Recently I was experimenting with a couple of indicators used for a non-scalping system presented by BigBear - https://www.mql5.com/en/forum/177573
I was debugging one of the indicators when I switched to the M5 chart and noticed a nice setup for a quick short trade... hmmm.... probably a coincidence I thought. I returned to my PC after an hour or so and there it was another setup, this time a BUY signal. At the end of the day there was yet another long trade setup.
I did some backtesting, added another indicator as a filter and came up with a scalping system, which I would like to share with you. Maybe together we can verify it, improve it and automate it.
Please let me know what you think. Here are some screen shots:
Here are the indicators I used and the template with the correct settings for the M5 chart:
And later that day...
I'm not writing out my entry and exit criteria on purpose, because I'd like to see what different people come up with.
It Looks A Very Nice System
Thanks For Sharing
But .... Does It Repaint ?!!!!!!
Could you please explain when did you buy/sell from the chart. Is it the first arrow or you wait for other filter. Could you please give me the indi that you use for the resistance and the support line in your chart. Thank you
Can you please explain in words what the indicator is supposed to do. I see you have used a bunch of trignometric and geometrical concepts in the indicator.
Please post your rules for entry triggers and basic exit strategy. then once we understand it we can attempt to modify and improve it???
Kudos for PriceTrigger indicator NIX.. it's quite easily modified to include other indicator sets. It helps us manual traders a lot!
To tell you the truth, I was counting on others to spot the entry signals and maybe come up with better rules than I came up with, but OK, I'll post my entry and exit points:
The following image illustrates the system:
If Price trigger == (-1) and the candle above the trigger opens BELOW the orange volatility pivot you enter SHORT.
This condition is enclosed in the box labeled A on the illustration above.
If Price trigger == (1) and the candle above the trigger opens ABOVE the orange volatility pivot you enter LONG.
This condition is enclosed in the box labeled B,C & D on the illustration above.
I have spotted 2 (or actually 3) EXIT scenarios:
Please experiment and let us know what you think. I'm also looking for a reasonable initial STOP LOSS value, any suggestions?
Not A Bad System
Here S A Stop On Future Cable
It Was A Stop Of 30pips. Personally I Use A Stop Loss 7 Pips And Trying This System In Demo.
Thanks for this system I'll try it out ..
Forex Indicators Collection
it s better on the 1min chart for me