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JohnFX's Price Magnets

  • #301
  • Feb 1, 2006 8:04am Feb 1, 2006 8:04am
Quoting CescoAiel
My charts show 117.73 as high...
Not every broker/chart service is going to be exactly the same to the pip. InterbankFX has a high of 117.77. That's why I've said to set your target a few pips before my magnets to assure one gets filled and takes profits.

Thanks;

JohnFX
  • #302
  • Feb 1, 2006 8:11am Feb 1, 2006 8:11am
Quoting JohnFX
Not every broker/chart service is going to be exactly the same to the pip. InterbankFX has a high of 117.77. That's why I've said to set your target a few pips before my magnets to assure one gets filled and takes profits.
Which - as you are aware - is what I do... Unfortunately it was too close to 117,75 when I logged on, so now I'm waiting for it to drop 1 whole cent...

Any other magnets we should know about?
  • #303
  • Feb 1, 2006 8:38am Feb 1, 2006 8:38am
Quoting CescoAiel
Which - as you are aware - is what I do... Unfortunately it was too close to 117,75 when I logged on, so now I'm waiting for it to drop 1 whole cent...

Any other magnets we should know about?
the 116.75 is still in play.

JohnFX
  • #304
  • Feb 1, 2006 8:51am Feb 1, 2006 8:51am
Hopefully soon I will have some firm rules for playing the USDJPY Magnets. Something to the effect:

1. I identify a price magnet.

2. I wait for price to get 75 pips away from the magnet (still working on this one).

3. I enter the market, set S/L at 70 pips and set T/P at 70 pips away.

With an approach like this and hitting 75% (which I think I can), the system would be very profitable with trades lasting anyway from a few hours to a couple days. Example hitting 3 out of 4 trades would = 140 pips. And as far as , how many trades per month? Probly 10 or 12 I would think.

JohnFX
  • #305
  • Feb 1, 2006 9:03am Feb 1, 2006 9:03am
Quoting JohnFX
Hopefully soon I will have some firm rules for playing the USDJPY Magnets. Something to the effect:

1. I identify a price magnet.

2. I wait for price to get 75 pips away from the magnet (still working on this one).

3. I enter the market, set S/L at 70 pips and set T/P at 70 pips away.

With an approach like this and hitting 75% (which I think I can), the system would be very profitable with trades lasting anyway from a few hours to a couple days. Example hitting 3 out of 4 trades would = 140 pips. And as far as , how many trades per month? Probly 10 or 12 I would think.

JohnFX
Just did the math... Conservative numbers:

10 trades * 50% (75% P - 25% L) * 70 pips = 350 pips per month
avg = 22 trading days per month
350/22 = approx 16 pips avg per day!

Just from a single pair using magnets...

That would make quite a nice profit over a year!!!
  • #306
  • Feb 1, 2006 11:51am Feb 1, 2006 11:51am
2/1/06 12:50 PM EST

EURUSD has price Magnets at: 1.2164 & 1.2185

JohnFX
  • #307
  • Feb 1, 2006 5:28pm Feb 1, 2006 5:28pm
Quoting JohnFX
the 116.75 is still in play.

JohnFX
2/1/06 6:30 PM EST

Price magnet also now at: 117.31


JohnFX
  • #308
  • Feb 1, 2006 9:09pm Feb 1, 2006 9:09pm
Quoting JohnFX
2/1/06 6:30 PM EST

Price magnet also now at: 117.31


JohnFX
2/1/06 10:08 PM EST

USDJPY Magnets at 117.88, 117.31 & 116.75

Thanks;
JohnFX
  • #309
  • Feb 5, 2006 11:05am Feb 5, 2006 11:05am
Hello traders. Starting this week I'm making some changes to this thread. First I won't be talking about scalping very much. Although I still do scalp, like I've explained inthe past scalping involves a lot of discretion and is not completely mechanical. Also, I would like to stick to the Price Magnets, since that is the title of this thread.

Regarding the Price Magnets, this is what I will be doing starting this week. I am going to try and filter out a high percent of the losers by only post trades which will be going in the direction of the prevailing trend on a 15 min. chart. If the trend is sideways then I may consider a trade in either direction. I will make my trade selections by finding what appears to have the highest probabilty of success from USDJPY or EURUSD. I suspect most of the calls will come from the USDJPY, but we'll see. I will only have one trade open at a time. I will not call a new trade untill the existing one either hits our profit target or is stopped out. Yes, I will now be giving specific Entry, Target and Stop. It looks like I will be going with a 50 pip target and 50 pip stop. That could always be fine tuned in the future if necessary. My goal, on a conserative basis, is to win 70% of the trades. But, who knows it could do 80% or higher, hopefully. Time will tell. With a RR ratio of 50, the monthly profits would be excellent. And another point, with a high win percent, a large account isn't necessary since there shouldn't be more than 2 losers in a row so the draw down is very minimal allowing one to risk a higher percent of capital on a trade.

I will be opening a real money account which will be exclusively for trading these Price Magnets. And once I start makeing trades via that account, I will post actual statements. Although the account won't be a large one, maybe $500 or $1000, I will be putting my money where my mouth is, so to speak. But, I still suggest anyone who is following my calls to still only trade on a demo acct. Let me take the risk and see how it performs for a month or two.

check the 15 min. chart for USDJPY on my site:

www.jajr.com

Stay tuned...

