DislikedMaybe it's better to enter after 10 bounces WOULD HAVE occured. You enter only after a reistance is exchausting over time....
Yes, I like that idea.Ignored
Dan
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DislikedMaybe it's better to enter after 10 bounces WOULD HAVE occured. You enter only after a reistance is exchausting over time....
Yes, I like that idea.Ignored
DislikedHi BGazzoni,
How could you need only $6,500? Your 15th entry was 49 lots. Would you not need $12,250 at that point?
Thanks,
WaltIgnored
DislikedHi Dan
finally i can post due to technical problems. i follow your thread from the beginning and I must admitt I really like this style of trading.
I found couple simillar systems but with different TP on other forums. System 10/10 - SL 10 and TP 10 looks good. One of the cons is that you can afford only for 10 entries.
Your option with 40 pips TP looks even better. However on some pairs 40 pips may be to high. Lets take a look on eur/usd. You posted screenshot with eur/usd on one of your posts. As we can see ADR is 59 and IMO it's too small for our strategy. Pairs like gbp/usd usd/jpy seem to be ok, but we have to always check ADR. This is correct, I keep an eye on the ADR and trade accordingly.
What I like in this method is that you don't have to be precisly with your entry and you don't need indicators to trade succesfully. You still got 24 entries to hit your TP. Now I wonder if you enter the market randomly, I still think that you got the chance to profit before 24-th entry. Most of my Sequences close before the 10th Entry or much sooner.
Before I read that you enter the market during special conditions (looking for support leveles etc.) my idea was simillar to what tidion wrote on post before. We have to find the pair where price was in the range 10 pips and still didn't hit 40 pips TP. For this 10 pip range we set up buy order - top of the range and sell order- bottom of the range. Lets say that the price was in this range and hit buy and sell 10 times. The next hit we enter the market. So now for us it will be 1-st entry but looking at the chart it will really be 11-th entry. This way we can go 34 entries before price will hit TP (10 entries before we entered market and 24 of ours). This is a good way for those wo are affraid that 24 entries can be not enough. Some variation of this could work. The question is how do we know when the BO will occur. Maybe it will occur before the 10th buy/sell area is hit.
Your idea with entering the market at important levels is very good, but I think you won't go further than 10 entires. In this method of MM: further you go-more money you can make. Also, true, but still I try to keep the Sequence to as low a number of entries as I can.
Once again this is a great system and I'll be keeping eye on itIgnored
DislikedGambler,
How did you determine your appropriate entry points?
thanks,
WaltIgnored
DislikedMaybe it's better to enter after 10 bounces WOULD HAVE occured. You enter only after a reistance is exchausting over time....
Yes, I like that idea.Ignored
DislikedSuppose you are not in the market.
The price is bouncing back and forth within the range. After it bounces 10 times without hitting the Take Profit, you enter because you feel a breakout is nearing. The person that entered 10 bounces ago is in drawdown, while you have a fresh 24 (is that right?) bounces ahead of you.
So in reality, the price would have to bounce a total of 34 times for a margin call, which is highly unlikely.
In the said strategy, you are monitoring all pairs that have failed to hit take profits in their 10 first chances.Ignored
DislikedThanks for sharing your idea and EA. Would it be possible to have a copy of the EA that does not expire? I personal would like to test it for a while and if all goes well then trade live starting with micro lots.Ignored
DislikedHi,
I have just download the EA.
Some questions??
1) If we used this on a live account, does that means we need to get the EA from Fxtrader each time it expires?? The EA will be available here as long as there is continued interest in this thread. I will post a new 30 day version on the first of every month.
2) Is is advisable to run on many pairs of currency?? I know the account must have enough margin to run. I MONITOR seven Pairs but generally only take 1 or 2 Trades a day when I see a set-up that I like. If I don't like what I see on my Charts, I don't Trade. You could run on many Pairs assuming that you have enough margin to cover.Ignored
DislikedThanks for sharing your idea and EA. Would it be possible to have a copy of the EA that does not expire? I personal would like to test it for a while and if all goes well then trade live starting with micro lots. See above or get in touch with me Privately.Ignored
Dislikedso this system can be used on most currency pairs......... YES, but for the TP & SL Settings I use I prefer spreads of 5 or LESS (less is better).
any rule regarding entry ? or just enter buy/sell randomly ? I have mentioned previously that I do NOT enter randomly. The idea here is to find a set-up where you believe that you can stay out of a tightly ranging market in order to ATTEMPT to limit the number of times your SL will be hit. I like using Support and Resistance on a 30 minute time frame in conjunction with some "common sense" analysis. I trade carefully.
so after hitting TP, do i start all over again or just i profitable trade a day ? See above - Trade when you are most likely to be profitable.Ignored
DislikedFXTRADEPRO, i think whatever u depend on for ur entry are totally "blind", there are no indicators can guarantee the entry. I am not looking to indicators to guarantee my entries. I am trying to place the odds in my favor when looking for a set-up. The question is, when and where can I enter the market where the trade is more likely to go 40 pips in my selected direction or 50 pips in the opposite direction BEFORE my SL gets hit 24 times.
whatever the "indicators" been told are what the price told the indicators. i.e., u trade 365 times per day, and u still don't know which of them will terminate u (max 24 entrys), or let's say within 5 years. so why u r not trying to entry a new trade after ur win one by one? Again, because I am attempting to place the odds in my favor. Random entry cannot do that. Random may win most of the time, but it will also lose much more often, in my opinion.Ignored