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EUR/GBP Trendmagic System

  • #1,101
  • Jun 9, 2009 11:44am Jun 9, 2009 11:44am
Quoting TudorGirl
Yeah - sorry! I forgot to mention that Paulus' template also sets the color of the "??" timeframe to "None" so the bars are invisible.

In the absence of a valid TF, the indy could put out any crap so Paulus blanks it out to hide it.

I just leave mine on 60, 30, 15, 5 but hide the 60 (=H1) bars. There is no need to set it to 0.

Anne
Oh yeah, the color none trick, my wee lil brain! Thanks Anne and Paulus

Cheers
  • #1,102
  • Jun 9, 2009 11:46am Jun 9, 2009 11:46am
Quoting goldsurfer
Yes it will be worth the wait! But don't you know, it's really not that hard to set up a profile with the single tf tudorgirl indie and 4 charts

Cheers
That's true!! Actually, I think it was Steve who persuaded me to write a MTF version of the indie.

He wanted to watch about 10 pairs on 3 tfs and needed 30 charts open at once. Each was about the size of a postage stamp and was driving him crazy!

But if you only watch 1 or 2 pairs, go with the STF indy and avoid the whole "is my indy repainting" aggro...

Anne
  • #1,103
  • Jun 9, 2009 11:52am Jun 9, 2009 11:52am
Anne - you can start at 6 or 7 in the morning, 6 will give you a few more options but personally I prefer the extra hour in bed, there are still plenty of opportunities in the morning session, as we've seen today. I started at 0700BST and saw I'd missed a couple of earlier moves. As I'd only just missed the gbpusd move, I just switched to the 15 minute timeframe instead! There are generally good moves when US opens too, but most days I don't take a break so prefer the later start.

I pack up either when I've earned enough, had enough or it's dinner time.

Now, if we could only find a way to filter those range moves like we had with the beast today...


P.S. Leave out the yellow, I get confused enough picking out which socks to wear! (Or make it an option, maybe - please?)
Full-time trader and loving it!
  • #1,104
  • Jun 9, 2009 11:58am Jun 9, 2009 11:58am
I'm going to be joining the party here! I will read through the entire thread before I start posting. I did load the indicators and both my TM and HG0001a MTF indicators are repainting if I switch from one timeframe to the next. They don't always do this but I've seen it happen. I was unaware that there is a STF indicator, which hopefully will solve the problem. I will only be trading the e/u currency pair and I see that you say if you are trading one pair, the STF is the best to avoid the whole "repainting" problem. My question is, is the indicator HG0001a (without the MTF at the end) STF indicator that I want to use since I'm trading and watching just one pair? Sorry is this is a stupid question.

Quoting TudorGirl
That's true!! Actually, I think it was Steve who persuaded me to write a MTF version of the indie.

He wanted to watch about 10 pairs on 3 tfs and needed 30 charts open at once. Each was about the size of a postage stamp and was driving him crazy!

But if you only watch 1 or 2 pairs, go with the STF indy and avoid the whole "is my indy repainting" aggro...

Anne
  • #1,105
  • Jun 9, 2009 12:03pm Jun 9, 2009 12:03pm
Hey Anne, your doing a great job! If you do nothing else at all, I have improved my trading!


Cheers
  • #1,106
  • Jun 9, 2009 12:04pm Jun 9, 2009 12:04pm
Quoting Digitalis
Anne - you can start at 6 or 7 in the morning, 6 will give you a few more options but personally I prefer the extra hour in bed, there are still plenty of opportunities in the morning session, as we've seen today. I started at 0700BST and saw I'd missed a couple of earlier moves....
Have you got any preset ideas of TP on the various pairs? Iknow we leave it till the colour changes, but I would like to be able to set it up and leave it alone to do its thing and go out or whatever. If it goes past my tp fine. Have you got any ideas with your years of being a full time trader? Thxs
  • #1,107
  • Jun 9, 2009 12:04pm Jun 9, 2009 12:04pm
Quoting Siuol
My question is, is the indicator HG0001a (without the MTF at the end) STF indicator that I want to use since I'm trading and watching just one pair? Sorry is this is a stupid question.
Yes HG0001a is the single-time frame indicator.
Whether that's the one you want to use is up to you - I still find the MTF better even on one pair, it gives a bigger picture showing how the other timeframes are trending. I can forgive it the occasional repaint for that.

By the way, a reminder to all that there is red-flag news tomorrow. 08.30 GMT and 12.30 GMT for UK and US respectively. Couple of others too, check the calendar!
Full-time trader and loving it!
  • #1,108
  • Jun 9, 2009 12:07pm Jun 9, 2009 12:07pm
Quoting Siuol
I'm going to be joining the party here!...
Yup. Will work great just watching one pair, you can set it up on as many TF as you like.

Cheers
  • #1,109
  • Jun 9, 2009 12:12pm Jun 9, 2009 12:12pm
Thanks for the answer and the heads up for news.

Quoting Digitalis
Yes HG0001a is the single-time frame indicator.
Whether that's the one you want to use is up to you - I still find the MTF better even on one pair, it gives a bigger picture showing how the other timeframes are trending. I can forgive it the occasional repaint for that.

By the way, a reminder to all that there is red-flag news tomorrow. 08.30 GMT and 12.30 GMT for UK and US respectively. Couple of others too, check the calendar!
  • #1,110
  • Jun 9, 2009 12:13pm Jun 9, 2009 12:13pm
Thanks. I sure hope it works great. I'm going to set everything up tonight when I get home from work.

Quoting goldsurfer
Yup. Will work great just watching one pair, you can set it up on as many TF as you like.

Cheers
  • #1,111
  • Jun 9, 2009 12:18pm Jun 9, 2009 12:18pm
Quoting gillybabe
Have you got any preset ideas of TP on the various pairs? Iknow we leave it till the colour changes, but I would like to be able to set it up and leave it alone to do its thing and go out or whatever. If it goes past my tp fine. Have you got any ideas with your years of being a full time trader? Thxs
I've been thinking about that over the last few days. Especially this morning when 200 pips up and closed at 110 pips up.

The thing is, the average daily ranges have changed fairly dramatically while I was on my sabbatical from trading over the last 10 months.

I would hope to average around 40-50 pips on gbpusd and be happy to take 20.
And the gut feel (or finger in the air) on how that works is :
Average daily range is around 280.
Biggest moves are normally from about 06.00 GMT to 16.00 GMT. (My opinion, I'm sure others will disagree.)

So that's 10 hours where maybe 75% of the movement takes place, averaging 210 pips or 20 pips an hour.

However, when a move comes, it is often a surge so I would double or treble that for the main move.

Because choosing the optimum exit is such a problem, I'm happy to take a third of the overall move.
So a couple of trades should return the 40 pips.
Not exactly precise science, is it?

Unfortunately, years of trading don't necessarily equal intelligence or skill! Still, it's a living

Frankly, there are going to be a lot more people on here who can give you a better indication and maybe work out something mathematical.

The other option is to set yourself a daily pip target. You only have to look at some of the compounding spreadsheets to see how quickly you can increase your capital with just 10 or 20 positive pips a day.

Another option, go for low pips and increase your stake...
Full-time trader and loving it!
  • #1,112
  • Jun 9, 2009 12:27pm Jun 9, 2009 12:27pm
I sent you a PM. Please check when you get a chance.

Quoting goldsurfer
Yup. Will work great just watching one pair, you can set it up on as many TF as you like.

Cheers
  • #1,113
  • Jun 9, 2009 12:29pm Jun 9, 2009 12:29pm
Personally I use both on all pairs.. I want them to agree when I
enter.. the single tf has to agree but the mtf is actually the trigger.

I would not want to trade without either, I like them both and
its kept my trading more fun using both since I revised to
do so.

Brian

Quoting Digitalis
Yes HG0001a is the single-time frame indicator.
Whether that's the one you want to use is up to you - I still find the MTF better even on one pair, it gives a bigger picture showing how the other timeframes are trending. I can forgive it the occasional repaint for that.

