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MTF Trix system

  • #1,041
  • Aug 19, 2009 1:39pm Aug 19, 2009 1:39pm
Quoting Gleneagles
I have done a lot of MTF trades, I have also done a LOT of other trading.

My advice to you comes from making all the mistakes you have not discovered for yourself.
We have a very simple set of rules.
Nothing complicated.

We have raked in 1500 pips and some change in just 3 trading days.
I have not even added this trade because I did not trade it.

Now please tell me why you want to add/change, make new rules etc to a system that produces 1500 pips in 3 days???? (BTW I will delete that later.)

It is simple , it is straightforward and it works.

I...
You are absolutely right, there is not much to explain about entries. But I would still be happy to learn your basic set of rules for SL, TS and TP
I suppose, it all depends on the TF that was used for the first signal. Certainly, everybody can and should figure out what is best for them but - how do you calculate these?
  • #1,042
  • Aug 19, 2009 1:39pm Aug 19, 2009 1:39pm
Quoting pgpb
Glen

You have mentioned a few times that you have an EA for managing trades.
I assume this EA allows you to take partial profits and move your SL to break even etc

Where did you get this EA?

I found one on FF but it is rather complicated.

Thx!

PGPB
UpdateStops by Rob Dee is somewhere on the forum.
It has 3 TP settings, BE function and TS facility.
Make sure you try it out on demo account first.

4 or 5 digit brokers may require different inputs.
" Never let the past hold the future to ransom "
  • #1,043
  • Aug 19, 2009 1:45pm Aug 19, 2009 1:45pm
Quoting Indrek
You are absolutely right, there is not much to explain about entries. But I would still be happy to learn your basic set of rules for SL, TS and TP
I suppose, it all depends on the TF that was used for the first signal. Certainly, everybody can and should figure out what is best for them but - how do you calculate these?
We will cover it in some detail later but as a starting point we need to get on the same bus regarding the way we look at trade setups.

As a quick guideline, just use the same TP values I set up with earlier trades.
It is valid for 60 15 5 but use them in the mean time for 240 15 5 as well.

SL GBPJPY depending on spread 45 ( not lower)
GBPUSD maximum 40
EURJPY maximum 38
AUDJPY maximum 37
" Never let the past hold the future to ransom "
  • #1,044
  • Aug 19, 2009 1:47pm Aug 19, 2009 1:47pm
Quoting Gleneagles
UpdateStops by Rob Dee is somewhere on the forum.
It has 3 TP settings, BE function and TS facility.
Make sure you try it out on demo account first.

4 or 5 digit brokers may require different inputs.
Here you are
Attached File(s)
File Type: ex4 UpdateStops(2).ex4   12 KB | 708 downloads
  • #1,045
  • Aug 19, 2009 1:49pm Aug 19, 2009 1:49pm
Quoting Gleneagles
We will cover it in some detail later but as a starting point we need to get on the same bus regarding the way we look at trade setups.

As a quick guideline, just use the same TP values I set up with earlier trades.
It is valid for 60 15 5 but use them in the mean time for 240 15 5 as well.

SL GBPJPY depending on spread 45 ( not lower)
GBPUSD maximum 40
EURJPY maximum 38
AUDJPY maximum 37
EURUSD sth like 30?
I have used 30 for GU and 23 for EU lately.
  • #1,046
  • Aug 19, 2009 1:51pm Aug 19, 2009 1:51pm
Quoting Indrek
EURUSD sth like 30?
I have used 30 for GU and 23 for EU lately.

Yes, 30 is maximum for EUR but 30 may be too skinny for GBP
" Never let the past hold the future to ransom "
  • #1,047
  • Aug 19, 2009 2:32pm Aug 19, 2009 2:32pm
[quote=Gleneagles;2969212]WE are now on the 5M chart.

Hi Glen,

Thank you for your clear explanation and screenshots.

Regards
Caz
  • #1,048
  • Aug 19, 2009 2:35pm Aug 19, 2009 2:35pm
[quote=caz;2969405]
Quoting Gleneagles
WE are now on the 5M chart.

Hi Glen,

Thank you for your clear explanation and screenshots.

Regards
Caz
And now, I guess we are coming to the point where the first version of the manual could be fixed. Anybody whose native language is English willing to help with this?
  • #1,049
  • Aug 19, 2009 2:41pm Aug 19, 2009 2:41pm
Excellent Excellent, I think this thread deserves a 5 star rating, 113 pips (live acount) today alone using this system. Geat post Gleneagles.
Quoting Gleneagles
WE are now on the 5M chart.

We are looking for an entry point....on this chart...not on 60M or 15M chart, their job is done.

What do we see.....

