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  • #301
  • Nov 8, 2009 5:21pm Nov 8, 2009 5:21pm
Quoting PeterE
Good opportunity PPP. I'll start putting up my Trix trades again.

But when we go to cash, without a water-tight plan, emotion invariably kicks in, and we are left wondering why it just isnt working any more.

Peter
Interesting stuff...

Inserted Video


PPP
How do you make a small fortune in Forex? Start with a large one!
  • #302
  • Edited 7:44pm Nov 8, 2009 6:38pm | Edited 7:44pm
Quoting luckylady
Fantastic result Lrathi, could I just ask though what your technique is for watching so many pairs, do you just watch certain pairs at certain times or do you watch them all at the same time?
LUCKYLADY,
This a very good question, and the need for the final tool of a muticurrency and mutitimeframe dashboard is required. I have mentioned this a few times in my previous posts. More inportant for the 60-15-5 TF and lower. H4 is manageable but not ideal to do this manaully.

1. MY trading plan is to trade H4 charts. Watching so many pairs means I have those pairs minimised on my platform with the template I decided to use on the H4 TF.

2. 10-15 mins before each H4 candle I start to check each chart on the H4 TF for the first trend change. THIS IS HINT 2 in the manual. This is the start of my cycle of trade set ups. I maximise these pairs. On the close of the H4 candle I do a quick screen/scan whether these few pairs actually confirm a first change of trend on the H4 TF. ( ACTUAL TIME ON PC 15-30 mins every 4 hours). I do not do these when I sleep/unable to be near the PC, I skip the H4 candle.

3. For those of us who have been trading for a while this system or any other and understand price action know that the first retracement of a new trend reversal is the higher probability trade. Well now that I have the short list of pairs which have shown this first trend change on the TF I have decide to trade in my trading plan which is H4, I am now ready to go down to my M5 TF for these pairs and wait for the entry signal at the first retracement which is the line up for blocks 240-15-5 of the trix meter. I then use my CHECKLIST( pages 24-27 of the manaul) and pull /not pull the trigger.

4. I did mention, I do not follow the rules 100%, I use trader's discretion and my trading experience to enter a bit early or late into trades depending on my family commitments at the time.

5. Total time on the PC each 24 hours (6xH4 candle-minus 1 when I sleep =5x 30mins, which is approx 1.5h-2h) . I used the management EA for 2xTP and happy with it. So my exits and stoploss is taken care of automatically. No doubt, when I am around my PC... I am drawn to check the open trades a few more time and close a trade if I have to.

I would like to emphase here not so much for your benefit (as your posts show you are experienced and know what you are doing) but for many others who are still on their trading journey perfecting their entry signals.... Alot of time goes on the thread discussing entry signals and not on Money management and exit rules. These two components are very important for the account balance to grow.

I live in PERTH AUSTRALIA so in one way I am at a slight advantage that I manage to be able to screen all three sessions of TOKYO,EUR/LON and US opens in my wakeful hours. I find all three sessions are active for different pairs as mentioned in the manual page 13 under the heading WHICH CURRENCIES TO TRADE as a guideline. No doubt LONDON and US opens are more active.

Hope this helps.
  • #303
  • Nov 8, 2009 7:23pm Nov 8, 2009 7:23pm
Irathi,

Quoting lrathi
1.10-15 mins before each H4 candle I start to check each chart on the H4 TF for the first trend change. THIS IS HINT 2 in the manual. This is the start of my cycle of trade set ups. I maximise these pairs. On the close of the H4 candle I do a quick screen/scan whether these few pairs actually confirm a first change of trend on the H4 TF. ( ACTUAL TIME ON PC 15-30 mins every 4 hours). I do not do these when I sleep/unable to be near the PC, I skip the H4 candle.

