Intraday Trading the Forex market to make consistent profit

[Forexmospherian]

F:

Let's change direction. Tell me what you need to know to determine whether or not a trade is possible. Then maybe I can code an indicator to do that.

After all this time, I don't think it is possible to code your method completely in MT4. I think it would have to be coded in an AI langauge so the result is self teaching/learning.

Morning Tro

OK

1 First clue for me is the actual time of the day - ie Opens and even change in sessions - and then the time windows

In a 24 hr trading day - the key peak times are - all UK times as of today -

Say 6 00 am to 9 00 am

Then 12 00 - 1 30 pm

Then 2 30 pm to 4 00 pm

So in those 6 hrs - ie a 25% of the 24 hr day - maybe 60 -75% of all main moves on a pair happen.

Then in the 36 mins of the hourly time windows - another 70 -85% of all move changes happen

So really in a 24 hr day we need to focus on 6 x 36 mins - ie 216 minutes - 3hrs and 36 mins of main action

2 Next clues after time

Levels - major S & R's as well as interim dynamic and static levels - lining up with Time Windows

3. Next clues 3 + pip trends and a wrong way move. We need to remember we are in a manipulated computerised game and normally we get a small false 3- 7 pip move before the proper more directional move of 7 -25+ pips

4, Price action - HH's / HL's and 3 quick LR's and as an interim high or low held for 30 mins ?

5 LR structure and trendlines ie is the 9 lrs all under price - or 9 Lrs all over price - with no main interim level to breach

6 Previous size of action - after busy periods - we normally get lulls - I call these BTTZ areas - as they are proper noise and of no real importance - ie tight ranges under say 15 pips

7. Personally - i am not bothered about the past day or week or month. They do not effect my Intraday scalp trading - as we have said a trend is any move above 3+ pips - they are either allowed to carry on - or are stopped by S & R's

Hope this makes sense with regards to the technicals etc

Then money and the number of pips and trades I have already in the bag - effects my next trade. If I am on a roll - with say 10+ consecutive wins and have good money in the kitty - I will take additional controlled risks.

However if I have just had 3 or 4 losses in a row of 5 pips - I wait and re assess the session and look for AAA+++ trades - rather than jump in any old scalp


Regards



F

 

[andrac]

Aye...and good luck coding THAT!!! (just kidding)
Actually, quick question - do you use probability enhancers - oscillators etc?
(took a couple of E/J scalps, bounced of your 500 &285 LR - wondering if we are going to get a run up?)

 

[Forexmospherian]

Aye...and good luck coding THAT!!! (just kidding)
Actually, quick question - do you use probability enhancers - oscillators etc?
(took a couple of E/J scalps, bounced of your 500 &285 LR - wondering if we are going to get a run up?)

Hi Andrac

i had use to compliment my decision making on hr TW scalps with oscillators- working out if Price was OS or OB on the smaller frames - but got to the stage - I no longer needed them - with time - LR's - trend lines - S & R 's giving me enough clues etc

With regards to dynamic S & R's yes - LRs can give you additional assistance

For the last 3 hrs plus - yes the EJ - like the EU as been trying to creep up again and above 137 83 still is in a scalp bullish mode - would need under 80 and 75 to get back scalp selling etc

Regards


F

 

[BadRobot]

"In a 24 hr trading day - the key peak times are - all UK times as of today -

Say 6 00 am to 9 00 am

Then 12 00 - 1 30 pm

Then 2 30 pm to 4 00 pm "

GMT or BST? Does it matter, would it just be current time if we are in winter or summer?

 

[Forexmospherian]

"In a 24 hr trading day - the key peak times are - all UK times as of today -

Say 6 00 am to 9 00 am

Then 12 00 - 1 30 pm

Then 2 30 pm to 4 00 pm "

GMT or BST? Does it matter, would it just be current time if we are in winter or summer?

Hi BR

Allow an hr difference for clock changes - I have quoted as summer time

Would prefer a 6 am start - but it is not always on for me - but normally trading by 6 30 am and I then will go through to 5 or even 6 00 pm on busy days

But those 3 different time sessions are generally when volumes increase and players are playing

Regards


F

 

[TheRumpledOne]

Good day, F:

You mentioned 4 hour SR levels. I dusted off an old indicator I wrote to show the highest high/lowest low for the last X bars. I set X = 240 (4 * 60) to show the HH/LL for the last 240 minutes (4 hours). See the yellow "diamonds".

