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MTF Trix system

  • #1,361
  • Aug 24, 2009 7:57am Aug 24, 2009 7:57am
Quoting stunna29
Hey guys,just sit on your hand for now and watch this market carefully,it's been choppy for the past two hours or so.Don't rush it let these set up come to you..if we never get another trade for today then then that's fine there will always be tommorow.It is better to be out of a trade and wish you were in than be in a trade and wish you were out.
You might be right - market is in some kind of coma.
  • #1,362
  • Aug 24, 2009 8:24am Aug 24, 2009 8:24am
Got out around B/e ... went up +9 or 10 for a bit then slide down. PA looking really crap right now its almost annoying specially when you seem to get profit then out of the blue just starts turning around fast. Hate that.

Anyway, im staying out until another signal or clear direction.
  • #1,363
  • Aug 24, 2009 8:40am Aug 24, 2009 8:40am
Quoting WilteredFire
Got out around B/e ... went up +9 or 10 for a bit then slide down. PA looking really crap right now its almost annoying specially when you seem to get profit then out of the blue just starts turning around fast. Hate that.

Anyway, im staying out until another signal or clear direction.
Yup..it's best to sit this out for a minute.it took me almost an hour to make +6 pips on the eu/jpy.
  • #1,364
  • Aug 24, 2009 9:23am Aug 24, 2009 9:23am
Quoting stunna29
Yup..it's best to sit this out for a minute.it took me almost an hour to make +6 pips on the eu/jpy.
I think that one of the most important things to learn in Forex is when not to trade. Probably the key to success. I know that I haven't figured it out yet.

Doc
  • #1,365
  • Edited 9:59am Aug 24, 2009 9:35am | Edited 9:59am
After the loss in the morning tried to be very modest and set TP/BE to +9 for EU.
And like it very often happens - was away when GU started to move south and there would be a perfect M30 trade...
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  • #1,366
  • Aug 24, 2009 10:59am Aug 24, 2009 10:59am
My first post to this thread although I've been lurking since Day 1. Congratulations to Indrek, Glen and all the rest for the stunning breakthroughs revealed particularly over this past week. A lot of time and effort went into those accomplishments and your respective rewards will be many.

My humble contribution today concerns a refinement in trading times. My experience has been that the London/US overlap price direction is not fully defined prior to the open of the NY Stock Exchange Floor Session at 9:30 edt/13:30 gmt.

Today's action was a prime example of this as prices ranged overnight on the GBP/USD and Glen's M30/5 setup (TRIX @ 2,1,1,1) signalled a direction shift to short just prior to the NY open that followed through for 70 pips. As a swing trader, this was my ideal setup and it occurs more frequently than not. Sometimes signals aren't apparent until as late as 15:00 gmt due to news releases but, needless to say, I'm looking at both the Euro and Pound/USD pairs for a strong swing move or reversal from 13:30 gmt onward.

Would be curious to learn if others have similar favorite pair/time refinements to share. Am currently investigating whether a like circumstance occurs at the Asian open. Being on Pacific time that's another good time for me to trade. Need less screen time and more sleep.

Good trading to you all.

Steve
  • #1,367
  • Aug 24, 2009 11:23am Aug 24, 2009 11:23am
Quoting Indrek
After the loss in the morning tried to be very modest and set TP/BE to +9 for EU.
And like it very often happens - was away when GU started to move south and there would be a perfect M30 trade...
Hi,

I notice your ATR is set to 6 and 1000

Since I am primarily trading off of the 60M chart...what would be a good guage of when the market has enough volatility to trade?

5/35?

Thanks.

Darren
  • #1,368
  • Aug 24, 2009 11:45am Aug 24, 2009 11:45am
Hi. I have a question. I always liked the idea of MTF trading. But how do you work around the challenge that the highest time frame of indicator can change direction after you place the trade? Thanks
  • #1,369
  • Aug 24, 2009 11:53am Aug 24, 2009 11:53am
Quoting pilotui
Hi,

I notice your ATR is set to 6 and 1000

Since I am primarily trading off of the 60M chart...what would be a good guage of when the market has enough volatility to trade?

5/35?

Thanks.

