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FX Prime Revisited

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  • First Post: Jun 18, 2013 3:49pm Jun 18, 2013 3:49pm
There seems to be some interest building in the old FX Prime thread. It's a system that I have used with some success but know where near the level that was suggested by the original poster. To be honest I find it good for between 20 and 40 pips a day depending on market conditions. I trade between 7:30 am to about 3 or 4 pm with a break during the day walking the dogs. I find the break important as it prevents me going crazy as that length of time in front of a minute chart is on the long side.

I will point out now that I am no expert but I do like this system and have used it through a variety of market conditions. So what I would like to do is look at ways of either improving or simplifying the process.

I will post up the indicators tomorrow along with my version of the rules.

In the meantime here is a link to the original thread for anyone who isn't familiar with it: http://www.forexfactory.com/showthread.php?t=114258

Happy Pipping

Tedster
Look forward to it mate!
Hi Tedster.

I'm new to the forum (this is my first post) and I've stumbled upon FX Prime a few days ago and started testing it on a demo account.
I find that if you strictly follow the rules, wait for all the indicators to be in the right position, sometimes you happen to miss some really good moves or enter too late when the move is already losing strenghth.
I usually use 1M very simple systems so FX Prime would really suit my trading style.
Really interested in ways of improving it. I'm not an expert either and I too take breaks to walk my dog!
Cant' wait to see your version.
Best pips.

Rescator
Thank you very much for this thread! :-) I've tried the system as it is described in the original thread, and with the template you can download on the first page, but not very much yet...
But as I understand Tedster, you seem to have perhaps perfected the system a bit more? I mean, 20 - 40 pips a day seems very, very good!
Hope to hear more from you the following days! :-)
As promised here are the indicators I use all can be found on on the FX Prime original thread.

1. Double CCI with SMA (CCI-34 SMA-21)
2. Double CCI with SMA (CCI-170 SMA-21)
3. T3 RSI (8) Levels 55 & 45
4. TOR 1.20
5. Trendstuffer

I realise that I am using a double CCI with just one setting twice lol You can use it to show both CCIs in one window to save space. It's just I prefer looking at it this way.

Trendstuffer is an idicator/system I purchased years back when I was new to Forex and sadly like most was looking for an easy fix. Sadly it wasn't what I was looking for but I always thought there was some merit in the system when the market was moving nicely (don't they all). I'm not sure if the system is still for sale - I am under the impression that it's not as I have seen it for free download in many places. It's the only indicator I will not post up incase it is someones lifes work (although I suspect it isn't) but you have the option of purchasing it if the business is still running or using one of the free versions found in many places.

I use it as a final filter for the system and it also provides fibs and pivots etc... for points of potential resistance etc.....
Attached File(s)
File Type: mq4 DoubleCCI-With_SMA.mq4   7 KB | 746 downloads
File Type: mq4 T3_RSI.mq4   2 KB | 699 downloads
File Type: mq4 ToR_1.20.mq4   33 KB | 743 downloads
Quoting Rescator
Hi Tedster. I'm new to the forum (this is my first post) and I've stumbled upon FX Prime a few days ago and started testing it on a demo account. I find that if you strictly follow the rules, wait for all the indicators to be in the right position, sometimes you happen to miss some really good moves or enter too late when the move is already losing strenghth. I usually use 1M very simple systems so FX Prime would really suit my trading style. Really interested in ways of improving it. I'm not an expert either and I too take breaks to walk my dog!...
Hi Rescator

This was one of the problem I was having which is why I now filter out some of the moves. I figure less is more in this instance.
Hi Esser

I wouldn't say perfected I have just found a way that works for me. Sadly it does mean you see a lot of pips fly by
Quoting Tedster
As promised here are the indicators I use all can be found on on the FX Prime original thread. 1. Double CCI with SMA (CCI-34 SMA-21) 2. Double CCI with SMA (CCI-170 SMA-21) 3. T3 RSI (8) Levels 55 & 45 4. TOR 1.20 5. Trendstuffer I realise that I am using a double CCI with just one setting twice lol You can use it to show both CCIs in one window to save space. It's just I prefer looking at it this way. Trendstuffer is an idicator/system I purchased years back when I was new to Forex and sadly like most was looking for an easy fix. Sadly it wasn't...
Did you attach the trendstuffer file too? Also, could you possibly post your template file? :-) Just so we are all looking at the same thing...
Do you find that your own variation of the system is better at catching trades, filtering out fake signals, or why did you change it this way? :-) Just interested in knowing...
Quoting Tedster
Trendstuffer is an idicator/system I purchased years back when I was new to Forex and sadly like most was looking for an easy fix. Sadly it wasn't what I was looking for but I always thought there was some merit in the system when the market was moving nicely (don't they all). I'm not sure if the system is still for sale - I am under the impression that it's not as I have seen it for free download in many places.It's the only indicator I will not post up incase it is someones lifes work (although I suspect it isn't) but you have the option of...