 

[Forexmospherian]

Good day, F:

You mentioned 4 hour SR levels. I dusted off an old indicator I wrote to show the highest high/lowest low for the last X bars. I set X = 240 (4 * 60) to show the HH/LL for the last 240 minutes (4 hours). See the yellow "diamonds".[/QUOTE]

Hi TRO

Yes you would expect the 4 hr to have more importance - but I reckon the one hr levels when they happen more can be better.

As we have said before - all 1 hr charts and time frames below - are common to all chart packages across the world

However - 4 hr - and even other combinations - are all different according to the daily closes and cut offs in the 3 main areas - ie US - Europe - Asia.

So that's why you don't always get the accuracy or consistency on levels.

Would be good to see how your indicator works based on common one hr levels over a 24 hr day

Regards


F

 

[TheRumpledOne]

Good day, F:

You mentioned 4 hour SR levels. I dusted off an old indicator I wrote to show the highest high/lowest low for the last X bars. I set X = 240 (4 * 60) to show the HH/LL for the last 240 minutes (4 hours). See the yellow "diamonds".

Hi TRO

Yes you would expect the 4 hr to have more importance - but I reckon the one hr levels when they happen more can be better.

As we have said before - all 1 hr charts and time frames below - are common to all chart packages across the world

However - 4 hr - and even other combinations - are all different according to the daily closes and cut offs in the 3 main areas - ie US - Europe - Asia.

So that's why you don't always get the accuracy or consistency on levels.

Would be good to see how your indicator works based on common one hr levels over a 24 hr day

Regards


F[/QUOTE]

F:

It is a rolling SR indicator.... meaning for each new bar, it drops off the oldest bar.

Maybe I didn't understand your 4 hour reference.

Do you want the highest high/lowest low for the last 240 minutes or the last 60 minutes? 4 hours or 1 hour?

I am not use H4 or H1 bars to determine SR. I am using 1 minute bars.

 

[Forexmospherian]

Hi TRO

Yes you would expect the 4 hr to have more importance - but I reckon the one hr levels when they happen more can be better.

As we have said before - all 1 hr charts and time frames below - are common to all chart packages across the world

However - 4 hr - and even other combinations - are all different according to the daily closes and cut offs in the 3 main areas - ie US - Europe - Asia.

So that's why you don't always get the accuracy or consistency on levels.

Would be good to see how your indicator works based on common one hr levels over a 24 hr day

Regards


F

F:

It is a rolling SR indicator.... meaning for each new bar, it drops off the oldest bar.

Maybe I didn't understand your 4 hour reference.

Do you want the highest high/lowest low for the last 240 minutes or the last 60 minutes? 4 hours or 1 hour?

I am not use H4 or H1 bars to determine SR. I am using 1 minute bars.[/QUOTE]

On my old GFT charts - i had an HI/ LOW indicator which could be set at any period from 5 mins to monthly

It was useful and I normally left in on a 30 min window

It basically change background of chart colour - showing the range in that period

On my Dukas and FXpro charts not got it - so put manual lines on instead

Somehow need a indicator of some type to show when price hits multi significant levels ie if in last 30 mins near a 4 hr / daily / weekly / monthly important S or R ?

 

[4exbob]

On my Dukas and FXpro charts not got it - so put manual lines on instead

Somehow need a indicator of some type to show when price hits multi significant levels ie if in last 30 mins near a 4 hr / daily / weekly / monthly important S or R ?

i think you can load multiple instances of tro's indicator , and the input for the instance is the number of 1 minute bars you look back
4hr --> 240
d 24 * 60 = 1440
w 7*d
etc

but i am speaking b4 tro returned )

i am interesting following this thread

another question i have Forexmospherian:

you mentioned that you take 70% off when etc....

are you also pyramiding, when for example you have an (defined by some entry rules. for example close by yearly high/low) at an a++++ trade when in profit you add to your position etc.??

and big thanks for the effort and sharing.

