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Thread: Channel Scalper Modification

  1. #11
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    I just placed a BUY trade (a little late) because there was a signal about an hour ago on the 5-minute chart. I missed the trade based on my rules. I moved to both the 15-minute chart and the 30-minute chart, and the signal was still there, so I took a BUY trade. If you chose to take trades on the higher time frames, I am going to suggest adding 5 PIPs of profit to each trade. So, for example, on the 5-minute chart, we are looking for 5 PIPS of profit. If we move to the 15-minute chart, we add 5 more pips to our profit target. 15 minute chart = 10 PIPs profit target. If we move to the 30-minute chart, we add another 5 PIPs. So, 30-minute chart = 15 Pips profit target. These are all conservative profit targets. We could probably be more aggressive, but the key is to consistently close our trades in profit without getting stuck in heavy drawdown, or missing a trade that could have been closed out, but wasn't.

  2. #12
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    The trade I just took on the 30 minute chart... It may take longer to close... Hang in there. Profit Target on image is based on 15-minute chart because the signal appeared on both. I'm shooting for 10 PIPS, but waiting to see if we hit 15 PIPS on the 30 minute based on our profit taking rules.

    Channel Scalper Modification-eurusdm5-04-29-14-part-3-jpg
    Last edited by trayd; 04-29-2014 at 15:46. Reason: correction

  3. #13
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    So, here's the statement for the two weeks I've traded in April... Not bad. Looks like about 220 pips, or about 100 pips a week. As this strategy develops, and I take trades on higher timeframes, the profit levels should grow higher. I'm currently keeping my eye on the 5-minute, 15-minute, 30-minute, and 1-hour timeframes, and have placed a couple of trades today on those timeframes that closed in profit. You just have to remember that, on the higher timeframes, you're going to hit higher drawdown waiting for the currency to come back to a profit target. If you trade all four timeframes, you almost always have profitable trades closing.

    What I wanted to point out on the statement as well was that there were a majority of the trades (highlighted in green) that had a set profit target that was achieved via a Take Profit level. And, no losing trades... I'm hoping to continue this trend moving into May, and hopefully have someone come forward willing to turn this into a Robot/EA.

    Channel Scalper Modification-april-13th-through-april-30th-results-png
    Last edited by trayd; 04-30-2014 at 23:38. Reason: more comments

  4. #14
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    I found a guy at this web address Scalping system with Bollinger Bands, Stochastic and RSI - Forex Strategies - Forex Resources - Forex Trading-free forex trading signals and FX Forecast

    (Forex Strategies Resource is the Website name in case the link doesn't post - Do a search for Bollinger Bands Stochastics RSI and this should come up)

    He has an indicator that he designed and is using to alert him to the crosses I am looking for. So, I am going to try out his indicator and see how successful it is. You will still need to watch the distance between the bands when trading to ensure they are AT LEAST 10 pips apart before taking a trade.

    Also, his settings for the Stochastic Indicator and RSI are different then the defaults that you may have in MT4 or MT5. I use something different for the Stochastic Indicator. I don't see much deviation in his signals so it should be okay to use. I will continue working with it and let you know how it goes.

    T
    Last edited by trayd; 05-05-2014 at 22:20. Reason: added info on outside indicator

  5. #15
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    Took this trade this morning and netted about 4 pips. There was a trade a couple of hours before hand that I missed. Indicators and plan seem to be working well.

    Attachment 28394

  6. #16
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    Attachment 28394

    Reposted

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