Esser,
I quote Tedster above, the answer to your question should be in there
Quoting bob_inabottle
{quote} Esser, I quote Tedster above, the answer to your question should be in there
Haha! What an idiot I am! Thank you very much!
Quoting Tedster
{quote} Hi Rescator This was one of the problem I was having which is why I now filter out some of the moves. I figure less is more in this instance.
Exactly! This morning I entered a trade on eur/usd: all systems go, even another indicator of mine gave me the green light for the buy... and then the whole thing badly turned around!

I've found Trendstuffer free on the net and downloaded your indicators. I'll implement them on the FXPrime template we already have and demo it all.

Thanks again for reviving this system and the thread!

Best pips!

Rescator
Here is the template I use.

I generally take setups that are inline with trendstuffer and the original prime criteria (but require the CCI(34) to have broken the SMA(30) in the appropriate direction to filter out the weeker signals. I use the support and resistance (barry) indicator to set stop loss etc.... I forgot to include the indicator originally so here it is. I also look to the 5 min and 15 min charts to gage whether the market is moving sufficiently to take a trade or whether to grab 5 - 10 pips or let it run.

Just remember to trade this system in demo to get comfotable with it before going live. As with all things what may work for one persons style doesn't for another. There is definately an element of feel to this system - it isn't purely mechanical.
Attached File(s)
File Type: tpl prime revisited.tpl   60 KB | 679 downloads
File Type: mq4 Support and Resistance (Barry).mq4   2 KB | 601 downloads
Quoting Rescator
{quote} Exactly! This morning I entered a trade on eur/usd: all systems go, even another indicator of mine gave me the green light for the buy... and then the whole thing badly turned around! I've found Trendstuffer free on the net and downloaded your indicators. I'll implement them on the FXPrime template we already have and demo it all. Thanks again for reviving this system and the thread! Best pips! Rescator
Can you show me the trade you took or tell me the time
Quoting Tedster
{quote} Can you show me the trade you took or tell me the time
Tedster, here's where I entered, 07:07 GMT, hope you can see the chart, it's my first attachment upload!

I was still testing the original FXPrime indicators with the DoubleCCIWoody which I like better.

To me it seemed a legit entry, also other indicators were confirming the rise... but nada!

I too work with 5 and 15 min charts, along with the 1M, where I have Fibs retracements/extensions, pivot points and clean BB bands to keep an eye on trends and trigger points.

Thanks for the template and indicator, I'll try them out shortly.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdm1.png Size: 39 KB
Quoting Tedster
There seems to be some interest building in the old FX Prime thread. It's a system that I have used with some success but know where near the level that was suggested by the original poster. To be honest I find it good for between 20 and 40 pips a day depending on market conditions. I trade between 7:30 am to about 3 or 4 pm with a break during the day walking the dogs. I find the break important as it prevents me going crazy as that length of time in front of a minute chart is on the long side. I will point out now that I am no expert but I do...

the original thread was actually a scam, and never worked in the long run. although had short term success. the guy ran off with peoples money.....
Rescator - if you attach Trendstuffer you will see that that wasn't a valid entry under my conditions. Trendstuffer filters out many of the signals sadly many good signals aswell but it does at least leave you with a high winning percentage.
Quoting whatfx
{quote} the original thread was actually a scam, and never worked in the long run. although had short term success. the guy ran off with peoples money.....

I realise that in the original thread the guy ended up creating and charging for an indicator. However, I have never felt this method was indicator material - there is always too much feel for where the price is in relation to many factors, ma's, fib levels etc....

With regards to it working in the short term - I first looked at this system back in 2011 once everything had gone sour but always felt with an appropriate filter this could be a winning formula. So far for me this has worked - however by revisiting the system I hope that we can perfect the filtering between us.
I can see why many people think it's a not worth any effort, that said I did have a little crack at it today. I will point out that i'm not a scalper and didn't use (and don't have) the trend indi, I also only wanted to trade the first hour of the Euro open and the London open.
I took 3 trades, 2 on the AUD/USD and 1 on the EUR/USD and all 3 ended up +10 pips, I did have to sit and ride on one of the AUD trades... I would hope most people would take the stop before the distance I was prepared to let it get to.
Quoting bob_inabottle
I can see why many people think it's a not worth any effort, that said I did have a little crack at it today. I will point out that i'm not a scalper and didn't use (and don't have) the trend indi, I also only wanted to trade the first hour of the Euro open and the London open. I took 3 trades, 2 on the AUD/USD and 1 on the EUR/USD and all 3 ended up +10 pips, I did have to sit and ride on one of the AUD trades... I would hope most people would take the stop before the distance I was prepared to let it get to.
Agreed - I generally avoid a trade if my stoploss needs to be bigger than 10pips - but this is discretionary depending on how the market has been moving. I also tend to set to BE as quickly as possible - some will run on and others stop me out quickly but at least I didn't loose. I also tend to move my stoploss up with the support and resistance indicator where possible so that I lock in some pips. I believe this is where feel come into the system - it's very hard to quantify these thing into an mechanical method instead you are treating each trade slightly differently.

Well done on your pips though - nice way to start a day.
I took a quick trade around london close yesterday, and got around 9 pips out of it :-) I just used the system as it is in the old FX Prime thread. I haven't tried Tedster's version out yet...


Have anyone else been using this system the last couple of days?
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