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MTF Trix system

  • #801
  • Aug 17, 2009 12:51pm Aug 17, 2009 12:51pm
Quoting pgpb
On this trade, you would have had to endure almost a 30 pip drawdown before this trade turned south and went into profit.

Which is a bit scarey for us newbies

What stop loss would you have used on this trade?

A second question, I believe you referenced an EA for managing your trades, which one do you use? (if this is off topic feel free to ignore)

Thx very much!
If you trade longer term, you need to use a stop of 30+ in any event. You are not targeting 5 or 10 pips. The minimum gain I look for is 25 pips as TP1 except AUDUSD and EURUSD (20 pips)
I use 35-40 pips on most pairs except GBPJPY where I would use 45 pips.

I expected a pullback after the gap but normally after the break of the signal candle the pullback is not that big.

A lot of trades have pullback of less than 10 pips but as long as you have a decent RR ratio and a favorable hitrate, you can cope with a few losses.

There are various EA`s that you can use to manage your trades. I use one that has multiple TP capabilities because I scale out of positions as the trade progresses.
" Never let the past hold the future to ransom "
  • #802
  • Aug 17, 2009 1:09pm Aug 17, 2009 1:09pm
Quoting Gleneagles
Go back on the charts and have a look, if you feel it is safer to use a 5 pip cushion, by all means....
You have to trade within your comfort zone, it is your money and your risk.
The only time I use a cushion is when the SR is on a big number or on a pivot level.
Then it makes a lot of sense not to trade a potential bounce.
" Never let the past hold the future to ransom "
  • #803
  • Aug 17, 2009 1:14pm Aug 17, 2009 1:14pm
Quoting Gleneagles
The only time I use a cushion is when the SR is on a big number or on a pivot level.
Then it makes a lot of sense not to trade a potential bounce.
Lastly, you have to consider whether the high/low of a 30M candle is a valid SR resistance level as well.
I am looking for momentum in the direction of the entry. One way to confirm is a new high/low but bear in mind it is only a valid SR level if PA stalled or bounced from that level before.

I hope I am making sense and not confusing everybody?
" Never let the past hold the future to ransom "
  • #804
  • Aug 17, 2009 1:29pm Aug 17, 2009 1:29pm
Will check only your post from during this last week...

If i have any question after that will ask you....

Regards
Work smart not hard
  • #805
  • Aug 17, 2009 1:33pm Aug 17, 2009 1:33pm
Quoting sony
Will check only your post from during this last week...

If i have any question after that will ask you....

Regards
OK, I will look at 4 pairs tomorrow.

1) GBPUSD
2) GBPJPY
3) EURJPY
4) AUDJPY
" Never let the past hold the future to ransom "
  • #806
  • Aug 17, 2009 1:49pm Aug 17, 2009 1:49pm
Quoting Gleneagles
Lastly, you have to consider whether the high/low of a 30M candle is a valid SR resistance level as well.
I am looking for momentum in the direction of the entry. One way to confirm is a new high/low but bear in mind it is only a valid SR level if PA stalled or bounced from that level before.

I hope I am making sense and not confusing everybody?
That makes sense...I added a Daily pivot indy to my charts...to give me a better Idea of current S/R.

I also made a checklist and laminated it...on my desk as we speak.
  • #807
  • Aug 17, 2009 2:00pm Aug 17, 2009 2:00pm
Quoting pilotui
That makes sense...I added a Daily pivot indy to my charts...to give me a better Idea of current S/R.

I also made a checklist and laminated it...on my desk as we speak.
I still use a checklist for all the methods I trade..every trade..every day.
If you are not consistent, you don`t know what is working and what is going wrong.
The idea is not to have a committee meeting after each trade but just to make sure you are trading consistently within your trading plan.

Daily pivots are very useful for placing stop losses and to pick possible areas for profit taking.
" Never let the past hold the future to ransom "
  • #808
  • Aug 17, 2009 6:03pm Aug 17, 2009 6:03pm
Gleneagles,

Thank you for presenting your MTF system. I like it because it's pretty simple, but I do have a question.

Let's say you got a Sell signal on the M30 and moved to the M5 and waited for the price to cross the low. It does, but now the price turns around and after about 10 minutes there is a blue arrow for a Buy on the M5. I guess you would stay in the trade until either your SL was hit or there was a blue arrow on the M30 signaling a change of direction.

Is this correct? I'm just trying to see how you handle retracements.

TIA.

Carol
  • #809
  • Aug 18, 2009 1:00am Aug 18, 2009 1:00am
Quoting Eureka
Gleneagles,

Thank you for presenting your MTF system. I like it because it's pretty simple, but I do have a question.

Let's say you got a Sell signal on the M30 and moved to the M5 and waited for the price to cross the low. It does, but now the price turns around and after about 10 minutes there is a blue arrow for a Buy on the M5. I guess you would stay in the trade until either your SL was hit or there was a blue arrow on the M30 signaling a change of direction.

Is this correct? I'm just trying to see how you handle retracements.

