Simple Trading Method with trader101

Good advise there Saiful and DC. This is Price action method in its purest form. Add anything to it and it is spoilt. Lets follow the original guidelines.

Wish you both Selamat Berpuasa. 1Malaysia Boleh!

Hey A-game

You can catch signals any time, and some really big moves. Personally, I have had best luck catching signals at pre-european open (about 0400 GMT) and on into the European session.
Sometimes there is a stall in the action pre us open about 0500 est (about 0900 GMT? sorry, don't have my clock up right now.) and you can hook into something around NY open.

It seems to me that these are good times to look for moves and signals.

I haven't quite put it together in my head yet, but I THINK that Economic announcements set the tone for the next several hours following. Picked up a few pips after the turmoil settles down.

By the way, haven't mentioned before, if you use the ORest, the SHORT LONG indicators along the bottom can be very misleading. Limstyles is right. THey give false signals. I use the ORest, and like it, but stick to the basket lists.

Shakey

Although I don't have the source code as Orest did not post the source (well, I can't find it for the latest version), I think the reason why it doesn't work as intended is because the end times appear to be the current time or at least longer than the periods should be. This is trivial on the longer TF's if you are paying attention, however if you are only glancing from time to time and not taking too much notice, you may run into false signals.

I believe T101 uses only the IA. If it is good enough for him, it is good enough for me (and it has been more than good enough for me).

i use just the IA and it is working perfect. I have 2 IA: 1 open at the beginning and 2 opend every Monday 00:00 (local time, of course, GMT+2).

OK I have read until page 24 now, every post, searching the meaning of this OREST, until I discovered "it" was one of us members of the thread !

Now :

- Trader101, you are speaking about the 2nd phase of your method. Could you please tell on which page it begins ?

- It seems to me that there are stronger signals this week than last week ; is it me who begins to master the method better or do you think I am right ?

- I have written very simple EA and scripts, for those who are interested. They are in French right now, but just tell me and I will translate them in English and post them. The first one is an EA wich displays your Profit/Loss on the window of your choice, for people like me who run another EA, or do a manual trade outside Trader101's method now and then. There can be a slight time lag due to the waiting of a tick on the chosen window, but it is very useful though if you have other trades running. As it uses a magic number, I modified Trader101's TradeHedge script with the same magic number to open 14 buys or 14 sells (with the USD/CAD + CAD/JPY version, and not optimized for contra pairs, but this is easy to change). As well as a third script to close all the 14 pairs at once, and these 14 pairs only. So if anyone is interested, please tell me I will do the translation, this is not very long.

I can translate them into Italian and Swedish too.

[quote=Spipou;2993503]OK I have read until page 24 now, every post, searching the meaning of this OREST, until I discovered "it" was one of us members of the thread !


Spipou

See your confusion. The ORest indicator is named after the programmer. It first makes its appearance around page 70 or so.

There is also a thread about the Orest in the programming forum on Forex Factory.
IT might not be for you.

It's an okay indicator for me. I wouldn't argue with Limstylz about it's accuracy in the smaller time frames. I look at the longer (weekly and above, and the weekly and sometimes daily for entrys). I use the smaller time frames to indicate volitility since you can see the pairs bouncing around. I also tend to trade a more short term style taking profits at around 200 - 400 pips, and using smaller stops. 350 or so. (though I am making money, I am not really happy with my risk reward with this system yet).

Personally, I think the original IA is probably best, however, I myself can't seem to visualize it very well. The pairs don't stand out and the colors are bland. I guess I just need more contrast to follow it.

Sounds like Max has a good plan

Shakey

My reason for why i use it:

http://t101system.mt4stats.com

Amen enough said i keep to this

Russ

Hello all,

been reading this stuff from its making, then stopped cause of all indy hype, then reappear, and so repeated couple of times. Thing seems settled now, so I returned and re-read.

I intend to put here my short view of trading this method and hopefully Julius will confirm or correct me and recommend way of trading:

-IA account is opened (for me IBFX), then buy and sell script is triggered for 14 pairs, you can also put Orest 1.14 indy/EA on it, then you leave to run this demo account INDEFINITELY. It will continually show all of the pair/currency biases. You can match triggered positions (sorted by profit) with the ones on Orest indy and make out trade direction bias.
-At the beginning of each trading session (UK,US, Asia open) you check for directions: generally IA account shows strong trend direction and you can trade, when current day trend matches long term, or you can trade just according to just current day trend.

As i read lot of so-far posters, method can easily achieve 100+ pips per day, however in choppy markets triggers become unreliable. But so it is with many systems. What is confusing, are posts with "I won 300$ in 30 minutes". I want to see for example "I won 300$, while I risked 120$" or "I won 350 pips while risked 250 pips".

I have yet to see RR ratio with this method, as I want to see twice the winner than size of loser. If we dont hit this rate, then this must be offset with very high hitrate of winnings.

For example: I would use 500$ mini account, risk 2% or 10$. At (Julius proposed) SL 40 avgpips per pair this is 1000cents/(14*40pips)=approx. 0.02 minilot each position. Total negative pips at this point would be 560 pips loss. So, for winner we want twice this, e.g. 1120 pips total and roughly 20$ each win.

