Scalping system#7(great gbp




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Scalping system#7(great gbpScalping system #7 (Great GBP/JPY 1M scalping strategy)

Submitted by Chelo on November 24, 2007 - 15:39.

So here is a strategy I have trying to work out fot the past month, and I seem to be getting better at it. What would be very nice, is if anyone can help me tune it a bit more.

Submitted by Chelo on January 24, 2008 - 14:08.

I am still tweaking this system, and I found a very good combination of indicators to filter bad trades:

1)the laguerre indicator. It must be used in 5M timeframe otherwise it will give too many false signals:

here is how the indicator works:

download indicator:

setup for the indicator:

gamma: 0.66

ccount: 9500

levels: 0.15 - 0.45 - 0.75

Only trade when system conditions are met + laguerre indicator (IN 5M CHART) is going in the direction of your trade and past 0.15 for long and 0.75 for short.

2) I found a version of the stochastics indicator called "Stochastic DiNapoli" which gives much better signals than the common Stochastics indicator found on MT4, also set to 8,3,3 and levels at 70 - 30. (though Chalesi's recommendation works fine, this one will be a bit more reliable)

Indicator:

Wait for Stoch to cross over 70 for shorts, and cross below 30 for long.

2) Check Laguerre in 5M timeframe (trade that direction only when cross over 0.15 for longs or below 0.75 for shorts)

3) Check StochDinapoli in 1M, cross at or below 30 for longs, cross at or above 70 for shorts

This will filter most of your bad trades.

Scalping system #7 (Great GBP/JPY 1M scalping strategy)

Submitted by Chelo on November 24, 2007 - 15:39.

So here is a strategy I have trying to work out fot the past month, and I seem to be getting better at it. What would be very nice, is if anyone can help me tune it a bit more.

Currency: GBP/JPY or USD/JPY (though i use it mainly on gbp/jpy:

Timeframe: 1M, 5M, 15M

Indicators: 3 sets of bollinger bands:

1) Period 50. Deviation 2 (RED)

2) Period 50. Deviation 3 (orange)

3) Period 50. Deviation 4 (Yellow)

(the template for this bollinger bands can be downloaded form this post)

Once you load your template you will notice the three sets of bollinger bands. Now, price will constantly range between these lines.

Sell strategy:

When price crosses the upper red band. at least half way to the orange band (if it gets to the yellow band is better but not as usual) Then the price will tend to retrace towards the center of the bollinger bands, you profit form this retracing.

Buy Strategy, it is the same as selling, the difference is that we will wait for the price to range between the lower red and yellow bands, and trade the retracing towards the center.

Tips: do not trade on ranging, or quiet markets, do not trade previous to news releases. Go for 5 to 10 pips. Great system to trade between opening of london session and the closing of the japan session.

Stop Loss: since this strategy requires you to look at the screen (remember this is the 1M time frame) I tend to have two kinds of stops: time based and loss based.

Time based: Try and figure out how long will it take the market to get in your expected direction, if the time that you planned is already due, then close the order. No point on waiting for a loss.

Stop Loss: Since you are trading a very tight time frame your stops should also very very tight. Sometimes, you will profit from a 3 minute trade and you wont be able to set a proper S/L. So your stops will be given to you by your money management system.

What I would like to do is to study wether to add or not some extra indicators. I attach the results from my last week 102% profit, +80% of profitable trades.

Any help is welcome

Template is attached as Rar file and goes in your templates folder in the MT4 directory.