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Powerful 1 Min Scalping System (Fx Prime)

  • #1,501
  • Edited 7:27am Oct 31, 2008 7:26am | Edited 7:27am
Quoting neshat
As CD wrote in first post he trades only EU . But in chat room somebody trade other pairs too. Also they use other Indicators !!!
may somebody explains about that?
Speakin for myself:
I posted overhere about another indi, because I think it is worthwhile to study it's behaviour in relation to the system. As we all know, there are some whipsaws, so it's evident that we/people/CD are looking for ways to eliminate them.
Trading S/R with PA only. No indicators anymore!
  • #1,502
  • Oct 31, 2008 7:34am Oct 31, 2008 7:34am
Quoting neshat
As CD wrote in first post he trades only EU . But in chat room somebody trade other pairs too. Also they use other Indicators !!!
may somebody explains about that?
Everybody has there own way of trading. Cd has stated he trades only EUR but that this can work on other currency's also. I trade his set up on a few different currency's(mainly the 4 majors, with a few EUR/JPY trades taken if I see a good enough set up). A lot of traders have the bad habit of adding more and more and more to a great set up and never really learning to trade the original set up and get frustrated and move on to the next big, new thing( because they turned something very simple and straight forward into something untradeable). I have been guilty of this in the past.
  • #1,503
  • Oct 31, 2008 7:44am Oct 31, 2008 7:44am
This is good advice f4mnect.

I too am guilty of indicatoritis from time to time. I have stripped my charts back to just CCI, RSI and HA and trade the main setup. I have added two moving averages to help me trade when FX Prime is not in play, but that's a different strategy. The strategy is post one, if followed to the tee, should be successful.

If you stick with the basics of letting CCI170 lead the way by crossing first, then CCI34 with RSI confirmation, you should be fine.

Other pairs I have traded with success include: GBPJPY, GBPCHF, EURCHF, AUDUSD and USDCAD. If you have not traded GBPJPY or GBPCHF before - I suggest you do in demo mode first - they are beasts that will take your money quickly. It should work fine for GBPUSD.

EURUSD just happens to be very liquid and lower spreads than most of the other pairs.

Cheers
CanuckCT

Quoting f4mnect
Everybody has there own way of trading. Cd has stated he trades only EUR but that this can work on other currency's also. I trade his set up on a few different currency's(mainly the 4 majors, with a few EUR/JPY trades taken if I see a good enough set up). A lot of traders have the bad habit of adding more and more and more to a great set up and never really learning to trade the original set up and get frustrated and move on to the next big, new thing( because they turned something very simple and straight forward into something untradeable). I have been guilty of this in the past.
  • #1,504
  • Oct 31, 2008 7:48am Oct 31, 2008 7:48am
CanuckCT,

What are you using for your initial SL on entry?

TIA.

Carol

Quoting CanuckCT
This is good advice f4mnect.

I too am guilty of indicatoritis from time to time. I have stripped my charts back to just CCI, RSI and HA and trade the main setup. I have added two moving averages to help me trade when FX Prime is not in play, but that's a different strategy. The strategy is post one, if followed to the tee, should be successful.

If you stick with the basics of letting CCI170 lead the way by crossing first, then CCI34 with RSI confirmation, you should be fine.

Other pairs I have traded with success include: GBPJPY, GBPCHF, EURCHF, AUDUSD and USDCAD. If you have not traded GBPJPY or GBPCHF before - I suggest you do in demo mode first - they are beasts that will take...
  • #1,505
  • Oct 31, 2008 7:50am Oct 31, 2008 7:50am
Thanks CanuckCT, About time to sleep here, I can't believe I'm making any since by now lol. Thank god for spell check. Good night everybody. Have a Happy and safe Halloween.
  • #1,506
  • Oct 31, 2008 7:57am Oct 31, 2008 7:57am
Quoting f4mnect
A lot of traders have the bad habit of adding more and more and more to a great set up and never really learning to trade the original set up and get frustrated and move on to the next big, new thing( because they turned something very simple and straight forward into something untradeable). I have been guilty of this in the past.
Amen, I've done the same thing. I also think that is one reason some of the threads here in the FF fall out of favor; they get so diluted and far away from the original method that they no longer work. What works now probably won't in the future but I hope CD's method stands the test.
Hej.
  • #1,507
  • Oct 31, 2008 8:14am Oct 31, 2008 8:14am
Hello Guys,

I have been Demoing FXPrime for 3 weeks with very good profits, I want to open a Live acount, so Id like to know your opinions.
I have been looking fo ODL, FXPro, Alpari, IBfx.
I have Demoed ODL and FXPro and are OK.

