Intraday Scalping

Gettysburg

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Hello guys, there I will be post GBPUSD Trading strategy based on IDT's rules
Their main rules using IDT's forecasts with RSI indicator on 5 minutes time frame GBPUSD.
After trade day I will post there my trade for all past trade day using a my friend's help from TSD forum and using his photo with his copyright.

GO-GO- LET's GO !!!
 
Today's example (the first)

07.02.2007 for Tuesday 03 (New York time)
(super intraday)
- 05:15 am - 11:30 am (07.03.2007) - buy
"+++" - pluses - means without trade-risk.
------------------------------------------
(intraday)
- Up trend
- buy zone 2.0171-2.0125
- stop 2.0085
- target 2.0239
------------------------------------------

Above you can see full IDT's forecast, but I use only (intraday) thread: - Up trend and - target 2.0239 and RSI
RSI(14) on close price using MT 4.0
Look at the photo below with a chart GBPUSD 5 min and RSI(14) with levels 30 and 70
 

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Today was a good forecast

07.03.2007 for Wednesday 04 (New York time)
(super intraday)
- 02:20 am - 04:00 am (07.04.2007) - buy
"+++" - pluses - means without trade-risk.
------------------------------------------
(intraday)
- Up trend
- buy zone 2.0143-2.0117
- stop 2.0077
- target 2.0181
------------------------------------------

Total profit + 44 pips

Entries and exits at the photo
 

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Another similar system for Free......

07.03.2007 for Wednesday 04 (New York time)
(super intraday)
- 02:20 am - 04:00 am (07.04.2007) - buy
"+++" - pluses - means without trade-risk.
------------------------------------------
(intraday)
- Up trend
- buy zone 2.0143-2.0117
- stop 2.0077
- target 2.0181
------------------------------------------

Total profit + 44 pips

Entries and exits at the photo

Similar to James' free system on "Babypips.com" using Stochs. and Inside bars/Pin Bars:

http://forums.babypips.com/free-forex-trading-systems/1487-between-40-100-pips-per-day.html
 
Gettysburg,

thanks for sharing an essentially clean and simple method.
you are effectively trading pull-backs into the main trend, ie; looking for dips to buy in uptrends, and looking to sell overbought conditions into a downmove.

however, the big problem with these is identifying stop-losses.
how far could the last two trades gone against you before you bailed out?
(bearing in mind you averaged a losing position.)

(I also trade pull-backs. I find identifying the "correct" pullback the killer, as in a strong trend the pullback would be shallow and may not hit the 30/70 and you miss a humdinger of a move, and a softer trend may have deeper pullbacks which makes your eyes water on small 5-min time-frames.)

good stuff. hope you keep posting.
 
Gettysburg,

thanks for sharing an essentially clean and simple method.
you are effectively trading pull-backs into the main trend, ie; looking for dips to buy in uptrends, and looking to sell overbought conditions into a downmove.

however, the big problem with these is identifying stop-losses.
how far could the last two trades gone against you before you bailed out?
(bearing in mind you averaged a losing position.)

(I also trade pull-backs. I find identifying the "correct" pullback the killer, as in a strong trend the pullback would be shallow and may not hit the 30/70 and you miss a humdinger of a move, and a softer trend may have deeper pullbacks which makes your eyes water on small 5-min time-frames.)

good stuff. hope you keep posting.
Hello my friend!
My stop losses are: stop in the forecast and the current market price when I receive a new forecast for the next trade day, simple method.
If you want - I can post there a script for RSI indicator wich gives you an alert when the price takes 30 or 70 levels in 5 min time fame for better and simpler work in Scalping.
 
RSI's script alert for MetaTrader from IDT

//+------------------------------------------------------------------+
//| RSI_Alert.mq4 |
//| IDT |
//| http://www.intradaydreamtrading.com/ |
//+------------------------------------------------------------------+
#property copyright "IDT"
#property link "http://www.intradaydreamtrading.com/"

#property indicator_chart_window
//---- input parameters
extern double F_level=30.0;
extern double S_level=70.0;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----

//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars=IndicatorCounted();
//----
double currRSI=iRSI("GBPUSD",PERIOD_M5,14,PRICE_CLOSE,0);
if (currRSI>S_level || currRSI<F_level) Alert("RSI=",currRSI);
//----
return(0);
}
//+------------------------------------------------------------------+




