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Simple Money Making Method

  • #1,801
  • Nov 2, 2012 7:59am Nov 2, 2012 7:59am
So now I guess we need to wait for a pullback to 72EMA or thereabouts to enter LONG on AUD/USD?

My scenario failed . Good job it was only a scenario !
  • #1,802
  • Nov 2, 2012 8:04am Nov 2, 2012 8:04am
I've been watching this too! Great method and great thread, FX-Pro. Thanks very much.

Attached Image
"Be the change that you wish to see in the world." --Gandhi
  • #1,803
  • Nov 2, 2012 8:06am Nov 2, 2012 8:06am
Quoting FX-Pro
Ok Folks,

What are we looking here? We are looking for a bounce from the trend line right? Yes, if we see a price bounce + momentum from green circle & close above 12EMA / PAC is a trigger for long right? Yes

What if the price breaches the trend line with a strong momentum & close below the trend line, is it a trigger for short? No, why? As per the method we are suppose to enter a pull back, if we enter a trade immediately after the breach of trend line, the price may reverse for a pullback / re-test the trend line right, so we are going to enter...

Yes you are clear, lol!

I took this too. It's against the fundamentals, with the NFP being positive, but this is a strong setup so I went for it.

Where is your TP and SL? Mine's 1.0440 and 1.0378 respectively.
Attached Image (click to enlarge)
Click to Enlarge Name: AU.JPG Size: 125 KB
Most people have the will to win, few have the will to prepare to win
  • #1,804
  • Nov 2, 2012 8:06am Nov 2, 2012 8:06am
Quoting Sunny Coast
You're not controlling the markets are you FX Pro??

Sunny C
Not at all brother... no one can control expect for the Big boys....

Did i say anything wrong there...?
  • #1,805
  • Nov 2, 2012 8:15am Nov 2, 2012 8:15am
Just wanted to share my entry method after a strong impulse like we've seen on AUD/USD just now.

I would wait for a pullback to 61.8 or 50% of the impulse and then enter long.

Notice that after every impulse regardless of the timeframe there is always a correction and a new high is achieved afterwards. Make the most of it !

That is very common in the market but doesn't always happen.

Again it's against the strategy discussed here (unless the pullback will reach 72EMA)

Quoting burnzmeister
Yes you are clear, lol!

I took this too. It's against the fundamentals, with the NFP being positive, but this is a strong setup so I went for it.

Where is your TP and SL? Mine's 1.0440 and 1.0378 respectively.
  • #1,806
  • Nov 2, 2012 8:26am Nov 2, 2012 8:26am
Quoting burnzmeister
Yes you are clear, lol!

I took this too. It's against the fundamentals, with the NFP being positive, but this is a strong setup so I went for it.

Where is your TP and SL? Mine's 1.0440 and 1.0378 respectively.
Here is my chart...

My SL is 28 Pips, just below the trend line...

I know there is a strong resistance at 1.04100 + RN 1.04000, but because of the momentum i trust this entry.

Cheers,
FX-Pro
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.png Size: 25 KB
  • #1,807
  • Nov 2, 2012 8:39am Nov 2, 2012 8:39am
Quoting FX-Pro
Not at all brother... no one can control expect for the Big boys....
Attached Image (click to enlarge)
Click to Enlarge Name: AUD USD H1 Nov 2.png Size: 18 KB
  • #1,808
  • Nov 2, 2012 8:40am Nov 2, 2012 8:40am
thanks fxpro and davit for the stats, I will post my results when November ends as I started with the SMMM few days ago

ALSO I would like to remind everyone that trading methods are a matter of personality, such as the tp and sl, frequency of trades, what you trade, etc. Although davit succeeds with less restrictive entries and currency pairs than fxpro both stick to the same core concepts. The point is thay have translated theis personality to the method.

audusd: I am looking for a pullback to the far 8ema/72ema cross, then momentum to enter
  • #1,809
  • Nov 2, 2012 8:44am Nov 2, 2012 8:44am
Quoting al2cand
audusd: I am looking for a pullback to the far 8ema/72ema cross, then momentum to enter
Good one... keep it up bro...

Cheers,
FX-Pro
  • #1,810
  • Nov 2, 2012 8:47am Nov 2, 2012 8:47am
Quoting FX-Pro
Here is my chart...

My SL is 28 Pips, just below the trend line...

I know there is a strong resistance at 1.04100 + RN 1.04000, but because of the momentum i trust this entry.