JohnFX
  • #310
  • Feb 5, 2006 7:07pm Feb 5, 2006 7:07pm
Looking to get long USDJPY at 118.45


JohnFX
  • #311
  • Feb 5, 2006 10:43pm Feb 5, 2006 10:43pm
Quoting JohnFX
Looking to get long USDJPY at 118.45


JohnFX
I'll take 118.52 if and when it gets there.
Target would be: 119.02
Stop 118.02

JohnFX
  • #312
  • Feb 5, 2006 10:53pm Feb 5, 2006 10:53pm
Quoting JohnFX
I'll take 118.52 if and when it gets there.
Target would be: 119.02
Stop 118.02

JohnFX
11:51 PM EST 2/5/06

Cancel that. I just noticed there is a magnet at: 117.98 and price could head all the way there. This is a tough call.

JohnFX
  • #313
  • Feb 6, 2006 9:41am Feb 6, 2006 9:41am
Quoting JohnFX
I'll take 118.52 if and when it gets there.
Target would be: 119.02
Stop 118.02

JohnFX
Well well, the low so far is 118.48 and the high 119.02 (InterbankFX) as of 10:37 AM (EST) 2/6/06

Looks like the long around 118.50 was the way the go. The actual Magnet is at 119.07 and it will very likely hit it today. These magnets with the 15 min. trend are going to be very accurate, the bit tricky part is the entry.

Thanks;

JohnFX
  • #314
  • Feb 6, 2006 11:24am Feb 6, 2006 11:24am
Quoting JohnFX
Well well, the low so far is 118.48 and the high 119.02 (InterbankFX) as of 10:37 AM (EST) 2/6/06

Looks like the long around 118.50 was the way the go. The actual Magnet is at 119.07 and it will very likely hit it today. These magnets with the 15 min. trend are going to be very accurate, the bit tricky part is the entry.

Thanks;

JohnFX
119.07 Magnet hit at about 12:13 PM (EST)

JohnFX
  • #315
  • Feb 6, 2006 2:01pm Feb 6, 2006 2:01pm
I uploaded a new USDJPY chart.

www.jajr.com

Thanks;

JohnFX
  • #316
  • Feb 7, 2006 12:02pm Feb 7, 2006 12:02pm
2/7/06 1:00 PM (EST)

EURUSD has price Magnets at 1.2001 & 1.1958

The 15 min. trend is still down so 1.2001 area is for shorting.

JohnFX
  • #317
  • Feb 7, 2006 9:07pm Feb 7, 2006 9:07pm
Uploaded new chart for eurusd

www.jajr.com


JohnFX
  • #318
  • Feb 8, 2006 8:33am Feb 8, 2006 8:33am
Quoting JohnFX
2/7/06 1:00 PM (EST)

EURUSD has price Magnets at 1.2001 & 1.1958

The 15 min. trend is still down so 1.2001 area is for shorting.

JohnFX
That 1.1958 was hit around 7:08 AM EST

JohnFX
  • #319
  • Feb 8, 2006 9:01am Feb 8, 2006 9:01am
Quoting JohnFX
Hello traders. Starting this week I'm making some changes to this thread. First I won't be talking about scalping very much. Although I still do scalp, like I've explained inthe past scalping involves a lot of discretion and is not completely mechanical. Also, I would like to stick to the Price Magnets, since that is the title of this thread.

Regarding the Price Magnets, this is what I will be doing starting this week. I am going to try and filter out a high percent of the losers by only post trades which will be going in the direction of the prevailing trend on a 15 min. chart. If the trend is sideways then I may consider a trade in either direction. I will make my trade selections by finding what appears to have the highest probabilty of success from USDJPY or EURUSD. I suspect most of the calls will come from the USDJPY, but we'll see. I will only have one trade open at a time. I will not call a new trade untill the existing one either hits our profit target or is stopped out. Yes, I will now be giving specific Entry, Target and Stop. It looks like I will be going with a 50 pip target and 50 pip stop. That could always be fine tuned in the future if necessary. My goal, on a conserative basis, is to win 70% of the trades. But, who knows it could do 80% or higher, hopefully. Time will tell. With a RR ratio of 50, the monthly profits would be excellent. And another point, with a high win percent, a large account isn't necessary since there shouldn't be more than 2 losers in a row so the draw down is very minimal allowing one to risk a higher percent of capital on a trade.


JohnFX
Obviously I haven't done much so far this week to follow my new procedure. I will have to hold off on following what I said above. I still have to re-think the 50/50 (entry/stop) idea. I may have to use a closer entry so I don't miss out on trades. But, I feel going with the 15 min. trend is still the best way. Although, the past couple of days there have been counter-trend magnets which I didn't post which were hit.

Thanks;
JohnFX
  • #320
  • Feb 8, 2006 9:34am Feb 8, 2006 9:34am
Quoting JohnFX
Obviously I haven't done much so far this week to follow my new procedure. I will have to hold off on following what I said above. I still have to re-think the 50/50 (entry/stop) idea. I may have to use a closer entry so I don't miss out on trades. But, I feel going with the 15 min. trend is still the best way. Although, the past couple of days there have been counter-trend magnets which I didn't post which were hit.

Thanks;
JohnFX
2/8/06 10:33 AM EST

F.Y.I., speaking of counter trend Magnets, there is a EURUSD price Magnet at 1.1985

JohnFX
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