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  • #841
  • Feb 8, 2011 7:04am Feb 8, 2011 7:04am
No clear direction today on both EU and GU for me. Markets are a little slow paced, so not giving any real set ups. I will be looking at Cable shorts below 6066-ish and if EU starts heading south any set ups that occur below 3625 i will take.
Trade the price action, not the cash!!!
  • #842
  • Feb 8, 2011 7:06am Feb 8, 2011 7:06am
I took a re entry on the gbpusd trade in @99 conditions met and this is the 3rd attempt down so will make a few pips.
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  • #843
  • Feb 8, 2011 7:10am Feb 8, 2011 7:10am
Ok...

Look At M15. There is M15 Trade before this one. So where you entered was take profit of another trade. Yes it is a valid trade, but I would not enter there, because I would have taken the previous one. The same on M5, there is a different trade before yours.

If you need a better explanation remind me later in couple of hours. I want to post a screenshot showing an ideal trade (which DOES occur every day). In your case, the previous high was tooooooo high. I will show a clean set up later.
I found a penny today. That's +100 pips for me.
  • #844
  • Feb 8, 2011 7:13am Feb 8, 2011 7:13am
I just got another win on GBP USD.

And another win (just couple of pips) and EURUSD. I paly with 1% risk (to gain 0.5% per trade) until I master the technique, I use a lot of my own knowledge to make things work.
I found a penny today. That's +100 pips for me.
  • #845
  • Feb 8, 2011 7:20am Feb 8, 2011 7:20am
Quoting ReaM
Ok...

Look At M15. There is M15 Trade before this one. So where you entered was take profit of another trade. Yes it is a valid trade, but I would not enter there, because I would have taken the previous one. The same on M5, there is a different trade before yours.

If you need a better explanation remind me later in couple of hours. I want to post a screenshot showing an ideal trade (which DOES occur every day). In your case, the previous high was tooooooo high. I will show a clean set up later.
okey i will wait. thanks. anyway i have another system that i use too.i just look @ one system per time (just too much for me lol).
  • #846
  • Feb 8, 2011 7:24am Feb 8, 2011 7:24am
Quoting ReaM
I just got another win on GBP USD.

And another win (just couple of pips) and EURUSD
Snap! Win on gbpusd, I let the trade run a little further before closing 70%. 30% now running til MAs cross.
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  • #847
  • Edited 7:36am Feb 8, 2011 7:25am | Edited 7:36am
The good thing about scalping is that you don't need a system, you just scalp it with the same template.

We should not modify Cubby's strat in any way, just need to look for cleaner set ups, which can be filtered by your own knowledge (about support resistance levels, trends, fake outs). Otherwise we could just make an EA and it would make more money than there is money in the world.

Last Thurstday I fell asleep and slept through the whole London session, woke up 40 minutes after its close and saw that there were 5 cleanest set ups one can possibly imagine. I took the sixth set up and it was a loss (Cubby had a loss there too, it was a M15 trade). It was very very very late in the trend. I got stopped out many hours later (I went to sleep again, woke up and trade was still open). there is a way to distinguish these trades. This distinguishing has also its ups and downs but it might save you from bad set ups (and of course sometimes miss some of those bad looking ones but which turn out to be very profitable)
I found a penny today. That's +100 pips for me.
  • #848
  • Edited 7:43am Feb 8, 2011 7:28am | Edited 7:43am
Quoting ReaM
The good thing about scalping is that you don't need a system, you just scalp it with the same template.
I was just thinking that, run with the trades and scalp a few pips off each one, I know I'll probably get slaughtered for that, but it could work...
How about a rentry EU 15m/1h 3667
  • #849
  • Edited 7:54am Feb 8, 2011 7:42am | Edited 7:54am
I only use the 5 min and 15 min charts to trade this strategy. I try to avoid scalping but sometimes if conditions give me no other choice then ill take a few. 1 scalp for me today on eurusd the rest have been break outs and price reversal pattern trades. Please note that the 1 2 3 thread may be of benefit to some of you as there was a typical 1 2 3 setup on the eurusd 15 min just after London open today. Notice the price tried to go up 3 times before dropping It often fools alot of smaller traders including myself then going down pretty quickly. Another 1 2 3 setup is forming now watch how the price moves. You cant predict it will go down alot or atall however going short you increase your chances of gaining profits. Ill attach an example on this post.
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  • #850
  • Feb 8, 2011 7:42am Feb 8, 2011 7:42am
Quoting forex1962
I was just thinking that, run with the trades and scalp a few pips off each one, I know I'll probably get slaughtered for that, but it could work...
I scalp different set ups. These trades here have in my case nothing to do with scalping.

For example earlier EU was crazy up and down. I scalped that, but there was no Cubby set up. When there is Cubby set up, I do not scalp.