Cheers,
FX-Pro

FX_Pro, congrats on this awesome method. It really does tick all the boxes for me!

I hate large stops, so I place them at the nearest of the two 72 and 200 EMAs if they are >= half the PAC. One day I will learn that I'm too greedy and eventually start doing it your way :-)

Apologies if you have been asked before, but do you hold positions over the weekend? I want to be flat by 1800 GMT (UTC) every Friday, personally, because who knows what the weekend will offer (and I leave work at that time)

Cheers
Most people have the will to win, few have the will to prepare to win
  • #1,811
  • Nov 2, 2012 9:18am Nov 2, 2012 9:18am
Quoting burnzmeister
FX_Pro, congrats on this awesome method. It really does tick all the boxes for me!

I hate large stops, so I place them at the nearest of the two 72 and 200 EMAs if they are >= half the PAC. One day I will learn that I'm too greedy and eventually start doing it your way :-)

Apologies if you have been asked before, but do you hold positions over the weekend? I want to be flat by 1800 GMT (UTC) every Friday, personally, because who knows what the weekend will offer (and I leave work at that time)

Cheers
I don't hold position in the weekend.... so i may wait for next hour or two if the price breaks the RN or the resistance (1.04100) i may hold, because i get positive Pips from my broker as rollover for holding A/U Long, if not i don't mind taking a loser... once in a while...

Cheers,
FX-Pro
  • #1,812
  • Nov 2, 2012 11:35am Nov 2, 2012 11:35am
Quoting FX-Pro
I don't hold position in the weekend.... so i may wait for next hour or two if the price breaks the RN or the resistance (1.04100) i may hold, because i get positive Pips from my broker as rollover for holding A/U Long, if not i don't mind taking a loser... once in a while...

Cheers,
FX-Pro
Man.... it took my stop....

Lesson....

Trusted only the momentum, which is actually from NFP but dint bother about two important things

> RN 1.04000 just above our entry
> Resistance 1.04100

1st trade of the month gave a looser.... never mind, we have entire month to go..

Happy weekend to all

Cheers,
FX-Pro
  • #1,813
  • Nov 2, 2012 11:42am Nov 2, 2012 11:42am
Quoting FX-Pro
Man.... it took my stop....

Lesson....

Trusted only the momentum, which is actually from NFP but dint bother about two important things


Cheers,
FX-Pro
If the US Jobs figures were bad then we might have pulled this trade off. It's a lesson that we should consider the outcome of major fundamentals along with price action, for our entry setup. We live and learn!
Most people have the will to win, few have the will to prepare to win
  • #1,814
  • Nov 2, 2012 12:12pm Nov 2, 2012 12:12pm
I'm still in this losing trade, been languishing down near my stop for a while now which is below last swing low.

The momentum wasn't enough to break through resistance and RN. I'll try to remember this for future trades.

Have a great weekend folks!
"Be the change that you wish to see in the world." --Gandhi
  • #1,815
  • Nov 2, 2012 1:39pm Nov 2, 2012 1:39pm
Just a simple reminder.
If the Euro is falling Please don't go long on AU.This should be more important then anything else.
Pair correlation is a must number 1 to look for.
I saw some of you going long on AU when EU was falling....come on guys this is trading 101
In trading, you have to be defensive and aggressive at the same time
  • #1,816
  • Nov 2, 2012 7:14pm Nov 2, 2012 7:14pm
Quoting wells0803
Hi FX-Pro

I have been watching your excellent thoughts with interest, impressed with your strategy, well done! Glad you have posted the graph on the AUSUSD, have been watching this too.

Cheers and well done on your progress

Wellzy
second that,

regards
Wellzy02
  • #1,817
  • Nov 3, 2012 8:10am Nov 3, 2012 8:10am
Quoting Davit
Just a simple reminder.
If the Euro is falling Please don't go long on AU.This should be more important then anything else.
Pair correlation is a must number 1 to look for.
I saw some of you going long on AU when EU was falling....come on guys this is trading 101

I just reread the thread and didn't see anything at all in the rules regarding pair correlation. If it's not in the rules, why bring it up? Also, you say "I saw some of you going long". Well, then why did you wait until the end of the day to say anything about how that may not have been a good idea?

Now, some of you reading this may start to think that I'm being disrespectful or rude, but that is not my intent.


