Scalping with OBO-bars

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Hi Traders.

I think this indicators is very good for MTF Scalping, I´m using it myself on the M5 chart.

OBO-bars = standard settings 2

SELL: Wait for the first red candle and the orange dot = Ehlers MAMA-bands cross, plus that both bands goes BELOW the purple SMA 55 line.

BUY: Wait for the first green candle and green dot = Ehlers MAMA-bands cross, plus that both bands goes ABOVE the purple SMA 55 line.

EXIT = Red/Green dot = Ehlers MAMA-bands crossing.

Also use the auto Quickfib for retracement calculation.

RSI/CCI can be useful aswell, Enjoy

Files:
QuickFib.mq4  7 kb
obopic.jpg  107 kb
 

Dear Zabana , thank's for your excellent system . A question : where you place the stop loss and how many pips ? Thank in advance !

 

Hi, I use to have 10-15 pip in stoploss. More important i think is to find round numbers as 20-50-80 and place your stops in those areas.

I try to get 15 - 40 pips for each trade.

All the best

 

Thank's Zabana , you're very kind .

 

have you already won any significant profits with your system???

 
gertonbag:
have you already won any significant profits with your system???

I´ve been running this for a month or soo. It works out very well during the European session / "London Breakout" = EURUSD /GBPUSD.

I´m trying to take approx 200-250 pip per week, but i dont trade everyday

Example today M5 chart EURUSD:

Good day for scalping. Enter on green arrows / exit on red ones

All the best Z

Files:
m5.png  48 kb
 

what I like about this strategy - that it is pretty simple, I just think it would be good to make several experiments with the stop loss

 

Pretty nice results. You are right, it's good day for scalping - let me also try. it will be just great if that will work out for me

 
SamForex:
what I like about this strategy - that it is pretty simple, I just think it would be good to make several experiments with the stop loss

Hi! Yes, You can have other stop loss /take profit alternatives.

Agressive scalpers can trade only the Green/Red candles if they want and not the DarkGreen/DarkRed ones.

I´m also using the MFI with alert for oversold/overbought

plus the DPO as an filter .

If U miss something just add it.

Files:
MFI_Alert.mq4  4 kb
DPO.mq4  2 kb
 

Thanks a lot.I will try and monitored it.Will comment later.Thanks againts.

 

My green and red dot seemed to be missing.

Ok, got the green and red dots by setting a value of 1 to the Signal Mode setting in Mama_V1.

Hmmm, what's the 31% indicates in the second graph?

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