Forex Profit Monster - 4H TF

Ingot54 · Jun 20, 2009

I bought this system 3rd May 2009 because I am a confirmed longer TF trader. Initially I wanted it because the author devised it specifically for taking advantage of LT trends. He runs a blog, and personally he prefers the 4H TF - and that's what he bases his published results on.

My idea was to trade the Daily candles, because I get home from my night shifts just before 2400 GMT (in Australia) and I have around one hour to review the charts before the candle closes, and the new one starts.

Ideal for me.

Problem: There were too few opportunities to enter the trends, once underway, and wanting to be a system purist, I faithfully stood by, watching lots of pips float past, while waiting for an entry. I took this up with the author, asking him if I was operating the method correctly, and he replied (within 2 hours) that yes, there was nothing wrong with my operation of his method.

I looked at what I was doing, and realised I could have entered at countless 4H intervals, and then stayed with these trends providing they were profitable, and in sync with the Daily charts. So today I am trading the 4H charts with good results.

I still have issues with trade management because of my night work - I can not adjust trades - enter/exit and so on because I am either at work or asleep at times signals occur that influence trade management. Fortunately, I am able to switch on my charts around the London market opening time and catch the activity until it is time for me to head out to work again. This satisfies my need to be involved during some activity, at least.

I submit that background to explain my situation. I also have a family I happen to wish to keep!

Essentialy what has happened is that I have been forced through my desire to get into the longer trends, to become a slightly shorter-term trader than I want to. Not too concerned - just that I am missing an occasional signal, and one way or the other, that has a cost.

Anyway - on to the method. I am unsure exactly how much information T2W allows members to put on the forum. For now I will not post any links - it is easy enough to Google the name and find out for yourself. I see other members do post links - whether rightly or not. The author has been selling the method for well over a year, and has a blog for detailing trades at the close of each month.

So - I have attached a pic of the template. From what I can gather he uses several indicators to arrive at a strong probability of the trade continuing to go in the direction of a confirmed trend. He syas he has written the method himself, and I can see this is probably true, except that I can see elements of the AO indicator, and a multi-time-frame ADX indicator, which I have seen elsewhere. (Copied from his?)

At this stage, I am purely in demo mode. Results have been good. Can not help tweaking the setup to personalise it a bit, and I think most traders would do that. But it does not alter the signals.

The usual up/down Green/Red arrows are used, as well as smaller white ones to signal the close of the current trade. You can exit on these, or prefer to exit at the Fibs Support/Resistance which is built-in.

The only changes I made to the template, were to add some colour to the candles, and to add Spuds MTF Stochastic, which, in my view should be in every trader's toolbox. I sometimes delete the ADR window from the chart, to improve viewable screen real estate.

I am attaching the original template - I can show the tweaks later.

I have been searching for a setup that gives me confidence that the trade will continue in the current direction for at least the next time period. Of course this is fairy-land stuff. It can never be guaranteed. But for me, I think this has the potential to elevate that probability. The addition of the MTF Stochastic enhances the probability of continuance. (Not shown)

The author's use of the MTF ADX also signals the continuance of trend, and i have found it to be reliable.

I should add that there are a few parameters that need to line up prior to pulling the trigger, as well as a need to be aware of whether the current TF is ranging or trending. That is important. If you kow the trend, and only trade in that direction, it helps!

At times you can get a signal that is counter to the LT trend. Experienced traders can take those, but I prefer to wait until the trend is coming back to conformity.

coolpixel1 · Jun 21, 2009

Thanks for your post. Though I'm new I can tell you I did some research and found the author of Profit Monster (and Day Profit Monster) to be have been around for a while, so I mentioned it to my friend who, with another friend, took the plunge and they purchased both. They've tweaked it since and has been consistent. Of course, losers come and go but this system has been tested BEST on 4H charts (check other time-frames to be sure 100%. Trouble is, we get bored in between and start, erm, scalping, and start....losing. You need discipline, you need to be patient and though there has been talk of FPM repainting I think the difference in the way oscillators show themselves in different (e.g. shorter) time-frames account for a difference when changing status. The guy who wrote the systems is straight-up and honest in my opinion and this certainly is one to have in my portfolio. Trouble is my discipline and lack of knowledge.

smithani · Jun 21, 2009

Hi

Has any one used any good indicator like sniper forex or profit monster for commodity or eminis. I am using sniper for forex and looking a good one like it for eminis and commodities.
thankx

BTW is forex monster really good and how much does it cost?

mrsoul · Jun 21, 2009

Ingot54 said:
I bought this system 3rd May 2009 because I am a confirmed longer TF trader. Initially I wanted it because the author devised it specifically for taking advantage of LT trends. He runs a blog, and personally he prefers the 4H TF - and that's what he bases his published results on.

