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JohnFX's Price Magnets

  • #41
  • Dec 7, 2005 8:03pm Dec 7, 2005 8:03pm
Quoting JohnFX
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
Today is an example of why I like scalping. You could consider today a hard day to trade because of the choppy conditions. But if you have scalping skills it could still be a pretty good payday. I'm not trading 40 or 50 mini lots per trade yet, ( I plan to in Jan. 2006), but with 14 net pips and trading 50 mini lots thats $700 bucks for the day for a few hours work. Not too shabby. And that's by trading what long term traders call "noise" (the chop action).

By the way, I prefer trading mini lots verses full size lots because of the flexibility one has to adjust ones trade size. Easier with the small increments especially with a smaller acount size. Example: say you have $4000 in account and have been trading 40 lots per trade and you decide to withdraw $500. Then you can reduce your trade size to 35 lots until you build the account back up to $4000 (which can easily be one day of decent scalping).


JohnFX
  • #42
  • Edited 8:36pm Dec 7, 2005 8:31pm | Edited 8:36pm
These are my current pending Price Magnets.

EURUSD 1.1770 (I had prev. stated 1.1785 that was an error)

USDJPY 1.2120 - 25

USDCHF 1.3122 (new one)
1.3080

Lets see if these get hit this evening during asia & eu sessions.



JohnFX
  • #43
  • Dec 7, 2005 10:36pm Dec 7, 2005 10:36pm
John,

Are you going to tell us anymore about your scalping - can you give us the trades that you have taken and an insight into why?

Thanks

Simon
  • #44
  • Dec 7, 2005 11:12pm Dec 7, 2005 11:12pm
Quoting DrRock
John,

Are you going to tell us anymore about your scalping - can you give us the trades that you have taken and an insight into why?

Thanks

Simon
Hello Simon;

During the near future (days), I'll try and post some charts pointing out the trades. Of course scalping is not strictly technical, (at least the way I do it). As I have stated previously some of it involves experience from watching price action and some discretion when taking a trade. But, hopefully if I post a chart, it can illustrate the technical aspect of it.

Ok, I'm off to bed.

Later;

JohnFX
  • #45
  • Dec 8, 2005 8:53am Dec 8, 2005 8:53am
Quoting JohnFX
These are my current pending Price Magnets.

EURUSD 1.1770 (I had prev. stated 1.1785 that was an error)

USDJPY 1.2120 - 25

USDCHF 1.3122 (new one)
1.3080

Lets see if these get hit this evening during asia & eu sessions.



JohnFX
The above mentioned targets for eurusd & usdchf were all hit last night.
The usdjpy still hasn't.

New Magnets:
eurusd 1.1730 then 1720
usdchf 1.3140

JohnFX
  • #46
  • Dec 8, 2005 9:10am Dec 8, 2005 9:10am
Quoting JohnFX
The above mentioned targets for eurusd & usdchf were all hit last night.
The usdjpy still hasn't.

New Magnets:
eurusd 1.1730 then 1720
usdchf 1.3140

JohnFX


JohnFX,
Any stops on these "positions"?
  • #47
  • Dec 8, 2005 10:16am Dec 8, 2005 10:16am
Quoting sleepdoc
JohnFX,
Any stops on these "positions"?
Hello;

The following is from one of my previous posts. Please read.

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.

Thanks;

JohnFX
  • #48
  • Dec 8, 2005 11:30am Dec 8, 2005 11:30am
It was looking like a pretty dull trading day until around 10:10 AM (NY) and the EURUSD popped. I suspect it was a stop clearing move by the MM's. Well I managed to get a piece of it. Otherwise I was probly looking at a break-even day scalping.

I ended with 10 wins out of 14 trades for +18 pips.

JohnFX
  • #49
  • Dec 8, 2005 12:00pm Dec 8, 2005 12:00pm
JohnFX,

What do you think is going to happen (after this morning's action) with your previously posted Magnets? JIM
  • #50
  • Dec 8, 2005 3:39pm Dec 8, 2005 3:39pm
Quoting jimyland
JohnFX,

What do you think is going to happen (after this morning's action) with your previously posted Magnets? JIM
Jim;

I'm pretty confident they will get hit. Probably tonight or tomorrow. The thing I'm trying to figure out is where the best entry point would be when I spot these Price Magnets. What I'm trying to say is once I identify these price points, I wouldn't necessarily enter the market right away. That's what I'm trying to sort out before trading them. I may have to analyse the data for a few weeks before determining the best way to do it. I would like it to be as mechanical as possible.

JohnFX
  • #51
  • Dec 9, 2005 4:09pm Dec 9, 2005 4:09pm
So so day scalping today. 11 wins 2 loses. The wins accounted for 30 pips and the losers totaled 20 pips (more than normal), for a net of +10 pips for the day. The markets were rather thin again today, so I'm happy I had positive pips.