By the way, a reminder to all that there is red-flag news tomorrow. 08.30 GMT and 12.30 GMT for UK and US respectively. Couple of others too, check the calendar!
  • #1,114
  • Jun 9, 2009 12:30pm Jun 9, 2009 12:30pm
Missed that, as I was out for lunch.....
Quoting Blud4oilPrgm
eur/aud is lined up on all TFs short @ 1.75321
  • #1,115
  • Jun 9, 2009 12:34pm Jun 9, 2009 12:34pm
Attached Image (click to enlarge)
Click to Enlarge Name: s2.PNG Size: 91 KB


See the 4 hr nice setup, looks like a fractal
  • #1,116
  • Jun 9, 2009 12:43pm Jun 9, 2009 12:43pm
Quoting chemfly
HG-0001a (not MTF)+ Trend Magic + Fib line are very helpful for 5 MIN trade

Am I right?


Sorry for my poor English
You're sure on the right track;
I trade exactly with those 2 indy. With Fibo and Trend Line (highier time frame) on 5M chart.

For my re-entry I use (still work in progress):
1-HG_0001a (not MTF) ( I can enter a yellow if see a break of a trend Line)
2-Magic Trend (Right color or If it bend in my direction)
3-Ichimoku Kinko Hyo (2, 3, 5). (When price is above or below)

For my Initial stop loses, I calculate the last Sup/Res Level and place my S/L +- 2 Pip above/below the High/Low. I don't take the trade if Risk (S/L) is bigger than 40 Pip.

I put (subjective and very aggressive... only in demo) 2% Risk on every trade. To be precise, if 40 Pip S/L and I risk 2%, I have to enter 3 mini lots. If my S/L is 24 Pip and risk 2% I have to enter 5 mini lots.

I manage my trade with 3 Take Profit (1*Risk, 2*Risk and 3*Risk). Risk= S/L. At 15 Pip, my Initial S/L is put at Breakeven and Trend Magic becomes my master S/L. There is plenty of EA that can do that, (but none for now are Synchronize with MT and HG).

A little thing I like of Ichimoku indi with this system is it finds easily re-entry point on a trending day if you’ve been stopped out. If Price above (Ichimoku and MT) and all blue – re-entry Long.

I believe that regardless of the system you are trading, you MUST have a good knowledge of trading Forex and don’t blindly follow indicators. But still I really like those two indy.

Attached Image (click to enlarge)
Click to Enlarge Name: tttt.jpg Size: 108 KB


Regards,
TakeOTW
  • #1,117
  • Jun 9, 2009 12:45pm Jun 9, 2009 12:45pm
Quoting Digitalis
I've been thinking about that over the last few days....
There must be some way to mathematically work out a good TP figure. It could utilie ATR's plus whatever else experience says works - IWCR (I hear works - have never tried it myself) or whatever.

Anne, have you got some bright ideas on this - I'm sure you have - you seem to think out of the box on everything!
  • #1,118
  • Jun 9, 2009 12:53pm Jun 9, 2009 12:53pm
Quoting Digitalis
Because choosing the optimum exit is such a problem, I'm happy to take a third of the overall move.
So a couple of trades should return the 40 pips.
Not exactly precise science, is it?

The other option is to set yourself a daily pip target. You only have to look at some of the compounding spreadsheets to see how quickly you can increase your capital with just 10 or 20 positive pips a day.
You could also open 2 tickets, on one set your TP to your daily pip target (10-40 pips) on the second ticket use Paulus's exit system or set your stop at break even.
Q
PS - First post on this thread although been following it since there were only 4 pages. I hope to be of some help. Big thanks to all contributors!
The Only Constant Is Change!
  • #1,119
  • Jun 9, 2009 12:54pm Jun 9, 2009 12:54pm
Thanks. I never thought about doing that. I will surely look into that today. Do you feel that using both you are getting less but more reliable signals?

Quoting golden1
Personally I use both on all pairs.. I want them to agree when I
enter.. the single tf has to agree but the mtf is actually the trigger.

I would not want to trade without either, I like them both and
its kept my trading more fun using both since I revised to
do so.

Brian
  • #1,120
  • Jun 9, 2009 1:05pm Jun 9, 2009 1:05pm
I trade several pairs and use this strategy now..added to my main setup
but just looking at this system alone its true.. there have been
many more signals then I could possibly take in the last 24 hours..
last 12 hours for that matter. I prefer the double setup for myself for
some reason the mtf 5 min can say yes but the single tf hg says no.

Those trades have at least been more wiggle than I would want
.. it works for nicely for me

Brian


Quoting Siuol
Thanks. I never thought about doing that. I will surely look into that today. Do you feel that using both you are getting less but more reliable signals?
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