Profitable Scalping Strategy alert indicator required

[dark_messiah_fall]

Hi dark,

 

I posted the link earlier which contains indicators and template, you must have missed it as I forgot to put it in "

" tags...

[code]http://www.multiupload.com/D59YLYCAE6

 

thanks in advance i wonder h ow u use osma and volume in this system please guide me more

[soundfx]

Norman,

 

I've not used CKspeed before - thanks for the suggestion as it could work nicely with the first system I posted. I'm going to concentrate for now on the second system posted, however as the signals are much clearer and better and don't appear to need any filtering (at least not on the 5M chart anyway).

 

Dark,

 

I'm not using OSMA - it just came with the template because I think the originator of the system was using it at one point but doesn't any more. Volume is just used as an indicator of whether there's going to be enough volatility in the market (i.e. high volumes) to get a decent scalp trade.

 

If you're planning on using the system outside of core trading hours (i.e. UK/US) then volumes may be a valuable indicator. Also, if the markets in core hours are particularly dead and volumes are showing low values (as is typical before a big expected news announcement), then you're best off not attempting any scalp trades.

 

To trade this system manually - look at the signal and check out the higher timeframes to see if they support the signal. For example if you get a sell signal and a bullish pinbar on the 1H chart appeared as the previous candle, then short may NOT be a good direction to trade in.

 

Also check pivot S/R levels near your entry - if these levels are close then the chance of price bouncing back from them will be high and will limit the pips you can gain. S/R levels or pivots can also be used as targets for scalp trades which are running away in profit.

Edited May 30, 2010 by soundfx
added a crucial "NOT"

[fx4a]

http://stashbox.org/911873/2010-05-30_SFX.png

 

This modified RSI indy might work.. See how it filters out all the red pip trades and keeps the green.

Worth further investigation. Let me know if interested.

EDIT: I missed one of the profitable trades..3rd red arrow

Edited May 30, 2010 by fx4a

[soundfx]

Hi fx4a,

 

You can't include images directly into your posts, you first need to put them on an image sharing website.

 

I use flickr to upload the images. You need the link for the image and then just click on the "Image" button when posting (the icon with a tree picture in it) and add the link for the image.

 

I'll be interested to see your modified RSI in action when you can upload the image ;)

[fx4a]

Thanks soundfx... See edit in previous post

[soundfx]

Hi fx4a,

 

Based on that chart only it seems as though we could add the following rules which may work nicely:

 

Long: RSI must be green for Previous candle to signal candle and for signal candle

Short: RSI must be red for Previous candle to signal candle and for signal candle

 

I think we need to run with these indicators for a while in different market conditions to see what's going to work most consistently.

 

However those Short signals which appeared late in the day I wouldn't have traded anyway as they're outside the core hours where most volatility occurs (from around 8am to 4pm GMT).

[fx4a]

Ok

Here's the RSI mod indicator anyway. Set it to period 8..

[url]http://stashbox.org/912037/RSI-TC_NEW.mq4[/url]

[Lord_Sauron]

so any luck :P

[soundfx]

Lord_Sauron,

 

Try the indicators yourself and see what you think. Everyone trades in different ways and use indicators in different ways too.

 

I reckon that the second indicator alert which loopyno kindly created is the best and I use it on 15M charts for EU and GU, however you will get false signals, so use it only in UK/US core hours to ensure that false signals are minimised as much as possible. Also, if the chart looks horizontal then don't expect good signals as price is going nowhere for the time being.

 

It's the alert which is handy to me which tells me that there may be something interesting going on in the market, if I'm not looking at charts at the time. You will need confirmation which could come from a variety of indicators, an MA cross and an alert is normally a very strong signal for a nice move coming up for example.

Edited June 15, 2010 by soundfx

[Mustafa]

Helloo SoundFX great work u can use this THV Trix indicator for more confirmation instead of other

http://www.4shared.com/file/AbmV0mTi/THV4_Trix_called.html