Thank you guys for any advice.

Btw, thanks CD, is a great system.

Jose
  • #1,508
  • Oct 31, 2008 8:19am Oct 31, 2008 8:19am
Quoting Stitch961

Amen, I've done the same thing. I also think that is one reason some of the threads here in the FF fall out of favor; they get so diluted and far away from the original method that they no longer work. What works now probably won't in the future but I hope CD's method stands the test.
I agree completely, May expirience show me that the systems most keep simple, the most important is to filter the trades, based on other factors that canot be mechanical like last moves (123, fibs, s/r), trends, news, sentiment, commodity prices, etc.
Once you see everything is going to the same way and you get a signal is time to enter, maybe just 2 or 3 trades a day, but good PIPs on them.
Afterworks you can check other signals and check what can you learn from there.
  • #1,509
  • Oct 31, 2008 8:26am Oct 31, 2008 8:26am
The way I look at it is "how much do I want to spend on this trade if it goes against me." Usually that 1% of capital. So I look at 10-30 pip stops (10-20 for EU and more for some others and calculate trade size accordingly. I look at fibs, support and resistance, etc. and make my bet...as it is a bet.

For example, a 20 pip loss at $10 per is $200. For a 1% risk, you would need $20,000 in your account. At $1 a pip, that's $20 and 1% equates to $2,000 account. For a 10 pip stop I can have a higher # of lots. Two or three 1% hits doesn't hurt that much. If you have higher exposure, a bad string can really drain your account. The power of leverage is a wonderful thing when it goes your way. When it doesn't watch out.

The key for me is knowing my downside as I enter a trade and that's how I set my stops.

Cheers
CanuckCT

Quoting Eureka
CanuckCT,

What are you using for your initial SL on entry?

TIA.

Carol
  • #1,510
  • Oct 31, 2008 8:35am Oct 31, 2008 8:35am
Thanks for your detailed answer. That answers my question.

Carol


Quoting CanuckCT
The way I look at it is \"how much do I want to spend on this trade if it goes against me.\" Usually that 1% of capital. So I look at 10-30 pip stops (10-20 for EU and more for some others and calculate trade size accordingly. I look at fibs, support and resistance, etc. and make my bet...as it is a bet.

For example, a 20 pip loss at $10 per is $200. For a 1% risk, you would need $20,000 in your account. At $1 a pip, that's $20 and 1% equates to $2,000 account. For a 10 pip stop I can have a higher # of lots. Two or three 1% hits doesn't hurt that much. If you have higher exposure, a bad string can really drain your account. The power of leverage is a wonderful thing when it goes your way....
  • #1,511
  • Edited 8:50am Oct 31, 2008 8:40am | Edited 8:50am
CD has a dynamite system here, regardless what SED34 says and thinks., (but then for a newbee he's finding fault with just about everything posted in the FF!)

There's so much chatter about other indicators and waiting for CD's new filter, complaints of whipsaws, losing trades etc etc yet I have never seen one post about anyone really understanding the exact nature and positive aspects of the Heiken Ashi Smooth candles and why they were created and preferred over regular candles or even regular HA candles.

Everyone seems to just ignore that very important indicator. Once you understand exactly what the HAS candles are telling you you'll not be entering so many weaker trades that may whipsaw on you.

