Scalping strategy to finish the year strong

@rocktrucker the trade stats look interesting. I played a bit with the tf and on the 1 hour chart (eurjpy) it shows astonishing 89,5% winrate.

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On my longer timeframe charts (5M to 4H) I have the I Compass set to 25 instead of 80. I wonder what the win rate for the Machine Learning indicator would be with those settings?

I see @rocktrucker had about a 78% win rate on his chart.

@AmericanTrader I just made a quick look in the settings as I am in the office doing other stuff, but the stats are changing with any change in the settings and there are a lot of options. This indicator is very complex.

Ok. Just thought I’d ask.

Go back to work!

Haha. (Sorry. My sense of humor doesn’t always come across on text very well).

Be well, my friend.
Have a great weekend.

@AmericanTrader thanks, you too :slight_smile: it’s hard to concentrate on my work when there are so many pips to catch :smiley:

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Have a look at the page of the indicator Machine Learning: Lorentzian Classification — Indicator by jdehorty — TradingView as I am not entirely sure how the win rates are calculated? But they do change as you go from different currencies and timeframes. For instance on the EUR/USD 1 minute time frame it says 93.1% win rate, but on the 5 min the win rate is 78% from what I can see. I know you don’t use TV, but maybe there is something similiar on MT4?

CHF/JPY is 82.8% on 1 minute charts, 77.6% on 5 min.
EUR/JPY is 78.7% on 1 minute charts, 86.4% on 5 min.
USD/JPY is 74.5% on 1 minute charts, 84.9% on 5 min.

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Thanks Rock.

I’m good with what I have already. I’m just happy you found something that looks great for TV users. Great find by you! I’ll definitely check out the page.

I have an indicator that gives 90% win rate depending on pairs and timeframes, but to get that win rate, it often just gives a pip or two and signals can be few and far between (Investment Castle Indicator for MT4). They even have an EA based on it, but I’m not planning on using it.

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I guess I will have to spend longer testing this indicator.

But one thing you should do is combine it with a Stochastic or RSI for more accuracy.

Here’s what the Investment Castle Indicator for MT4 looks like on one of my saved chart templates

You can change the settings for periods and TP until you get the win rate you desire.

Problem is, if you use the signals, you must be willing to wait it out while in big loss territory until you eventually win a small profit.

But there are ways to use it that can be very good. Such as just entering when price crosses the line and leaving it open until price returns to the line.

Still, I believe we can all make a lot of pips in minutes rather than waiting for the indicator to show us where we can win a few pips if we wait for what could be a long time.

I am taking a longer term view of the EURO in the weeks and months ahead of being BEARISH. For the first time since the 19th October 2022, the trend line has turned green for the last week, this is maybe something to bear in mind when you are trading the EUR/USD? Hence we have seen it go from 1.10 to 1.09, then 1.08 and soon it could be 1.07, etc, etc. And the signals are there too on the day chart to back this theory up.

@American Trader
can you put a vertical trendline when you start and stop trading. For those who are starting and learning. A screenshot from the whole day of trading is welcome.


HI mikolaj333.

I’m afraid I can’t dedicate time for that.
But I can tell you that most days many of us are looking for trends to begin around the London and NY session openings and after moderate or high impact news that often comes between 8:30 and 10:00am at GMT-5. I still go to work most days so the majority of my trading happens between 2am and 8am in this time zone.

I sometimes check my phone around 10am, 11am, and 1pm to look for signals. When I use my phone, its because I am driving, so I close trades early all the time.

It is rare that I place trades later than 2pm as I don’t like to be in trades when spreads widen from 3-6pm my time.

Closed Eur/Jpy buy for 10 pips
Closed Chf/Jpy buy for 10\pips.

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Closed Eur/Usd buy for 10 pips.

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@AmericanTrader great job. Have you chaneged any settings? As I see on 1 min chart, price is well above channel (ema 80), no crossing for a while.

Just trading based on trend.

I only had a couple of hours to trade before heading off to work.
I left a small pending buy order in case Eur/Usd goes up a bit.

My buy re-entry on Eur/Jpy is now in profit as well.

Stopped out at break even.

Oh well.

There is the 10 pips I should have had!

15 more pips so far on Eur/USD buy.

*Closed as I am working and couldn’t monitor it.