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.
Thanks for sharing.Which system is it?
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..
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.