X50 - M5 trend following

Hope everybody made some pips today. I missed an entry in Gbp/Usd this morning that looks like it would have worked well. I entered the market late today and it was range bound by then. I still made some pips today but not on this method. I returned to scalping because of the price action. I have caught a few trends with system already and I am looking forward to catching some more.

Rhombus,

I too an interested to see if you can make this work on the 1 min. I trade the 1m sometimes but only for another scalping method that I use and then I only use it to lead the 5 min. Good luck and please keep us posted.

Ocelot,

Thanks for the limit order tip!! It saved my butt a couple of time today, I am not used to using limit orders coming from a scalping background but i did come in handy.


OKC

No sweat. The key to success with this system, and this probably applies to all systems really, is to be aware of market conditions while you're trading. Since we're trying to catch trends we need to be wary of ranging conditions. Trading breakouts (with confirmation of our indicators) is going to give us an edge here. Using limit orders just outside of price ranges (highs and lows, etc.) will help to keep us out of the market if after a signal is generated price reverses back into it's range. A more advanced technique for those you familiar with support and resistance trading would be to actually trade the opposite of the signal generated if the scenario above plays out. For example, price is at the top of it's range, since it's been going up for a few bars, our indicators generate a long signal. Price is not able to pierce the high though and reverses, this would be an opportunity to now short even though the system just gave us a buy signal. Your stop would be just above the high and your take profit level would be the bottom of the range. Since we're already near the high of the range this gives us a favorable risk to reward ratio.

I get email updates from this thread so I thought I'd drop a line.

Ive been so successful with this system and my own personal tweak of it that I'm starting a website to sell the system for the stock market. It's not exactly like Canucks, so it's not really stealing because I had to do some serious tweaking for normal graphs (most charts dont have absolute strength). the x50 along with 2 other strategies will be broken down in detail in video lessons. I'll create a link so some of you can have it for free (limited downloads), since I owe my starts to this forum.

The only advice I can offer is to trade on your gut, and trust the system, dont jump the gun and trade when the indicators give you the go ahead.

Here's a picture of one of my trades over a month period.

http://www.reverantsilence.com/images/pdo.jpg

Hey Demundus,
Its great you're still profiting from trading this system, gives us renewed faith as we slowly get a grip on this method ourselves.

Very generous of you to share your tweaked method! we look forward to see'ing what you've added , or how you've modified this system to suite your style.

May it hail pips on all who use this system!!!

Trk

Well I squeezed out a scalp this morning for 14 pips. I entered the trade maybe a bar later than normal but I wanted to see price break the 58 level first. It stalled out and hovered around the pivot at 72 so I thought I would just take the 14 pips.

I too am looking forward to seeing the tweaks added to this system.

Happy Trading!!!

OKC

OCK,
Nice trade!

I didn't manage to spend any decent amount of time in front of the screens today so only got 12pips on a 1min pull back and continuation after the Bernanke news (don't know if He caused the mini bull run today or not)....I don't usually trade news but looked like a good entry.

will be posting some charts again next week when I have time.

Trk

This is the second time my trailing stop has prevented a larger winning trade. I have been careful and using a 15 pip trailing stop on my trades until I get a better feel. This trade with for +8 but had the chance to go a lot further. I am going to extend my trailing stop to 20-25 pips now and give my trades a chance to run. Anyways here it is:

i believe..Madro 9 indicator repaint!!Pls be careful!!!

sonic

I thank everyone for their posts, I have been reading this thread for the last 3 hours and am very interested. It appears that the indicators in post #1 are still very valid and I will demo them. I don't have a lot of luck getting templates on to my trading platform but I think I can add them from the indicator list.

I like this concept because it is more visual, ie how the various indicators line up (or don't) and not so much discretionary - at least that is my interpretation. Will try to get set up tonight and see if Fri offers anything.

Thanks again all, p.

Hey Sonic,
thanx for the heads up , will keep an eye out for any re-painting on the Madro.

Fortunately though the MF is not one of the main trade indicators, its just a nice confirmation indicator , but if it re-paints then we will have to be careful.

Its been a busy week for me ,with managing my clients accounts. so I havnt had too much time to trade this method, will post charts as soon as I have a chance again.

Thanx OCK for posting your charts, looks like you are doing well with this method. keep them coming brother!

Trk

I absolutely cannot get the Absolute Strength indicator to load on to the chart. I can get its icon on the desktop but that's it. 3 calls to IBFX didn't get it to work. Any ideas? And would load the "template" link in post #1 load all 3 indicators? I am really baffled right now and any help would be appreciated. Thanks, p.

piprac, you need to get the indicator into you documents file. Left click on the Absolute Strength Indicator and save it to the my docs file. Then you can paste it into the indicator file in your MT-4 platform. Remember you have to close the chart program for the indicator to Load. Hope this helps.

Thanks for the prompt reply stitch, I'll try it right now. p

it didn't work

It does work! Apparently my computer needs more than a 1-2 minute shutdown of MT4 to load a custom indicator. Got up this morning and there it was. Thank you for your help, p.

Hi Piprac,
not sure if this will work but download the attached version of AS then follow this procedure...

1: Compile the file in Meta Editor.
2: Choose ''save as'' and save it to the indicators folder of yr MT4.
3: Restart Mt4.
4: Select the X-50 template , and hopefully it will appear on your chart.

Hope you manage to get it working.

Trk

Heres a trade I took a little while ago...

I jumped in a touch early because I liked what I was seeing on the charts.

Not a text book entry, but it was showing enough potential to make me believe I had the edge in my favor.

Trk

Heres a short trade I took to scalp 10 pips out of the short term range that the Euro is in presently.

Demundus,
are you still planning on sharing your tweaks you have made to this system? I'm sure there is interest in your modifications and application to stock trading.

Rhombus,
have you had any success in applying this method to the 1min charts?

Trk

Yesterday a.m. I got killed, this a.m. I scalped some profits. I can see that I cannot trade live with IBFX with this strategy as the spreads are too big. i am using Oanda for the trades and most times see a 3-4 pip difference in the spread between IBFX and O. If I had the money I would use an ECN for this and just grab a few pips here and there. p

Hi Guys,

Thought I'd join in since I see renewed interest here...

For further confirmation, I like to use a 5-8 MA cross, with visual signal (indicator attached). Once you get the cross, followed by a good X50 setup, you will be in a a very high probability trade. Helps me to enter only the best setups.

Here's one from this morning. I only took a small profit, but it went a full +25 if you stayed with it.

Good trading all...

The mas are EMAs, 5 & 8?

edit: I missed that great run too.l