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MTF Trix system

  • #2,101
  • Sep 5, 2009 12:21pm Sep 5, 2009 12:21pm
Quoting studbiol
please can you tell me when the signal would have been fresh?
For me a signal is fresh when the trend is just starting. As I am quite conservative with my entries, I usually look at no more than 3 first M5 signals after the higher TF signal has been confirmed.
  • #2,102
  • Sep 5, 2009 12:30pm Sep 5, 2009 12:30pm
Quoting studbiol
The first trade was no fresh signal ...
I checked your first trade with my chart. You entered 5,5 hours after H1 signal and 6,5 hours after M30 signal!
  • #2,103
  • Sep 5, 2009 1:11pm Sep 5, 2009 1:11pm
Quoting Indrek
Please note that I have no proof that ATR(1440) works this way. I just like to play with numbers: 5 x 24 hours = 120 hours = 7200 minutes = 1440 x 5 minutes
You should use whatever you like but not 15 pips for SL.
If you really use ATR(1440) or anything like this then you do not have it on your chart. This number does not change for long periods Enough to calculate it once and then you just know it.

Sometimes you need no proof and things work any how. I think it makes a lot of sense to use your suggestion. I will try on demo.

Take a look on these 2 charts: # 1 = M5 and # 2 = M30. The SL changes with change of the TF. I don't know if this goes according to any sense but it might be an item to watch.

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Attached Image (click to enlarge)
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If there are pips you can collect - just do it!
  • #2,104
  • Edited 1:54pm Sep 5, 2009 1:19pm | Edited 1:54pm
Quoting studbiol
Sometimes you need no proof and things work any how. I think it makes a lot of sense to use your suggestion. I will try on demo.

Take a look on these 2 charts: # 1 = M5 and # 2 = M30. The SL changes with change of the TF. I don't know if this goes according to any sense but it might be an item to watch.

Attachment

Attachment

No, it does not make any sense. ATR(1440) on M5 is my personal way of calculating SL. It is a random number, in fact. It has no meaning on M30 chart.
Better forget it

NB! I have never suggested to use ATR this way. I just described how I do my little calculations. These things are everyone's personal choice and CANNOT be copied.
Glen has said what numbers he is using for SL. I have described my way. Now, it is your discretion what you use. My suggestion is that you find your own way to set SL.
What is important - the SL of a pair should be somehow in correlation with its volatility. That is why I calculate it on the basis of ATR.
  • #2,105
  • Sep 5, 2009 2:11pm Sep 5, 2009 2:11pm
Quoting Indrek
No, it does not make any sense. ATR(1440) on M5 is my personal way of calculating SL. It is a random number, in fact. It has no meaning on M30 chart.
Better forget it
O.K. -> it's history (trial and error)


Quoting Indrek
NB! I have never suggested to use ATR this way. I just described how I do my little calculations. These things are everyone's personal choice and CANNOT be copied.
Glen has said what numbers he is using for SL. I have described my way. Now, it is your discretion what you use. My suggestion is that you find your own way to set SL.
What is important - the SL of a pair should be somehow in correlation with its volatility. That is why I calculate it on the basis of ATR.
I think I will find a calculation of my own. Unless I have one I will try different ideas (NOT suggestions - sorry, wrong translation) on demo and start again to practice.

Nice weekend to all

If there are pips you can collect - just do it!
  • #2,106
  • Sep 5, 2009 2:14pm Sep 5, 2009 2:14pm
Quoting studbiol
I think I will find a calculation of my own. Unless I have one I will try different ideas (NOT suggestions - sorry, wrong translation) on demo and start again to practice.

Nice weekend to all

You can do it without calculations, just using your intuition. It is quite easy to figure out that sth around 40 is good for GU and around 25-30 for EU

Enjoy your weekend, too
  • #2,107
  • Sep 5, 2009 9:31pm Sep 5, 2009 9:31pm
Greeting to all. I tried learning FOREX on my own for about 1~2 years... This is my 1st post since I followed trendmagic, c4, nitro to here... many thanks to Indrek, Gleneagles, and many others to help me to learn. I have some questions:
- for MTF 60,15,5, does it mean I ignore 30min Trix totally?
- for MTF 30,5, does it mean I ignore 15 min Trix?
- for MTF 30,5, does it mean 60,30, 5 as I am supposed to observe the longer timeframe?
English not my first language...
Many thanks.
David
  • #2,108
  • Sep 6, 2009 1:22am Sep 6, 2009 1:22am
Quoting davnck
- for MTF 60,15,5, does it mean I ignore 30min Trix totally?
- for MTF 30,5, does it mean I ignore 15 min Trix?
Yes to both questions.

Quoting davnck
- for MTF 30,5, does it mean 60,30, 5 as I am supposed to observe the longer timeframe?
With 30,5 you are not authomatically supposed to observe longer TF. In this case, MTF means that you include two timeframes - take entries from M5 with the confirmation of M30.
You can take 30,5 trades when higher TFs are pointing to the opposite direction but then you have to set smaller target and tighter SL.
At the same time it is ALWAYS and with any system useful to know what is going on at higher TFs. So, it is, in fact, your discretion how much you take them into account.
Please note also that M30 and M60 do not work together as they are too close to each other. The best correlation factor is 4, so the ideal "partner" for M30 would be M120.
  • #2,109
  • Sep 6, 2009 1:33am Sep 6, 2009 1:33am
Quoting walb99
Hi studbiol!

