Attachments: Profit All Day System

Profit All Day System

#961
Feb 9, 2011 12:02pm Feb 9, 2011 12:02pm

forex1962
| Joined Jan 2011 | Status: Trader | 390 Posts

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#962
Feb 9, 2011 12:02pm Feb 9, 2011 12:02pm

ACartwright
| Joined Mar 2008 | Status: Trader | 288 Posts

How about these?

SL 3-5 pips above/below last swing (either High or Low)

Trade 1-2 pips through high/low of latest swing.

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#963
Feb 9, 2011 12:03pm Feb 9, 2011 12:03pm

ReaM
| Joined Dec 2010 | Status: It's all about money. | 755 Posts

Quoting forex1962

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OK so if 955 is correct I can't see where the previous high was broken, I'm gonna have a go at your next 2 before i go!

Ignored

There is a doji in the middle of that arc which acts as a high!

Take care.
I tried sclaping EU, two break evens

Actually 80 cents in profit. Not bad, huh?

I found a penny today. That's +100 pips for me.

#964
Feb 9, 2011 12:04pm Feb 9, 2011 12:04pm

ReaM
| Joined Dec 2010 | Status: It's all about money. | 755 Posts

Quoting forex1962

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?

Ignored

Yeah, I am not sure, but you do enter after that high in the middle.

Did you mean it like it was ACartwritgh's screens? They are correct.

All these trades are somewhat hard to see, I personally would probably not take them (except that short one). But it is good to have examples of crappy entries that work.
It is hard at training but easy in battle.

I found a penny today. That's +100 pips for me.

#965
Feb 9, 2011 12:07pm Feb 9, 2011 12:07pm

ACartwright
| Joined Mar 2008 | Status: Trader | 288 Posts

Quoting forex1962

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?

Ignored

Hi Forex1962,

I can see where you are going wrong.

You are waiting for a high and then another high (then taking the trade of this last high).

You need to simply take a break of the last high.

Hope that makes sense.

#966
Feb 9, 2011 12:08pm Feb 9, 2011 12:08pm

forex1962
| Joined Jan 2011 | Status: Trader | 390 Posts

Quoting ReaM

Disliked

Yeah, I am not sure, but you do enter after that high in the middle.

Did you mean it like it was ACartwritgh's screens? They are correct.

Ignored

So are Acartwrights latest ones correct as I can't see the previous high in the first image which is why I thought the 2nd high

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#967
Feb 9, 2011 12:10pm Feb 9, 2011 12:10pm

forex1962
| Joined Jan 2011 | Status: Trader | 390 Posts

Quoting ACartwright

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Hi Forex1962,

I can see where you are going wrong.

You are waiting for a high and then another high (then taking the trade of this last high).

You need to simply take a break of the last high.

Hope that makes sense.

Ignored

But I thought thats what was meant that you had to have a swing high before you enter on the next swing high?

#968
Feb 9, 2011 12:11pm Feb 9, 2011 12:11pm

ACartwright
| Joined Mar 2008 | Status: Trader | 288 Posts

Hi Forex,

The candle that you signal "high" - go long off of the high on that one.

You do not need to wait any longer.

There would be possbily be another entry later on - you label as "broken high and entry".

It is always best to get on the break of the first high in the series.

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#969
Edited 12:25pm Feb 9, 2011 12:14pm | Edited 12:25pm

ReaM
| Joined Dec 2010 | Status: It's all about money. | 755 Posts

1 pip above that high.

Also look at link I posted in the post before where Cubby makes an entry. It is very similar to all those I showed.

Again I remind: this screen is done in a very unhealthy market environment. Most of the times entries look better.

And YES, if you have no previous high that is higher, it is better! It is usually in the middle of a (strong) trend!

The reason for using the nearest high is because forex is about buy cheap sell expensive. The earlier you get in the better. Since it is not possible to tell where bottom or top is, we use the breaking of high or low
as sort of confirmation that there is a top or bottom behind us and we are about to leave it.

In some situations, where the swing highs are too close to each other or you feel you need to enter later, you can. But if the swing high is way to high, you might wait 30 pips until you enter and when you enter you find yourself on a top of a mountain from where the only way to go is down!

If anything not clear ask!

Note: do not try to find these entries in charts, some of them are against higher TF, I chose them simply to mimic a trade where conditions were met. Don't get confused because of that if you find that trade in chart.

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I found a penny today. That's +100 pips for me.

#970
Feb 9, 2011 12:24pm Feb 9, 2011 12:24pm

forex1962
| Joined Jan 2011 | Status: Trader | 390 Posts

Quoting ReaM

Disliked

1 pip above that high.

Also look at link I posted in the post before where Cubby makes an entry. It is very similar to all those I showed.

Again I remind: this screen is done in a very unhealthy market environment. Most of the times entries look better.

