Scalping strategy to finish the year strong

[MyGhost]

This is working well for me.
I built a simple ThinkOrSwim Script to provide Entry point indicator arrows and alarm real time:

def Upper = MovingAverage(AverageType.Exponential, High, 32);
def Lower = MovingAverage(AverageType.Exponential, Low, 32);
def Yellow = MovingAverage(AverageType.Exponential, close, 14);

plot HighSignal = crosses(Yellow, Upper, crossingdirection.below);
plot LowSignal = crosses(Yellow, Lower, crossingdirection.above);

HighSignal.assignvaluecolor(Color.red);
LowSignal.assignvaluecolor(Color.green);
HighSignal.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
LowSignal.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);

Alert(LowSignal, “Crossover Signal”, Alert.BAR, Sound.RING);
Alert(HighSignal, “Crossover Signal”, Alert.BAR, Sound.RING);
#set alerts in Market Watch for SMS

[AmericanTrader]

@MyGhost
That’s great to hear. I’m so glad it’s working for you. I have been enjoying much success as well. It’s also good to have someone on The forum using the Thinkorswim platform.

[rocktrucker]

Hi MyGhost so this is just the equivalent of the Trading View and MT4 indicators for ThinkOrSwim or does it offer anything different?

Thanks

[samewise]

Anybody catch the huge EURUSD move? If so, how did you manage it? How long did you stay in?

Asking for a friend!

[AmericanTrader]

80 pips in 2 hours on a Friday using 1M on Eur/Jpy

While driving

[MyGhost]

Hi RockTrucker,

I’ve only used ThinkOrSwim which is only available with the TD Ameritrade brokerage.
I’m too cheap to pay for TradingView.
I don’t know of a study provided by ThinkOrSwim that does the same thing.
I’m sure that the script provided by me could be converted to be used in TradeView by somebody using that platform.

This script creates a Study which can be added to any chart by selecting User Defined Studies.
The Study will place Green Up Arrows and Red Down Arrows whenever the 14 EMS crosses into the space between the 2 green EMS lines. It will also sound a chime whenever the cross occurs.

You create the Study in ThinkOrSwim by going to the Tools Tab and selecting Thinkscript.
Click on the + button at the top right of the window to create a User Defined Study and give the Study a name you will recognize.
Copy and past the script that I provided in the Script Editor Window
Make any changes if you are using different EMS settings or would like to do away with the chime, etc.
Click on the SAVE button just below the + button and now the Study will show on your Studies List when you click on Studies in a chart window and select from User Defined.

The settings are most ideal for the 5 minute chart but I have found these settings to be adequate for 1 minute charts and have not tried it on longer than 5 minute.

If you want to receive an SMS text message when it chimes, you will have to use the MarketWatch Alerts window to set a one time alert for it. Annoying, but it’s the way ThinkOrSwim works.

[quam]

please share with me i’m interested

[Vaczak]

@quam I already posted it here on 22nd December 2022. Please answer when you find it.

[Vaczak]

@tshegofats76 Hi there! I’m just curious how is your FTMO challeng going at the moment?

[AmericanTrader]

Another 30 pips on a 1M Eur/Jpy buy…

[huntleyalan]

All,

How do you manage getting into bad trades when they show up? Example, do you go with the higher timeframe trend or use S/R to try and eliminate the fake outs that pop up on the 5m chart?

Thank you

[AmericanTrader]

@huntleyalan

Thank you for your post and welcome.
The idea is to be able to close most of your trading sessions with a profit.

I suggest a very short SL, which will get the trade stopped out with little damage to your account or your confidence. Perhaps starting with a small lot size until you master the strategy?

In my opinion, it is better to be able to turn 2 or 3 or 4 small losses into an overall winning day than to have a big loss that causes you to worry if you will be able to break even for the day without experiencing another big loss instead.

Something I did initially was to simply close every trade when in profit. It could be 1 pip, 5 pips, 10 pips. You should find that at the end of the week, you profited 15-50 pips just by doing this. That includes adding in any losses if you weren’t able to close in profit…

[AmericanTrader]

Selling on 1M with Eur/JPY.
Is it really this easy?

I have my Channel EMAs set to 80.

[FFFF0000h]

Wow Awesome

[samewise]

I’ve been meaning to get another demo account to run this on MT4 so I can compare the signals. Anybody do that yet?

[FFFF0000h]

[FFFF0000h]

Don’t know if it’s because of the Slow and Fast MA but the EMA settings for the strategy don’t produce early/reliable signals for entries. Can someone please check out this Indicator Redk MagicRibon?

[mikolaj333]

American Trader, I’m new and would like to understand your strategy better, can you post a screenshot from today. please show where you enter trading and where you exit trading.

[FFFF0000h]

Hello and good day @sgk179 , please how did you get this EMA to show up like that. How can I reproduce exactly what you have on your chart?
Can I dm you?

NB: I have never used or worked with EMAs before. I am curious to backtest this strat.

[AmericanTrader]

Good times.