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MTF Trix system

  • #1,101
  • Aug 20, 2009 9:26am Aug 20, 2009 9:26am
Quoting Gleneagles
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
Here is a nice indicator for Average Daily Range. It has some weird functions too but one is very good - it shows how much room is there for long and short according to ADR.
I have made it visible only on my daily chart and I check it occasionally in the second half of day.
Attached File(s)
File Type: ex4 Average_Daily_Range.ex4   17 KB | 441 downloads
File Type: mq4 Average_Daily_Range.mq4   14 KB | 560 downloads
  • #1,102
  • Aug 20, 2009 9:27am Aug 20, 2009 9:27am
Hi all. I'm new to this thread but have been following for some time and really like this system. I enjoy how everyones charts are nice and clean not cluttered up by a huge ammount of indicators.
Does anybody else have a signal on the EurJpy on a 30 min timeframe? I want to make sure all my setting are correct.
  • #1,103
  • Aug 20, 2009 9:38am Aug 20, 2009 9:38am
Quoting Indrek
Here is a nice indicator for Average Daily Range. It has some weird functions too but one is very good - it shows how much room is there for long and short according to ADR.
I have made it visible only on my daily chart and I check it occasionally in the second half of day.
Thanks, will have a look.
" Never let the past hold the future to ransom "
  • #1,104
  • Aug 20, 2009 9:40am Aug 20, 2009 9:40am
Quoting Sonofsin5
Hi all. I'm new to this thread but have been following for some time and really like this system. I enjoy how everyones charts are nice and clean not cluttered up by a huge ammount of indicators.
Does anybody else have a signal on the EurJpy on a 30 min timeframe? I want to make sure all my setting are correct.
Long or short? What time?
" Never let the past hold the future to ransom "
  • #1,105
  • Aug 20, 2009 9:49am Aug 20, 2009 9:49am
30 min eurjpy long

Quoting Gleneagles
Long or short? What time?
  • #1,106
  • Aug 20, 2009 9:52am Aug 20, 2009 9:52am
Gleneagles, what pivot point indicator do you use? I find that the ###AutoPoint.ex4 has too much printing on the right side where I want to watch current timeframe activity. Thanks.
  • #1,107
  • Aug 20, 2009 9:59am Aug 20, 2009 9:59am
Quoting Sonofsin5
30 min eurjpy long
One of Glen's suggestions is that if the ATR is low to stay out of taking new trades.
Currently the ATR of EURJPY is pretty low
Also it has bounced off 134.40 twice so I would be leery about going long at the current levels.,.....however you asked Gleneagles, so I will defer to his opinion on this

PGPB
  • #1,108
  • Aug 20, 2009 10:00am Aug 20, 2009 10:00am
Quoting mary4x
Gleneagles, what pivot point indicator do you use? I find that the ###AutoPoint.ex4 has too much printing on the right side where I want to watch current timeframe activity. Thanks.

Mary,

I use Autopivot.
" Never let the past hold the future to ransom "
  • #1,109
  • Aug 20, 2009 10:02am Aug 20, 2009 10:02am
Quoting pgpb
One of Glen's suggestions is that if the ATR is low to stay out of taking new trades.
Currently the ATR of EURJPY is pretty low
Also it has bounced off 134.40 twice so I would be leery about going long at the current levels.,.....however you asked Gleneagles, so I will defer to his opinion on this

PGPB
You are right about ATR.

I don`t see a new high of 30M signal candle either.

No valid entry so far.
" Never let the past hold the future to ransom "
  • #1,110
  • Aug 20, 2009 10:02am Aug 20, 2009 10:02am
Quoting pgpb
One of Glen's suggestions is that if the ATR is low to stay out of taking new trades.
Currently the ATR of EURJPY is pretty low
Also it has bounced off 134.40 twice so I would be leery about going long at the current levels.,.....however you asked Gleneagles, so I will defer to his opinion on this

PGPB
Yes, market is slowing down. And if to look at EURUSD that has been in a very narrow range all day long, I prefer not to trade any more today. Tomorrow should be a very good day for trading although it is Friday as after a ranging day very often comes a trending one.
  • #1,111
  • Aug 20, 2009 11:39am Aug 20, 2009 11:39am
GBPUSD

