Mad Scalper

petefader · December 8, 2009, 9:47am

In…

petefader · December 8, 2009, 10:53am

moving slow, so I took half profit off at +13 and locked the rest at break even…no more risk.

petefader · December 8, 2009, 11:06am

Out +15…3 wins, no losses today on my mad scalper trades.

smoza · December 9, 2009, 5:38am

Been reading the thread with interest, looks like a good system Pete. Testing it on a demo atm.

Couple of trades I made tonight, am I following the rules ok? I know I disregarded the OsMA, and you don’t normally trade the AU, but apart from that?

GU hit my T/P at 20+ pips, AU I closed 1/2 at 12 pips and have let the rest run, move S/L to B/E. Will close later.

*Edit: While I was buggering around with images and such, the GU hit my limit, otherwise I would have closed half, moved my S/L and let it run a bit.

petefader · December 9, 2009, 6:01am

Hey…nice job. I took the same GU long…just a few pips later so price was above some resistance. Thanks for posting the chart…now I dont have too

I took half profit off at +29, and have the rest locked BE for some more, hopefully.

Need_Pips · December 9, 2009, 10:33am

Hi Pete,

At first thanks for all the posting.

I am in this trade.

KC.

Need_Pips · December 9, 2009, 10:40am

Hi Pete,

I have a quick question.

Have you ever pulled or changed your stop in the middle of a trade.

I did a trade yesterday night. It hit the stop and came right back.

Thanks.
KC.

petefader · December 9, 2009, 10:46am

You entered 5 mins before news.

Need_Pips · December 9, 2009, 10:46am

Stop Hit.
:mad:

Need_Pips · December 9, 2009, 10:49am

I use forexfactory to check for the news timings.

Did not show any.

What news came out.

Thanks.
KC.

petefader · December 9, 2009, 10:50am

Need_Pips:

Hi Pete,

I have a quick question.

Have you ever pulled or changed your stop in the middle of a trade.

I did a trade yesterday night. It hit the stop and came right back.

Thanks.
KC.

I dont really adjust my SL during a trade (besides when I lock in break even or lock profit).

I have a set limit of, lets say 25 pip SL for EU. Best thing to do is set it right away, and if anything move it smaller.

petefader · December 9, 2009, 10:53am

Not sure why you don’t see it. I copied this from forex factory calendar…

10:30am USD Crude Oil Inventories -3.8M 0.7M 2.1M

Need_Pips · December 9, 2009, 11:02am

Oh I see.

I had a filter for only red color flag. Big movement.

My bad.

Last weekend, I took a big print out of the rules for this method and put it on the wall.

I am updating the rules with one more point to check for the news.

Thanks.
KC.

petefader · December 9, 2009, 11:07am

ah, you put the rules on your wall!

Serious, you are…profitable you will become. (in Yoda voice)

goakes · December 9, 2009, 11:27am

Hi there,

thanks for this thread…it’s very thought provoking and has got me excited again about forex after getting somewhat disillusioned and losing some of my mojo.

i think i’m getting the hang of this strategy, but my Demo platform doesn’t have all the cool bells and whistles that you guys have such as OSMA and the coloured clouds

So, i have a question that might give me a pointer as to when to enter and when not to enter a trade when all the other main conditions are meet (50 EMA moving up, candle closes ABOVE the 14 EMA):

Q. Should you only enter a long trade if and when the 14 EMA crosses the 50 EMA (and vice versa for a short trade)? Or, is this not necessary with the 14 EMA not needing to cross the 50 EMA but both simply need to be moving north in the case of a long trade?

Thanks again and looking forward to further illumination.

Gar:)

petefader · December 9, 2009, 11:49am

goakes:

Hi there,

thanks for this thread…it’s very thought provoking and has got me excited again about forex after getting somewhat disillusioned and losing some of my mojo.

i think i’m getting the hang of this strategy, but my Demo platform doesn’t have all the cool bells and whistles that you guys have such as OSMA and the coloured clouds

So, i have a question that might give me a pointer as to when to enter and when not to enter a trade when all the other main conditions are meet (50 EMA moving up, candle closes ABOVE the 14 EMA):

Q. Should you only enter a long trade if and when the 14 EMA crosses the 50 EMA (and vice versa for a short trade)? Or, is this not necessary with the 14 EMA not needing to cross the 50 EMA but both simply need to be moving north in the case of a long trade?