TIA....
Hi Carol,

That is correct. If you use 30M as a trend filter, you would stay in the trade until the 30M trend changes, your SL is hit or your tP is hit.
" Never let the past hold the future to ransom "
  • #810
  • Aug 18, 2009 2:05am Aug 18, 2009 2:05am
240M Short No trade
60M Long
30M Long
15M Long
5M Long
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_01 Aug. 18 09.02.gif Size: 50 KB
" Never let the past hold the future to ransom "
  • #811
  • Aug 18, 2009 2:14am Aug 18, 2009 2:14am
It does not look like there is much interest to trade this method.

My final result for yesterday was +1030 pips.

Today first TP +25 hit on all pairs already and on some +35.

Running total approximately +160.

I am not going to bother to post the trades, it is really simple and straightforward.
" Never let the past hold the future to ransom "
  • #812
  • Aug 18, 2009 2:27am Aug 18, 2009 2:27am
Quoting Gleneagles
240M Short No trade
60M Long
30M Long
15M Long
5M Long
Thanks Gleneagles....
Your MTF is exactly what I follow...
Your examples are great learning and confirming signals....

Thank you so much...

There are a number of refinements which have helped me a deal to improve my trading...

Looking for HH and HL on the M30 or M60 (trend filter)at the pre-london session into london session confirms trade with that arrow direction too.
Thank you.
  • #813
  • Aug 18, 2009 2:48am Aug 18, 2009 2:48am
Quoting Gleneagles
It does not look like there is much interest to trade this method.

My final result for yesterday was +1030 pips.

Today first TP +25 hit on all pairs already and on some +35.

Running total approximately +160.

I am not going to bother to post the trades, it is really simple and straightforward.
Fantastic result Glen If you don't mind saying, how much roughly of a percentage do those pips equate to?
  • #814
  • Aug 18, 2009 2:53am Aug 18, 2009 2:53am
Quoting Gleneagles
It does not look like there is much interest to trade this method.

My final result for yesterday was +1030 pips.

Today first TP +25 hit on all pairs already and on some +35.

Running total approximately +160.

I am not going to bother to post the trades, it is really simple and straightforward.
I am extremely interested... I can't speak for everyone, but I am learning so much from you. Please don't stop.
How do you make a small fortune in Forex? Start with a large one!
  • #815
  • Aug 18, 2009 2:59am Aug 18, 2009 2:59am
Quoting Gleneagles
It does not look like there is much interest to trade this method.

My final result for yesterday was +1030 pips.

Today first TP +25 hit on all pairs already and on some +35.

Running total approximately +160.

I am not going to bother to post the trades, it is really simple and straightforward.
Please don't stop your posts. I try to take in everything you write about, it is slow going for me but I learn much everday, thanks for the posts.
  • #816
  • Aug 18, 2009 3:54am Aug 18, 2009 3:54am
Quoting luckylady
Fantastic result Glen If you don't mind saying, how much roughly of a percentage do those pips equate to?

It was approximately 15%. A lot better than an average day but it all adds up.
" Never let the past hold the future to ransom "
  • #817
  • Aug 18, 2009 4:13am Aug 18, 2009 4:13am
Quoting Gleneagles
It does not look like there is much interest to trade this method.

My final result for yesterday was +1030 pips.

Today first TP +25 hit on all pairs already and on some +35.

Running total approximately +160.

I am not going to bother to post the trades, it is really simple and straightforward.
Glen don't ever think about stop posting your chart on here..if you do i will find you where ever you live(lol)..jus kidding.Glen you are an inspiration to me honestly because of you my trading is alot better.My last week of trading has been awesome with only one lost,so please continue to do your thing.
  • #818
  • Aug 18, 2009 4:17am Aug 18, 2009 4:17am
I agree.........I like your method, Gleneagles. I have learned a lot from you about this system. Keep the posts coming.

I also have snippets of your posts compiled on a sheet of paper right in front of me that I can refer to during the day.

There are several of us who really appreciate your taking the time to detail your system.

Thanks again.

Carol
  • #819
  • Aug 18, 2009 4:21am Aug 18, 2009 4:21am
Hey guys has anyone try to use the Indexed Momentum K Bar indicator,I think it is a wonderful thing to have on your chart with the setting at 2,8,8,6.Anyone please try it and let me know what you all think about it.
  • #820
  • Aug 18, 2009 4:43am Aug 18, 2009 4:43am
This is my first ever post to any thread & I would like to thank both of you for your effort in helping others. Glen I live in Hilton just outside Pietermaritzburg & after seeing your trading result, I am proud to be a fellow countryman.
I also saw your results on the Paulus/TudorGirl thread & they were awesome to say the least. Glen I am sure that we can improve the system if we work together. I may be an old man but I have spent many hours lurking/studying many systems & picked up quite a few good ideas.
Many traders say entries are easy but when do I exit , well I can show them how to get at least 90% of the trade/move without fail.
Glen please dont give up on the group as I am sure they really appreciate your effort.
Your friend Neville
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