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Profit All Day System

  • #441
  • Edited 5:54am Feb 4, 2011 5:22am | Edited 5:54am
Quoting Scullmeister
Hi guys, just looking at this strategy, seems pretty straight forward.

I have found that if you are trading from the 5min charts, you may as well just have your 15min chart set up first and not even think about looking at the 5min until there is a decent trend on the 15min (no trend, no trade). Then flick over to your 5 min for entry. Makes it easier in my opinion. Today there is nothing for me on EU due to the 15min charts having no direction, do you guys agree???
Agreed. EU is a mess, GU much better. Currently in a GU short with 70% now taken off and stops moved down just above last swing high (6125) which is more or less breakeven level on the 30% runner.

One of the most complete strats i've used and stress free to trade, thanks Cubby. Edit: 30% runner out at breakeven.

edit: the breakout from this v narrow range could be fun later....
  • #442
  • Feb 4, 2011 5:28am Feb 4, 2011 5:28am
I've put together what I think is the basic strategy and answers most of the questions I asked, let me know what you think and if everthing is correct

Trade set up for 5m chart:

Buy:
Check 5m chart for latest swing high and EMAs all heading up and spacing apart.


Check EMAs heading up and spacing on 15m chart.

Enter trade on next break point on 5m chart when CCI is above +90 CCI
(not important in 15m chart)


EMAs must be heading up in 15m chart
(not important in 5m)

Stop loss 3 points below last swing low

70% of Take profit at ½ Stop loss value 30% at 3 EMA crossing down through 13 EMA (on lower time frame).

Sell
Check 5m chart for latest swing low and EMAs all heading down and spacing apart.


Check EMAs heading down and spacing on 15m chart.

Enter trade on next break point on 5m chart when CCI is below 90 CCI
(not important in 15m chart)


EMAs must be heading down in 15m chart
(not important in 5m)

Stop loss 3 points above last swing high

70% of Take profit at ½ Stop loss value 30% at 3 EMA crossing down through 13 EMA (on lower time frame).
  • #443
  • Feb 4, 2011 5:32am Feb 4, 2011 5:32am
Quoting Scullmeister
Hi guys, just looking at this strategy, seems pretty straight forward.

I have found that if you are trading from the 5min charts, you may as well just have your 15min chart set up first and not even think about looking at the 5min until there is a decent trend on the 15min (no trend, no trade). Then flick over to your 5 min for entry. Makes it easier in my opinion. Today there is nothing for me on EU due to the 15min charts having no direction, do you guys agree???
I see what you're saying, but you could miss some good swings on the 5m chart that could set up nicely?
  • #444
  • Feb 4, 2011 5:34am Feb 4, 2011 5:34am
Quoting forex1962
I've put together what I think is the basic strategy and answers most of the questions I asked, let me know what you think and if everthing is correct

Trade set up for 5m chart:

Buy:
Check 5m chart for latest swing high and EMAs all heading up and spacing apart.


Check EMAs heading up and spacing on 15m chart.

[color=black][font=Arial]Enter trade on next break point on 5m...
you don't need to check the emas on the 5min around entry, it's the 15min emas that are important (need to be trending well).
  • #445
  • Feb 4, 2011 5:42am Feb 4, 2011 5:42am
Quoting sidefx
you don't need to check the emas on the 5min around entry, it's the 15min emas that are important (need to be trending well).
Thank you, so we only really need to consider the ema's on the 15m, when would we need them on the 5m?
  • #446
  • Feb 4, 2011 5:45am Feb 4, 2011 5:45am
Quoting bobowang
I spent one whole day to learn to write Ea.
and I just wrote a Ea for this Profit all day system.
I am backtesting the ea but it does not take the trades at all? I mean I see many valid entries and the EA does not place the order.
I found a penny today. That's +100 pips for me.
  • #447
  • Feb 4, 2011 5:46am Feb 4, 2011 5:46am
Quoting forex1962
Thank you, so we only really need to consider the ema's on the 15m, when would we need them on the 5m?
As I understood Cubby, for exiting the 30% of the profits at cross
I found a penny today. That's +100 pips for me.
  • #448
  • Feb 4, 2011 5:50am Feb 4, 2011 5:50am
Quoting ReaM
As I understood Cubby, for exiting the 30% of the profits at cross
Right, that makes sense, does this sound right now?
(Sorry to be a bit obsessive but it helps me to have the rules written down so I can learn them by heart)

Example on 5m chart

Buy:
Check 5m chart for latest swing high.

Check EMAs all heading up and spacing apart on 15m chart.

Enter trade on next break point on 5m chart when CCI is above +90 CCI
(not important in 15m chart)


EMAs must be heading up and spacing apart on 15m chart.
(not important in 5m)

Stop loss 3 points below last swing low

70% of Take profit at ½ Stop loss value 30% at 3 EMA crossing down through 13 EMA (on lower time frame).

Sell
Check 5m chart for latest swing low.

Check EMAs all heading down and spacing apart on 15m chart.

Enter trade on next break point on 5m chart when CCI is below 90 CCI
(not important in 15m chart)


EMAs must be heading down and spacing apart on 15m chart
(not important in 5m)

Stop loss 3 points above last swing high

70% of Take profit at ½ Stop loss value 30% at 3 EMA crossing down through 13 EMA (on lower time frame).
  • #449
  • Feb 4, 2011 5:51am Feb 4, 2011 5:51am
Quoting forex1962
Right, that makes sense, does this sound right now?
(Sorry to be a bit obsessive but it helps me to have the rules written down so I can learn them by heart)

Example on 5m chart

Buy:
Check 5m chart for latest swing high.

