257 Pips, One Afternoon, One Rusty Old Indicator (--- spreads = 225 pips ---)
DISCOVER SCALP TO FREEDOM K.I.S.S. (Keep It Simple Sweetie) FOREX TRADING SYSTEM
Let's give 6 pips average from not getting out at best --- below still seems to give: 177 pips in an afternoon??
suk, I remember using this with the old original Valeo system back "in the day". I like the CCI (Woodies actually) and use it always. Keep in mind the exit is practically everything in trading. Entries many believe (including myself now after 2 1/2 years trading professionally) are about 5 - 10% at best of importance in the trade. This is why I believe traders on these forums especially at FF aren't any better these days than 3 years ago baseing all of their research and learnings on entries alone. It's not uncommon for a trader to actually lose money in the opposite direction on a simple trend of 300 pips. We just can't simply say "this is how much each signal would have given you" etc. This is evident more than ever on this forum these days.
Nevertheless, since this is a multiple entry indicator as I see how it's being looked at, perhaps you can take a set # of pips per exit nd see how that works for you. Don't get greedy and re-enter until another signal just because it keeps going in your direction when out for a set # of pips.
Good luck with everything. How's Valeo. Haven't heard from him Nice guy he is.
just wanted to say thanks for sharing. Me and my friend will forward test this on a demo...
Can anybody share wether there are problems with this indicator? Dont quite understand what is meant by wether it can accurately show the past if its just interpreting the CCI visually? Interested to learn more.
By the way, which settings have you set to 2 in this indicator, is it the CCI periods? I've changed the cci periods which were 34 and 14 all changed to 2.
If there is a problem with the indicator that could be fixed, and used inside of an existing system or something as long as it doesn't get complicated, as you said, keep it simple, then this will be definately promising. Would be great if anybody can share anything useful about this.
thanks once again Suk
Hey SUK !
Every MTF "repaint" or "redraw". It's their nature
So for your system, you should wait the close of the 30' candle before acting, but like this, maybe less signals, or more false signals.
So, the trick is to have the same timeframe, running different cci settings
The funny thing I like about these new revelation indicators (Really not new) is that people look at the past and say that if you did this you would make many profitable pips. What people must do in reality is run the indicator under real time and see how the little squares change colors frequently (Shorter time frames). This makes it just about impossible to make an EA from it because it changes colors so frequently until it hits a trend, then all the little squares stay one color. Many false buy/sell triggers is the result!
Berti - glad you could sort it out.
Thanks for the comments.
I am tepidly trading it live, yes, amongst other trading systems. It is a valuable adjunct that is for sure.
Exit-wise it needs to be very very fast exit sig it seems. I've tried LSMA 3 changing to yellow and red, close below EMA5 but too slow.
Lock in 10 pips and move stop to +1 is a possibility.
In a prior post you mentioned that you changed all the CCI's to 2. Is that correct? -- because the chart does not look like they are all on 2.
TF 5/15/30/30 CCI 2/2/2/2
It may sound like madness - but somehow it works!
PipTrip--- indeed the greatest of the great (XO system) is how I found out about this indicator.
So in this situation, you're entering on the open of the candle right after the marked one, correct? In your testing so far, does it matter at all to you if that candle opens with a couple blue bars like in this pic?
Hi thanks for the chart and clarification. No. It is the signal candle you are interested in. See my live traded below entry. You would enter at the OPEN of the marked candle and in this instance I took profit at 25 points. What really should be done though is set a 10 point stop at 25 points profit and let trade run because it is about +40 now and my target is 1.7900 (first target) - but it is testing phase so I am being grateful and cautious on all entries.
This entry was already good for a quick 10-15 pips. In this instance a trend is established short intraday so it is much higher risk trade. Actually, taking 10-15 pips is a good thing as a scalping trade, however if you really were going for a target, it would be 1.7983 where the resistance of the trendline is. Of course, this trade is marked on the signal and so the entry is on the open of the NEXT candle.
The two candles which are similar closes before the marker indicate a strong move may be about to happen.