System of Pending Orders | Forex Factory

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System of Pending Orders

  • #1
  • First Post: Nov 13, 2018 3:11pm Nov 13, 2018 3:11pm
This is a short-term system using only pending orders with no TP or SL and having a holding period of days to weeks depending on how many pairs you choose to trade. The system benefits from safety in numbers so the more pairs traded, the better.

IC Markets has a limit of 200 open trades and pending orders and since I'm trading the entire markets of AUD, CAD, CHF, EUR, GBP, SGD, JPY, I will reach something close to 200 within a week. For me this means begin placing pending orders on Monday, continuing up to and including Friday, and then closing everything by end of day on Friday.

The system is simple, just place the pending orders on the TE without TP or SL. If you decide you must have a TP or SL then do so but it's not a part of this system and it would only result in less profits and more drawdown.

Some things to mention:

. I think $5000 with 500:1 is sufficient for placing 0.10 lot pending orders on the entire market
. It doesn't matter if you're on a commission account or no-commission account
. It doesn't matter if your broker doesn't have good spread
. It doesn't matter if your broker is ECN, Market Maker, etc.

I'll continue to clarify things with postings of scripts, indicators, and screenshots as the thread develops with questions or comments.

This is obvious but we're on a public forum so don't take any of this as financial advice in any form whatsoever.

Happy trading and green pips to all
  • #2
  • Nov 13, 2018 6:52pm Nov 13, 2018 6:52pm
You can begin placing the pending orders starting any day instead of the beginning of the week Monday, however I would recommend a holding period of at least 5 days or 200 trades, whichever comes first.
  • #3
  • Nov 13, 2018 9:34pm Nov 13, 2018 9:34pm
when you place a pending order, are you just putting pending orders where you think you can predict the price action, or do you place pending orders more in a grid-like system, i.e. 0.10 buy every 50 pips or something of that nature?
  • #4
  • Nov 13, 2018 9:45pm Nov 13, 2018 9:45pm
looking at your orders, I see that you possibly use a grid-like system, I think I understand how it works.. if its what I'm thinking of, its simple yet surprisingly effective,
Thanks for the ideas!
May green pips be with you
  • #5
  • Nov 13, 2018 10:35pm Nov 13, 2018 10:35pm
It's not any kind of fixed or dynamic grid. I can't imagine transposing any type of grid on the market would ever work long-term but that's only from my own experience with grids. To me, grids are grenades

This is a trend following system which starts out with reasonable drawdown on the first couple of days and then begins moving into positive equity.
  • #6
  • Nov 13, 2018 11:24pm Nov 13, 2018 11:24pm
well then, guess I stumbled on something that might work? thanks for helping me think none the less. Hope your method stays as profitable as it is!
  • #7
  • Nov 13, 2018 11:35pm Nov 13, 2018 11:35pm
That's great and yeah, grids can work if you're carefully applying the grid to specific situations, pairs, or times of day. I'm just questioning the grids with 24 hours a day, 5 days a week, 52 weeks a year exposure to the markets.
  • #8
  • Nov 14, 2018 8:33am Nov 14, 2018 8:33am
I use this indicator to easily open all charts in the Market Watch. It would be really great if a generous programmer converts this indicator to MQL5.
Attached File(s)
File Type: mq4 Open Charts In Alphabetical Order Indicator v2.mq4   13 KB | 963 downloads
  • #9
  • Nov 14, 2018 8:44am Nov 14, 2018 8:44am
Care to share the entry criteria?
  • #10
  • Nov 14, 2018 9:01am Nov 14, 2018 9:01am
To enter, place the pending orders that listed on the TE but I think that's not what you're asking. The question is too broad and vague, can you be more specific?
  • #11
  • Nov 14, 2018 9:24am Nov 14, 2018 9:24am
But how do you decide if you should buy or sell? Is it pure discretional or based on some sort of strategy?

Regards!
Building a Freedom All Time Return: 5,178.8%
  • #12
  • Nov 14, 2018 1:40pm Nov 14, 2018 1:40pm
Hi spotrate
How can you sleep well with that many open positions?
Would you ever trade like that in a real account?
Can you give some more insight to your trading. Why buy, why sell etc.?
Thanks!