My idea was to trade the Daily candles, because I get home from my night shifts just before 2400 GMT (in Australia) and I have around one hour to review the charts before the candle closes, and the new one starts.

Ideal for me.

Problem: There were too few opportunities to enter the trends, once underway, and wanting to be a system purist, I faithfully stood by, watching lots of pips float past, while waiting for an entry. I took this up with the author, asking him if I was operating the method correctly, and he replied (within 2 hours) that yes, there was nothing wrong with my operation of his method.

I looked at what I was doing, and realised I could have entered at countless 4H intervals, and then stayed with these trends providing they were profitable, and in sync with the Daily charts. So today I am trading the 4H charts with good results.

I still have issues with trade management because of my night work - I can not adjust trades - enter/exit and so on because I am either at work or asleep at times signals occur that influence trade management. Fortunately, I am able to switch on my charts around the London market opening time and catch the activity until it is time for me to head out to work again. This satisfies my need to be involved during some activity, at least.

I submit that background to explain my situation. I also have a family I happen to wish to keep!

Essentialy what has happened is that I have been forced through my desire to get into the longer trends, to become a slightly shorter-term trader than I want to. Not too concerned - just that I am missing an occasional signal, and one way or the other, that has a cost.

Anyway - on to the method. I am unsure exactly how much information T2W allows members to put on the forum. For now I will not post any links - it is easy enough to Google the name and find out for yourself. I see other members do post links - whether rightly or not. The author has been selling the method for well over a year, and has a blog for detailing trades at the close of each month.

So - I have attached a pic of the template. From what I can gather he uses several indicators to arrive at a strong probability of the trade continuing to go in the direction of a confirmed trend. He syas he has written the method himself, and I can see this is probably true, except that I can see elements of the AO indicator, and a multi-time-frame ADX indicator, which I have seen elsewhere. (Copied from his?)

At this stage, I am purely in demo mode. Results have been good. Can not help tweaking the setup to personalise it a bit, and I think most traders would do that. But it does not alter the signals.

The usual up/down Green/Red arrows are used, as well as smaller white ones to signal the close of the current trade. You can exit on these, or prefer to exit at the Fibs Support/Resistance which is built-in.

The only changes I made to the template, were to add some colour to the candles, and to add Spuds MTF Stochastic, which, in my view should be in every trader's toolbox. I sometimes delete the ADR window from the chart, to improve viewable screen real estate. I am attaching the original template - I can show the tweaks later.

I have been searching for a setup that gives me confidence that the trade will continue in the current direction for at least the next time period. Of course this is fairy-land stuff. It can never be guaranteed. But for me, I think this has the potential to elevate that probability. The addition of the MTF Stochastic enhances the probability of continuance. (Not shown)

The author's use of the MTF ADX also signals the continuance of trend, and i have found it to be reliable.

I should add that there are a few parameters that need to line up prior to pulling the trigger, as well as a need to be aware of whether the current TF is ranging or trending. That is important. If you kow the trend, and only trade in that direction, it helps!

At times you can get a signal that is counter to the LT trend. Experienced traders can take those, but I prefer to wait until the trend is coming back to conformity.

Ingot, if trading doesn't work out- and i hope that it does for you, you could always be a writer- short stories, no probably better at novels.
-good luck with your system-

Hip Hop · Jun 21, 2009

"I bought this..."

lol, no offence intended but I read as far as that and started to laugh, uncontrollably .. still I guess the sun does burn pretty hot over there in Aussie !

Is that your own picture by the way ?

Hip Hop

Ingot54 · Jun 22, 2009

A good sense of humour!

Hip Hop said:
"I bought this..."

lol, no offence intended but I read as far as that and started to laugh, uncontrollably .. still I guess the sun does burn pretty hot over there in Aussie !

Hip Hop - no offence taken ...

