Urban Towers Scalping Strategy

Trading Systems Free Forex Trading Systems
68

Hi all,

I’m still new to this forextrading. Just wanted to ask few questions:

  1. how many MAs u guys are using?? It looks like 6 MAs.

  2. What’s the period of each MA?

  3. Is it simple or exponential?

  4. On Close?

Thanks in advance.

69

Here’s a trade from today on AUD/USD.

Cheers,

JS.


70

Hi Knuckles,

Other indicators that help with trends is ADX.

Cheers,

JS

71

Hi fxster,

Many of your questions can be answered through the first post or by going through this thread. Additionally, you should read through Babypips school as it is a good way to begin. You can also check with Navin Prithyani as he gives education on forex trading.

Cheers

JS

72

Hi Jimmy,
Thanks for the suggestion. The ADX and MACD combo is one of my favorite setups. I’ll see how they behave with Urban Towers this week. :wink:

edit:
I should add that my reason for not running ADX initially with UT is that i’ve always used it on 1h or 4h charts.

Im now running ADX with Stoch and have just entered into a quick sell on EURGPB 15m.

73

Here’s a trade from today on GBP/USD

JS

21-Sep_02.jpg598×537 32.4 KB

74

Hi Knucles,

Im glad its working out for you. Please keep me posted on the performance.

Cheers

JS

75

This was my first attempt at the system today, mind you I think I was getting impatient but check out the attachment below.

I saw three candlesticks go down however did not ‘close’ in the rainbow. Should I be waiting for that to happen? I took the trade as I saw the 4th candle go higher than the 3rd. (see end of chart)

Should I have taken this trade or how do I filter these out. It’s still going on however not profitable yet (demo acct :)).

Sept21-09.JPG694×388 67.5 KB

76

I am demoing this myself and I don’t believe one should take trades when the EMAs are closed or rope-like. They should be spread open which gives a higher probability. But others may have a better idea. d

77

Okay well I learned something today, patience is a good thing. It turned out I was hasty thinking the trade went against me and soon went in our direction.

Next thing to learn, when to exit. I placed my TP 1 pip higher than the high on that climb. I was ligning it up to what seemed like a resistance level. The trade soon reversed (as you see after the red line WHICH SHOULD HAVE BEEN MY EXIT), and hit my S/L. I didn’t take a loss because I moved my S/L up to my entry for safety’s sake.

So I’ve got to practice; next major area, where to exit.

I am demoing this myself and I don’t believe one should take trades when the EMAs are closed or rope-like. They should be spread open which gives a higher probability. But others may have a better idea. d

I will keep that in mind when I see another opportunity! Input and help is GREATLY appreciated :slight_smile:


78

I like this system and im going to start demoing it this coming up week… I just dont understand where my TP should be? whats the money management rules with this system?

79

I just placed another winning trade with this system, mind you it was a mistake on my part accidentally risking a good 20% of my demo balance. I’ve got to remember to keep things on 0.1 lots rather than 1 :P.

I like the system because its simple, other trades I see myself taking are all winners from the past. The past ‘mistake’ trade I made ended up making me 1.5% on my acct in a matter of minutes before I jumped out because I was over leveraging myself.

80

What is the trading plan for this system and exits?

81

I have attached a trade that I made on this strategy. I’ve followed the strat for about 2 weeks with a 80% success rate. This is one of the failed trades.

Any insight on how to avoid these or is this just one of the descrepancies of any trading system?

As per the exits, I usually place my S/L 3 pips above the high/low of the preceding candle to our entry candle. The T/P is a set pip range of 10 -15 depending on how fast I’m seeing things move.

See attached file for a general idea of what I would have done as per what is above. I have only circled the area of the trade. Yellow line is entry as per system rules, Red line is S/L.

EDIT: After looking at what I just uploaded, I realized my S/L was set at the HIGH of that preceding candle, not +3 pips which would have saved my trade. BAH!

failedalteredtowers.jpg700×500 28.7 KB

82

Hi there.

Seems like this thread has died. There is allot of potential in this strategy.

83

Hi Guys,

Sorry been away on vacations on was busy on other projects.

I’ll be resuming my posting daily starting today. (if the moderator is watching, yes I’ll watch that I don’t post my links anymore :D)

Urban Towers Scalping strategy is a high rated thread with hundreds of followers throughout the forex community. Lets keep it running.

I’ll shortly start my posting and analysis based on the strategy. Hope to get all your feedbacks and inputs :slight_smile:

Cheers.
Navin Prithyani

  • urbanforex
84

hey urbanforex welcome back. Once you hit 50 posts then you are allowed to post links as long as its not solicitation.

86

Here is a trade that took place today on USDJPY 15min charts.

There was a nice smooth consecutive lower highs and finally at the break of the last one there was a long trade.

Cheers,
Navin Prithyani


88

Here is a trade that occurred yesterday on USDCHF 15 min charts.

There was a nice consecutive higher low, touched the MA, then at the break of the highest low, we entered short. Trade gave a good 1:1.5 risk to reward in 40 mins.

Cheers,
Navin Prithyani

  • urbanforex


91

hey urbanforex, just tried out this strategy today. ITS AMAZING. THanks for sharing this with us. :slight_smile: