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MTF Trix system

  • #2,301
  • Sep 9, 2009 1:23pm Sep 9, 2009 1:23pm
Quoting lrathi
Please re-read the 2 block posts again and understand the text in relation to the lines drawn and the way they line up on the MTF indicator on two TF's first.Page 144 posts#2150 and #2151

Ask your self???

Q1. What time frame in the 30-5 (2xblock system) are you trying to trade?
Q2. What time frame are your entry signals from?


Please post a chart with this 2 block system first.

Thanks
Hi Irathi,

I will be using the 60-15-5 (3 x block system). It affords me a greater degree of comfort after testing both systems. I am trading the 1 hour timeframe, and entering the trades on a 5 minute chart as per the instructions presented throughout this thread. I also use the 240 minute chart as a final confirmation tool to tell me if I should let profits run. Stop loss is placed at the low of the last fractal prior to the signal if buying and vice versa if selling. Take profit is a minimum of a 1:1 risk/reward ratio. How far away is my stop loss? Thats my take profit at a minimum or at next major support/resistance level (determined by daily pivot points and fib levels). Today was my first day using this system after 3 weeks of detailed research and following every instruction by Gleneagles, Indrek and others. I just needed to clarify the entry point. Thank you.

fxpilot
  • #2,302
  • Sep 9, 2009 1:28pm Sep 9, 2009 1:28pm
Quoting lrathi
I am confused here.
The response of the trader indicates that the basic understanding of the 2-block is not there yet.
My understanding is there is still confusion which TF is being traded and which is the TF for pulling the trigger by the trader. I get this impression from the basic line line up of the squares.

My questions have not been answered by the trader , so where does this leave me??I had reason to ask the trader these questions to understand his understanding.

I have just finished explaining in detail the 60-15-5 for the manual with...
Hi Irathi,

Great chart. It certainly clarifies everything. Good job. Thank you.
  • #2,303
  • Sep 9, 2009 1:34pm Sep 9, 2009 1:34pm
Glen,
Please have a look at the latest sample chart by lrathi. I have some doubts that p.4 is not correct. I mentioned it already in my earlier post.
Thanks
  • #2,304
  • Edited 4:05pm Sep 9, 2009 3:37pm | Edited 4:05pm
The easiest way to trade this VERY SIMPLE system is to use the indicator written by Royston. The blocks show confirmed signals so there is no guesswork , no searching..nothing..zip.

On a 5M chart

You simply load 3 indicators into the same subwindow with TF settings 5 15 60.
If you see 3 BLOCKS of the SAME COLOR, lined up, you have a CONFIRMED signal.

Please do not make it any more complicated than this.

This is the steps you follow:

1) Find THREE BLOCKS of the SAME COLOR.
2) The THREE BLOCKS must line up vertically.
3) Draw a Vertical line on the chart where the blocks line up.
4) Look at the candle on the left of the vertical line.
5) Draw a horizontal line through the high/low of the candle.
6) Your entry point is 2 pips above the high for a long trade.
7) Your entry point is 2 pips below the low for a short trade.

Attached is a chart with a potential LONG TRADE.

1) Vertical Blue line marks the CONFIRMED buy signal on 60 15 5 Timeframes.

2) The bear candle on the left of the blue line is marked with a line drawn across the high.

3) The green line and RED arrow marks the candle where the high +2 pips entry was triggered.

4) If you have a retracement followed by a sell signal and another buy signal.

5) Repeat steps 1-3.

6) You will notice a second blue line on the chart where the next buy signal
triggered.

7) I followed the same procedure to find the entry point, in this case it is at the same level because the candles made the same high.


Let me explain to you why I use this method for entries.

1) By looking for a new high after a long signal, you confirm upward thrust and momentum. The opposite applies to a sell signal.

2) You are often able to use a smaller stop loss because of confirmed momentum.

3) In a lot of instances, you avoid a pullback by entering when the momentum is confirmed.

4) You avoid some false signals.
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_01 Sep. 09 21.48.gif Size: 21 KB
" Never let the past hold the future to ransom "
  • #2,305
  • Sep 9, 2009 3:50pm Sep 9, 2009 3:50pm
False sell signal filtered
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_02 Sep. 09 22.46.gif Size: 20 KB
" Never let the past hold the future to ransom "
  • #2,306
  • Sep 9, 2009 4:10pm Sep 9, 2009 4:10pm
Quoting pgpb
Many thanks to YOU Irathi!!

Three additional points that I would add are
1/ Is ATR high or low (we have xADR indicator for that),
2/ and also is price coming up on a Round Number (I have attached the indicator I use for that)
3/ Is there any "red flag news" coming out
We have a checklist for that.
We are only dealing here with the identification of entries.
" Never let the past hold the future to ransom "
  • #2,307
  • Sep 9, 2009 4:29pm Sep 9, 2009 4:29pm
Quoting Gleneagles
We have a checklist for that.
We are only dealing here with the identification of entries.

