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MTF Trix system

  • #2,561
  • Sep 17, 2009 1:38am Sep 17, 2009 1:38am
60,15,5
sl 40, tp1 20, tp2 40.
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  • #2,562
  • Sep 17, 2009 1:42am Sep 17, 2009 1:42am
This is the first time I have posted a chart so I hope it works.

Took 20 pips on the GBPUSD. I am only targeting 20 pips while I learn the system.

60-15-5 re-entry, had a bounce off the 50% fib and entry above round number. Entry 2 pips above the signal candle (+ 4 pip spread) = 1.6506 entry, exit @ 1.6526.

I have scalper signals on my chart to provide an audible alert, I have Roy's trix meter so I can see all the time frames at a glance and I like to look at the SMtrix for divergence.

I hope this makes sense.
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  • #2,563
  • Sep 17, 2009 2:04am Sep 17, 2009 2:04am
Quoting Staghead
This is the first time I have posted a chart so I hope it works.

Took 20 pips on the GBPUSD. I am only targeting 20 pips while I learn the system.

60-15-5 re-entry, had a bounce off the 50% fib and entry above round number. Entry 2 pips above the signal candle (+ 4 pip spread) = 1.6506 entry, exit @ 1.6526.

I have scalper signals on my chart to provide an audible alert, I have Roy's trix meter so I can see all the time frames at a glance and I like to look at the SMtrix for divergence.

I hope this makes sense.


Can you explain in more details how you use the Fib as it is a very powerful tool and should have full attention of any trader.
  • #2,564
  • Sep 17, 2009 2:05am Sep 17, 2009 2:05am
Quoting paidperpip
This is to give people an IDEA of what could go into a template.


Regs,
Ok...

Someone has kindly pointed out that the template I previously posted does not seem to be pulling the MTF indi in. I have had a look at the situation, and discovered that it is probably because the template is calling the following indi:

Trix MTF meter roy 05 showing confirmed signals (1)

The actual file from Roy is the SAME file, just that in my case, I downloaded it twice a little while ago by mistake, and set up the template with the second version I downloaded, hence the (1) at the end...

Since I only posted the template as a guide anyway, which is more or less visible from the pic anyway, I have not amended the template with the original download. Therefore I offer the following fix:

If you simply rename the

"Trix MTF meter roy 05 showing confirmed signals" to

"Trix MTF meter roy 05 showing confirmed signals (1)" and it should pick it up.

Conversely, download the indi again so you have a (1) version. Or, scrap the template entirely and start from scratch.

I hope that makes sense... Sorry for the confusion.

Regs,
How do you make a small fortune in Forex? Start with a large one!
  • #2,565
  • Sep 17, 2009 2:51am Sep 17, 2009 2:51am
Quoting Indrek


Can you explain in more details how you use the Fib as it is a very powerful tool and should have full attention of any trader.

Indrek, I am certainly no expert on Fibs but this is what I do.

Before I commence trading I look for a recent swing high and swing low and draw my fibs. I then watch for support or resistance that may form at the fib levels. I have found the strongest levels at .382, .500 and .618

Fib levels don't work all the time but they are worth being aware of and they can add extra confirmation to go with the MTF signal.

There is a good explanation of Fibs at babypips.com in the school section.

I hope this helps.
  • #2,566
  • Sep 17, 2009 3:13am Sep 17, 2009 3:13am
SL 40, TP1 20, TP2 31 (@ weekly pivot & daily R2)
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  • #2,567
  • Sep 17, 2009 3:28am Sep 17, 2009 3:28am
Quoting Staghead
Indrek, I am certainly no expert on Fibs but this is what I do.

Before I commence trading I look for a recent swing high and swing low and draw my fibs. I then watch for support or resistance that may form at the fib levels. I have found the strongest levels at .382, .500 and .618

Fib levels don't work all the time but they are worth being aware of and they can add extra confirmation to go with the MTF signal.

There is a good explanation of Fibs at babypips.com in the school section.

