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Traffic Light System

  • #241
  • Jan 27, 2009 7:26am Jan 27, 2009 7:26am
[quote=mitchp;2496609]
Quoting Will_Trade
Nice system Mitch. Simple and to the point.
I need a crash course in MT4 to test it. I installed IBFX MT4 and need help in how to use the template.
Will[/quot

Click your Start Button, Click"Computer", click your "C" drive, open up "Program Files", and open your broker MT4 file, Look for "Templates" and place whatever template you want to use in that folder. If you have special indicators associated with that template, those will have to placed in the "Indicator" file. Above the Template folder, you will find...

Thanks Mitch, it works beautiful.
  • #242
  • Jan 27, 2009 7:39am Jan 27, 2009 7:39am
Yes, I went long E/U last night as well. Interestingly, when I entered the trade, there was a Trendmaster up arrow on today's bar. When I got up this morning and price has retraced, the arrow is now gone. So whoever said Trendmaster doesn't repaint is wrong.

I am down about 56 pips at the moment. So we'll see what happens.

So far with this system (or maybe my version of it, I should say):

EUR/AUD SHORT -229 pips (closed - hit stoploss)
USD/CAD SHORT +103 (open)
EUR/USD LONG -56 (open)

Total: -182 pips

Scott


Quoting gasgas
Well I'm up to pull a trigger Long on E/U, cci already crossed, Goldminer mabey turn green next bar. Yellow and Blue are just something I like to have, gives good confirmation usually. Its 8EMA and 4EMA.

Someone looking on that trade to ?
Prices are never too high to begin buying or too low to begin selling.
  • #243
  • Jan 27, 2009 8:18am Jan 27, 2009 8:18am
Quoting thehenryfam
Yes, I went long E/U last night as well. Interestingly, when I entered the trade, there was a Trendmaster up arrow on today's bar. When I got up this morning and price has retraced, the arrow is now gone. So whoever said Trendmaster doesn't repaint is wrong.

I am down about 56 pips at the moment. So we'll see what happens.

So far with this system (or maybe my version of it, I should say):

EUR/AUD SHORT -229 pips (closed - hit stoploss)
USD/CAD SHORT +103 (open)
EUR/USD LONG -56 (open)

Total: -182 pips

Scott

Base on Mitch's Rule you may be in too early because Goldminer is not Green.
  • #244
  • Jan 27, 2009 8:24am Jan 27, 2009 8:24am
Yep, I took it based on the HMA, RSI and Trendmaster indicator (which has now reappeared again on my charts, LOL). But I acknowledged in my message that this was "my version" of Mitch's system. I am on demo, so just trying different things at the moment. Looks like E/U may be trying to go back north again now.

Scott

Quoting Will_Trade
Base on Mitch's Rule you may be in too early because Goldminer is not Green.
Prices are never too high to begin buying or too low to begin selling.
  • #245
  • Jan 27, 2009 8:31am Jan 27, 2009 8:31am
I think we just looking @ a possible retrace and will go south before to long.
  • #246
  • Jan 27, 2009 9:22am Jan 27, 2009 9:22am
Yes, it might me only retrace...was almost sure that trend will change and go up, but it didn't. We will know more at next bar I think

I guess Trendmaster is based on 2 crossing ma's, and if every tick function, arrows might show when they cross, and if they went apart again, arrow will gone
  • #247
  • Jan 27, 2009 10:52am Jan 27, 2009 10:52am
Trendmaster repaints as well, 1 bar.

Lubo.
If I know how, I tell You!! Few but Good!!
  • #248
  • Jan 27, 2009 7:19pm Jan 27, 2009 7:19pm
So last night before I went to bed my trades were are $150. For some reason I woke up at 2:00am and decide to check thing s out. I was thrilled to see my trades at near $800, I thought ok, this is more like it. I went back to bed with pips dancing in my head, only to wake up and find my trades at $100. Ok, still positive, all I need is a good US session, but 10 hours later I found myself at -$100. I just don't know what to think! I should probably give it up for the week and start over on Sunday. How is every one else doing? Have you all given up on my system?