And sorry - you'll have to do your own research on them. That's the best way to learn anything in the forex. I'm a very poor teacher unless you want to learn flamenco guitar!
  • #1,512
  • Oct 31, 2008 8:47am Oct 31, 2008 8:47am
never use IBFX.......
  • #1,513
  • Oct 31, 2008 8:59am Oct 31, 2008 8:59am
Quoting nicedream
I didn't take trade C.
Check out 5 min. chart attached. Heiken Ashi was just turning from red to green. I waited for a break from 1.2763. It didn't come.
Stayed out till the next signal. On 11:04 bar in 1 min. chart, it broke 1.2763 I took long, +20 pips in pocket. Then it moved to 1.2805, a potential around 30 pips. Did you take it ?
Hi nicedream,

I've examined your notes and the 5M chart. Yes, the HA was just turning colors. According to the rules, one should place order obeying the 5MIN trend direction.

Quote
On 11:04 bar in 1 min. chart, it broke 1.2763 I took long, +20 pips in pocket.
How did you close hat trade? Did you have trailing stop?


What is important for me now is that I feel confident that I can rely on the STRONG community here!
Also, many thanks to CD for being so generous to share the system!
  • #1,514
  • Oct 31, 2008 9:07am Oct 31, 2008 9:07am
Quoting jameesnior1
In the first chart you posted , you prob would of seen 34CCI bounce of 0 in real time, that would of been a heads up, then when it broke through previous high, would of been long.

In second chart, point C. Again, would of taken long when previous high was broken, would have to have been quick though on that one.
Hi jameesnior1,

Yes, in fact this is my other potential question: how to be quick and place an order ASAP? Do you turn on "Enable max deviation from the quoted price"?...or just sometimes the luck should be with you?
  • #1,515
  • Oct 31, 2008 9:17am Oct 31, 2008 9:17am
Canuck,


Thank You very much this worked like a charm!!!!!!!!!!!!


Dallas



Quoting CanuckCT
Hey Dallas,
Right click on the chart, save as picture, select active chart, fuss with resolution to change size, select location to store file and voila.
Cheers
CanuckCT
  • #1,516
  • Oct 31, 2008 9:29am Oct 31, 2008 9:29am
Quoting fx-char
How did you close hat trade? Did you have trailing stop?


What is important for me now is that I feel confident that I can rely on the STRONG community here!
Also, many thanks to CD for being so generous to share the system!
I always open and close trades manually. Just for possible disconnection problems etc. I put 20 pips SL automatic for caution. I am not very familiar with trailing stops and take profits.
At that trade I didn't expect more because CCI170 at 5min was showing down trend
Happy to help
  • #1,517
  • Oct 31, 2008 9:44am Oct 31, 2008 9:44am
I just want to recommend the Woody CCI manual, I think this will help a lot of beginners understand the Woody CCI in FXPrime system.

Here is the link to the pdf I googled http://www.trading-naked.com/library/cci_manual.pdf (http://www.trading-naked.com/library/cci_manual.pdf)

Attached File(s)
File Type: pdf cci_manual.pdf   611 KB | 1,369 downloads
  • #1,518
  • Edited Nov 1, 2008 8:46am Oct 31, 2008 9:54am | Edited Nov 1, 2008 8:46am
For those here that need some encouragement to wait for a perfect setup and what it looks like.
1min chart is inline with 5min chart
170 is below zero line before 34 follows
RSI is below 45
Thanks CD for your efforts to put this system out there for all that would like to succeed in this business.
CCE
Attached Image (click to enlarge)
Click to Enlarge Name: FX_Prime_Setup.gif Size: 107 KB
I get exercise just pushing my luck
  • #1,519
  • Oct 31, 2008 10:12am Oct 31, 2008 10:12am
Here's another setup...in EUR_CHF to show there is continuity across currency pairs with this approach to trading.
CCE
Attached Image (click to enlarge)
Click to Enlarge Name: EUR_CHF.gif Size: 61 KB
I get exercise just pushing my luck
  • #1,520
  • Oct 31, 2008 10:28am Oct 31, 2008 10:28am
Quoting cce
For those here that need some encouragement to wait for a perfect setup and what it looks like.
1min chart is inline with 5min chart
170 is below zero line before 34 follows
RSI is below 45
Thanks CD for your efforts to put this system out there for all that would like to succeed in this business.
CCE
entry second CC is first.
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_01 16.23 Oct. 31.jpg Size: 77 KB
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