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  • #921
  • Aug 6, 2017 2:44am Aug 6, 2017 2:44am
Quoting DerBerliner
Hi Dave ! So, could you plz attach (if possible) this fib indi ?
Here you go
https://www.mql5.com/en/code/18078
  • #922
  • Aug 6, 2017 7:40pm Aug 6, 2017 7:40pm
Quoting Eldero
{quote} Ciao Masterrmind, as already I told here, I am trying to find the right manner to handle the trade and in particular to add positions Said that QUAD+MML is providing good opportunities to enter a possible trend at the beginning or almost the beginning, the key to get big profit is to ride the trend with the most possible positions On the other hand, adding positions we increase the risk, and it is the bad side of this process So, I am trying to find the right procedure that meets the above thoughts From a couple of days I am looking at the...
Moving the SLs up under previous D1 lows works fine on a strongly trending market however, on the GBP big movers it is rather easy to get stopped out on pullbacks that dip below the low of the previous D1 candle in the case of a long setup (opposite for short setup).

There are many roads that lead to Rome.

The same can be said about trailing methods.

I am more than happy to discuss several versions and it is likely that several different examples may enter my live account here on this thread.

At the end of the day though it is the traders choice and he or she must decide which trailing technique is more suited to their personality.

Some traders apply a certain pip amount (can be TF based & pair related).

Some traders apply a BE after next D1 close higher than entry.

Some traders trail after certain Fib ratios are met.

Some traders trail after next MML levels are met.

Some traders trail based on PA or support or resistance levels or supply and demand zones as the case may be.

Some traders trail or tighten up their stops prior to NFP or high impact news releases.

Some traders trail after X_Equity% is gained across all current running trades (current setup Equity% might be 5% so they will trail at 2.5%).

On these larger D1 TF setups I prefer to allocate say 5% across all running trades on the account and especially for the GBP related pairs I prefer to simply give the trades as much breathing space or room to move as possible and then I may close out Trade #1 and if other trades are running either start tightening up their SLs to BE + pips or perhaps close them out for profit as in the GBPCHF setup all trades were closed out for a pip count of >=500 pips. So if a setup is earning more than 500 pips then I may take the profit. If I do not then usually a trade will be closed in profit and I will manage the remaining trades. The Trade #1 closure for profit is important because it immediately adds profit to the trading account and cannot be taken away from you and IF the PA of the pair being traded suddenly reverses direction then the gained profit can offset some of the potential or pure losses that might occur.

It is and always has to be a traders choice as to the trailing method applied.

Good trading,

Masterrmind..............
Master your Mind then Master your Trades
  • #923
  • Aug 6, 2017 8:06pm Aug 6, 2017 8:06pm
Quads

Multiple Quad setups are available from the first trading day of the week.

Refer to your D1 charts.

Masterrmind............
Master your Mind then Master your Trades
  • #924
  • Aug 7, 2017 1:22am Aug 7, 2017 1:22am
Quoting Masterrmind
{quote} Moving the SLs up under previous D1 lows works fine on a strongly trending market however, on the GBP big movers it is rather easy to get stopped out on pullbacks that dip below the low of the previous D1 candle in the case of a long setup (opposite for short setup). There are many roads that lead to Rome. The same can be said about trailing methods. I am more than happy to discuss several versions and it is likely that several different examples may enter my live account here on this thread. At the end of the day though it is the traders...
Your comments are always very interesting. As traders I think the best we can do is to move the probabilities to our side. An important role is taken by the entry, but maybe the way we manage the position is even more important. Depending on the kind of trading one wants to have, there are many methods to use. I personally would like to use daily time frame and my intention is to take movements that are at least 500 pips. But, if I would take this run with only 1 teade, at the end, I would not be satisfied. The goal is to have the most possible number of positions. For this reason, I want to be very aggressive with added positions. At this point, I have two possibilities: increase the risk ( not my choice ) or increase the risk to be stopped out lowering the stop. The second choice is my favourite. So, when I open a trade, I gave to it the right breath, but at the moment I decide to add the second position, I accept to move the stop of the #1 at b/e. It is a cost I can accept to pay to have the possibility to run the trend with many positions. When I open the #3, I move to b/e the #2 an so on. At the first time the price hit the stop, I exit all the positions and eventually re-enter if there are the conditions that meet my trading. So, when I will catch the right movement, I will run it with many positions. Indeed when I will be stopped, I will loose with 1 position. There are of course a lot of factors that determine the entry and the expectative, but at this time, we are "just" talking about the way to handle the trade. I did not use this method in the past, so I cannot say if it works or not. But I decided to try it. Time will say if it is a good way or a bad one...thank you...have a good week
  • #925
  • Aug 7, 2017 2:28am Aug 7, 2017 2:28am
Quoting Eldero
{quote} Your comments are always very interesting. As traders I think the best we can do is to move the probabilities to our side. An important role is taken by the entry, but maybe the way we manage the position is even more important. Depending on the kind of trading one wants to have, there are many methods to use. I personally would like to use daily time frame and my intention is to take movements that are at least 500 pips. But, if I would take this run with only 1 teade, at the end, I would not be satisfied. The goal is to have the most possible...
One of the key points that I have been trying to make is the following:

Only add extra positions IF you can do so without exceeding a self-assigned risk%.