... but ... if that's all it takes to make you "laugh, uncontrollably" I suggest Australia isn't the only place the sun burns pretty hot!

You were laughing so hard, uncontrollably (as the Saffrians do, it seems) that you forgot to read with true understanding. It seems you were reading for entertainment alone, and may have missed the essence of the thread.

Stick around - keep laughing ... [/QUOTE]

Is that your own picture by the way ?

No ... I'm not that good-looking.

Seriously - we can all have the mickey taken out of us at times - and it's good for the soul! I tend to take myself very seriously - and if you can smile at my writing antics ... then it's all good! (In Australia we say: "Taking the **** out of him!) I agree though: "I bought this ... " does sound a bit crass!

mrsoul said:
Ingot, if trading doesn't work out- and i hope that it does for you, you could always be a writer- short stories, no probably better at novels.
-good luck with your system-

Mr Soul - I am already a writer - published articles and an unpublished short story. Currently writing another project! But I get the point - I may make a better writer than a trader, and my writing is fairly ordinary!

Thus this thread - an attempt to explore a commercial system, and to learn how to exploit its best qualities.

As we go along, I hope some readers will suggest tweaks - I have a couple already which I think can benefit the method. More later.

smithani said:
Hi

Has any one used any good indicator like sniper forex or profit monster for commodity or eminis. I am using sniper for forex and looking a good one like it for eminis and commodities.
thankx

BTW is forex monster really good and how much does it cost?

Smithani - Not personally - though I have had a look at FPM on the Gold chart - same results - signals occur based on the data.

As far a being "good" I say "yes" - else I wouldn't waste my time with it. It costs USD$49.99 for the longer-term method (Daily and weekly charts, but tradable down to the 1H) and USD$79.99 for the scalping version. be warned though - the scalping version is a CPU/RAM thief - your CPU will wonder what hit it. It can reportedly take several minutes for your trading platform to open if you have too many charts loaded with the Forex Day Monster (Intra-day Trading).

I don't want to skite it up before we have run a few trades using it, so let's reserve judgement until we expose weaknesses. If you have Googled "Forex Profit Monster" and looked it up, you will no doubt have come across the guy's blog. Have a good read of it, and you will see that he trades only 8 Forex pairs. He trades the 4H himself, and posts results (pips) each month for each pair. Invariably he will have about half of the pairs losing pips for the month, but the other half are huge winners, more than compensating.

His worst month was +95 pips (November 2008), and the best month +11,546 (October 2008).

Forex Profit Monster Trading System

coolpixel1 said:
Thanks for your post. Though I'm new I can tell you I did some research and found the author of Profit Monster (and Day Profit Monster) to be have been around for a while, so I mentioned it to my friend who, with another friend, took the plunge and they purchased both. They've tweaked it since and has been consistent. Of course, losers come and go but this system has been tested BEST on 4H charts (check other time-frames to be sure 100%. Trouble is, we get bored in between and start, erm, scalping, and start....losing. You need discipline, you need to be patient and though there has been talk of FPM repainting I think the difference in the way oscillators show themselves in different (e.g. shorter) time-frames account for a difference when changing status. The guy who wrote the systems is straight-up and honest in my opinion and this certainly is one to have in my portfolio. Trouble is my discipline and lack of knowledge.

Hi Coolpixel

Nothing unusual with what is happening to you in your trading.

When you get thoroughly sick and tired of being broke, you will find the discipline to stick to the rules. This is partly what happened to my last account - I was bored, and took any excuse to get into a trade, when really I should have stood aside from the markets.

I think if we try to remain "purists" with this method, and use any tweaks conservatively, we will soon no longer feel the need to take unwise trades. I think there is a bit of "The Gambler" in all of us; however, in the movie I saw that while "The Gambler" participated in gambling activities, there was very little true gambling in what he did.

'The Gambler" actually assessed risk ("know when to hold 'em - know when to fold 'em") and "walked away" when the probabilities were not in his favour. Hardly gambling.

He gambled with the loves of his life though!

Off to hit the sack now - after night shift - but will try to keep things rolling a bit.

Meanwhile - here is a chart to mull!

coolpixel1 · Jun 22, 2009

Fpm

thanks for your reply and I hope this thread can expand on FPM and tweaks. We have this and are working on mods here & there and I think with discipline, this could well be one of very few longer timeframe earners. I have already considered the possibility of checking trend strength, market direction with e.g. Traders Dynamic Index...

