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Powerful 1 Min Scalping System (Fx Prime)

  • #2,701
  • Nov 25, 2008 3:46pm Nov 25, 2008 3:46pm
hey CD, just wanted to say thanks for sharing this system. Been looking at it for a few weeks now and it looks very good. I have been looking at it also on the 5min and 15m charts to see if I can trade it long term.

Also wanted to thank f4mnect for sharing how you trade. I have always been a great fan of stochs and when you said that you used stochs as ways to re-enter, that put a new perspective on this system for me.

thanks to everyone else who has contributed on this thread. I will continue to watch and lurk lol.
  • #2,702
  • Nov 25, 2008 4:06pm Nov 25, 2008 4:06pm
Quoting f4mnect
I don't like trading right now, I'm over trading and got lucky, walking away, see you all later
f4mnect,

Please confirm this, when will probably price bounce from 35/55 and when it will probably not bounce...in you experiance?? BTW great trading mate.
  • #2,703
  • Nov 25, 2008 4:16pm Nov 25, 2008 4:16pm
Hey All,
Anyone trading today after London closed? Some nice entries on the Cable per CD's rules.
Also, nice bounces off the 34/55 Guppies as well for those that like to trade them too.
Pink dotted lines are where I would have entered if I'd have been around to trade this.
Cheers
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I get exercise just pushing my luck
  • #2,704
  • Nov 25, 2008 4:27pm Nov 25, 2008 4:27pm
Quoting gasgas
f4mnect,

Please confirm this, when will probably price bounce from 35/55 and when it will probably not bounce...in you experiance?? BTW great trading mate.
You know I'm on a roll right now, been there done that before, my biggest worry(because I have done it before more than once) I start sizing up my trades, I start over trading, I get cocky and don't even wait on signals because I smarter than the market. well it has bit me in the ass every time. So time to slow down and enjoy my boys and the upcoming Thanksgiving Holiday. But to answer your question, I'm looking at the price and indicators for strength and divergence. Here's a trade I will normally take, not quite a cd set up. but price making higher highs, trend cci weakening and stoch starting to show more strength to the down side. plus I love to enter 2nd bounces, something I watch for. 1st move turns direction, traders exit there winning trades, 2nd bounce everybody thinks moves over and pile on for the next move. plus were breaking the daily open. 34/55 bounces, good trade, if markets not all choppy and showing no strength to support move, I'll pass, if we have a move running and I'm all ready up pips on it, i'm in on bounces
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  • #2,705
  • Nov 25, 2008 4:27pm Nov 25, 2008 4:27pm
Quoting f4mnect
1st trade set up. classic and all CD's GBP long earlier today, was a beauty

Hi, do you use the Woody 170/34? It seems to be different on your charts.
Thanks
  • #2,706
  • Nov 25, 2008 4:34pm Nov 25, 2008 4:34pm
Quoting freemenn
Hi, do you use the Woody 170/34? It seems to be different on your charts.
Thanks

It is both my cci's and stoch are running my settings, 170/34 great, I've been testing some other fib numbers out since last Wednesday. Not ready to post them yet and get distracted with a 100 post on why and if every single person agrees or disagrees with them.
  • #2,707
  • Nov 25, 2008 4:43pm Nov 25, 2008 4:43pm
I have a question on the FIB levels. Over what time frame are they calculated?

As this is a 1M scalp system, I would assume that the FIB levels need to be calculated over a relatively short period, however they seem to stay very static, and don't adjust as the chart progresses. I have done some research into FIB levels and would have thought this is how such a tool is used. As far as I can tell, the FIB levels need to be calculated on a "per pullback" basis to determine what the strength of the currency trend is based on its previous history (again referring to first question), and not set and forget.

Any thoughts here?
  • #2,708
  • Nov 25, 2008 4:48pm Nov 25, 2008 4:48pm
Quoting adzza
I have a question on the FIB levels. Over what time frame are they calculated?

As this is a 1M scalp system, I would assume that the FIB levels need to be calculated over a relatively short period, however they seem to stay very static, and don't adjust as the chart progresses. I have done some research into FIB levels and would have thought this is how such a tool is used. As far as I can tell, the FIB levels need to be calculated on a "per pullback" basis to determine what the strength of the currency trend is based on its previous history...
Sorry I don't use fibs on a 1min chart myself, maybe somebody who does can answer
  • #2,709
  • Nov 25, 2008 4:54pm Nov 25, 2008 4:54pm
Quoting CanuckCT
But the problem is that it misses many great moves because the indicators don't line up....in the meantime price is moving 60 pips up, 100 pips down, 80 pips up....and you have no trades because the indicators didn't line up.
I understand your frustration with the system C but what you have just described includes trading against the trend? It might look easy in hindsight but would involve a lot of guesswork, luck, risk and stress trading like this.

