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FX-50 Great Scalping System

  • #1,941
  • Mar 27, 2009 4:53am Mar 27, 2009 4:53am
I dont trade today but before the big short there were the two signals i showed here that failed.After taking 2 losses taking the same short 3rd time in one hour can be very difficult emotionally.
Do you suggest the 3rd short was better than the previous two? because they look the same to me just the outcome different
  • #1,942
  • Mar 27, 2009 5:11am Mar 27, 2009 5:11am
Quoting HUnter123
Do you suggest the 3rd short was better than the previous two? because they look the same to me just the outcome different
Take a look at my chart. I think John would say the 3rd one is the best
Attached Image (click to enlarge)
Click to Enlarge Name: ff.gif Size: 47 KB
Trading S/R with PA only. No indicators anymore!
  • #1,943
  • Mar 27, 2009 5:20am Mar 27, 2009 5:20am
Great Set-ups today, I'm well over 60 pips already. Will post chart when trend ends.
  • #1,944
  • Mar 27, 2009 5:29am Mar 27, 2009 5:29am
Quoting Jazz1964
Take a look at my chart. I think John would say the 3rd one is the best

The question is to take the breakout of wait for the pullback?
sometimes there are no pullbacks and you could see the price goes down 150 pips without you.I think we should have taken the breakout, sl at 10 pips and then take again the big short. about the previous false breakouts, it broke the tf30 by 5 pips , i think it should be considered a break, otherwise how many pips would you wait until you consider it a real break?
  • #1,945
  • Mar 27, 2009 5:46am Mar 27, 2009 5:46am
Okay, here is the chart from the run this morning. I took 11 trades and won 7 of them, 62 pips gain vs 27 pips lost = 35 pip morning. Most of the losses came from me fooling around with S&R fib lines which helped me out yesterday but today if I just would've stayed with JE's strategy it would have been a totally awesome day but don't get me wrong, I'm happy with 35 pips.

The first chart is the main one, the second is my fib chart which did help in confirming when and where I should enter and exit but as you can tell by the way it looks, it can be confusing which is not a good thing.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: trade day 03-27-2009 0900 gmt to 1030 gmt.gif Size: 22 KB
Click to Enlarge Name: trade day fib lines 03-27-2009 0900 gmt to 1030 gmt.gif Size: 20 KB
  • #1,946
  • Mar 27, 2009 6:14am Mar 27, 2009 6:14am
Quoting HUnter123
The question is to take the breakout of wait for the pullback?
sometimes there are no pullbacks and you could see the price goes down 150 pips without you.I think we should have taken the breakout, sl at 10 pips and then take again the big short. about the previous false breakouts, it broke the tf30 by 5 pips , i think it should be considered a break, otherwise how many pips would you wait until you consider it a real break?
I think you could have taken the short where I wrote breaking support on the chart. Yes, then the stoploss could have been triggered (15 pips). No prob, take the next signal.
Normally 5 pips is okay for breaking support, but I also look at how many bars is price going down allready, and was it a strong move? It was going down for quite a while and the second red candles in my square didn't make a new low, so fo rme, I would have waited to look for a new move down.
(okay, my nature is sometimes restless and it is possible I would have taken it). I think you agree it was better to wait.
Trading S/R with PA only. No indicators anymore!
  • #1,947
  • Mar 27, 2009 6:39am Mar 27, 2009 6:39am
It' very nice to see you all saw this trade coming and did take good profits.

Nevertheless I would like to point out to new visitors to this thread how easy it is to see this kind of High Prob Trade coming. Especially when using the latest V3.2 template.

All remarks are on the chart. Really it's that simple to spot a high prob trade.

One thing you should always look at when using template v3.2 because it is most significant when pinpointing entries is the following:

When the Kijun/Tenkan joins in a horizontal move one of the Ribbon lines of TF1 zone (CornflowerBlue and DeepPink) and price falls or rises through this combo, it's a first indication for entries. Of course this has to be validated by the rest of the chart (CCI and FXPrime's). Try to develop an eye for this !!.

What you could do is, run through several charts to check if there is some truth in this statement or..... how valuable it is when making entry decisions. I leave that up to you...

Cheers, John
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd updated system 3.gif Size: 48 KB
  • #1,948
  • Mar 27, 2009 6:39am Mar 27, 2009 6:39am
just 2minutes ago i take this screen
60 pips on EURJPY
take the short at the vertical line and move stop loss at break even when move lower 30 pips
and that's it

kino
Attached Image (click to enlarge)
Click to Enlarge Name: kino 's7.gif Size: 54 KB
  • #1,949
  • Mar 27, 2009 6:48am Mar 27, 2009 6:48am
Quoting John Edwards
It' very nice to see you all saw this trade coming and did take good profits.
Your remark on the chart about price falling out of TF1 and TF1 falling ot of other TF zones....... that's the best explenation why we should have waited to go short...in addition to the conversation between Hunter123 and myself.
Trading S/R with PA only. No indicators anymore!
  • #1,950
  • Mar 27, 2009 8:35am Mar 27, 2009 8:35am
When Price falls in such a way as it did about 09:13...... there is almost always a second repetitive trade coming according to Elliot Wave theory.

The first one starting at a point 2 (being a Wave 3) and the second trade starting at a point 4 (being a Wave 5). In this case that became true as well.