2. For those of us who have been trading for a while...
First Trend Change in 4H, are you refering on the Trix Meter in 4H? For uptrend, is it the first 4 blue solid boxes? For downtrend, is it the first 4 red solid boxes?
  • #304
  • Nov 8, 2009 7:32pm Nov 8, 2009 7:32pm
entry decision:
3 blocks, plus confirmed by my filters
2pnt rule met, then elected to enter at anticipated pullback to pivot

exit decison:
below daily pivot, = potentially strong resistance
plus, happy to take a +20 to +40 slice out of any move when trading intraday

result:
+45 (+20 +35 +45 partial exiting)
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  • #305
  • Nov 8, 2009 7:40pm Nov 8, 2009 7:40pm
Quoting paidperpip
Hi everyone. I trust we all had a good weekend.

As you are all aware, Glen is of the opinion that the way forward for those traders seeking to deepen their knowledge of his trading techniques will be via a private forum. I have received many PM's from folks wanting to be put on the list for this forum. Glen has expressed that he would rather teach a handful of dedicated learners than a multitude of window shoppers. This is quite understandable, given that those who are serious about developing their trading plans further will naturally be more...
I would like to agree and emphasise the first step to serious traders is writing your own trading plans aka Your OWN ACTIVE TRADER ROADMAP.

A system that's been designed by Active Trader GLENEAGLES is here on this thread and a COMPREHENSIVE( 99.99% think so) not COMPLICATED manual so you can take control of your trading. This is only one third of your Roadmap.

http://www.trading-plan.com/images/pie_chart.gif

I would like to emphasise what Gleneagles and Louise Bedford and Jay Lakhani and Neal Hughes and Joe Dinapoli and Stuart McPhee and many other 5% of sucessful traders have in common........ THEIR OWN TRADING PLAN .

Please see video link given on the thread by PPP.
http://www.forexfactory.com/showpost...&postcount=301

Active Trader Roadmap should allow you to do is to lay the foundation for your trading life ahead. If you could trade successfully without effort and planning then you would already be a huge trading success.

Some simple questions and answers to consider in this ROADMAP are suggested (taken from a commercial site)

1. Why are you trading?
Why you want to be a trader, what sort of trader you are and setting your trading goals. Set up the framework for your trading so you have a clearly defined compass point giving you a defined end goal.

2. What tools will you use to trade with?
Your trading entity, trading tools such as charting, data sources and portfolio management. These are the little areas that often get forgotten but can have a massive outcome on your trading returns. Set up wrongly and you can end up paying too much tax wiping out a years trading returns

3.
What is your trading system?

This is the guts of your trading. Section three deals with your:

  1. Entry criteria so that you know your exact entry conditions.

  1. Exit criteria so there is no hesitation when you are exiting.

  1. Sop loss to control your risk on each trade.

  1. Position sizing to maximize your returns.

  1. Plus 12 other questions to define your trading system.

4. What is your trading routine?
What will you do each day, week or month to setup your trading routine. Once you have a set routine you can eliminate any un-nessacerry steps in your trading day allowing you to refine your trading to a fine art. This directly relates to achieving more time in your life.

5. How will you develop as a trader?
We can all develop our trading skills further. The question is how and when will you develop your skills. Section five deals with putting a system in place to develop these skills. I love learning and there are a massive number of trading courses available to push your trading knowledge even further. Pick one and work towards it.

6. What happens when you get it right?
When will you withdraw money from your trading account? You trade to make profits, but if you never withdraw them it's pointless. Removing profits comes back to the heart of why you're trading.

7. What is your backup plan?
Yep computers crash, brokers go offline and the internet drops out. The question is how will you prepare and survive these occasions?

8. Printing your plan.
After you have spent the time and refined your trading plan you can print a hard copy to allow easy reference when you're trading. No more questions about what to do when the currency goes down $1.00. You just refer to your plan and take the required action.

