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Magic 100

  • #301
  • Apr 17, 2020 8:23am Apr 17, 2020 8:23am
Minotawr Great result, it couldn't be easier
  • #302
  • Apr 17, 2020 8:38am Apr 17, 2020 8:38am
EURUSD h1 today ..... SL and they go 2 of 2. Obviously I don't know much.
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  • #303
  • Apr 17, 2020 8:41am Apr 17, 2020 8:41am
but I also have a question, pull the sl into plus if the trade is going well. or does it always remain that way?
  • #304
  • Apr 17, 2020 8:49am Apr 17, 2020 8:49am
Out of this UJ short. Was hoping for a quick break lower, but it's hesitating on the trendline; oil looks like it wants up too. No need to push it on Friday either.
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Timing Direction Strength
  • #305
  • Apr 17, 2020 9:21am Apr 17, 2020 9:21am
Quoting Minotawr
Profit Trades overall (% of total) are just about 41.46%.
Congrats on the results, Minotawr.

Just looking at the trade count there. 83 trades in 12 working days, that's an average of about 7 trades a day. Have you considered being a bit more selective? I think you could easily increase your win rate by focusing on the highest probability setups. There aren't that many each day... Obviously, the way you trade is clearly working for you, so feel free to ignore my remarks.
Timing Direction Strength
  • #306
  • Apr 17, 2020 9:42am Apr 17, 2020 9:42am
That's really very important information for new traders like us.
  • #307
  • Apr 17, 2020 9:54am Apr 17, 2020 9:54am
it was a 1 to 2, it would have been a 1 to 6. didn't have time
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  • #308
  • Apr 17, 2020 10:42am Apr 17, 2020 10:42am
Quoting Hercs
{quote} ==== Hi Minotawr, Thank you for this lesson, but how about a current situation - select any one of your currencies at the last candle of your chart, please. Secondly, could you also demonstrate the reverse trade-entries, please. Continues success to you and everyone else. Hercs.
==========
Further to my request, Minotawr, here is my analysis of the US30-H4 for 3 entries marked 1,2,3.
Kindly let me know whether I am on the right track, please. I traded the short this afternoon with excellent results using the gap up in the early hours of the Asian session (your timeline) as my TP.
Looking forward to hearing from you.
Hercs.
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Hercs
  • #309
  • Apr 17, 2020 11:08am Apr 17, 2020 11:08am
Hercs

Entry 1 is correct according to the rules and is a clear winner.
Entries 2 and 3 shouldn“t have been taken, also according to the rules, because price is above the EMA so we only look for buys. You could have put pending buy orders after the red candle near 2 (wouldn“t have triggered) and also (probably) after the close of red candle marked 3.
You got lucky with price closing yesterday gap but entries 2 and 3 are against the rules.
  • #310
  • Apr 17, 2020 11:21am Apr 17, 2020 11:21am
Thanks for sharing your strategy. I have been using it all week on the daily charts as I don't have the time to watch the H1 charts.
I didn't really understand the power of pending orders until now!

What would really help me is a trade manager / EA to place on pairs that are trending and automatically move the TP/SL at the formation of each new candle or take the trade at a defined risk based on the SL.

It would also be interesting to backtest with different settings for:

Trailing Stop, Candle offset, scaling out at 1:1, TP at 1:2,1:3...etc or trailing

