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MTF Trix system

  • #1,081
  • Aug 20, 2009 12:01am Aug 20, 2009 12:01am
Quoting Gleneagles
Change it to 1M.
Done.

Are the rest of the settings ok Glen?
How do you make a small fortune in Forex? Start with a large one!
  • #1,082
  • Aug 20, 2009 12:03am Aug 20, 2009 12:03am
Quoting paidperpip
Done.

Are the rest of the settings ok Glen?

I have changed period to 8 but it does not make any difference.
So far it does the job.
" Never let the past hold the future to ransom "
  • #1,083
  • Aug 20, 2009 12:10am Aug 20, 2009 12:10am
Quoting Gleneagles
Sure, I need to do at least 6000 trades on demo first before I believe something works.

Trading MTF since 2006.

I have done probably 6000 live trades by now.
Just making sure you are sharp and focused today
" Never let the past hold the future to ransom "
  • #1,084
  • Aug 20, 2009 12:13am Aug 20, 2009 12:13am
Quoting Gleneagles
Trading MTF since 2006.

I have done probably 6000 live trades by now.
Just making sure you are sharp and focused today
LOL
  • #1,085
  • Aug 20, 2009 12:17am Aug 20, 2009 12:17am
Quoting Indrek
Ok, then I have misunderstood you I believe many people here trade it live. Me too. 6000 trades on demo would be too long period for me. I am sure I would get bored and found some other hobby meanwhile

I was just joking about the demo trades, I have no time for 6000 demo trades either. You can decide within a short period of time whether something works.

Trade on demo until you are comfortable with the system, do some homework, look back at history and then start conservatively on live account.

I don`t experiment every week with something different, if it works for me, I trade it.
" Never let the past hold the future to ransom "
  • #1,086
  • Aug 20, 2009 2:34am Aug 20, 2009 2:34am
Has any one got the correct settings for the Updatestops indy.
  • #1,087
  • Aug 20, 2009 3:23am Aug 20, 2009 3:23am
Quoting ukcool
Has any one got the correct settings for the Updatestops indy.
There cannot be any "correct" settings as the settings depend on how you want them to be. Even when Glen or any other very experienced trader suggests sth you still have to adjust all aspects of your trade to your style and needs.
  • #1,088
  • Aug 20, 2009 3:41am Aug 20, 2009 3:41am
Hello Everyone: I have been oogling the talk here.

This is so great.

I wanted to try just a bit to clear something up about the EA and scaling out.

It is not just simply 2-4-6-8-10

It breaks even at your spread plus 2 the way I set it.

One Regular 10 contract set at Breakeven 2 and take profit of .20 every 2 pips

The market does not move in a strait up or down way you know.

So: It gave me. 4.00, 6.00, 8.00, 4.00, 2.00 and then I was out.

Goal was 10 pips. In at 1.4250 and out at 1.4251 Highest the market traded on any of the scale out was 1.4254.

Please don't rip a new hole in my head.

I am just trying to maximize my pips during my exposure.

This is not a trading strategy. It is just a scaling out idea with an ea.

It is hard ot explain.

I have a jumping stop @ 2pips included in the programming.

If the market is moving in a bigger momentum trade, ie fast movement, the jumping stop will take over and one of my last scale out trades yesterday gave me 64 dollars.

It is not perfect, I am still working at it.

Just wanted to clarify this a little.

Thanks
  • #1,089
  • Edited 4:04am Aug 20, 2009 3:50am | Edited 4:04am
Quoting SusanD

I am just trying to maximize my pips during my exposure.
You are trying to maximize your pips mathematically but are you maximizing also the money when trading like this?
To take 10 pips is not a problem with this system. And to take 10 pips with 1 lot is much more profitable than to scale it out so that you take 2 pips with 0.2, then 4 pips with 0.2, 6 pips with 0.2, 8 pips with 0.2 and 10 pips with 0.2. It is easy to calculate that you simply leave 40 % of your profit on the table with this. (And possibly you will be stopped out while doing this with SL set to BE.)
After all, trading is making money and the mathematical number of pips is quite irrelevant.
  • #1,090
  • Aug 20, 2009 4:04am Aug 20, 2009 4:04am
Glen:

When you get into the m5 chart to wait for the break of a high/low ... Do you just enter into the trade at the break of 1 pip, or do you wait for the current breaking m5 candle to close, then enter?

Many thanks for all your help here. Finding this really simple to follow. Lets just hope I can make some pips by end of next week.

