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Thread: Retracement Scalper. (Tested on M1, M5 and H1)

  1. #1
    Junior Member
    Join Date
    May 2011

    Lightbulb Retracement Scalper. (Tested on M1, M5 and H1)

    Hi All,

    I have been playing around with this retracement scalper for a little while and it seems to do pretty well. It is based on a visual pattern method and I have done my best to set rules for identifying trends.

    Here is the few days for the System and the 3 trades that it took. Retracement Scalper. (Tested on M1, M5 and H1)-retracement-trader-gif

    The Green Boxes Annotate the Winners while the Red Box shows the Loser (I hate when systems don't show losers.)

    The Signals to Enter the Trade are as follows.

    For Buy:

    Price above the Filter MA AND and the Filter MA is not inside the bollinger bands (In this case a 50 Simple Moving Average)- The Bright Green Line on your Charts. Should be able to turn this rule off as I dont use it for Higher Timeframes, but for the M1 and M5

    Price Closes Below the Bollinger Level- (In this Case 10, 1) Standard Deviation. By having a fast moving Bollinger I can see levels where the market is slowing down and pick up the smaller retracements that exist in every trend.

    Trend Ma is still above Signal MA.- This is where the Ea Really Shines. The Trend MA and the Singal MA are the same period except the signal is the open and trend is the Close. If the Price is on the bottom of the bollinger level but the Trend MA is above the Signal MA, the Market is still registering an Uptrend and the Price Should Correct in a big way. You can have tight stops on this type of trade as you notice when trading the retracement if the continuation comes you can grab alot of pips.

    Reverse Signals for Shorting.

    Order management can be done one of 2 ways.

    Order Management:

    You can simply set take profit and and stop loss pip levels. I have yet to find a perfect system for this. especially since I trade Multiple time frames, I find that stop losses should be aggressive (If you are wrong the market usually moves against you in big way.) I recommend a 2-2.5 Reward/Risk Ratio when setting the tp and sl. Use the ATR (14) as your Guide.

    Complex Order Management:
    This is something I do on larger timeframes but would love to have an EA help me with on smaller ones.
    You Set Stop Loss to a MM % (for example lets say 5% of your overall account. and you set your stop loss to equal to the ATR (14) X Stop loss Coefficent (for argument sake lets call it 1.5). Then you Calculate lot size backwards so that if your position stop losses out, it is equal to the set stop loss. This allows you to make money in quieter markets while still protecting your investment if the market starts whipping around.

    TP is set by TP Coefficient X ATR (14). (I haven't found the perfect take profit method yet. Id appreciate help if anyone would like to give it to me.)

    Other Features:

    Trading hours Limit
    Audio MSg and Audio Alert when trade is entered.

    If anyone has any questions let me know, Id love to see this programmed.

    Funyoo- Please Program. It would be a great help to me and other members.


    Last edited by Fxbandit; 09-12-2011 at 22:19.

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atr, average, bands, bollinger, guide, hours, investment, level, markets, money, moving average, pattern, pips, profit, scalper, signals, simple, system, systems, trading

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