Why would you say that? Besides being rude, you offer no explanation. Do you think price is different on one time frame than the other?
Scalping is done over 5 and 1 min TF, maby 15 and 30 min but i doubt.
An 1 hour TF bar dosen't show you the variation in detail, then you can get a clear entry and exit point. If not, its harder.
Hope it helps!
Is there an Expert for this system ?
I would like to know if there is a EA for this. During the week I am working so with an EA would fit me more comfortable.
If somebody has this please let me know.
Thank you very much in advance.
Re ;Timeframe & Labelling of Charts
Hi Guys ,Many thanks for your help . Issues resolved. All ideas used
Been following the post from beginning but been away for a while just got back. Just wondering how well are you doing rob with this indi and the stoch? Seems the threads drifted a bit recently.
Anyway thanks again to sukh and all the other people who have contributed to this. This is why i love forums, putting together everyones skills makes it work.
By the way i want to help in any way possible, i am very good at forward testing using the simulator ive got on metatrader. I dont believe in backtesting much and considering the nature of the repainting indicator, forward testing is the way to go. Anyway if anyone needs any new setups testing i will be more than happy to contribute by forward testing a good long period.
Just to add
Just to add to my previous post. I scour most of the threads on this forum and ive found alot of good systems work well then when an EA is made everyone looses track of the whole manual system from the start. Then when the EA fails we all move onto the next system.
I have scene a few EA's in my time but personally i believe a good manual system is the way to go. There is no discretion when an EA trades and we all know many systems require discretion, you'd be hard pushed to find a system that works perfectly and is mechanical and if you did the EA would be a success.
Anyway just letting you know my thought on EA's before we drift of trying to develop an EA for this system and the main strategy isn't fullproof.
Thanks for reading
I'm still trading with it and doing fine.
Still trying to figure out which is the better setup of the two, either the setup you are using rob with the stoch or the setup WilteredFire and others are using with the RSI filter etc.
Personally from the testing ive done i like using stoch with the freedom indi but sometimes its a bit of an issue to see whats goin on with the stoch lined up with freedom indi. Anyway in the middle of testing the other setup see how it goes.
Just wondering are you trading it live yet rob?
If you trade only during times of high volatility and you cut your losses quickly without emotion then almost any indicator can be profitable when scalping with it. It's not the indicator, it's whether you are scalping in a scalp friendly market environment.
Update - using higher timeframes.
I took the below trade this morning. I will explain my exact strategy.
M15 chart. The CCI2 settings I explain in post 1 I think.
I also imported XO_Scoreindicator from XO thread (where I tend to lurk the most) and apply settings: M15, M15, M5, M1 KirPER: 6.5; 4.5; 6.5; 6.5
My entry with 1.5 lots is: 1.7530which is approx the 50% retracement of the signal candle. My stop loss is 1.7576(50 pips to include spread).
Here is the exit strategy. Note I am using Level Trading as well.
I close 2/3rds of the position at the first "level" - 1.7450 which is 75 points profit. I am letting the rest run having moved my stop to 1.7505 which is above another "level" the psychological 1.7500 and am target 1.7375/1.7350 with the remaining 1/2 lot.
So the risk:reward is good on this trade. Hope that helps.
Let's go thru that again:
Chart: Level Trading
Top window XO_Score set at M15;M15;M5;M1 and KirPER: 6.5;4.5;6.5;6.5
Second window: Forex Freedom CCI2, M5;M5;M15;M15
Entry is signalled for me @ 10:45. I awaited to 1.7530 where I entered the short as signalled.
Current trade is ENTRY: 1.7530; SL: 1.7576; TP; 1.7375
When the first "level" is hit - 1.7450 I close 2/3rds of position.
Move stop to 1.7505,locking in another 20 pips and it is just above a "level"; target 1.7375 with rest of position.
I place stop at suitable place - 1.7576 which is 10 pips above the long wick of previous candle before signal candle and 50 points from desired entry.
Here is risk etc assuming 1.5 lots.
Max risk: $750 (hit SL)
Profit at Target 1: $800 (banked)
Profit at SL after move: $100 (if stop loss hit)
Profit at Target 2: $775 (final 1/3 of position)
Total net profit target: $1575= 1:2 risk reward
DIVIDE THROUGH 10 TO CALCULATE MINI/MICRO trading (1.5 minilots).