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JohnFX's Price Magnets

  • #21
  • Dec 5, 2005 6:48pm Dec 5, 2005 6:48pm
Quoting jimyland
JohnFX,
Save yourself some time. If your stop is always 20p; just enter your position and the target.
JIM
Good idea Jim.

Thanks;

JohnFX
  • #22
  • Dec 5, 2005 8:05pm Dec 5, 2005 8:05pm
Quoting JohnFX
short eurusd @1805

stop 1825

target 1775


Shooting for 30 pips on this one. I want to re-iterate that I am not trading real money on these signals yet and don't recommend anyone doing that. These are test trades for illustration purposes only.

Thanks;


JohnFX
This would be a really long trade for me. Now I know why I don't trade the asian session. It's q thin, boring market. Could take 20 pips @1785. Pretty sure 1770-75 will get hit eventually. It's there like a magnet but not pulling hard enough ATM.

Well guess I'l watch some Monday Night Football.

johnFX
  • #23
  • Dec 5, 2005 9:19pm Dec 5, 2005 9:19pm
Quoting JohnFX
short eurusd @1805

stop 1825

target 1775


Shooting for 30 pips on this one. I want to re-iterate that I am not trading real money on these signals yet and don't recommend anyone doing that. These are test trades for illustration purposes only.

Thanks;


JohnFX
Ok this is taking too long. Closing @ 1785 for +20 Will wait for the next setup.

2 - 1 +10 pips
  • #24
  • Dec 6, 2005 4:03am Dec 6, 2005 4:03am
Hey JohnFX, could you please explain what system are you using?
  • #25
  • Dec 6, 2005 6:40am Dec 6, 2005 6:40am
Quoting JohnFX
Ok this is taking too long. Closing @ 1785 for +20 Will wait for the next setup.

2 - 1 +10 pips
Well I see eurusd did finally visit the 1770 area as I had predicted (and a bit lower). Oh well, was still a positive trade.


JohnFX
  • #26
  • Dec 6, 2005 6:50am Dec 6, 2005 6:50am
Quoting WTB
Hey JohnFX, could you please explain what system are you using?
Hi WTB;

My system is propietary (something I discovered that shows up on 1 & 5 min. charts) that seems to have a very high percent re-occurance. What I mean by that is when I spot this particular formation, price seems to just about always return to at least that price point (where I spotted the formation) eventually in the short term. By short term I mean anywhere from an hour or 2 to several hours later. With such a high percentage probability this could be a very powerful trading tool. I am still working on putting together an optimum price entry & stop combo. This method has noting to do with the traditional indicators such as pivots, Fibos, normal S & R or candle shapes. Like I said this is still a system in developement.

JohnFX
  • #27
  • Dec 6, 2005 9:13am Dec 6, 2005 9:13am
This time I'm just going to give a price area for USDCHF

Presently time is 10:10 AM (NY time)

Should visit the 1.3135-45 area.

See how it goes.

JohnFX
  • #28
  • Dec 6, 2005 10:57am Dec 6, 2005 10:57am
Hi John,

Would you prefer this thread in the journals section instead? I think that you could be setup to moderate your own thread to give you more control over who posts and who doesn't. (I've just finished reading the other thread and some of the criticism seemed a bit harsh.)

Its your decision of course - I think Merlin could set you up as moderator.

Iso
  • #29
  • Dec 6, 2005 7:20pm Dec 6, 2005 7:20pm
Quoting Isotonic
Hi John,

Would you prefer this thread in the journals section instead? I think that you could be setup to moderate your own thread to give you more control over who posts and who doesn't. (I've just finished reading the other thread and some of the criticism seemed a bit harsh.)

Its your decision of course - I think Merlin could set you up as moderator.

Iso
Hey Iso;

Thanks very much for the sugestion. I appreciate it. For now I'll just keep this thread. I didn't realize how much work it can be to post in FF and trade at the same time. I commend those in this forum who do it on a regular basis. Plus I'm trying to make heads or tails of my new trading system (not the scalping), plus trying to do my bread & butter which is scalping during the NY session.

Thanks;

JohnFX
  • #30
  • Dec 6, 2005 7:26pm Dec 6, 2005 7:26pm
Quoting JohnFX
This time I'm just going to give a price area for USDCHF

Presently time is 10:10 AM (NY time)

Should visit the 1.3135-45 area.

See how it goes.

JohnFX
I am not happy with this post. usdchf will probably still hit the listed area but I'm not satisfied that's taking this long.

JohnFX
  • #31
  • Dec 6, 2005 8:14pm Dec 6, 2005 8:14pm
JohnFx,
3120 looks better for CHF. Don't strain your system. Today was tough. All my trends turned on me and I only made enough for a cup of coffee. Still holding GBP; I need 1.73.50 to buy another cup of coffee.



