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The Force 5min system

  • #2,621
  • Jul 21, 2009 2:14pm Jul 21, 2009 2:14pm
Now i got myself trouble with the EA Update Stops, is anybody already using this EA?

tick
Better being out wishing to be in, than being in wishing to be out....
  • #2,622
  • Jul 21, 2009 2:29pm Jul 21, 2009 2:29pm
Quoting tickticker
Now i got myself trouble with the EA Update Stops, is anybody already using this EA?

tick
i just downloaded it but i will use it tomorrow,i already used the older version it was okey. whats wrong with it
  • #2,623
  • Jul 21, 2009 3:05pm Jul 21, 2009 3:05pm
I canīt compile it, it shows not up in Metaeditor, i have it in the experts Folder but it looks grey not coloured like the others, when i put it on the chart the smilie looks okay and the journal says it is initialized, so it looks ready for working, didnīt use MT4 a long time, maybe i oversaw something little but you know, braindead.
Iīll install now a new demo account and will try if it works or not, donīt wanna destroy my good ratio on that one i use atm.
If you have any idea what i did wrong or someone else, welcome.

tick





Quoting webglobe
i just downloaded it but i will use it tomorrow,i already used the older version it was okey. whats wrong with it
Better being out wishing to be in, than being in wishing to be out....
  • #2,624
  • Jul 21, 2009 7:40pm Jul 21, 2009 7:40pm
hello all,

looking at the chart and not sure what will happen if it drops 15pips. it will bee support and converging TL. see chart below.

what's your thought on direction? i am looking for LONG signals if bounces around 1.4170 area, but it could go to 1.4150 area before turning up. if it breaks below this area, i will look for SHORT signals
Attached Image (click to enlarge)
Click to Enlarge Name: eu 7.21.09 8pm eastern time.gif Size: 94 KB
  • #2,625
  • Jul 22, 2009 4:52am Jul 22, 2009 4:52am
Actually if you check back through the forum you will see that the exits are not totally discretionary. If the trade is in the positive you are to exit 50% of the trade at +10 pips, be out of 80% at 20 pips, and then let the rest run till the candles show a reversal. Jedi always said that's why he could turn a 25 pip into a 100 pip run cause he locked in so much profit he could let that little bit ride and did not care if it went back to 0 pip break even.

If the trade goes against you you should have a 20 pip loss (I think, if someone can find it and double check, i will during the day) or half way up the candle the previous candle.






Quoting Trader4Life
The Exit is discretionary and up to the individual trader. It should be at a comfort level and falls in line with established goals.

That is were demoing this method on EU will help you make establish a good exit strategy. whatever it maybe.
A woman drove me to drink, and I forgot to thank her
  • #2,626
  • Jul 22, 2009 5:12am Jul 22, 2009 5:12am
Quoting simpleguy
Actually if you check back through the forum you will see that the exits are not totally discretionary....
As far as I rememnber it is correct till "you should have a 20 pip loss, "half way up the candle": I dunno, this we should check, itīs important when low voltality or Range and candles are short. Thanks

tick
Better being out wishing to be in, than being in wishing to be out....
  • #2,627
  • Jul 22, 2009 6:41am Jul 22, 2009 6:41am
I believe the stop loss is to be the high of the signal candle or 20pips, but the minimum is to be 20pips. The signal candle needs to be up candle when long signal, and down when a short signal.

Questiona about the signal candle. When the signal candle is very long in body (say 15, 20, 25 pips) and the high/low (with wicks) is another 5-15pips, do you immediately enter the open of the next candle? Or do you watch the next candle for a little retracement (say 3-5 pips or up to half the total candle High/low? Ths would only apply to the candle after the signal and hopefully within 1-3 minutes too.

Any thoughts?
  • #2,628
  • Jul 22, 2009 7:15am Jul 22, 2009 7:15am
Here are my current trendlines. I'm not taking a view as to which direction price is likely to take, but given the tight trading range, and the fact that Bernanke is speaking in a couple of hours, they will definitely be broken, so no trades for me until we get some clear direction.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd1.gif Size: 63 KB
  • #2,629
  • Jul 22, 2009 7:16am Jul 22, 2009 7:16am
just noticed a short signal after a few candles touching resistance 1.4216. i jumped ship quick for 5pips becuase this pair keeps channeling/ranging/etc.

see chart below.

as i am typing this the pair looks to be continue down! its not easy to hold. i need to practice exit 50% at 10pips, 30% at 20pips and let 20% ride till reversals.
Attached Image (click to enlarge)
Click to Enlarge Name: eu 7.22.09 7am eastern time.gif Size: 96 KB
  • #2,630
  • Edited 8:02am Jul 22, 2009 7:22am | Edited 8:02am
i am noticing while waiting for TPs to be hit, that i should try to focus more on MACD making lower lows when short instead of the inprocess candles before closing.

i think this may help me to stay in the trade longer.

case in point on this trade just taken. TP @ 10pips.