9. Need Help?
Dont worry...... there are commercial people who can help.
PM me for the website address.

  • #306
  • Nov 8, 2009 7:41pm Nov 8, 2009 7:41pm
Quoting ForexHunter
Irathi,



First Trend Change in 4H, are you refering on the Trix Meter in 4H? For uptrend, is it the first 4 blue solid boxes? For downtrend, is it the first 4 red solid boxes?
Yes, look at the H4 trix meter line, when that changes at close of candle, go down to M5 TF.
  • #307
  • Nov 8, 2009 9:17pm Nov 8, 2009 9:17pm
Quoting lrathi
Yes, look at the H4 trix meter line, when that changes at close of candle, go down to M5 TF.
lrathi, i think i misunderstanding man.i only look at the 5 min chart for enter a trade . After looking this post, what i undertstand is :if i trade 60-15-5 strategy ,so first, i need to look the H1 chart first and to wait the H1 trix meter line to changes at the close of candles, and go down to 5 min chart to look for a trade.

Is't right??i hope you do not feel frustrated about my question .http://cdn.forexfactory.com/images/icons/icon7.gif
  • #308
  • Nov 8, 2009 10:42pm Nov 8, 2009 10:42pm
Quoting weisiong00
lrathi, i think i misunderstanding man.i only look at the 5 min chart for enter a trade . After looking this post, what i undertstand is :if i trade 60-15-5 strategy ,so first, i need to look the H1 chart first and to wait the H1 trix meter line to changes at the close of candles, and go down to 5 min chart to look for a trade.

Is't right??i hope you do not feel frustrated about my question .http://cdn.forexfactory.com/images/icons/icon7.gif

The 60-15-5 Entry strategy: This is trading the H1 (M 60) timeframe when the M15 and M5 TRIX are in unison with the M60 timeframe. Entry is on M5 TF.
Q1. Why is the correct name given 60-15-5 strategy and not 5-15-60 strategy.?
TOP-DOWN APPROACH . The name says it all! Trading M60 TF entry M5 not vice versa.


Step 1 : First look for trend change on M60 on MTF Trix meter. (Page 8). Wait for M60 to close.
Step 2: Look for when M15 first becomes Blue (Long) AFTER M60 changes trend (to the right side of MTF Trix Meter)
Step 3; Look for when M5 first becomes Blue (Long) after M15 candle closes on the right of M15 and M60 on the right side of MTF Trix meter.. This is also Blue arrow on smC4Scalper Signals_v1 and indicates M5 candle is closed.
Step 4 : Look at Price action (PA) on this M5. *If HIGH is higher of previous candle, enter 2 pips above high of this signal candle.
* This rule helps stack higher probability , lower risk trades in your favour using any version of the MTF Trix Meters ;Xecret or Royston.

BEFORE Actually Pulling the trigger…. (Check CHECK LIST)
Check for the following conditions to stack probabilities in your favour.
Within recommended session times ( trading time zones)
Near major Support/Resistance Zones. (fibonacci, trend lines, Pivots, MA, 00 numbers)
Major Upcoming News events
Divergence on smTrix indicator
ATR on M5 . Should be green to enter, red to stay out using xADR v0.2 indicator.
Daily range less than 80% of average. . Should be green to enter, red to stay out using xADR v0.2 indicator.
7. Work out position size according to your risk% profile.( See Money Management page 13)

  • #309
  • Nov 8, 2009 11:39pm Nov 8, 2009 11:39pm
Bit naughty...

Got in before the M15 confirmed, as can be seen. This was right at the Daily R1 as well, so doubly bad...

Mindful to not make those mistakes again...

Only one TP at 75 pips, since I only traded 0.1 lot.

Still got EU and AU in play.

Update soon when they close.

PPP
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How do you make a small fortune in Forex? Start with a large one!
  • #310
  • Edited 12:05am Nov 9, 2009 12:03am | Edited 12:05am
30-5

GBPJPY 1: 25+35+50+99=209 pips
GBPJPY 2: 25+35+50+91=201 pips

The purpose of these trades was to check whether the UpdateStops(2) was working OK (of course in my demo account). I had some problems with the scaling out EA before. It sometimes worked alright but other times it did not work properly. This time I downloaded the EA from the first page of this thread. Thus, it was not my usual trading time. In fact, I entered twice; after a small retracement I entered a second one. I would not have done normally.

