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PM Forex Strategy

  • #861
  • Sep 22, 2010 10:30am Sep 22, 2010 10:30am
Quoting Fokusnik
Hi Monmak! Thank you for sharing!

I totally agree that MP is much better than MTF. Yesterday I switched to 4BARS-MP-NLMA 1.01 (with 21, 42, 84, 336). It gave me a whole bunch of very good signals.

I have two questions:

1). What is the difference between your NLMA_MTF_v7.1 and the 4BARS-MP-NLMA 1.01 ?

2). They both have "ColorBarBack" setting. We've been told that if we set it to 0 - then 4BARS-MP-NLMA 1.01 wouldn't repaint. What about NLMA_MTF_v7.1? What is the right setting, 0 or 1?

Thank you!
I found NLMA_MP_v7.1 on a Japanese website.

It work base on NLMA_v7.1. If you dont have NLMA_v7.1 in indicators folder, It wont work.

NLMA_MP_v7.1 and 4BARS-MP-NLMA are the same. I dont know why, maybe it has 2 name.

Colorbarback 1: NLMA_v7.1 have 2color 1 for up and 1 for down.
Colorbarback 0: NLMA_v7.1 have 3color 1 more for between up and down
Attached Image(s) (click to enlarge)
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  • #862
  • Sep 22, 2010 11:16am Sep 22, 2010 11:16am
Thank you, Monmak!

Yes, I think this indicator has two names, I'll stick with 4BARS-MP-NLMA 1.01
  • #863
  • Sep 22, 2010 11:24am Sep 22, 2010 11:24am
Quoting peter pineda
Traded 4 currencies today, 100 pips all on total! PM Forex rocks!
Which 4 pairs did you trade?
  • #864
  • Sep 22, 2010 11:24am Sep 22, 2010 11:24am
Quoting Monmak
I found NLMA_MP_v7.1 on a Japanese website.
Yes, some non-english-speaking forums have a lot of good stuff. I got some good indicators from the Russians.

I wish I could read Japanese and Arabic.
  • #865
  • Sep 22, 2010 11:24am Sep 22, 2010 11:24am
Quoting Fokusnik
Thank you, Monmak!

Yes, I think this indicator has two names, I'll stick with 4BARS-MP-NLMA 1.01
Confirmed on this.
Yes... I can see that now..
Switch to NLMA_MP_v7.1 posted by Mr. Monmak
I pick this one because the name is much shorter...Start trading with this tomorrow.Thank you


NG
  • #866
  • Sep 22, 2010 11:35am Sep 22, 2010 11:35am
Guys, 21, 42, 84 and 336 are the settings for M-15.

If you want M-30 or H-1, you need different settings.
  • #867
  • Sep 22, 2010 11:44am Sep 22, 2010 11:44am
Who is going to use MP, has to be aware that it gives much more false entries. Possibly needs bigger SL than just the high/low of the signal candle.
It is a tool for a good and aggressive trader who can read PA very well.
  • #868
  • Sep 22, 2010 11:52am Sep 22, 2010 11:52am
Quoting Indrek
Who is going to use MP, has to be aware that it gives much more false entries. Possibly needs bigger SL than just the high/low of the signal candle.
It is a tool for a good and aggressive trader who can read PA very well.
I agree! My SL is 50 pips and I use the Trix Meter and Heiken Ashi as filters.
  • #869
  • Sep 22, 2010 11:57am Sep 22, 2010 11:57am
Quoting Fokusnik
I agree! My SL is 50 pips and I use the Trix Meter and Heiken Ashi as filters.
50 pips when trading from m15 is a really aggressive and careless SL for most pairs I usually use 25 pips for EU and 30 for EY on m15.
  • #870
  • Sep 22, 2010 12:02pm Sep 22, 2010 12:02pm
Quoting Indrek
Who is going to use MP, has to be aware that it gives much more false entries. Possibly needs bigger SL than just the high/low of the signal candle.
It is a tool for a good and aggressive trader who can read PA very well.
I haven't trade with this system yet. But when I'd test it with MTF, the alarm ring I entered then dots changed color, Arrow disappear after I saw it.

So could you please share your experience in that case
  • #871
  • Sep 22, 2010 12:10pm Sep 22, 2010 12:10pm
Quoting Indrek
50 pips when trading from m15 is a really aggressive and careless SL for most pairs I usually use 25 pips for EU and 30 for EY on m15.
Indrek, I trade GBPJPY, EURJPY, GBPUSD and GBPCHF and I often switch from M-15 to the H-1, so 50 pips is the least I can have, especially for GBPJPY and GBPCHF. I have smaller lots, in each trade (even with SL 50) I risk no more than 2% of my account.
  • #872
  • Sep 22, 2010 12:21pm Sep 22, 2010 12:21pm
Quoting Monmak
I haven't trade with this system yet. But when I'd test it with MTF, the alarm ring I entered then dots changed color, Arrow disappear after I saw it.

So could you please share your experience in that case
My experience says that any multi-period indicator is much more sensitive than MTF.
The correct way to use MTF is to wait until the signal has been confirmed on higher timeframes.
MTF is not repainting, it is just changing more than one bar for higher timeframes.
But it is really basic knowledge that has been shared in many places all over FF at least hundreds of times I can only suggest that you test both of them during, let us say, one month. Then it should be clear.
  • #873
  • Sep 22, 2010 12:21pm Sep 22, 2010 12:21pm
Quoting Indrek
50 pips when trading from m15 is a really aggressive and careless SL for most pairs I usually use 25 pips for EU and 30 for EY on m15.
Wow.. I dont wanna lose 50 pips in any trade. That's just too scary for my style..

