X50 - M5 trend following

Another thing going on in forums a lot....

and I must admit I liked that Smash Mouth thingy a lot...



Not that I like country really....

Are there people here that trade this method continously with profit ?
Please share if you're doing it more than a month ...

Thanks

Not only do I use this for forex, but it has become my underlying stock screen as well. I use it on a broader 30 minute scale and play multi day trades for $. CanukCT is the man!!

I don't know why this thread seems to have died so suddenly especially with traders like Demundus , Awesome792 ,cl3307 etc all posting good results using Canuck's method, whats happened to the users of this scalp method?

Any one interested in continuing this thread?

Seems like a few harsh words between 2 traders has chased people away from this thread, Or maybe everyone just went to the chat room?

There is still interest in using this method though so a continuation of this thread would not be unwise.

I use this method to trade Gbp/Jpy only, as I have other scalp methods for the Eur/Usd , those are the only 2 pairs I have been trading for the last 3 years.

Lets see if anyone else wants to revitalize this thread to its former glory!

Trk

I would not have any problem to continue here, especially if Lady Awesome could be around again! But it seems that Carnuck is trading other ways by now.

I have this thread in my rather endless subcription list, so keep it alive and I will be around!

Ciao!
Matt - Gnat

I have only recently started using this method of trading on the GBP/JPY , I ordinarily traded only the EUR/USD and GBP/JPY but found my method for scalping the Pound Yen didn't produce very well so concentrated on EUR/USD mainly but always wanted to trade the Beast, so I am trying this method on my live account....

I was attracted by the seemingly consistent results, makes me wonder though ,with this method performing so well why is Canuck trading other methods now?

here are Friday's 3 trades I made nothing too amazing but ok considering it was the day after NFP and a bank holiday.

+ 36pips for the day : 1st trade: +23 , 2nd: +8 , 3rd: +5

hope this is not beginners luck.

I am enjoying this method of scalping more and more so I decided to apply it to my Eur/Usd 5min charts with very nice results...I finished the day 74 pips to the good, enough to keep me happy.

Will keep trading this method until an obvious flaw in the system exhibits itself but I trade in hope that it doesn't.

Thought I'd post a chart of the 2 evening trades I made.(Eur/Jpy this time, I'm really getting experimental!)

Only had time to take 2 trades , I was aiming at pivots for the P/T's and as you can see the pair was kind to me, hit both targeted pivots for a total of 31 pips profit...so that puts the pip count at 105 for the day.

almost got touched out on my 1st trades S/L , it came 1pip from my stop but then reversed and gave me 14 pips (good indication that my broker is honest I think)

heres the chart...

I have also recently began to trade this system. I like the results so far. I am using the original setup and it seems easy to follow. I will try to post some charts later in the week.

Hallo TRK!

Amazing results! You certainly got the hang of it and like demundus said - it works nicely not only with currencies, but also on stocks and indizies!

Thanks for posting your results - it will keep this system from being washed away here on FF.

Ciao & See ya!
Gnat - Matt

Hello Okc!

I think it is a good system to start with and actually you only need ONE that works for you and then you just have to stick to your own rules and tight money management. I would love to see some of your charts later on!

Keep it up!
Ciao!
Gnat

Gnat,
thanx , I agree the results have been good so far but I'm not so sure that I have a handle on it completely quite yet, but I will keep posting and be open to suggestions.

I agree with you about the money management, it is of prime importance.

Okc,
WELCOME! looking forward to hearing your results and see'ing some charts. What pairs are you using it on?

cheers

Ock,
I also started using the standard setup for this method, but I found the Madro-golden filter posted by dfxtrader (post 205) very useful in filtering false signals.

You might want to attach it to a chart and see if its of use to you.

cheers
Trk

A trade I took this morning. My entry came at the red vertical line, though as you can see the signal was generated a couple of bars before. As the M2 line was acting as support, I wanted to see price dip below those recent lows before actually getting into the trade. Once I got the signal I put in a limit order for 1 pip below the low of 1.5658. The order triggered and I rode it straight down to the S1 line for 17 pips. I used the same technique to filter a couple of trades last night, both were winners. As trends typically follow breakouts and since this system is trying to catch mini-trends, it makes sense (and cents!) to wait and get in on a breakout after a signal is generated. An additional filter could be to only trade in the direction of the trend on the 15m chart.

Here is a trade from last night. I intend to post the winners and the losers. The setup looked proper to me but it retraced exactly to my SL then took off. This is an example of how sometimes you just lose a trade. I am trying this system on Eur/Usd, Usd/Jpy, Gbp/Usd, Eur/Jpy, Gbp/Jpy, and Usd/Chf. I use an initial 20-25 pip SL and set a 15 pip trailing stop once I'm in the green.

I work a full time job so I am able to trade the New York session then again after work right up to the London open. I am hoping to be able to adjust my schedule soon to trade the London session only. I used to trade that session and the moves appear to be less erratic.

I was not able to trade so far today due to a prior commitment, however, it looks like there were some good trades on the boards.


Anyways, here is my trade. Stopped out for a 24 pip loss:

Okcpippin,

Two things about this trade. First, the best setups occur when the stochastics are smooth and coming down from overbought or up from oversold. The stochastics right before your entry, while below 50, were erratic and had been ranging in the middle. Second, you could have set a limit order to get in 1 pip below the candle that generated your signal, since the next candle didn't make a new low, you wouldn't have gotten in. Hope you have better luck tonight.

I see what you mean about the stochastics. They were erratic before crossing 50. I have not used this indicator much in the past so I am still learning to read it. I have traded a lot of moving average cross systems but they are not for me. I have thought using a limit order for some of my trades. It seems that sometimes i get in right at the top or bottom where waiting 1-3 more pips before entering would have kept me out of a losing trade. I will try using that tonight if I have the chance. Thanks for the input!!!!!!!


OKC

Ocelot,
great idea on filtering by waiting for a pip lower or higher than previous low/high , Ill be putting that to use as well, limit orders might just do the trick. Thanks for advice on stochs as well I think I might have taken a trade or 2 with the stochs not moving properly.

Okc,
I had a -22pip day today as well , I stop trading after 2 losing trades ,rekon Ill have to re-think my stop losses been using a 11 pip S/L on Eur/Usd (I forget this isnt a scalp method) will try the 20pip S/L and see how it works. Maybe I lost because I didn't trade the London open which has been when my trades worked well up till now. Will stick to London open from now.
Hope you make positive pips tomorrow!

Cheers
Trk

First, heartfelt thanks to Canuck for this system, it's a real shame this thread has almost died. I am having mixed success at the mo, partly due to my own stupidity, partly due to sideways movements in almost every pair.

If only I had taken all the trades I can see when I look back at the days charts!

I intend to try some 1M trades tomorrow.

Once again, thanks Canuck, if you have moved on to another system, it must be truly awesome!

Colin

Hey Rhombus,
It will be very interesting to see if you can make it work on 1min charts because Canuck mentioned that it is not really a scalp method but rather a method to ride the trend on a 5min chart.( a fact I forget from time to time)

I wish you success on the 1min charts tho and look forward to see'ing your results.

good trading!

Trk