Usually the Wave 5 trade is not that big as the Wave 3..... which became true here as well. But still a nice 70-80 pips ride...

So be aware next time you see a downfall like this..... there is a very good chance for the repetitive Trade.

It's all in the chart.

Cheers, John
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd updated system 4.gif Size: 45 KB
  • #1,951
  • Mar 27, 2009 8:44am Mar 27, 2009 8:44am
Yes I followed the conversation and it's good to see that you made up this conclusion.

I am leaving for a weekend break.....

Have a nice weekend too,

John


Quoting Jazz1964
Your remark on the chart about price falling out of TF1 and TF1 falling ot of other TF zones....... that's the best explenation why we should have waited to go short...in addition to the conversation between Hunter123 and myself.
  • #1,952
  • Mar 27, 2009 10:09am Mar 27, 2009 10:09am
Quoting John Edwards
Yes I followed the conversation and it's good to see that you made up this conclusion.

I am leaving for a weekend break.....

Have a nice weekend too,

John

Hi John.... Could you pls explain on the use of "dots" on both upper fxprime and lower fxprime ....

Is it correct to say that when dots appear... a change of trend is imminent ? Either up or down... depending on other attached indicators like CCI ?
  • #1,953
  • Mar 27, 2009 10:24am Mar 27, 2009 10:24am
Quoting Syahmi
Hi John.... Could you pls explain on the use of "dots" on both upper fxprime and lower fxprime ....

Is it correct to say that when dots appear... a change of trend is imminent ? Either up or down... depending on other attached indicators like CCI ?
Hi Syahmi,
the dots only appear on the lower indicator. John calls them alert-dots. The meaning is quiet clear. They do alert you (early) that possibly a movement direction change can occur.
Take a look at my chart...
I hope this explanation is okay. John is gone for now, so I thought I give a reply.
Attached Image (click to enlarge)
Click to Enlarge Name: ff.gif Size: 52 KB
Trading S/R with PA only. No indicators anymore!
  • #1,954
  • Mar 27, 2009 11:08am Mar 27, 2009 11:08am
Would it be cool to anyone else here to have an indicator that looks like the kino buycount or 2 cci above 0 indicators that would tell us simply 3 things
with alert.

1. If price is above ALL ribbons green
2. if price below all ribbons red
3. If anywhere else yellow

then add alert, when price first Closes above all
ribbons pop up telling which pairs as the indicator
turns green and vice versa for first close below
all ribbons.

This would be a great alert and confirmation indicator
for those of us who just want to do the open sky
trades both the first close for alert to come watch
that specific chart for entry and on color for confirmation..
sometimes the ribbons are not in screen and you can think
you are above or below all but you are not.. would be great
confirmation.

Anyone agree or have thoughts?

thanks

Brian
  • #1,955
  • Mar 27, 2009 1:44pm Mar 27, 2009 1:44pm
hi everybody

for those who are interested in 5min time frame, i found some new settings for ribbons and i made a lot of pips... i share it here and you can use it for 5minute time frame, i hope it will be useful...

cheers,
Attached File(s)
File Type: tpl fx50_TF5m.tpl   13 KB | 727 downloads
  • #1,956
  • Mar 27, 2009 1:59pm Mar 27, 2009 1:59pm
Sometimes...I want to forget about the rules.... and trade what I see...the ribbons
Attached Image (click to enlarge)
Click to Enlarge Name: ff.gif Size: 57 KB
Trading S/R with PA only. No indicators anymore!
  • #1,957
  • Mar 27, 2009 11:48pm Mar 27, 2009 11:48pm
Quoting John Edwards
It' very nice to see you all saw this trade coming and did take good profits.

When the Kijun/Tenkan joins in a horizontal move one of the Ribbon lines of TF1 zone (CornflowerBlue and DeepPink) and price falls or rises through this combo, it's a first indication for entries. Of course this has to be validated by the rest of the chart (CCI and FXPrime's). Try to develop an eye for this !!.

Hi John,
I have a couple of questions to understand the template better:
1)Do we have to wait for price to close above/below Kijun/Tenkan for buy/sell?
2)In the chart today after the 1st short, where is a good exit? Is it at the 1st pivot underneath? Or you wait till the condition you mentioned in post 1871 "The Kijun/Tenkan also helps identifying entries and exits when it exits/enters the TF1 zone ribbon almost simultaneously with price. "
I've shown this on the chart attached.
3) If exited at the pivot, is it ok to re-enter on the chart with pivots nearby?

Thank you very much for all your support and ideas.
Pipster

Attached Image (click to enlarge)
Click to Enlarge Name: EU.JPG Size: 126 KB
  • #1,958
  • Mar 28, 2009 12:21am Mar 28, 2009 12:21am
[quote=golden1;2633394]Would it be cool to anyone else here ...

That would be very cool indeed!!!

Happy weekend to all.
  • #1,959
  • Mar 28, 2009 3:16am Mar 28, 2009 3:16am
Help anyone,

Where can I get the latest version of these Indicators Jazz is using?
  • #1,960
  • Mar 28, 2009 6:43am Mar 28, 2009 6:43am
Quoting reza_oscar
hi everybody

for those who are interested in 5min time frame, i found some new settings for ribbons and i made a lot of pips... i share it here and you can use it for 5minute time frame, i hope it will be useful...

cheers,

Thanks.... I've been waiting for this one... for quite some time already.
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