The Lucre Producer v3.0

[Yarcofin]

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[Ray_1]

Hi Yarcofin,

Ok now I understand about the setup and the entry point. But how to determine when to take profit?

Hope I am not troubling you with my question.

[Yarcofin]

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[dobro]

I am having trouble finding trades where all 3 TFs line up the same way. Only testing on the 6 prs Y. mentioned. I realize that when the 3 do line up it should be a safe trade, however finding a trade has been a problem the last 2 days. Tomorrow is NFP so I will avoid Fri altogether. d.

[Yarcofin]

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[Kartik79]

Yarcofin, would you consider the current AUD/USD set up playing right now. The daily stochs seem to be around 4.75 and the 3 hour stochs are at 8.4. It seems the pair is bottoming out.

[Yarcofin]

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[skyraider]

I got in to aud/usd Friday and got in long and the thing went the other way. Sometimes the indicators dont work and the system does not follow the dollar. There is so much noise out there now ( financial noise) that things change. I was down 85 bucks , but reversed once early on and about 830pm eastern i got lucky and made a little… so i was happy. Saturday morning I got back into aud/usd and made 95 dollars today just on that pair and thats I all I trading on. I get in and out and in as the thing starts to retrace and I dont do retracements well at this time. I use the cowabunga system, no fancy hat tricks here,gut reactions on some things, no s/l’s at all, but Im here all the time watching stuff and do not do many lots,maybe 3 lots at most, mainly 2 lots when things are going well. Im still new and learning. I dont know much about waves and such like that Elliot deal,just basic signals I see in babypips…good hunting,Sky

[Kartik79]

I bought AUDUSD on Tuesday already and I held it until today… bad idea. I sold it this morning for a 150+ pip loss :(, causing my only second-ever losing week. All the indicators were saying buy on Tuesday and they have been saying that since then. That’s the thing is strong reversals look exactly the same as if the pair were extremely oversold/overbought… but thankfully they are quite rare.

For me, I probably won’t trade AUDUSD next week, for the simple reason that after I get burned I don’t like to put my hand back into the fire right away ;).

Will AUDUSD go up again… yes, it looks like it’s going to bounce back above 0.9400 again next week easily, but I can see it dropping to 0.9150 again before it gets there. I haven’t taken too close a look at it, but I’m planning to do a video tutorial of how I choose trades this weekend and I’ll also be making my usual predictions… I’ll be sure to put both up here.

I think right now most pairs are trending and as such getting in with this method one should be ready to have a substantial amount of DD before the trade goes in their way. I got in (short) eur/chf and im waiting for it to reverse. Hopefully next week.

[edacsac]

Thanks Yarcofin,

I’ve been meaning to ask you about how you start your trades off for the week. I guess I read somewhere (maybe your blog) that you do most of your research on Sunday evening, then set things up for the week. I like that idea and wanted to learn. So thanks for sharing! I’m going to set things up like you do and watch for a bit.

[Ray_1]

Having all 3 indicators line up exactly is a “best case scenario” if you want to use the system with very minimal losses… the downside like you noticed is that you will trade very infrequently yet need to always be watching.

Once you get to understand the system, you can get a general feel from the indicators without all 3 lining up… 2 out of 3 and strong support is generally enough.

Hi Yarcofin,

Can you elaborate more on the part where you decide a trade based on 2 indicators instead of 3 and where strong support plays a part?

[Yarcofin]

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[Ray_1]

Ok Yarcofin, for my 2 indicators signals question, must it be the same indicators in all the three charts? Maybe in the D1 chart, it is the stochastic and RSI giving the signal and the H4 chart, it is the MACD and the RSI. Can it be in this way? Hope my question is not confusing.

[Yarcofin]

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[Ray_1]

Hi Yarcofin,

I have been to your blog and saw your predictions. I am curious how you set the predictions for the EUR/USD and USD/JPY? I remember did not see any two or three indicators lining up on the charts, could this be due to us in different time frames, as i am in the Asian time frames?

[Yarcofin]

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[Clubber]

I backtested the system:
It sounds good in 2007 and 2008 with 400-500 pips of gain.
Not so good in 2005 with 700 pips of loss. :mad:
In 2004 and 2005 with 100 pips of loss.

[Yarcofin]

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[Clubber]

If you only had a 500 pip gain for the entire YEAR of 2007 and 2008, you are doing something seriously wrong. From April until the end of June (2008) I more than doubled my demo account. I had not one, but two WEEKS where my total profit was over 1,000 pips. Anywhere from 100 to 400 pips per week was typically consistent over a 12 week period.

Then again I wouldn’t expect much from someone whose first post in this forum is backtesting my system.

What pairs did you trade? What kind of T/P levels were you using? I hope you weren’t setting any SL… anyway you did something that doesn’t agree with my system.

I don’t think that is correct to judge a person just from his number of posts.
I backtested it on EURUSD using your rules.
If you want tell me what is your favourite pair, i’ll backtest it on it.

[Yarcofin]

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