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I see a lot of your boxes are formed by breakouts...the video you included showed a box being formed but it was already in the works when it stated to get in I guess...can you see it coming or do you get in when the box forms or when it states to get in ...and have you ever looked at MNQ.....
and just a note.... to the person who asked...the renko I stated is actually Unirenko....where you state the offset/the size of your bar/ and then the reversal size....where as renko just state the size of the bar....as it doesnt show reversal....
Scalping itself is often called a "strategy" which it in my opinion isn't, it's a trading style which for most people are the hardest to become profitable with. If you yourself got a strategy or system that works on smaller timeframes consistently that could make you consistent.
Sorry, didn't explain it well. The boxes I draw manually and place them to mark possible/successful 1 pt. scalps. So they're of no use to my trading, the white/blue pivot lines are what I use and they plot in real time. So yes many of the trades are BO's of the previous S/R areas. The other trade I look for using them is during PB's in a trend if there is enough room I scalp a point going back "to" the prev. S/R. Many times those trades also BO and it's a 2 point possibility.
Yes, I have looked at the NQ/MNQ several times, the movement is just too nerve racking for me. I looked at it again after lancelottrader's excellent webinar.
Slower markets are typically better to learn on, however more range typically provides better scalping opportunity in my experience. Scalping typically needs a much higher win rate than swinging, and a lot more experience necessary to be able to stay out of trouble.
I think scalping is sustainable. It all depends on the expectancy of your system and self-control.
I only trade the NQ and scalping is what I do from 9:30-10AM, sometimes 10:30AM max if there is a lot of volatility and the market is trending strongly. I take about 2-4 trades max with the size of only 1 contract during this period if the market is volatile enough for me to take trades on a certain day. If there is no volatility, I don't trade that day. I used to trade eagerly, wanting to make money everyday even if it wasn't volatile enough for me. But, I learned the lesson that the market is not a daily annuity for some people the hard way, and I will explain later in my post.
My current system has 50% win rate and my reward to risk ratio is 2:1, so my profits are 2x larger than my losses if a trade works in my favor. I do this by using bracket orders with pre-defined tick amounts for the stop loss and profit target. My current system has worked well for me and I am very comfortable trading it. However, there is a catch. If I have 2 consecutive losses, I stop trading for the day. If I have two consecutive winning trades, I stop trading for the day. If I make 3-4 trades and I roughly breakeven, I stop trading for the day. These three rules are to specifically protect me from overtrading, greed, impatience, and revenge trading. These rules also help me stay profitable. If I stick to them, I make money. If I don't stick to them, I lose money.
The three evils for a scalper, in my opinion, are: greed, impatience, and overtrading. I say this because I have experienced it. I used to sling for a high win-rate system, overtrade, make bad entries, not trade around key support/resistance levels, trade in a choppy low-volatility market, revenge trade, etc. The result of this, I blew up an account. My greed was unchecked. I had no patience, no discipline, and no clear system with strict rules. However, I am grateful for that experience because it made me better and pushed me in the right direction.
I still make mistakes and my system is not perfect, but it works for me and will have to adapt if it becomes unprofitable. So, in conclusion, I think scalping is sustainable but with strict rules against your human nature. But, for some people, like me, account blowups can teach you this and I never want to trade like that again.
Hi!
I find quite interesting who you use bollinger with Cumulative Delta and with price and I have done a couple of strategies with Bloodhound. In the first one I use a 15 min timeframe chart for setting the bias (long or short) and a 1 min chart with Dynamic SR for entries. The bollinguer with Cumulative Delta did not work well and I used Bollinger with price only.
In the second strategy I used a 500 vol. Line break chart. It seems to work too well to be true, do you or anybody know if Line break charts repaint as renko? I you want me to share more detail of the strategies I have done, I donīt mind to share it with you... the ideas are coming from you.
Thank you.
if you use Renko in NT you also have to have slippage of the same size as your Bar so if you were using a 2,5,10 unirenko....slippage would have to be set at 5(the actual size of the bar).....now when you do a backtest you are going to get number that are closer to the truth and you may not like the numbers........however is you can have the slippage set and get good numbers....you may have something...would love to see some of your testing....cumulative delta works on NQ but not on RTY....ES and Cl and GC also work well....
I have heard and seen so much about using market profile (order flow) or volume profile but on futures.io not many traders seem to use these tools. The most ones use linear charts and/or tick charts. Is market profile only hyped by brokers and trading software companies?
RemoveLastBar is referenced multiple times in the LineBreakBarsType. As a general rule I'd be weary about any backtest run on bars that are not time based. Even if it's not redrawing they have a tendency to take trades in fast action where the simulator won't give accurate backtest results.