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Follow the Candles

  • #61
  • Oct 22, 2019 9:48am Oct 22, 2019 9:48am
Quoting Valerian6
Can someone please share how you guys determine your tp and sl ?
Setting TP & SL is a personal preference. You can set your TP & SL based on a set amount in pips or % of equity or however else you want.

As this is a weekly basket of pairs I think its a good idea to set a good weekly target and a fairly large SL to allow for swings, for example I set a TP of 5% which personally for a week is very good, and a SL of 10% which allows for the pairs to swing but not too large that it would cause a huge loss.

This is how I'm doing it for now but that could also change over time.
Truth is like poetry. And most people f*cking hate poetry.
  • #62
  • Oct 22, 2019 10:07am Oct 22, 2019 10:07am
Quoting mrdfx
{quote} Setting TP & SL is a personal preference. You can set your TP & SL based on a set amount in pips or % of equity or however else you want. As this is a weekly basket of pairs I think its a good idea to set a good weekly target and a fairly large SL to allow for swings, for example I set a TP of 5% which personally for a week is very good, and a SL of 10% which allows for the pairs to swing but not too large that it would cause a huge loss. This is how I'm doing it for now but that could also change over time.
have you thought of any basket of direct or inverse correlation of pairs? etc
  • #63
  • Oct 22, 2019 11:50am Oct 22, 2019 11:50am
Quoting T4Trade
{quote} have you thought of any basket of direct or inverse correlation of pairs? etc
I'm really not looking to complicate the strategy any further. I do not check for pair correlation or currency sentiment, I simply follow the main trend of the pairs and trade in the same direction.

The idea is to KISS so that anyone can trade the strategy successfully.
Truth is like poetry. And most people f*cking hate poetry.
  • #64
  • Oct 22, 2019 1:45pm Oct 22, 2019 1:45pm
Quoting mrdfx
{quote} I'm really not looking to complicate the strategy any further. I do not check for pair correlation or currency sentiment, I simply follow the main trend of the pairs and trade in the same direction. The idea is to KISS so that anyone can trade the strategy successfully.
goodluck my friend,do u think trading is that easy? that on Tuesday when first 4 hour candle opens,we check the confluence of 4 tf on this dashboard and enter the trade?

I would suggest to take 50 trades on demo on this strategy and if there is 70 percent win rate,then only one should go for this strategy.I myself will try this,do u suggest to do this only on Tuesday or everyday on opening of market ,first 4 hour candle finishes and we enter the trade?
  • #65
  • Oct 22, 2019 2:26pm Oct 22, 2019 2:26pm
Quoting mrdfx
I did forget to open the trades at the correct lot size for the account of 0.03 instead of 0.01
Hi mrdfx, I saw you are using a 10% weekly stop but I don't understand how do you obtain 0.03 as lot size.

Could you exlpain?

Thank you
  • #66
  • Oct 22, 2019 2:44pm Oct 22, 2019 2:44pm
Quoting T4Trade
{quote} goodluck my friend,do u think trading is that easy? that on Tuesday when first 4 hour candle opens,we check the confluence of 4 tf on this dashboard and enter the trade? I would suggest to take 50 trades on demo on this strategy and if there is 70 percent win rate,then only one should go for this strategy.I myself will try this,do u suggest to do this only on Tuesday or everyday on opening of market ,first 4 hour candle finishes and we enter the trade?
Is that sarcasm I'm sensing? Why should trading not be this easy? Why make things complicated? From what I've seen in my years of trading, the more simple you can keep things the better. I've done hard and complicated and it didn't improve my trading.

I'm not why you keep referring to a dashboard, there is no dashboard used here, only a simple candle trend indicator.

If you read the first post properly you would have read that I have been testing this strategy for 3 months and have compiled enough data for me to take this one step further and even open a thread to share it to everyone.

