FX-50 Great Scalping System

Anyone trading FULL TIME with this system yet?...any luck with it?...any statement?....

Hi Jazz,
I'm referring to post 1845. When price broke up fast passing the 200ma and poking above TF5 and then hitting what looked like a pivot/fib on your chart, is it ok to go in immediately as TF5 was narrowing prior to that?

Thanks for your patience and the very nice chart with the numbered comments.
Happy Pipping

I trade my version of this full time and I think John trades his version full time. Were both doing very well with it. But I won't personally post a statement, They always lead to trouble and B.S.(and 100 pm's) I have found. Try it out on a demo account and let us know your thoughts.

Gatorman

I have started to trade this on a demo account - I have settled on F4mnect's version which is the best one for me.

One thing I have found is that finding entries is easy by looking a a chart after the event when there is no emotion but doing it at the time and acting in accordance with the rules is a little harder. Especially when there is a lot of volatility and the price is whipsawing 6,7 pips at a time.

I have also found that exits are far harder than entries and I have read this many times when posted by other people, I now know it to be true.

One thing I have to improve upon is the ability to sit on my hands and wait and not jump in out of boredom.

Regards
Lloydy

great post lloydy and try to sit aside when it gets whipsawing if possible. Also plus pips are plus pips. If you take a trade and you see that a very smart and high probability exit is 15 pips, unless it blows right threw that level. take the 15, be happy(were scalping on the 1 min chart), then wait on the next clean set up and go at it again. If I feel 15 pips is my smartest exit I'll take it any day and not care at all if it runs another 10 pips or what ever. This is just the way I handle exits because exits were the hardest part of a trade for myself. It's like flying a plane, takeing off is optional, but landings are not.

Hi Pipster,
You're right about the fib line. I don't know what kind of fib it was, it's not on my chart anymore. I have looked when y entry was exactly and I took it on the first arrow on the chart below.
CCi was very strong, price was allready above TF5 zone whitout falling back again. Sometimes I make my entry a bit too early

Hi Gatorman,
I am trading the Edwards template. It helps me finding high prob trades and helps me staying out of many sideways movements. Since I am looking to the charts with this spectacles, I feel much more confident.
My tradingresults are very positive last weeks. I don't show my statements, sorry. Before I started trading this style, I had been stopping trading for several weeks, because I was loosing money allthough I was using the doubleCCI.

Good luck!

Edit: almost full time

Thanks F4mnect for this advice.

The next task is for me set the buy, sell fast executions up with an auto stoploss and account %age allocation up.

Lloydy

we have posted some scripts for entry and ea's for trade management in my journal. Those might be what your looking for. I think most of them might have at 1 time or another been posted here also

Thanks F4mnect

I will have a wade through them and look for which suits. I have used one in the past that allocates 2% of capital (adjustable) and sets a SL of 10 pips (adjustable) and a TP if required.

I'll search this out and set it up.

I have been thinking about the advice you gave me on the 15 pip profit and run process. This changes the mindset and will stop me thinking about whether I could have squeezed more out of a trade or not.

The less I involve thinking the better (this may sound paradoxical but for me it's true).

1. Recognize high percentage set-up.
2. Enter trade with SL.
3. Take profit (or loss)
4. Forget the trade and pips made (or lost)
5. Move on to next high percentage set-up

I suppose it's just playing a numbers game with the slight advantage being with myself.

Regards
Lloydy

It's nice to see many new visitors to this thread and also other traders that want to use a bit of our technique in their systems and setups..... The more visitors the better I think, for the worst death threat to a thread is..... when there is not much going on anymore....

Indeed I am pleased to see that we are still alive and kickin' here....

Okay here is the update I promised last week.

On both templates FXprime_V2-JE.mq4 is being used the same way..... Upper FXprime with faster CCI settings and lower FXprime with slower CCI settings. Both are tweaked in such a way that when the dots on the lower FXprime appear this may be taken as an alert...

I am not going to explain how to use FXprime for there are plenty of posts in this thread that convey all of that. The only thing to be mentioned, although quite obvious is: When the lower FXprime is red and the upper FXprime becomes Red too.... this marks possible entries for Shorts that should be examined further. The same for Longs of course: When the Lower FXprime is Green and the upper FXprime becomes Green as well this marks possible entries for Longs that should be examined further.

