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FX-50 Great Scalping System

  • #761
  • Dec 17, 2008 3:18am Dec 17, 2008 3:18am
Hi All

The entry is self explanatory and I exited for 10 pips.

I have read a number of times that the exit is harder than the entry and I now know the truth behind this comment.

I think that my approach will be to take 10 pips on each trade (if the market gives me this) and then start to develop a longer term view once my daily taget is hit.

Any advice in this area is most welcome.

Regards
Lloydy

Thanks to Robin, F4 and Canuck to name but a few.
Attached Image (click to enlarge)
Click to Enlarge Name: 10PIP.png Size: 36 KB
  • #762
  • Dec 17, 2008 3:21am Dec 17, 2008 3:21am
Quoting soeasy69
Yes ... After starring at charts for years I like the chart to be black!!! LOL
Thanks Easy Could you please post your version of Time.mq4, thanks. Wayne
  • #763
  • Dec 17, 2008 3:27am Dec 17, 2008 3:27am
lloydy each currency is different, take 10 pips from the jpy any time you can get it, at +30 on jpy i'm looking to close the trade, on average that's all she will move on average. when I open a trade, i'm looking to 1st lock in breakeven, then lock in +10, after that close trade window is open and i'm just locking in key areas as she moves, i'll lock in 30 if trade breaks 40, i'll lock in 50 if trade breaks 60 etc. but because of how the eur has been moving i held my last eur long longer than i normally would. Nice trade

Quoting lloydy
Hi All

The entry is self explanatory and I exited for 10 pips.

I have read a number of times that the exit is harder than the entry and I now know the truth behind this comment.

I think that my approach will be to take 10 pips on each trade (if the market gives me this) and then start to develop a longer term view once my daily taget is hit.

Any advice in this area is most welcome.

Regards
Lloydy

Thanks to Robin, F4 and Canuck to name but a few.
  • #764
  • Edited 4:10am Dec 17, 2008 3:48am | Edited 4:10am
Quoting Rastaman
Take your pick
thnx..that very generous of u..and just after 5 min put on my mt4..i gt 10 pip through that indi..nice
  • #765
  • Dec 17, 2008 4:12am Dec 17, 2008 4:12am
Quoting soeasy69
Yes ... After starring at charts for years I like the chart to be black!!! LOL
Your tpl still purple.
  • #766
  • Dec 17, 2008 4:43am Dec 17, 2008 4:43am
Quoting fxtrading24
Here is the templates for 1 min and 5 min charts and the indicatoras incliding the price meter.
NOTE: The price meter you can only have on one chart. It will give false reading if it is on more than one chart.
Enjoy and make some PIPS.
Hi FXtrading24,,,

Is this fully functioning FXP v2 ???
  • #767
  • Dec 17, 2008 4:48am Dec 17, 2008 4:48am
Hi All

Great scalping thread you have here. Congrats!!

Here is my two cents contribution. If you overlay CCI_MA_Smoothed.mq4 on top of DoubleWoodyCCI you can even more clearly pinpoint your entry en exit.
I use settings 89, 21 on DoubleWoodyCCI and my CCI inputs on CCI_MA_Smoothed are 21, 0, 30.

I have also tried the DoubleWoodyCCI introduced by CanuckCT (post 66), however overlay doesn't succeed with that one the way it should be..... exactly fitting.

There is a snag with all overlays, for sometimes you may notice that both indicators are not 100% synchronized. Shifting the chart a little to the right or to left most of the time solves that......

Maybe KINO who is the specialist here in overlays and synchronization would just be so kind to add the SMA to the DoubleWoodyCCI ..... (For that is what is actually all about here) because that would solve the shift problem...... that sometimes (rarely though) may occur.

BTW the CCI_MA_Smoothed.mq4 is used in other Scalping systems with great succes for entry and exit.

