Scalping the Euro

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XanderMoss
11
XanderMoss  

Hello traders

I have to propose a system to scalp Eur/usd in 5min charts.

I place daily and weekly pivot points and the Waddah Attar scalping indicator.

The indicator, signals to go long after two consecutive green bars, and short after two red ones.

I open two tickets:

Stop loss 20 pips, profit of first ticket 20 pips and the second one to run if there is a big move, maximum 3 times the risk,or 60 pips. Ofcourse we move stop to break even after 20 pips profit.

Because there will always be support/resistance in your way, be it psych levels,pivot points etc. the second ticket closed profit is up to your apetite risk.

I see that it signals 3-4 trades a day, or more in sideways markets, but as i see Forex market...there are usually two big moves,one in Europe, and one in the first 2-3 hours of US timezone, so perhaps we can deny other signals.

If you have any suggestions please tell.

I would like to properly backtest it, but it cant print bars more than a few days worth of data. Its blank after that. I checked the code

at metaeditor but i dont know what to edit to make it print more.

Can someone help with code?

Also, if someone finds a indicator based filter of the false signals, please tell. Although for scalping i think that only support/resistance has any meaning...I find moving averages useless.

Happy trading

Xander Moss

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70news2
214
70news2  

Thanks for sharing.Which system is it?

XanderMoss
11
XanderMoss  

I invented it. Its very simple.

Today i made a mistake and made trailing stops to a trade at early European time and broke even, BUT if i didnt trail it (damn fear...) i would have 20 pips from first ticket and 40+ until now from second one.

knowforex
8
knowforex  
Xander Moss:
I invented it. Its very simple. Today i made a mistake and made trailing stops to a trade at early European time and broke even, BUT if i didnt trail it (damn fear...) i would have 20 pips from first ticket and 40+ until now from second one.

Thank you for posting your system. It would be really great if you can attach a chart and explain what time and when you will open those two trades.. Little bit of more explanation is required.. I appreciate your time..

XanderMoss
11
XanderMoss  

At the image i cicle most signals. Even in Asia there was oportunity. But today was a very difficult day because of my country's decision (Greece)

Watch the big cycle. You will see there was 40-50 pips, but if you trailed it you would break even. And after some time guess what? It goes to our direction.

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