This simple trading method will soon be so complicated that nobody will be able to trade it.
We will have manual for identifying colors, a manual for deciding what do do once we have identified the colors, a manual for deciding what not to do once we have identified the colors, a manual to deal with exceptions etc etc

In the end we will be so busy reading manuals, we will miss all the trades.

In the beginning, it was something simple...find 3 blocks of the same color.

Hopefully, a concise manual will save time and energy and assist the slow learners.

I am concerned that a system that started of as a simple, profitable trading method will soon be scrapped because it will simply be too complicated to trade.
" Never let the past hold the future to ransom "
  • #2,308
  • Sep 9, 2009 5:04pm Sep 9, 2009 5:04pm
Hi Glen,

I think that people get confused by using different trix meters.
As you suggested I only use TRIX MTF meter Roy 05 confirmed signals now and I also took off the arrows of the smC4scalper signals.
Today the entries were clear for me (although not all winners http://www.forexfactory.com/images/icons/icon9.gif)
Thanks, Regards

Caz
  • #2,309
  • Sep 9, 2009 5:11pm Sep 9, 2009 5:11pm
Quoting caz
Hi Glen,

I think that people get confused by using different trix meters.
As you suggested I only use TRIX MTF meter Roy 05 confirmed signals now and I also took off the arrows of the smC4scalper signals.
Today the entries were clear for me (although not all winners http://www.forexfactory.com/images/icons/icon9.gif)
Thanks, Regards

Caz
You are right. I removed other versions from the 1st page.
  • #2,310
  • Sep 9, 2009 5:13pm Sep 9, 2009 5:13pm
Here is a template you can use.
Make sure you download the indicator as well.
Attached File(s)
File Type: tpl mtf.tpl   22 KB | 1,071 downloads
File Type: ex4 Trix MTF meter roy 05 showing confirmed signals.ex4   6 KB | 1,095 downloads
" Never let the past hold the future to ransom "
  • #2,311
  • Sep 9, 2009 5:24pm Sep 9, 2009 5:24pm
Quoting Gleneagles
This simple trading method will soon be so complicated that nobody will be able to trade it.
We will have manual for identifying colors, a manual for deciding what do do once we have identified the colors, a manual for deciding what not to do once we have identified the colors, a manual to deal with exceptions etc etc

In the end we will be so busy reading manuals, we will miss all the trades.

In the beginning, it was something simple...find 3 blocks of the same color.

Hopefully, a concise manual will save time and energy and assist the slow...
I understand your concern Gleneagles. Another great contributor to the FF forum called Petercrowns summarised it best whilst discussing his system. He said (quote):

These types of trades are simple, low-risk and potentially high reward. The only problem is you do have to be conscious when they happen so you can take the trade!"

"What I like about these simple trades is the tendency to be able to cover your risk quickly by exiting half of your position at 1:1, allowing you to hold the remaining position with the initial stop (the other side of the inside bar) as a virtual "free trade".

"I've found 'elegantly simple' in trading is best."

"Simple works in the markets, because they are very simple.
Most traders complicate things incredibly. Because their minds probably can't handle the truth yet that the markets basically feed where the orders are."

Reading through all the market wizard books (3 books) one of the qualities that was common amongst best traders was that of "simplicity."

I just started using this system today after 3 weeks of detailed research and already made decent pips. Keep it simple.

fxpilot
  • #2,312
  • Sep 9, 2009 5:27pm Sep 9, 2009 5:27pm
I am going to take a break from the thread for a few days to focus on my trading.

I will still assist Irathi with the manual and make sure it captures the essentials of the system.

Trading for me is a full time business and I cannot really add anything extra ito this system that has not been discussed and posted on the thread.

Good luck with the trading!
" Never let the past hold the future to ransom "
  • #2,313
  • Sep 9, 2009 5:42pm Sep 9, 2009 5:42pm
Quoting Gleneagles
This simple trading method will soon be so complicated that nobody will be able to trade it.
We will have manual for identifying colors, a manual for deciding what do do once we have identified the colors, a manual for deciding what not to do once we have identified the colors, a manual to deal with exceptions etc etc

In the end we will be so busy reading manuals, we will miss all the trades.

In the beginning, it was something simple...find 3 blocks of the same color.

Hopefully, a concise manual will save time and energy and assist the slow...
I deleted my post, I agree, keep things simple
  • #2,314
  • Edited 6:57pm Sep 9, 2009 6:41pm | Edited 6:57pm
Quoting Indrek
Is p.4 correct? I have some doubts.
Entry is at the break of signal candle's high. If the signal candle is higher than the previous is not relevant. May be I am mistaken but this is how I trade this setup.
1. Entry is 2 pips above the signal candle high on M5 signal if higher than previous candle. This is my understanding.

