Steroid Scalping

Trading Systems
284

I tried it for a total of about 3 months. I’d do it for a month, then get burnt a couple times and take some time away. Then come back and do it for another month and repeat. I was doing it on the Asian session from 6pm to 10pm pst. Although, a couple times the scaled trades took so long that I was in the market until 2am and had to get up for my day job at 6am! That sucked. Hah.

Fortunately, it wasn’t all for nothing. Taking those big losses really helped me to see the importance of discipline. So I’ve really been focusing on that lately and following my rules 100%.

285

Yes i knwo what you mean about getting stuck. I just got stuck in one last night and i just couldn’t keep my eyes open anymore so i jsut bit the bullet and took the loss, but sure enough checked the charts this morning and if i had been able to stay awake for 20-30min longer it turned and would have made a hefty profit.

But i will say i have been trading this method for about 4-5 months and i will say i can notice my scaling has subsided some what. I remeber reading back in this post someone wrote its like learning to breath with the market.

286

Glad to see this thread is still somewhat alive. I have been looking to get back into scalping and this Time slot is just the ticket. Waiting for my approval of my live Oanda account.

I will be using a different method for determning trendlines and s/r but I think I got the jist of i.

Sell resistance/ buy support. Take your 1 to 2 pips and run.

The more confluent the s/rtrend lines are the higher the probability and the bigger you plop down.

Scale in when prices drifts against you.

Bail out when price rockets against you.

5% maximum loss due to war, famine pestilence.

Trade quiet hours after tokyo open on eur usd.

Thats what I got so far anyway.
The tic shart seems to be of value in that pip siphon “watched it like a hawk.” I noticed many tic chjart patterns and I imagine that pipsiphon did too but did not realize that is what he was looking at more then anything. I think he briefly grazed over the subject but I think that is where the meat of this method lies. recognizing tic chart patterns near s/r and reacting accordingly.

Well we’ll see as its been a while since I scalped.

Glad pipsiphon data dumped. Lot of info in there.

287

looking good. account up .5% percent doing some simple fades on the 4 pip range right now on the eur usd. Fun and boring at the same time.

Edit: Got 1.25% and done for the night.

I forgot how easy this was. Hope the live account is as fast as the demo on Oanda.

288

This is how I set my scalping chart up.

1018×304

I am not endorsing nor am I affliated with Oanda however I think they have the best trading platform for the new scalper. It will prepare you to go to currenex when you got real big money to trade.

Attathced below are the indicaotrs I use. and a template. Its set up on two screens. the chart is up on the big monitor and the trade executor and tic charts are on my laptop. I use the extended desktop function to achieve this.
I would appreciate it if a coder to take a look at the market profile indicator and add a GMT offset swtich to it instead of inputting numbers. If the offset is >2 then the asian session box will not come out right. it has something to do with the change over form 23:59 to 00:00. A GMT offset would make it so much better… It works perfect on FXDD as the blue box ends at 5pm but other brokers I find changing the boxes very troubling.

Mt4 is used for charting only. I do not use it for order entry because their order entry is slow and clunky. I use FX game for my entry.

I pretty much follow the rules pip siphon talks about except I use SHI channels and Barrys S/R. Because they are based on fractals and this is a chaotic system I believe these to be more accurate than Bollingers and the like. which are based in euclidean math

The Channles are
Blue 4h
Green 1h
yellow 5m
white 1m
These set up your trendlines automatically

The barrys Multi Tf s/r allows you to see different s/r on different time frames. the darker the color the higher the timeframe starting from 1m and going to 1h

You want to trade in the direction of the green and yellow trendlines only. The blue is to get the general market feel. Before starting go up to the 4h and look at the overal trend and the direction price is moving in relation to it, If price is moving against the 4h then its ok to trade in the direction against the 4h but you might want to lower your risk.

