My Market Order System

Hi Rob

Loving the simplicity and effectiveness of this system. Ii am demoing as per your rules on post 1.....so far, so good two trades eur and gp both going well. Of course I am expecting some losers. Thanks for sharing

Anyone use a tailing stop on their trades with this system ?

currently im part closing the trade at 60 pips+ breakeven and using a jumping stop for the rest of the portion, using MPTM trade manager EA.

do you have the link to the MPTM EA ?

google is your friend, my friend

however if you don't like google I have attached the EA and the set file I am using (i'm using 0.2 lots initially in my demo)






for some bizarre reason this forum is not allowing me to upload files with a .set extension, so you will need to rename the .txt file to .set (in windows you will need to uncheck 'hide extensions for known file types' first in folder/view options)

ps here is the original link to MPTM thread if you want to check it out

http://www.forexfactory.com/showthread.php?t=89371

Hi Tiggrrr.

I have been putting a trailing stop of 5-10 pips on as soon as a trade shows a new disc against me , I haven't monitored it to see if its worth it or just to pull out at new disc but at least you keep most profits , with a chance it will go on .
Regards orid pete

This is the great thing about FF .. so many different approaches using the same method
And more importantly every one supporting every ones else's style and interpretation.

Its how it should be

P

Hello Bob , first of all thank you very much for introducing me to this fantastic indicator and then so I'm sorry for my English because I'm not native speaker , I'm Italian . I have slightly modified your rules considering the maximum and minimum of candles including the shadows rather than closures to put orders . I always add spread over 10 pips and doubling the pips for the stop loss bringing to 20 plus the spread . Of course when the order does not start and the ball moves to the new candle at the end of the day I move the order accordingly. If an order starts and touch the stop loss at the end of the day I reposition a new order increasing it a little be, ie from 0.02 to 0.04 , 0.06 in the case of new stop and I think while controlling trends do not happen to have more than three consecutive losses often also because the ball moves without touch the order. I use some moving averages to help me understand the trend and I use a channel to see if the price is in overbought or oversold area . Thanks again I'll keep you updated on the results.

good trading

Hello Paulus

What is the dotted line on your 5 min chart?

By the way the retracement level shown on your chart is actually 38.2 not 62.8

And thank you for taking the time to experiment and improve this method. I know you are a capable system developer.

Hi Howard its an indy called nonelagdot and it doesnot repaint, once the bar is complete the colour is fixed it stays ......on 5min I use setting 144...I always try to use Fib numbers on anything I use

I also use a trading simulator you download it and place it in your EA file in Meta trader you can then load it and apply your template select start and end dates and play back that day or week in real time up to 30 times faster

Ive also included that file

a few examples on the daily using same rules and principles as the 5min charts.
Signals may be few and far between but with a scanner on 50 swaps there will be enough risk pickings

There are losers but with 3;1 risk reward theres no need to worry the odds are in your favour here

With a 1;1 RR or risk greater than TP then its a whole different story

With 3;1 RR you can have 10 trades in a month lose 6 win 4 and still be up 30% that's a very nice monthly income if your trading with a large bank

Wow, it's so great to see people supporting each other like this. I know this might sound crazy but I feel that with support like that, we all can achieve our dreams and goals in this business. I feel that if you keep like minded people around yourself, the possibilities are endless. I've read the entire thread to get caught up on everything and I'm really liking what I have come across.

Everybody is doing a great job contributing to the thread.

I have a suggestion that may be used as a filter. Not sure if it's worthwhile but just something that popped in to my head as i was looking at the charts. I believe it will probably work best on the daily chart since on the smaller time frames price will move back and forth more often before picking a direction.

My suggestion is if we have a 3 at a peak indicating a possible short move, instead of putting the limit order 10 pips below the location of the 3 ball maybe it will be more beneficial to put the limit order 10 pips below the low of the last bullish daily candle. Of course this would be vice versa for a possible long position.

I understand that this may get us into trades a bit later than it would by putting the limit order 10 pips below the location of the 3 ball but I think it would help us stay out of the whipsaw situation. Of course if the daily candles are small because the last few days price has not moved much then we could end up in whipsaw situations also but this is just something I thought about as I was looking at the charts.

I wanted to share my thoughts with the thread because I see everybody contributing and that is a great energy to have.

As of right now I'm not demo trading this system just looking at the charts. I'm waiting for the EA to get created that Paulus is having done for us (thanks Paulus) so I can apply it to multiple charts and see how the system does from that point. My initial reaction to this system is that I think it has great potential and will be something that will put some green into our pockets.

Paulus,

If you answered this already in a previous post, I'm sorry for asking again. I read that you stated you use 144 for the nonlag indy on the 5 minute chart. Can you please share what settings you use when applying the indy on the daily chart?

Monday morning here in Australia and 50 pips in profit already.
I decided to trade my system with the Daily time frame after reading a few suggestions on my forum.
So far so good with over 900 pip in profit this month.
Have a bonza week guys

My WEEKLY trades as of 10am Aussie time...


I have a Trailing Stop of 100 pips on each trade running...
So far only 1 trade in the red.

Great going Bob. I hope things continue to go well for you. Very glad that you decided to share this system with us here at FF.

Actually !
I made a blue I'm trading the Weekly Charts not Daily.
I think I'm a bit tired from travelling over the weekend.

That's what I love most about this system. The higher time frame trading fits best for my schedule and just my view on how much I want to be in front of the charts. Trading off the weekly chart has been something that I have thought about in the past also.

Traveling over the weekends sounds like fun. Not really in position to do that right now financially but I'm sure that will change over time.

would anyone have the code for this indicator for multicharts
Thanks

I think you'll find it works best over the long time frames. When I originally started using this system I found it great with the Daily Charts, but now I've decided to trade the weekly. There is a post where someone has done the code I think.
I like to keep it a simple as I can...