Yes, you will be slaughtered with one loss.
I found a penny today. That's +100 pips for me.
  • #851
  • Feb 8, 2011 7:47am Feb 8, 2011 7:47am
Quoting autotrader
Snap! Win on gbpusd, I let the trade run a little further before closing 70%. 30% now running til MAs cross.
Auto
Your 30% are singing songs right now.
I found a penny today. That's +100 pips for me.
  • #852
  • Feb 8, 2011 7:55am Feb 8, 2011 7:55am
Entered EURUSD

Something tells me no good trade (it looks too uptrendish), We'll see
I found a penny today. That's +100 pips for me.
  • #853
  • Feb 8, 2011 7:58am Feb 8, 2011 7:58am
Quoting ReaM
Entered EURUSD

Something tells me no good trade (it looks too uptrendish), We'll see
Did you enter with your own strategy? I dont see a new trade on cubbys system 5m or 15m yet. For now im holding short with the possibility of reversing or closing out current short from the 1 2 3 down formation.
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  • #854
  • Feb 8, 2011 8:01am Feb 8, 2011 8:01am
Quoting autotrader
Did you enter with your own strategy? I dont see a new trade on cubbys system 5m or 15m yet. For now im holding short with the possibility of reversing or closing out current short from the 1 2 3 down formation.
Auto
Look at M15 and M5, looks alright. right now 0.3 pips profit already^^

Thre is no downtrend yet, that's why it's a bad trade. But I can take the risk
I found a penny today. That's +100 pips for me.
  • #855
  • Feb 8, 2011 8:04am Feb 8, 2011 8:04am
On EU i will wait for a nice clear break of yest high, then for the 15min trend to form, then enter on the low, as long as it's not too close to 3575-ish. Good luck with your trade though, hope it works out for you.
Trade the price action, not the cash!!!
  • #856
  • Edited 9:13am Feb 8, 2011 8:08am | Edited 9:13am
Just stopping by guys. Saw some of the past messages and it sounds like you guys have been debating the system.

Things I do.

Trade NY session.

I do cherry pick my trades but the reason for this is because if I see a set up forming on a higher time frame I will always wait and take it over the lower time frames

I love the 15 min and 1 hour time frames for trading. 4 hour I use less risk because trades can be in for days.

I use the 5 minute as a last resort if there are no other set ups. You may notice that the 5 min swing levels hold better when the trend is stronger. If I see the trend is strong I know it's safe to enter a 5 min trade. I don't need to tell you what the trend looks like when its strong. Figure this out yourself.

Hint. look a few hours in the past to see if the swing levels on the 5 min are holding with the trend.

It's really sad how much you guys feel like you have to analyse this system. You keep trying to make it more complicated.

I feel that any forex trader needs a little luck to be successful. I feel like I have better luck more days then not, why?

Maybe it's because I know these 2 currency pairs very well. Maybe it's because I've traded this system AS IS for a year. Why I think I am a decent trader is because I set guide lines for myself and make sure I do not over trade. Over trading is another nightmare for a forex trader. Don't do it.

Trade when price is moving, not during flat times.

I really hate pivot point indicators! Why? Because they are not accurate! They can give us a good idea of what MAY happen but not what will. What may happen is not good enough for me. I feel that price fallows swing levels way more accurately then piv points and that's why I do not use them with this system

Again, over analysing kills to many traders.



my trading today so far...

I made a judgment call today on a trade and yes, I would say I had a little luck but from past experience in the forex and my knowledge with this system I knew my chances were good.

My first trade I took today netted me 70% 30 pips with the 30% still going. Can you guess what pair and time frame?

It's really all about good judgement with forex trading. I think good judgment comes with patience, practice and good money management skills.


Bottom line. I feel it took me about 4-6 months to really master this system. You can not expect to be a master only using it a week. Takes practice and diligence.

Well, happy trading and good luck guys!

cubby
  • #857
  • Edited 12:06pm Feb 8, 2011 8:08am | Edited 12:06pm
I jumped out with 5 dollars loss (don't know how many pips about 2 I guess, Oanda does not show pips)


I don't care if it going to be a winner, I did not like the look of the 1H chart, I kinda traded against it.
I found a penny today. That's +100 pips for me.
  • #858
  • Feb 8, 2011 8:09am Feb 8, 2011 8:09am
Quoting Scullmeister
On EU i will wait for a nice clear break of yest high, then for the 15min trend to form, then enter on the low, as long as it's not too close to 3575-ish. Good luck with your trade though, hope it works out for you.
I'm thinking about short GU 15m/1h, but do you think the trends too late?
  • #859
  • Feb 8, 2011 8:12am Feb 8, 2011 8:12am
Quoting ReaM
Look at M15 and M5, looks alright. right now 0.3 pips profit already^^

Thre is no downtrend yet, that's why it's a bad trade. But I can take the risk
I know you are a good trader however my interpretation of this system is waiting for a large enough gap with the MAs and then wait for a pull back when its necessary. When is it necessary? When the 2 small MAs have only recently crossed the 13 blue MA from going an opposite direction. Does that make sense?
Regards
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  • #860
  • Feb 8, 2011 8:12am Feb 8, 2011 8:12am
Quoting Cubbybgood
Can you guess what pair and time frame?
M15 gbpusd, I took that trade too.
I found a penny today. That's +100 pips for me.
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