The rules are simple (It is usual rules for every scalping system traded manually.):
- I check the direction of the trend in GMT morning using some M30 or H1 or H4 timeframe. I used BrainTrading M30. You can use any system. Just to understand: where some pairs will be moved today to.
- after that - select few pairs with most "understandable" movement/situation about " to where some pairs will be moved today".
- after that - trade it on M1 timeframe.
- read this post too - in case of Trend Scalp - I use it in overbough/oversolded way (blue dot is indicating that sell will be soon).
Of course - this indicator is having different meaning in case of using M15 or more higher timeframe. But in case of M1 - it is top and bottom.
- losing money. We can lose money in case of breakout. Stop loss is 100 pips but breakout on M1 is very very usual case so - the time to trade is 50% of the success. Most comfortable time to trade is ranging market condition (on M1 timeframe!) without any medium/high impacted news events around 1 or 2 hours. How to know - ranging on M1 or not? I used TDI indicator (2 lines are going together if above zero - ranging buy, below zero - ranging sell).
Of course - this TDI indicator is having different meaning for M15 or more highier timeframe (one line is trend strength and the other line is the direction of the trend). But I changed the color of this indicator in template onto opposite way so blue line is buy and red line is sell, and some combination of the lines: buy line is on downtrend - correctional downtrend so we should look at sell line to be uptrend to be sell).
How to understand: breakout happened and it is the time to close the trades, or it is not breakout and just some support/resistance lines were broken?
I used MaksiGen indicator (see this post to download): breakout levels are dotted blue/red lines of this indicator. As those lines are support/resistance lines by nature so it is repainted. I mean: on M1 timeframe - those breakout levels are moved to any side (up or down). because they are dynamic resistance lines on M1 (not daily breakout). So, that is why it is difficult to trade - it is necessary to watch the chart all the time.
Hi ND, thanks for the explanations.
I do not trade the M-1, but I like to understand different methods. Would you mind attaching a picture of your screen from which you traded these results onto your Post above, plse?
Thanks in advance.
Picture is on this post as the attachment. You quoted this post.
By the way - this results are just continuation for what I did in advanced elite section with Dynamic zone value chart indicator: I created 3 setups and traded it, and repeated the results 3 times (just to be sure that it is not in a random way). The 3rd time was as the following (it is the post from advanced elite section):
this system made for today (for 2 or 3 hours):
EURUSD: 457 pips by 43 trades;
GBPUSD: 3 pips by 2 trades;
GBPJPY: 195 pips by 53 trades;
GBPCHF: 268 pips by 52 trades.
So, it was 150 trades (opened and closed manually with manually placing stop loss and take profit) with 923 pips (4 digit pips).
Statement is attached.
So, this results (which you quoted) are the 4th time but with different template (basicly - I am having 9 scalping templates).
I do not trade M1 every day as it is very difficult to do (especially as trading and moderating the forum in the same time).
So, the picture is on this post:
And it is the situation on the chart right now with this setup:
It is what I am trading now:
I mean: for now - I am trading to have the profit for at least 50 pips for every trade but in this case - it will not be a scalping system anymore
It is some more explanation with the examples.
The situation few minutes ago:
You can see that 2 lines of TDI indicator (buy line and sell line) are going all together and above zero. And you can see the correction (sell) on open bar. We can open buy if we want
It is the situation 1 or 2 minutes later when bar was closed:
and few minutes later - breakout on M1. I was talking that we can lose money during this breakout on M1, right? But this breakout was on our direction (buy) so I was lucky in this case
As it is scalping so - take few pips in profit and exit.
And wait for the next case.
Most comfortable case is that we have exact same situation but with red dots for Trend Scalp indicator so we can make more pips in this case for buy (because dots are the top and bottom in this scalping setup).
and most important is that I said in some previous post:
The problem is that we not always see the correlation/relationship between the indicators and the price movement for M1 timeframe. So, we should select the pair which indicators "understand" about.
In AbleSys eASCTrend platform/software - we can backtest indicators in automatic way just to find/optimize the settings for manual trading. But for metatrader - we can not do it so ... correlation/relationship between indicators and the price itself can be lost sometimes especially for M1 timeframe.
Thank you very much..
Thank you ever so much for the time you spent replying to my request, ND. I do appreciate your time considering the fact that you are also the Moderator.
You look for, the correlation between :
Price versusTrend Scalp,
Price versus TDI 2
In this case, you have an correlation( indicator), Price --- TDI 2, to put it on the web. ?
I traded retracement.
So, I knew in the morning - I will trade buy or sell for the whole day (next day - it will be next story). I look for TDI indicator to catch some moments when I can trade. After that look at Trend Scalp indicator to confirm.
About market condition so - I was traded ranging market condition.
It is such as "pattern" for ranging buy:
it is strong sell:
I did not trade such as strong sell or strong buy. I traded ranging sell or ranging buy.