And YES, if you have no previous high that is higher, it is better! It is usually in the middle of a (strong) trend!

The reason for using the nearest high is because forex is about buy cheap sell expensive. The earlier you get in the better. Since it is not possible to tell where bottom or top...

Ignored

Mmmm thats sounds about right, top of the mountain or bottom of the cavern seems to be where I am most of the time, thanks guys I'm off for a bite to eat back 7GMT

#971
Feb 9, 2011 12:28pm Feb 9, 2011 12:28pm

ReaM
| Joined Dec 2010 | Status: It's all about money. | 755 Posts

Yeah, have a good time!

I hope those screens helped others who read that thread.

Just scalped EU for 2.6 pips

No luck scalping today. No losses but three BEs already! Two wins, one tiny. Still negative for the day.

Have fun everyone, I go too.

PS: for those reading the thread: the perfect entry would be the screen of a short sale (there is 3 long and 1 short I posted. The two of the long entries look like they are in the middle of a zunami waves, so I would probably skip them to avoid whipsaw)

I found a penny today. That's +100 pips for me.

#972
Feb 9, 2011 1:37pm Feb 9, 2011 1:37pm

SHCHerbakov
| Joined Jul 2010 | Status: Trader | 56 Posts

Quoting ReaM

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It must be 1 pip under the high, usually it looks right. I don't know how many pips that was, but it looks alright.

Here an entry from Cubby: http://www.forexfactory.com/showpost...&postcount=663

Ignored

hi ReaM. ......[ATTACH]636269 i'd say its very clear & profitable system. once more- thank you, Cubby [/ATTACH]

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#973
Edited 2:54pm Feb 9, 2011 2:14pm | Edited 2:54pm

ReaM
| Joined Dec 2010 | Status: It's all about money. | 755 Posts

Я тоже так думаю. 1М скальпуеш?^^ Работает? (So, how does your 1M work? Any profit?)

Thanks Cubby yes!

I found a penny today. That's +100 pips for me.

#974
Feb 9, 2011 3:43pm Feb 9, 2011 3:43pm

ciscosmithy
| Joined Nov 2010 | Status: Trader | 33 Posts

Forex1962, the problem you have now is your gun shy about the system because you have had a few losses, but if you had done full backtesting say over the last year you may find 6 losses in a row is quite valid and the system still have a positive expectancy.

cubbygood, in his last post has clearly stated this system may work great for him but not others. The best way to learn trading is develop your own system and understand why it works.

As I said earlier the base behind this system I think is valid as it follows a trend model, it's now getting it to a personilised state for an individual who should be testing before they trade.

My personal belief, (and I have not tested this) but the flaw I see in the original post is the need for 70% win rate to compensate for the 2:1 r/r. Most trending systems will revert to 50% win rate because the premise of trending systems is to let your profits run, cut losses short.

If I was interested in this system, I would be looking for entries that have at least an equal TP to SL 1:1 R/R, but that is the way I've learnt to trade.

#975
Feb 9, 2011 6:03pm Feb 9, 2011 6:03pm

izzyt
| Joined Feb 2011 | Status: Trader | 23 Posts

Quoting ciscosmithy

Disliked

My personal belief, (and I have not tested this) but the flaw I see in the original post is the need for 70% win rate to compensate for the 2:1 r/r. Most trending systems will revert to 50% win rate because the premise of trending systems is to let your profits run, cut losses short.

If I was interested in this system, I would be looking for entries that have at least an equal TP to SL 1:1 R/R, but that is the way I've learnt to trade.

Ignored

You do not necessarily need to win 70% of your trades. This calculation neglects the fact that you are letting 30% ride out the trend. The necessary win rate to be profitable highly depends on the average win size of this last 30%. It could be higher, it could be significantly less.

Before Spread Considerations, W% Necessary with various reward factors on the last 30%:
0.0: 75%
0.5(same as target): 67%
1.0(same as risk ): 61%
1.5: 56%
2.0: 52%
2.5: 48%
3.0: 45%

Like you said, this needs to be tested extensively. Either an EA or excel backtest that allows for variable manipulation will shed a lot of light on the questions/concerns that people may have (trading time of day, R:R, trend exhaustion, % on target vs. % to let run etc.)

#976
Feb 10, 2011 3:34am Feb 10, 2011 3:34am

autotrader
| Additional Username | Joined Jan 2011 | 45 Posts

For those of you trading the London session onwards I see on the eurusd 5 min 15 min strategy there is a clean sell @ 1.3666. 70% close out @ 1.3657, 30% still running + 35 pips so far. Gbpusd also has had one trade @ 1.6065 70% hit @ 1.6050 and 30% still running. I use only the 5 min and 15 min as it suits my trading style. I like setting trades overnight if i can. Please share your trades and experiences! we are all here to help one another.
Regards
Auto

#977
Feb 10, 2011 6:55am Feb 10, 2011 6:55am