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Magic 100

  • #61
  • Mar 31, 2020 5:32pm Mar 31, 2020 5:32pm
Nice thread and very simple method.

You've even encouraged me to put some colour back in my life!! Lord knows we all need some of that right now.

There are even opportunities to enter on retests to the original signal bars as well.

I was going the wrong way yesterday on a lower timeframe on this pair and would have been good as gold if I'd taken these trades.

Attached Image (click to enlarge)
Click to Enlarge Name: GBP USD Magic H1.png Size: 34 KB
Empty your mind and let the market guide you
  • #62
  • Mar 31, 2020 7:00pm Mar 31, 2020 7:00pm
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...


It will not work long term, the wins one have is based on his own trading instinct like a child who rides a bike thinking that there is parent keeping wooden rode to learn the child how to keep balance and ride that bike. If you just cut off MA and trade it like you do - you will get the same results.
  • #63
  • Edited 10:55pm Mar 31, 2020 10:34pm | Edited 10:55pm
Quoting kodakwhite
{quote} It will not work long term, the wins one have is based on his own trading instinct like a child who rides a bike thinking that there is parent keeping wooden rode to learn the child how to keep balance and ride that bike. If you just cut off MA and trade it like you do - you will get the same results.
I get the analogy but I don't understand what you mean by saying it wouldn't work long term.

The OP is riding this strategy like a bike and things come natually for him but it took me literally 2 mins to come to the conclusion that this can work long term.

Just set pending orders on the bearish retracement candle (in uptrend).

Obviously it can take time for some traders to grasp price action, but once its understood this can work universally.

If I may add, if you want to be safe you can just trade exhaustion candles off retracements closest to the 100MA in the trend direction and also make sure the H4 and D1 time frame is also supporting the trend direction.

Get a chart out and look for exhaustion candles off the retrace on any time frame above H1, I guarantee that you'll find plenty of entries that don't hit stop loss as long as its pending buy set at the top of the candle which gets activated later on.

We have to understand market structure of when not to enter and this will come with practice. I.e trade and look for entries during Frankfurt/London/US sessions and dont enter during Asian sessions as it tends to consolidate then.

This method DOES work but it takes common sense as the OP mentioned.
You can lead a horse to water, but you can't make it drink
  • #64
  • Mar 31, 2020 10:52pm Mar 31, 2020 10:52pm
Quoting lddd
{quote} 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.
If you check again, the entry opened but didnt return back down to hit stop loss. Sure, the trade would have been in the minus for a while but it eventually hit TP.

The best way to execute this correctly would be to understand retracements and the type of candles that form.

Most clear one for me would be the exhaustion candles when close to the 100MA in a clear uptrend as I mentioned above. Big candle movement seems to follow after.

Regarding sideways movement from your question earlier, this would be when the 100MA is basically sideways and isnt showing a clear direction (dont trade it)

You'll get better and better over time.
Attached Image
You can lead a horse to water, but you can't make it drink
  • #65
  • Mar 31, 2020 11:00pm Mar 31, 2020 11:00pm
Quoting xkwisit2001
{quote} If you check again, the entry opened but didnt return back down to hit stop loss. Sure, the trade would have been in the minus for a while but it eventually hit TP. The best way to execute this correctly would be to understand retracements and the type of candles that form. Most clear one for me would be the exhaustion candles when close to the 100MA in a clear uptrend as I mentioned above. Big candle movement seems to follow after. Regarding sideways movement from your question earlier, this would be when the 100MA is basically sideways...
Very nice explanations and clear thought.

If you have any images showing those lovely exhaustion candles and are able to post please do.
Empty your mind and let the market guide you
  • #66
  • Mar 31, 2020 11:27pm Mar 31, 2020 11:27pm
Quoting SunnyCoast
{quote} Very nice explanations and clear thought. If you have any images showing those lovely exhaustion candles and are able to post please do.
Thanks!

During the downtrend these setups are what I would have been looking for if I was trading it at the time. However, would work best when the trend is strong and clear.

Regarding the wicks though, I would only enter the longer ones if I felt the odds were on my side. Like if it was a new leg formed on the higher time frames.

Would much prefer to trade this on the H4 and use H1 to stack my trades... thats with my own style.

I have marked the pending SELL orders with the yellow pen underneath the candles with the arrows. The ? mark is because I'm not sure if I would have taken it at the time.

I dont want to deviate from what the OP posted but these are IF I was wanting to trade safely.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 17 KB


The below screenshot was from an old trade explorer I had years ago when I was testing on a demo. (I've only recently started using FF daily again during this boring lockdown).

