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Traffic Light System

  • #201
  • Jan 26, 2009 8:44am Jan 26, 2009 8:44am
Hi there. I took it on my own. At least on my IBFX platform, HMA has turned red, Goldminer is red, and RSI has turned yellow. Currently down quite a bit on it, though (about 85 pips). We'll see if she comes back.

Scott

Quoting GRPip
Didn't see E/A on Mitch's trade list from last evening. Just wondering if you took this trade on your own?
Prices are never too high to begin buying or too low to begin selling.
  • #202
  • Jan 26, 2009 8:45am Jan 26, 2009 8:45am
Quoting nubchai
tcmm in your approach are you waiting for the same HMA signal on 1 hr and daily?

thanks,
Sandy
Yes, to all Signals like the Daily, going the same way thats what I did last night waited to see it clear on the One hour
then long on Eur/usd And Gbp/Usd it happen at London Open Can be the Dailies Retracement or Trend Change Also looking at news.
My Email For Help: [email protected]
  • #203
  • Jan 26, 2009 8:48am Jan 26, 2009 8:48am
Quoting buffalopip
Hi Mitch... Great system . Very similar to the one i'm using now and has been very positive for me . My concern is when you placed your buy on the EUR/GBP , (as an example) , last night .Yes the trend has been established for the past week and a half or so . So why enter at a late stage of a trend when all the colors match up ? To risky for me . i'm willing to wait for the proper colors to set up first , then get in , less draw down on the account ...also a pretty good stop loss when first...
buffalopip....curious about your SL calculations? Currently the 20 day ATR for Usd/Cad is at 0.0222. If I want to short this pair, what would be my SL and how did you calculate it? Thanks in advance for your help!
  • #204
  • Jan 26, 2009 8:56am Jan 26, 2009 8:56am
Quoting GRPip
buffalopip....curious about your SL calculations? Currently the 20 day ATR for Usd/Cad is at 0.0222. If I want to short this pair, what would be my SL and how did you calculate it? Thanks in advance for your help!
ATR should be set at 5 look at my Post#105
My Email For Help: [email protected]
  • #205
  • Jan 26, 2009 9:20am Jan 26, 2009 9:20am
Quoting GRPip
buffalopip....curious about your SL calculations? Currently the 20 day ATR for Usd/Cad is at 0.0222. If I want to short this pair, what would be my SL and how did you calculate it? Thanks in advance for your help!
Hi GRPip ... it would be .0222 x 70% = 155 pip's or 222 x .70 = 155 pip's for the caddy stoploss for the daily trade ... On the 4-hr window , use the 4-hr ATR the same way .... .... its a good way in my past experience to enter a trade this way , (for me ) , it gives it breathing room for price fluxation untill i'm in the green . I only use the Daily or 4-hr window to trade on . Take about 25 to 50 pips on the four window , unless moving strong in my favor , then go for 50 to 100 pips or more . Price movement of course ... On the Daily window i use the ATR for the whole 24-hr period ..... then adjust my stop loss to stay in the green , but to also stay in the trade for a possible long trem trend .... if it closes out , so what , i'm still made my pips , just wait for the next signal .... Hope this helps ..... buffalopip....
  • #206
  • Jan 26, 2009 9:48am Jan 26, 2009 9:48am
Thanks Tcmm.

Sandy
  • #207
  • Jan 26, 2009 2:15pm Jan 26, 2009 2:15pm
Hello,
I like your indicator. You have 2 RSI settings which one gets changed or do they both get changed to 8.
Thanks,
Paul
  • #208
  • Jan 26, 2009 2:22pm Jan 26, 2009 2:22pm
Quoting paul821c
Hello,
I like your indicator. You have 2 RSI settings which one gets changed or do they both get changed to 8.
Thanks,
Paul
Were are you referring to Post #129?
My Email For Help: [email protected]
  • #209
  • Jan 26, 2009 3:10pm Jan 26, 2009 3:10pm
TCMM,
I was referring to post 132 with the TA light indicator that you posted. You stated to change certain settings. RSI on this indie has two settings one for 10 and other 70. You said to change the RSI to 8. Which one gets changed or do both get changed.
Thanks,
Paul
  • #210
  • Jan 26, 2009 4:10pm Jan 26, 2009 4:10pm
Quoting paul821c
TCMM,
I was referring to post 132 with the TA light indicator that you posted. You stated to change certain settings. RSI on this indie has two settings one for 10 and other 70. You said to change the RSI to 8. Which one gets changed or do both get changed.
Thanks,
Paul
Just Change RSIP1 to 8. Leave the 70 alone
My Email For Help: [email protected]
  • #211
  • Jan 26, 2009 5:47pm Jan 26, 2009 5:47pm
As I reported earlier I had a tremendous take back from trades held overnight. This morning I closed out all trades and, still sticking with my system, I re-bought into the market. At end of day, I once again found my trades in the negative. I have been trading this system since the beginning of December and have never had the market go so bad against me. I am now down around $2000 (live dollars). But I still have faith and am learning alot from all of you - especially about the need for SL and the possibilty of not not trading the Sunday bar. I'm currently in a total of 3 trades and things are looking good so far. There are a number trades I'd like to take but they don't follow the rules, so I will wait a bit in hopes things change and the signals are there.