Very valid point about large trends being missed but think I have a solution - you might be happy to know. Lets look at todays gbp/usd for a classic fxprime example of a +300pip move in same direction with no entry given!
Sorry don't remember how to grab pic but from 13:15 to 14:15 (London time) price rushed north from 1.5020 to 1.5360. Now the 170 lagged BEHIND the 34 in this instance making the system show no entry with 170 going north 15mins BEHIND 34. Well my simple solution is to have another look at that same rally after changing the 34 to 12. Simple as that. You will now see a valid fxp entry at 13:54 price around 15200 -nice round number- offering 150-200 pips depending on exit strategy.

happy to hear feedback on this type of tweaking. The tools fxprime utilises arn't unique and perhaps each individual should feel free to customise to a setup that suits their trading better?

steve
  • #2,710
  • Nov 25, 2008 5:27pm Nov 25, 2008 5:27pm
hey f4mnect, I was curious about the pairs you trade. In post 2699 you spoke about the fact that you took multiple positions on the GBPUSD and EURUSD and other Yen pairs. I wanted to know if you traded correlated pairs at the same time. Since the EUR and GBP move basically the same, that would double up your risk when taking positions at the same time. I sometimes trade correlated pairs but it is not a practice that is good for me (or most traders I think) as it will double your losses if the trade goes against you.

Also some of those yen pairs are correlated as well so I dont know if you trade those at the same time as well. Thanks for your help.

Oh, also, you mentioned about how you move your stops. when the trade is going good, you said you will move to BE and if it is going great you will move it to +10 pips. So I just wanted to know if I got this right. when trade is going ok and it reaches 10 pips, move stop to BE etc. Do you take off a portion of the position? say for example you are trading 2 lots, do you take 1 off at 10 pips and move stop to BE?

How do you also feel about trailing stops now that you have kinda been using fxprime with a more focused approach?

thanks and keep up the great work.
  • #2,711
  • Nov 25, 2008 6:49pm Nov 25, 2008 6:49pm
Quoting jicssbr
Hello CD,

Good to hear from you...

As you may know, we heard a lot of good things about a new FX Prime filter Jeta (sp?) tried to download to us last week on the FX Prime chat. Can you post it here for us?

Thank you CD.

jicssbr
Is this correct? FX Prime filter Jeta was released? If so where?
  • #2,712
  • Nov 25, 2008 7:08pm Nov 25, 2008 7:08pm
I don't even concern myself with correlated or not correlated. I take the signals as they show up on my charts. Say i'm watching the eur/usd and the gbp/usd. I'll take the better signal, if 2 perfect signals I'll take both, But I try and never manage more than 2 trades at a time and 1 being the best. If i'm in a good trade I hold the whole trade, if it turnes out to be a bad trade I'm taking a lose on a full possition, why take profit on 1/2 a position, on longer time frame charts i'll close 1/2 at set points, not scalping. I want it a simple in and out . I tried that, I was juggling to much personally. I won't use trailing stops scalping . never know which one to set 15 pips, 25 pips...no idea

Quoting vyder
hey f4mnect, I was curious about the pairs you trade. In post 2699 you spoke about the fact that you took multiple positions on the GBPUSD and EURUSD and other Yen pairs. I wanted to know if you traded correlated pairs at the same time. Since the EUR and GBP move basically the same, that would double up your risk when taking positions at the same time. I sometimes trade correlated pairs but it is not a practice that is good for me (or most traders I think) as it will double your losses if the trade goes against you.

Also some of those yen pairs...
  • #2,713
  • Nov 25, 2008 7:09pm Nov 25, 2008 7:09pm
Quoting bigbear777
Is this correct? FX Prime filter Jeta was released? If so where?
I'm thinking if CD worked out a filter we would know about it here. Sounds like somebody...not cd decided they had 1 for this set up...no thanks, I'm doing fine with out it.
  • #2,714
  • Nov 25, 2008 7:25pm Nov 25, 2008 7:25pm
Hi, I see on post 2704 that you posted your chart has 2 lines on it that change color from green to red (long-to-short) , What is the name of this indicator ? I also see you have 2 cci indicators on that seem to have different settings. What are those settings ? thanks
  • #2,715
  • Nov 25, 2008 7:32pm Nov 25, 2008 7:32pm
those are my 34 and 55 guppy ma's, which have been posted and talked about many times in this thread, i also answered about my setting too recently. no short cut, u have to read whole thread
  • #2,716
  • Nov 25, 2008 8:03pm Nov 25, 2008 8:03pm
I've done over 500% in a little over 1 week trading around this strategy. Just under 200 individual trades. Many trades not congruent with specific rules... but still killing in.

By the way... i use some pretty aggressive leverage (no shit?) but usually try to stick to around 10:1 real leverage.
"If it bleeds ... we can kill it"
  • #2,717
  • Nov 25, 2008 8:04pm Nov 25, 2008 8:04pm
great job
  • #2,718
  • Nov 25, 2008 8:33pm Nov 25, 2008 8:33pm
have you try on EURJPY ? looks very good pips on it. almost 100pips to the bottom.
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  • #2,719
  • Nov 25, 2008 8:56pm Nov 25, 2008 8:56pm
very pretty trade, good clean friendly pips, yes ej can be great to trade. wait i looked closer, i see 2 buys on the chart, i hope there from farther down the chart and you were not buying on that very pretty sell signal
  • #2,720
  • Nov 25, 2008 9:29pm Nov 25, 2008 9:29pm
that's chart was my demo account, still try to find wich signal is great for entry. that buy order is my mistakes because did'nt follow this great system.
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