Thanks again and looking forward to further illumination.

Gar:)

Hey. Firstly, all you have to do is get a DEMO version of mt4 for free…just google it. Also, google how to install custom indicators and templates for mt4. (I share it in the first post) Then you will have the proper chart setup.

Once you do that, read through this thread (especially the first post) to make sure you inderstand the rules…it’s not an ema cross over system.

Also, as I mentioned, I’m not using the OSMA anymore.

Hope to hear you got that done, and started making pips.

revrobwimb · December 9, 2009, 12:23pm

Haven’t posted in a bit… Here’s a couple of US session scalps I just closed out.

On 5m First one was a late dangerous entry. Entered too close to mm resistance. I looked away for a moment and didn’t close it when it bumped the line. Still managed to scrape out +4. Not a recommended entry for newbies.
Trade 2 was sweet… Waited for candle to close below the mm line then I just pulled the trigger. A small retrace and then the plunge. Fun stuff.
Trade 3. I thought I’d jump over to the 1m chart and see if I could madscalp a pip or two… sure enough +5

I hope my charts are helpful.

revrobwimb

P.s. (BTW… for those who don’t know this… If you want to show your entry and exit points on the chart. Just go to the accounts history tab and click on a closed trade and then drag & drop it onto the chart. You will then have an arrow showing your entry attached to a triangle your exit.)

goakes · December 9, 2009, 12:28pm

Pete,

Thanks very much for the speedy reply. Much appreciated.

I will give that a go with MT4…I have read through this complete thread and have to say that it gives me great hope that i could actually trade for real at some point in the (not too distant) future.

One other thing you might be able to answer, if it aint too much of a silly question…!

Do you use MT4 for real live trades or just for charting purposes?

I’m in the UK and not sure if MT4 can be used for UK residents to trade with, so was looking at using one of the main banking brands trading platforms such as Deutsche Bank.

Hope I ain’t being a pain…So, thanks again for your patience.

Gar

Need_Pips · December 9, 2009, 12:29pm

goakes:

Hi there,

thanks for this thread…it’s very thought provoking and has got me excited again about forex after getting somewhat disillusioned and losing some of my mojo.

i think i’m getting the hang of this strategy, but my Demo platform doesn’t have all the cool bells and whistles that you guys have such as OSMA and the coloured clouds

So, i have a question that might give me a pointer as to when to enter and when not to enter a trade when all the other main conditions are meet (50 EMA moving up, candle closes ABOVE the 14 EMA):

Q. Should you only enter a long trade if and when the 14 EMA crosses the 50 EMA (and vice versa for a short trade)? Or, is this not necessary with the 14 EMA not needing to cross the 50 EMA but both simply need to be moving north in the case of a long trade?

Thanks again and looking forward to further illumination.

Gar:)

Hi,

I use mt4 for chart and gft for trade.

So, I agree with pete, download the free mt4 (interbankfx).

KC.

petefader · December 9, 2009, 12:45pm

revrobwimb:

Haven’t posted in a bit… Here’s a couple of US session scalps I just closed out.

First one was a late dangerous entry. Entered too close to mm resistance. I looked away for a moment and didn’t close it when it bumped the line. Still managed to scrape out +4. Not a recommended entry for newbies.

Trade 2 was sweet… Waited for candle to close below the mm line then I just pulled the trigger. A small retrace and then the plunge. Fun stuff.

I hope my charts are helpful.

revrobwimb

P.s. (BTW… for those who don’t know this… If you want to show your entry and exit points on the chart. Just go to the accounts history tab and click on a closed trade and then drag & drop it onto the chart. You will then have an arrow showing your entry attached to a triangle your exit.)

Well done! Thanks for the post.

To Gar…no, I dont use mt4 to trade, just for charts. It’s very common to use an mt4 demo just for charts, and take trades on another platform.