fx 53 trend following system

[bongofury]

no posts from may first.

is everyone too depressed with service results ? i have followed a similar thread for a product i didnt buy called concept fx. the poeple who have bought are way more chatty and supportive of each other despite many ups and downs. im suprised what started out as such an interesting thread as this did has rather died a death. any thoughts ?

 

[infinitycane]

this place is so sick all comments no attachments fisherman.com is much better

 

[alan5616]

this place is so sick all comments no attachments fisherman.com is much better

If you use FX53, you don't need attachments with messages. Read your manual. The up/down arrows are printing in the same place for all of us.

I think, one of the reasons why this thread has dried up is because there's not a lot to talk about anymore. I don't use the alerts service but, prefer to make my own trading decisions independently.

One tip that I would pass on is to observe velocity of price action and how the printing of the arrows relates to it. It's possible to work out when the big players are buying/selling. Unfortunately, this is only relevant for those who trade full time off a 5 min (or 1min) tf.

 

[alan5616]

Additional help

One other piece of advice, that may be useful, is to be mindful that the traders in London often take an opposite view from their counterparts in cities further to the east of the UK.

As a £/Y trader, if I'm in a trade, before 8am, I will move my stop fairly close. All too often I've been caught out by reversals, when the City's major players come into the market. It's very annoying to take a trade @ 6.30, which moves 50+ pts in your favour, but, by 8.15, has been stopped out at break even or worse.

I think that one of the keys to getting it right is to differentiate between what is trader profit taking and what is a true change of market sentiment. Imho, the arrows on FX53, combined with chart reading skills, do a pretty good job of telling us which is which.

One final point, which I would add, is that FX53 is not a "Black Box" trading system. It is a mechanical system, but, within this, some elements of flexibility are catered for, depending on the tf that you use. The beauty of FX53 is that, after using it for many months, I see repeating arrow print set ups that were not obviously apparent in my early stages of using it. I've removed the smoothed RSI indicator and substituted it with a MACD. I'm not a fan of tech indicators but, find that using this, in an unorthodox way, improves overall proftibility.

 

[FxViking]

One other piece of advice, that may be useful, is to be mindful that the traders in London often take an opposite view from their counterparts in cities further to the east of the UK.

As a £/Y trader, if I'm in a trade, before 8am, I will move my stop fairly close. All too often I've been caught out by reversals, when the City's major players come into the market. It's very annoying to take a trade @ 6.30, which moves 50+ pts in your favour, but, by 8.15, has been stopped out at break even or worse.

I think that one of the keys to getting it right is to differentiate between what is trader profit taking and what is a true change of market sentiment. Imho, the arrows on FX53, combined with chart reading skills, do a pretty good job of telling us which is which.

One final point, which I would add, is that FX53 is not a "Black Box" trading system. It is a mechanical system, but, within this, some elements of flexibility are catered for, depending on the tf that you use. The beauty of FX53 is that, after using it for many months, I see repeating arrow print set ups that were not obviously apparent in my early stages of using it. I've removed the smoothed RSI indicator and substituted it with a MACD. I'm not a fan of tech indicators but, find that using this, in an unorthodox way, improves overall proftibility.

Hi Alan,

Always interested in you post's - great value - I suppose !

I was wondering if you could recommend any "chart reading" books or websites that could help me to use the FX53 system better ?

best rgds

 

[alan5616]

Hi Alan,

Always interested in you post's - great value - I suppose !

I was wondering if you could recommend any "chart reading" books or websites that could help me to use the FX53 system better ?

best rgds

There's plenty of books out there. One of my favourites is "How charts can help you in the Stock Market" by William L. Jiler. I think you can find this on Amazon, which is where I bought it from, albeit several years ago.

This morning, we had a classic TA set up for a long trade on £/Y, with complete confirmation on FX53. Imho, trading doesn't get any easier than this🙂. The £/$ was even better but, I was too busy watching £/Y to catch it.

 

[infinitycane]

i have silicon forex can someone share the fx53 pleeeeaasse or send to me by email [email protected] i'll be glad that is the goal of this forum traders help traders, also i gat silicon forex i can share with you if you want

 

[alan5616]

i have silicon forex can someone share the fx53 pleeeeaasse or send to me by email [email protected] i'll be glad that is the goal of this forum traders help traders, also i gat silicon forex i can share with you if you want

If this thread is so sick, according to your previous comments, why are you still here?

If you want FX53, I suggest that you buy it from the vendor directly. It was taken off the market for several months but, I believe a few more copies have been released since that time. This is the link Welcome to FX53.com | forex trading, trading system, spread betting

 

[Anyo]

One tip that I would pass on is to observe velocity of price action and how the printing of the arrows relates to it. It's possible to work out when the big players are buying/selling. Unfortunately, this is only relevant for those who trade full time off a 5 min (or 1min) tf.

Alan - could you expand on the above a little please. I trade short tfs and would like such a pointer. I caught a large part of the £/$ rise this morning - a pity it went so choppy in the afternoon but can't be greedy!

 

[alan5616]

i think you need a seperate forum for selfish traders

We have all paid for the software and are restricted by the vendor from reselling or sharing the system. The copyright laws in the UK are stringent and breaches are heavily punished.

Now **** off and look for somewhere else to be a parasite.

 

[alan5616]

Alan - could you expand on the above a little please. I trade short tfs and would like such a pointer. I caught a large part of the £/$ rise this morning - a pity it went so choppy in the afternoon but can't be greedy!

