Scalping with HEAT

[BrianSNJ]

I wouldn't say that. And I don't think TRO thinks that either. Everyone here accepts the fact that Forex is a cruel mistress. Heat Scalping, IMO, really takes an expert touch, and an experienced understanding of when to pull the trigger and when not to. I do not have the skills for it yet. On DEMO this system kills me. Maybe in time....

[TheRumpledOne]

Originally Posted by seamonkey

What are the name of the mt4 indicators and can you post your template? Thanks.

You are on the internet, if you google search, you will find it.

HINT: "therumpledone free indicators"

[TheRumpledOne]

Originally Posted by johnnykanoo

TRO this may be a dumb question but is heat the same as heat map??? thanks

No, it's not a dumb question.

The HeatMap compares the strength of one currency with another.

The TRO HEAT INDICATOR looks at the current price and compares it to the previous bar.

For example, if price is dropping and is below the previous bar's low, the HEAT is bright red. As price reverses, the color changes and when price is above previous bar's high, it becomes green.

If you want to go long, just wait for green. Not too smart to go long on red.

[TheRumpledOne]

Originally Posted by abner

so your saying that it never takes a loss

I am not sure what you are asking.

Indicators don't lose, TRADER'S LOSE.

Either the trade is there or it isn't. Indicators are no substitute for smart trading. In fact, I usually rely on indicators to tell me what NOT to do.

HEAT tells me NOT TO GO LONG when red and NOT TO GO SHORT when green.

On a reversal, just wait for the previous bar's low or high to be breached by the current bar. If that happens and holds, the reversal is in progress.

[TheRumpledOne]

Originally Posted by BrianSNJ

I wouldn't say that. And I don't think TRO thinks that either. Everyone here accepts the fact that Forex is a cruel mistress. Heat Scalping, IMO, really takes an expert touch, and an experienced understanding of when to pull the trigger and when not to. I do not have the skills for it yet. On DEMO this system kills me. Maybe in time....

Not sure what you mean by "kills me".

Post a chart and tells us how you got killed.

[BrianSNJ]

Sorry TRO, I did not know you replied here. Just found out right now.

What confuses me is this (and I have checked some forums and not found the answers).

Do you just take ANY shade of green after ANY shade of red for a LONG and any shade of red after any shade of green for a short and try to grab 3 or 4 pips?

Or are there specific shades you are trading?

Right now I am only have a 50/50 success rate.

I don't want to complicate this but clearly there are 2 shades of green and 2 of red. It seems to me that DARK RED after DARK green is a more successful trade and vice versa. Am I right or is it my imagination and just go with any shade after any shade?

Sorry if it seems obvious but I do think it is easier to comprehend when you designed the indicator. lol

[TheRumpledOne]

Originally Posted by BrianSNJ

Sorry TRO, I did not know you replied here. Just found out right now.

What confuses me is this (and I have checked some forums and not found the answers).

Do you just take ANY shade of green after ANY shade of red for a LONG and any shade of red after any shade of green for a short and try to grab 3 or 4 pips?

Or are there specific shades you are trading?

Right now I am only have a 50/50 success rate.

I don't want to complicate this but clearly there are 2 shades of green and 2 of red. It seems to me that DARK RED after DARK green is a more successful trade and vice versa. Am I right or is it my imagination and just go with any shade after any shade?

Sorry if it seems obvious but I do think it is easier to comprehend when you designed the indicator. lol

If you make more when you win than when you lose 50/50 ain't bad!

No, I don't look for any other shades.

What chart period are you trading? That makes a difference. The H1 will give you more pips per trade than the M1.

[BrianSNJ]

Hi Avery,
Well this was scalping so I have been using a 5 minute chart for the top 3 or 4 major currencies and only when there is a lot of price range/volatility. Not when things are quiet. Though I have been thinking of using the Eur/CHF because yes, it is a bit quieter but the moves are steadier.

If you are recommending the H1 time frame I will take a look at that, the 30 minute and the 15 minute as well just for the sake of learning.

My profit target is 3 to 5 pips but I would just like to try to get into a time frame that will be a strong probability of getting 5 pips. Any recommendations? Probably 15 minutes or higher right?

OK...so to clarify...

You are only doing a trade if it is DARK GREEN after DARK RED or a DARK RED after a DARK GREEN?



By the way, thanks for responding. It means a lot and will certainly help others and prevent duplicates.

Brian


PS - I assume you wait for the candle to close to confirm it's final color? Because as the market pips away (nice pun huh) it changes color. I have been waiting for the close to make my move.

[ewokuk]

i downloaded what I think is the right indicator, but i seem to be missing the bottom indicator window with the heat bars on it and have another window showing multiple currencies instead. have i downloaded the wrong one?

[TheRumpledOne]

Originally Posted by ewokuk

i downloaded what I think is the right indicator, but i seem to be missing the bottom indicator window with the heat bars on it and have another window showing multiple currencies instead. have i downloaded the wrong one?

The 2 HEAT indicators that you downloaded are the ones that are posted on the net.

The one with the bars at the bottom was sent, as a THANK YOU, to people who donated to my PayPal account.