Simultaneously we look at what price is doing: Is it coming free from the ribbons? What is the pipdistance towards the next Ribbon or to a Fibo- or Pivot-level?

Simultaneously we look at the DoubleCCI-With_SMA. This one has already been published in this thread some months ago, but comes in quite handy with this setup using FXprime_V2 Final-JE.mq4 twice.

As a rule when using DoubleCCI-With_SMA in this setup you may do the following:

Usually good entries occur for long...... when CCI is above +67 and above SMA..... Most of the time marked by a retracement of the CCI back towards the SMA and/or +67 line. Under all circumstances look for divergencies in the prelude to an entry.....

Usually good entries occur for short..... when CCI is below-67 and below SMA.... Most of the time marked by a retracement of the CCI back towards the SMA and/or -67 line. Under all circumstances look for divergencies in the prelude to an entry....

The first template has the settings of the ribbons first used and published on page 100 of this thread. B.T.W. Besides the ones you find beneath the Chartgraph....... You need all the indicators of all my posts on page 100. If you wish to use BrainTrend4Sig, MACandles or Randy Candles on the chart.... They are available in the templates as well. Right click on the chart and change the Vizualisation setting from Monthly to All Timeframes. You may also have to change the ChartOnForeground setting. To do this right click on the chart and look for this setting in the Properties window (F8).
The JE-Bar_Trend.mq4 you'll find in post #1601. Some indicators may be found in post #1673 and the MACandles.mq4 is in post #1754

The second template uses slightly different settings and has another TF zone added. I.E. in this template there now are 4 TF zones..... TF1, TF5, TF15 and TF30. This has been done because the TFzones are a bit faster here and therefore we now need TF30 as well. The advantage is that exits now are marked a bit earlier as well. The Kijun-Tenkan is being used for tradeguidance.

The rules for using this second template are not different from the ones published on page 100 !!

The Kijun/Tenkan also helps identifying entries and exits when it exits/enters the TF1 zone ribbon almost simultaneously with price.

Another difference compared to the previous Ribbon settings (in all previous templates) quite often now apppears at entries, i.e. second chance entries (often also better entries) may occur after the first retracement of price back towards Zones TF1, TF5 and TF15 at the same moment, i.e. when TF1,TF5 and TF15 zones are (very) close together.

In the chart below there are two examples how to determine entries.

Hope you like it.....
John

Hi John,
Just found your new post....... new stuff, other settings..........we got to study again....... according to the high quality level of the other stuff you have offered to us, i think this will be nice too

Many thanks in advance! Good trading to you!

Thanks Jazz, however you must download second template again. Accidently I uploaded wrong version first.....

Now it is the right one.

Hy John,
May I ask a question.
Why 67/-67? Why not 100 or 50?

D.

Yes that's different.........

I think I know what is the problem.....

I have studied hundreds of charts of various currencypairs and indices as well and concluded that these are the only settings for the ribbons that do work best according to the principles laid out at page 100. You may want to read the Radatats thread mentioned on that page as well for more information on this subject.

John

i have for you a great indi ...imax.. see it on tsd thread imax indicator can you make an arrow??

Hi John,

Just want to let you know I am studying the new templates.
First of all I undressed the chart so I can see the most important building blocks. Step by step.....

Dear all,

I am trying to grasp the initial FX-50 system.

Sorry for asking such a simple question. It is regarding to this statement below.

**VERY IMPORTANT**

NEVER TRADE AGAINST THE 5 MIN TREND, IF ITS TRENDING DOWN AND ITS GIVING YOU AN UP SIGNAL DONT TAKE IT ITS A RETRACEMENT WHEN IT COMES DOWN AGAIN TAKE THE SIGNAL. LOOK FOR LOWER LOWS AND HIGHER HIGHS...

How do you decide the trend in the 5 Min TF. There are so may methods. Which indicator is used to make the trend decision.

IF ITS TRENDING DOWN AND ITS GIVING YOU AN UP SIGNAL DONT TAKE IT ITS A RETRACEMENT

Did you mean the trend in 5M TF and the up signal in 1M TF chart.

WHEN IT COMES DOWN AGAIN TAKE THE SIGNAL. LOOK FOR LOWER LOWS AND HIGHER HIGHS...

Which one comes down, the signal in 1MTF (suggesting a short trade I suppose)
Sorry for asking such a simple question. Trying to grasp the system

Thanks