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  • #141
  • Oct 25, 2009 3:04am Oct 25, 2009 3:04am
Quoting lrathi
Gleneagles:
Please could you check, clarify/confirm the settings.
I plan to demo trade this management EA this week for the 240-15-5 TF

The Input that is not 100% clear to me is MOVE STOP=54( my setting)
1.Does this mean the hard stop of 80 will move ? and if so to what point?
2.OR that Trailing STOP will kick in when TP1+4(BE) ?
3.or anything else?

Thanks
Bear in mind that not all MT4 platforms will allow partial closing of positions.
If you are trading with a platform that allows partial closing on demo, make sure that you will be able to partially close positions on a live account, otherwise you are wasting time testing strategies on demo that involve partial closing of positions.

This will determine what EA you can use to manage trades.



1) If you are able to partially close positions on the platform you are trading with (on a live account), make sure you test the EA, it works well most of the time but it does have issues on some platforms.

2) If you set Move Stop to BE at 54 pips, the EA should move stop to entry when your trade hits +54.

3) TS will start trailing once the trade is at +50 pips.

Taking into consideration all of the above, make sure that the EA works OK on your platform and that you are able to close partial positions.
" Never let the past hold the future to ransom "
  • #142
  • Oct 25, 2009 3:30am Oct 25, 2009 3:30am
Quoting Gleneagles
Bear in mind that not all MT4 platforms will allow partial closing of positions.
If you are trading with a platform that allows partial closing on demo, make sure that you will be able to partially close positions on a live account, otherwise you are wasting time testing strategies on demo that involve partial closing of positions.

This will determine what EA you can use to manage trades.



1) If you are able to partially close positions on the platform you are trading with (on a live account), make sure you test the EA, it works well most...
Thanks, will check with broker about partial closure of position with LIVE and demo accounts.

One further clarification...
In the example above for gbpusd....

For LONG postion, move stop=54 is BE(50+4 for the spread....)
So for BE +3 pips will be Move stop=57.

For SHORT POSITION ,Move stop=53 means BE +3 pips

Correct?
Apologise for this primary school question. I sometimes get rather confused. I hope I am not the only one. TA.
  • #143
  • Oct 25, 2009 3:50am Oct 25, 2009 3:50am
Quoting lrathi
Thanks, will check with broker about partial closure of position with LIVE and demo accounts.

One further clarification...
In the example above for gbpusd....

For LONG postion, move stop=54 is BE(50+4 for the spread....)
So for BE +3 pips will be Move stop=57.

For SHORT POSITION ,Move stop=53 means BE +3 pips

Correct?
Apologise for this primary school question. I sometimes get rather confused. I hope I am not the only one. TA.
When you see +54 on your platform, the stop is moved to reflect a 0 result should the trade retrace and hit the stop.

The same with the short position in the example, if it hits +53 the stop will be moved and you should have " 0 " result, no loss, no gain.

There are EA`s that will move stop to a predetermined setting, like BE + 3 or BE + 5 or entry price -10 for example.

BE simply means just that, no loss, no gain.
" Never let the past hold the future to ransom "
  • #144
  • Edited 5:52am Oct 25, 2009 5:27am | Edited 5:52am
Quoting Gleneagles
When you see +54 on your platform, the stop is moved to reflect a 0 result should the trade retrace and hit the stop.

The same with the short position in the example, if it hits +53 the stop will be moved and you should have " 0 " result, no loss, no gain.

There are EA`s that will move stop to a predetermined setting, like BE + 3 or BE + 5 or entry price -10 for example.

BE simply means just that, no loss, no gain.
Glad I asked, I did not know this.

So for one's effort,I prefer to have BE+2-3 pips I have decided to try the other Management EA called Update Stops to BEv3 ( This can be found on the paperclip icon on the thread. I will be happy with TP1=50 and TP2=75 for the pairs mentioned so far. The less volatile pairs...I will set TP less.

Lets see this week.
  • #145
  • Oct 26, 2009 7:16am Oct 26, 2009 7:16am
Uneventful trading day so far, narrow ranges and messy PA.
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" Never let the past hold the future to ransom "
  • #146
  • Oct 26, 2009 7:25am Oct 26, 2009 7:25am
GBPUSD

Apologies, this is a better screenshot
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" Never let the past hold the future to ransom "
  • #147
  • Oct 26, 2009 10:56am Oct 26, 2009 10:56am
Good example of how MTF 60 15 5 picked up the trend change/retracement on EURUSD.

It is not my favourite pair to trade, the entry was quite late after the break of Daily pivot. I set up a trail stop already and will settle for a few pips.
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" Never let the past hold the future to ransom "
  • #148
  • Oct 26, 2009 11:11am Oct 26, 2009 11:11am
EURUSD remains last on my list in spite of this trade ,TS locked in +76
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" Never let the past hold the future to ransom "
  • #149
  • Oct 26, 2009 2:20pm Oct 26, 2009 2:20pm
Quoting lrathi
Thanks, will check with broker about partial closure of position with LIVE and demo accounts.

One further clarification...
In the example above for gbpusd....

For LONG postion, move stop=54 is BE(50+4 for the spread....)
So for BE +3 pips will be Move stop=57.

For SHORT POSITION ,Move stop=53 means BE +3 pips

Correct?
Apologise for this primary school question. I sometimes get rather confused. I hope I am not the only one. TA.
If you are trading on a MT4 platform that does not allow partial closing of positions, use a script or EA that can open multiple positions. There are working examples posted on the forum, just make sure it is compatible with your platform.
" Never let the past hold the future to ransom "
  • #150
  • Oct 26, 2009 8:43pm Oct 26, 2009 8:43pm
same account post#84.

