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MTF Trix system

  • #2,961
  • Sep 29, 2009 6:18am Sep 29, 2009 6:18am
240 15 5 +60
30 5 +25 Counter trend
240 15 5 +25 Reentry

I used the profit on the 30 5 counter trend trade to finance the stop on the reentry trade.
I calculate the lot size to match a stop of 30 pips on the reentry trade with the profit of 25 pips made on counter trend trade.

As I type this TP2 on reentry filled at +35.
Attached Image (click to enlarge)
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" Never let the past hold the future to ransom "
  • #2,962
  • Sep 29, 2009 6:23am Sep 29, 2009 6:23am
Quoting Gleneagles
240 15 5 +60
30 5 +25 Counter trend
240 15 5 +25 Reentry

I used the profit on the 30 5 counter trend trade to finance the stop on the reentry trade.
I calculate the lot size to match a stop of 30 pips on the reentry trade with the profit of 25 pips made on counter trend trade.

As I type this TP2 on reentry filled at +35.
The trade is now in profit and risk free and I will manually trail stops from below R1 to ensure that I lock in profits.

Edit: Because the daily trading range of 165 pips is close to the average range, I will consider taking out partial profits if a new high is not formed before NY session opens.
" Never let the past hold the future to ransom "
  • #2,963
  • Sep 29, 2009 6:45am Sep 29, 2009 6:45am
Quoting Gleneagles
The trade is now in profit and risk free and I will manually trail stops from below R1 to ensure that I lock in profits.

Edit: Because the daily trading range of 165 pips is close to the average range, I will consider taking out partial profits if a new high is not formed before NY session opens.
Hello, Glen.

I noticed that you are not using xADR indi or sth like it, could you tell me what idea do you use to avoid ranging market ?
  • #2,964
  • Sep 29, 2009 6:46am Sep 29, 2009 6:46am
Quoting Indrek
Thanks but I already posted such a modified version earlier (post 2928)
Don't mean to let you down, but your version has very serious bug. If you dont turn it off, it's okay. But if you turn it off, you will never get any alert.

Maybe you should compare it with my version. This one is a little bit complicated, as to only true or false. It really have different concept. From only up or down into up, down or not use.

Regs,
  • #2,965
  • Sep 29, 2009 7:12am Sep 29, 2009 7:12am
Quoting Wakayama
Hello, Glen.

I noticed that you are not using xADR indi or sth like it, could you tell me what idea do you use to avoid ranging market ?
I do look at ATR on lower TF`s.
Consolidation after a big move or before key news events happens all the time. There is no method that I know of that will recognize ranging markets before the time.
" Never let the past hold the future to ransom "
  • #2,966
  • Edited 8:35am Sep 29, 2009 8:20am | Edited 8:35am
Quoting pipstroll
Don't mean to let you down, but your version has very serious bug. If you dont turn it off, it's okay. But if you turn it off, you will never get any alert.

Maybe you should compare it with my version. This one is a little bit complicated, as to only true or false. It really have different concept. From only up or down into up, down or not use.

Regs,
Thanks, I deleted my version
I have had no time for trading this system today but tomorrow I will give a try to your last version with the possibility to switch off M5 signals.
  • #2,967
  • Sep 29, 2009 11:27am Sep 29, 2009 11:27am
Hi,
I would like to share my bad experiences with this system.
I do not seem to see when you decide to close the trade or hope it's going to go your direction.
Because I had a bad looser this morning on the 60 15 5 system, I decided to use the 30 5 but the results are here.
I stick to the book but it's not moving in the right way.
En try was on the bottom screen at the candle on the right.
I set a 40 pip stop loss that was hit.
When you see the price going the opposite way, do you close as soon as you have a brick of the opposite colour on the 5mins ? Thanks
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Attached Image
  • #2,968
  • Sep 29, 2009 11:31am Sep 29, 2009 11:31am
Quoting don_choa
Hi,
I would like to share my bad experiences with this system.
I do not seem to see when you decide to close the trade or hope it's going to go your direction.
Because I had a bad looser this morning on the 60 15 5 system, I decided to use the 30 5 but the results are here.
I stick to the book but it's not moving in the right way.
En try was on the bottom screen at the candle on the right.
I set a 40 pip stop loss that was hit.
When you see the price going the opposite way, do you close as soon as you have a brick of the opposite colour on the 5mins...
Please, drag your trade to the chart and post it again. It is impossible to comment a trade that cannot be found on the chart...
  • #2,969
  • Sep 29, 2009 11:36am Sep 29, 2009 11:36am
Quoting don_choa
Hi,
I would like to share my bad experiences with this system.
I do not seem to see when you decide to close the trade or hope it's going to go your direction.
Because I had a bad looser this morning on the 60 15 5 system, I decided to use the 30 5 but the results are here.
I stick to the book but it's not moving in the right way.
En try was on the bottom screen at the candle on the right.
I set a 40 pip stop loss that was hit.
When you see the price going the opposite way, do you close as soon as you have a brick of the opposite colour on the 5mins...
I would like to suggest you also remove the indicators on your charts that do not have anything to do with this system.
If you want to try and learn to trade this system, ...........why not trade this system?
You will note that the people who are having success with this system do not have all those additional indicators.
  • #2,970
  • Sep 29, 2009 12:06pm Sep 29, 2009 12:06pm
Hi,
Alright.
Is this better?
My question remain the same.
Thanks
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  • #2,971
  • Sep 29, 2009 12:09pm Sep 29, 2009 12:09pm
Quoting don_choa
Hi,
Alright.
Is this better?
My question remain the same.
Thanks
Sorry but my question also remains the same - please, drag your trade to your chart, then we can clearly see what you are talking about.
I need to see your entry clearly.