After checking the S/L worked OK and 1st T/P (25 pip) was hit, I took a nap. Two hours later, I was so surprised at the results. All three T/Ps were hit and the last one went up over 100 pips. The last was 25 pip taling stop. The tradings ended great results which I rarely made in real trading as well as intentional demo trading. I felt a little strange but am happy to post this screen shot.

To be honest with you, I had been trying other strategies, such as News tradings and scalping. I lost almost all the gains which I had made from MTFTRIX (although it was small). During this weekend, I decided to stick on MTF TRIX until I master this strategy. I will report my trading more often from now on. Thank you!
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  • #311
  • Nov 9, 2009 12:36am Nov 9, 2009 12:36am
Quoting paidperpip
Bit naughty...

Got in before the M15 confirmed, as can be seen. This was right at the Daily R1 as well, so doubly bad...

Mindful to not make those mistakes again...

Only one TP at 75 pips, since I only traded 0.1 lot.

Still got EU and AU in play.

Update soon when they close.

PPP
Cannot help but notice the triple/quad bearish divergence on your chart with the TRIX histogram indicator....See what will follow.
http://cdn.forexfactory.com/attachme...1&d=1257745026

Easy 75 pips with this system!!!
  • #312
  • Nov 9, 2009 12:42am Nov 9, 2009 12:42am
Quoting michaelhryu
30-5

GBPJPY 1: 25+35+50+99=209 pips
GBPJPY 2: 25+35+50+91=201 pips

The purpose of these trades was to check whether the UpdateStops(2) was working OK (of course in my demo account). I had some problems with the scaling out EA before. It sometimes worked alright but other times it did not work properly. This time I downloaded the EA from the first page of this thread. Thus, it was not my usual trading time. In fact, I entered twice; after a small retracement I entered a second one. I would not have done normally.

After checking the S/L worked...
Stick to MTF TRIX system, it is a winner..... stop searching.......
Nice to see your trade posted here.

Again I had to notice the triple/quad bearish divergence.... I eyes are trained over the years and has served me well over many years.

http://cdn.forexfactory.com/attachme...1&d=1257744399
  • #313
  • Nov 9, 2009 12:48am Nov 9, 2009 12:48am
Quoting michaelhryu
30-5

GBPJPY 1: 25+35+50+99=209 pips
GBPJPY 2: 25+35+50+91=201 pips

After checking the S/L worked OK and 1st T/P (25 pip) was hit, I took a nap. Two hours later, I was so surprised at the results. All three T/Ps were hit and the last one went up over 100 pips.
G'day Michael. Nice work. Looks like you can trade in your sleep? Hehehe... If you ever decide to put a trade on before going on holidays for a month, post it on the thread before you go! lol
How do you make a small fortune in Forex? Start with a large one!
  • #314
  • Edited 2:00am Nov 9, 2009 1:24am | Edited 2:00am
Aussie is still bleeding a bit... see how it goes. Have shortened TP to 45 pips, currently at around 20. Banging its head on the glass ceiling of R2.

EU closed nicely though...

PPP

Question for anyone who has an answer...

By shortening my TP to 45 pips on this trade, have I violated my trading plan?

PPP
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How do you make a small fortune in Forex? Start with a large one!
  • #315
  • Nov 9, 2009 1:59am Nov 9, 2009 1:59am
Just testing the water!

Closed both because of negative divergence on the TRIX.
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  • #316
  • Edited 3:08am Nov 9, 2009 2:50am | Edited 3:08am
Quoting freddi
Just testing the water!

Closed both because of negative divergence on the TRIX.
Good reasons to close trades or take partial profit

Daily range is exhausted or above 80% of daily average (5 or 10 day average)
R3 is hit
TP3 is hit
TS is hit
Opposite trade signal
Edit: Add:
Pivot level/Longer term Fibs/key support/resistance levels

Even if you notice a divergence on any indicator, there is no guarantee that a new high or low will not form. Often you will see an exhaustion move that could be big enough to produce a very good trade if all the trading conditions are met.
Divergence is speculation, PA is confirmation. The indicators can show oversold or overbought for hours/days on end. If the currencies consolidate after a fairly big move, you often see divergence. You can see exactly the same thing on your chart...no higher highs or no lower lows.

