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Magic 100

  • #321
  • Apr 18, 2020 5:50am Apr 18, 2020 5:50am
Quoting money123456
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...?? {image}
=======
Just be careful, but with this system, it hardly matters. The reason I say "be careful" is that it might turn or retrace and then continue further up. Check one TF higher for possible clues.
Also, it might be a typo, but we should be using 100-EMA (not sma)
Continued success to you.
Hercs.
Hercs
  • #322
  • Apr 18, 2020 8:31am Apr 18, 2020 8:31am
Hi,

Just want to know what do you mean when you guys said about checking on 4H and 1H charts?

If 1H chart is approaching 100EMA line, but 4H chart still shows a consistent trend, the pair is good to go right??
  • #323
  • Apr 18, 2020 9:06am Apr 18, 2020 9:06am
Quoting money123456
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.
Quoting Hercs
Here's to hoping that MathTrader7 would read this request
@money123456 & @Hercs

I can't speak for Minotawr as this is his thread and his will be the last word. But I will speak for myself and those who enjoy this system in its original form.
Please respect the fact that the system has been presented as a manual one. It is clearly discretionary, and requires at least basic understanding of PA. If you want to automate it, which I think is superfluous, go ahead and open your own separate thread. Thank you.
Timing Direction Strength
  • #324
  • Apr 18, 2020 3:56pm Apr 18, 2020 3:56pm
Quoting cisco92111
One more. Note that proper entry was below the green line. i got in a bit sooner. {image}
hello how i set tradingview web this ma please tell me
  • #325
  • Apr 19, 2020 3:12am Apr 19, 2020 3:12am
Quoting finessence
{quote} {quote} @money123456 & @Hercs I can't speak for Minotawr as this is his thread and his will be the last word. But I will speak for myself and those who enjoy this system in its original form. Please respect the fact that the system has been presented as a manual one. It is clearly discretionary, and requires at least basic understanding of PA. If you want to automate it, which I think is superfluous, go ahead and open your own separate thread. Thank you.
=======
OOPS, finessence!
NOT my intention whatsoever - I am delighted that I finally caught on to the method and have no intention to change that whatsoever!
I merely pointed the trader that made the suggestion to one of the finest coders in forex. In a flat world, let us give credit where credit is due and let me assure you if MathTrader7 is not interested, he will tell you so. So, please don't "jump the gun" assuming things that I have not intended. I too enjoy the manual selections as it keeps my brain stimulated.
Without disrespect.
Hercs.
Hercs
  • #326
  • Apr 19, 2020 5:45am Apr 19, 2020 5:45am
Quoting money123456
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...?? {image}
@ money123456, a trading tip. On the D1 chart for the instrument you want to trade, scroll back, zoom out a bit, and look to see if there is a pattern to the swings. For example, in your image, the last 3 swings are a very clear 1-2-3 up-down-up. When you scroll back, when you see this pattern, what happens next? Here are some possibilities
● another down-up with higher high
● a down-up with lower high
● the range of the price bars becomes noticeably smaller
Then how does price progress after these conditions?
For some instruments, " normal" behavior is to do the 1-2-3 then go sideways (small range bars), then continue with larger range bars into a 1-2-3 in the opposite direction. For others, "normal" is to do 1-2-3-4-5 followed by 1-2-3 in the opposite direction. But there are many possible "normal" behaviors: You must study your instrument to discover its "normal".

You will have greater success with entries if you learn how your instrument and timeframe of choice behave.
To free Gazans of Hamas, use whatever it takes.
  • #327
  • Apr 19, 2020 5:50am Apr 19, 2020 5:50am
Quoting Hercs
{quote} ======= Just be careful, but with this system, it hardly matters. The reason I say "be careful" is that it might turn or retrace and then continue further up. Check one TF higher for possible clues. Also, it might be a typo, but we should be using 100-EMA (not sma) Continued success to you. Hercs.
I look to LOWER timeframes: Direction change comes from below and cycles up.
To free Gazans of Hamas, use whatever it takes.
  • #328
  • Apr 19, 2020 8:45am Apr 19, 2020 8:45am
Very useful.Thanks
  • #329
  • Apr 19, 2020 8:57am Apr 19, 2020 8:57am
Quoting Hercs
{quote} I too enjoy the manual selections as it keeps my brain stimulated.
"Jumping the gun" is not my style. Forethought is. I'm glad we are on the same page after all. Let's keep it that way.
Timing Direction Strength
  • #330
  • Apr 19, 2020 9:08pm Apr 19, 2020 9:08pm
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....