The trendmagic line on 5min timeframe is still the best stop loss level
How do you define "the best"
TrendMagic is far too tight, to my mind. When going for 40-50 pips you cannot have a SL of 5-10-15 pips. Even if your first target is 25 pips then your real one is higher.
If you do not want to use any fixed numbers then I would suggest using last swing H/L or pivots for SL. But in these cases you have to set it manually.
  • #2,110
  • Edited 2:08am Sep 6, 2009 1:43am | Edited 2:08am
Quoting walb99
In my opinion it's the best, because the prof traders do respect this line and it's simple to follow. (KISS)
It may be so when you are scalping. But certainly not with this system.
If you want to use TrendMagic for SL then I suggest to look at it on H1 or higher not M5 where it is running too close to the PA.

Last swing H/L and pivots are the easiest to use besides fixed numbers. I prefer fixed numbers because I do not like to set SL every time manually.
  • #2,111
  • Sep 6, 2009 2:21am Sep 6, 2009 2:21am
Hourly ATR can also be a good choice for SL.
As I always prefer to look at longer periods when calculating whatever average, I would choose ATR(480), which is hourly ATR for the period of 4 trading weeks.
The result is: EURUSD 25, GBPUSD 34, EURJPY 37, GBPJPY 49.
  • #2,112
  • Edited 3:28am Sep 6, 2009 3:01am | Edited 3:28am
Quoting davnck
Greeting to all. I tried learning FOREX on my own for about 1~2 years... This is my 1st post since I followed trendmagic, c4, nitro to here... many thanks to Indrek, Gleneagles, and many others to help me to learn. I have some questions:
- for MTF 60,15,5, does it mean I ignore 30min Trix totally?
- for MTF 30,5, does it mean I ignore 15 min Trix?
- for MTF 30,5, does it mean 60,30, 5 as I am supposed to observe the longer timeframe?
English not my first language...
Many thanks.
David
Please see posts #1686 and #1689 ( page 113) for illustrative example for 60-15-5 and 30-5 strategies.

Hopes this helps.

EDIT: Please also see Post #2043 and #2044 (page 137) for further detailed explanation.
  • #2,113
  • Sep 6, 2009 8:14am Sep 6, 2009 8:14am
Quoting lrathi
Please see posts #1686 and #1689 ( page 113) for illustrative example for 60-15-5 and 30-5 strategies.

Hopes this helps.

EDIT: Please also see Post #2043 and #2044 (page 137) for further detailed explanation.
Hi Indrek and Irathi, thank you very much for your replies. I will follow the entry rules closely and continue to learn from you all.
  • #2,114
  • Sep 7, 2009 1:39am Sep 7, 2009 1:39am
The market looks harder to pick than a broken nose so far tonight...
How do you make a small fortune in Forex? Start with a large one!
  • #2,115
  • Sep 7, 2009 2:12am Sep 7, 2009 2:12am
Dear Glen,

I really like your system. I tried to use the "Update Stops" EA but I still have some problems. I have several questions how to use the EA properly.

1. Do I have to download the ex4 file to EA folder?
2. If I want to scale out 1/3 after 25 pips gain, which % I have to input in the box of TakeProfitPercentage? Either 25% or 33 (34) %?

3. Most importantly, whenever I try to trade (for excercise), message box pops up continuously. The message reads, "Confirm HardStop Setting GBPUSA ? OK to set STOPLOSS now to 40 pips loss? or CANCEL to disable HardStop setting. I pushed the button, OK. It keeps asking me the same question again and again. To make it worse, the stop does not appear the trading lines.

4. Can I use different settings for 60-15-5 and 30-5? I open those different templets in a monitor. I thought it would be good if I could enter the different S/L and T/Ps because I want to input tight stops and tps for 30-15? I maybe wrong, but only one setting seems to work.

5. Do JPY pairs require different numbers? When I input 38 for S/P, the stops were 3800 pips. I tried to input 0.38 but I was not able to input the number. Is there anyway for me to input correct numbers?

Sorry for too many questions. I am learning very basics such as how to build my own templets.

Thank you very much for your attention and I am looking forward to hearing from you or anybody who can answer my questions.
  • #2,116
  • Sep 7, 2009 3:39am Sep 7, 2009 3:39am
Quoting michaelhryu
Dear Glen,

I really like your system....
If you are only learning very basics then I suggest that you try to trade the setup in the most simple way, using one TP per trade. You cannot start a graduate or post-graduate course in parallel with the basic school. Do not hurry, move step by step with your studies.
Just my personal opinion
  • #2,117
  • Sep 7, 2009 6:15am Sep 7, 2009 6:15am
Today's results: 40 pips from eurjpy, waiting for usdcad to hit target 1.

My pips are from one entry, one exit = real pips.

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  • #2,118
  • Sep 7, 2009 6:23am Sep 7, 2009 6:23am
It is simply wrong to sum up all multiple exits and report that, use their average instead.

Showing multiple exits is not totally wrong as it shows how anyone manages a trade.
But I agree that trade management can very well be considered a personal choice and not discussed at all. What really matters is where to enter and where to exit.
  • #2,119
  • Sep 7, 2009 6:30am Sep 7, 2009 6:30am
That would be cool, if someone post on the first page of thread the latest updates of indicators and templates

Because i'm lost, nobody shows the same graphs ???

Thanks !
  • #2,120
  • Sep 7, 2009 6:36am Sep 7, 2009 6:36am
Quoting crashout
That would be cool, if someone post on the first page of thread the latest updates of indicators and templates

Because i'm lost, nobody shows the same graphs ???

Thanks !

Agreed!
That would be great.
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