Magic 100

Hello Minotawr, thanks for your sharing.. I want to ask to you, are you use 1:3 RR? And what pair are you using? Thanks..

Hi, if you managed to read whole thread, you would realized these questions have been answered several times here. He is picking up trending pairs (Minotawr even elaborated on that) and he is using 1:3 RR.
While reading this thread I encourage you to pay special attention to his posts as he has mastered his method.

Thanks

and


I think thats it is (reason), why you are in plus! I dont know when i can leave the trade open. The many losses eat the (2:1 and 3:1) Profits.

Here my trades this days, i would have/have Euro Paars on WL:


1. EURUSD lose, reentry i didnt dare, i think the candle to big!
2. EURCHF not enough place to go up (small retracement)
3. EURUSD today morning, not enough place to go up
4. EURCAD 2:1 win tp on high

EURGBP is lose

EURCAD yesterday 14.07. your Trade must be without retracement?
Can you please make a screenshot from EURCAD not in daylie rather in out zoom H1 Chart (all Long trades to see)?

Sang, sorry buddy but every trade pic / idea you’ve posted there have been massive no no’s! You’re essentially looking at just buying mid range, in a ranging market, with a level just above u that has seen rejection after rejection after rejection. Yeah you may get lucky and “if” price triggers you in may break those highs, but likelihood is not for long even if it does before a retest of that zone. Stop trading with live money, unless you’re absolutely minted and like losing money. If u want to trade this system, read the whole thread properly and also do some research on market structure. Good luck

A UPDATE: Version 13 (FOLKS from please PM me with EA issue)
No change the version #.

You can download update at this link:
xm7_Magic100_EA_v13.ex4
(reminder: Use the "download" button seen on the right side of the page, don't use the link next to the name of the EA)

"Market is closed" message appears when market is still opened. This is happens when a new day appears, many brokers will pause operations. If the EA is trying to open an order and you see this message, that means the EA detected that the broker's platform is off. Its a momentary thing and the EA will continue operating.

Updated the code so that this message does not appear.
Added a 10 second pause at the beginning of day, this should help with any trade operations..

This is not going to affect EA operation, but it is a nuisance.
Jess

PS: Latest EA version and info can be found at https://github.com/xmess7/Magi100
Attached File
https://cdn-assets.faireconomy.media...attach/txt.gif POST_MAG100EA_UPLOAD.txt < 1 KB | 32 downloads

bang on mate, the geezer’s posting every trade he takes which to me look like a game of pin the tail on the donkey anyway messing up the thread.. last time I looked the thread wasn’t entitled “post every trade u take, ask for advice, don’t listen to said advice, just post more mad trades”

Hi Guys,

I hope everyone is well.

Can anyone share profitable settings that they have used for Magic v13?

Thanks Happy trading

....because your entries are shocking mate. No offence, but as was said at the beginning, and reiterated by many - myself included - throughout the thread; it’s simple, but not so simple that u can make this system work without at least a half decent level of understanding of price action and market structure. Can’t remember all the entries you posted, but I think only one of them I personally would have taken.

It’s more of an “entry” strategy. But for those that use it successfully, they are doing more (and by that I mean LOOKING for more) than just putting an order below an opposing red / green candle lol. A lot of your entries just don’t make sense to me. But funnily enough a couple of them wouldn’t have been bad, had u taken them 3/4/5 candles before.

Try to look for clean retracements; almost like steady, consistent steps... for me, I’ll follow those with an order, but if new candles start forming very messily, with lots of wicks both ways, indecision etc, then I’m not interested. I’ll remove my stop order.

I actually trade this “strategy” mostly on the M15 chart, where you need to be even more picky with your entries as there’s much more noise. I go for 1.5R. IF I’m watching and price is rocketing up to it I will of course (if there’s clear range in front of me) see how much more I can get out of it, or close 75% and let the rest run, whatever, depends on my mood. But to give you an idea, my last 3 full months, average 60 trades per month, 62% win ratio, 33% profit March, 26% April, 31% May. Max drawdown during that time 6%.

The system works.. You’re entering the market with momentum with probability on your side. But it’s knowing when it’s there and when it’s not that takes time to learn and recognise. Also, analyse your past trades. If you’re seeing you could’ve taken 1.5/2R out of them on a high percentage of times, then try reducing your R target. 1.5/2 R if you’re right over 50% of the time equals a lot of bloody money, let me tell you!

