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Profit All Day System

  • #661
  • Edited 9:01am Feb 6, 2011 8:49am | Edited 9:01am
Quoting DerBerliner
@forex 1962#

use the fractals in your MT4 (Bill Williams) - they show you all these highs and lows !
Not all of them, on that screenshot on previous page it skipped one high. So be careful.

EDIT: sry I did not see he had no Fractal on: but yes fractal indicator does skip valid highs or lows.
I found a penny today. That's +100 pips for me.
  • #662
  • Edited 9:15am Feb 6, 2011 9:00am | Edited 9:15am
This is how I would enterpret the trade:

And I would take only one of them. But these are two trades and the other high that you showed is by Cubby's definition not a high (in nature it is, but unusable for the strategy as it does not fall into definition of swing high, low)

I think Cubby would take the blue trade, while I would take yellow one. Or maybe he would take the SL for yellow high but enter at blue low. Or one can enter the yellow trade with SL at blue high (which would decseding triangle trade be)
Attached Image (click to enlarge)
Click to Enlarge Name: hh.gif Size: 91 KB
I found a penny today. That's +100 pips for me.
  • #663
  • Feb 6, 2011 9:36am Feb 6, 2011 9:36am
Quoting ReaM
This is how I would enterpret the trade:

And I would take only one of them. But these are two trades and the other high that you showed is by Cubby's definition not a high (in nature it is, but unusable for the strategy as it does not fall into definition of swing high, low)

I think Cubby would take the blue trade, while I would take yellow one. Or maybe he would take the SL for yellow high but enter at blue low. Or one can enter the yellow trade with SL at blue high (which would decseding triangle trade be)
Haha.
This is exactly what took me months to figure out with this system! How to interpret what was the actual last swing low or swing high. This takes practice to figure out where price is going to find it's support and resistance. There might be some trial and error figuring this out.

I attached a pic so you could see where I would enter. My candled look different but I would enter on your blue and my SL would be on your yellow swing level.
Attached Image (click to enlarge)
Click to Enlarge Name: pic.gif Size: 29 KB
  • #664
  • Feb 6, 2011 9:47am Feb 6, 2011 9:47am
My candles look different too, this was a screen from previous page. They look like yours.

I think, using the yellow high and blue low is the trade with minimal risk. Wide stop loss with lot size adjusted accordingly gives you lower risk against volatiliy and early entry is never bad )))

Thanks a lot! I get the strategy better now.

Good Luck!!!
I found a penny today. That's +100 pips for me.
  • #665
  • Feb 6, 2011 9:58am Feb 6, 2011 9:58am
Quoting ReaM
My candles look different too, this was a screen from previous page. They look like yours.

I think, using the yellow high and blue low is the trade with minimal risk. Wide stop loss with lot size adjusted accordingly gives you lower risk against volatiliy and early entry is never bad )))

Thanks a lot! I get the strategy better now.

Good Luck!!!
I will always take the lower risk trade. Less TP so it always gets hit!

By the way, the 5 minute chart is my last resort for trades. I will look to higher timeframes before going to the 5 minute. There are more wipsaws the lower the time frame.
  • #666
  • Feb 6, 2011 10:11am Feb 6, 2011 10:11am
Thank you,

Did you begin with 5M? And then decided to move to higher TF?

I hope you will stop by from time to time
I found a penny today. That's +100 pips for me.
  • #667
  • Feb 6, 2011 10:22am Feb 6, 2011 10:22am
Quoting ReaM
Thank you,

I hope you will stop by from time to time
I will but it seems at least 5-10 people know how to trade this system well now. Wally is one of them. I hope he stays active on the thread. Another person is you. I feel that you could be a good asset to this thread. People need to fallow your direction and risk of 2% starting out. I use 3% but really, this system is so good that you can use 5% when you know what you're doing....Only use 5% after trading this live for 6 months please!

I'm to the point now in my trading that I dont need to risk more then 3%.

Also,
I think that every forex trader should have at least 2 forex systems to compliment each other!

1 to pick up the other if there's a bad week.
  • #668
  • Feb 6, 2011 10:29am Feb 6, 2011 10:29am
Quoting ReaM
Thank you,

Did you begin with 5M? And then decided to move to higher TF?

I hope you will stop by from time to time
I mentioned the 5 minute at start to gain peoples attention on this thread. I know people to love trade all day. Lol.

A lot of times fall back to using the 5 minute for my trading just because I start at about 8:30 EST trading and a lot of times the market is already in full blown trend by this time. I really like the 15 min time frame the very most. It has a great balance and gives you a decent amount of trades per day. I usually take what comes first. If I see a 15 minute set up coming soon I will wait. If I see a 1 hour coming soon as well I will wait for it and take it instead. Make sense?
  • #669
  • Feb 6, 2011 10:29am Feb 6, 2011 10:29am
Thanks again!!!

I scalp news and use renko bars in my other system.