Hi Anyo,

I have to admit that I'm not a 100% strict "FX53 text book" trader. I, frequently, use the arrows as a confirmation of what I see happening with price action. A lot of this is feel and, as such, is difficult to explain. It is a whole subject on it's own.

I'm a keen golfer; I can show someone how to hold a putter and line up a 20 foot putt but, I can't teach them feel.

Experience of using the software and watching the price action will show you what the true market sentiment is. By watching the price action, I mean really watching it, not glancing at it every couple of minutes.

 

[Anyo]

Hi Alan

You encourage me greatly since I regard you as a pro on this forum. I also use the arrows primarily as confirmation of moves - and I'm improving on the 'feel'! And when I'm free from other responsibilities I watch price action continuously - then move away for 20 mins and come back to find its all been happening!

 

[alan5616]

Hi Alan

You encourage me greatly since I regard you as a pro on this forum. I also use the arrows primarily as confirmation of moves - and I'm improving on the 'feel'! And when I'm free from other responsibilities I watch price action continuously - then move away for 20 mins and come back to find its all been happening!

Hi Anyo,

Thanks for the compliment. I don't get it right all the time; far from it. This morning, I'm in a long trade, which is not looking good at the moment.

I can sympathise with you on the moving away from the screen scenario. Quite often, I've gone to make coffee or take a bathroom break, only to come back to the screen and see that the price has moved a lot. It's very annoying when that happens.

 

[bongofury]

excellent the thread has sparked into life, well done alan ! like you i love fx53 but not a slave to it. kevin has been unfortunate with timing of ca2 service. if it had been halfway through last year some the losses now would be put into context. today he has moved to 5 min charts. as im part time i only really use hourly but as alan says you have to feel it as well. i missed some of the loss trades on the service as i was a stg bull on other trades so didnt take them.

think the rally in stg may continue after a bit of a pullback particularly in euro/stg. just cant see where the euro bulls are coming from but maybe its all about the dollar and printing money ?

 

[alan5616]

excellent the thread has sparked into life, well done alan ! like you i love fx53 but not a slave to it. kevin has been unfortunate with timing of ca2 service. if it had been halfway through last year some the losses now would be put into context. today he has moved to 5 min charts. as im part time i only really use hourly but as alan says you have to feel it as well. i missed some of the loss trades on the service as i was a stg bull on other trades so didnt take them.

think the rally in stg may continue after a bit of a pullback particularly in euro/stg. just cant see where the euro bulls are coming from but maybe its all about the dollar and printing money ?

Resuscitation breathes new life eh?

It's hard to know where any of these pairs are going next. I was very unlucky, this morning, as my account is with VDM. Their data centre crashed so, I was unable to follow the true price action. Also, their prices were lagging the live market. I was able to move my stop, by phone, with their dealing desk but, they didn't even know what the prices were at that time. But, they did agree to guarantee the stop, without any extra spread.

My trading mantra is never let a profitable trade become a losing one. This was drummed into me many years ago by a very successful trader. However, that's exactly what happened to me this morning. I'll go back to IG if this ever happens again.

 

[alan5616]

Well done VDM

I'm pleased to report that the stop loss wasn't triggered on my long trade. Instead, VDM have agreed a settlement price with me. The potential losing trade has ended up with a profit of 46 pts. I've never dealt with a SB company that would have done this. I hope they continue to thrive and increase their client base.

 

[alan5616]

Helpful tip

I'd like to add something, to what I have written recently, and hope that all FX53 users find this helpful. I'm not suggesting that anyone follows what I do but, hope that you will see the logic in my approach.

One of the difficulties we face in using VT Trader is that it is not easy to track multiple currency pairs, unless you've got 4 or more monitors, I only have 2 so, I developed a method of keeping track of the 11 pairs that I'm interested in.

The problem with VT Trader is that the more charts you set up, the slower it runs. Therefore you need to disable "Constant streaming". This speeds things up a lot. The charts will update just as normal and the crosshairs don't get constipated.

Down to the nitty gritty. Apart from using VT Trader I, also, use MT4. The reason for this is that I can look at any currency pair, in any time frame, in a couple of seconds. Try looking at a daily, 4 hr, 1 hr, 15 min, 5 min, for 11 pairs, on VT Trader and it will take ages to go through them. Therefore, I have VT on one screen and MT4 on the other.

This is what I do. I have only the 5 min charts for 10 pairs loaded in VT Trader, the exception being GBP/JPY for which I have all time frames, apart from 1 min. I fire up MT4 and if I see a potential set up, on any pair, I open up the relevant 5 min chart on VT. If FX53 indicates that this trade should be taken, I'll take it. If it doesn't, then I sit on my hands🙂. However, I should say that GBP/JPY is the main pair for me to trade and I watch the price action on this very closely. With MT4 I can still flick through all the other pairs without taking my eye off the main ball.

I hope that by sharing this with you, it may help you find profitable trades that might otherwise get overlooked.

 

[bongofury]

the text service is finally clawing back some losses and has had some decent trades in last seven days. the service is now based on 5 min chart and trend reversal. hopefully those of you who stuck with it are reclaiming those lost pips.

 

[alan5616]

the text service is finally clawing back some losses and has had some decent trades in last seven days. the service is now based on 5 min chart and trend reversal. hopefully those of you who stuck with it are reclaiming those lost pips.

I hear it's going quite well. Long may it continue

 

[bongofury]

how are the fx53ers doing /

the text service is sort of stuck . some up and downs but no accumlation od profits (or losses). there are big mocves but getting on them is hard as unless stops are very wide the volatility take soyu out. strangely having been a nightmare ca2 on hourly gbp/yen actually got this down move pretty spot on.