JohnFX
  • #52
  • Dec 9, 2005 5:27pm Dec 9, 2005 5:27pm
Sounds just fine to me. I can't imagine you get 13 trades in the NY morning session using those 10-20 EMAs on EURUSD.

I need more practice looking at this stuff! Keep up the good work.
Don Life is expensive, but includes a free trip around the sun.
  • #53
  • Dec 9, 2005 7:09pm Dec 9, 2005 7:09pm
Quoting JohnFX
So so day scalping today. 11 wins 2 loses. The wins accounted for 30 pips and the losers totaled 20 pips (more than normal), for a net of +10 pips for the day.
JohnFX, you seem to be falling in the same problem I incur in my intraday trading myself (I dont scalp though, my trades are a little bit longer): a couple of stoploss hits and I ruin the last fistful of trades. My win/loss % is certainly positive, but my average stop loss is usualy larger than my average winner, so even after a 8-out-of-10 week, I walk out with very modest earnings because those two single losses have dented badly my overall performace.

This is one bone I still struggle to chew through in my otherwise quite successful intraday trading scope
  • #54
  • Dec 9, 2005 7:25pm Dec 9, 2005 7:25pm
Quoting WTB
JohnFX, you seem to be falling in the same problem I incur in my intraday trading myself (I dont scalp though, my trades are a little bit longer): a couple of stoploss hits and I ruin the last fistful of trades. My win/loss % is certainly positive, but my average stop loss is usualy larger than my average winner, so even after a 8-out-of-10 week, I walk out with very modest earnings because those two single losses have dented badly my overall performace.

This is one bone I still struggle to chew through in my otherwise quite successful intraday trading scope
Yeah I know what you mean. Today I used a 10 pip stop (experimenting). Going back to 5-6 pip. Looking at my trades, my winners would have still been winners with the tighter stop. Oh well, that's scalping. But, if I was trading 50 lots, still would have made $500 bucks for the day. Not too bad.
Next week should be fun. A lot of news, data, the Fed, etc.

Thanks;

JohnFX
  • #55
  • Dec 9, 2005 7:26pm Dec 9, 2005 7:26pm
I'm a newbie, chinese guy. It's very nice to meet you. You guys are really helpful for me to learn forex trading. I could be a scalper by my nature, and I am learning the skills. By the way, have you guys got a good recommendation about choosing a forex broker?
  • #56
  • Dec 9, 2005 7:31pm Dec 9, 2005 7:31pm
Quoting traderone
Sounds just fine to me. I can't imagine you get 13 trades in the NY morning session using those 10-20 EMAs on EURUSD.

I need more practice looking at this stuff! Keep up the good work.
Don;

Not all the trades were taking only off the 10-20 EMA. A few were impulse trades off of my observation of price action. I think a couple were minor trend line breaks. But, yes, I do prefer to see price under (short) or over(long) the crossing 10-20 EMA's when taking a trade. And that's on the 1 and/or 5 min. chart.

Thanks;

JohnFX
  • #57
  • Dec 14, 2005 3:02am Dec 14, 2005 3:02am
Quoting JohnFX
Don;

Not all the trades were taking only off the 10-20 EMA. A few were impulse trades off of my observation of price action. I think a couple were minor trend line breaks. But, yes, I do prefer to see price under (short) or over(long) the crossing 10-20 EMA's when taking a trade. And that's on the 1 and/or 5 min. chart.

Thanks;

JohnFX

Do you use any other indicators besides the 10-20 EMAs and what you mentioned above, or are those your main indicators? Any other tips?
  • #58
  • Dec 20, 2005 2:28pm Dec 20, 2005 2:28pm
JohnFX....

Any news to report of your new strategy (or old scalping strategy)? We struggling short term traders (prefer that to "scalping" term) would like to hear of your progress. Trading has been picking up for me a little over the last few days. Practice must help!

Thanks for any updates.
Don Life is expensive, but includes a free trip around the sun.
  • #59
  • Dec 21, 2005 7:24am Dec 21, 2005 7:24am
Quoting traderone
JohnFX....

Any news to report of your new strategy (or old scalping strategy)? We struggling short term traders (prefer that to "scalping" term) would like to hear of your progress. Trading has been picking up for me a little over the last few days. Practice must help!

Thanks for any updates.
Hello Don;

Glad to hear your trading is getting better. I have been holding my own during these thin Holiday markets. Have taken a few days off with no trading. Doing my usual 10-20 pips/day. I am really taking a simple approach and taking most of my trades off price action. As for my "Magnet" system, I'm still analyzing the data. Actually I believe it has potential on a much shorter term basis than I originally thought. I'm talking about trades of anywhere from a couple min. to a couple hours in duration with very high accuracy. I'm still working on it. Need more time.

Thanks;

JohnFX
  • #60
  • Dec 21, 2005 10:23am Dec 21, 2005 10:23am
Thanks for your reply John and continued success. I look forward to future reports on your progress. It is good to know that it CAN be done!

Merry Christmas and good trading.
Don Life is expensive, but includes a free trip around the sun.
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