Forex Profit Monster - 4H TF

[coolpixel1]

Hi Dave, I'm still around but need to take the week of from anything while I finish a project -deadlines to meet. Our little trading group I'm in with has been in contact with Jim though and I'll report soon on what he said. All the best

 

[forexsniper]

how's everyone going with FPM?

well November was a loss month for me. i'm still waiting for jim to post up his results into the blog.

i think from now on, i'm going to split my lots up: half i will close out at resistance/support and the other half i'll let run until an exit arrow is given. hopefully this will give me abit of the best of both worlds.

 

[pedrosek]

Im thinking same way. When i stop it all on SR and prices moves, im away from big shot and when i let all run to stop, i offen loos all open profit. I have to check it for couple of months. Maybye better 1 third stop on Sr and rest let run and opposite- it depend on trend and probability. Petr

 

[salvadorveiga]

yup loss here as well... i'm actually experiencing a 15-20% DD... i'm risking around 2.5% so don't take it from me

i would say Jim will post a very bad month... maybe north of 2000 pips?

 

[pipsmasterone]

one interesting fact of a profit monster 4hour intraday template is the fact that it comes with a fast trend with a value of 21 however (that by the way is the daily setting) however on Jim's blog the pictures show, when he trades the 4 hour time-frame the fast trend indicator has a value of 13, that also goes for the exit arrows, as a result some of the entries would have come earlier as well as the exits

 

[salvadorveiga]

one interesting fact of a profit monster 4hour intraday template is the fact that it comes with a fast trend with a value of 21 however (that by the way is the daily setting) however on Jim's blog the pictures show, when he trades the 4 hour time-frame the fast trend indicator has a value of 13, that also goes for the exit arrows, as a result some of the entries would have come earlier as well as the exits

no the intraday template is 13 and the daily template is 21 ... if you're trading lower than Daily you should have the intraday template ON and not the daily one...

 

[pipsmasterone]

look at the last attachment on this blog, AUD/USD and see what I mean, but you are right most of the time its 13 on 4hours.

 

[salvadorveiga]

look at the last attachment on this blog, AUD/USD and see what I mean, but you are right most of the time its 13 on 4hours.

that's the user's problem. the one that posted the chart. if its 21 its cuz he chose to... not because the template is 21... if you want it to have like Jim's then just put the correct template and you're set

anyways let's see if finally usd starts to go up...

 

[pedrosek]

So, Jim has +95 pip last month. With FPM ist all about outputs. Getting in ist clear and easy. I must take care on getting out.

 

[forexsniper]

So, Jim has +95 pip last month. With FPM ist all about outputs. Getting in ist clear and easy. I must take care on getting out.

Where are you seeing Jim's results? I haven't seen him update his blog yet.

The only way to get a +ve result last month using FPM was to take all the re-entries towards the end of the month. There were a number of clear exits, and then re-entries if you were game enough to take them.

 

[pedrosek]

Sorry, its my mistake. I watched result from 8th December 2008

 

[davewooldridge]

thread dead. Anywhere else anyone using fpm? Bueller?

 

[Ingot54]

thread dead. Anywhere else anyone using fpm? Bueller?

Hi Dave

The thread is only as good as its contributors. Unfortunately I have not had the liberty to be able to follow the FPM at this time, and others are probably waiting for someone else to carry the can.

Unless you or someone else can contribute and share the workload, the thread will die, as it is not a journal. It will be a while before I can contribute on the basis that I am trading it. To contribute otherwise is not fair dinkum, and insults the method.

Try http://www.donnaforex.com/forum/index.php?topic=96.0 - They had a good thread on FPM there at one stage.

The method has not had a good November, but historically when it has a bad month, the next month is a ripper. I am looking forward to seeing better results for December, though the prolonged ranging we are experiencing right now is not promoting anything encouraging.

I won't post just to keep the thread going - I will post when I have something constructive to add.

With best wishes

Ivan

 

[fxtrader85]

Hello all,

I've been researching fx trading for the past few months and I decided to buy the system mentioned in this thread. I'm not working at the moment so I'm probably going to trade off the hourly charts (via a spreadbetting platform) so does anyone want to help me resurrect this thread? I can sleep when I'm dead so I don't mind getting signals late at night, early in the morning etc (I'm based in the UK)

Let's really put these system to the test (and I've read every single page of this forum and I think the most profitable time scale to trade this system is on the hourlies, if anyone else thinks differently please say)

I think the reason why Jim trades off 4H charts is probably to prove how you don't have to literally be at your computer at every hour to monitor entry and exit signs, but if time permits then I think this is the best way forward...

 

[fxtrader85]

First trade, all 3 indicators lined up on gbp/usd at 9:00pm GMT. Went long at 1.59838 (sb bid price at the time) currently trading at 1.59917

Still in the trade at 1:13am. Going to bed now but will be up at 7am to continue...

p.s. the michael douglas avitar is in no way an indication of my trading prowess, I just love him in that movie

 

[coolpixel1]

Hi fxtrader85 - and welcome (UK too) - no time at present to be consistent but following passively, Jim just reported over 800 pips for January so not a bad start to 2010. It will be interesting to see what you profit in and good luck! Smaller SL required than on the 4H that's for sure. Will you be trading the main 8 as Jim does? A colleague of mine is testing this with added Donchian channels on the 4H and D1 with some false trends averted. Will keep everyone posted as he's in week 3 on this (the standard FPM system) and a 22% rise in equity - not bad (2% risk per trade and on 4H charts)

 

[coolpixel1]

This is one of the best systems out there. Ivan has done a fantastic job in starting and keeping a thread going without hype (with relatively little cross participation) and may the force be with him!

 

[fxtrader85]

Thanks coolpixel. It seems last night's entry was rather a shrewd move, up 71 pips in my first trade!! Let's hope this is a sign of things to come....

 

[fxtrader85]

No exit signals at the moment (obviously) and I have checked all time frames for recent trends developing. I think this badboy is going to run for at least a few hours...

 

[salvadorveiga]

Hi fxtrader85 - and welcome (UK too) - no time at present to be consistent but following passively, Jim just reported over 800 pips for January so not a bad start to 2010. It will be interesting to see what you profit in and good luck! Smaller SL required than on the 4H that's for sure. Will you be trading the main 8 as Jim does? A colleague of mine is testing this with added Donchian channels on the 4H and D1 with some false trends averted. Will keep everyone posted as he's in week 3 on this (the standard FPM system) and a 22% rise in equity - not bad (2% risk per trade and on 4H charts)

Yup I've had 20% more or less in my small account of FPM this month. 800 pips sounds too low. I think I made around 1600 pips or so... but I guess that depends wherer you count the pips, once you close the trade or when you open it? that's because most the trades were opened in january and closed in february.

I've started this at the worst possible time in October which was the beginning of a drawdown. Saw equity going to -17% or so in around 2 months, but from December and January's results I am now up around 19% or so...