Darren
I play with this setting. Right now I have already set it to 288 That is M5 ATR for a 24 h period (24 * 60/5).
I suggest that whatever chart you trade, use the ATR of M5 for volatility. If you take 5/35 on H1 chart then you get 5 hour period compared to 35 hour period... Does not sound good?
Maybe you should take M5 chart and set ATR to 12/60, for example. Then you compare 1 h period with 5 hour period.
  • #1,370
  • Aug 24, 2009 12:08pm Aug 24, 2009 12:08pm
Quoting cjd
Hi. I have a question. I always liked the idea of MTF trading. But how do you work around the challenge that the highest time frame of indicator can change direction after you place the trade? Thanks
Of course, it can, and in this case we get out from the trade or most probably our SL will be hit. Simple as that.
PA can always change its direction and nobody can be protected from it. All indicators always lag as they describe the past not future. Our task is to try to make assumptions on the basis of what indicators show but we never know the truth.
  • #1,371
  • Aug 24, 2009 12:20pm Aug 24, 2009 12:20pm
Quoting cjd
Hi. I have a question. I always liked the idea of MTF trading. But how do you work around the challenge that the highest time frame of indicator can change direction after you place the trade? Thanks
ADR and Support/Resistance considerations become helpful.
WANT WHAT THE MARKET WANTS...
  • #1,372
  • Aug 24, 2009 1:02pm Aug 24, 2009 1:02pm
Very difficult day for trading but thanks to proper MM I ended with -4.50 USD only after losing 30+30 pips in the morning...
My last trade was from H1 chart (blue line marks the signal). I would not take it under these market conditions if I was in profit by then.
How did anybody else survive today?
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  • #1,373
  • Aug 24, 2009 1:16pm Aug 24, 2009 1:16pm
The market was quite choppy today with no fundamentals to drive the PA.

30M 5M was a better option (with perfect hindsight) to trade today on GBPUSD.

The first 60M sell setup was the best one @ 06H00 GMT.
" Never let the past hold the future to ransom "
  • #1,374
  • Aug 24, 2009 1:37pm Aug 24, 2009 1:37pm
Just a hint.

If you see an extra long signal candle, treat it with caution.

Make sure that you check the ADR before you jump into a trade.
The extra long signal candle can lead to a retracement as well.

60M GBPUSD
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" Never let the past hold the future to ransom "
  • #1,375
  • Aug 24, 2009 1:53pm Aug 24, 2009 1:53pm
Quoting Gleneagles
Just a hint.

If you see an extra long signal candle, treat it with caution.

Make sure that you check the ADR before you jump into a trade.
The extra long signal candle can lead to a retracement as well.

60M GBPUSD
I suggest that if a candle is more than 2 * usual then it is better to wait. Or is it too conservative?
  • #1,376
  • Aug 24, 2009 2:12pm Aug 24, 2009 2:12pm
Quoting Indrek
I suggest that if a candle is more than 2 * usual then it is better to wait. Or is it too conservative?

I would treat it with caution if it is X2 the normal size. If it goes into average ADR territory, just skip the trade. There are enough good trading opportunities to make decent pips.
" Never let the past hold the future to ransom "
  • #1,377
  • Aug 24, 2009 2:16pm Aug 24, 2009 2:16pm
I am suffering under trading addiction again... It happened to me before that I could not resist signals outside normal trading time... Entered short EU at 17:35 GMT from H1 without any decent volatility...
Luckily I will be on business trip tomorrow, so no trades for the whole day
  • #1,378
  • Aug 24, 2009 2:20pm Aug 24, 2009 2:20pm
Quoting Indrek
I am suffering under trading addiction again... It happened to me before that I could not resist signals outside normal trading time... Entered short EU at 17:35 GMT from H1 without any decent volatility...
Luckily I will be on business trip tomorrow, so no trades for the whole day

Trading is an addiction only cured by poverty
" Never let the past hold the future to ransom "
  • #1,379
  • Aug 24, 2009 2:25pm Aug 24, 2009 2:25pm
So for example on that huge GU candle...

It shows

ADR=131

Room Up= 126

Room Down= -17

So its WAY Too far down to go short.

Is that correct...if so that would be a great guide!
  • #1,380
  • Aug 24, 2009 2:27pm Aug 24, 2009 2:27pm
Quoting Gleneagles
Trading is an addiction only cured by poverty
Thanks, I already feel better
In fact, first profit has been taken by now and I still end another day in a small plus.
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