2. Also my understanding of point 3 on M5 MTF meter should be to the right of H1 and M15 (or M5 close exactly at the same time as M15 on Mtf Meter.)
This is why I queried the understanding of the trader's signal in question of the first vertical line of the SELL.

Indrek I agree we have different approaches and opinions on several things. I do not have a professional security background... but I do have professioanl teaching experience amongst other distinguished degrees in ENGLISH. I do understand questions and I have my reason for asking to understand better the thinking behind certain things I see on charts.

I try to keep my personal bias opinions about trading out of my questions when I try to help another trader. My expectation was for the opportunity/courtesy to finish my communication with that trader without your butt in different approach in the matter.

I will finish the manual that I have 80%finished and with Gleneagles corrections will post my interpretations and trading INPUT of years of Forex experience and trading. After that, any trader can PM me if they so wish to seek any help.

I have been trading profitably for some time.... I am keen as an academic to keep an open ear and eye to further my forex trading.... thus I contributed to this thread.

TIME is an issue for me these days so I will prefer to stay lurking around in the background rather than any more active posts.

Thank you INdrek

Gleneagles please confirm/clarify the two points above.....

EDIT: Glenn this clarification can be done when I send you the draft copy of the manual.
Just read yur other post. I did think of 2 pips above high as I was dosing off to sleep.
  • #2,315
  • Sep 9, 2009 6:42pm Sep 9, 2009 6:42pm
Quoting Gleneagles
I am going to take a break from the thread for a few days to focus on my trading.

I will still assist Irathi with the manual and make sure it captures the essentials of the system.

Trading for me is a full time business and I cannot really add anything extra ito this system that has not been discussed and posted on the thread.

Good luck with the trading!
Glen,

Thanks for all of the time and effort that you have put into this. I will continue to test my ability to profit from this system, and appreciate you pointing me in a direction that has potential.

Best Regards,
Doc
  • #2,316
  • Sep 9, 2009 6:55pm Sep 9, 2009 6:55pm
Quoting fxpilot
Hi Irathi,

I will be using the 60-15-5 (3 x block system). It affords me a greater degree of comfort after testing both systems. I am trading the 1 hour timeframe, and entering the trades on a 5 minute chart as per the instructions presented throughout this thread. I also use the 240 minute chart as a final confirmation tool to tell me if I should let profits run. Stop loss is placed at the low of the last fractal prior to the signal if buying and vice versa if selling. Take profit is a minimum of a 1:1 risk/reward ratio. How far away is my stop...
Hi Fx pilot,

Thank you for your response with your thinking. The delay of my posting is living in the Southern Hemisphere.

All confusion is now sorted and all happy.

This a a great simple and profitable system. I appreciated all concerned in the contribution of this system.

I hope the manual I am putting together will help other traders (of all levels) who come to the thread to benefit with the information all in one place.

Happy trading!

Lrathi
  • #2,317
  • Sep 9, 2009 8:42pm Sep 9, 2009 8:42pm
Hi, I'm hoping someone can help. I put the template in and there are no red and blue bars that show up. All it shows is a new window with nothing in it. I tried shifting timeframes but still nothing. I also tried to manually put the trix MTF indicator in but nothing comes up, just a blank window. Any suggestions? Thanks, Paris
  • #2,318
  • Sep 9, 2009 8:51pm Sep 9, 2009 8:51pm
This time two versions released: 0.91d and 1.0d.
0.91d is a bug-fixed version of 0.62d. It looks the same as 0.62d.
1.0d is to adapt the x-block line-up method.
The attached pic shows the comparison of the two versions. You may select the way you like to download. If you want to use the x-block line-up, I suggest 1.0d.
By defaut, to keep simplicity and cleaness, the "ShowWeakColor" and "ShowPipsToReversalOnLable" options are disabled. If you want to use them you may switch them on. I personally have "ShowWeakColor" on on H4, H1 and M30 to filter re-entries.
Wish you like it.
Happy trading.
xecret.



MTF_Trix_Meter_0.91d

MTF_Trix_Meter_1.0d
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-09-10_091615.png Size: 13 KB
  • #2,319
  • Sep 9, 2009 9:24pm Sep 9, 2009 9:24pm
Quoting Paris Hilton
Hi, I'm hoping someone can help. I put the template in and there are no red and blue bars that show up. All it shows is a new window with nothing in it. I tried shifting timeframes but still nothing. I also tried to manually put the trix MTF indicator in but nothing comes up, just a blank window. Any suggestions? Thanks, Paris
Download the indy that Glen Posted with the .tpl...
  • #2,320
  • Sep 9, 2009 9:40pm Sep 9, 2009 9:40pm
Quoting pilotui
Download the indy that Glen Posted with the .tpl...
I did that but no luck.
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