LWMA 8,3,6

Trix 5m, 30m

Result : 25 + 35 + 50 = 110
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd20.08.gif Size: 21 KB
  • #1,112
  • Aug 20, 2009 11:47am Aug 20, 2009 11:47am
Quoting Trader7
GBPUSD

LWMA 8,3,6

Trix 5m, 30m

Result : 25 + 35 + 50 = 110
Nice result but it seems to me that you took this trade before the signal on M30 was confirmed, i.e. the M30 candle with arrow was still open.
This caused to you a lot of painful waiting. The correct entry would be after the small retracement when M5 Trix turned down again.
Of course, everything is ok that ends ok
  • #1,113
  • Aug 20, 2009 11:56am Aug 20, 2009 11:56am
indrek,thanks for the indi
  • #1,114
  • Aug 20, 2009 11:58am Aug 20, 2009 11:58am
Hi:

Inanswer to your Question:

5 Mim Lots mean: Buy five mini lots at $50 @ 200:1 or $25: @ 400:1

That means you pay $25 each for a contract that will give you $1 for every pip that the market moves

So if you start out with 5 mim contracts you have $5 for each pip starting out your trade

10 pips would give you $50 in profit

The EA takes away one dollar every two pips
  • #1,115
  • Aug 20, 2009 12:05pm Aug 20, 2009 12:05pm
Quoting Indrek
Nice result but it seems to me that you took this trade before the signal on M30 was confirmed, i.e. the M30 candle with arrow was still open.
This caused to you a lot of painful waiting. The correct entry would be after the small retracement when M5 Trix turned down again.
Of course, everything is ok that ends ok

Agree....

I took the trade from 60M.
Entry 16512
Second entry 16495

Trader7,

Consider putting pivots on your chats, you will see why the price bounced.
It was NOT to punish you for the early entry
Worked out well in the end
" Never let the past hold the future to ransom "
  • #1,116
  • Aug 20, 2009 12:16pm Aug 20, 2009 12:16pm
Quoting SusanD
Hi:

Inanswer to your Question:

5 Mim Lots mean: Buy five mini lots at $50 @ 200:1 or $25: @ 400:1

That means you pay $25 each for a contract that will give you $1 for every pip that the market moves

So if you start out with 5 mim contracts you have $5 for each pip starting out your trade

10 pips would give you $50 in profit

The EA takes away one dollar every two pips

Susan,

I understand that your response was meant for Indrek and I am not answering on his behalf.
I just wish to politely point out that we do not target 10 pips trading this method.
There are other threads that do a fine job with scalping but we target a minimum of 20-25 pips here as a first profit target.

I understand perfectly what your EA does. This method is all about trading a high probability setup with proper risk management, we do scale out but we DO NOT water down a 10 pip target.
" Never let the past hold the future to ransom "
  • #1,117
  • Aug 20, 2009 12:24pm Aug 20, 2009 12:24pm
Quoting SusanD
Hi:

Inanswer to your Question:

5 Mim Lots mean: Buy five mini lots at $50 @ 200:1 or $25: @ 400:1

That means you pay $25 each for a contract that will give you $1 for every pip that the market moves

So if you start out with 5 mim contracts you have $5 for each pip starting out your trade

10 pips would give you $50 in profit

The EA takes away one dollar every two pips
Susan,
Thank you for introducing your ideas but as a thread moderator I find them off-topic, unfortunately. Let us concentrate on trading and developing the system that we have here and avoid losing focus.
  • #1,118
  • Aug 20, 2009 12:36pm Aug 20, 2009 12:36pm
Did anybody tried to use 240 m signal and then entry on 30 min signal and then next bar is entry if it is high low of that 30 min signal bar...

It can make easy more then 20 pips as i coud see...


Or that is stupid?
Work smart not hard
  • #1,119
  • Aug 20, 2009 12:46pm Aug 20, 2009 12:46pm
Quoting sony
Did anybody tried to use 240 m signal and then entry on 30 min signal and then next bar is entry if it is high low of that 30 min signal bar...

It can make easy more then 20 pips as i coud see...


Or that is stupid?
Post a chart for us please.
" Never let the past hold the future to ransom "
  • #1,120
  • Aug 20, 2009 12:53pm Aug 20, 2009 12:53pm
I am cheking now..it is kind of stupid as i can see...

Better is this 60 and 5 entry..by me

Thanks Glan for your help..A LOT
Work smart not hard
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