Simple Daily Trend Reversal Trading System

Hi ebeckers,

I've noticed when I set MM to fixed lot size, it still opens lot size to suit the 'fixed amount' option.

I personally think this is a great strategy and i've been entering trades manually the only thing that i feel is wrong with the strategy on the EA is the take profit method.

This has discussed before:
PLEASE don't load .set files from v1.17 or earlier.. they don't work anymore!!

But settings for Trend Line filter numbers confuse me.......template from post 1 gives 2.0......ea set files gives 3.0.......and this difference gives difference on chart and trades

3.0 is correct. In the beginning it was 2.0 but this has been changed to 3.0 by mrdfx

So everyone trades by EA here ? No one trades manual ?

Apologies. The ea is looking really good

There are several here who trade manually.

FYI my entries via EA this morning:

Thanks! With 3.0 chart and EA gives same signals!
But the template file in post 1 is wrong!
Regards

I notice that also. The Trend Line.ex4 is different from the Trend Line.mq4 provided.
I went with the *.ex4 file anyways.

I trade manual on live account
But i got the EA running 6x (2x on daily, 4x on H4 all with different settings) on a demo account on a VPS

And you take manual trades by EA helper?(dont know how it call it lol) and how its going? Any tips for trade management?

Yes. I configured one of the 6 EA's running on demo to send alerts to my mobile phone when it finds a valid signal.
When i receive a signal i look at the chart and decide whether i want to trade it or not

I think that too. More confirmation is neccesary. Any trade management tips?

I just use some basic rules, but they work fine for me

1) use a fixed amount of $ per trade
For each trade i risk the same amount of $. That means that if the trade needs a big stoploss then i will a smaller lotsize
and if the stoploss is smaller then i will to use a bigger lot size.
There are loads of tools available which will calculate the lotsize for you based on the amount of $ you want to risk, the trade entry/open price and your SL price
And just use a max of 1% - 3% of your account balance

2) Each possible trade should be able to return at least a 1:2 risk reward ratio
I must have faith that a possible trade will be able to reach a 1:2 risk reward ratio.
If i don't think its possible, or that it will need a lot of luck then i don't take the trade.

3) I only take trades from (major) S&R levels
If the trade is not happening at a major S&R level then i skip it.
I use my S&R indicator to determine the S&R levels (daily & weekly)

4) set & forget.
After the trade is opened, don't mess with it, just leave it alone until it hits TP or until it hits SL
Yes i just leave trades running over weekend, during news periods. Some might run for 2 weeks or longer
Just don't mess with them until it hits TP or until it hits SL

The ONLY exception here is when the market clearly tells you that your trade idea is not valid.
So if price just moves against your for lets say 40 pips.. then thats not a clear sign and in those case i just let it run..
But if it makes a huge pinball and after that momentum picks up and the trade goes against you then thats a clear sign that your trade idea was wrong
from the beginning. And only when that happens i will close the trade prematurely.

It's just basic stuff you can read everywhere, but it works for me.

Can you share SR indicator? Thankss..

Here you go..

Oh and if somebody wants to learn more then take a look at the following courses.
I'm a lifetime-member on all of them and i've learned a lot from them.
(And no i'm not getting any commissions here, sadly ;-)

1. http://www.learntotradethemarket.com
2. http://dailypriceaction.com
3. http://www.theforexguy.com
4. http://2ndskiesforex.com

On a different (kinda) note, What Broker are you guys using? I would like to find one that will allow Crypto's as well as Metals, along with the Forex pairs. I reside in the US. Any and all responses are appreciated!!!