Help Required for Developing a Scalping System

[Help Required for Developing a Scalping System]

Hi guys i am really in need of help by seniors.I have longterm strategies for intraday that work ,i am bored trading them.I want to develop a scalping system for intraday which saclps in 1 minute chart.

Actually most of my systems are breakout models i want seniors to help me and tell if it is possible to develop a scalping system on breakout models on 1 minute Time frame or i need to use indicators for this purpose?

if indicators pls tell me some indicators withwhich i could backtest.

pls guys ur help is required.

For initial stoploss and trailling stop i will use different combination of ATR all i need is a good tool for entry whether it should be breakout model or indicators based pls help guys.

[What is the Difference Between IF and While Statement?]

Hi guys can anybody explain the difference between If and while statements

 

1)can we use "If" instead of "while" every where?

 

2) what is the difference in the following:

 

If close>close[1] then

begin

action;

action;

end;

-----------------------------------

AND

----------------------------------------

 

while close>close[1] then

begin

action;

action;

end;

 

----------------------------

:missy:

[EL Code Doubt]

HI guys now its working.I just gave

time>1000 and time < 1530{start and end time of our market}

before giving orders:cheers:

[EL Code Doubt]

Thanks Tams i will follow it.

[EL Code Doubt]

Hi Tams, i am reading that book and i have memorised all the strategy orders key words but my problem is that if we give stop orders in intraday day then that order is not cancelled and goes to the next day also.

for example see the code below:

 

Inputs: longLength(5), shortLength(5);

Buy tomorrow at Highest(High,longLength) stop;

Sell Short tomorrow at Lowest(Low,shortLength) stop;

 

when i put this strategy then when the next day opens it buy or sells in the opening bar itself( that is it takes the orders of previous days).

But what i intend is to cancell all orders that day itself.

for example if the next day opens, it should calculate from the first bar the highest high of bars and lowest low of 5 bars for entering.(It should not take previous days counting of bars)

is there any way to do it?

Thanks very much Tams for giving ur time to answer a newbie's questions.

[Does Traditional Trading Advice Work?]

raja,

 

They can both be true - because market truisms are system specific (and this applies across 'discretionary', 'mechanical', and 'automated' systems btw)

 

Some systems you got to stay in or be ultimately doomed

Some systems you got to get out quickly or be ultimately doomed.

Some systems you got to do both - making each of the opposing truisms true to its proportionate degree for the particular system.

 

The spouters of truisms usually just spew them out without qualifying the type of system it applies to - omitting or not realizing that their truism is not general but instead is very system specific.

 

Most traders who never followed automation to near its limits never realize how far their exit strategies are off from optimal... ie how they are based on truisms and / or on neurological comfort zones, etc...

 

zdo

 

Yes sir what u said is absolutely correct when u say about systems coz anybody who has a good system will survive but many many discretionary traders dont even have a system.

They completely trade on discretion some time they book profit taking in mind " you dont lose ur shirt rule"(when time is to stick with ur positions) some times they " let their profits run(when its actually time to book the profits) so i told that it wont work for them.

For those who follow systems,they dont even have to care about these these traditonal trading advices.

for example they say never trade against the trend

then what are mean reversion systems for ?

[EL Code Doubt]

see the code below:

vars:hi(0),lo(0);

 

if time=1000 then{calculating high and low of the 10 am bar}

hi=high;

lo=low;

end;

buy next bar at hi stop;{placing orders to buy at high stop}

sellshort next bar at low stop;{placing orders to buy at low}

 

 

in this code the problem is that the orders get filled even on the next day and i dont want that.I want just the order to be filled that day itself if not then all orders should be cancelled.

how to do can anybody help pls.

[EL Code Doubt]

Hi guys, when in an intraday strategy if i give buystop orders or sell stop orders then even after that day i mean the next day also the order is in place and the order executed at the open of the next day how to solve this problem?

i want all the orders to be cancelled before moving to the next day(this problem is there when giving stop orders).

[Does Traditional Trading Advice Work?]

Hi guys i feel these tradional things dont work.coz they tell contradictorythings for eg:

1)let your porfits run.

2)you dont lose ur shirt booking profits.:doh:

how can be both true.

if these things worked then 95% traders wont be losers.

the only way is to develop a mechanical system and follow it strictly.

i dont think u can make money provided u are required to take decisions during trading hours.

[How to Refer Daily Bar Value in an Intraday Chart in EL?]

Thaks very very much Tams this is what i wanted.I was struggling to do it since one week.:doh:

[How to Refer Daily Bar Value in an Intraday Chart in EL?]

Hi guys,I am trying to refer daily value in an intraday chart can anybody hlep me how to do it?

for example i want refer the average of rsi of last 10 days in the intraday chart. can anybody tell me how to get it in EL

suppose i give average(rsi(close,14),10) in the intraday chart it gets the averge of intraday bars but i want to get 10 day daily bar average.

anybody pls help.

[ORB Code How to Limit the No. of Trades Per Day.]

Hi guys we just need to use a simple function to limit the number of traders per day.

just give the condition if entriestoday(date) < xx before ur condition.

[Tobby Crabel ORB Code Help]

Thanks guys for helping me out.I am a newbie so coded wrongly.:doh:.special thanks to suri notes for pointing the problem with the code.

[Tobby Crabel ORB Code Help]

HI guys, the code for Tobbycrabel ORB is not working :crap: can any body find the problem in it?

 

vars:averageofdays(0);

if date <> date[1] then averageofdays=0;

for value1=1 to 10 begin

if highd(value1) - lowd(value1) < opend(value1)-lowd(value1)

then value2=highd(value1) - lowd(value1)

else value2=opend(value1)-lowd(value1);

averageofdays=averageofdays+value2;

end;

averageofdays=averageofdays/10;

 

buy next bar at opend(0)+averageofdays stop;

sellshort next bar at opend(0)-averageofdays stop;

 

setexitonclose;

[ORB Code How to Limit the No. of Trades Per Day.]

Hi i have coded an ORB code i think it will perform if i limit the maximum number of trades to 2 or 3 per day can anybody tell me how to do it in EL

this is the code.

input:tt(1020);

var:hh(0),ll(0);

if time = tt then

begin

hh=high;

ll=low;

end;

if date = date[1] and time <> 1530 then

begin

buy next bar at hh stop;

sellshort next bar at ll stop;

 

end;

setexitonclose;

[EL Coding Question]

Hi am a newbie in coding.I have just started using TS.I wanted to test one simple strategy

if high > high[1] then

buy next bar at market;

in this strategy is there any way so that the order executes immediately as last bar high is breached? because the current bar executes the order only at the closing price and if i use next bar the difference is too much between the prices when i use weekly or monthly charts.