I hope this helps.
Thanks.
I have been a heavy user of Fibs for a long time, so I just wanted you to give a hint to others.
Fibs work perfectly on my favourite pair - GBPUSD. Or should I say it vice versa - my favourite pair always behaves reasonably, and that is why I love it
Retracements of GU very often catch exactly .382 or .618.
  • #2,568
  • Sep 17, 2009 3:30am Sep 17, 2009 3:30am
Do we have a valid sell entrysignal on the 5/15/60 in the gbp/jpy??

which was filled after the 2nd candle?


dutchsignals
Attached Image
  • #2,569
  • Edited 7:10am Sep 17, 2009 3:36am | Edited 7:10am
Quoting dutchsignals
Do we have a valid sell entrysignal on the 5/15/60 in the gbp/jpy??

which was filled after the 2nd candle?


dutchsignals
I would prefer to enter after M5 signal. So, in this situation (although it is a very small piece of a chart and I cannot see the bigger picture), I would wait for retracement before entering short.

May I make a suggestion? Start demo trading the setup and take all these trades that you are not sure about. This would be the quickest way to learn. You are always welcome to ask theoretical questions but your own practical experience would help you much more than the opinion of other traders.

  • #2,570
  • Sep 17, 2009 5:03am Sep 17, 2009 5:03am
[quote=dutchsignals;3067340]Do we have a valid sell entrysignal on the 5/15/60 in the gbp/jpy??

which was filled after the 2nd candle?


dutchsignals[/QUOTE
As far as I know the signal candle was not valid because it should have a lower low than candle to the left
The candle with the filled arrow is valid and you would wait for price to go below this candle.
Cheers
We are all One. Be present. Be the Observer
  • #2,571
  • Sep 17, 2009 7:43am Sep 17, 2009 7:43am
Quoting wajid
Indrek You can creat a templet in 10 min but others can not. ..... Regards
Hi Wajid,

perhaps there is a little help for you how to get a couple of indicators into one indicator-window:

1. Choose an indicator and open an indicator-window
2. Choose a second indicator and click once with the left mouse button. Now the name of the indicator is marked.
3. Click with your right mouse button on the marked indicator and drag it into your indicator-window where you have your first indicator.

When you take the TRIX-indicators into one window you have to change the second number (in attached example it is 95) to different numbers so that they do not use the same position in your indicator-window.

Attached Image


I'm sure you will get it.

Regards
If there are pips you can collect - just do it!
  • #2,572
  • Sep 17, 2009 8:26am Sep 17, 2009 8:26am
Hallo traders,

I have a quite strage problem: I opened a trade (long USDCAD) an it was stopped out at once.

Attached Image (click to enlarge)
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I have no idea at all why Updatetopps did that. here are my settings of UpdateStopps:

Attached Image


This is the same setting I used the last days ... with much better results! I always trade 0,3 lots.

????? Some ideas ... some help ... ?????

If there are pips you can collect - just do it!
  • #2,573
  • Sep 17, 2009 8:33am Sep 17, 2009 8:33am
Quoting studbiol
Hallo traders,

I have a quite strage problem: I opened a trade (long USDCAD) an it was stopped out at once. ...

Two more trades with strange effort:

Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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EURUSD = 3,2 pip
GBPUSD = 1,2 pip

I don't have any idea what happened

If there are pips you can collect - just do it!
  • #2,574
  • Sep 17, 2009 10:28am Sep 17, 2009 10:28am
Quoting studbiol
Hallo traders,

I have a quite strage problem: I opened a trade (long USDCAD) an it was stopped out at once.

Attachment

I have no idea at all why Updatetopps did that. here are my settings of UpdateStopps:

Attachment

This is the same setting I used the last days ... with much better results! I always trade 0,3 lots.

????? Some ideas ... some help ... ?????

