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Profit All Day System

  • #101
  • Jan 25, 2011 9:49pm Jan 25, 2011 9:49pm
Cubby,

I am new to the thread. I read over the thread entries today. Between 5 and 6 EST today right after supper, I looked at the charts quickly and gpb/usd
and eur/usd looked like they met the criteria for a setup. I placed the live order for 10 pip profit and 20 pip stop loss. I got back in town and both were winners. Not a bad start.

Big A
  • #102
  • Jan 25, 2011 9:53pm Jan 25, 2011 9:53pm
Quoting Cubbybgood
expect a 50 pip move up at least tonight guys. This trade is actualy still good on the 1 hour....

after your entry, the price has gone down by more than 100 points, how do you handle this situation ? on what basis you are expecting 50 pips up move ?

the entry is right at strong resistence, in your chart it made 6 attempts to go past that 1.3680 area and failed. do you consider these aspects before buying ?

higher the timeframe, more respect to these strong support/resistence zones...
  • #103
  • Edited 10:29pm Jan 25, 2011 10:10pm | Edited 10:29pm
Quoting roundrock
after your entry, the price has gone down by more than 100 points, how do you handle this situation ? on what basis you are expecting 50 pips up move ?

the entry is right at strong resistence, in your chart it made 6 attempts to go past that 1.3680 area and failed. do you consider these aspects before buying ?

higher the timeframe, more respect to these strong support/resistence zones...
You know,
I trust the guy that taught me this system and he did not use support resistance. I'm constantly tempted to use it.

From experience trading this system the chances of this set up continuing are high even with 2 resistance levels up there. I marked the stop loss on this trade which is 108 pips see the red line on the bottom of the pic.

This area where the SL is marked is a heavy support level that I think will be a hard one to break.

The 4 hour chart has decent spacing as well...
Attached Image(s) (click to enlarge)
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  • #104
  • Jan 26, 2011 1:15am Jan 26, 2011 1:15am
Cubby, you don,t need S/R levels on your price chart because the CCI takes care of that. Something I discovered trading a RSI system, if you look at price chart S/R levels they will always be around a momentum oscillator level, and the best of them is the RSI or CCI. The CCi being more simple and less complicated to read. All you need to do is watch out for the reaction of price to the +-100 levels. Thats why this is such a fun system, its got all the PA and S/R and what build in. Its a great newbie and experienced system.
  • #105
  • Jan 26, 2011 1:29am Jan 26, 2011 1:29am
Quoting Cubbybgood
You know,
I trust the guy that taught me this system and he did not use support resistance. I'm constantly tempted to use it.

From experience trading this system the chances of this set up continuing are high even with 2 resistance levels up there. I marked the stop loss on this trade which is 108 pips see the red line on the bottom of the pic.

This area where the SL is marked is a heavy support level that I think will be a hard one to break.

The 4 hour chart has decent spacing as well...
So you you don't count the resistances (two of them) to prevent you from reaching your take profit, but you expect a support to prevent your stop loss???

???
  • #106
  • Jan 26, 2011 5:06am Jan 26, 2011 5:06am
Quoting Cubbybgood

From experience trading this system the chances of this set up continuing are high even with 2 resistance levels up there. I marked the stop loss on this trade which is 108 pips see the red line on the bottom of the pic.

This area where the SL is marked is a heavy support level that I think will be a hard one to break.
I'd like to draw some knowledge from your experience.... For what reasons do you believe this trade will pass through the two resistance levels, but not make it the other way through the support level?
  • #107
  • Jan 26, 2011 6:39am Jan 26, 2011 6:39am
is there no one trading this system today??? for me i have not seen any set up for now
  • #108
  • Jan 26, 2011 6:41am Jan 26, 2011 6:41am
is there no one trading this system today?for me i have not seen a set up yet
  • #109
  • Jan 26, 2011 7:10am Jan 26, 2011 7:10am
Quoting cgrey
I'd like to draw some knowledge from your experience.... For what reasons do you believe this trade will pass through the two resistance levels, but not make it the other way through the support level?
well, I knew this trade would go up. I said 50 pips. I was close it went 37 pips.

Hows that for a pretty good call.
Attached Image (click to enlarge)
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  • #110
  • Jan 26, 2011 7:19am Jan 26, 2011 7:19am
there is a setup on EU M5 chart just few minutes back. short at 3683, tp 25, sl 12
  • #111
  • Jan 26, 2011 7:34am Jan 26, 2011 7:34am
Quoting roundrock
there is a setup on EU M5 chart just few minutes back. short at 3683, tp 25, sl 12
my charts show only a SL of 17 pips. TP is 8 pips for me.
  • #112
  • Jan 26, 2011 7:39am Jan 26, 2011 7:39am
I just took this trade. looking good. only 6 pip TP.
Attached Image (click to enlarge)
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  • #113
  • Jan 26, 2011 7:39am Jan 26, 2011 7:39am
Quoting Cubbybgood
well, I knew this trade would go up. I said 50 pips. I was close it went 37 pips.

Hows that for a pretty good call.
What I was more interested in learning from you is how you can tell when support or resistance won't hold? I appreciate you "knew" the trade would go up, but HOW did you know, and how did you know the support WOULD hold and you wouln't stop out? Seems contradictory.
  • #114
  • Jan 26, 2011 7:40am Jan 26, 2011 7:40am
Might as well add another trade.

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  • #115
  • Jan 26, 2011 7:46am Jan 26, 2011 7:46am
Quoting cgrey
What I was more interested in learning from you is how you can tell when support or resistance won't hold? I appreciate you "knew" the trade would go up, but HOW did you know, and how did you know the support WOULD hold and you wouln't stop out? Seems contradictory.
As a member said, The trades on the 1 hour are very very strong and are probably have a 80% win rate.

on this trade because of the resistance that was shown for quit some time I probably would have set my profit to about half of 50 pips at 25.

Most of the time I will set m TP under the half of the SL.
For example if the SL is 50 pips I will set my TP to about 20-22 pips for spread and just in case it falls a little short.
  • #116
  • Jan 26, 2011 7:48am Jan 26, 2011 7:48am
Quoting Shanexx
Might as well add another trade.

Attachment
Shanexx,

interesting SL's. What's the reason?
  • #117
  • Jan 26, 2011 7:58am Jan 26, 2011 7:58am
Ok I see the trade posted now.. but I wanted to ask, in your real live trading yourself
though, you mostly do 5/15 setups correct?

Looking back on the charts I dont see how you would not get at least 75%, even with
basic filtering..

Comments on your experience?

Brian

Quoting Cubbybgood
my charts show only a SL of 17 pips. TP is 8 pips for me.
  • #118
  • Jan 26, 2011 8:01am Jan 26, 2011 8:01am
Quoting Cubbybgood
Shanexx,

interesting SL's. What's the reason?

My sl is calculated according to the ATR 14 x 1.5 to adjust to the volatility cause my MM is tight. Just looking for 20 pips a day, if more comes along and it is within scope I'll take it. Tired of turning winners into losers.
  • #119
  • Jan 26, 2011 8:05am Jan 26, 2011 8:05am
Quoting Cubbybgood
I just took this trade. looking good. only 6 pip TP.

6 pip Profit hit!
  • #120
  • Jan 26, 2011 8:07am Jan 26, 2011 8:07am
Quoting Cubbybgood
I just took this trade. looking good. only 6 pip TP.
mine is just before yours. entry 3683, yours is 3676. how you got sl as 3693 ? recent swing high is 3702 which is the prev candle to that bif red candle
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