"I'm just glad I don't live in a trailer" JIM
  • #32
  • Dec 7, 2005 5:56am Dec 7, 2005 5:56am
Hi, I am brand new to the thread but not FOREX trading. I see that WBT Posted a Q in Sept 2005 as to the type of system being used and I am unable to see a reply. If John would care to give a little more information, perhaps the more experience and testing that would bring to the discusion may benifit all.
I look forward to be able to input some productive information.
  • #33
  • Dec 7, 2005 6:45am Dec 7, 2005 6:45am
Quoting JohnFX
I am not happy with this post. usdchf will probably still hit the listed area but I'm not satisfied that's taking this long.

JohnFX
Dang, It finally did visit my 1.3145 (usdchf) last night, as previously mentioned.

Just a little note: As I have stated before when I scalp I primarily trade EURUSD. This system I am working on is a longer term trading method and I have observed that these "price magnets" (that's what I will call them from now on.. ).. occur in other currency pairs. I haven't looked at the crosses yet, but I wouldn't be surprised to see them in those pairs also.

Ok while I'm here, I have a couple more "price magnets" to mention.

Presently it's Wed. 12/7 7:45AM (NY)

EURUSD: 1730 then 1770 and 1785
USDJPY: 121.20

JohnFX
  • #34
  • Dec 7, 2005 6:50am Dec 7, 2005 6:50am
john, in a 4 hour session, howmany times do you scalp please?
another INTP
  • #35
  • Dec 7, 2005 7:00am Dec 7, 2005 7:00am
Quoting Roadster
Hi, I am brand new to the thread but not FOREX trading. I see that WBT Posted a Q in Sept 2005 as to the type of system being used and I am unable to see a reply. If John would care to give a little more information, perhaps the more experience and testing that would bring to the discusion may benifit all.
I look forward to be able to input some productive information.
Hello Roadster welcome to FF. Actually this thread was started just a couple days ago to discuss scalping and very short term trading in forex. I am primarily a scalper, but recently have notice something on short term times frames that I am exploring as a potential longer term trading system. At this point I am simply calling them "price magnets". I have found that price returns to these points a very high perectage of the time (from my observations looks like at least 90%). So I'm still trying to develope an optimum entry and stop combo to take advantage of these magnets. At this point my Price Magnet method is proprietary and I have no problem mentioning the price points, but I am not trading them yet with real money.

You are welcome to post any info. or methods you may have regarding scalping and very short term trading.

Thanks;

JohnFX
  • #36
  • Dec 7, 2005 7:02am Dec 7, 2005 7:02am
Quoting anthonybaker
john, in a 4 hour session, howmany times do you scalp please?
On average it can be anywhere from 5-10 trades. Occasionally I go over 10, but I try to refrain from over trading. That's where the disicipline needs to kick in.

JohnFX
  • #37
  • Dec 7, 2005 10:03am Dec 7, 2005 10:03am
Quoting JohnFX
Dang, It finally did visit my 1.3145 (usdchf) last night, as previously mentioned.

Just a little note: As I have stated before when I scalp I primarily trade EURUSD. This system I am working on is a longer term trading method and I have observed that these "price magnets" (that's what I will call them from now on.. ).. occur in other currency pairs. I haven't looked at the crosses yet, but I wouldn't be surprised to see them in those pairs also.

Ok while I'm here, I have a couple more "price magnets" to mention.

Presently it's Wed. 12/7 7:45AM (NY)

EURUSD: 1730 then 1770 and 1785
USDJPY: 121.20

JohnFX
The eurusd 1730 price has been hit. I have a new Price magnet for usdchf

USDCHF 1.3085

JohnFX
  • #38
  • Dec 7, 2005 11:00am Dec 7, 2005 11:00am
Tight ranged, thin market today. I did 6 scalps, 6 winners but for only 12 pips total. But I'll take it. Tomorrow and Friday should see better action, hopefully.



JohnFX
  • #39
  • Dec 7, 2005 11:26am Dec 7, 2005 11:26am
Heck yes I'd take it too!!!

Were all 6 trades on the Euro? If I remember right you start at 8 AM EST. Do you usually close it off at 12?

Thanks for this thread and your info.
Don Life is expensive, but includes a free trip around the sun.
  • #40
  • Dec 7, 2005 12:11pm Dec 7, 2005 12:11pm
Quoting traderone
Heck yes I'd take it too!!!

Were all 6 trades on the Euro? If I remember right you start at 8 AM EST. Do you usually close it off at 12?

Thanks for this thread and your info.
Hey Don. Yeah all eurusd. Update: actually I had one more 2 piper around noon time on that little mini plunge. So, 7 for 7 for 14 pips.

Thanks;

John
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