You wrote: "just place the pending orders on the TE without TP or SL"
Question: What do you mean by TE?
  • #13
  • Nov 14, 2018 2:09pm Nov 14, 2018 2:09pm
I can't imagine anything discretionary would work long-term or even short-term if there are many trades. In order to have real consistency, there would have to be a strategy that is compatible with being applied to all markets 24 hours a day, 5 days a week, 52 weeks a year, with zero discretion regardless of any high-impact news, etc. The decision to buy or sell depends on if there's a trend, is that what you're asking?
  • #14
  • Nov 14, 2018 2:11pm Nov 14, 2018 2:11pm
If I had 5K, of course I would like to trade like that on a real account. It's a positive equity system and there's safety in numbers, I would sleep just fine.

TE is an acronym for the Trade Explorer product. The TE for this strategy is linked above the thread. Look for the row called "Pending Orders."

Well there is no TP or SL so all that the strategy does is buy and sell. The idea is not to chase the trend. Instead you want to stalk the trend. As an example, NZDUSD is in an uptrend on M15. You can place a pending order somewhere between the two dotted lines, for instance the longest histogram bar in between. You can also place it on either dotted line. You can choose to be more conservative and place it on the lowest dotted line. There are many options and there's no right or wrong but in order to follow this system exactly then follow the pending orders on the TE.

Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSDM15.png Size: 130 KB

Attached File(s)
File Type: mq4 TPO-Range-v3.mq4   23 KB | 1,294 downloads
  • #15
  • Nov 14, 2018 2:50pm Nov 14, 2018 2:50pm
Hello spotrade,

how are you able to place so many orders in a short time?
  • #16
  • Nov 14, 2018 2:55pm Nov 14, 2018 2:55pm
Quoting spotrate
It's a fully automated system requiring no intervention. It's 100% automated running 24 hours a day, 5 days a week, 52 weeks a year.
So you have an ea for placing the orders?
  • #17
  • Nov 14, 2018 2:57pm Nov 14, 2018 2:57pm
Quoting spotrate
If I had 5K, of course I would like to trade like that on a real account. It's a positive equity system and there's safety in numbers, I would sleep just fine. TE is an acronym for the Trade Explorer product. The TE for this strategy is linked above the thread. Look for the row called "Pending Orders." Well there is no TP or SL so all that the strategy does is buy and sell. The idea is not to chase the trend. Instead you want to stalk the trend. As an example, NZDUSD is in an uptrend on M15. You can place a pending order somewhere between the two...
My NZDUSD 15' chart looks not as yours. Do you use the standard settings on TRO-Range-v3 ? (mine blue line at 06.00 and red line at 17:15) ?
  • #18
  • Nov 14, 2018 3:20pm Nov 14, 2018 3:20pm
Quoting spotrate
If I had 5K, of course I would like to trade like that on a real account. It's a positive equity system and there's safety in numbers, I would sleep just fine. TE is an acronym for the Trade Explorer product. The TE for this strategy is linked above the thread. Look for the row called "Pending Orders." Well there is no TP or SL so all that the strategy does is buy and sell. The idea is not to chase the trend. Instead you want to stalk the trend. As an example, NZDUSD is in an uptrend on M15. You can place a pending order somewhere between the two...


Can you explain how this indicatos works? Thanks
  • #19
  • Nov 14, 2018 3:20pm Nov 14, 2018 3:20pm
I'll say it again, it's a fully automated system requiring no intervention. It's 100% automated running 24 hours a day, 5 days a week, 52 weeks a year. Yes, that's called an EA which is an acronym for Expert Advisor.

It is pretty amazing that an EA can trade more efficiently than a human ever could do so manually.
  • #20
  • Nov 14, 2018 3:26pm Nov 14, 2018 3:26pm
Quoting spotrate
I'll say it again, it's a fully automated system requiring no intervention. It's 100% automated running 24 hours a day, 5 days a week, 52 weeks a year. Yes, that's called an EA which is an acronym for Expert Advisor. It is pretty amazing that an EA can trade more efficiently than a human ever could do so manually.
Thank you for info.

Would you please share the EA?
Would be perfect.

Thanks,
renko
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