Hi Claudia

I do not know the answer but I think figuring out the use of this EA is vital to our success. (stop loss etc)
I wonder if the market moved 15 pips in your favour, and then quickly moved back and you did not get filled to take profit, but the EA then moved the stoploss to break even?
The choice of stop loss, TP1 and TP2 etc and when to move things to break even is really important. Today I had a trade that took profit at 20 pips but then swung back and hit my stop loss for a loss of 40 pips (the market is volitile today) Obviously there is no "right answer" but maybe moving things to break even at 15 pips profit is too tight?
Next time Gleneagles is around he may comment.
I know that Indrek is a conservative trader (which we all should be at this stage) so he may also comment on when to move things to break even
  • #2,575
  • Sep 17, 2009 12:04pm Sep 17, 2009 12:04pm
I took a short trade GBPUSD a few minutes ago (outside of approved hours I know)

It hit my TP1 and TP2 (+20 and +30) but it did not move the stop to break even (so I did so manually)

Here are my settings

Any idea what I am doing wrong?
I may move over to the EA that Indrek is using, maybe it is more reliable?
Attached Image
  • #2,576
  • Sep 17, 2009 12:15pm Sep 17, 2009 12:15pm
Indrek

See the attached image
If I wanted a hard (oh crap) stop at 40 pips
If I wanted to take my first profit at 25 pips and have my break even move at 25 pips and have my second take profit at 40 pips and have a trailing 15 pips stop
Are the settings correct?
All I need to know is which numbers do I experiment with.
(and then I need the market to give me a profitable trade so I can see it in action on a demo account)
I am sure you can help with the settings, perhaps you may not be able to persuade the market to give me a profitable trade though

thx!!
Attached Image
  • #2,577
  • Sep 17, 2009 12:47pm Sep 17, 2009 12:47pm
Quoting pgpb
Indrek

See the attached image
If I wanted a hard (oh crap) stop at 40 pips
If I wanted to take my first profit at 25 pips and have my break even move at 25 pips and have my second take profit at 40 pips and have a trailing 15 pips stop
Are the settings correct?
All I need to know is which numbers do I experiment with.
(and then I need the market to give me a profitable trade so I can see it in action on a demo account)
I am sure you can help with the settings, perhaps you may not be able to persuade the market to give me a profitable trade though...
I see from your settings that you have set Take Profit to 25 not 40.
To my mind, it is too early to move SL to BE at +10 pips. Better do it at the same moment when you take the 1st profit.
Please note that scaling out is just one possible style of trading. There is nothing wrong with trading the system with just one TP and one SL.
So, the trade manager EAs are not, in fact, a vital part of this system. They are just an addition to it.
  • #2,578
  • Sep 17, 2009 3:28pm Sep 17, 2009 3:28pm
Quoting studbiol
Hallo traders,

I have a quite strage problem: I opened a trade (long USDCAD) an it was stopped out at once.

Attachment

I have no idea at all why Updatetopps did that. here are my settings of UpdateStopps:

Attachment

This is the same setting I used the last days ... with much better results! I always trade 0,3 lots.

????? Some ideas ... some help ... ?????

Change Broker symbol to USDCAD in EA.
" Never let the past hold the future to ransom "
  • #2,579
  • Sep 17, 2009 5:28pm Sep 17, 2009 5:28pm
Quoting Gleneagles
Change Broker symbol to USDCAD in EA.
I will try it out ... but even trading the EURUSD it worked strange. I will report tomorrow.

Thanks for your reply

If there are pips you can collect - just do it!
  • #2,580
  • Sep 17, 2009 7:36pm Sep 17, 2009 7:36pm
Quoting studbiol
Hallo traders,

I have a quite strage problem: I opened a trade (long USDCAD) an it was stopped out at once.

Attachment

I have no idea at all why Updatetopps did that. here are my settings of UpdateStopps:

Attachment

This is the same setting I used the last days ... with much better results! I always trade 0,3 lots.

????? Some ideas ... some help ... ?????


I am not sure if this is it, but maybe because you are using a 5 digit broker it is reading the 25 pips as 2.5
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