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RPM's QuickFlip Forex

post #1 of 348
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!!!
post #2 of 348
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
post #3 of 348
Thread Starter 
FYI: The USD/CAD is still showing up as a short, but i closed the position b4 the market closed
post #4 of 348
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
post #5 of 348
Thread Starter 
USD/CAD

LONG

1.1696


c'mon RALLY USD
post #6 of 348
Thread Starter 
RALLYING !!!!!
post #7 of 348
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
post #8 of 348
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
post #9 of 348
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
post #10 of 348
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
post #11 of 348
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
post #12 of 348
Thread Starter 
Quote:
Originally Posted by rpm
USD/CAD

LONG

1.1696


c'mon RALLY USD
Still holding......I gotta feeling
post #13 of 348
Thread Starter 
Quote:
Originally Posted by RPM
Still holding......I gotta feeling
Closed Overnight

117.06

Profit = 10 PIPS
post #14 of 348
Nicely done, RPM.

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

Cheers.
post #15 of 348
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
post #16 of 348
Thread Starter 
cant believe the USD tanking right now...and i was eating lunch
post #17 of 348
Thread Starter 
EUR/USD

LONG

139.80

limit sell @ 90
post #18 of 348
Thread Starter 
Quote:
Originally Posted by RPM
EUR/USD

LONG

139.80

limit sell @ 90
CLOSED: PROFIT 10 PIPS
post #19 of 348
Thread Starter 
EUR/USD

SHORT

1.1814
post #20 of 348
Sorry if this is a dumb question. What is a "PIP"?
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