I like trying new things with FOREX. I used to scalp a bunch when I first started and I got away from it in favor of positional trading with medium term holding patterns. Well, I'm trying it again. And in Honor of Greg, who I learned to do this with, I'll post my Pip-N-Run results here on a daily basis.
The strategy: Different from Greg's he just uses raw charts and good timing(market overlaps of US/UK sessions for liquidity and momentum to carry his positions to the goal). I'm just using the 'Awesome Oscillator' default settings and 'Alligator' Smoothed Moving averages on default settings. Both of these are default add-on indicators for the MT4 platform. I am not sure if they are available on Marketscope, you would probably need to check out codebase. Scalp in the direction of the current swing on a 5 or 15M chart. Stop and Limit set to 15 pips. Trail by 5 pips. Quite accurate.
These settings are ideal for any trading session. I know Greg pip and runs at a certain time to have the best chance for success, These settings, especially the trailing stop, are ideal for whatever time of the day. BIG WARNING, DO ATTEMPT to do this during High Impact news releases. The market will be largely erratic and will fool these and many other indicators especially on smaller time frames. Just avoid trading news events with this strategy period.
The trail is to protect you form Greed. I am doing this experiment because in periods of high volatility especially, I can open positions and wait for an hour or 6(lol) to be positive 50-75 pips only to watch a volatility swing pull the position back to zero. The trailing stop allows the position to lock in some profit even if it is a meager 1 or 2 pips for each position you open ideally.
You can at your own discretion move your LIMIT or even change it altogether. However, under no circumstances, EVER, change the trailing stop from 5. The object here is to remove your risk as quickly as possible. This will allow you to complete the trade without stressing or hovering your PC or laptop. When it closes, if you are a trade addict, like myself, you can begin plotting your next scalp.
There is really nothing else to it. I will post my results and any adjustments I make to the strategy daily. Good Luck.
The strategy: Different from Greg's he just uses raw charts and good timing(market overlaps of US/UK sessions for liquidity and momentum to carry his positions to the goal). I'm just using the 'Awesome Oscillator' default settings and 'Alligator' Smoothed Moving averages on default settings. Both of these are default add-on indicators for the MT4 platform. I am not sure if they are available on Marketscope, you would probably need to check out codebase. Scalp in the direction of the current swing on a 5 or 15M chart. Stop and Limit set to 15 pips. Trail by 5 pips. Quite accurate.
These settings are ideal for any trading session. I know Greg pip and runs at a certain time to have the best chance for success, These settings, especially the trailing stop, are ideal for whatever time of the day. BIG WARNING, DO ATTEMPT to do this during High Impact news releases. The market will be largely erratic and will fool these and many other indicators especially on smaller time frames. Just avoid trading news events with this strategy period.
The trail is to protect you form Greed. I am doing this experiment because in periods of high volatility especially, I can open positions and wait for an hour or 6(lol) to be positive 50-75 pips only to watch a volatility swing pull the position back to zero. The trailing stop allows the position to lock in some profit even if it is a meager 1 or 2 pips for each position you open ideally.
You can at your own discretion move your LIMIT or even change it altogether. However, under no circumstances, EVER, change the trailing stop from 5. The object here is to remove your risk as quickly as possible. This will allow you to complete the trade without stressing or hovering your PC or laptop. When it closes, if you are a trade addict, like myself, you can begin plotting your next scalp.
There is really nothing else to it. I will post my results and any adjustments I make to the strategy daily. Good Luck.
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