Check EMAs all heading up and spacing apart on 15m chart.

[color=black][font=Arial]Enter trade on next break point on 5m...
Looks good.
  • #450
  • Feb 4, 2011 5:53am Feb 4, 2011 5:53am
Quoting forex1962
Is this the hh/ll range, what does that mean?
This is the number of pips between the last HH and the last LL.

FerruFx
MT4/MT5 EAs/Indicators/Alerts coder
  • #451
  • Feb 4, 2011 5:58am Feb 4, 2011 5:58am
Quoting FerruFx
This is the number of pips between the last HH and the last LL.

FerruFx
Thank you, I really appreciate all the knowledge I'm getting from you Guys
  • #452
  • Feb 4, 2011 6:00am Feb 4, 2011 6:00am
Quoting forex1962
Right, that makes sense, does this sound right now?
(Sorry to be a bit obsessive but it helps me to have the rules written down so I can learn them by heart)

Example on 5m chart...
Looks good to me - good stuff!
Trade the price action, not the cash!!!
  • #453
  • Feb 4, 2011 6:09am Feb 4, 2011 6:09am
...last swing low (as per strat) 6112, but i'd prefer to see today's intraday swing low (6107) broken before taking another short...getting close to NFP now, so will probably wait until afterwards anyway.
  • #454
  • Feb 4, 2011 6:14am Feb 4, 2011 6:14am
Quoting ReaM
I am backtesting the ea but it does not take the trades at all? I mean I see many valid entries and the EA does not place the order.
it's just a sub-set of all the trades took by cubby's system.
it's because of the defination of the spacing of EMA and direction of EMAs.

by default, I define the space at the entry time:
|EMA3-EMA5|> 0.00005, |EMA5-EMA13|> 0.0001,
  • #455
  • Feb 4, 2011 6:16am Feb 4, 2011 6:16am
Quoting sidefx
...last swing low (as per strat) 6112, but i'd prefer to see today's intraday swing low (6107) broken before taking another short...getting close to NFP now, so will probably wait until afterwards anyway.
So if you were going for it stop loss 3 above 6127
  • #456
  • Feb 4, 2011 6:19am Feb 4, 2011 6:19am
Quoting forex1962
So if you were going for it stop loss 3 above 6127
Yes, that's where it would be given current price action....looking more like a 123 reversal north on the 5min now...we'll see. I'll be staying flat until after NFP.
  • #457
  • Feb 4, 2011 6:21am Feb 4, 2011 6:21am
Quoting FXExpert
System that you sharing is same from this one being sold in this page : www.fxchildsplay.com
Please post something worthwhile this is just a waste of time buddy! lol. If you want to reply to my message please send me a private message.

There was one thing I wanted to clear up with corby and he kindly answered my question perfectly. I felt that everyone else here would benefit from it:

please could you clarify one thing. Example: If I buy the eurusd using the correct procedure, it goes up only a little bit doesnt hit my target and then starts dropping. Do you A) let it ride to hit stop or tp OR do you B) get out of your trade if the small MAs cross with the 13 MA on the 5 min chart.
I havnt been sure, so I have only been using the MAs exit technique on the remainder 30% of trade. Please could you shed some light on this?
Thankyou
Auto

You're welcome.

Answer to your question. You are asking what to do if the ema's 3 and 5 cross before your first 70% TP hit? This can sometimes happen. If all parameters are met for trade and I entered, the only thing that's going to make me close that trade is a SL at the last swing level. This keeps consistency in my trading not leaving an exit up for interpretation.

Take for example the EU. I took a sell trade on the m15 this morning and the 3 and 5 ema's crossed the 13 going up. I'm still in the trade because the highest high from when I entered my trade has still not been hit for a SL. I will stay in the trade till TP is hit or SL is hit.

Does this answer you question?

Indeed it does! Cheers Corby
  • #458
  • Feb 4, 2011 6:22am Feb 4, 2011 6:22am
Quoting sidefx
Yes, that's where it would be given current price action....looking more like a 123 reversal north on the 5min now...we'll see. I'll be staying flat until after NFP.
Yep, going off topic here but I'm thinking of trading the NFP, 1 min chart 2 orders OCO 12 points above/below close of 1:29 bar 10 points stop with 10 point trailing limit how about it! EU & GU
  • #459
  • Edited 6:39am Feb 4, 2011 6:26am | Edited 6:39am
Quoting forex1962
Yep, going off topic here but I'm thinking of trading the NFP, 1 min chart 2 orders OCO 12 points above/below close of 1:29 bar 10 points stop with 10 point trailing limit how about it! EU & GU
I'd personally advise against this, but you know your broker. I use Oanda and the spread widens to 25pips typically on NFP, so low odds on surviving the whip...one NFP a few years ago they widened 200pips....in error, they sorted it quickly to their credit.
  • #460
  • Feb 4, 2011 6:28am Feb 4, 2011 6:28am
Quoting forex1962
So if you were going for it stop loss 3 above 6127
...did you take it?
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