Mabenn's Machine

I will do that from now on. For exit's I just try to maximize my risk reward ratio. I thought about an alternative exit to hitting the opposite band or using the fib extension because one thing I have observed is that the market will often go to the opposite band then just keep on running. If you took profit at the opposite band that would work best in sideways quite and sideways volatile markets... A simply moving average cross would maximize the exit on breakouts. The idea being to give the market enough room to move while locking in as much profit as possible. Off the top of my head a 10, 20 ema would probably work well.

Does anyone know how I could automate an exit strategy only?

Well here it is, pretty simple created by my buddy Aaron.

If you have an account where you can size your positions exactly then all the better, I use Hotspot and their min position size is $1000 base currency units, so I will either round up or down to the nearest 1000.

At the end of the day your position size doesn't have to be exact to the nearest decimal, just within the same basic range so that your risk reward distribution is consistent.

Hi Mabenn,

First of all I want to Thank you for sharing your system with us.

Please let me asking a few questions, are your entry point when the price hit the first fulfill kelter line (K 2.618) and with Rapid RSi confirmation?? Sorry for the question but I'm not very clear with the entry rules.

I'm also attaching a liltle ATR indicator that show you in the chart any % that you want in pips, hope that can help.

Thank you in advance

I forgot to ask you which pairs are you using.

TK

HI Bull, I wait until the price is between either the first two bands for sideways quiet markets, and wait for the price to be between the two outer bands for sideways volatile, For trending markets, I wait for pullbacks into the area between the center line moving avg and the first two bands. If I get around to it later I will attach some "well chosen examples".

I am also looking at just waiting until the price action is in any of the bands followed by a mov avg crossover or stoch crossover, and exiting on a reverse crossover. So really there's multiple ways to go about it, by trading in the zones, I think it eliminates trading in the noise. Know what type of market you are trading ie: Sideways quiet, Sideways volatile, up/down quiet, up/down volatile.

I enjoy trading with the rapid rsi divergence pattern as a confirmation of a reversal once the price is in a zone...

I mostly trade the USD/CAD because with my full time job as a market maker I am primarily dealing on that market so I know it really well which helps a lot.

I would say you could trade this market on the majors no problem.

I have updated the Template, just added some moving averages for visual confirmation of trend, etc. Plus the colors are prettier.

Did 3 live trades today on my new LIVE account.

In Summary: I Lost 40 pips on the first two and made 180 pips on the 3rd for a total return of .04% & Plus 100 pips. I made some minor mistakes which cost me around .05% because I didn't know quite what I was doing with Hotspot. Tonight I will pull up the demo and enter tonnnes of orders for some good mental rehearsal.

I will post actual trade statements, along with my trade tracker, and I will post my daily debriefing journal which will include:

-Why I did what I did, what I was watching for,
-What the outcome was
-If I followed my rules or not
-Results for the day, thoughts on improving,
-Charts for visual Aide, etc...

So Day 1,

The First trade was an entry on a pullback into the zone, thinking that this trend might just continue right onto 1.30. At one point I was up 1R, or 1x my risk and thought about taking profit because the trendline had been broken but reasoned that I got into this trade to wait it out to the 1.30's and remembered my that I am a professional trader my job is to honor my stop loss and trade consistently, that i pride myself in my ability to let my profits run.

So that ended with a loss but if felt really good because I was following my plan.

The next trade I entered was another pullback play, I was hoping the price would bounce off the 50 sma. Not a chance on that one. I think I voilated my rules on this one, there was no oversold or divergence.

The 3rd trade was on divergence plus in the ZONE. Bought at 1.2760. I trailed it by 1.5x my risk, or 60 pips, and eventually took profit for 180 pips @ 1.2940. I kept a sharp eye on the TSX and oil which were both dropping. As most know the tsx dropped about 750 points today so it was a good trade to hold onto.

There's my live trades @ Hotspot, with my vital info deleted. Below is a chart from my mt4 demo @ MIG, and below that is my trade tracking sheet.

Would there be someone out there who could make an indicator out of this, showing the position to be used based on the input settings and the actual ATR indicator?

Thanks in advance!

Ijebidiw