I am quite new to trading and this forum. Thanks to all those contributors, there's some great info here.
I came across scalper software at this site www.scalpersoftware.com . They have been sending me screen shots of the results of some trading days (only the good days I suspect) of the ES and Russell. It's the screen shots of the days I don't see that I'm more interested in!
Has anyone used this before? Could it be used successfully in conjunction with other indicators?
i'm wondering if it's the same as john carter's scalper. by the way, if you visit the ninjatrader forum you can download a scalping indicator. keep in mind, the paintbar won't appear until after three consecutive closes lower or higher. by that time the "scalp" could be over. nevertheless, it's useful in identifying swing highs and lows.
Correct me if I'm wrong but...... I do believe that the John Carter "scalper" indicator is nothing more than a Swing High/Low indicator. It just paints a bar or candle instead of drawing a line.
it certainly is a swing high/low indicator jeff, but i'm wondering if scalperpivot is just another one of those too. if it is, it's probably not worth the $300-$500 they charge. it would be cool if scalperpivot would identify these turning points in advance rather than past tense. does anyone know more about this?
oops. i should have done more reading on their website. looks like it is real time. sorry. well, i suppose if you trade with the trend, it could be worth the money.
I purchased it as one of my first indicators a while back... it does work on very short scalps and you need to be quick. I use it randomly for multiple contract trades on the ES to get 2-3 ticks at a time. I would keep in mind that it doesn't do you much good on trending days and if you set your profit targets too high, you will struggle to hit them on choppy days. I was never really able to use it for more than the 2-3 ticks i mentioned above...
Also, I had a hard time using it in concert w/ other indicators and setups. You basically wait for a dot to appear and if its above the bar you short and vice-versa. Its not a bad tool for getting out of intra-day holes from a couple of bad trades. It might just be how I trade but it was difficult for me to look for my setups and then switch modes quickly when a dot appeared and try to get my order in for a scalp.
I don't think it works well/at all on CL (I've only tried on CL and ES).
Go to the site, and blow up a couple of sample charts so you can see the bar details. Then look at the signals. Should take you less then a minute to figure it out.
I have my stop at 5 ticks but if i am using the indicator, I rarely let it go against me more than 2 ticks. If it doesn't go in my favor ASAP, I just manually close out the trade. Like I said, it doesnt really suit my style most days -- I don't know if I just dont trust it or if I don't know how to use it well. I have probably only used it 4-5 times this year and that was on days where my normal setups weren't printing or I was having trouble focusing.
If the software was transferable, you could buy mine for a quarter (as in 25 cents).
See my post today on the "Holy Grail" thread, this new system is much
more accurate. I own the software that you are referring to, it took me about 1 hour to figure out their
system and it is weak at best.
Garry
The following 2 users say Thank You to GarryM for this post:
It doesn't not work... its probably just not for me. Maybe I just never learned to use it well.
I had it on Tick charts, Range charts and Minute charts of various lengths and it does work if you have the patience to sit and wait for it. The problem I had was being able to focus on actual setups while looking for the indicator to fire. I like to use the chart trader in NT and I felt like if I were using the Scalper, I couldnt switch between my ATMs and get a scalp order in and then switch it back fast enough. I'm definitely not skilled enough to trade multiple markets, let alone watch them and try to find good setups with multiple different methods.
So basically I had to pick one method. That said, I felt more comfortable trading the CL and 6E contracts than the ES so I basically gave up on the indicator. Perhaps this thread will make me take another look at it and see if I can somehow use it more regularly
I can try to post a screen shot at the end of the day today... I think i have it on my 5min ES chart. One other problem/caveat with the indicator is you cant really go back and study previous days unless you never close your charts. The indicator doesn't keep the scalper dots constant -- sometimes they are different when you reopen a chart and sometimes they do not plot where they did during the live session you had open.
You probably have historical data in NT enabled it changes everytime you restart. I have this indicator its not the same as any others ive found around the place and to be honest its not bad. Price is a little high really. Maybe ZZ type indicator but I cant replicate it. It doesn\'t repaint and comes where it shows but when its wrong it will give more signals while its going the other way kind of like ZZ. When its right its beautiful when its wrong its badly wrong. Like everything else, you cant have the best of both worlds, cant rely on a \'thing\' have to rely on you.Things are just helpers. Maybe someone can replicate it with ZZ?
I got the impression from looking at the videos on their website that this strategy was auto-trading. It seems the quick timing effort would require that, but now I'm not sure what this does....
It's not too bad i've used it for 4 tick targets on the 3 range chart on ES. 3 ticks should be a good target. since usually the alerts happen on exaustion on a breakout. On strong rallly days, sometimes there are 3 alerts in a row indicating reversal.
good info about this scalper software.i m getting e mails and screen shorts .it looks nice but agree all this stuff is only about good days.They have a strategy available with scalper which is also about few ticks quick buy/sell and for scalping its not bad i thinck.they say it is only good for choppy days and not for strong trending days.I might be interesting to buy it if some body is selling.Any how never buy stuff who don't give u a trial period.i had a very bad experience about e mini junkie.
Platform: NinjaTrader (It's a love/hate relationship)
Trading: CL, TF, 6E
Posts: 176 since May 2010
Thanks: 60 given,
311
received
I own all the scalper indicators and strategies...
Don't waste your time. There's no shortcut for learning to read price action.
There is still a high level of subjective input necessary as you have to choose which range chart to use each day. The recommendation is to have 2,3,4,5,6,8 & 10 range charts open and after about 30-60 minutes, decide which is giving the best signals. Then use it. It is usually the 3,4 or 5.
Then you have to decide if the market is trending or ranging. If trending, you should avoid taking the counter-trend scalper signals. Persoanlly, I traded the signal failures. If ranging, then the signals should work with a reasonable rate of success... IF you've chosen the right timeframe to trade.
By the time you've done all this, you pretty much have done everything you need to be a price action scalper, so why rely on an indicator?
It absolutely killed me to take it off my charts, but i realized it was distracting me and I just didn't want to admit I wasted my money.
The following 3 users say Thank You to Slipknot511 for this post:
I bought Scalper Software with Rhythm Strategy 3 weeks ago, during sim trading it did OK but the problem was which Range or Texas Renko chart to apply it to at the beginning of the trading day
It doesn't work on news days and of course when Bernanke speaks
I went live for the first time yeasterday and it started with 3 losers on YG 3 Texas Renko chart and ended the day with -9 points
Very disappointing
The following user says Thank You to tamerrashdan for this post:
set realistic profit targets via a OCO or use a trailing stop.
Thats what I do on CL.
Fisher on bottom,just as good as the d9.
Scalp 10-20 tics of each block during RTH,avoid lunch. First 2 hours of market open is all you need.
Stop loss of 15 tics is good on CL.
I dont trade in the summer,if I do its in the first hour.
I trade YG, I like your setup
Can you give the indicators you use and the settings so I can try to duplicate your chart
Here's my e-mail: tamerrashdan@gmail.com
Thanks
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I hate to see a trader lose his hard earned money too, BUT ... if someone offers to sell you a robot for a couple of bucks that will make money consistently for you while you play golf all day... that should set off alarms... IMHO
1. When they send a chart they change the time frame which alters the indicator.
2. here is a chart with seconds vs there 3ntrenko (same entry), COMPARE the real movement. I marked the actual entry.
3 They also sent me a chart of today, and market divergence on it.
MAKE UP YOU MIND FROM THESE ACTUAL CHARTS. I WOULD SKIP THIS ONE. DoubleStoch is better!!
