Midnight Scalper

[conglo]

I wanted to see if I could create a simple scalper using OOTB indicator settings.

 

This is designed for the E/U and Oanda data.

 

All indicator logic is based on the previous bar data.

 

Logic

Opening (Entry Signal)

Open a new long position or add to an existing position (limit order) at a Down Fractal when all the following logic conditions are satisfied:

 

the entry time is between 00:00 (incl.) and 04:00 EST(excl.); and

the Moving Average* (Simple, Close, 14, 0) rises; and

the MACD Histogram* (Exponential, Close, Simple, 26, 12, 9) falls.

 

Open a new short position or add to an existing position (limit order) at an Up Fractal when all the following logic conditions are satisfied:

 

the entry time is between 00:00 (incl.) and 04:00 EST(excl.); and

the Moving Average* (Simple, Close, 14, 0) falls; and

the MACD Histogram* (Exponential, Close, Simple, 26, 12, 9) rises.

Closing (Exit Signal)

Close an existing long position at an Up Fractal.

 

Close an existing short position at a Down Fractal.

 

If you want to take an earlier profit it is your choice.

 

Handling of Additional Entry Signals

Entry signal in the direction of the present position:

 

Add to the position no matter if it is at a profit or loss. Do not exceed 2 lots.

Entry signal in the opposite direction:

 

No modification of the present position is allowed. Cancel any additional orders which are in the opposite direction.

 

Here's a link to indis and template: http://www.megaupload.com/?d=YY9N1M8T

 

 

I just know someone is going to ask, so: No, there are no stops. NO STOPS. NO STOPS.

Edited April 11, 2011 by conglo

[conglo]

Umm.. duh.. uhhhh.. does this here thing have any stops, or what?

 

Ah cain't trade without no stops..

[conglo]

bump - added indicators and template

[Diesel 10]

Thanks for the system. The template only put Fractals on the chart. Should we add the OSMA and the FXSniperMA manually and change the FXSniper setting to 14? WHat time period, 1hr? What is the purpose of the price alert and should that be manually added? (These indi's were found in the zip file).

 

When you say enter a long at a down fractal, I assume that means after the down fractal appears which means a higher low would have had to happen before the fractal was confirmed. ???

 

Please clarify. Thanks.

[conglo]

Hi,

 

I guess I screwed up somewhere on the template.. it works here. Sorry.

Anyhow, yes, add the OsMA (default) and the FXSniper and set it to 14, simple.

I have the OsMA set to either green if going up or red if going down.

 

15M chart only.

 

Correct, a down fractal is confirmed by 2 higher lows, an up fractal by 2 lower highs. Buy at the fractal, you are buying into a dip, and vice-versa.

 

I added the price alert so you can set it on a fractal and then confirm it upon an alert.

It should be there if you've installed the template. If not, check the added indicators and click on it again, it should add it.

If not, add it manually. You don't have to use it, it's just handy.

 

 

 

Thanks for the system. The template only put Fractals on the chart. Should we add the OSMA and the FXSniperMA manually and change the FXSniper setting to 14? WHat time period, 1hr? What is the purpose of the price alert and should that be manually added? (These indi's were found in the zip file).

 

When you say enter a long at a down fractal, I assume that means after the down fractal appears which means a higher low would have had to happen before the fractal was confirmed. ???

 

Please clarify. Thanks.

Edited April 11, 2011 by conglo

[Diesel 10]

Hi,

 

I guess I screwed up somewhere on the template.. it works here. Sorry.

Anyhow, yes, add the OsMA (default) and the FXSniper and set it to 14, simple.

I have the OsMA set to either green if going up or red if going down.

 

15M chart only.

 

Correct, a down fractal is confirmed by 2 higher lows, an up fractal by 2 lower highs. Buy at the fractal, you are buying into a dip, and vice-versa.

 

I added the price alert so you can set it on a fractal and then confirm it upon an alert.

It should be there if you've installed the template. If not, check the added indicators and click on it again, it should add it.

If not, add it manually. You don't have to use it, it's just handy.

 

Oh, so buy when price gets to a previous down fractal and since there's no stops, it doesn't matter if that fractal is subsequently broken. We're just trying to buy very close to or at what is a low price; i.e. the previous down fractal. Right?

[conglo]

Yup.

Buy the dips in an uptrend, sell the highs in a downtrend.

If price goes down and violates another fractal, buy another one. Exit the next up fractal.

Two trades is the max, and even this has happened rarely, never more than two. Skip it if you want, it doesn't make that much difference.

 

I had 2 winning trades about an hour ago, but I took profits early.

 

Please note this strategy was constructed with Oanda broker (not historic) data. If using another broker your results probably will vary.

Edited April 11, 2011 by conglo