EDIT: TP of 20pips would have been hit too!!!!
  • #2,631
  • Jul 22, 2009 7:23am Jul 22, 2009 7:23am
It looks like we have some life in the room again.

I have been using F5 for some time now glad to see others here to bounce ideas off of.

I have not had many good trades these last two weeks. things seem to be running in a tight range and a lot of volitility, durring the times I can trade.

Many pips to all

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #2,632
  • Jul 22, 2009 7:30am Jul 22, 2009 7:30am
Quoting Trader4Life
I believe the stop loss is to be the high of the signal candle or 20pips, but the minimum is to be 20pips....
Yes, I always wait for some form of retracement if there's already been a big move. You can quite often get in at a 40-50% retrace, but I'm not so fussy to try and time it too exactly, as I might miss the rest of the move.
  • #2,633
  • Jul 22, 2009 8:09am Jul 22, 2009 8:09am
believe a long signal just appeared on the 13:00GMT candle. since its near the bottom of this week's channel with a 20pip stop below it, i think its a good signal. NOT strong.

Long at 1.4187

SL at 1.4167
  • #2,634
  • Jul 22, 2009 8:29am Jul 22, 2009 8:29am
Quoting Trader4Life
believe a long signal just appeared on the 13:00GMT candle. since its near the bottom of this week's channel with a 20pip stop below it, i think its a good signal. NOT strong.

Long at 1.4187

SL at 1.4167
Youīre absolutely right T4L the Macd helps very good to stay longer in the Trade, i often realized that one or (rarely)two bars in following can change the colour but still the trend continues, this time i made this experiment and let the two bars get green and because there were not much difference in the size to the red bars and I stayed in the Trade and it helped me to get till 1.475 and i closed only the half of my rest and the other i letting still run.

tick
Better being out wishing to be in, than being in wishing to be out....
  • #2,635
  • Jul 22, 2009 8:30am Jul 22, 2009 8:30am
exit for loss. i was faked out with long signal.

should have gone with another short signal as it appeard on 13:10GMT candle and nowing showing good 10+pips

note: i am demo trading, do not take my trades live.
  • #2,636
  • Jul 22, 2009 10:42am Jul 22, 2009 10:42am
Quoting Trader4Life
exit for loss. i was faked out with long signal.

should have gone with another short signal as it appeard on 13:10GMT candle and nowing showing good 10+pips

note: i am demo trading, do not take my trades live.
Hi T4L, yeah, that was a tough call. What I'm starting to look at is price action when I enter a trade. I know this is not strictly in the rules, as ForexJedi only looks at PA for exits. But I'm more inclined to take a trade if I see a nice doji candle, hammer / inverted hammer or a PIN bar in the preceding couple of bars.

I'm only demo-ing this for the moment, but looking at price action might keep us out of some bad trades. Any thoughts welcome.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd3.gif Size: 53 KB
  • #2,637
  • Jul 22, 2009 10:49am Jul 22, 2009 10:49am
Yeah LD that makes sense, although i am asking myself, how can one differ a nice doji from an ugly one
Better being out wishing to be in, than being in wishing to be out....
  • #2,638
  • Jul 22, 2009 11:00am Jul 22, 2009 11:00am
Quoting tickticker
Yeah LD that makes sense, although i am asking myself, how can one differ a nice doji from an ugly one
tickticker, the difference is easy to spot. A nice doji causes you take a winning trade, whilst an ugly one makes you lose pips
  • #2,639
  • Jul 22, 2009 11:06am Jul 22, 2009 11:06am
Quoting LarryDavid
tickticker, the difference is easy to spot. A nice doji causes you take a winning trade, whilst an ugly one makes you lose pips
Fine, i got that and will keep that in mind, so the doji is either ways the same nice and afterwards we will decide if it was a nice one or an ugly one.

Who says in FX are only humorless people

tick
Better being out wishing to be in, than being in wishing to be out....
  • #2,640
  • Jul 22, 2009 11:30am Jul 22, 2009 11:30am
LD,

That is a nice catch!!! to make a trade after a good move (many pips with at least a small trend) followed by a doji or something similar then wait for a signal in the other direction. This was seen on the chart you posted.

I believe this may help to take fewer trades, hopefully missing bad trades, and resulting in tighter stops with greater than 1:1 R:R and high winning percentage.

this seems to be the current part of the system i need to work on - filtering out bad signals. many as possible.

See what's happening here. we are helping eachother with the little details to get that much closer to success!!!



Regards,
T4L

EDIT: another good thing i am begining to see is when a signal appears, if that signal candle is engulfing the previous candle, it adds more potential to the trade too. Please keep a watch on this and learn if there is solid truth or it's just random occurance that showed up today.
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