And I have to admit that when I read FPM (and FDM) I didn't so much laugh a lot as Hip Hop did (BTW wasn't that an old classic electro track by Man Parrish??) but instead scratched my head. A lot.

Speak to you soon - bedtime for me at last

coolpixel1 · Jun 22, 2009

To Hip Hop - I meant of course the track 'Hip Hop Be Bop' - forgot to add in the all important Be Bop!!!

mrsoul · Jun 22, 2009

Hip Hop said:
"I bought this..."

lol, no offence intended but I read as far as that and started to laugh, uncontrollably .. still I guess the sun does burn pretty hot over there in Aussie !

Is that your own picture by the way ?

Hip Hop

Those who get off on making cracks about someone's looks, especially on a trading site, are:
1) A loser
2)Most probably a losing trader
3)Most probably both

Ingot, Unfortunately there are no filters on these sites for low-rent, slime like Hip Hop.

Ingot54 · Jun 22, 2009

coolpixel1 said:
thanks for your reply and I hope this thread can expand on FPM and tweaks. We have this and are working on mods here & there and I think with discipline, this could well be one of very few longer timeframe earners. I have already considered the possibility of checking trend strength, market direction with e.g. Traders Dynamic Index...

Speak to you soon - bedtime for me at last

Will miss the rest of this session (off to work) - but here is a chart update. The rules say that "Re-entry is possible at the small white arrow, if desired." You will need to read all the rules. The essence is that if conditions once again line up, and there has NOT been a major RED arrow since the previous GREEN arrow, then you may enter again in the direction of the trend.

Notice that every one of the ADX indicators (all TF) are now GREEN. This is a very strong LONG signal for this pair.

Since I posted the first chart of USDCAD, the pair has rallied 50 pips.
Since the small white arrow appeared, (not an entry signal - just an alert), we may have taken the NEXT qualifying candle, which perhaps would have given us an entry to this rally at the open: 1.1351

As I write the price is 1.1446 or 95 pips to the better.

The second chart attached shows a MA cross I use and some different candle colouring. Immaterial to the method really - just some personalising.

The third chart adds the MTF Stochastic developed by Spudfyre here:

Spuds Stochastic Thread Theory - Forex Factory

And I would imagine any trader who uses it would find it hard to dispense with when looking for trend strength.

Ingot54 · Jun 22, 2009

Avatar ... the story!

mrsoul said:
Those who get off on making cracks about someone's looks, especially on a trading site, are:
1) A loser
2)Most probably a losing trader
3)Most probably both

Ingot, Unfortunately there are no filters on these sites for low-rent, slime like Hip Hop.

Thanks for the support Mr Soul ... but Hip Hops' comment is a common one, and probably meant as a stirring comment! You can find my posts on Forex factory, Baby Pips and Topstocks (.com.au - about 4000 posts) all of which employ this same avatar.

Some years ago I was searching for an avatar that was a little less flippant than the run-of-the-mill, and searched using certain key words (emotions). Then, once Google returned the available sites, I asked for Google images, and voila!

The story behind the person whose picture this is, remains obscure, and to this day I have not been able to relocate the pic or the story. But I do recall the fellow was a blow-in to a soup-kitchen-type situation in Canada. He used to volunteer his time and energy at the place, and when all the people had been fed/cared for, he would disappear until the next day.

I will post a larger sized pic when I get back to my own computer. The fellow has a tattoo of a teardrop under his eye, and he does look like he may have been an ex-con. His clothing, the tattoo and the background mesh immediately made me think of the gaols I have worked in, in Australia. There are a lot of inmates like this man, who have big hearts, and deep character, but have had a traumatic life, and lack the social skills to really fit in to today's society. I can't condemn anyone who has been in that situation.

I knew as soon as I saw the pic, that it was the avatar I wanted.

I hope (when I post the larger pic) that Hip Hop understands the reason I use it. There is a kind of pathos about it somewhere. If you can grasp the character of the man, you might understand why I like to share trading stuff.

Hopefully the thread can move forward now. And I hope Hip Hop made lots of pips from the USDCAD after the alert in post #6. As I write, the USDCAD is trading at 1.1518 which is 140 pips above the price when I gave the alert.

