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RPM's QuickFlip Forex

post #1 of 348
11/26/05 at 2:54am
Thread Starter 
I have been developing a quick flip FOREX system that utilizes my skills as a daytrader, and will be continuing to throughout the Holiday Season.

My goal is to produce a 50 PIP gain each day.

I will take profits, on short term plays, when PIP Profit = Size of Spread.

On Longer plays (based on 15 or 30 min Indicators) I will wait for a sell confirmed signal from my system.

I will be using www.tradestation.com to test, backtest, and retest my system continously.

Any input from chartists or experienced FOREX Traders would be extremely appreciated.

ALWAYS SEARCHING FOR THE HOLY GRAIL!!!
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post #2 of 348
11/26/05 at 3:06am
Thread Starter 
Based Upon my Daytrading Methods that have gotten me continously flaged for daytraing, I am working on constructing a FOREX FLIPPING METHOD.


It is intended to Produce 3-7 PIP Profit.

As I develop it, and Perfect it, I encourage others to weigh in.

I will give entries, and exits. I will also include PIP Profit/Loss.

Others are encouraged to Follow in a DEMO ACCOUNT FIRST

Current Results:

EUR/USD SHORT: Profit = 5 PIPS
USD/CAD LONG: Profit = 5 PIPS

USD/JPY LONG: Profit = 6 PIPS
GDP/USD SHORT: Profit = 5 PIPS

USD/CHF LONG: Profit = 5 PIPS
AUD/USD SHORT: Profit = 4 PIPS

USD/JPY LONG: Profit = 4 PIPS
USD/CHF LONG: Loss = 7 PIPS

USD/CHF LONG: Profit = 15 PIPS
USD/CAD SHORT: Profit = 42 PIPS

EUR/CHF SHORT: Profit = 29 PIPS
USD/CAD SHORT: Loss = 5 PIPS

TOTAL PROFIT in 2 DAYS = 108 PIPS

FYI: Please do not get the wrong idea. I did not just put together this system out of thin air.

Believe me, my laser printer has been firing off 1,5,15 and 30 min charts everyday for the past 3 weeks. Trying to find the Holy Grail
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post #3 of 348
11/26/05 at 6:25am
Thread Starter 
FYI: The USD/CAD is still showing up as a short, but i closed the position b4 the market closed
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post #4 of 348
11/26/05 at 1:10pm
Heya RPM, VERY nice job on your system!!

I never considered really doing flips for a few pips here and there--I had always been tryin to catch the major runs and having some luck...but the individual few pips here and there add up nicely. Usually when I have the time to sit and watch it, I have screens full of charts and so forth.. Love this stuff..wish I had more time to play it in depth... AUD/USD and JPY are my favorites... What times do you like to play this most?? I find the time between 11pm EST and 4am EST and again at 9am-12noon EST the best times for movement and big action....

-w
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post #5 of 348
11/27/05 at 10:48pm
Thread Starter 
USD/CAD

LONG

1.1696


c'mon RALLY USD
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post #6 of 348
11/27/05 at 11:05pm
Thread Starter 
RALLYING !!!!!
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post #7 of 348
11/27/05 at 11:55pm
Thread Starter 
Quote:
Originally Posted by rpm
USD/CAD

LONG

1.1696


c'mon RALLY USD
I really don't want it to hit my 20 PIP stop loss...without showing anylife...

do i really want to start the trading week with a loss
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post #8 of 348
11/28/05 at 1:15am
May wanna have a look at USD/JPY long...retail numbers for JPY it looks like its gonna press upwards the 120. mark today...I'm lookin for an entry in the 119.65-68 range. JMO...

-w
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post #9 of 348
11/28/05 at 1:34am
Thread Starter 
Quote:
Originally Posted by wolf825
May wanna have a look at USD/JPY long...retail numbers for JPY it looks like its gonna press upwards the 120. mark today...I'm lookin for an entry in the 119.65-68 range. JMO...

-w
I agree with ya wolf..........the problem is that my system will not trigger on a stock in such a strong uptrend..............


[a kink i need to work out...by simply modifying my break point]

i wouldnt mind getting in touch through email or PM sometime

talk about trading
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post #10 of 348
11/28/05 at 1:49am
Would love to chat Forex with ya RPM, I'm interested in your short term flips a lot...it seems less nerve racking then then longer plays I have tried that go for an hour or 4.

Ever try the Buy/Sell and Sleep method--where ya buy or sell before bedtime, and wake up every hour hoping you still have an account balance...nerve racking to say the least.

-w
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post #11 of 348
11/28/05 at 3:40am
Thread Starter 
sounds good wolf, PM me or email @ r_mendonca at sympatico.ca



seems like my system seems to be a leading indicator in most cases....


meaning, I need a lagging confirmation.....i guess.....

for example, I shorted the USD/CAD before close....

and I was almost getting a rally signal.....so i bought.....
but then it dipped....meaning i could have held on.....to the short...sold and bought lower.......hmmmmmmm.back to work

wheres my confirmation
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post #12 of 348
11/28/05 at 3:41am
Thread Starter 
Quote:
Originally Posted by rpm
USD/CAD

LONG

1.1696


c'mon RALLY USD
Still holding......I gotta feeling
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post #13 of 348
11/28/05 at 3:48pm
Thread Starter 
Quote:
Originally Posted by RPM
Still holding......I gotta feeling
Closed Overnight

117.06

Profit = 10 PIPS
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post #14 of 348
11/28/05 at 3:51pm
Nicely done, RPM.

I'm interested in your system and am watching this thread. Keep it up.

Cheers.
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post #15 of 348
11/28/05 at 4:15pm
Good job on the play last nite!

I'll drop ya a line RPM in a bit. Until then--here's a tidbit of info about USD/CAD that you may want to watch for and see where it takes the currency pair...

"CAD: Canada's Martin says will call Jan 23 election if government loses confidence vote today. The government is expected to lose vote tonight at 6:00 pm est. "

This was a blurb I picked up on Reuters..I haven't been in touch with world news for the past several days so I don't know what is going on entirely (I'll have to dig into this some more if I have the time today to see what this is all about). But it would seem any Loss of confidence vote in government--well that could make for a big move... JMO...

-w
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post #16 of 348
11/28/05 at 5:33pm
Thread Starter 
cant believe the USD tanking right now...and i was eating lunch
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post #17 of 348
11/28/05 at 8:20pm
Thread Starter 
EUR/USD

LONG

139.80

limit sell @ 90
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post #18 of 348
11/28/05 at 8:40pm
Thread Starter 
Quote:
Originally Posted by RPM
EUR/USD

LONG

139.80

limit sell @ 90
CLOSED: PROFIT 10 PIPS
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post #19 of 348
11/29/05 at 2:05am
Thread Starter 
EUR/USD

SHORT

1.1814
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post #20 of 348
11/29/05 at 2:13am
Sorry if this is a dumb question. What is a "PIP"?
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