Cheers, John
Attached File(s)
File Type: mq4 DoublecciWoody.mq4   6 KB | 600 downloads
File Type: ex4 DoublecciWoody.ex4   6 KB | 537 downloads
File Type: mq4 CCI_MA_Smoothed.mq4   7 KB | 737 downloads
File Type: ex4 CCI_MA_Smoothed.ex4   8 KB | 599 downloads
  • #768
  • Dec 17, 2008 5:02am Dec 17, 2008 5:02am
john nice indicator, but why would u over lay them, i'm seeing using one or the other, but stacking both defeats the whole purpose of the double cci. if your trading that cci 21 cross of sma , then why even have the 89 trend cci there, not bad for exits though. just asking because i'm not understanding the stack just yet. does look like a earlier entry, but earlier is not always safest entry and I would be entering with out confemation of the entry from the dual cci which this system is set up around, I haven't looked back at it's signal enough, but being early could get you bit in the ass on 0 line rejects, plus those early entries don't jive with anything eles on my chart set up to support the double CCI
  • #769
  • Dec 17, 2008 6:00am Dec 17, 2008 6:00am
Quoting f4mnect
john nice indicator, but why would u over lay them, i'm seeing using one or the other, but stacking both defeats the whole purpose of the double cci. if your trading that cci 21 cross of sma , then why even have the 89 trend cci there, not bad for exits though. just asking because i'm not understanding the stack just yet. does look like a earlier entry, but earlier is not always safest entry and I would be entering with out confemation of the entry from the dual cci which this system is set up around, I haven't looked back at it's signal enough,...
You're right...... It's just that the SMA gives an earlier signal that a possible entry is at hand shown by the DoubleWoody in the FX-50 system. Validity of entries of course should be handled by FX-50 system rules.... Nothing new there!!!!

However, f.i. when a long trade has been started you will notice that the 89 CCI (gray line) is above the SMA and stays there until exit.... unless you decide for an ealier exit when the yellow CC 21 crosses the SMA.
In this way it gives (some) guidance not to exit too early and certainly not too late either.

Another advantage though is that it makes exit posiblities more visual. Anyway that's what I like most about it.

BTW Have al ook at both CCI-MA-Smoothed and ZLS and you'll notice a remarkable ressemblance there also..... So if KINO could put it together the way I described in my previous post...... it's possible to leave the ZLS away..... which saves space in the chart.

John
  • #770
  • Dec 17, 2008 6:02am Dec 17, 2008 6:02am
thanks for responding, i'll look it over
  • #771
  • Dec 17, 2008 6:33am Dec 17, 2008 6:33am
Quoting f4mnect
thanks for responding, i'll look it over
I love it to be a junior here on the forum (for my age is 62)) and I am trading for more than 20 years, Stocks, options and nowadays only FOREX.

Okay having said that...... on to the remark I'd like to make. Basically the FX-50 system is a Wave 5 (Elliot waves therory) trading system, for most of time time the Wave 3 is being skipped here by the CCI 89/21 setup.

Nothing wrong with that..... That is just how this system works. But when you are quite good at divergencies you will also be able to take the Wave 3 trades..... These most of the time happen when the CCI 21 crosses the zero line first.

An example of that just happened now on EURUSD with the short trade entry possibility of 11:48 GMT. Yellow 21 one coming down first crossing zeroline..... Next Gray 89 coming down after under SMA at 11:48 GMT

Next you do is lean back and wait for the gray line to get above the SMA..... Presently it's on a 60 pips ride already.....

But indeed you should only do this when you know all the ins and outs about divergencies/convergencies signalling boost potential at entry points.

Notwithstanding the foregoing if you stick to the FX-50 rules the SMA comes in quite handy too with the DoubleWoodyCCI.

Cheers, John
  • #772
  • Dec 17, 2008 6:38am Dec 17, 2008 6:38am
nice john thanks for that info.
  • #773
  • Dec 17, 2008 6:43am Dec 17, 2008 6:43am
Quoting fxtrading24
I Am sad that the way FXPrime went, so lets forget about Canadian Dude and get on with what we had at the fxprime thread. And that is each other.
So all the fxprimers here is where we can take off where we left off, and be successful traders.....
I didn't want it to have FXPrimes name as a thread so I picked FX-50. So this thread is for all of us that were using fxprime, and to new users.