Stick around - we will uncover lots of good trades just like it.

Ingot54 · Jun 23, 2009

Avatar, Trade Triggers and Alerts

Ingot54 said:
I will post a larger sized pic when I get back to my own computer.

See attached pic!

TRIGGERS

NZDUSD - Sell at 0.6272
EURUSD - Sell from 1.3844
USDCHF - Buy from 1.0870. Very strong Resistance at this level - breakthrough would be powerful rally signal.

ALERTS

Watch these for entry signals in the next few 4H periods

GBPUSD - Sell alert - entry within the next 3-to-7 hours if downtrend continues.
No level indicated until the FPM Slow Trend Indicator lines up.

These are simply signals generated by the FPM system.
It is possible I will make an error and include the incorrect pair, or omit an active or qualifying pair in error.
There are more guidelines than presently placed on this forum.
Therefore members should NOT blindly take signals based on what they read here.
No responsibility taken for losses or wins!
This is an educational situation only.
Members should consider obtaining their own system and set of rules directly from the vendor
instead of relying on second-hand discussion of the system, which could be deliberately or accidentally misleading.

Cheers and best wishes

Ivan

PS - as promised, here is the pic of our friend from the avatar!

coolpixel1 · Jun 23, 2009

Cheers for the signals - if we don't get on please keep us posted of the outcome! (I have a connection problem with MT4 at the moment which may not resolve itself in time)...
best wishes as always

Ingot54 · Jun 23, 2009

Time-zones

coolpixel1 said:
Cheers for the signals - if we don't get on please keep us posted of the outcome! (I have a connection problem with MT4 at the moment which may not resolve itself in time)...
best wishes as always

Hi Coolpixel1 - How is it going in your part of the world?

Unfortunately I have to sleep sometime, and I have already overstayed my time by 2 hrs.

Hopefully someone in another time-zone who is awake during the next 10 hours or so, and who owns a copy of FPM, can keep us posted of signals and entries etc.

Maybe this way we can kind of "pass the baton around the world" and keep this as accurate as possible - ie not missing entries/exits at the time they occur.

The author of this system, "Jim" has alerts to wake him every 4 hrs, so he can check progress and signals. I don't have that luxury right now.

But I hope to track these and bring updates. The bad news is that we are going to miss entries and exits, unless we can have someone monitoring trades.

Would be good if Jim himself were to hear of the thread, and contribute occasionally. But I doubt he would be too keen to do that ... never know though

I also hope that members do not pass his system around for free. For goodness sakes - it's only fifty bucks!!

If you can not afford that, should you be trading FX?

I reckon this method will cure you of having "bets on the side" Coolpixel1 - plenty of action, and a lot to think about. I think we really CAN tweak this to squeeze more from it. For example - have a look at some of the triggered trades - there have been some pips "lost" prior to entry, while waiting for the third parameter to line up. I would not say much could be done about it - Jim would already have solved that if he could - but there are other indies that could hint of strong moves, that we could look at.

Best wishes mate

Ivan

Ingot54 · Jun 23, 2009

Signals

Ingot54 said:
See attached pic!

TRIGGERS

NZDUSD - Sell at 0.6272
EURUSD - Sell from 1.3844
USDCHF - Buy from 1.0870. Very strong Resistance at this level - breakthrough would be powerful rally signal.

ALERTS

Watch these for entry signals in the next few 4H periods

GBPUSD - Sell alert - entry within the next 3-to-7 hours if downtrend continues.
No level indicated until the FPM Slow Trend Indicator lines up.

At the moment the"Trigger" signals above have all run the opposite - as if I put the kiss of death on each one of them.

NZDUSD - Sell at 0.6272 ........ Loss of 72 pips
EURUSD - Sell from 1.3844 ..... Loss of 103 pips
USDCHF - Buy from 1.0870 ..... Loss of 94 pips

The "Sell Alert for GBPUSD" materialised when the PM Slow Trend crossed below the line, giving us a SHORT entry at 1.6274.

This trade is currently +12 pips in front, after rebounding from support at 1.6207.

In fact by the time I complete this post, I expect these positions to have run further against us.

As it is very early in the development of the thread, and I can not possibly manage ALL the signals given, I am not going to go into Support, Resistance, Take Profit and Stop Loss. These things will came a little further on.

