|
Joined May 2007
|
Status: Trend Trader
|147 Posts
Do nothing. It isn't a valid signal at all. If I were you, I would go long eurusd as soon as it touches the 100 SMA line. This is in reference to the daily chart.
Hi marketsnipers, congrats' on your strategy. I must say it suites my trading style as I have a fulltime job. The question I would like to ask is, where do you prefer to take profits. For example, on your usd/chf chart the maket went up and then back down to almost the original entry. Would you have stayed in for the retrace back to the 100ma or would you have come out earlier and then re entered on the bounce of the 100ma?
My broker doesn't have a 200 min chart. I have 60, 240 and then daily. I use MetaTrader 4.
Ignored
The CMS charts ( which are free for demo accounts ) have a 2 hour time frame which is very good too. I just found that 200 min seems to be the sweet spot because it makes your system more effective with better entry prices.
I would use an even longer MA with a 2 hour chart though...
Ever though of building an Alarm that will trigger when the following is met.
1. Entry S or L?
2. TP1 is reached?
3. TP2 is reached?
On SL I wonder if it is not good practice to move Lot2's to BE and when TP2 is met to move Lot3's to TP1?
I've noted you don't give trade advice - That's good but we're only discussing strategies and will not take you to the cleaners. I've learned that traders are humble people. The Market is the variable.
|
Joined May 2007
|
Status: Trend Trader
|147 Posts
Thanks Aubrey for the kind words. Much appreciated. Yes, in a way, it may not be a good idea to move SL to BE one after the other. You can move both to BE once TP1 is reached.
I am not a programmer and so I cant code alarm or EA. Maybe, there is someone here who could help you do it. I really don't mind. I will share whatever I can.
Hi again marketsnipers, thanks for your comments, your chart for usd/chf is on page 2, but you have answered the question. BTW, I have traded live on three occasions since viewing the thread four days ago, all winners. There is no doubt that this system definately takes a lot of the stress out of trading, it really is a joy to trade with this system. One of the really good things about this strategy is that if one pair is stagnant so to speak, then we just look at any of the other pairs that meet the rules of the strat' and trade those. Excellent stuff.
In reply to Rifters post regarding using the 200m TF, you can use a tool called a 'Period Converter' which enables you to choose any TF you wish. I use it with MT4.
In reply to Rifters post regarding using the 200m TF, you can use a tool called a 'Period Converter' which enables you to choose any TF you wish. I use it with MT4.
Ignored
Yes, but the script is "buggy" and doesn't always produce a live chart. lol...
I would like to understand why it seems to work sometimes, but not all the time... and yes I leave the chart that I'm converting from open and unchanged, but that doesn't always seem to work... any thoughts on that..? Would be thankful for any ideas, I would love to be able to use custom time frames in MT4...
In reply to Rifters post regarding using the 200m TF, you can use a tool called a 'Period Converter' which enables you to choose any TF you wish. I use it with MT4.
Hi again marketsnipers, thanks for your comments, your chart for usd/chf is on page 2, but you have answered the question. BTW, I have traded live on three occasions since viewing the thread four days ago, all winners. There is no doubt that this system definately takes a lot of the stress out of trading, it really is a joy to trade with this system. One of the really good things about this strategy is that if one pair is stagnant so to speak, then we just look at any of the other pairs that meet the rules of the strat' and trade those. Excellent stuff.
Ok guys here's an example, of setting up a 90m chart, for 200m just open a 5m chart and multiply by 40. I am hoping the period converter has uploaded ok.
For the 90 minute chart:
1. Open M30 chart.
2. Attach the 'Period_converter.mq4' MQL4 file taken from the list of the 'Navigator' window to the chart (ie click on the Period Converter to produce the window or box).
3. In the 'Common' tab, check 'Allow DLL imports' and clear 'Confirm DLL function calls' ( you may not have Confirm DLL function calls if you are using Alpari so ignore that part)
4. In the 'Inputs' properties tab, please set 'ExtPeriodMultiplier' variable value to 3 (you'll get M30*3 = M90 data).
5. Click OK
6. Open M90 chart in offline mode ('File -> Open Offline' menu). M90 chart will be updated every 2 sec (by default) while 30m chart is open.
Do exactly the same for a 10 minute chart but open the 5minute chart to get your 10minute chart and input the value 2 in the Period Multipliet field.
For the 'offline charts to receive live data you must have the corresponding online chart open (eg for the 10m chart you must have the 5m chart open.
