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.
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?
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).
Curious to know what your stop is for these trades?
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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.
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