I think what FX PRO has put together is a really solid trading strategy. But, in the end, trading is all about one thing to me and that is support and resistance. Maybe that's two things, but I digress.

The other day, I posted a pic of the Daily EURUSD as some people were talking about it and thinking of going long. The only comment I made was that they had better be cautious as there was resistance due to a break and retest of a trendline. I didn't say not to get in, I didn't say that I had actually shorted at 1.3011, I didn't even say that people should go short. I didn't mention anything about any trade simply for the fact that I didn't want to confuse people.

But, just as Davit has posted about pair correlation, trendlines are also a very important part of trading.

As someone who has traded for years and has coached others in trading, I realize better than anyone that the first thing that people try to do when finding out about a successful system is to change it. And that's the last thing that I wanted to do.

Everyone is in this for one reason, to make money. It may be to make money to donate, for a better lifestyle, or to help others. But, in the end, it's all about trading consistently in order to make money.

Hope everyone had a profitable week of trading.....
  • #1,818
  • Nov 4, 2012 1:36am Nov 4, 2012 1:36am
Have anyone tried implementing this on H4 charts? Here is what I did.

Parameters
I have tried it on GBPUSD, EURUSD, AUDUSD and JPYUSD
H4 Charts,
EMA 72 and EMA 12 like FX Pro prescribed
Round numbers
Stop loss 30 pips
TP when EMAs crosses each other

I tested this on each pair for Aug, Sep, Oct.

Results:
1-3 Entries/Month.
Profit 1000-5000pips/trade
Win Probability 83%

I'm sure that is much more profits that the best scenario from the ranges that FX Pro's system. Also, can somebody point out what is the win ratio with AUD/USD H1 chart?

Quoting FX-Pro
Guys Never underestimate the simplicity.....

I take 12 to 16 Trades a month with a minimum of 50 Pips & a Max Of 150 pips per Trade...

we have a re-entry setup as well, which will be discussed later...

Another advantage of this method is that, it avoids Over trading.... I was known for over trading when i was a newbie...

Cheers
FX-Pro


What I like about my version is, longer time-frame means less time spent checking the charts on a daily, decisions on entry and exit is less rushed, and the high win rate.

I will keep backtesting until 2007, will keep you guys posted.

BTW, have anyone come up with an EA for backtesting this in the thread? If someone already has I must have missed it.

Kudos FX Pro for the great tip. I have been fascinated by your thread for 3 days now. So simple, so formidable.
  • #1,819
  • Nov 4, 2012 11:31am Nov 4, 2012 11:31am
Quoting syracuse4x
I just reread the thread and didn't see anything at all in the rules regarding pair correlation. If it's not in the rules, why bring it up?
FX Pro 1st post

"Finally Ended up With Price Action, Supply Demand & the Trend.... this is more than enough to make pretty good money from this business... & I’m the witness for it."

Price Action includes basics of trading.Pair correlations are to be understood before you even think trading.Its given or assumed the trader already understands the minimum level of trading.
Trading is lot more complex then one can simply follow basic rules.No system is 100% therefore your knowledge of trading overall reflects your success.
I honestly saw those trades much later to say anything worth saying.I am in no position to assume responsibility of telling anyone what they should do with their money! I can only be helpful and if you are offended or your ego got bruised because of my post then that is another thing you should work on yourself because your ego can cost you lot of dollars until you realize how much you don't know.


Sorry FX-PRO I am done posting here.So many newbies clattering the thread without understanding even the basics just wastes my time.I have many valuable posts here for those who benefited.
Thank you and good luck to all.
In trading, you have to be defensive and aggressive at the same time
  • #1,820
  • Nov 4, 2012 2:55pm Nov 4, 2012 2:55pm
Quoting Davit
FX Pro 1st post

"Finally Ended up With Price Action, Supply Demand & the Trend.... this is more than enough to make pretty good money from this business... & I’m the witness for it."

Price Action includes basics of trading.Pair correlations are to be understood before you even think trading.Its given or assumed the trader already understands the minimum level of trading.
Trading is lot more complex then one can simply follow basic rules.No system is 100% therefore your knowledge of trading overall reflects your success.
I honestly...
sorry to hear that Davit. Your posts have been very helpful and it is the threads loss. It is always a shame when a good thread dies out because of this. I hope that fx pro wont stop posting now too. cant you just put those people on ignore list as there are many others who really value all your assistance. Anyway all the best to you and thanks again.
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