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Magic 100

  • #1,781
  • Oct 12, 2020 5:29pm Oct 12, 2020 5:29pm
Quoting Aliens
{quote} Dear kapybara & jandelichte & tommydoginti Listen to me carefully. Do not add indicators. Do not trust the indicator. Set the indicator aside. Do you see the last swing in the picture? Did the fractal indicator show it? You might say it's not scientifically a swing, but it really is. Put science aside and see for yourself what you say. 1. The last swing is formed 2. Broken down by the candlestick 3. Pullback hit that swing And then the price comes down These words are out of here I have to give you a training class And peel your skin ...
Thanks C Fu (Master)!
  • #1,782
  • Oct 15, 2020 9:43am Oct 15, 2020 9:43am
Hi guys,

First attempt, would this be a correct entry? I'm still halfway of the thread.

Many thanks,
CGN

GBPUSD H1

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1M100.png Size: 20 KB
  • #1,783
  • Oct 15, 2020 1:02pm Oct 15, 2020 1:02pm
Quoting cgninvesting
Hi guys, First attempt, would this be a correct entry? I'm still halfway of the thread. Many thanks, CGN GBPUSD H1 {image}
Can you please upload your indicators and the template ? thanks
  • #1,784
  • Oct 15, 2020 4:06pm Oct 15, 2020 4:06pm
Quoting cgninvesting
Hi guys, First attempt, would this be a correct entry? I'm still halfway of the thread. Many thanks, CGN GBPUSD H1 {image}
According to Minotawr's first post,
All you need is:
1/- a strong trend - this is the most important thing.
2/- a 100EMA - this is a visual aid to help us view the trend.
3/- common sense - my observation of people and life, in general, has shown me that common sense is really, very uncommon LOL.
4/- We only take trades in the direction of the trend! - the number 1 point is again reinforced.

So...
1/- Do you think that it is a strong trend?
I don't, it started out as a slow tight move down and then lept down for a few bars.
2/- Are we below the 100 ema cue? yes.
3/- To me, it just looks wrong, too volatile, big candles up and down, large wicks on the candle you are trading, that candle has given you a very large stop-loss, what are your chances of getting a 3:1 reward off that?
4/- Price is trending down but not nice enough for me to want to pursue it. The charts on Post 1 look a lot different to the one you are trading.

So to me, that's just 1 out of 4, not enough reason to trade.
Just my thoughts ...
David
  • #1,785
  • Oct 15, 2020 8:44pm Oct 15, 2020 8:44pm
Quoting Trade.Time
{quote} According to Minotawr's first post, All you need is: 1/- a strong trend - this is the most important thing. 2/- a 100EMA - this is a visual aid to help us view the trend. 3/- common sense - my observation of people and life, in general, has shown me that common sense is really, very uncommon LOL. 4/- We only take trades in the direction of the trend! - the number 1 point is again reinforced. So... 1/- Do you think that it is a strong trend? I don't, it started out as a slow tight move down and then lept down for a few bars. 2/- Are we below...
Thanks David,

Agreed, I managed to set the order on BE, I definitely have to be patient and wait for a better set up.

Many thanks,
CGN
  • #1,786
  • Oct 16, 2020 4:18am Oct 16, 2020 4:18am
Quoting Sickmonster
{quote} Can you please upload your indicators and the template ? thanks
Here you go!

Best,
CGN

Attached File(s)
File Type: zip MAGIC 100.zip   153 KB | 846 downloads
  • #1,787
  • Oct 17, 2020 9:57am Oct 17, 2020 9:57am
Quoting cgninvesting
{quote} Here you go! Best, CGN {file}
Thanks!!
  • #1,788
  • Oct 19, 2020 4:42am Oct 19, 2020 4:42am
Quoting X-Trader
Hi everyone! After some years lurking at Forex Factory, I've decided to contribute to this fantastic community, sharing an Expert Advisor I have coded based on the Magic 100 strategy. Also I have written a translation to Spanish of the strategy, you can find it at: https://www.x-trader.net/articulos/t...magic-100.html Hope you like it! {file}
Gracias!
  • #1,789
  • Nov 5, 2020 5:05am Nov 5, 2020 5:05am
Did all the Magic vanish?
  • #1,790
  • Nov 5, 2020 9:23am Nov 5, 2020 9:23am
Quoting Forex37
Did all the Magic vanish?
Using xmess7 EA in supervised fashion - it picks entries and I manage positions manually - works pretty good.
.
  • #1,791
  • Nov 9, 2020 1:25pm Nov 9, 2020 1:25pm
Quoting Forex37
Did all the Magic vanish?
Looks like it
  • #1,792
  • Nov 15, 2020 4:01pm Nov 15, 2020 4:01pm
Quoting Shaishen
{quote} Using xmess7 EA in supervised fashion - it picks entries and I manage positions manually - works pretty good. .
Thanks - Can you say a bit more about your rules?
  • #1,793
  • Nov 16, 2020 2:30pm Nov 16, 2020 2:30pm
Quoting Forex37
{quote} Thanks - Can you say a bit more about your rules?
There are no 100% if then rules - I check the higher TFs for trend direction/strength. Assuming I find let's 4 pairs that qualify I active the ea on the lower TF. The ea acts like a signal with active entry triggers. It helps to eliminate emotional decision making/hesitation.
The SL is set by the EA which should keep me out of serious trouble - once a trade is active I check the chart and evaluate if it makes sense to keep the trade running/ set TPtargets/scale outs. If the trade entry looks under-promising early on I close it.