I did try to write an EA myself but am not good enough to make it work! Is there anyone who would like the challenge to put something together?
  • #311
  • Apr 17, 2020 12:12pm Apr 17, 2020 12:12pm
Quoting Mendocito
Hercs Entry 1 is correct according to the rules and is a clear winner. Entries 2 and 3 shouldn“t have been taken, also according to the rules, because price is above the EMA so we only look for buys. You could have put pending buy orders after the red candle near 2 (wouldn“t have triggered) and also (probably) after the close of red candle marked 3. You got lucky with price closing yesterday gap but entries 2 and 3 are against the rules.
===
Hi Mendocito,
You are absolutely correct about trades 2&3, but I have been trading for 18 years+ and I wanted to test the method, which I like very much. My concern was that I am reading the charts correctly. I have never traded the H4 candle until today and I like it, but the H1-candle and possibly down to M30 is where I want to concentrate on - all because I am a scholar at heart and want to improve my skills overall.
Thank you for taking the time to write.
Continued success to you.
Hercs.
Hercs
  • #312
  • Apr 17, 2020 12:15pm Apr 17, 2020 12:15pm
Quoting money123456
Thanks for sharing your strategy. I have been using it all week on the daily charts as I don't have the time to watch the H1 charts. I didn't really understand the power of pending orders until now! What would really help me is a trade manager / EA to place on pairs that are trending and automatically move the TP/SL at the formation of each new candle or take the trade at a defined risk based on the SL. It would also be interesting to backtest with different settings for: Trailing Stop, Candle offset, scaling out at 1:1, TP at 1:2,1:3...etc or trailing...
=======
Here's to hoping that MathTrader7 would read this request, for he is brilliant.
Hercs.
Hercs
  • #313
  • Apr 17, 2020 1:02pm Apr 17, 2020 1:02pm
Quoting Minotawr
ok guys, one more chart for education. This is H4 chart of EUR/AUD: Since a strong down movement accured (yellow line) and price under 100EMA, i`ve started to look for retracements. --> green candle 1 was formed. I put my pending sell stop order under the candle 1, SL above candle1 --> green candle 2 was formed. My pending order from candle 1 was not activated. I cancel pending order1. Now i put my pending order under the green candle2, SL above --> green candle 3 was formed. My pending order from candle 2 was not activated. I cancel pending order2....

ok thanks dear very good explanation
  • #314
  • Apr 17, 2020 1:41pm Apr 17, 2020 1:41pm
Hey guys, i am happy that so many traders participated in this thread. I just wanted to give something clear and simple to the people, who have struggled in the markets.

Of course there are many ways to get profitable, i've just show you one. You have to build something that you can do, day by day. Apply the terms in this thread in your way of trading or not, but do me a favor: be consistent.

Dont jump from system to system after a few losing trades. With solid MM and RM every system can be the game changer.

I have made the explanation chart because i hoped to clear are uncertainties. From Monday i will take two weeks of from trading (just holidays home). Dont get mad if i can't answered all of your questions. I will try to get better.

Stay safe and healthy! See you soon.
  • #315
  • Apr 17, 2020 2:11pm Apr 17, 2020 2:11pm
  • #316
  • Apr 17, 2020 2:27pm Apr 17, 2020 2:27pm
Then we wait for the next strategies, nice vacation despite coron
  • #317
  • Apr 18, 2020 4:04am Apr 18, 2020 4:04am
Quoting Hercs
{quote} ======= Here's to hoping that MathTrader7 would read this request, for he is brilliant. Hercs.
Hercs I sent him a msg lets wait and see!
  • #318
  • Apr 18, 2020 4:14am Apr 18, 2020 4:14am
Before I got interested in this thread I was following the BK8 thread. It turns out both systems are actually similar. BK8 system is an entrance on a retracement candle that crosses the 5 SMA. This system gets you in a bit earlier. I also like the fact that this system also limits you to trades with the trend BKA system also allows counter -trend trades.
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  • #319
  • Apr 18, 2020 4:42am Apr 18, 2020 4:42am
Should we be taking trades like this at the 100SMA here its not clear if its a retracement to the 100 SMA or a change in direction...??
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  • #320
  • Apr 18, 2020 5:01am Apr 18, 2020 5:01am
Money, use the 100 EMA for the H1 and not the daily.. If it gets close to the 100 EMA on the H1 make sure you look at the trend on the H4 and/or Daily.. ( which you should do anyway)..
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