I also only trade high volume times - Ldn and NY. Price does weird things outside those times and I like to be in and out, only at my screens for a couple hours per day. GL

Go on ingo! Popped back in to see how the thread was going and seems like you’re doing well buddy and improving!

The theory is not too bad, but hugely over extended market imo. Thing’s gagging for a decent retracement.

One last post for tonight, for those struggling.... it may be an idea to go to a slightly higher time frame. The higher the time frame, the easier it is and the sloppier you can be. Perhaps try a 2 hour chart. As you get better, drop back down. The better u get at deciphering what is a high probability setup / candle to enter on etc, the easier you’ll find it dropping down time frames. This strategy works on all timeframes within reason, but the higher, the easier!

Clean retracements? Interesting...
Can you post some charts showing those retracements please sir?

Okay, no probs. I am going to try to explain the best I can what I mean and a couple of things to be aware of. I’m going to speak here as if my bias is long and I’m looking for buys, okay?! What I mean by a clean retracement is essentially this: I like to see quite large, full-bodied candles, especially at the beginning of the retracement, and then ideally, a smaller candle showing bullish pressure which tells me the retracement may be coming to an end; you know the drill - a hammer, inside bar, etc etc. I’m quite wary of doji’s in these cases btw. Doesn’t mean to say I won’t place a buy stop, but I’ll probably place it fairly close to the high of the previous bigger candle if that makes sense, rather than just above the doji. Similarly, if I see an inside bar, I will move my buy stop to probably somewhere inbetween the high of that inside bar and the high of the previous candle.

Also, be very aware of the time.. both in terms of where you’re at in the session, and in relation to the candles. Be very wary of taking / being in trades close to the close or at the beginning of a new candle..especially “new” trades. Not an issue so much if you’re 3/4R onside and miles from your entry.. but the close/open of 4 hour candles u need to be cautious of in particular. Candles generally like to create wicks. Look back.. especially at the 4H: you don’t see many candles without one. So say you’re short, even in a strong trend and in a winning position, but in a fairly new trade, close to your entry / SL etc... bear in mind at the end/start of the hourly, and especially the 4 hourly, you’ll get some movement which may not be favourable to your position. For example, it will often do this.... You’ll be onside, but then it will whip up creating a bottom wick on the close of that current candle, then close, then at the open of the next candle, it may continue in your direction for a little while, but then rocket up, creating that top wick (and it’s HERE that your stop is at risk!!), BEFORE continuing in your intended direction, leaving you feeling pretty pissed! Also... you can often expect a pullback in pre London and NY or at the start of either session, before a continuation with the trend.

I’ve attached some chart shots here from some trades I’ve taken over the past couple of days. Now I take them on the 15 min chart, but some of these charts are 30 min charts... because although I like to watch and take my entries on M15 (it gives me a more ‘current’ and accurate idea as to what price is doing), I absolutely take into consideration the 30 min and hourly candles and how they’re forming and where their highs and lows are at etc when it comes to placing entry orders and stops. I do this by eye - for eg I look at the open of the 15 min candle on the hour, and build the picture of what a 30 min candle or 60 min candle would be looking like, if you know what I mean. To make it easier to begin with u can just change TF obviously but with experience u won’t even need to do that. You just see it.

The “clean” retracements and best setups invariably form during high volume sessions. Not saying I never take trades outside of these times, but if I do, they’re using a different strategy normally and entry / exit types.

As mentioned in a previous post, when trading this strategy on the M15, I go for 1.5R. You can even see, especially on my EJ trades, how often, that’s all that’s on offer! Not saying going for 3R is wrong - it’s not, but that’s easier to accomplish on the hourly setups. On M15, I find 1.5 works best, and I’d say 1 in 6/7 trades, if I see price flying and can see much greater potential, ESPECIALLY, if I’m already a couple or a few percent up for the day, then yeah, I’ll just let it run, and then get some higher R trades under the belt that way. But the thing is, 1:3 on the 15 is all well and good, but it can be demoralising seeing 1.5/2R profits evaporate into a loss. They add up trust me. Not just the losses, but the money you DIDN’T make. I revealed my winning percentage etc above over the last 3 months on this strategy, but I can say that for July so far, that percentage is actually at 77% at the moment. And psychologically, winning feels good. Especially if you’re new to trading... if you start out with a strategy and hit a few losers straight off the bat, no matter how well u see someone else doing with that strategy, your mind won’t trust it and you’ll lose faith. With a lower RR, you’ll be right much more often. And then, you can analyse past trades and work out how you can maximise more from your trades. As I also mentioned previously, one thing I like to do a lot is to take 75/80% out at 1.5R as a banker, and then let the remainder run, potentially adding to that position and/or taking new, totally independent trades as the trend continues... as you can see on the middle EJ trade from Tuesday, I think it was, that I have circled and also the two GU trades I took today. Unfortunately as you can see, the two “runners” of 15% on GU today got stopped at BE. But that’s just the way it goes. And that’s why it’s important IMO to book decent, majority profits at 1.5-2R like on these two.

