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Magic 100

  • #41
  • Mar 30, 2020 9:45pm Mar 30, 2020 9:45pm
This will never work long term obviously
  • #42
  • Mar 30, 2020 10:17pm Mar 30, 2020 10:17pm
Quoting Blaxst3r
Crazy how it's after i become a profitable trader. I find 2 amazing, simple, and profitable strategys on this website lol. Nice strategy man . This is definitely what i needed to add more to my swings.
which is the second one??
  • #43
  • Edited 11:38pm Mar 30, 2020 11:10pm | Edited 11:38pm
Quoting xkwisit2001
{quote} You want to set a pending order at the high of the last retracement candle and a stop loss beneath the low of the same candle on a long trade (if uptrend) If there are candles that form lower after that candle, then move the pending buy and stop to that new candle. As long as the 100EMA supports the upward trend direction. And the opposite if it was a downtrend. I.e set pending sell order below and stop loss above the high. If the 100EMA is not showing a direction (sideways)... Don't trade it. Thanks OP for this, I really needed this method...
Thank you buddy,

this is a perfect explanation of the system

I am glad you find it usefull

Quoting xkwisit2001
{quote} If there are candles that form lower after that candle, then move the pending buy and stop to that new candle. As long as the 100EMA supports the upward trend direction
This aspect is essential for the strategy. You have to move the pending orders, to take better entries.
  • #44
  • Mar 30, 2020 11:17pm Mar 30, 2020 11:17pm
Quoting kodakwhite
This will never work long term obviously
Can you explain?
  • #45
  • Mar 30, 2020 11:32pm Mar 30, 2020 11:32pm
Quoting lddd
{quote} Thanks for letting me know. A picture maybe better to understand my question regarding the trade entry. {image} Here is what i did mean. There are 7 potential BUY signals which would have been stopped out before your trade entry example comes in play. So 7 potential losses vs 1 win. Hope i marked it correct, i am still not that much experienced. Could you explain why you would not have taken the 7 losing examples? As far as i can see, all would have been valid regarding to the rules. Price Action is above the EMA so the uptrend is in place,...
Quoting Forestralia
{quote} Read again first post! You are doing all wrong.
Sorry Iddd,

i have to agreed with Forestralia. He's right. Maybe there will be a few live trades to explain it properly.
  • #46
  • Edited 3:47am Mar 31, 2020 3:30am | Edited 3:47am
Quoting kodakwhite
This will never work long term obviously
This will work but I've found it works best if the higher time frames support the trend direction( 4hr & Daily) and then find entries on the 1hr TF.

The higher the TF you go up to for entries the more successful your positions will be but the longer it will take to so this can suit long term traders too!

Essentially what you get is that by using the pending order with a stop the trade won't open if the market goes against you.

Unless it spikes up and then hits your stop loss which after going back and looking, can happen... Rarely. I say that because usually it would be a characteristic of when news has been announced so I probably wouldn't have traded. But, If it happened to me I would just get right back in with another entry as It's the market, it can be unpredictable... If you don't like risking some pips to get in then its best not to trade.

However, if you get master the system then the odds will go in your favour most times with retracement entries because you're going with the trend and if you enter early enough on a new leg, you can add more positions and move old ones in profit to break even (no loss).

The old saying applies:

The trend is your friend
You can lead a horse to water, but you can't make it drink
  • #47
  • Mar 31, 2020 3:50am Mar 31, 2020 3:50am
Quoting xkwisit2001
{quote} This will work but I've found it works best if the higher time frames support the trend direction( 4hr & Daily) and then find entries on the 1hr TF. The higher the TF you go up to for entries the more successful your positions will be but the longer it will take to so this can suit long term traders too! Essentially what you get is that by using the pending order with a stop the trade won't open if the market goes against you. Unless it spikes up and then hits your stop loss which after going back and looking, can happen... Rarely. I say...
Well said, mate. Agree with you on all points.

Most important is to find pairs with current strong overall trend and trade it in the direction. I think most beginners struggle on that.
  • #48
  • Mar 31, 2020 3:51am Mar 31, 2020 3:51am
Quoting Blaxst3r
Crazy how it's after i become a profitable trader. I find 2 amazing, simple, and profitable strategys on this website lol. Nice strategy man . This is definitely what i needed to add more to my swings.
Thank you! Stay profitable
  • #49
  • Mar 31, 2020 3:55am Mar 31, 2020 3:55am
Quoting Minotawr
{quote} Thank you buddy, this is a perfect explanation of the system I am glad you find it usefull {quote} This aspect is essential for the strategy. You have to move the pending orders, to take better entries.
As soon as I read the strategy I was like... YES... Simple... It works!

What I love is that it's almost too simple or too good to be true.

I'm going to predict that the common cause for this strategy not making any money is when people start adding indicators from other strategies they were studying, making the chart look like a science formula.

