Good ole non-farm. Payroll.
What are we building back better again?
Hey mate, loving your work, thanks for coming up with a system like this. I have to say that there has been quite a bit of change (as far as I can see) from post 1 til today. Will it be possible for you to run us newbies through your updated system with the indicators? Thanks alot!
Hi Pipskweeker.
I am on mt4, so if you are too,
You need the Cap Channel,
A fast EMA (I use 6 or 7)
A slow EMA channel with 1 set to 25 high and 1 set to 25 low.
A 200 EMA.
Most importantly: TicksSeparateVolume
TicksSeparateVolume.ex4 (14.6 KB)
I often use a smoothed Heiken Ashi set to 6-8 also.
Rules are: Enter when fast ema crosses over lower slow ema or crosses below upper slow ema (or if fast ema bounces away from above upper slow ema or bounces away from lower slow ema).
For filter: Do not enter if you get a signal but the candles are already close to one of the exit points.
Exit points: The 200 ema, The Cap Channel mid point line, or the Cap Channel outer line.
I made 22 pips in the last 3 hours today using the system.
I don’t usually trade on Sundays so its only 0.2 lot trades.
3 Likes
Thanks for that, I wish we could somehow pin this to the top so it’s much easier if and when changes are made. I noticed that you also have a white channel on either side of the 200ema, do we need to worry about that?
For the tickseparatevolume oscillator, can you explain a little bit about that? Like what do we need to look out for if we get a signal on the ema’s crossing. thanks!
Yes. Apparently I have used up all my allowable changes to the top of the thread. It won’t let me edit it any more.
The volume oscillator shows in real time if buyers or sellers are in control.
If you are on a M1 or M5 chart and you see Buyers volume of 2 or more, its a good signal that price will rise during the next candle. Opposite for Sellers volume of 2 or more.
If you are on H1, You are looking for probably 8 or higher for buyers or sellers.
On D1, it could be 70 - 200. Weekly charts can be 200 - 400.
Volume can change in an instant. If you enter a long trade because buyers volume was 10, it could go to zero at any moment. But after you have used this tool for a while, you will find that by looking at the volume on the higher timeframes will give you great confidence when entering on the lower timeframes.
Ex: At the top of the hour, if I see buyers volume on the M5 go to 13 or 15, or 17 (or higher) - I increase my lot size and enter long and snag a quick 5-10 pips or more with the next candle.
This is fantastic information. Thank you for the examples. It’s much easier to read and see what you mean rather than trying to figure it out in the pictures. In terms of using the volume indicator on the higher timeframes, do you look at what the hourly is looking like and then trade on M5? So for example, H1 says that buyers are in control so i look for an opportunity to enter in m5 on the buy side? do you have to wait for the higher timeframe candles to close before you take a trade on the lower timeframes? thanks once agian
You can. You don’t need to. If buyers are in control on the M5 and you get a signal, its ok to enter. If buyers are in control on H1, its ok to enter.
No. That’s not necessary in my opinion.
Checking the higher timeframes could help you decide if you want to stay in the trade longer, but its not necessary if using the correct exit points and being satisfied with a win while keeping to the rules.
My monthly goal for May has now been reached.
I think its time to adjust the goals.
Hey, I’m new here. What was your goal for May?
Hi, and welcome to the forum.
The goal has been very modest. 100 Pips with no loss.
Today’s trading produced 24 Pips so far while driving for work.
Because I still work between 3 and 5 days a week (self employed), I can only scalp 2 to 3 days a week. These are the trades that go into my monthly goals. I also have my long-term open trades going that may take days or weeks or even a few months to hit targets. Since I never know when those trades are going to be completed, I can’t really count them for my monthly goals.
Its been so much fun scalping again on the M5 last week and today.
Strategy recap with MACD: Yes its a D1 chart, but strategy works for all TFs.
Quick question, what’s your spread on the platform you’re using? I have a demo account and the spread is like 15 pips. Not sure how I can scalp the m5 lol. Might need to use this strat on a higher TF
The major pairs during London and New York and Sydney generally have spreads of 1 or 2 pips. During the final hours of NY (3-6pm Eastern USA) can have high spreads.
I finished the day with a modest 30 pips profit on 7 trades. No losers.
I was working today, so as usual, I had to work in entering and exiting trades between stops. Which is why scalping is difficult on workdays.
Thanks man, you’re the best.
1 Like
Hello everyone I am new but I would like to know about the scalping strategy there is not a code to put all that on the chart because I am a little lost should I do like you and download mt4 or TradingView can also do it don’t you have a forum that summarizes the new updates?
I agree, I am also desperate to get all the indicators in one place and an overview of the exact current strategy, it’s impossible to figure it out between all the billions of messages in this thread.
1 Like
You are very welcome!
1 Like