So Welcome all.....

Here is the rules


[b][color=#ff0000]FINAL ENTRY SIGNAL...
hi, i like that you explaing this indicators but also is good explain you sistem.
thanks for you great work, and sorry for mi english is no mi languaje original
  • #774
  • Dec 17, 2008 7:05am Dec 17, 2008 7:05am
Ohh and john my intentions was not to offend so I hope you didn't take it that way at all. Just to start a discussion and truthfully to weed out somebody new jumping into this thread and throwing a new indicator out with out any thought behind it(which you have proven is not the case). In the beginning of fxprime people were dumping 20 indicators at a time on top of this set up. I must admit my set up is a little different from the orignal set up, but i'm looking to take advantage of one specific high probability trade over and over. Good luck with your Trades and thanks for the insight.
  • #775
  • Dec 17, 2008 7:17am Dec 17, 2008 7:17am
LOL my TP was @ 14024
now it's a trade of 42 pips but i don't want to go out an eye on UT5 tells me to stay still ; this time i put a TP to 14030!
kino
Attached Image (click to enlarge)
Click to Enlarge Name: trading1712.gif Size: 21 KB
  • #776
  • Dec 17, 2008 7:22am Dec 17, 2008 7:22am
Quoting kinonen
LOL my TP was @ 14024
now it's a trade of 42 pips but i don't want to go out an eye on UT5 tells me to stay still ; this time i put a TP to 14030!
kino
no want to do down
closed with only 20 pips !!! waiting for another trade now
kino
  • #777
  • Dec 17, 2008 7:35am Dec 17, 2008 7:35am
Quoting kinonen
no want to do down
closed with only 20 pips !!! waiting for another trade now
kino
Hi Kino,

You have done a great job here with all your indicators and modifications. Especially I like the Kino_EMAaboveSMA.

May I draw your attention to my first post in this thread (#767)? I Have a request...... Would you please be so kind to add an SMA as described in that post to the DoubleWoodieCCI ?

Have a nice day, John
  • #778
  • Dec 17, 2008 7:39am Dec 17, 2008 7:39am
Quoting John Edwards
Hi Kino,

You have done a great job here with all your indicators and modifications. Especially I like the Kino_EMAaboveSMA.

May I draw your attention to my first post in this thread (#767)? I Have a request...... Would you please be so kind to add an SMA as described in that post to the DoubleWoodieCCI ?

Have a nice day, John
SMA ; what is the period of this SMA ?
kino
  • #779
  • Dec 17, 2008 7:45am Dec 17, 2008 7:45am
Quoting f4mnect
Ohh and john my intentions was not to offend so I hope you didn't take it that way at all. Just to start a discussion and truthfully to weed out somebody new jumping into this thread and throwing a new indicator out with out any thought behind it(which you have proven is not the case). In the beginning of fxprime people were dumping 20 indicators at a time on top of this set up. I must admit my set up is a little different from the orignal set up, but i'm looking to take advantage of one specific high probability trade over and over. Good luck with...
No way..... no problem whatsoever. Regarding all the time and efforts you have put into this thread...... that would be the last thought crossing my mind. Hats off to you ! I hope you will carry on this way!

Have a nice day, John
  • #780
  • Dec 17, 2008 7:55am Dec 17, 2008 7:55am
Quoting kinonen
SMA ; what is the period of this SMA ?
kino
Hi Kino,

I have opened the indicator and its says at the bottom of the display:

SmoothingMA_Type = 0;
SmoothingMA_Period = 30;

Usually I would use a Gann sequence number like 27 or 36 or Fibonacci number 34 in this region, however for some reason the number 30 does the better job in comparison to the CCI settings 89 and 21.

John
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