If the addition of 1 trade using an appropriate SL and it should be at a minimum of 100 pips causing the assigned risk% of all your SLs to be breached (exceeded) then do not add the additional trade.

If your assigned risk% of all trades open on the trading account at the same time is say 5%, then you must ensure that 5% of your account is not exceeded in SL allocation.

This simple criteria will stop you from adding too many trades when its not wise to be adding more trades to your open position count.

So a trader needs to be creative if he/she wishes to add maximum additional trades but also act responsibly.

It is not always easy to be able to determine the outer trading range that a given symbol will trade within over the next 3 months.

I mention the outer trading range because the extremities provide a possible TP zone for either long or short entries from current price levels.

A 64 day trading range could be used as an example and then we start to enter the realm of designing trading frames as in MML.

Trading will soon start to take on a very interesting phase.

Masterrmind.............
Master your Mind then Master your Trades
  • #926
  • Aug 7, 2017 2:48am Aug 7, 2017 2:48am
Quoting Masterrmind
Quads Multiple Quad setups are available from the first trading day of the week. Refer to your D1 charts. Masterrmind............
Just a thought ?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPCADSBMonthly.png Size: 57 KB
Click to Enlarge Name: GBPCADSBDaily.png Size: 38 KB
Click to Enlarge Name: GBPCADSBM15.png Size: 59 KB
  • #927
  • Aug 7, 2017 3:17am Aug 7, 2017 3:17am
Quoting Masterrmind
{quote} One of the key points that I have been trying to make is the following: Only add extra positions IF you can do so without exceeding a self-assigned risk%. If the addition of 1 trade using an appropriate SL and it should be at a minimum of 100 pips causing the assigned risk% of all your SLs to be breached (exceeded) then do not add the additional trade. If your assigned risk% of all trades open on the trading account at the same time is say 5%, then you must ensure that 5% of your account is not exceeded in SL allocation. This simple criteria...
Yes, well said
Control the risk is the first factor everyone should always keep in mind
The second factor is patience that you often repeat here in the thread
Honestly, I should work on this second factor, because sometimes I don't respect it
For this reason, I am looking for a method to add positions that has a good statistic and that meet simple and unequivocal rules
Found that, I will try to put all together. Entry according with QUAD/MML, adding position without exceeding risk and according to fixed rules that would be a brake to my lack of patience
Not easy, but I am an incurable optimist
  • #928
  • Aug 7, 2017 4:54am Aug 7, 2017 4:54am
Quoting OAPDave
{quote} Just a thought ? {image} {image} {image}
Nice charts OAPDave.

I especially like the "hot zone" in confluence with previous support zones.

Masterrmind.............
Master your Mind then Master your Trades
  • #929
  • Aug 7, 2017 5:07am Aug 7, 2017 5:07am
Quoting Eldero
{quote} Yes, well said Control the risk is the first factor everyone should always keep in mind The second factor is patience that you often repeat here in the thread Honestly, I should work on this second factor, because sometimes I don't respect it For this reason, I am looking for a method to add positions that has a good statistic and that meet simple and unequivocal rules Found that, I will try to put all together. Entry according with QUAD/MML, adding position without exceeding risk and according to fixed rules that would be a brake...
I tend not to use the word 'rules' in trading in general because rules translate into variations that cannot be flexible.

I like to have some flexibility in trading and the ability to adapt to a dynamic market.

For example, some traders would apply a SL based on a rule based system meaning that they will never react to what the market is trying to tell them after their entry has been made and simply leave their initial SL exactly where it was from entry time.

Widening or closing SL placement can have consequences and therefore must make sound logical sense and always remain within the risk limit.

RISK is therefore one rule that lacks flexibility in terms of being increased beyond an assigned limit.

If risk is assigned to 5% on a given setup then it must be adhered too for the duration of all trades taken on that symbol or across all symbols in the case of a multiple setup approach.

After this setup has run its course then another assigned risk% can be assigned if desired.

The 'new' assigned risk% should ideally be <= the previous risk%.

As the growth of an account 'greatly' increases then the risk applied should necessarily decrease.

If you trade 5% risk on a US$1000 do you think you should apply 5% risk on a US$1 000 000 account ?

ps. being an optimist will keep you hungry for trading knowledge and attempting to conquer the market ... go for it !