As you started out, did you use M5 timeframe? Or which would you recommend. H4 looks perfect (even without checking back to D1), but too slow for me. <= you answered this one, thanks!!! I like to edit posts^^
I found a penny today. That's +100 pips for me.
  • #670
  • Feb 6, 2011 10:36am Feb 6, 2011 10:36am
This may be my last active day on this thread. After today, I may only stop in every once in a while to see how people are doing but I wish all of you the best of luck and success!!!
  • #671
  • Feb 6, 2011 10:38am Feb 6, 2011 10:38am
Quoting Cubbybgood
This may be my last active day on this thread. After today, I may only stop in every once in a while to see how people are doing but I wish all of you the best of luck!!!
Thanks Cubby for your great contribution.

I wish you all the best in your trading and else ...

FerruFx
MT4/MT5 EAs/Indicators/Alerts coder
  • #672
  • Edited 11:05am Feb 6, 2011 10:45am | Edited 11:05am
So basically, just so I understand, as long as you have 2 candles lower on either side for a hh or 2 higher either side for a ll thats a valid signal.
One other thing, which I think has been confirmed, it is possible to have a stop loss on a hh or ll appear after you find an entry point, in which case you would use this one and not the previous one, as long as other conditions me

Thanks for all the advice Cubby, good luck with your new venture.
  • #673
  • Feb 6, 2011 11:03am Feb 6, 2011 11:03am
please what do u guys use for ur tp1(70%) and tp2(30%) ,is it an indicator or script? thanks
  • #674
  • Feb 6, 2011 11:27am Feb 6, 2011 11:27am
Quoting forex1962
So basically, just so I understand, as long as you have 2 candles lower on either side for a hh or 2 higher either side for a ll thats a valid signal.
One other thing, which I think has been confirmed, it is possible to have a stop loss on a hh or ll appear after you find an entry point, in which case you would use this one and not the previous one, as long as other conditions me

Thanks for all the advice Cubby, good luck with your new venture.
two candles on each side give you a valid swing high or swing low but not a signal yet.

Do you mean like automatically set your stoploss at high and low? I don't think it is possible unless you programm it this way, I would not use such thing.

First you need to know the stoploss in pips, then using this info you calculate your position size. A program would have troubles doing it I guess.
I found a penny today. That's +100 pips for me.
  • #675
  • Feb 6, 2011 11:33am Feb 6, 2011 11:33am
Quoting ReaM
two candles on each side give you a valid swing high or swing low but not a signal yet.

Do you mean like automatically set your stoploss at high and low? I don't think it is possible unless you programm it this way, I would not use such thing.

First you need to know the stoploss in pips, then using this info you calculate your position size. A program would have troubles doing it I guess.
Thank you, I don't think I explained that very well about stop, what I meant was if you are ready to enter short and have a sl set on previous high and a subsequent high appears before your break point is hit would you use that as a new stop, providing overall trend was still short of course
  • #676
  • Feb 6, 2011 11:37am Feb 6, 2011 11:37am
Quoting forex1962
Thank you, I don't think I explained that very well about stop, what I meant was if you are ready to enter short and have a sl set on previous high and a subsequent high appears before your break point is hit would you use that as a new stop, providing overall trend was still short of course
The SL is based on the last HH/LL at the time of the entry.

FerruFx
MT4/MT5 EAs/Indicators/Alerts coder
  • #677
  • Edited 11:58am Feb 6, 2011 11:48am | Edited 11:58am
Quoting FerruFx
The SL is based on the last HH/LL at the time of the entry.

FerruFx
So this would be right? I think what I want to say is it is possible to have a stop level appear after your initial break point is established
Attached Image (click to enlarge)
Click to Enlarge Name: swing.gif Size: 32 KB
  • #678
  • Feb 6, 2011 12:03pm Feb 6, 2011 12:03pm
Yes,

the stop should be couple of pips above the high (check the first post, I think it's in there)

I think the trade you posted was a loser, but losses happen.
I personally would enter below low that was lower. But this is where you have to put your knowledge into this system and improve it for yourself.

I get what you say:

You cannot use the previous high as stop as that high was a stoploss for a different trade! you CAN use it only on M15 setup (It's a M5 screen but I think it should look good on M15).

In the end, it's up to you. I would use the revised stop for my trade, but I would enter lower. I ve seen many charts in my life and that low in the middle does not look like a low. It's too close to the prevoius low.

Things should not confuse you, ususally set ups are easy to spot and if unsure, skip the trade.

Keep it simple!
I found a penny today. That's +100 pips for me.
  • #679
  • Feb 6, 2011 12:23pm Feb 6, 2011 12:23pm
Quoting FerruFx
The SL is based on the last HH/LL at the time of the entry.

FerruFx
FerruFx sorry if this has been asked, after the great work you did on the hh/ll indicator would it be possible to add an alert that combined the ma's direction on the lower and higher time frames being used combined with the latest hh/ll.
I'm just wondering if it's possible to get as close to an entry signal as possible?
  • #680
  • Feb 6, 2011 12:27pm Feb 6, 2011 12:27pm
But Cubby did enter that trade as I remember, so your entry is OK I guess.
I found a penny today. That's +100 pips for me.
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