Its basically what I was trying to explain regarding stacking them.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 71 KB
You can lead a horse to water, but you can't make it drink
  • #67
  • Apr 1, 2020 12:23am Apr 1, 2020 12:23am
Quoting xkwisit2001
{quote} Thanks! During the downtrend these setups are what I would have been looking for if I was trading it at the time. However, would work best when the trend is strong and clear. Regarding the wicks though, I would only enter the longer ones if I felt the odds were on my side. Like if it was a new leg formed on the higher time frames. Would much prefer to trade this on the H4 and use H1 to stack my trades... thats with my own style. I have marked the pending SELL orders with the yellow pen underneath the candles with the arrows. The ? mark is...
Nice one, my friend! Keep up the good work here I appreciate what you do, since i am not good on explanations.
  • #68
  • Apr 1, 2020 12:38am Apr 1, 2020 12:38am
Quoting SunnyCoast
Nice thread and very simple method. You've even encouraged me to put some colour back in my life!! Lord knows we all need some of that right now. There are even opportunities to enter on retests to the original signal bars as well. I was going the wrong way yesterday on a lower timeframe on this pair and would have been good as gold if I'd taken these trades. {image}
Nice to hear, buddy ! I am glad to help. Feel free to contribute.

Yes, there was a nice opportunity on the next red candle.
  • #69
  • Apr 1, 2020 1:08am Apr 1, 2020 1:08am
Hello, can you take a look at gold h1 if this is the possibility to go short?
  • #70
  • Apr 1, 2020 1:25am Apr 1, 2020 1:25am
Hello,
thanks for the good trading system, i am a newbie improving my knowledge on the way....
i am asking to you also which are the indicator names in the posted screenshot of the graph that identify the SL, the entry and the profit level.
Are the an add on or you just draw them for explaining reason?
If it is an auto calculator it will helps me as soon you set the SL or Reward target.

Thanks again to every body.

Paolo
  • #71
  • Apr 1, 2020 2:01am Apr 1, 2020 2:01am
Just taking a look at this one on GBP USD.

Risk is well managed and I like how this is really pulling back hard into the 100.

Attached Image (click to enlarge)
Click to Enlarge Name: GBP USD Magic WED APRIL 1_1.png Size: 34 KB
Empty your mind and let the market guide you
  • #72
  • Apr 1, 2020 2:30am Apr 1, 2020 2:30am
Quoting ingo3344
Hello, can you take a look at gold h1 if this is the possibility to go short?
Sorry Ingo, i am not trading metals
  • #73
  • Apr 1, 2020 2:31am Apr 1, 2020 2:31am
Quoting SunnyCoast
Just taking a look at this one on GBP USD. Risk is well managed and I like how this is really pulling back hard into the 100. {image}
yes, also on my watchlist
  • #74
  • Apr 1, 2020 2:32am Apr 1, 2020 2:32am
Quoting paolo7
Hello, thanks for the good trading system, i am a newbie improving my knowledge on the way.... i am asking to you also which are the indicator names in the posted screenshot of the graph that identify the SL, the entry and the profit level. Are the an add on or you just draw them for explaining reason? If it is an auto calculator it will helps me as soon you set the SL or Reward target. Thanks again to every body. Paolo
Hi Paolo, this is not an indicator, This is just the standard fibonacci tool from metatrader. You can modify this one like you want
  • #75
  • Apr 1, 2020 2:34am Apr 1, 2020 2:34am
EUR/JPY was a stunner...
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH1.png Size: 64 KB
  • #76
  • Apr 1, 2020 2:39am Apr 1, 2020 2:39am
Quoting Minotawr
EUR/JPY was a stunner... {image}
Killer move.
Empty your mind and let the market guide you
  • #77
  • Apr 1, 2020 2:54am Apr 1, 2020 2:54am
EUR/GBP i am in this one. A small variation on setting the SL: if the initial bar is too small, i take a reasonable distance for the pair. Here is my SL about 20 pips
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBPH1.png Size: 73 KB
  • #78
  • Apr 1, 2020 3:53am Apr 1, 2020 3:53am
good stuff, i'm trading slithy different but basic are the same. keep it simple
patience, patience, patience and after that more patience
  • #79
  • Edited 5:06am Apr 1, 2020 4:37am | Edited 5:06am
Well done Minotawr!

Nice simple strategy - really takes KISS to a new level. I have traded a nearly identical strategy for a while but I use a different MA tool and have a simple bar count using the indicator when a reversal occurs. After reading your thread I also placed the 100 ma on to see what I could possibly improve on for my own method. I like the 1H also as it gives a nice R:R without too much stress monitoring it. If anyone is interested I will post with Minotawr's permission of course. Good Luck to all.

maahome
  • #80
  • Apr 1, 2020 4:44am Apr 1, 2020 4:44am
Quoting maahome
Well done Minotawr! Nice simple strategy - really takes KISS to a new level. I have traded a nearly identical strategy for a while but I use a different MA tool and have a simple bar count using the indicator when a reversal occurs. After reading your thread I also placed the 100 ma on to see what I could possibly improve on for my own method. I like the 1H also as it gives a nice R:R without too much stress monitoring it. If anyone is interested I will post. Good Luck to all. maahome
This is not my thread, but always happy to learn.
Empty your mind and let the market guide you
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