NITRO Scalping for serious traders
Nitro Scalping is a trading strategy that uses RENKO bar charts instead of candlesticks (although some still use candlesticks).
We try to focus on PA (price action) rather than relying on indicators, as indicators almost always lag price. Our goal is to trade pure PA and capture 3-10 pips per trade.
Many people say that using this “less is more” strategy, they are consistently making profits in the Forex space for the first time ever.
====================================================
nitro trading
It is recommended to use the commercial version of Renko, the free version written for MT4 does not work well.
Update: Some programmers at FF have been working on a free version and now say it's working. You can get the latest version by visiting the Renko thread in the programming forum.
To find the commercial version, search for "mql renko bar".
Bricks were invented by the Japanese (of course!) and operate "outside of time". They are only formed when a certain number of pip moves is reached, regardless of how long this takes. This makes the chart "less noisy" and makes it easier to see price movements. They take some getting used to, but most people who use them for a week or two prefer them to candles. (Also invented by the Japanese...)
We lay out 4 charts of these currency pairs : EY, GY, AY and NZD/Y or CAD/Y, and then at specific trading hours (below) we sit back and observe the price movement between the 4 pairs of correlations .
USD/JPY can also be observed but not usually traded.
We are looking for all 4 pairs to move simultaneously . When you find this correlation (and it happens at least once every trading session), you can trade in all currency pairs, or you can focus on just one or two of them. Your choice.
For the indicator, we use sm three-color candles (smC4scalperCandles) to color the brick bars with settings 2,1,1,1 and the indicator is attached below.
DX Trade has written a neat "dashboard" that some people use and attached
The HMA color line acts as a moving average, set to 8,3,3 or 10,3,3. Some use other settings, or you can use Color Master with Apply Price .
The Momentum indicator set to 4 is a standard MT4 indicator.
The Trix indicator is also used, but it is built into the dashboard and candles.
Chris_B wrote a momentum-based Nitro Arrow indicator that many people find useful (and he's still working on improving it...)
All attached.
However as stated above, our goal is to eliminate indicators and learn to trade on pure PA (price action). Since early August 2009, those who have learned to do this have seen consistent profits, with win rates as high as 90% or higher.
As to how to do it, you'll learn fastest from the diagrams posted on this thread.
Once a correlation is noticed, we look for the ' primer ' which could be a three-color candle that changes color, and then the ' trigger ' which could be a moving average crossover.
Again, our goal is to learn how to "see" where price will move next from PA alone , and then capture only a fraction of that move.
Studying the charts posted in this thread is the best way to learn how to do this successfully.
No template is provided because almost everyone does it a little differently. Study the charts! !
Best time to trade : Before and during the main market opening, i.e. Tokyo-London Open or London-US Open. Renko bars can be traded at any time, but the best PA is during those overlapping time periods.
R:R does not apply to this policy .. This is acknowledged up front. But the WIN ratio (once you get used to doing it) is spectacular. The goal is to gain 3-10 pips, usually 3-5 pips, and do this multiple times until we reach our 2% account growth goal. Rinse and repeat.
Stop loss is usually set at 20-30 pips (I told you RR sucks!) but if you win 95% of the time.. do you care?
Some traders just wait for the correlation and then choose the strongest currency pair and trade 5 lots on that pair. 5 pips profit x 5 lots = 25 pips. They finished it today.
This is not a strategy to become a millionaire, just to make a comfortable full-time living in Forex trading. Trading full lots at 25 pips per day is $250 per day, and 50 pips (two 5-lot trades in the example above) is $500 per day. Most people can survive on this.
Please use a demo account only to get started! When you can consistently accumulate 3-5 pips without emotion you may be ready for live trading.
The approach is 25% mechanical.. 75% emotional. You will learn the mechanical parts through constant practice. 75% of the emotional part means controlling greed. The temptation to try to “make a few more points” can be an account killer.
Note: Some traders who have become proficient at this are now looking for ways to gain more points with long-term moves. The basic strategy remains the same, but with the goal of consistent daily pip values of 20 to 30 pips in total, it is recommended that newcomers to this method become very good at catching smaller pip movements before even considering larger profits.
A $1,000.00 account earning 25 points a day, 5 days a week, will grow to $40,000 in one year through the power of compound interest!
Many posters on this thread are already proficient at this, and new posters will learn best from studying their posts and diagrams.
Many people say they made money consistently for the first time ever with this strategy.