Then scan down to the 1 h and then lower until you reach the m1. Now you have a good idea of which direction to trade. ALWays trade in the direction of the green and yellow trend lines. If they are mixed STAY OUT.

trade in the direction of the trendlines catching bounces off of the barrys s/sr. TP at 1 to 3 pips or more.
Set up one click trading so that each click (I use the touch pad on my laptop) will be 1/3 your maximum risk allowance. This will enable you to scale in when price drifts against you. To bail on a trade just click the same amount on the opposite trade closing the trade out.

Example: Click buy move curosr IMMEDIATELY over to the sell button. and hover your figer over the sell and watch Unrealized profit until you are in profit. If you have two buy units open you will have to double click sell and so on.

Over time you will begin to see patterns develop. That is the “feel” that everyone talks about. this mysterious “feel” is recognizing a price pattern not as a static object but the actual movements of the tic chart and the m1 in relation to the static pattern. It will then get easier and easier.

DO NOT do this method unless you are in a relaxed state. Follows the rules and do not try to take revenge on the market. Revenge is the worst enemey of a scalper. Dont trade while tired, angry hungry, lonely, or horny!

Steroid scalping.zip (41.7 KB)

289

“I am not endorsing nor am I affliated with Oanda however I think they have the best trading platform for the new scalper”

PIB - take a look at MBT’s mt4 charts; same great spreads as O. plus you can use any of the templates, EAs, etc written for for mt4. One big difference is that with a market order going directly to the liquidity pool you can’t set TP or SL with the initial order but you can afterwards. Not a problem with scalping, just bring up the Close Order window and be ready to bail. The demo is non expiring if you use it even occasionally. And I’m not affiliated with MBT but rather like having tight spreads with mt4.

290

Oanda has mt4 and allows for you to trade small amounts like up to 1/100th of a penny for practice on fx trade. I like it for that and the data feeds for the mt4 account and the fxtrade account will be exactly the same. that could mean 1/2 pip difference or more between feeds.

However with MBT I believe you can place your stops and tps closer to your entries. The problem is the execution on mt4 is terrible. I have scripts that open orders with a double mouse click on mt4 but they are still slow compared to fx trade. I used currenx accounts in the past trading minis with a scalping strategy as a noob (never try this BTw I lost over 1k in my first year as a noob) and the speed you can jump in and out is 5 times faster or more with currenex. Im hoping its close to that with Oanda as I am setting up a small live account.

I would suggest using an fx trade account for execution. speed is THE most important part of scalping. And it will prepare you to the jump to currenx… Im looking to improve and live up to pip siphons level. I noticed he has a box to input his units always open. got figure out how to add that instead of single clicking the trade box for each position.

Now that I am a little more educated I want to go back and see if what I learned can improve what I was doing back then. Im not new at scalping but It isnt my full time profession. I want it to be though. as I loved scalping. I just didnt do well with it. New knowledge and maturity in trading can change that.

I jusT went back and reread all of pip siphons posts. Everything is in there including his own progression from 400 trades down to a couple of dozen or less. I want to by pass all that and pick up where he left off. I suggest just going back through his thread and read every one of his posts a couple of times. Other than the astrology remark it is sound, factual and very informative. Very rare to see someone that can articulate a method like this to somebody who may be left brained dominant and only understands x+y=z as opposed to x+y=z unless x turns to b then go d toherwise if y turns to f go m and so on…) Thats the difference between euclidean and chaotic thinking.

I stopped reading everyones posts a while back and looked at only full time traders. If you want what they have you gotta do what they did and you also have to take a look at what type of trader you are. This style will not benefit everyone. If you want form and structure and "you do this when x squiggly line crosses Y Bar than forget it. This is pattern recognition. Plain and simple. Pips iphons a musician so if you dont like music My suspicion is you wont do well with this method.

291

OMG according to my template we have reached to 4h trendline . I suggest scalping only short tonight if you are following as the big asian money will be plunking down big bucks accordingly. if we breach the 4h trendline then all bets are off until further notice

292

Pipsinablanket.

Have you figured out how to do one click trading with Oanda yet? I traded on Oanda using one click. Click on the little Icon to the left of the F on your quote window. You will see your default unit size appear on the bottom of the window whenever you are in one click mode. When you cover the bid or ask to trade you will see a flash pop-up. I positioned a chart just above the quote window and designated it as always on top and this covered the pop-up.