I hope those of you testing or even working this system live are doing well and you see a potential for this system. I'd love to know how you all are doing.

Mitch
  • #212
  • Jan 26, 2009 6:00pm Jan 26, 2009 6:00pm
TCMM Thanks for your help.
  • #213
  • Jan 26, 2009 6:10pm Jan 26, 2009 6:10pm
Hello,
You have a nice simple system. I have something along the same lines as you. What helps me is the Murrey Math Grid, SMA close 50 and 200 lines. They add great visuals to help see direction. Also knowing candlestick patterns is very helpful too. Invest in the book by stephen bigalow high profit candlestick patterns. This book opened my eyes, very helpful and easy reading.
Thanks,
Paul
  • #214
  • Jan 26, 2009 6:14pm Jan 26, 2009 6:14pm
Quoting paul821c
Hello,
You have a nice simple system. I have something along the same lines as you. What helps me is the Murrey Math Grid, SMA close 50 and 200 lines. They add great visuals to help see direction. Also knowing candlestick patterns is very helpful too. Invest in the book by stephen bigalow high profit candlestick patterns. This book opened my eyes, very helpful and easy reading.
Thanks,
Paul
Paul do you have a template and the murray math grid indicator? I always like looking at different set-ups.

Thanks,
Sandy
  • #215
  • Jan 26, 2009 6:14pm Jan 26, 2009 6:14pm
Quoting paul821c
Hello,
You have a nice simple system. I have something along the same lines as you. What helps me is the Murrey Math Grid, SMA close 50 and 200 lines. They add great visuals to help see direction. Also knowing candlestick patterns is very helpful too. Invest in the book by stephen bigalow high profit candlestick patterns. This book opened my eyes, very helpful and easy reading.
Thanks,
Paul

Thanks for the suggestions, I will look into the candlestick patterns book.
  • #216
  • Jan 26, 2009 6:27pm Jan 26, 2009 6:27pm
Quoting mitchp
As I reported earlier I had a tremendous take back from trades held overnight. This morning I closed out all trades and, still sticking with my system, I re-bought into the market. At end of day, I once again found my trades in the negative. I have been trading this system since the beginning of December and have never had the market go so bad against me. I am now down around $2000 (live dollars). But I still have faith and am learning alot from all of you - especially about the need for SL and the possibilty of not not trading the Sunday bar. I'm...
Hi Mitch.

My trading day hasn't gone very well either. I'm currently in euraud, eurchf and egbp long. Also gbpchf and usdcad short. I'm using .01 lots (until I'm comfortable with the system)at fxdd and the last I looked was -$7.00. Usually with this system if I can get trades in close to the new candle I see a pop in the price of the basket of pairs and close out at a profit. Not following the true daily strategy but it was working for me. The last two days seem "off" to me. I'll continue to work with the system though. I'm thinking that maybe a multi timeframe confirmation as someone else here mentioned might be something to look at. So if the daily signals say "long" check the 4 hour and 1 hour for confirmation.

Sandy
  • #217
  • Jan 26, 2009 6:34pm Jan 26, 2009 6:34pm
Hello,
Basically I use the grid with 50 sma close and 200 sma close. Stoch 12/3/3. OSMA 12/26/9 (color changer). This acts like a early warning. Candlestick patterns knowing them is a biggie. I really deal with the sma, stoch, and where the price sits on the grid. You can search here for info on murrey math grid. Cant find my copy on the computer. Its along the lines of fibonnaci. You can add the hma line or a t3 to help show consolidation. But the more you add more confusing it gets. Like its not hard already. Best advice keep it simple. Like I said that book opened my eyes. You get great input on here and alot of help. That book was suggested to me and I am very glad it was.
Attached File(s)
File Type: mq4 mm 101.mq4   15 KB | 408 downloads


Attached File(s)
File Type: ex4 mm 101.ex4   15 KB | 371 downloads


Attached File(s)
File Type: mq4 osma color.mq4   4 KB | 374 downloads


Attached File(s)
File Type: ex4 osma color.ex4   4 KB | 312 downloads
  • #218
  • Jan 26, 2009 6:38pm Jan 26, 2009 6:38pm
Quoting paul821c
Hello,
Basically I use the grid with 50 sma close and 200 sma close. Stoch 12/3/3. OSMA 12/26/9 (color changer). This acts like a early warning. Candlestick patterns knowing them is a biggie. I really deal with the sma, stoch, and where the price sits on the grid. You can search here for info on murrey math grid. Cant find my copy on the computer. Its along the lines of fibonnaci. You can add the hma line or a t3 to help show consolidation. But the more you add more confusing it gets. Like its not hard already. Best advice keep it simple. Like I...
Paul,

Thanks very much ~ I'll look at the information you posted. Do you trade this on the daily chart?

Sandy
  • #219
  • Jan 26, 2009 6:45pm Jan 26, 2009 6:45pm
Sorry Sandy yes daily charts. Gives better picture for me.
  • #220
  • Jan 26, 2009 7:22pm Jan 26, 2009 7:22pm
Quoting tcmm
ATR should be set at 5 look at my Post#105
Excuse me, but my post was addressed to buffalopip. He has a different approach and I was interested in his explanation/calculations.
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