Finished $3626.37 week ended 23.10.2009.
http://www.forexfactory.com/showpost...&postcount=129

I used Upstop to BE v3.... EA works well, but out of habit turned off PC before going to bed. I close the trades this morning.

Not trading today...

$3935.49-$3626.37= $309.12 (10.3%)

Not following rules 100% of time.

This is insane and unreal with some commonsense only put into ENTRY. GET DIRECTION CORRECT!
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  • #151
  • Edited 4:38am Oct 27, 2009 4:04am | Edited 4:38am
GBPUSD

Edit: You will notice that the entry was a little early.
I anticipated that the 5M and 15M would both be " blue " at close because both changed
colour at around 16350 level earlier.

I normally stick to the rules because they actually work.
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" Never let the past hold the future to ransom "
  • #152
  • Oct 27, 2009 10:36am Oct 27, 2009 10:36am
EURJPY trade
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" Never let the past hold the future to ransom "
  • #153
  • Oct 27, 2009 10:38am Oct 27, 2009 10:38am
EURUSD
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" Never let the past hold the future to ransom "
  • #154
  • Oct 27, 2009 11:28am Oct 27, 2009 11:28am
I think it is time to move forward and put MTF Trix trading to bed. The system is simple, it is straightforward and it actually works.

I know of a few traders that trade it successfully but the reality is that most traders are " system nomads " and will spend their time adding indicators, deleting indicators, trying one system after the other and never make any progress because they lack the commitment, the patience, the discipline and consistency to be successful in trading.

I am going to take a break from posting trades on the thread for a few days. You see exactly the same signals and entries that I see.

The next logical step is to address advanced trading techniques for the more experienced traders.
" Never let the past hold the future to ransom "
  • #155
  • Oct 27, 2009 12:03pm Oct 27, 2009 12:03pm
Quoting Gleneagles
I think it is time to move forward and put MTF Trix trading to bed. The system is simple, it is straightforward and it actually works.

I know of a few traders that trade it successfully but the reality is that most traders are " system nomads " and will spend their time adding indicators, deleting indicators, trying one system after the other and never make any progress because they lack the commitment, the patience, the discipline and consistency to be successful in trading.

I am going to take a break from posting trades on the thread for...
Excellent post.

  • #156
  • Oct 27, 2009 12:21pm Oct 27, 2009 12:21pm
Quoting Gleneagles
I think it is time to move forward and put MTF Trix trading to bed. The system is simple, it is straightforward and it actually works.

I know of a few traders that trade it successfully but the reality is that most traders are " system nomads " and will spend their time adding indicators, deleting indicators, trying one system after the other and never make any progress because they lack the commitment, the patience, the discipline and consistency to be successful in trading.

I am going to take a break from posting trades on the thread for...
Yes indeed, thanks to Glen, (and Irathi for her diligent work to document this)

So we have a system that works, that is well documented, ths is simple and easy to follow, and a mentor (Glen) who has showed his success with this systme, the only thing that is lacking is the traders discipline to trade it, and learn.

Here is a trade I took today on the Aussie (60 15 5)

Thank you again.
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  • #157
  • Oct 27, 2009 2:38pm Oct 27, 2009 2:38pm
Quoting Gleneagles
I think it is time to move forward and put MTF Trix trading to bed. The system is simple, it is straightforward and it actually works.

I know of a few traders that trade it successfully but the reality is that most traders are " system nomads " and will spend their time adding indicators, deleting indicators, trying one system after the other and never make any progress because they lack the commitment, the patience, the discipline and consistency to be successful in trading.

I am going to take a break from posting trades on the thread for...
Well said, nothing to add, thanks for the system, thanks for the documentation!

All the best to both of you.

Forex37
  • #158
  • Oct 27, 2009 6:53pm Oct 27, 2009 6:53pm
Quoting Gleneagles
I think it is time to move forward and put MTF Trix trading to bed. The system is simple, it is straightforward and it actually works.

The next logical step is to address advanced trading techniques for the more experienced traders.
Thanks for being here Glen. Your contributions have been gratefully received by many, I am sure.

My only regret is that I have been too busy to trade 'with you' for the past couple of weeks.

We look forward to your return.

PPP
How do you make a small fortune in Forex? Start with a large one!
  • #159
  • Edited 8:30pm Oct 27, 2009 7:01pm | Edited 8:30pm
Quoting Gleneagles
I think it is time to move forward and put MTF Trix trading to bed. The system is simple, it is straightforward and it actually works.

I know of a few traders that trade it successfully but the reality is that most traders are " system nomads " and will spend their time adding indicators, deleting indicators, trying one system after the other and never make any progress because they lack the commitment, the patience, the discipline and consistency to be successful in trading.

I am going to take a break from posting trades on the thread for...
I agree completely Gleneagles.

I made another 6+% yesterday even though I mentioned I was not going to trade. These were late trades when i came home after a whole day away from the PC.

The system works, I have even showed a real demo account statement in terms of performance,there is plenty of examples, tools programmed, the manual explaining precisely what to do etc....

What is left now is for serious traders to read the manual and demo trade it themselves.

Look forward to the more advanced trading techniques when you return.

Thanks once again!
  • #160
  • Oct 27, 2009 7:32pm Oct 27, 2009 7:32pm
Quoting Gleneagles
I am going to take a break from posting trades on the thread for a few days.
Thanks for all the help Glen, good trading to you.
TTFN Merlyn
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