I have moved on to MT4. I refused to use it at 1st just like you said, too slow for my liking. I searched and found a free add on trading platform called One Clicker. In many ways this out performs Oanda. Up to 6 entries with designated exits. It shows each P/L and total P/L in pips or $'s and I can hit close on the whole position as as well.

The broker I am demoing with offers .9 pip fixed spread on Eur/Usd day and night during news or snooze. When looking for a pip or 2 those pipettes are crucial to the bottom line.

Hope this helps.

Robtrade

293

Very interesting set-up. Must try this.

Your template also shows 5 minute shi channel in pink - do you still use this?

Do you have the mq4 of the shi channel indi, would like to see how it works.

Also, what are the red dots within a red circle on the shi channels?

Finally, which colours are which for the Barry S/R?

294

Sorry guys I got real busy with some real life stuff lookig forward to getting back in in a bit/

As for the template yes I use the pink Shi channel it can give you an earler warning of the channles rotating.

The red dots show where the channel has expnaded from. Price has breached a channel wall but not enough bars have passed to form a new fractal and create a rotation so the channel expands. the red dots mmark new areas of support and resisitance as the trend of the channel is changing because price has breached one of the outter channel walls.

Im not sure exactly what the color scheme is of the barry’s I just look for confluence. I do know that the lighter the color the lower the time frame.

Maily I just look for confluence as pip siphon does. Just use different indicators. I tried the london US overlapped and got creamed. Will stick with late nights in asia once my schedule settles in. Wioth a litttle study you could figure it out. I just never bothered. I look for confluence and know that the lighter channels have more of a chance of failing

Sorry I dont have the mq4 file for SHi channel.

295

That mt4 trader thingy sounds great! Ill have to google around to try to find it. Just start with a small account as you never know how good a broker is until you go llive with them.

296

I aslo added in10tions news reader as the FFcal hasn’t been working well.

I still dont’t understand all of what this does but right now it s still screaming BUY.

! IN10TION NewsReader v09.99g lite.zip (97.4 KB)

297

I remember one click now. I couldnt get it to work back when I was a noob. Now that I got it working its GREAT! Perfect for this type of trading.

298

Since I attached the in10tion news reader I had a new epiphany. It may not see like much but just bear with me.

Right now on the eur usd allbuy on the CCI Stochastics Macd etc meter. All the Bars are GREEN except for maybe the m1. that is what is telling me to buy no matter what. SOOO…

We can place MORE money on the table during these times as the indicator allows us to know that on all timeframes all traders are buying. Therefore we can risk more of our capital on buying knowing that we will evenetually hit the sweet spot as we scale in to our entries.

That being said what if the signals are mixed? That is, what if the bars were different colors on different time frames.

We would then risk less knowing that the times are changing and traders have not decided which way price should go so we. in turn, risk LESS in these shaky uncertain times.

that being said we can divide up our trades using one clicker…

That is one clicker can only handle six trades (free version) That means we divide our risk by six (Our disaster stop will equal the total of six trades approximately open. mine is 5% at 100pips according to the one click total pips)

So if on in10tions news indie we have mixed signals we know to risk less because the longer term trend is not in our favor so we may open a max of 2 to 3 to 4 to 5 trades depending on how mixed up the in19tention meter is mixed up!.

Well there it is. my epiphany. Not much but if it helps that great!

299

Working really well on lite forex account with 1.5 pip rebate. If price drifts against you you can scale in and have 1.5 pip advantage when the new trade breaks 2 pips. Thats when the rebate kicks in. Just scaled in twice as price was bouncing on support trying to break a new high. With everyone dissing the dollar I knew it would hold and then it shot up 8 pips for a nice gain.

1.25% and done for the day.

I could go further but got to clean house.

Woohoo! my part for my logitech revolution wireless mouse just got here. I missed my wireless mouse. Best mouse ever!

