The Maine Trader | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Are you a trend trader or a counter-trend trader? 29 replies

A beginner trader vs pro trader 15 replies

from retail trader to full-time trader 17 replies

Discipline Trader and Voice Trader EA/IND 16 replies

IkonFX Viking Trader or Pfgbest Viking Trader? 2 replies

Attachments: The Maine Trader
Exit Attachments

The Maine Trader

  • #1
  • First Post: May 17, 2014 11:34am May 17, 2014 11:34am
I thought I would share a system I have been working on for alittle while now.

MTF Trading is extremely important as most traders know. For this strategy we make sure to always incorporate a larger time frame.

Monthly Trend/ Weekly Entries
Weekly Trend/ Daily Entries
Daily Trend/ 4 HR Entries
4 HR Trend/ 1 HR Entries (Special Rules)

(I don't dare trader lower then the 1 HR time Frame and honestly prefer the 4hr)

Every morning I review the Daily and 4 HR Currency Strength and write down a physical list of Strongest and Weakest pairs. Once I pair the strongest with weakest I know what to look for.

The Anatomy of Our Trend Chart

Attached Image (click to enlarge)
Click to Enlarge Name: 2014-05-17_1206.png Size: 87 KB


Anatomy of our Entry Charts (4 HR and Greater)

Attached Image (click to enlarge)
Click to Enlarge Name: 2014-05-17_1212.png Size: 47 KB


Anatomy of 1HR Entry Charts

Attached Image (click to enlarge)
Click to Enlarge Name: 2014-05-17_1214.png Size: 49 KB


Now lets throw this all together. Here is an example of a trade taken last week on the $EURJPY (Daily Trend/ 4 HR Entry )

Attached Image (click to enlarge)
Click to Enlarge Name: 2014-05-17_1217.png Size: 118 KB


Here is a video link Explaining it a little better.
http://screencast.com/t/1YdpV8g4

Again this works well with most any time frames (but again I would not go lower then the 1hr) and is great for a trader who only has time for daily charts as the principle is the same.

Hope Someone Finds this Useful!
  • #2
  • May 17, 2014 11:38am May 17, 2014 11:38am
Just noticed My Voice was wacky in the first post Will Re record
  • #3
  • May 17, 2014 11:46am May 17, 2014 11:46am
New Recording hope this works!

http://screencast.com/t/WEDdGbQb2E9L
  • #4
  • May 17, 2014 12:11pm May 17, 2014 12:11pm
Going Into Monday

4hr Strength (Strongest to Weakest)
JPY
AUD
CAD
USD
NZD
----------
GBP
EUR
CHF

Daily Strength
CAD
JPY
AUD
GBP
NZD
---------
USD
EUR
CHF

Notice EUR and CHF both the weakest on the 4hr and daily and AUD CAD JPY strongest on 4hr and Daily