I especially like to do this at the beginning of the week... on a Mon/Tues, if based on the weekly/daily/4H I see a potential for a huge move, I’ll bear that in mind and try to leave a good amount running for the week. Late on, Thurs / Fridays, I just take my profits on new trades when they hit my targets.

Can’t express the importance of having a good understanding of how the markets move and how the structure forms enough to make you a better trader though. Don’t go for 3R if 2R is at a major support/resistance level. Just take your profits and be happy. Knowing and recognising areas which could give you trouble is essential! Also take into account full and 50 levels. Ie 1.1400 and 1.1450 on EUR/USD for example. Just look even over these last two days at how price has reacted to those levels. Full and half numbers I see as support and resistance, always. Huge institutional levels. Look back at your charts on any pair and you’ll see exactly what I mean.

Backtest a lot. And note stop sizes and entry dates and times. Then, when you have backtested a good few months worth, go back and find out where most of your winners and losers are coming from in terms of time. I separate and log all winners and losers in 5 sections: pre London, London, pre NY, NY and then after NY up until 8pm GMT. (I live between London and Ibiza in Spain).

What you will then see is this: if for example you have a 40% win ratio in London, but a 65% win ratio in NY, it’s very simple: don’t trade London! And vice versa. See what I mean? Also!... I then look at my trades in terms of SL... 0-10 pips, 10-15, 15-20, 20-25 etc etc and see what your win ratio is based on that.... if you look back and 80% of trades you’re taking with a stop smaller than 10 pips for example lose, then guess what? Don’t fucking trade either 1) those small candles for your entries, or 2) set yourself a minimum stop loss distance. Also, with every backtested trade I take, I look at how moving my stop to break even at 1R, 1.5R etc would affect the results. Would doing that save you money by preventing losses overall? Or would it PREVENT you winning more often than not. These are all things you need to go back and look at!

Trading is simple, but it requires a lot of hard work.... and the hard work comes in back testing and looking through YOUR results and working out what works for you. It’s such a personal thing, you have to do it yourself. Because it’s that that’ll give u confidence in YOUR system. There aren’t any shortcuts. And if you’re looking for shortcuts, go get a normal job. It takes years to study and get qualified for a decent £70/80K per year job where growth is slow once you’re there. If you think you can rock up to trading, where you have the potential to earn insane amounts of money and think you can ponce off others’ hard work and not put the work in yet start seeing results, then to me, that’s an insult to the ones who are seeing results, as a result of countless hours of hard work and determination.

Hope this clears up what I meant somewhat and may help a few of you out who are struggling. Wait patiently for the best setups with the highest probability

NB.. the last chart is GBP/USD from today, M15

Oh my god!
Very thanks to you!
You are an angel
God bless you
Thank you foe your time!

Good example of such a setup occurring right now on GU. I wouldn’t take it on the hourly simply because there’s no range... where price bounced today (which is where and why I took the majority of my profits) was at the 400EMA on the hourly (which of course in turn is the 100EMA on the 4H!)... to note, FYI, the reason I have the 400EMA on the 15 min chart is because that represents the 50EMA level on the hourly time frame... a very significant EMA when trading intraday.

But, if I wasn’t done for the day, I would 100% have a sell stop on the M15 at1.25550 with stop above the 400EMA (50 on the hourly), and TP just above the day’s lows. NOT a signal! Just saying as it’s exactly the sort of setup I would trade If you take it and u lose, don’t blame me! And if it wins, let me know I’ll send my account details May never even get triggered in. But that’s the good thing with this entry strategy.

You’re welcome. Good luck with your trading

@Minotawr can you show me your background properties on Metatrader 4 Charts please?

@intraflay Eur/Chf 1 Hour chart... any opportunity?

Love seeing this method flourish. I come back every now and again to see whats going on. It seems like many are picking up the system well and its great.

Well done Minotawr!

Hi brother, 400 EMA in M15 should be equal to 100 EMA in H1.
Coz 4 x M15 = H1, so 400 EMA / 4M15 = 100 EMA in H1.
Correct me if I am wrong.