If you like trading patterns, observe how many times during a trend continuation pattern, a divergence will form giving a contrary and confusing message. I have no doubt that those that use divergence find it useful and use it in a manner that actually enhance their trading but I can observe from PA what I need to know to either enter a trade or exit a trade.

I get better result trading from confirmation rather than speculation

Once again, if you find it useful to base trading decisions on divergence, by all means use it, I like to keep things simple, anything I put on my charts will have a really tough job proving its worth....if I don`t need it, I simply take it of.
" Never let the past hold the future to ransom "
  • #317
  • Edited 3:27am Nov 9, 2009 2:52am | Edited 3:27am
Dear All,

Another GBPJPY 60-15-5 tonight.

GBPJPY: +25+35+17= 77 pips

I waited until it went over 151.00 although the sinal was 150.80. I was a little hesitated because it already went up almost 200 pips today alone. In addition, as Llarti pointed, a sign of divergence emerged. Then, the histogram looked very strong. Thus, I entered but was not quite sure. So, I am happy because it ended up a winner.

I read Gleneagles' post #316 after sending my original post. Now I understand what Glen said: Divergence is a speculation and PA is a confirmation. The reason I entered the trade was the PA went over Weekly R1 and that was a new high today. It was a good learning experience! Thank you, Glen!

******************************

GBPUSD: +29+30+42+25=126 pips

This is similar trade with GJ. I waited until it went over weekly R1 which was 1.6741. I entered at 1.6848. Finally, I was able to concentrate in MTFTRIX and I feel great!

I still had a problem with the UpdateStops(2) EA for GU. Stranagely enough, GJ worked OK tonight, while GU did not work. After 1st T/P hit, only 0.01 were scaled out. It was suppose to be 0.1 lot because my original was 0.4 - my first precentage of target was 25%. Thus, I had to close 0.09 and later on I manually closed other two. I left the last one with 25 T/S which ended +25pips. I don't know why EA did not work in a same manner. I will take a look at it more closely. I really want to use Scaling out EA because I want to see how the EA really works. Is there anyone who has experienced a same or similar problem?
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: GBPUSD 2009.11.09 11PM PT.JPG Size: 117 KB
  • #318
  • Nov 9, 2009 3:11am Nov 9, 2009 3:11am
Quoting Gleneagles
Good reasons to close trades or take partial profit

Daily range is exhausted or above 80% of daily average (5 or 10 day average)
R3 is hit
TP3 is hit
TS is hit
Opposite trade signal
Edit: Add:
Pivot level/Longer term Fibs/key support/resistance levels
Even if you notice a divergence on any indicator, there is no guarantee that a new high or low will not form. Often you will see an exhaustion move that could be big enough to produce a very good trade if all the trading conditions are met.
Divergence is speculation, PA is confirmation. The...
Thanks Glen..will learn this lesson!

I really like (and it is easy to remember)... "Divergence is speculation, PA is confirmation"

Freddi
  • #319
  • Nov 9, 2009 3:43am Nov 9, 2009 3:43am
Quoting freddi
Thanks Glen..will learn this lesson!

I really like (and it is easy to remember)... "Divergence is speculation, PA is confirmation"

Freddi
I see nothing in the PA at this stage that tells me it will reverse/retrace.
I also have no confirmation from Trix.

It was OK to take some positions out as explained in a previous post.
The TS is in place to take care of the remainder of the trade.
Just leave it, either the TS will be triggered or it may form a new high in which case you trail the PA.

If you believe that you see something on an indicator that tells you the price will go down.....sell GBPUSD..I am not brave enough...I will wait for confirmation
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" Never let the past hold the future to ransom "
  • #320
  • Nov 9, 2009 4:03am Nov 9, 2009 4:03am
If you decide to tighten your TS real close or close the trade because the daily range is 225 pips...quite a bit above both the 5 and 10 day average, I can understand the logic.

Anything else will take me a bit longer to figure out.
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" Never let the past hold the future to ransom "
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