1-you must download MetaTrader 4.0
2-open Meta Editor
3-create a clear list
4-paste above's text
5-push compile
6-save as in indicator's folder ---e.g. "IDT RSI"
7-reload MetaTrader
8-add to your GBPUSD chart "IDT RSI" indicator ---- that's all - you can work and you can free your eyes and you can only hear a signal when the price take 30 or 70 levels of RSI
GOOD WORK MY FRIENDS!!!
 
thanks Gettysburg for replies and MT-4 stuff.
(memo to self: learn to read the post fully before writing)
 
Similar to James' free system on "Babypips.com" using Stochs. and Inside bars/Pin Bars:

http://forums.babypips.com/free-forex-trading-systems/1487-between-40-100-pips-per-day.html
Thank you for the link, but I want to work only with IDT and use their rules for Scalping GBPUSD in 5 min timeframe, better for me than free methods, I know so many free methods but they don't give me so much money, so I stoped on IDT's rules and their progect help me to understand and to earn too.
Thank you my friend for your post, thank's again. :)
 
to trendie

I will post there forecast for tomorrow, I receive IDT's forecast every day at 06:04 pm (New York time), so after 27 minutes I will be received IDT's forecast.
And if you want -- you can check RSI signals only based on main trend, so if you see Up trend --- you must only accept buy signals using RSI ( wait when the price take 30 level and close when the price take 70 level or take profit in forecast)
 
Forecast

07.04.2007 for Thursday 05 (New York time)
(super intraday)
- 12:30 am - 08:00 am (07.05.2007) - buy
- 08:20 am - 11:00 am (07.05.2007) - buy
"+++" - pluses - means without trade-risk.
------------------------------------------
(intraday)
- Up trend
- buy zone 2.0152-2.0130
- stop 2.0090
- target 2.0187
------------------------------------------

So, Up Trend ---- we must find only when the price will be below 30 level on RSI indicator ----our entries. Our exits --- target 2.0187 and RSI above 70 level
 
Now waiting when the price will be below 30 level on the RSI indicator, because our main trend is "UP".
 

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Forecast

07.04.2007 for Thursday 05 (New York time)
(super intraday)
- 12:30 am - 08:00 am (07.05.2007) - buy
- 08:20 am - 11:00 am (07.05.2007) - buy
"+++" - pluses - means without trade-risk.
------------------------------------------
(intraday)
- Up trend
- buy zone 2.0152-2.0130
- stop 2.0090
- target 2.0187
------------------------------------------

So, Up Trend ---- we must find only when the price will be below 30 level on RSI indicator ----our entries. Our exits --- target 2.0187 and RSI above 70 level
And our stops ---- stop 2.0090 or a current market price when you will be received a new forecast from IDT at 06:04 pm next day (New York time) ;)
 
excellent Gettysburg - posting the trading map BEFORE the trades takes place.
much kudos.
 
Now we have two opened orders ---> BUY and waiting RSI above 70....
 

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Closed with RSI

So, I closed my both buy orders and earned + 91 pips
Look at my photo below:
 

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good one - I was monitoring that today. scary, what with the news spike.
We had today news for GBP (about RATE 5.75%) and for USD (employment & unemployment situation) --- good for GBP.
Trendie, what system do you use? if not a secret? :LOL: :rolleyes: :D
 
We had today news for GBP (about RATE 5.75%) and for USD (employment & unemployment situation) --- good for GBP.
Trendie, what system do you use? if not a secret? :LOL: :rolleyes: :D

I dont want to mess up the flow of your thread, but I look for slingshots.
as described by Linda Bradford Raschke, and use Jimmer settings.
( just a long Stochastics, such as 20 or 30,10,10. and trade faster stochs, eg; 5,3,3 pullbacks. eg; downward sloping slower stochs, sell overbought on the 5,3,3. and upward sloping stochs, buy oversold on the 5,3,3. its when it gets rangey, I am screwed. I use ADX to define range/trend, but miss the breakouts, which can be massive. nothing secret. just lose my patience at times! )
 
I dont want to mess up the flow of your thread, but I look for slingshots.
as described by Linda Bradford Raschke, and use Jimmer settings.
( just a long Stochastics, such as 20 or 30,10,10. and trade faster stochs, eg; 5,3,3 pullbacks. eg; downward sloping slower stochs, sell overbought on the 5,3,3. and upward sloping stochs, buy oversold on the 5,3,3. its when it gets rangey, I am screwed. I use ADX to define range/trend, but miss the breakouts, which can be massive. nothing secret. just lose my patience at times! )
ok, I've used ADX and stoch 2 years ago, but I think not good for trend --- good for range market, at first that indicators used in Elder's lights. And what results using Raschke's method? Intersting for me...
 
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