***See also post #31, page 3 for more instructions on nitro trading***
We try to focus on PA (price action) rather than relying on indicators, as indicators almost always lag price. Our goal is to trade pure PA and capture 3-10 pips per trade.
Many people say that using this “less is more” strategy, they are consistently making profits in the Forex space for the first time ever.
====================================================
nitro trading
It is recommended to use the commercial version of Renko, the free version written for MT4 does not work well.
Update: Some programmers at FF have been working on a free version and now say it's working. You can get the latest version by visiting the Renko thread in the programming forum.
To find the commercial version, search for "mql renko bar".
Bricks were invented by the Japanese (of course!) and operate "outside of time". They are only formed when a certain number of pip moves is reached, regardless of how long this takes. This makes the chart "less noisy" and makes it easier to see price movements. They take some getting used to, but most people who use them for a week or two prefer them to candles. (Also invented by the Japanese...)
We lay out 4 charts of these currency pairs : EY, GY, AY and NZD/Y or CAD/Y, and then at specific trading hours (below) we sit back and observe the price movement between the 4 pairs of correlations .
USD/JPY can also be observed but not usually traded.
We are looking for all 4 pairs to move simultaneously . When you find this correlation (and it happens at least once every trading session), you can trade in all currency pairs, or you can focus on just one or two of them. Your choice.
For the indicator, we use sm three-color candles (smC4scalperCandles) to color the brick bars with settings 2,1,1,1 and the indicator is attached below.
DX Trade has written a neat "dashboard" that some people use and attached
The HMA color line acts as a moving average, set to 8,3,3 or 10,3,3. Some use other settings, or you can use Color Master with Apply Price .
The Momentum indicator set to 4 is a standard MT4 indicator.
The Trix indicator is also used, but it is built into the dashboard and candles.
Chris_B wrote a momentum-based Nitro Arrow indicator that many people find useful (and he's still working on improving it...)
All attached.
However as stated above, our goal is to eliminate indicators and learn to trade on pure PA (price action). Since early August 2009, those who have learned to do this have seen consistent profits, with win rates as high as 90% or higher.
As to how to do it, you'll learn fastest from the diagrams posted on this thread.
Once a correlation is noticed, we look for the ' primer ' which could be a three-color candle that changes color, and then the ' trigger ' which could be a moving average crossover.
Again, our goal is to learn how to "see" where price will move next from PA alone , and then capture only a fraction of that move.
Studying the charts posted in this thread is the best way to learn how to do this successfully.
No template is provided because almost everyone does it a little differently. Study the charts! !
Best time to trade : Before and during the main market opening, i.e. Tokyo-London Open or London-US Open. Renko bars can be traded at any time, but the best PA is during those overlapping time periods.
R:R does not apply to this policy .. This is acknowledged up front. But the WIN ratio (once you get used to doing it) is spectacular. The goal is to gain 3-10 pips, usually 3-5 pips, and do this multiple times until we reach our 2% account growth goal. Rinse and repeat.
Stop loss is usually set at 20-30 pips (I told you RR sucks!) but if you win 95% of the time.. do you care?
Some traders just wait for the correlation and then choose the strongest currency pair and trade 5 lots on that pair. 5 pips profit x 5 lots = 25 pips. They finished it today.
This is not a strategy to become a millionaire, just to make a comfortable full-time living in Forex trading. Trading full lots at 25 pips per day is $250 per day, and 50 pips (two 5-lot trades in the example above) is $500 per day. Most people can survive on this.
Please use a demo account only to get started! When you can consistently accumulate 3-5 pips without emotion you may be ready for live trading.
The approach is 25% mechanical.. 75% emotional. You will learn the mechanical parts through constant practice. 75% of the emotional part means controlling greed. The temptation to try to “make a few more points” can be an account killer.
Note: Some traders who have become proficient at this are now looking for ways to gain more points with long-term moves. The basic strategy remains the same, but with the goal of consistent daily pip values of 20 to 30 pips in total, it is recommended that newcomers to this method become very good at catching smaller pip movements before even considering larger profits.
A $1,000.00 account earning 25 points a day, 5 days a week, will grow to $40,000 in one year through the power of compound interest!
Many posters on this thread are already proficient at this, and new posters will learn best from studying their posts and diagrams.
Many people say they made money consistently for the first time ever with this strategy.
***See also post #31, page 3 for more instructions on nitro trading***
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