So, my question is, which trigger brings the best probability of getting 1120 pips (option below?):

a) trigger at each market open, looking at direction, recommended by Orest indy under "This day" column?
b) trigger at each market open, looking at universal direction, given by (all) Orest indy time columns?
c) trigger only by looking at dislodging of anchor pairs and ignoring Orest indy?
d) something else?

cheers

K.

my method is as follows:
1. watch the initial IA and see the trend short or buy;
2. at the beginning of every week i open a second IA and i let it run for 1-2 days, to see the actually trend;
3. i let the second IA to run and never trade until the anchors (of the second IA) has less then 60-70 pips gain - this allowed me to see that the trend is strong. If the anchors has less than 60-70 pips then you have a high risk of reversal;
4. If the follows 2 conditions are met (i) the trends of the initial IA and second IA are the same and (ii) the anchors of the second IA has more than 60-70 pips i open the basket.

Also i don't trade if the trends are not the same: if the trend of the 2 IA is different then 1 IA then i know that we have a retracement and i wait for a change. If the 1 IA start to change the trend i will trade when the new trend is settled and i don't need to watch the 2 IA.

After this i will open the ProtecAccount if the gain is more than 500-1000 pips, as i fill it at the moment.
I don't use any indi - no Orest, nothing. i think that the IAs are enough to handle the system. One thing - trade with 0.10 lot max.
I traded with 0.50 lots and i won 2500 Eur in 24 hr but if the trade were wrong??

i don't know if this a good method but it works for me for the last 2 months.
I wait for advices or new ideas.

Maxu08,

I consider your approach a reasonable method, looks solid. May I inquire some statistical stuff, please:
- your min,avg and max winners size
- ratio of winning basket trades against losing times
- do you have particular times when u look at both your two IA accounts in preparation of trade?

This data would be most appreciated and I thank you in advance.

cheers

K.

i don't have such data because i;m too lazy and occupied at the office to kepp a record but all i can tell you is that i started from an account of 2k euro and i have 15k after 2 months. I propose you to start on a demo and see it yourself, is the best way to verify a method, no matter what you see at other traders.

there is no specific time when i check the IA because of my job, but in generally i check before London session. i open the trades and i close the PC, go to work and recheck it when i get back home.
If the trends of those IA are the same you have minimum chances to loose - retracement maybe - but the important thing is to trade with the lot size you can afford - begin with max. 0.10 lot and the min account size - 2k euro/usd. But first - try demo for at least 2-3 months.

Maxu, thank you for your input, was thinking the same.

EDIT: One more thing, which script do you use for opening trades - do you buy/sell ALL pairs or do you use the one, that has "optimized" script, where two pairs are opposite of general direction?

London open or NY open always good

Russ
//-----------------

hi maxu,
i also use my original ia and my weekly ia ,although im still tinkering with variations to which i feel most confortable and above all else confident with,but i use the original ia more for reference,as depending on when you opened it it can give a misleading bias,for example my original was opened 13/7/09,and is still showing long,which on the grand scale, at this moment would be true,although i have been shorting for the last few weeks on this retracment ? from my bias on my freshly opened weekly ia.i am using my original ia to see if those ancors get dislodged which would make me aware that the retracment could be more permenant trend change possibly.having said that if you look at orests indi you are zooming in to trends with in trends ,thats the part im having trouble with ,as the more you zoom in, the closer you tip the balance to a 50 50 trade with concideration to your spread.by the way this was not a criticision of your method just an observation from my ia,s
ps if i had your ias and eyes i would be very pleased
regards william

you are right regarding the risk of having a too older IA and i just started to have he same problem.
What i test right know (on a demo, i don't make trades in july and august because of holiday) is to make the trades using just the weekly IA and keeping the 60-70 pips for the anchors as a strong signals for the trend. And after i can reach the 1k euro / 0.3 lot i close the position until next week. Also i try with 0.50 lots but i keep the trades until 1800/2500 euro profit (it easy for me to talk in euro and not pips )
But i still look at the old IA because i want to try to reach the bigger trend to see where i will go with my earnings if i catch the big wave - when the anchors of the older IA will change i will open the basket (on a demo) and let it run for weeks or months, depends, just to see how much pips i can get
for opening the basket i use the initial script - all pairs in the same direction

This is why you open the new trades on the IA on a weekly basis, so you can instantly see where the current bias is.

If you feel a little more inclined, you can examine the spread between the buys and sells as this will give you a better overview. This is what I do and is a little more involved (as I'm not too great with spreadsheets). However, with a little effort, you may find this works much better than the orest indicator, or having to open up new trades on the IA every week.

Russ you are stopped your system ?

I dont see new trade since 19 August ?!?

Regards
Ludo.

Demo expired for me :S restarted mt4 and password was blank

Hi Limstylz, what do you look for when you say you examine the spread between the buys and sells? Hope you can explain this a little more. Thanks!

I am looking at contractions and expansions between the buys and sells... If the spread between them contracts then there is consolidation, expansion indicates trend. I try to look for the contraction as this will either give me a dip or a reversal indication and then I look for the expansion to trade from, from there.