Where did you read trading on a Tuesday??? The basket is opened ONLY on a Monday night after the first daily candle is closed, please go back and reread the first post.
Truth is like poetry. And most people f*cking hate poetry.
  • #67
  • Oct 22, 2019 2:46pm Oct 22, 2019 2:46pm
Quoting Alberto_Jazz
{quote} Hi mrdfx, I saw you are using a 10% weekly stop but I don't understand how do you obtain 0.03 as lot size. Could you exlpain? Thank you
Hi Alberto_Jazz, when it comes to lot sizing I use a simple calculation of 0.01 per $200, I got this from trading the CCFp strategy and the lot sizing works well so I've applied it to this strategy for MM. This isn't fixed and I might change it up as things develop so feel free to use your own preferred MM.
Truth is like poetry. And most people f*cking hate poetry.
  • #68
  • Oct 22, 2019 4:07pm Oct 22, 2019 4:07pm
hi mrdfx, thanks for the thread, i'm in.

but i've a question regarding your reply :
"Where did you read trading on a Tuesday??? The basket is opened ONLY on a Monday night after the first daily candle is closed, please go back and reread the first post."

according your rule4 , issn't maybe 3 hours after monday candle close - tuesday already ?

best osha
  • #69
  • Oct 22, 2019 4:13pm Oct 22, 2019 4:13pm
Quoting mrdfx
{quote} I use this indicator which I found here free on FF. {file} {file}
Thanks Mrdfx, indicator worked great.

Do you usually keep all trades opened till Friday close,

or do you monitor each trade and play it by ear, or sight.
  • #70
  • Oct 22, 2019 5:23pm Oct 22, 2019 5:23pm
Hi!

- Do you use an EA or script to close all trades when you get profit?
  • #71
  • Oct 22, 2019 5:46pm Oct 22, 2019 5:46pm
Just out of interest to myself and others viewers can you share any details about how this system panned out in the last 3 months mrdfx,thank you in advance
  • #72
  • Oct 22, 2019 8:00pm Oct 22, 2019 8:00pm
Quoting Oshadiif
hi mrdfx, thanks for the thread, i'm in. but i've a question regarding your reply : "Where did you read trading on a Tuesday??? The basket is opened ONLY on a Monday night after the first daily candle is closed, please go back and reread the first post." according your rule4 , issn't maybe 3 hours after monday candle close - tuesday already ? best osha
Hi Oshadiif, ok if you being technical then yes it is Tuesday early hours, but its still Monday night for me when I'm opening the orders.
Truth is like poetry. And most people f*cking hate poetry.
  • #73
  • Oct 22, 2019 8:04pm Oct 22, 2019 8:04pm
Quoting PipsRUs99
{quote} Thanks Mrdfx, indicator worked great. Do you usually keep all trades opened till Friday close, or do you monitor each trade and play it by ear, or sight.
In my original testing I was closing all orders on Friday afternoon shortly before NY closes. I was leaving the trades open the whole week and monitoring them to see when they hit their high and lows of the week and what kind of pip range I was getting.

Now that I have compiled enough data I probably won't be keeping the trades open till Friday as they more than likely will have hit TP like this week.
Truth is like poetry. And most people f*cking hate poetry.
  • #74
  • Oct 22, 2019 8:07pm Oct 22, 2019 8:07pm
Quoting flashpaul
Hi! - Do you use an EA or script to close all trades when you get profit?
Currently I'm not using any EA or script, but I do have an EA being made for me by a friend which will then open and manage the orders for me. The EA will follow the rules of the strategy.

I'm still not 100% sure about the EA as I've seen many times here on FF and with my SDTR thread that some strategies don't always work out well when made into EA's, but this strategy seems simple enough that it should hopefully work out.
Truth is like poetry. And most people f*cking hate poetry.
  • #75
  • Oct 22, 2019 11:39pm Oct 22, 2019 11:39pm
Quoting mrdfx
{quote} Is that sarcasm I'm sensing? Why should trading not be this easy? Why make things complicated? From what I've seen in my years of trading, the more simple you can keep things the better. I've done hard and complicated and it didn't improve my trading. I'm not why you keep referring to a dashboard, there is no dashboard used here, only a simple candle trend indicator. If you read the first post properly you would have read that I have been testing this strategy for 3 months and have compiled enough data for me to take this one step further...
no it was not sarcasm,it was the truth in my opinion,if trading was easy ,there wouldn't be 95% failing.anyways.
its a trend indicators,my apologies,i was refering this as dashboard.

