Understood and that’s for the reply. I’ll throw those setting in and keep an eye on it. To your following rules point, I’ve missed a bunch of perfect trades on this system hesitating after a signal is given. Confidence is building watching so many play out favorably and I’ll be taking those wins (and small losses) going forward.
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I think most of us will be/could have been already… I myself am sitting with that same problem. Bend the rules here and there, thinking it will work out better…and then the end result is the one you planned for in the first place…anyway, such is life.
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I certainly know the feeling. I am working on doing better with it myself. It always helps when we see posts from people who have just had another great day.
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I am still live testing my strategy incorporated into AT`s strategy, will let all of you know as soon as I am satisfied with the results.
Just to clarify, @AmericanTrader`s strategy is working just fine, as most of you know and already have many positive trades. I am just working on a pip specific entry to combine with it, I can not go on guessing where my SL must be…(that is just how I think).
The exit…still another problem on its own…
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@theRedHarry Harry I think that’s why I like the forum. People able to contribute ideas and that helps everyone.
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Thanks for the whole thread and all of the info, AT. Sincerely appreciate your generosity in sharing all of this.
If you were to have a 5 min strategy based on mostly PSAR alone (in a trending market, of course), what settings do you think would be best? .0085 / .07? I know you’ve done quite a bit of experimenting with it, so I’m curious on your thoughts here.
Thanks again!
Here’s an advanced trading tip. We have just experienced a buy signal. I have placed my stop loss at the lower PSAR dots. This is a little longer stop loss than I have been recommending. The strategy is that if price continues upward and it becomes a good buy trade, that’s great. If however, price retraces back downward. By the time it hits my stop loss we will have the six and 14 EMA bouncing back down below the lower green ema. That makes it a legitimate sell signal. So if I am stopped out I can place the sell trade with a little higher lot size. The goal of course is to recover the loss and to make money following the rest of the sell.
My buy trade is a pending order so it has not yet triggered.
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Why not demo it, so you don’t lose real money if you’re worried? Easy solution.
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What’s the big draw of Telegram? What features does it provide that you can’t get here? Privacy? Is that your big concern?
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This is great btw! Thanks for coding this up.
Question tho.
Sometimes the green and red signal triangles appear delayed or don’t appear at all when crossing either of the green upper/lower lines.
What else is baked into the logic?
Thanks for your replies. I did get into this trade when the 14 ema crossed above the lower 32 ema, however, it looks like the upper 32 ema is acting as resistance right now, so good on you for placing your buy stop above it.
I actually really don’t like trading at this time because the market barely moves, but I’m just on demo with this strategy now, so I’m taking any signal to learn from it.
Well that buy worked out well!! Took my own advice and trusted the system. 12 pips and climbing.
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There are some settings that can filter out signals. The “Minimum Slow Outside Length” says the slow, yellow signal needs to be outside the channel for some number of bars. The “Maximum Fast Outside Length” says that the white line must cross both green lines within some number of bars. If you make the first 1 and the second 100 or more, that should eliminate their function.
There is of course repainting which was discussed elsewhere in this thread.
If neither of these are the cause, you might have to give me a specific pair and time frame to observe in Replay mode.
/Daryl
Agreed. I just see day after day when there is a good 20 or more pips available right now. I have moved my stop loss to the highest psar dot.
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It sounds like there’s some great functionality and options to the indicator.
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Okay cool. I’ll play with those numbers and see what the signals do. Thanks!
Hi Guys,
I’ve been tinkering with this scalping technique proposed by @AmericanTrader and my modified version is currently killing it!
As you can see from the attached screenshot from my Google Sheet, I’ve placed 11 trades so far and won 7 of them for a 64% win rate.
That’s a pretty good win rate, especially with a reward to risk ratio of 1.2:1!
However, I actually think the win rate is going to be HIGHER now I have opened the modified strategy up to all major FX price charts!!!
I personally don’t like demo trading because I don’t think it is a realistic representation of possible results for all sorts of reasons. Anyways, on the 30th December after reading through this thread and being intrigued by American Trader’s proposed scalping strategy, I stuck £100 in a spread betting account of mine to give it a try. It’s what you might call a micro account specifically for testing this new strategy.
In just four days of trading (well, not days as such, an hour here and there across four days!) and eleven trades, I have grown the account to £105.31. In other words, I’ve increased my account by 5.31%.
I did this with a win rate that would have guaranteed a profit even at just a 1:1 reward to risk ratio. However, I was able to squeeze out a bit more profit by increasing the reward to risk ratio to 1.2:1.
If anyone’s interested in my modified version of the strategy, I’ll detail it in the next post.
Amazing!
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I welcome your information. @DanLondon . I am sure many here have their own modifications too. I’m always open to finding a better way!
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