 

[Forexmospherian]

i think you can load multiple instances of tro's indicator , and the input for the instance is the number of 1 minute bars you look back
4hr --> 240
d 24 * 60 = 1440
w 7*d
etc

but i am speaking b4 tro returned )

i am interesting following this thread

another question i have Forexmospherian:

you mentioned that you take 70% off when etc....

are you also pyramiding, when for example you have an (defined by some entry rules. for example close by yearly high/low) at an a++++ trade when in profit you add to your position etc.??

and big thanks for the effort and sharing.

Hi 4 exbob

No problem - all questions welcome

i am basically a Intraday SSS Trader - ie ( Sweet Spot Scalper ) who normally targets only 7 -25+ pips moves - ideally all within 15 -30 minutes - but if I think i see more potential and have caught a larger move - I will take 70% of my stakes off and then forget the trade and leave 30% on with stop in profit - even if its just a few pips - its OK

So for example and I will keep this relevant to my own trading -

So i enter a scalp in my time window with a hard stop say 20 -25 pips ( emergency / safety only ) away but a soft ( working stop) of only 3-7 pips - average 5 pips. All scalping is watched and on a one click in or out method.

If it starts to go my way - I look for potential targets of over 7 pips and enter with average 6 lots

If its a counter trade I might take 100% stake off at say 6 -10 pips - as I would be looking at an opposite scalp

If i am scalping from an interim daily low or high - and see the price stay still positive in my direction after 30 mins - i will be then only stay in at 30% stakes say 2 lots

If I get stopped out - i just make say 8 pips at 4 lots - ie $320 against a possible $480 if I had taken all stake off

However if my 30% stake works - i might then make 25 - or 50 or even 200+ pips on 2 lots

On average 2 out of 10 scalps work with pyramiding and peeling - but only always using profit money - ie I dont do any silly averaging down or martingaling etc etc

Best one this year is over 700 pips off the EA - and in 2012 I managed a 1000 pip trade from an original 5 pip stop on the EJ

Once I have locked a trade in profit - i can really leave with no stress and just keep moving stops more into profit - but i still might take new scalps on that pair whilst this is going on ie many days since April I scalp bought the EA - whilst having a longer term 30% sell trade on under 5500

Hope that helps


Regards


F

 

[TheRumpledOne]

Dark orange "dots" are the HH/LL for rolling 60 minutes.

 

[Forexmospherian]

Dark orange "dots" are the HH/LL for rolling 60 minutes.

Hi TRO

Well that's interesting - need to check it out more etc

Saw the other day many traders seeing just sell on EU on the 4 hr and hourly - whilst the 5 mins was bullish

Yes so many think the monthly weekly daily 4hrs are the strong movers

Give me a tick chart and a 1 min chart any day

Regards


F

 

[Forexmospherian]

EU today - prior to news move

Hi Tro

I thought you would like this chart as it shows the importance of the LR structure and compliments purely the 3 quick white immediate LR - that are great for scalping - but only offer part of the picture for intraday

Levels are marked with horizontal lines and trend lines giving the dynamic levels

Then its just the time windows

Remember this system is dynamic looking for moves every 21 -30 mins - but sometimes it can forecast even 60 mins + ahead - but it will never be a "fortune teller " trying to forecast complete sessions in advance


Regards


F

 

[TheRumpledOne]

Hi F:

Thanks for the chart but I need more information and details to code.

 

[Forexmospherian]

Hi F:

Thanks for the chart but I need more information and details to code.

Hi TRO

i am trying to think how to explain it better to progress your coding

Lets look at numbering the colours of the 9 LRs

OK - 1 - dotted white feint - quickest LR

2 - dotted white thicker

3 - thicker non dotted white

4 - red

5 - yellow

6 - orange

7 - green

8 - dark green dotted

9 - Thick white dotted - longest LR

OK - you have used 1 / 2 / 3 for scalping direction

Price structure is determined by 7 / 8 / 9

1 to 3 can change every 5 - 10 mins even

4 -6 - take longer to change crossovers - ie can be 15 - 60+ mins

7 -9 - main session structure - may take hours to even days to change - with 8 and 9 controlled by 7

Maybe you could look at now connecting say 6 or 7 to the 1 / 2 / 3 coding you already have - based on over and under again ???