I thought you know the very fact that many experienced traders don't trade on Monday for some reason,because market makers trap the naïve traders,so I thought u r referring first daily candle of the week closed means u trade on Tuesday.

and what do u mean by basket? more than 1 pair right? so do u take the pairs what is all green in trend indicator? every pairs has its own dynamics,fundamental news attach to it,i don't believe in opening same direction currency at one time,it may bring serious DD,but good luck if you are so optimistic about this strategy.
  • #76
  • Oct 23, 2019 1:15am Oct 23, 2019 1:15am
Quoting mrdfx
{quote} Hi Oshadiif, ok if you being technical then yes it is Tuesday early hours, but its still Monday night for me when I'm opening the orders.
... when i look at this in a technical way means when i would this put into an indicator or EA i'd need to be precise about the candle offset i'd need.

so lets assume at 3am in the morning tuesday, all 4 time candles have to be in confluence.
but for
H4 would i check previous (last monday H4) candle or current (already formed but not settled) candle?
D1 would i check the previous day (monday) candle or current (already formed but not settled) ?

btw: my broker has GMT+3 so i don't have any Sunday candle.

best osha
  • #77
  • Oct 23, 2019 4:50am Oct 23, 2019 4:50am
Hi fellow traders,

in my few spare time I like to search FF looking for new threads that hit my interest.

After having stumbled in mrdfx's "Follow the Candles" that I appreciated at CCFp strategy times, I've decided to write a trade manager to exit trades according to OP instructions in post #1.

First and foremost I want to say that this trade manager is provided "as is", therefore don't ask for mods or usage and test it on demo first.

Its params are self-explanatory and its use should be straight forward, put it on Experts folder, load it on a chart and let it do its things.

It has (optional) trailing and an optional partial close feature.

This last one, if activated, will make the EA close only the trade carrying the biggest floating loss when the account reach the preset _X_PercentLoss instead of closing all the open trades.

I'm not currently trading this strategy for lack of time, however I hope to be able to give it a try in the next weeks.

Important Warning: current EA version doesn't close all trades on Friday at NY close in case they are still open. This decision is left up to the trader.

Best regards,
Bubincka
Attached File(s)
File Type: ex4 MrdfxTradeManager_V1.ex4   16 KB | 747 downloads
Porta itineris dicitur longissima esse
  • #78
  • Oct 23, 2019 8:50am Oct 23, 2019 8:50am
Quoting mrdfx
On Monday night after the first daily close candle of the week I'll post and share my valid pairs for the week.
Hi I have loaded the indicator but the lime and red color of selected time frames candles are showing as gray. please advise
  • #79
  • Oct 23, 2019 9:14am Oct 23, 2019 9:14am
Quoting Oshadiif
{quote} ... when i look at this in a technical way means when i would this put into an indicator or EA i'd need to be precise about the candle offset i'd need. so lets assume at 3am in the morning tuesday, all 4 time candles have to be in confluence. but for H4 would i check previous (last monday H4) candle or current (already formed but not settled) candle? D1 would i check the previous day (monday) candle or current (already formed but not settled) ? btw: my broker has GMT+3 so i don't have any Sunday candle. best osha
You are complicating things. As I explained in the first post.

2. When? On a Monday night after the first daily candle of the week is closed we will look for any pairs where is a confluence between the trend and all 4 time frames.
3. Any pairs that have the same confluence on all 4 time frames we will open an order in the same direction.

That's it, that's all you need to do. Whichever pairs are currently all green or all red you buy or sell, not more complicated than that.
Truth is like poetry. And most people f*cking hate poetry.
  • #80
  • Oct 23, 2019 9:17am Oct 23, 2019 9:17am
Quoting bubincka
Hi fellow traders, in my few spare time I like to search FF looking for new threads that hit my interest. After having stumbled in mrdfx's "Follow the Candles" that I appreciated at CCFp strategy times, I've decided to write a trade manager to exit trades according to OP instructions in post #1. First and foremost I want to say that this trade manager is provided "as is", therefore don't ask for mods or usage and test it on demo first. Its params are self-explanatory and its use should be straight forward, put it on Experts...
Hi bubincka, man thanks for this trade manager! I'm sure it will help many of us!

I see that it picks up all open orders on the account not only the pairs opened for this strategy. Is there a way that it will pick up only the pairs that were opened for this strategy and not other orders opened by other systems or EA's?
Truth is like poetry. And most people f*cking hate poetry.
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