Mitch
  • #249
  • Jan 27, 2009 7:51pm Jan 27, 2009 7:51pm
Quoting mitchp
So last night before I went to bed my trades were are $150. For some reason I woke up at 2:00am and decide to check thing s out. I was thrilled to see my trades at near $800, I thought ok, this is more like it. I went back to bed with pips dancing in my head, only to wake up and find my trades at $100. Ok, still positive, all I need is a good US session, but 10 hours later I found myself at -$100. I just don't know what to think! I should probably give it up for the week and start over on Sunday. How is every one else doing? Have you all given up...
Oh no. I have entered short on the USD/CAN. So let see.

Why didn't you take some profit when you were making $800? Or move your stop to lock in some profit.
  • #250
  • Jan 27, 2009 8:44pm Jan 27, 2009 8:44pm
Quoting Will_Trade
Oh no. I have entered short on the USD/CAN. So let see.

Why didn't you take some profit when you were making $800? Or move your stop to lock in some profit.
1) I was half asleep
2) I'm a fool
3) Greed is greatest at 2:30am
4) I don't learn from my mistakes
should I go on....

I am short on USDCAN, so good luck to both of us.

Mitch
  • #251
  • Jan 27, 2009 9:16pm Jan 27, 2009 9:16pm
Mitch:

I just saw your thread few days back and was impresssed about your results. Tried on demo day before yesterday and unfortunately that day was a bad day for me. I still want to try this system. No system can be profitable all the time. We have to figure out money management. I liked the simplicity of the system. Also, it fits my schedule as I can sit on my computer only in the evening. I will enter in the evening and close in the night before I go to bed unless I figure out a reasonable SL/TP. With live account, I can go without TP but definitely not without SL.

Good luck and don't give up. How long you are trading this system?

Thanks

-FX_California

Quoting mitchp
1) I was half asleep
2) I'm a fool
3) Greed is greatest at 2:30am
4) I don't learn from my mistakes
should I go on....

I am short on USDCAN, so good luck to both of us.

Mitch
  • #252
  • Jan 27, 2009 9:28pm Jan 27, 2009 9:28pm
Quoting mitchp
1) I was half asleep
2) I'm a fool
3) Greed is greatest at 2:30am
4) I don't learn from my mistakes
should I go on....

I am short on USDCAN, so good luck to both of us.

Mitch
Most of the traders on FF suffers from 2 or all of the above. This is what we need to solve to be successful traders.
  • #253
  • Jan 27, 2009 9:33pm Jan 27, 2009 9:33pm
Quoting FX_California
Mitch:

I just saw your thread few days back and was impresssed about your results. Tried on demo day before yesterday and unfortunately that day was a bad day for me. I still want to try this system. No system can be profitable all the time. We have to figure out money management. I liked the simplicity of the system. Also, it fits my schedule as I can sit on my computer only in the evening. I will enter in the evening and close in the night before I go to bed unless I figure out a reasonable SL/TP. With live account, I can go without TP but definitely...
I have spent the last 8 month trying to come up with a daily system. It was in Nov that a friend sent me a scalping system. Something just went off in my head and a few days later I had this method. I started to trade it live in December.

Are in in CA., I'm originally from LA (Valley).