Top Shorts to Watch $CHFJPY $EURAUD $EURCAD $EURJPY Top Longs $AUDCHF $CADCHF
  • #5
  • May 17, 2014 4:40pm May 17, 2014 4:40pm
njodogg, thanks for sharing. I like the system, not too complicated and well thought out. I will definitely subscribe and follow. Can you post the indi's you use? I have a currency strength indicator that's similar to yours, but I've never seen teh the absolute-gain indi.
  • #6
  • May 17, 2014 4:45pm May 17, 2014 4:45pm
hi, njodogg, nice strategy! Can you also explain how you plot those fib levels on your charts and how you use them? This is the part that I'm still a little confused about. Thx for your time!
  • #7
  • May 17, 2014 4:57pm May 17, 2014 4:57pm
Excellent thoughts njodogg.
Subscribed.
  • #8
  • May 17, 2014 4:57pm May 17, 2014 4:57pm
Quoting dargane
njodogg, thanks for sharing. I like the system, not too complicated and well thought out. I will definitely subscribe and follow. Can you post the indi's you use? I have a currency strength indicator that's similar to yours, but I've never seen teh the absolute-gain indi.
You can get the absolute gains indicator for free via the metAtrader market just type "PZ absolute" or visit the point zero trading website. He makes great indicators. Some for free some for a price. I have no affiliation with him or his website but he does make fabulous products. As far as the fib indicator you can get off this page http://www.forexfactory.com/showthread.php?t=296996 I use the monthly spud fib on the 1hr entry charts only. Otherwise I use support and resistance areas. I do have the PZ support and resistance indicator wich runs $150 on his site but that's more of a time saver then a most have. You just have to understand how to draw support and resistance. Out now watching the ponies. When I have more time tomorrow I'll try to answer any more questions.
  • #9
  • May 17, 2014 4:59pm May 17, 2014 4:59pm
Quoting zhangshuo
hi, njodogg, nice strategy! Can you also explain how you plot those fib levels on your charts and how you use them? This is the part that I'm still a little confused about. Thx for your time!
I think they are local highs/lows,which can be used as a profit target and perhaps can keep you out of bad trades.
Just my 2 cents.
EDIT:I see what you meant.Not the dotted line.My bad.
  • #10
  • May 18, 2014 6:59am May 18, 2014 6:59am
Quoting dargane
njodogg, thanks for sharing. I like the system, not too complicated and well thought out. I will definitely subscribe and follow. Can you post the indi's you use? I have a currency strength indicator that's similar to yours, but I've never seen teh the absolute-gain indi.
Went through and tracked them down for ya. The only Thing I cant share is my Support/Resistance Indicator. Since its a paid product and the creator is due for his work. But if you can spot S/R levels you'll be ok. if Your interested in that indicator you can obtain it through the metatrader marker or here http://www.pointzero-trading.com/Pro...portResistance

I can make a Cpl Videos explaining each indicator if folks would like


Attached File(s)
File Type: mq4 CSM.mq4   24 KB | 458 downloads


Attached File(s)
File Type: ex4 #SpudFibo v1 Monthly.ex4   9 KB | 299 downloads

Attached File(s)
File Type: mq4 #SpudFibo v1 Monthly.mq4   8 KB | 358 downloads


Attached File(s)
File Type: ex4 pz-absolute-gains.ex4   13 KB | 619 downloads
  • #11
  • May 18, 2014 8:44am May 18, 2014 8:44am
Quoting njodogg
{quote} Went through and tracked them down for ya. The only Thing I cant share is my Support/Resistance Indicator. Since its a paid product and the creator is due for his work. But if you can spot S/R levels you'll be ok. if Your interested in that indicator you can obtain it through the metatrader marker or here http://www.pointzero-trading.com/Pro...portResistance I can make a Cpl Videos explaining each indicator if folks would like {file} {file} {file} {file}
Thanks!!
  • #12
  • May 18, 2014 10:23am May 18, 2014 10:23am
hi, njodogg:
just a couple of questions:
1. can I just stick with these 2 indicators (csm, pzabsolute gains,)? too many indicators on chart makes the chart too messy for trading?
2. you said 'an extremely decisive bar', how do you define this?
3. I would appreciate if you could actually make a video explaining the indicators?

Thx for your time!
  • #13
  • May 18, 2014 10:27am May 18, 2014 10:27am
Indicator Explanation Videos

Currency Strength Indicator http://screencast.com/t/mUg4NKgXK

Absolute Gains Indicator http://screencast.com/t/es2c2w8kV7

Support/Resistance/Fib http://screencast.com/t/Syon4lwy

Forgive if I'm not explaining things that great. I will always try my best but understand I may not be the worlds best teacher. Hopefully over the next week we have a few examples to show everyone. I will be able to trqade tomorrow late euro- early us sessions starting with the 5am (EST) 4hr close. Unfortunately I have some appointments most of the afternoon.
  • #14
  • May 18, 2014 10:35am May 18, 2014 10:35am
Quoting zhangshuo
hi, njodogg: just a couple of questions: 1. can I just stick with these 2 indicators (csm, pzabsolute gains,)? too many indicators on chart makes the chart too messy for trading? 2. you said 'an extremely decisive bar', how do you define this? 3. I would appreciate if you could actually make a video explaining the indicators? Thx for your time!