God bless
  • #1,091
  • Aug 20, 2009 4:10am Aug 20, 2009 4:10am
Quoting Indrek
Just came home and now reopened my terminal. Seems like short GBPUSD at 1.6499 could be a good trade soon? Any ideas about that?
Anybody else took the trade that I suggested earlier? I think it is a good example of a perfect entry that was so predictable that you could put big money on it. (Break of H1 signal candle + break of 1.6500 + break of Daily Pivot )
Attached Images
  • #1,092
  • Aug 20, 2009 4:13am Aug 20, 2009 4:13am
Quoting Indrek
Just came home and now reopened my terminal. Seems like short GBPUSD at 1.6499 could be a good trade soon? Any ideas about that?
Morning Indrek,yup short for sure i when in at 1.6505 got +30 then leave the seen.This system is awesome from day one i start trading it on my live account.
  • #1,093
  • Aug 20, 2009 4:18am Aug 20, 2009 4:18am
Quoting stunna29
Morning Indrek,yup short for sure i when in at 1.6505 got +30 then leave the seen.This system is awesome from day one i start trading it on my live account.
All togather today GBP/US give me +92pips.Thanks again Glen and Indrek .
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  • #1,094
  • Aug 20, 2009 4:33am Aug 20, 2009 4:33am
stunna, could you please post the absolute strength indi.thanks
  • #1,095
  • Aug 20, 2009 4:42am Aug 20, 2009 4:42am
Quoting eforex3
stunna, could you please post the absolute strength indi.thanks
Do you really think that additional indicators are needed for the setup?
As you see I have very many indicators in my computer. Which means that I have also passed through the indy envy stage in my trading career. Luckily, survived from it...
Attached File(s)
File Type: ex4 AbsoluteStrength_v1.1_mtf.ex4   10 KB | 525 downloads
  • #1,096
  • Aug 20, 2009 6:27am Aug 20, 2009 6:27am
was asked for this to be posted again
Attached File(s)
File Type: ex4 DXTrade Info v9.ex4   12 KB | 436 downloads
  • #1,097
  • Aug 20, 2009 6:29am Aug 20, 2009 6:29am
Hi Glen
First of all I want to thank you for the three part explanation. It has cleared a lot of things. I have a question . For re entry short on Gbp the price has to cross line (1)or (2) or none. and can we put a pending order
there?
Regards
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  • #1,098
  • Aug 20, 2009 6:46am Aug 20, 2009 6:46am
Just some thoughts:

If you trade five min lots

you start out with buying $5.00

If you scale out at 2 pips you get 10.00

That leaves you .80 of your money
or $4.00
If you scale out at 4 pips you get 16.00

You are now at breakeven and you can't loose and you will jump to have plus 2 at every two pips profit so you will never loose any money from here and make at least plus 2 if you get stopped out from here.

That leaves you .60 of your money
or 3.00
If you scale out at 6 pips you get 18.00

That leaves you .40 of your money
or 2.00
If you scale out at 8 pips you get 16.00

That leaves you .20 of your money or
1.00
If you scale out at 10 pips you get 10.00

If the market moves just 2 pips then back to 0 or your entry and then to 2 pips again. It will skive off your 2 pips until you are out. But remember your only getting a 2 pip exposure to get your pips.

If it never progresses you loose the same as if you went $5 per pip with a sL of say 20 possible profit $50.

I think the math is correct.

Some of you smart guys can maybe correct or do better call it a bomb.

Regards
  • #1,099
  • Edited 7:14am Aug 20, 2009 6:59am | Edited 7:14am
Quoting SusanD
Just some thoughts:

If you trade five min lots

you start out with buying $5.00

If you scale out at 2 pips you get...
I must admit that it is too complicated for me although I thought so far that I am very good in numbers...
I do not understand it from the very beginning... What does 5 min lot mean and what does it mean to "start out with buying 5 USD"??
Can anybody here explain to me if I have to try to understand or is it just enough if my intuition says that it is not very relevant?
Sorry, nothing personal, just asking for advice Should we discuss it at all? My guess at the moment is NO.
  • #1,100
  • Aug 20, 2009 7:22am Aug 20, 2009 7:22am
Quoting harar
Hi Glen
First of all I want to thank you for the three part explanation. It has cleared a lot of things. I have a question . For re entry short on Gbp the price has to cross line (1)or (2) or none. and can we put a pending order
there?
Regards

Screenshot 5M GBPUSD.

1) Price is consolidating around Monthly Pivot
2) Trading range for the day was at 160 pips
3) Average trading range (daily) is approximately 180 pips
4) Correct entry if you want to risk another short is a new low on 5M signal candle
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_02 Aug. 20 16.17.gif Size: 17 KB
" Never let the past hold the future to ransom "
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