FX-50 Great Scalping System

Hey tkpower8,

when you say the candle was eaten do you mean its an inside bar relative to the opposite candle prior?? I really want to understand the chart you posted. Thanks.

FW

Anybody can do an ea on mouteki?
it looks gooooooood and easy
just a parenthesis

Hey CanuckCT,
I emailed you a few minutes ago. Could you check you email. It's kinda like important.

Thanks.
D.

The blue candle is formed and we are near a declining 21SMA, which tells us that the bulls are the winners of that 2 minutes but the general direction is down. This means that it is highly probable that we are just seeing a small retrace on the downward movement and just need to wait for the bears to take control again. (which is what I refer to as bear candle eating bull candle)

And so by 'eating', I mean the next candle was taken over by the bears and ate up all the gains that the bulls had made in the previous candle, and more.

We do not have to wait for the candle to close and form any pattern. We simply pull the trigger after the bulls gains are taken away by the bears + an extra 1-2 pips, your call and its all pretty fast anyway.

In the chart I show the 1st trade was triggered and then the bulls jumped in again, this made our entry candle close blue which may confuse some of you a bit, just be aware that at the time of entry it was a red candle and either way showed us that the bears had more power than the bulls because they were able to drive the price down further than the bulls could push it up in an equal space of time (2mins) . The declining 21SMA tells us that momentum is down so once we see the bears overpower the bulls its a good time to enter.

The next 2 entries on that chart are clearer to see since the entry candles close the correct color

Just keep firing the questions if you need more input, its a funny one to put into words

Never got the e-mail...just pm me.
Cheers
CanuckCT

M2 chart....now that's worth a look.
Cheers
CanuckCT

Check your hotmail address.

D.

I have a problem with that account....can't get into it.
Post a PM

I send you the PM.
D.

Thanks for the advice CanuckCT.

D.

FYI
I took the FXprime rules and programed( had someone program) them into a cmsfx platform. I applied the original rules with a 20 SL and 40 Profit. I also would exit if I get an opposite signal. I have been testing for over a 6 trading days ( forward testing) on a live demo account and the results are good. Started with a $50k and now I have $54k.The key is to know when turn off the system. So far I turn off auto trading between 12-4 Central US time, and off Sunday evening.
I have always been against auto trading, but I think I might have been wrong. A look at a EA with these rules might be worth while. Kinonen I hope you are reading.
I will keep posting my test results on regular bases.
I am glad you guys kept the forum alive.
Good trading

Nice short break on USD/JPY.
rode it for 9,500 Yen in 5 mins. The trendfollower 5 min system seems to work well the Fx-50.

Hmmmm Just wondering if the LAG indicator could be used in this system?

especially appreciate the SDX_TzPivots ............ good-one! Reading & Learning Nice thread you all! IMO

I'm glad you put this part in because I was very confused!!! That helps.

Ok, so question #2. Does this sort of entry work on a M1 chart also? I'm thinking of using it to fine tune my entries. Thanks!

FW

bigger picture... trend lines for 1min eur/usd looking for a short entry with good r/r 2862 small stop.

**just pointing this out incase anyone is long on the recent 34/170 cci cross on the fx50 system**

It works well on the M1 also but you need to be strict about it being at or VERY near the 21SMA if you want a higher probablity of success.

The reason I use the M2 for this method is because the win ratio is higher than the M1, if you use it to fine tune your FX-50 entry then you will have a great win ratio too. I have my screen setup like this:



You can see on this shot, as I do now, that we just had a nice buy setup on the M2, I actually missed this one because I am doing other things but I see as I am typing this that it has gone far enough for me to have had my SL at break even. Another good trade and the M1 will be my next focus of attention for an FX-50 entry.

Question... What is your definition of big boys? If your refering to the brokers, you may want to call them brokers. Your term big boys sounds too close to the term big traders use, big dogs.

Thanks

tkpower8,

I've use the period converter before....had an 8 and 12 hour trend system I was looking at once upon a time (and now I trade M1 and M2)...that is funny! But I cannot get this to work. Can you provide detailed instructions for the technically challenged like me.