1) Valid buy signal...
LISTEN TO MR FUNDAMENTAL AND MR TECHNICAL
  • #1,050
  • Aug 19, 2009 2:44pm Aug 19, 2009 2:44pm
Quoting okehiedon
Excellent Excellent, I think this thread deserves a 5 star rating, 113 pips (live acount) today alone using this system. Geat post Gleneagles.
Thanks, and feel free to rate the thread I personally prefer to take the profit out in pips/USD rather than stars
  • #1,051
  • Aug 19, 2009 3:02pm Aug 19, 2009 3:02pm
Indrek, let me make my contribution to the issue of stops and targets because I believe it is an intregral part of trading. I basically take half of my positon off at risk. Pull stop to break even and late the trade run to major support or resistance or if I have a reverse signal on the 15 min time frame. I Usually use the gann line with a 10 sma to give me a sense of direction and when to take of profits. I think a picture is worth a thousand words. Here we go
Quoting Indrek
You are absolutely right, there is not much to explain about entries. But I would still be happy to learn your basic set of rules for SL, TS and TP
I suppose, it all depends on the TF that was used for the first signal. Certainly, everybody can and should figure out what is best for them but - how do you calculate these?
Attached Image (click to enlarge)
Click to Enlarge Name: the system.gif Size: 58 KB
LISTEN TO MR FUNDAMENTAL AND MR TECHNICAL
  • #1,052
  • Aug 19, 2009 3:13pm Aug 19, 2009 3:13pm
Indrek another strat is using pivots for profit targets for example if I go long on S1 I take of half at MS1 pull stop to break even and target the pivot point. Oh one last thing I never trade against the 1 hr time frame. My stop loss are always 5 pips below the swing lows or highs of the time frame I decide to trade basically 15 or 5
LISTEN TO MR FUNDAMENTAL AND MR TECHNICAL
  • #1,053
  • Aug 19, 2009 3:25pm Aug 19, 2009 3:25pm
Quoting okehiedon
Indrek another strat is using pivots for profit targets for example if I go long on S1 I take of half at MS1 pull stop to break even and target the pivot point. Oh one last thing I never trade against the 1 hr time frame. My stop loss are always 5 pips below the swing lows or highs of the time frame I decide to trade basically 15 or 5
Thanks for your suggestions Using pivots and highs/lows is really the best idea usually.
Still, I also try to find the best choices for mathematical SL and TP. It is needed for very quick and smooth entries when I have no time to consider what the values should be. Just enter manually and let the trade manager do the rest of the job.
  • #1,054
  • Aug 19, 2009 3:46pm Aug 19, 2009 3:46pm
Good morning everyone!

Firstly, Glen, I want to thank you once again for your help. You have helped me and my family very much. I am grateful...

Secondly, I know why it took me so long to understand the system... IT IS SO SIMPLE! lol. (I could quote something here about simplicity being the single most difficult trading concept to wrap you mind around - but I wont... lol )

Thirdly, you have mentioned ATR a few times, but you have never stated your personal comfort level. I do not know much about ATR, and will have to go do some research, but how little is too little in your books?

Glen, I am yet to trade this thing live yet... But, I would love to buy you a beer one day in appreciation!

Russ
How do you make a small fortune in Forex? Start with a large one!
  • #1,055
  • Aug 19, 2009 4:20pm Aug 19, 2009 4:20pm
Quoting paidperpip
Good morning everyone!

Thirdly, you have mentioned ATR a few times, but you have never stated your personal comfort level. I do not know much about ATR, and will have to go do some research, but how little is too little in your books?
There is not much to investigate about ATR It shows average range of the candle on current TF. Obviously "too little" means that ATR at the moment is lower than usual, i.e volatility is low.
Many people use ATR6 and ATR36 for estimating volatility - if ATR6 is bigger than ATR36 then there is nice volatility.

P.S. Very nice that somebody is saying "good morning" right before I am going to bed for nightsleep
  • #1,056
  • Aug 19, 2009 4:53pm Aug 19, 2009 4:53pm
Quoting Indrek
There is not much to investigate about ATR It shows average range of the candle on current TF. Obviously "too little" means that ATR at the moment is lower than usual, i.e volatility is low.
Many people use ATR6 and ATR36 for estimating volatility - if ATR6 is bigger than ATR36 then there is nice volatility.

P.S. Very nice that somebody is saying "good morning" right before I am going to bed for nightsleep
Hi Indrek,

Thanks for that info, will save me looking for it...

And yeah, its an advantage to living in Australia... I get to see what the day is like before you do...

Today's forecast: Looks like wide spread pip showers in most areas, ranging to downpours and monsoonal conditions in others... Occasional north to north east trends will develop early, before a cold front from the north will move through Asia towards the south. Make sure you have your umbrellas and buckets with you to take advantage of the downpours, but pack your sunscreen for when the showers clear later in the day...

PPP
How do you make a small fortune in Forex? Start with a large one!
  • #1,057
  • Aug 19, 2009 4:56pm Aug 19, 2009 4:56pm
GlenEagles last lesson is so simple and puts together so much of what I've been working toward. Thank you so much for helping me.

Steve
  • #1,058
  • Aug 19, 2009 4:59pm Aug 19, 2009 4:59pm
[quote=Indrek;2969414]
Quoting caz

And now, I guess we are coming to the point where the first version of the manual could be fixed. Anybody whose native language is English willing to help with this?
My first language is English and I would be delighted to have a go at writing a manual

PGPB

I am enourmously grateful to this thread and would love to find a way to give back
  • #1,059
  • Aug 19, 2009 5:57pm Aug 19, 2009 5:57pm
Much appreciation and thanks to gleneagles for the very clear lessons with screenshots(pictures paint a thousand words)... as to how to look for a 60 15 5 trade set up.

Further thanks to Indrek for asking all the relevant and detailed questions on behalf of us all here on the thread.

There should be no doubt as to LSD method to enter the trade. Even the Sl and PT has been addressed.

If and when you visit australia, please remember to let me know...love to shout you a lunch/dinner as a token of thanks for all this help.
  • #1,060
  • Aug 19, 2009 6:09pm Aug 19, 2009 6:09pm
I second everything else mentioned below! Way to go Glen/Indrek!!


2 Trades coming up (if PA should take us that way...)

Audible alerts set, baby monitor up...check.


Both are 30 min shorts.
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