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1 pointHey, So I am not being discouraging by saying this. But, if you are dealing with such small intervals and tp and sl 3 pips, it is going to be very wise to break down price further. I am getting ready to set up a tick depository and plot the results vs a milisecond time graph and monitor the rates of change between ticks, I think the most important thing before you start your research is to determine what market conditions are conducive to this type of trading style, because we know that there is no one system that can trade all markets. So it is important to make sure you find a time and place where your system will succeed. In my own opinion and from my scalping system I am building, I think range-bound markets are the most conducive for scalping type trading. A range is characterized by a failure of higher highs and lower lows, and looking for price swings almost like a sin wave. of course it doesn't always look like that but with what your looking to do, i think it would be wise to take a range bound indicator and then try and predict short term price moves by using a combination of time series analysis and using rates of changes of different intervals to look for price movement in different directions. because with your current setup the only recommendation i can make is to make sure you use oanda as a broker to keep your spreads as small as possible.
1 pointI'm not one to make a habit of bumping old threads, but based on earlier discussion, this is clearly the best place to post a link to the original Wyckoff course: The Richard D Wyckoff Method of Trading and Investing in Stocks: A Course of Instruction in Stock Market Science and Technique. Wyckoff - Course.pdf
1 pointRegarding MT4---I am not aware that volume information reported in MT4 is truly accurate or valid. I know for currencies that the volume in MT4 is only the volume reported by each individual broker, thus it is not really an accurate representation of what is really happening. There are many forum posts that talk about this issue of forex and volume... Since this indicator needs an accurate volume picture, I'm not sure that porting this to MT4 is the best idea unless you know that the volume in the MT4 feed is truly accurate... Best, David