Now in the chart of the GBPUSD below, I have placed the figures "1" - "2" - "3" which are the three critical conditions which MUST line up prior to an entry.

Other things (not shown) which will influence a decision are the "FPM Trend Power" indicator, which as mentioned earlier, gives the tend strength/direction on all TF. It even tells you when the market is indecisive - check the second pic. attached. You can clarly see, at the time of the screen snip, that the 5 Min ADX was becoming +ve while 15 min / 30 min / and Daily were indecisive (grey wiggly lines horizontally). The 1H and 4H are still pointing down, signalling their trends are, at the moment, still strong.

As we know, the smaller TF will signal turning points first, and we need to be aware of what the trend is doing prior to placing trades.

No system will allow you to simply turn on the computer, run the slide rule over a chart, and place an entry.

It's on Santa's wish list for 2009! (And for all previous years too!)

You have to do some work - and that means OBSERVING what is happening to the charts over time. Even when the parameters line up, there are times when you have to simply wait until the entry presents itself as a higher probability.

There is a fellow in Australia, whose newsletter I receive:

Trading with the Gods

This guy is an expert on Fibonacci, and he has a free newsletter with links to paid services, videos, books etc. Now I am not a front man nor an affiliate - in fact I only get the freebies from him, and have never spoken with him. A friend of mine has spoken to him (not sure if only by email) but he told me this man (Alan Oliver - "The Fibonacci Review") gets 15 pips per day, but has about $250/pip riding on them.

He then goes off for his round of golf!

Now I'm not sure it always pans out like that, but I believe the FPM does present an opportunity to get the target more clearly in the sights.

Understanding the tools and knowing how and when to use them is the key to this system ... in my view.

I am also attaching a screen snip of the Multi-Time-Frame (MTF) Stochastic as developed by Spudfyre from ForexFactory:

Spuds Stochastic Thread Theory - Forex Factory

There is other good reading on a variation of this here:

Spud's Predictive MTF Stochastics - Forex Factory

I will occasionally refer to the MTF Stochs for the simple reason: It works!

In fact I dedicated a thread to it here:

INGOT'S RAINBOW ... A Position Trading Strategy - BabyPips.com Forex Forum

Getting back to the current set of trades - I have just received confirmation of a SHORT trade on 4H USDCHF from 1.0761. The "Profit Monster Trend Power" is in agreement in the 15 min / 30 min / 1 H / 4H TF, and the LT trend is in the direction of this signal.

I think we can safely take the trade.

I am short from 1.0756
SL at 1.0824 (high of prev candle)
TP at 1.0650 (Daily support level)

The yield should be 100 pips - it will surprise me if this trade goes awry!
But as we saw 10 hours ago, the market will not be dictated to - even by a whiz-bang system!

Hip Hop · Jun 23, 2009

mrsoul said:
Those who get off on making cracks about someone's looks, especially on a trading site, are:
1) A loser
2)Most probably a losing trader
3)Most probably both

Ingot, Unfortunately there are no filters on these sites for low-rent, slime like Hip Hop.

Mrsoul, have you had a sense of humour by-pass ? Avatars on forums can draw comments from people who look at them.

Ingot's avatar reminds me of that character off TV "this week I have mainly been eating......onions"

Chill out dude, boy I bet your a barrel of laughs at the old "thanksgiving table" what do you do if a kid spills his milk, slap him ? yeeeesh.... stay of that redneck moonshine ..

and as for system sellers flogging things like Profit monsters for goodness sakes.... I found it funny, the name of it......

whats next like money thruster fx, cash force, ???

ignot, fyi, meant as a recognition of a funny face avatar inquiry.....

And I wasn't sure, cos you know what them bloody Aussies are like ... ! even the sheilas look like blokes.......

Hip Hop

Hip Hop · Jun 23, 2009

"The story behind the person whose picture this is, remains obscure, and to this day I have not been able to relocate the pic or the story. But I do recall the fellow was a blow-in to a soup-kitchen-type situation in Canada. He used to volunteer his time and energy at the place, and when all the people had been fed/cared for, he would disappear until the next day."