About exit: I do not close my trade when M5 changes direction. When trading 30,5 I would close the trade when M30 changed direction but that is just a theoretical possibility as most probably SL had been hit before.
  • #2,972
  • Sep 29, 2009 12:13pm Sep 29, 2009 12:13pm
Hi,
I do not know how to do that and I trade on a separate software because I don't like the way to place orders on MT4 .
And the MT4 demo account only last 30 days so I have a demo account without time limit with FXCM micro.
It cannot be clearer than the chart I posted...
  • #2,973
  • Sep 29, 2009 12:26pm Sep 29, 2009 12:26pm
Quoting don_choa
Hi,
I do not know how to do that and I trade on a separate software because I don't like the way to place orders on MT4 .
And the MT4 demo account only last 30 days so I have a demo account without time limit with FXCM micro.
It cannot be clearer than the chart I posted...
Ok, can you say then at what time GMT did you enter. I will look it from my own chart.
  • #2,974
  • Sep 29, 2009 12:28pm Sep 29, 2009 12:28pm
As far as I can tell, you entered long at the top.
I trade what I see on my charts. Do Not listen to the Muppets.
  • #2,975
  • Sep 29, 2009 12:29pm Sep 29, 2009 12:29pm
Quoting don_choa
Hi,
Alright.
Is this better?
My question remain the same.
Thanks
What was the Daily trading range when you entered the trade?
How does it compare to the average for the past 5 trading days?
" Never let the past hold the future to ransom "
  • #2,976
  • Sep 29, 2009 12:30pm Sep 29, 2009 12:30pm
Quoting Indrek
Ok, can you say then at what time GMT did you enter. I will look it from my own chart.
Thanks.
I entered at 11.30 am GMT and stop was hit at 13.45 GMT.
  • #2,977
  • Sep 29, 2009 12:31pm Sep 29, 2009 12:31pm
Quoting Vanhook2
As far as I can tell, you entered long at the top.
Well , when I entered, it wasn't a top...
  • #2,978
  • Edited 12:54pm Sep 29, 2009 12:35pm | Edited 12:54pm
Quoting don_choa
Thanks.
I entered at 11.30 am GMT and stop was hit at 13.45 GMT.
Yes, I found your entry spot. Daily range was practically exhausted at that point.
Your entry price was around 1.5980? In this case, you had sth like 30-40 pips to the top of usual ADR. That should tell you that there can be a turnaround near daily R1.
Remember that pivots are, in fact, not just lines but zones. If price breaks a pivot for some pips, it does not always mean that pivot has been broken and price continues to the same direction.
  • #2,979
  • Sep 29, 2009 12:49pm Sep 29, 2009 12:49pm
Quoting don_choa
Thanks.
I entered at 11.30 am GMT and stop was hit at 13.45 GMT.
I posted this around the time or shortly before you took the trade?
Attached Image (click to enlarge)
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" Never let the past hold the future to ransom "
  • #2,980
  • Edited 12:53pm Sep 29, 2009 12:50pm | Edited 12:53pm
Quoting Indrek
Yes, I found your entry spot. Daily range was practically exhausted at that point.
Your entry price was around 1.5980? In this case, you had sth like 30-40 pips to the top of usual ADR. That should tell you that there can be a turnaround near daily R1.
Remember that pivots are, in fact, not just lines but zones. If price breaks a pivot for some pips, it does not always mean that pivot has been broken and price continues to the previous direction.
One more point: if you look at the usual behaviour of GBPUSD during any longer period then you notice that most often no more than 2 pivots are broken in a row. After that there is a smaller or bigger retracement even if the trend continues.
It is just my observation, and that is why I am always careful when I see that PA is approaching the third pivot without having retraced.
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