300

Hey dobro, I was looking at this this morning and saw that MBT now has a rebate program also. If you use Limit orders you can get spreads as low as .38 pips! Thats a tenth pip less than what I am getting at light forex. You know that every pippetet counts in this type of trading.

I am going to write one clicker and ask if they can set up one clicker to place limit orders (buy stop/ sell stop/ buy limit/ sell limit) at Price +x pipettes. I got an EA that allows me to drag TP and stop loss lines wherever I want on the chart so I can line them up on s/r lines. the rebate is instant by using limit orders and they can be placed inside the spread so if they do not get hit you are not even in a bad trade like with a market order.

I have been asking for one click execution of limit orders since my days. Time to give one clicker a shout.

301

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0.00 0.00 0.00 129.00
Closed P/L: 129.00
Open Trades:
Ticket Open Time Type Size Item Price S / L T / P Price Commission Taxes Swap Profit
No transactions
0.00 0.00 0.00 0.00
Floating P/L: 0.00
Working Orders:
Ticket Open Time Type Size Item Price S / L T / P Market Price
No transactions

Summary:
Deposit/Withdrawal: 4 007.00 Credit Facility: 0.00
Closed Trade P/L: 129.00 Floating P/L: 0.00 Margin: 0.00
Balance: 4 136.00 Equity: 4 136.00 Free Margin: 4 136.00

Details:
Graph
Gross Profit: 211.00 Gross Loss: 82.00 Total Net Profit: 129.00
Profit Factor: 2.57 Expected Payoff: 3.15
Absolute Drawdown: 0.00 Maximal Drawdown: 6.00 (0.15%) Relative Drawdown: 0.15% (6.00)

Total Trades: 41 Short Positions (won %): 4 (50.00%) Long Positions (won %): 37 (81.08%)
Profit Trades (% of total): 32 (78.05%) Loss trades (% of total): 9 (21.95%)
Largest profit trade: 46.00 loss trade: -32.00
Average profit trade: 6.59 loss trade: -9.11
Maximum consecutive wins ($): 12 (66.00) consecutive losses ($): 3 (-20.00)
Maximal consecutive profit (count): 66.00 (12) consecutive loss (count): -40.00 (2)
Average consecutive wins: 5 consecutive losses: 2

So this is how Im doing since I went live. Pretty easy pickins as the long term trend has been up for some time now. Im not as brave as pip siphon in that I rarely buck the long term trend. Ill post up my latest template. Like I said its easy pickins for now. When the trend levels off I suspect things could get a little rougher.

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I use two metatrader accounts for my trading. The one on the left is an old FXDD account. They have the best news feed its one of the reasons I was with them for so long. There’s not a lot of stupid news on it. just forex and futures. I find it helps me to get a feel of what other traders are thinking.

Then one clicker is set up where I have a maximum of six trades available to open and scale in. The more sure I am the more positons I open. If I reach three open positions at the same level I will rarely scale in and just bale out. I placed three open buys at the 75 support but its benn bouncing at two pips back and forth for about five minutes so I baled at break even.

The second chart is my live account. I have the steroidscalper 2.0 template up with in10tions news reader. I turned off many of the functions keeping only news and the meter on. I could do withpout the price and the cluster bars as I dont use them very much but the meter is very helpful in determining whcih way traders are trading on different Timeframes. Right now the longer term traders are still buying shown by all the green bars on the right of the meter. The red bars show me that the short term traders have shorted and may be oversold, Couple that with confluence of support lines and the 75 line I laid down a big chunk of money but it wouldn’t rise to the occasion so I baled at break even.

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Well you would think I would learn not to trade the NA london overlap. Thought 1.40 would hold then greece comes along and screws it all up. Am floating a not so nice draw down. Not bad as I undertraded but I went one scale to many for my tastes. Hopefully Gadaffy has some antics to spook the oil traders. Otherwise I will have to ride out a big draw down till we hit the bottom of the 4h channel. not pretty.

I still got some margin to pull some pips tonight though. Just not as much as I would like.