trade run to the next logical target, be it a pivot point, a murry math level, or .50 to 61.8 of a fibb. Whatever seems most logical just looking at your charts…dont think too hard.

E/U is nice because you can get away with small stops, today I didnt go over a 15 pip stop on eu, maybe 20 on GU…GJ you might need more,but I would stay away from GJ if you are new to this method. E/U and G/U are good…E/J as well.

The yellow line on my chart is the Strength/Weakness indicator. Search it on you tube. Sorry, I cant share that one, but it is not crucial to the system. The little red and green one is just going with the slant of the 50 EMA because that is important and I like colors, lol.

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Thanks Pete. In your first post, you said you were looking for something better than the OSMA.

Did you find it yet!!?? :smiley:

Oh - and another one! Do you think it’s worth investigating if this could be used on higher timeframes?

Cheers! :slight_smile:

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you have my atension i shall look at it later on :slight_smile:

best regards

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Pete, this thing worked awesomely for me last night.

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Gonna check it out.

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Petefader,

I downloaded the zip file but there is no files. Could you reupload the files?

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same for me try uploading them to a different site and just posting a link for the file(s)

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You guys sure, I just downloaded the zip file and all the files are there. Right Click - Save As.

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Pete,

Can you please upload the attachment file again I am getting a zipped file folder is invalid or corrupt message.

Many thanks.

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I did that but still says “no files to extract”

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I’ve noticed that zip files from this site don’t work if I download them on windows, but work fine when I download it with my Mac browser (I run MT4 in a virtual environment on my mac)

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still a no :frowning:

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still says no files to extract. Can you post the Mq4 and ex files separately?

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yeah, I tried to download it and it doesnt work…hmmm. Not sure what to do. It has to be in the form of a zip to even be uploaded…mq4 is not an option, it wont allow it.

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link it to a page in yor user coment maybe ??

best regards

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Just tried again — works great — try using safari instead of IE.

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ok, well it works on Mac, so its not the file…I’m thinking its babypips. Would be nice if I could just post a link but mods delete them. I’ll keep trying.