Cheers
CanuckCT

This is from the text in the indicator. It was written by talkforex


Readme:
I. Features:
This is an improved version of period converter for MT4 based on the
MT4's default period converter by metaquotes.
The default period converter script do not support real-time refreshing,
and consume lots of CPU (50%-9x%) making the whole system slow.
Also, the default one is a script which do not save when you exit MT4,
so you have to apply every converter script again after restarting, quite
annoying.
This one fixed all above problems:
1. Real-time updating or custom interval millisecond level updating.
2. Low CPU cost, average 5%-10% or less.
3. Works as an indicator, so can be saved and reloaded during restart.
4. There is no one converter per chart limitation as it is not script
any more, you can only use one window as source to generate as many
new timeframe chart as possible.
5. Auto updating if there is new history block loaded.
II. How to use:
Copy the mq4 file to your MT4 indicators folder (expertsindicators)
to install it as an indicator, NOT script. then in the custom indicator
list, attach period_converter_opt to the chart you want.
It support 4 parameters:
PeriodMultiplier: new period multiplier factor, default is 2
UpdateInterval: update interval in milliseconds,
zero means update real-time. default is zero.
Enabled: You can disable it without remove it with this option.
Other parameters are comments or for debugging, it is safe to ignore them.
Also Make sure you have Allow Dll imports option checked in common tab or
it won't work
After that, File->Open Offline to open the generated offline data. then
the offline data will be updated automatically.
As long as you keep the source chart open and the converter indicator
running, the generated chart including indicators inside will always
be updated. also you can close the generated chart and open again
later from File->Open Offline without problem.
If you want to quit MT4, you can leave those offline chart as other
normal online charts. when you start MT4 next time, those charts will
also be loaded and updated.

III. Notes:
1. Do NOT uncheck the "offline chart" option in offline chart common properties.
or after MT4 restart, it will treat that chart as online chart and request
the data from server, resulting empty chart window.
2. You can attach more than one converter to same window with different
PeriodMultiplier, e.g: you can attach 3 converter with
PeriodMultiplier = 2, 4, 10 to M1 to generate M2, M4, M10 at the same time.
It is even ok to use the M1 chart to generate Hourly chart like H2, which
only cost a few more CPU resource during initial conversion. but usually
most server don't have much data for those short period. resulting the
generated data isn't long enough for long period. so it is suggested
to use Hourly/Daily charts as source when needed.
3. The real-time updating mode updates quotes as fast as possible, but as
this is done via script, and MT will skip calling start() function when
your PC is busy and lots of quotes income. anyway, this seldom happen,
and you can at least get 10 updates each seconds which is much more
than enough.
4. The offline chart don't have a bid line showing in chart, but all data
in the chart including the indicators is still being updated,
so don't worry. you can show the bid line by unclick the "offline chart"
option in chart properties. but which don't helps much and if you forget
to check "offline chart" option before exit. it will cause errors and
become empty on next startup. you have to close the window and open
again from File->Open offline, which don't worth the trouble.
IV. History:
2005.12.24 1.4 faster to detect if data changed by removing float point
operations, added support to output CSV file in real time.
OutputCSVFile = 0 means no CSV.
OutputCSVFile = 1 means CSV + HST
OutputCSVFile = 2 CSV only, no HST .
(useful if you want to generate CSV for builtin periods)
CSV Filename will be the same as HST file except the extension.
added safe checking for PeriodMultiplier.
2005.12.04 1.3 Fixed missing data when there is large amount of data
loaded in several blocks, and support auto updating
when new history is loaded.
2005.11.29 1.2 Additional fix for missing data and server changing.
2005.11.29 1.1 Fixed missing partial data after restart.
Reinitialize after changing server or data corrupted.
2005.11.28 1.0 Initial release

hi
i'm a little busy with another indy who seems to be the best i've made

but what it's so important RSI8 crossing OR CCI crossing zeroline
because of this depends all !
i'm still working on other indies to make them better
have a look at kinobuycount in the screen below (red =short and green=long)
(here it is on 15minTF)
i hope an indy like ,that for fx50 system !


kino