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Metatrader 4 quesiton

  • #21
  • May 10, 2006 11:56pm May 10, 2006 11:56pm
I just wanted to let you know what I was trying to ask, this way we know we are talking about the same thing. Thanks.
  • #22
  • May 10, 2006 11:58pm May 10, 2006 11:58pm
Quoting stockwet
Let me caution you. I currently have two accounts, one with GFT and another with IBFX, which uses MetaTrader. After using MetaTrader for a month or so, I'm moving to trade predominantly with IBFX because I LOVE the MT4 platform. So, be careful, you may get hooked!
We will see. One thing I really like about the MT4 platform is the tab charts. It makes it really easy to go from one chart to the other. I have done most of my training and work on GFT so I know were to go to get things done. Let's see how it goes as I learn MT4.
  • #23
  • May 11, 2006 12:37am May 11, 2006 12:37am
Quoting migamb
I just wanted to let you know what I was trying to ask, this way we know we are talking about the same thing. Thanks.
Hi migamb,

You're right.. Sorry about that.. it was uncalled for.

Happy trading.

Regards,
East
  • #24
  • May 11, 2006 9:49pm May 11, 2006 9:49pm
Quoting migamb
That link didn't work.
The link works, but only for subscribers to the James16 Group.

cici
  • #25
  • Edited May 15, 2006 8:12am May 12, 2006 8:22am | Edited May 15, 2006 8:12am
Quoting migamb
Had a couple more quesitons. Which risk models do you use for the EUR/USD and USD/CHF pairs? I owuld like to know how do you determine the risk models. I know you said it depends on the volatility but is there a way to figure this out?

A question on the trading. You said when price crosses the NL which is the slope indicator part of the Knife then you trade. Is the accepted method is to wait just for a pierce or for a candle to close above the NL? How do you determine your exit point? Do you just use technicals like support resistance, fib retracement or is there a way to use the indicator to tell you when to get out? Thanks again for all your help. I like this model/system so far a lot better than the scalping metohds I had been learning. Feel free to answer in the thread or here as you see fit.
Hi migamb,

Will answer your questions with some visual images to help when I have the appropriate time. So for now, here are chunks of my reply.
Quoting migamb
Which risk models do you use for the EUR/USD and USD/CHF pairs?
Since I'm currently not tracking this currency pairs, based on visual observation on its past data, I'll go with the following risk modes:
EUR/USD - Risk #1
USD/CHF - Risk #1
Quoting migamb
I owuld like to know how do you determine the risk models. I know you said it depends on the volatility but is there a way to figure this out?
I figure it out through visual observation. Since the fib levels/lines are your profit take levels, I choose the risk model whose extreme fib lines are mostly hit.
If you're not sure, you can always go with Risk #1. I think a little visual image can help with this. I'll try to provide one later.
Quoting migamb
A question on the trading. You said when price crosses the NL which is the slope indicator part of the Knife then you trade. Is the accepted method is to wait just for a pierce or for a candle to close above the NL?
Ideally, it would be the price crossing the NL. However, that is not always the case. There are cases where the NL moves (when a new bar forms) and making the price stay on the same level but still making the cross.
So in this case (when its not the price crossing the NL), I decide my entry with discretion. I think another visual image can help with this.
Quoting migamb
How do you determine your exit point? Do you just use technicals like support resistance, fib retracement or is there a way to use the indicator to tell you when to get out?
Since there are 3 units for every trade, the take profit levels are the ff:
- first fib level
- second fib level
- slope change

The above are the basic rules for profit taking for the model.
You can also use technicals to determine your profit take levels, but as of the moment, I'm not using them for my TPs.

I mostly use technicals for my entries and cut loss points.
Mostly, I'm using horizontal support and resistance for determining my cut loss points when entering the trade.

So I guess, the answer to your last question:
Does the indicator provide you anything as to when to get out?
Yes and No. Yes when you're referring to take profit levels as exits.
And No if you're asking for cut losses.

I move my stops to BE when 30 pips in profit and then trail it with a 50 pip stop. This of course is my preference. You still have to decide your own rules.
Quoting migamb
Thanks again for all your help. I like this model/system so far a lot better than the scalping metohds I had been learning.
This model, IMO, mostly suits people who have busy schedules and do not have enough time to be in the computer all the time.

Anyway, I hope I was able to address some of your questions.
I'll try to post some charts later for visual aid.

Regards,
East
  • #26
  • May 15, 2006 2:59am May 15, 2006 2:59am
Using the knife inficator how do you use the fib levels when price is already above the existing fib leves in the indicator? Do you use the fib leves based on the 55 MA or the 8 MA?
  • #27
  • May 15, 2006 3:54am May 15, 2006 3:54am
Hi migamb,
Quoting migamb
Using the knife inficator how do you use the fib levels when price is already above the existing fib leves in the indicator?
If the price is beyond the fib levels (like the one in the image attached), then you will enter on slope changes.
Quoting migamb
Do you use the fib leves based on the 55 MA or the 8 MA?
The fib levels are based off the 55 MA.

You can also try to attach images though for better understanding.

Not sure if this is what you mean?
Attached Image
  • #28
  • Last Post: May 17, 2006 10:25pm May 17, 2006 10:25pm
Anyone else having problems with IBFX MT4? Prices are froze. I uninistalled it and it still is froze.
JOHN 3:16
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