Thank you! very clear.
one question
Attached Image

i know entry after candle 5, but which point? A or B?
If entry at A, but red candle does not formed.
let say
entry at A, at the end the red candle changed to green or may be touch the SL? how to handle it?
  • #331
  • Apr 20, 2020 2:55am Apr 20, 2020 2:55am
Quoting fsbr
{quote} Thank you! very clear. one question {image} i know entry after candle 5, but which point? A or B? If entry at A, but red candle does not formed. let say entry at A, at the end the red candle changed to green or may be touch the SL? how to handle it?
Hi fsbr,

As soon as candle 5 is closed, you place your order at point A, the low of candle 5. The SL is placed at the high of candle 5.
You never know if the next candle will trigger your order, or if it will hit your SL.
If your SL is hit, then that is too bad, but it is part of trading.

I don't know if this answers your question.

Kind regards,

Gizmo
  • #332
  • Apr 20, 2020 3:10am Apr 20, 2020 3:10am
Hi all,

I read the thread during the weekend and I liked the simplicity of the system.
This morning I took some trades, after reaching 1:1 I moved the SL to BE, I'm not sure if minotawr does this.

Below I added some trades of this morning.

Looking forward to your comments on my trades.

Kind regards,

Gizmo
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  • #333
  • Apr 20, 2020 9:36am Apr 20, 2020 9:36am
Interesting method, I like the simplicity of it.

It seems to me that to get the best out of this method it is important to take entries where the market is clearly trending, i.e. making obvious higher highs or lower lows and with a reasonable angle on the 100 ema. Even then, choosing your entry looks key - at important s/r levels on pullbacks etc, perhaps using Fibs as rough areas to consider an entry. Patience is key as always.

Thanks for posting the method :-)

Jon
  • #334
  • Apr 20, 2020 7:06pm Apr 20, 2020 7:06pm
Quoting jonp7777
Interesting method, I like the simplicity of it. It seems to me that to get the best out of this method it is important to take entries where the market is clearly trending, i.e. making obvious higher highs or lower lows and with a reasonable angle on the 100 ema. Even then, choosing your entry looks key - at important s/r levels on pullbacks etc, perhaps using Fibs as rough areas to consider an entry. Patience is key as always. Thanks for posting the method :-) Jon

If you check important s/r levels on Daily it helps a lot.
  • #335
  • Apr 21, 2020 12:55am Apr 21, 2020 12:55am
Gizmo , hello, I have already asked to pull the sl, but have not yet received an answer. let's wait until the boss is back
  • #336
  • Apr 21, 2020 12:57am Apr 21, 2020 12:57am
Good morning all,

Here are my trades from yesterday, it wasn't the best day to start I hope I get some feedback on the trades so that I can learn.
AUDCAD 2x SL
AUDNZD 1x SL and 1x BE
CADJPY 1x BE and 1x R2 (closed manually this morning)
EURJPY 1x BE and 1x SL
EURNZD 1x SL
EURUSD 2x BE
GBPJPY 2x BE
GBPUSD 2x BE and 1x SL
NZDCAD 1x R1 (closed manually)
USDCAD 1x BE and 1x R2 (closed manually this morning)
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  • #337
  • Apr 21, 2020 1:55am Apr 21, 2020 1:55am
USD/CAD
Attached Image (click to enlarge)
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  • #338
  • Apr 21, 2020 2:51am Apr 21, 2020 2:51am
I'm not the professional for that
  • #339
  • Apr 21, 2020 3:13am Apr 21, 2020 3:13am
Quoting ingo3344
Gizmo , hello, I have already asked to pull the sl, but have not yet received an answer. let's wait until the boss is back
Hi ingo,

I'm not sure what you exactly mean, but we could check for the SL.
So let's say that the SL according to the rules (previous high or low) is less then 2x ATR (for example) we should go for the ATR based SL.
If the "original" SL is bigger then the ATR based SL, we go for the "original" SL.

I think the "boss" mentioned something like this before.

Kind regards,

Gizmo
  • #340
  • Apr 21, 2020 3:30am Apr 21, 2020 3:30am
Quoting gizmo96
{quote} Hi ingo, I'm not sure what you exactly mean, but we could check for the SL. So let's say that the SL according to the rules (previous high or low) is less then 2x ATR (for example) we should go for the ATR based SL. If the "original" SL is bigger then the ATR based SL, we go for the "original" SL. I think the "boss" mentioned something like this before. Kind regards, Gizmo
Why don't you check the statistics for SL set at the bar H/L being hit when the value is less than 2x ATR and compare to when the SL is at least 2x ATR. Then you will have some actual numbers to evaluate instead of nebulous criteria such as "It makes sense that...". "From what I saw ...", "If feels like it should be...", "It's obvious that...", "The last two times that I was stopped out..." etc., to see if it is even worth being concerned about.

If you care to do a more thorough analysis, use a range of multipliers rather than only 2x, several instruments, and several timeframes.
To free Gazans of Hamas, use whatever it takes.
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