Masterrmind............
Master your Mind then Master your Trades
  • #930
  • Aug 7, 2017 5:24am Aug 7, 2017 5:24am
EURUSD [D1 MML]
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 54 KB

Masterrmind............
Master your Mind then Master your Trades
  • #931
  • Aug 7, 2017 5:56am Aug 7, 2017 5:56am
Quoting Masterrmind
EURUSD [D1 MML] {image} Masterrmind............
Going to watch it, only got a 4hr & 15min to match so far but still enough pips left for a nice re-test of bigger levels at least
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSDSBH4.png Size: 49 KB
Click to Enlarge Name: EURUSDSBM15.png Size: 50 KB
  • #932
  • Aug 7, 2017 6:09am Aug 7, 2017 6:09am
Quoting OAPDave
{quote} Going to watch it, only got a 4hr & 15min to match so far but still enough pips left for a nice re-test of bigger levels at least {image} {image}
Notice the confluence with 'hot zone' and previous chart structure.

Masterrmind............
Master your Mind then Master your Trades
  • #933
  • Aug 7, 2017 6:14am Aug 7, 2017 6:14am
Quoting Masterrmind
{quote} Notice the confluence with 'hot zone' and previous chart structure. Masterrmind............
I am on the case, you just might make a trader out of me yet !
  • #934
  • Aug 7, 2017 6:22am Aug 7, 2017 6:22am
NZDCAD [D1 QUAD]
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 52 KB

Nice pullback on the D1 entry candle.

But is it deep enough to risk going long ... that is the question that needs to be answered.

Masterrmind............
Master your Mind then Master your Trades
  • #935
  • Aug 7, 2017 6:54am Aug 7, 2017 6:54am
GBPNZD [Update]
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 57 KB


Notice that at a risk of 5% this allows me a total of about 725 pips in total for all stops on trades of 0.01 lots on this symbol.

I say 'about' because this value varies over time based on the parameters that make up the formula so 700 odd pips will be used as the maximum.

I am considering another trade entry based on the PA shown on the chart over the past few trading days.

Trade #1 SL pips = 462.5
Trade #2 SL pips = up to 700 - 462.5 = 237.5

Question is would another entry close to market price on the chart posted here be a reasonable step to take ?

Masterrmind............
Master your Mind then Master your Trades
  • #936
  • Aug 7, 2017 6:58am Aug 7, 2017 6:58am
Quoting Masterrmind
NZDCAD [D1 QUAD] {image} Nice pullback on the D1 entry candle. But is it deep enough to risk going long ... that is the question that needs to be answered. Masterrmind............
No not yet ?
Attached Image (click to enlarge)
Click to Enlarge Name: NZDCADSBM15.png Size: 56 KB
  • #937
  • Aug 7, 2017 7:05am Aug 7, 2017 7:05am
Quoting Masterrmind
GBPNZD {image} Notice that at a risk of 5% this allows me a total of about 725 pips in total for all stops on trades of 0.01 lots on this symbol. I say 'about' because this value varies over time based on the parameters that make up the formula so 700 odd pips will be used as the maximum. I am considering another trade entry based on the PA shown on the chart over the past few trading days. Trade #1 SL pips = 462.5 Trade #2 SL pips = up to 700 - 462.5 = 237.5 Question is would another entry close to market price on the chart posted here be a...
GBPNZD [D1 Harmonic + Fibs]
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 38 KB

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 61 KB

What if the economic data comes out as forecast ?
How would you trade this pair ?

Masterrmind........
Master your Mind then Master your Trades
  • #938
  • Aug 7, 2017 7:45am Aug 7, 2017 7:45am
Quoting OAPDave
{quote} No not yet ? {image}
Yes agreed !

Masterrmind............
Master your Mind then Master your Trades
  • #939
  • Aug 7, 2017 8:12am Aug 7, 2017 8:12am
Quoting Masterrmind
{quote} GBPNZD [D1 Harmonic + Fibs] {image} {image} What if the economic data comes out as forecast ? How would you trade this pair ? Masterrmind........
GBPNZD [Update]
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 69 KB

Trade #2 entered long just above the 1.77 handle @ 1.77109

Current SL risk for both trades = 4.8%

Masterrmind............
Master your Mind then Master your Trades
  • #940
  • Edited 10:04am Aug 7, 2017 9:53am | Edited 10:04am
Quoting OAPDave
{quote} Just a thought ? {image} {image} {image}

OAPDave, I really found this post (926 and several following) interesting and useful. While I am quite interested in D1 opportunities you have usefully combined things down to a M15 entry using both the MML and your fib tool. And it builds on the powerful idea of confluence.

By the way, I guess I need some kind of fib tool like this just now. Setting the manual one is a bit slow and, in my case, possibly drawn incorrectly . . . so the fib tool is really nice at least for the time being.

It seems at least some entries down on the H1 or M15 level are *necessary* to hold one's attention since a qualified D1 just doesn't come along all the time.

Thanks so much for sharing your input and ideas.

FS
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