.
  • #1,794
  • Nov 21, 2020 6:24pm Nov 21, 2020 6:24pm
Shame the thread is dying. I am going to get screen shots of the first threads.
  • #1,795
  • Nov 22, 2020 12:25pm Nov 22, 2020 12:25pm
Use the H1 setups,he explained fully well about type 1 and 2,if you have a scalping system drop to M1 and simply make money,it's very easy.....this is one of the best FF threads,can't get much simpler than this,those who are having problems drawing S/R or S/D can use the lines drawn CS1/CS2 on the break and retest.
  • #1,796
  • Nov 22, 2020 2:54pm Nov 22, 2020 2:54pm
Quoting scsstnt
Use the H1 setups,he explained fully well about type 1 and 2,if you have a scalping system drop to M1 and simply make money,it's very easy.....this is one of the best FF threads,can't get much simpler than this,those who are having problems drawing S/R or S/D can use the lines drawn CS1/CS2 on the break and retest.
Hahaaa...
And you have M1 trading system? Show us the results!
Money goes to the one who understands, not the one who rushes
  • #1,797
  • Nov 22, 2020 4:23pm Nov 22, 2020 4:23pm
Once EA's take over, so does the thread. Sad really.
You can lead a horse to water, but you can't make it drink
  • #1,798
  • Nov 22, 2020 4:45pm Nov 22, 2020 4:45pm
Quoting xkwisit2001
Once EA's take over, so does the thread. Sad really.
Because people want to get rich without effort, but they are completely wrong because they will lose more day by day.
Money goes to the one who understands, not the one who rushes
  • #1,799
  • Nov 22, 2020 5:41pm Nov 22, 2020 5:41pm
Quoting arnjms
Shame the thread is dying.
Absolutely - a shame, but not a shock. (As mentioned above, once the EAs take over ...)

This is actually one of very few methods described and explained in the forum which are not only based on completely sound underlying principles but can also easily be proven to be profitable both on any kind of backtesting and by forward trial.

There are many people quietly making their livings (I know some of them - mostly former institutional traders) trading variants of this method.

The beauty of this is in its simplicity. It can relatively easily be traded by those without a lot of experience.

My own perspective is that as long as you have a return-to-risk ratio of more than 1.0 (even if it's only a little bit more than 1.0) and a win-rate above 50% (even if it's only a little bit above 50%), you can't come to too much harm, with position-sizing appropriate to allowing for the occasional long losing run.

Admittedly, one or two of the thread's early claims (e.g. a steady, consistent 20% per month profit!) can be taken with a pinch of salt, but for all that, this method is one of the ones that can be traded in that way, with something like a 1.2 or 1.25 positive R:R, and overall win rates above 50%. All it requires is discipline, patience and some understanding of why it works.

I also know people trading this (more or less) with win rates far above 50%, and reward-to-risk ratios below 1.0 (the beauty of this being, of course, that even in comparatively inexperienced hands, bad losing runs can be avoided and gradual, steady account growth achieved.

Threads of which all the above is true do tend to have a limited lifespan, though, and effectively linger in the archives until, often years later, some enterprising soul tries to bring them back to life by bumping them with the occasional observation about how successful they can be.

But they're not "flashy", and they have little-to-no appeal to the automation groupies whose real motivation and pleasure comes from the gadgetry rather than from the income.
  • #1,800
  • Nov 23, 2020 5:55am Nov 23, 2020 5:55am
Quoting Aliens
{quote} Hahaaa... And you have M1 trading system? Show us the results!
You found a joke somewhere??????? Do I really need replying to you....i'll think about it,keep waiting for an answer.
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