Videos are up. I dont like messy charts at all! So I try to limit what is actually on my charts as well. Support/Resistances areas are important and must be marked. (At least for my eyes I need to visually place them on the chart. IF you can trade with out them more power to you!) The reason we must place them is dont want to buy on a decisive bar with Strong resistance right above us. Makes are risk reward minimal.
Personally I think these are relatively Clean and easy to ready. CADCHF Example from Thursday/Friday 4hr trend 1hr entry

Attached Image (click to enlarge)
Click to Enlarge Name: 2014-05-18_1131.png Size: 84 KB
  • #15
  • May 18, 2014 11:04am May 18, 2014 11:04am
hey, about this 'extremely decisive bar', does it have to go through all 3 lines in the indicator window to be considered valid?
  • #16
  • May 18, 2014 11:27am May 18, 2014 11:27am
Quoting zhangshuo
hey, about this 'extremely decisive bar', does it have to go through all 3 lines in the indicator window to be considered valid?
Technically it does not. Although at the very least it should surpass the AVG Winning Bar Line (For Longs) or the AVG Losing Bar (For Shorts)

I find that waiting till it passes the Gray Moving Avg Line gives the best and most powerful signals. At its core the indicator is an over bought over sold indicator. Meaning if the That if a Blue Bar has passed the gray line it is "overbought" the reason this is less significant to us is because we are actually trading the trend of a higher time frame. To me that says buyers have stepped in and are looking to push the overall trend further.

More Absolute Indicator Explanation http://screencast.com/t/QQxXEKbsXI



Also I have lots of room to view more charts is maybe why I dont think these charts are messy http://screencast.com/t/4aaCA429LDJ
  • #17
  • May 18, 2014 11:29am May 18, 2014 11:29am
Quoting njodogg
Indicator Explanation Videos Currency Strength Indicator http://screencast.com/t/mUg4NKgXK Absolute Gains Indicator http://screencast.com/t/es2c2w8kV7 Support/Resistance/Fib http://screencast.com/t/Syon4lwy Forgive if I'm not explaining things that great. I will always try my best but understand I may not be the worlds best teacher. Hopefully over the next week we have a few examples to show everyone. I will be able to trqade tomorrow late euro- early us sessions starting with the 5am (EST) 4hr close. Unfortunately...
njodog, great explanation on the absolute gain indi. I hadn't realized about the MA lines. My vision is not the best. I really like this indicator.

Thanks again!
  • #18
  • May 18, 2014 11:44am May 18, 2014 11:44am
Also I encourage people to post Charts and share thoughts. The more Eyes the better! I just ask nothing lower then 1hr entries please.

Monthly Trend/ Weekly Entry
Weekly Trend/ Daily Entry
Daily Trend/ 4hr Entry
4hr Trend/ 1hr entry
  • #19
  • May 18, 2014 1:32pm May 18, 2014 1:32pm
There are two indies for Support/Resistance and Supply/ Demand, may be it will help.
By the way, it looks like the basic of this strategy is a bunch of MAs, isn't it?
Attached File(s)
File Type: mq4 II_SupDem.mq4   29 KB | 413 downloads

Attached File(s)
File Type: mq4 SS_SupportResistance_v04b.mq4   25 KB | 492 downloads
  • #20
  • May 18, 2014 1:39pm May 18, 2014 1:39pm
Quoting vitall
There are two indies for Support/Resistance and Supply/ Demand, may be it will help. By the way, it looks like the basic of this strategy is a bunch of MAs, isn't it? {file} {file}
The moving averages on the larger time frame are really a double confirmation used with the currency strength meter. They don't trigger entries or exits by any means. The absolute gains indicator is more of a price action signal when you think about it. That's really our trigger. When price moves abruptly in the direction of the trend.
0 traders viewing now