Its'hard to arrange an MM with 50 pips SL for trading M15. Basicly my SL always based in PA not in pips. If I can afford it, I would put my SL at the latest 1H H/L and only for this system I also put it in the back of candle with arrow. If I can not afford it I stay away... There is no point for me to lose more money...

I find myself to use 15 -20 mainly.. but sometimes 7-12 do the trick for pairs like UJ and EU during Tokyo.. Small SL make me easy to go on and on...

Well, it's a personal decision I guess. Just use whatever that works for you.

As for me...I lose many but still make way more money....


NG

PS: btw.. I grew 4 digits account to 5 digits doing this way...
  • #874
  • Sep 22, 2010 12:31pm Sep 22, 2010 12:31pm
Quoting NiceGuy
Wow.. I dont wanna lose 50 pips in any trade. That's just too scary for my style..

Its'hard to arrange an MM with 50 pips SL for trading M15....
Yes, that is a matter of personal taste and style. I prefer to take 1-2 very carefully picked trades per day, so I cannot afford to be stopped out easily.
  • #875
  • Sep 22, 2010 12:39pm Sep 22, 2010 12:39pm
Quoting NiceGuy
Wow.. I dont wanna lose 50 pips in any trade. That's just too scary for my style..

Its'hard to arrange an MM with 50 pips SL for trading M15. Basicly my SL always based in PA not in pips. If I can afford it, I would put my SL at the latest 1H H/L and only for this system I also put it in the back of candle with arrow. If I can not afford it I stay away... There is no point for me to lose more money...

I find myself to use 15 -20 mainly.. but sometimes 7-12 do the trick for pairs like UJ and EU during Tokyo.. Small SL make me easy to go on and...
NiceGuy, I agree, it is a personal decision!

But for me SL is an emergency stop, in case something really bad and unusual happens, so I won't lose 500-1,000 pips. I don't want the price to hit my SL, if I see that the price went against me, I usually exit with much-much smaller loss (10-15 pips) or even with a small profit.

Let's say we both have $3,000.00. You trade with 0.3 lot, if you lose 20 pips, you lose $60.00, that's 2% of $3,000.00. I trade with 0.12 lot (and I aim for bigger profit, at least 50-60 pips, and my pairs give me this opportunity), even if I lose by SL, that would be the same $60.00, the same 2%, but if I exit earlier losing only 20 pips, that would be only $24.00

Once again, you're right, it is a personal decision!
  • #876
  • Sep 22, 2010 12:49pm Sep 22, 2010 12:49pm
hi guys back from my shopping and spa what a holiday. hmm there is something about a new indicator? is it better?
  • #877
  • Sep 22, 2010 1:15pm Sep 22, 2010 1:15pm
Quoting Fokusnik
NiceGuy, I agree, it is a personal decision!

But for me SL is an emergency stop, in case something really bad and unusual happens, so I won't lose 500-1,000 pips. I don't want the price to hit my SL, if I see that the price went against me, I usually exit with much-much smaller loss (10-15 pips) or even with a small profit.

Let's say we both have $3,000.00. You trade with 0.3 lot, if you lose 20 pips, you lose $60.00, that's 2% of $3,000.00. I trade with 0.12 lot (and I aim for bigger profit, at least 50-60 pips, and my pairs give...
As for me trading is game of probability. I try to work this probability to be more on my side. I use at least 1:1 RR, so my winners should be at least the same as SL. But I always aim at least three times of my SL. Many times I can score 1:4 RR with this PM strategy...

Like this:
Trading with 15 pips SL and aim for 45. In 10 trades even if I lose 7 times and only win 3 times.. I would still have 30 pips on my side. I like the idea for only have to be right 30% of all times and still make money..

So far I win about 60% of all trades and some of them with ridiculously 1:4 RR Ratio, most of them with 1:3 Ratio, some with 1:2 and only a very few of them with 1:1 RR ratio. I dont do part close.

Like the last trade I won with UJ, I use ridiculously 7 pips SL to win 21 pips... I like that kind of trade... Like paying a beer with a discount card, in a promotion times, at currently a discounted retail store... And I dont even bother to watch that trade... (...Well...honestly.. I was preventing myself from looking at it. It's not easy to look at that red color as soon as I open that trade.. )

But that's just my personal trading style...
It might not suit everybody.

But I need to work more on my discipline...


NG
  • #878
  • Sep 22, 2010 1:45pm Sep 22, 2010 1:45pm
omg ng and u are not sleeping yet, i am going to sleep for awhile for tokyo opening good night guys
  • #879
  • Sep 22, 2010 7:48pm Sep 22, 2010 7:48pm
anyone taking this trade if the arrow to long comes out for GU?
  • #880
  • Sep 22, 2010 8:13pm Sep 22, 2010 8:13pm
daemonw, it is probably too early to take any trade, I usually start trading 1-2 hours before London Open.

But today I decided to try Tokyo. So it's gonna be a small test.

I went long EURUSD and GBPUSD. I decided not to trade GBPJPY (and EURJPY) right now because I don't like the USDJPY's outlook.
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