Yeah, typical that isn't it ? thank god for people like him, maybe he is god ? "what if god was one of us...." wonder if he got great reward for helping others so selflessly, while most westerners obsess with the pursuit of Dollars? Maybe the governments should give a 3 Trillion dollar bailout to the soup kitchens , and give all third world countries Nuclear power to advance the people...

good story...

Hip Hop

Ingot54 · Jun 23, 2009

Aussie Sheila's and Blokes! There IS a (slight) difference!

Hip Hop said:
ignot, fyi, meant as a recognition of a funny face avatar inquiry..... And I wasn't sure, cos you know what them bloody Aussies are like ... ! even the sheilas look like blokes.......

Hip Hop

No probs Hip Hop.

And FYI, some of the sheila's here ARE blokes! I digress from trading issues to bring you this important information ...

A few like: former Miss Universe, Jennifer Hawkins, and Models Kristy Hinze, Elle MacPherson, Lara Bingle (remember the "Where the bloody hell are ya?" adverts for the Aussie Tourism Board?), Megan Gale, Ricki Lee Coulter, Miranda Kerr ... et al, would soon change your mind about our "blokey sheilas"

Don't spend too much time Googling their pics ... there's more important stuff at hand ... like trading, mate!

BTW Hip Hop - what trading style do you use? Are you into LT trading, or more scalping stuff?

Best wishes

Ivan

PS - Enjoy Jennifer Hawkins

Ingot54 · Jun 23, 2009

Other ideas

I like to use other indicators to clarify my signals, or to identify potential setups.

One of the simplest trend indicators, which seems totally smoothed for noise, is the 2-colour Hull Moving Average.

It is otherwise known as the: HMA_Russian_Color and for your ease of access, I have attached it below. It attaches to the MT4 trading platform in the usual way

I have also attached a screen snip of the current USDCHF trade, which is running into +30 to +50 pips now - depending on when you look up at the screen!

I am using a different template other than the FPM, so that readers can assess the worth of the tweaks. This chart shows the HMA as well as two of my fav MA's - the 10-period SMA and the 4-period EMA.

The crossing of these two, combined with the HMA, can be used as a stand-alone method ... with practice. But I submit them here for evaluation for possible inclusion as an added extra to the FPM.

While I do wish to remain a FPM purist - it would be foolish to ignore tools that can get us into these nice runs earlier, and with a degree of confidence not enjoyed with the FPM alone.

The MTF Stochastic is also shown - lovely isn't she?

Ingot54 · Jun 23, 2009

Profit Taking

The trade is nearing maturity, closing in on the TP set of 1.0650.

It seems to be picking up momentum, and I am loathe to close it at the TP I set initially. To make the decision more difficult, the price has dropped even harder since the new 4H candle opened just 15 minutes ago - the trade has gained around 40 pips in 15 mins.

Of course we need to be aware that the candle could be forming a long-tailed bottom here, because there is VERY strong resistance around where I placed the Take Profit (TP).

Jim (the author) says to set the TP, and the SL (Stop Loss) and to let the trades run, making decisions after the close of the candle. The Trend Power Indicator is still looking strong ... in our favour.

I think I will leave the initial stop exactly where it is. If I get the profit ... that's good - there will be another trade soon ... somewhere.

Meantime, let's just trust the system, and worry about the autopsy later. I have added the MTF Stochastic to the already-cluttered chart, so an easy comparison can be made to the FPM and the Stochastic action. There are 3 colours to the MTF Stoch. The Green represents all stochs from 5-3-1 to 13-3-1. The Orange represents 15-3-1 to 24-3-1. The brighter yellow in the middle is the 14-3-1 and it is coloured differently (and is thicker) because there is some important significance attached to it, regarding what to look for when the 14-3-1 crosses the 20/80 levels.

Read the link for "Spudfyre's MTF Stochastic":

Spuds Stochastic Thread Theory - Forex Factory

I also removed the Profit Monster ADR window from the chart, to try to declutter the chart a bit.

Interesting to note that the USD Index, which I always watch, is weakening during this current session. Also, there are rumours around concerning the eventual (not imminent) devaluation of the USD. If you get The Daily Pfennig from Chuck Butler, President of Everbank, you are probably as savvy as you need to be for TA trading, with a FA flavour.

EverBank: Daily Pfennig

A touch of FA confidence never hurt anyone, especially when the currency is running in the direction of its LT trend

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