Just stick with the OPs method and you'll be fine and dandy unless you're experienced enough to use certain indicators to support your decisions.
You can lead a horse to water, but you can't make it drink
  • #50
  • Mar 31, 2020 4:24am Mar 31, 2020 4:24am
hey , thanks .
where did u get the R:R indicator and how it calls ?

thanks
  • #51
  • Mar 31, 2020 6:52am Mar 31, 2020 6:52am
Quoting xkwisit2001
{quote} You want to set a pending order at the high of the last retracement candle and a stop loss beneath the low of the same candle on a long trade (if uptrend) If there are candles that form lower after that candle, then move the pending buy and stop to that new candle. As long as the 100EMA supports the upward trend direction. And the opposite if it was a downtrend. I.e set pending sell order below and stop loss above the high. If the 100EMA is not showing a direction (sideways)... Don't trade it. Thanks OP for this, I really needed this method...
Thanks for your help.

By retracement candle you mean the first candle that closed of different color? So if price is above the 100 EMA (up) the first candle closed red after green would be considered as a the retracement candle and then after it closed I would place the pending order at the high of that candle, the stop below and move on from there as long as it stays over the 100 EMA.

Does it matter how the retracement candle looks like, like body, length, wicks?

regards
  • #52
  • Mar 31, 2020 6:57am Mar 31, 2020 6:57am
Quoting kodakwhite
This will never work long term obviously
This will work very consistently. Of course you will still have some losers from stop raids, but overall for the long term this is a profitable strategy. Wouldn't recommend going under H1 timeframe though. In my opinion H4 above is best. Thats where a lot of people mess up strategies by going on LTF's and also they start adding indicators etc. They start seeing more losses, get discouraged, then say its a bad strategy. HTF filters out a lot of bad trades and keeps you in the right direction of the order flow.
  • #53
  • Mar 31, 2020 6:58am Mar 31, 2020 6:58am
Quoting beejay
{quote} which is the second one??
3 bar fractal break
  • #54
  • Mar 31, 2020 7:09am Mar 31, 2020 7:09am
Quoting Minotawr
{quote} Well said, mate. Agree with you on all points. Most important is to find pairs with current strong overall trend and trade it in the direction. I think most beginners struggle on that.
Yes. Me for e.g :-)

If you say „trend strong“ I guess you mean a well developed series of higher highs and higher lows or vice versa over a longer period of time? Or could you give some more example charts for it?

The question I always ask my self when I hear something like that is the following:

How do I know the trend will most likely continue? Isn’t it more obviously that when there is already a well established trend that chances are much greater it will turn around again pretty soon? So you buy high actually instead of buying low or sell low instead of selling high.

Wouldn’t it be much better to catch the „new“ trend at the very beginning instead of waiting for something already established? Then like said the question is how you determine what is a strong trend or what not, like do you want to see a well zoomed out chart of H1 to make nice series of swings from one to another direction or is one or two swings already enough to determine that strong trend or is it even better to switch to the next higher time frame so H4 in this case and define your trend on that price action instead.

I really struggle with that for long. Seems there is no clear answer or what is right or wrong :-/
  • #55
  • Mar 31, 2020 7:17am Mar 31, 2020 7:17am
Quoting kodakwhite
This will never work long term obviously
do you ever give credit to people?? all ive seen you do it slate systems . you are a dosser mate. probably think you are a master trader cus you got 1 pip on gbpjpy
  • #56
  • Mar 31, 2020 8:02am Mar 31, 2020 8:02am
Quoting xkwisit2001
If the 100EMA is not showing a direction (sideways)... Don't trade it!
How do you know if it’s sideways at the time where you would setup your live entry. By looking at the past slope of that EMA as a overall by the complete left to right chart until current price action or only by looking what the EMA is pointing to for the latest available candle on such chart?

I mean it could drift to go sideways just at time of you entry and stays sideways for the next hours, days, weeks... even if it was strongly trending in one direction for the left side of your chart, but what does it helps to predict if it’s not going sideways at any time from there? The EMA is only calculated by the past right?
  • #57
  • Mar 31, 2020 12:41pm Mar 31, 2020 12:41pm
EUR/GBP today with the perfect setup
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBPH1.png Size: 71 KB
  • #58
  • Mar 31, 2020 1:38pm Mar 31, 2020 1:38pm
i took just one trade on G/U today, was a winner for 2R...
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1.png Size: 70 KB
  • #59
  • Mar 31, 2020 3:11pm Mar 31, 2020 3:11pm
Quoting Minotawr
EUR/GBP today with the perfect setup {image}
Nice. Would it be possible to have an trade management like indicator handling to set the new SL/TP with each new candle once a trade triggered?
  • #60
  • Mar 31, 2020 3:15pm Mar 31, 2020 3:15pm
Quoting Minotawr
i took just one trade on G/U today, was a winner for 2R... {image}
Nice. Do i see it correct that the SL here almost triggered by the low of the entry candle? How much room in pips has there been, looks tight.
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