REgards


F

 

[TheRumpledOne]

F:

We have done red/yellow/green 4/5/7. Orange 6 has not been part of this. 8 and 9 not even mentioned in weeks!!

How would we "connect" 6/7 to 1/2/3?

So far, 3 solid white is given the clearest/cleanest trading trigger.

 

[Forexmospherian]

F:

We have done red/yellow/green 4/5/7. Orange 6 has not been part of this. 8 and 9 not even mentioned in weeks!!

How would we "connect" 6/7 to 1/2/3?

So far, 3 solid white is given the clearest/cleanest trading trigger.

Hi TRO

Either 6 /7 / 8 /9 are coded like the 1 / 2 /3 you have already done or for me manually I check just 7 /8 /9 to give me a 1 - 4 hr bias off a 1 min chart.

7 is the important one for the start of a structure change.

Normally the scalp LRs' 1 / 2/ 3 will catch you scalps for 3- 10 pips

To hold on for say 15 -50 pip moves - this is were you need the extra clues given by 6 / 7 / 8 /9.

Also if say 1 / 2 /3 say scalp sell and price drops to a new low - say - 5 -10 pips lower than before - if 8 and 9 are still below price - that's a clue for me that we should get a retrace up again

Similar on other way around


Regards



F

 

[4exbob]

Hi TRO

Either 6 /7 / 8 /9 are coded like the 1 / 2 /3 you have already done or for me manually I check just 7 /8 /9 to give me a 1 - 4 hr bias off a 1 min chart.

7 is the important one for the start of a structure change.

Normally the scalp LRs' 1 / 2/ 3 will catch you scalps for 3- 10 pips

To hold on for say 15 -50 pip moves - this is were you need the extra clues given by 6 / 7 / 8 /9.

Also if say 1 / 2 /3 say scalp sell and price drops to a new low - say - 5 -10 pips lower than before - if 8 and 9 are still below price - that's a clue for me that we should get a retrace up again

Similar on other way around


Regards



F

Hi F,

sorry for mixing into the discussion.
i quite understand that trading is not always black and white etc. etc.

I am also a programmer, and in programming (just as in real life ), you can not forget something a little.... you just forget or do not forget something.

if i understood correct what you just wrote we can divide these lines in 2 groups:

the 1,2 & 3 belong to the ENTRY rules.

and 6,7,8 & 9 Belong to the EXIT (or the should i stay or leave) rules.

maybe there is more discretionary which we can not fit in rules, but for a programmer it helps tremendous to get it as straight as possible.
(in a WHAT/IF scenario)

further we had for entry:
- the mentioned time window x minutes around the half and full hour
- SR levels (for me not yet clear... but i have lately not done much screen watching)
- ......is there more ??

and maybe there is more, from which you maybe not even realize they are part of your method (but as long as it works keep doing it)

grtz from the land of beer & chocolats (aka belgium)

Bob

 

[andrac]

Hey there

And some things in life can be Black AND White - its a complex system for sure.
Here - GBP-YEN - this LR - a 1200 on my chart - acted as entry....http://screencast.com/t/O0DJBQXEG
Having looked at LR'S for a few months it appears when price is above-below PA is an indication of OB/OS rather than a time to enter (sometimes) - also LR's react differently on different platforms - and time-frame.
There's a bit of a learning curve - but I'm sure we'll get their

Hi F,

sorry for mixing into the discussion.
i quite understand that trading is not always black and white etc. etc.

I am also a programmer, and in programming (just as in real life ), you can not forget something a little.... you just forget or do not forget something.

if i understood correct what you just wrote we can divide these lines in 2 groups:

the 1,2 & 3 belong to the ENTRY rules.

and 6,7,8 & 9 Belong to the EXIT (or the should i stay or leave) rules.

maybe there is more discretionary which we can not fit in rules, but for a programmer it helps tremendous to get it as straight as possible.
(in a WHAT/IF scenario)

further we had for entry:
- the mentioned time window x minutes around the half and full hour
- SR levels (for me not yet clear... but i have lately not done much screen watching)
- ......is there more ??

and maybe there is more, from which you maybe not even realize they are part of your method (but as long as it works keep doing it)

grtz from the land of beer & chocolats (aka belgium)

Bob