Mitch
  • #254
  • Jan 27, 2009 9:53pm Jan 27, 2009 9:53pm
mitch, hang in there. The money isn't going anywhere. Sometimes it's best to take a breather and collect your thoughts after some losses. I haven't traded live for weeks after some bad trades. I spend probably 10 hours a day, seven days a week studying forex. I'll never know everything. Most people on FF know lots more than I do. That's why I come here. Because most are better than I am, and I pick up new things every day. When winning, go more. When losing, go less, or stay out.
The trend is your friend, as the old saying goes, until it ends. WEhen it's getting tired, and so are you, time to get out for awhile.
BTW, I live in Valencia.
  • #255
  • Jan 27, 2009 10:10pm Jan 27, 2009 10:10pm
Yes, I am at Sacramento, California
Quoting mitchp
I have spent the last 8 month trying to come up with a daily system. It was in Nov that a friend sent me a scalping system. Something just went off in my head and a few days later I had this method. I started to trade it live in December.

Are in in CA., I'm originally from LA (Valley).

Mitch
  • #256
  • Jan 27, 2009 10:17pm Jan 27, 2009 10:17pm
Quoting paradoxical
mitch, hang in there. The money isn't going anywhere. Sometimes it's best to take a breather and collect your thoughts after some losses. I haven't traded live for weeks after some bad trades. I spend probably 10 hours a day, seven days a week studying forex. I'll never know everything. Most people on FF know lots more than I do. That's why I come here. Because most are better than I am, and I pick up new things every day. When winning, go more. When losing, go less, or stay out.
The trend is your friend, as the old saying goes, until it ends. WEhen...
thanks for the encouragement! I use to go dirt bike riding out in your area if my memory serves me - Indian Dunes, then we go out to the Sunkist orchid and pick some oranges.
  • #257
  • Jan 27, 2009 10:20pm Jan 27, 2009 10:20pm
Quoting FX_California
Yes, I am at Sacramento, California
Live in Carmichael for a few years when I was young.
  • #258
  • Jan 28, 2009 2:52am Jan 28, 2009 2:52am
Quoting mitchp
So last night before I went to bed my trades were are $150. For some reason I woke up at 2:00am and decide to check thing s out. I was thrilled to see my trades at near $800, I thought ok, this is more like it. I went back to bed with pips dancing in my head, only to wake up and find my trades at $100. Ok, still positive, all I need is a good US session, but 10 hours later I found myself at -$100. I just don't know what to think! I should probably give it up for the week and start over on Sunday. How is every one else doing? Have you all given up...
Hey Mitch,

When you were 800+, you really should'n let things go negative. You know this is forex and anything is possible. I was really pissed of every time good trade becomes a looser! Now I use EA for managing my trades and helpes me a lot.
When I scalp, a set it break-even at +8 pips, so I really need 8pips in my way to have no loss, my exits are usually at fib levels.

In this daily trading, break-even should mabey be set at 70pips or 100, need some tests ofcourse. You can trail also...So check it and mabey play with it a little, mabey you will find it usefull. It sets also TP and SL.

Here you go
Attached File(s)
File Type: mq4 Mauro_Trailing.mq4   17 KB | 528 downloads
  • #259
  • Jan 28, 2009 6:45am Jan 28, 2009 6:45am
Quoting gasgas
Hey Mitch,

When you were 800+, you really should'n let things go negative. You know this is forex and anything is possible. I was really pissed of every time good trade becomes a looser! Now I use EA for managing my trades and helpes me a lot.
When I scalp, a set it break-even at +8 pips, so I really need 8pips in my way to have no loss, my exits are usually at fib levels.

In this daily trading, break-even should mabey be set at 70pips or 100, need some tests ofcourse. You can trail also...So check it and mabey play with it a little, mabey...
Gas,

Thanks for the help, this is something I could use. I will experiment and let you know how it goes.

Mitch
  • #260
  • Edited 6:46am Jan 28, 2009 6:45am | Edited 6:46am
The confusing thing about this system is that it really did work for over a month and the signals were correct. Then it hits a patch where the signals are off and there doesn't seem to be major news that threw things off. So what is it that makes the signals periodically unstable?

Also I think if you trade this system live it makes a lot of sense to use a trade manager EA. Set a SL at -$300 or whatever you think is reasonable. I'm also a fan of locking in partial profits.
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