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As simple as possible: 00 level trading

  • #1,641
  • Jun 11, 2014 10:31am Jun 11, 2014 10:31am
Quoting HannesJoub
{quote} @ whatfx - The OP and others correct me if I am wrong, but I do not think that you would be able to use this method with a spread of 3 pips...I am thinking that anything above 1 pip is pushing it... @ Udine That brings me to another question Udine, and if it has been addressed, I apologise...is the spread added to the TP / SL at all, or are the figures 5 / 10 all inclusive of spread? Thanks H

each has to adjust it for his/her own broker

Udine
Sleep less, live fast, as it aint gonna last
  • #1,642
  • Jun 11, 2014 10:31am Jun 11, 2014 10:31am
Quoting whatfx
{quote} i havent traded your method yet. i use ig index for my trades. i use alpari demo account for charting. on ig index, spread on jpy cross pairs - usually 3 pips. so, difficulty here is, how do you manually adjust the stop to trail and at what intervals ? the overwhelming response this thread is receiving is tempting me to try out this method on my live account, with of course, small stakes. otherwise i dislike scalping, only time i do it is if iam bored or have plenty of time in hand. or fancy a bit of quick action. however, without...
whatfx,

Your concern regarding 2:1 RR was mine in the beginning of trading this system as well. What I quickly found was that if entries were made, as per the rules using the Wheelbarrel Trailing Stop EA, and during the right time of day for that trading session when PA is not ranging, this was not an issue. Having just found Udine's thread, I have only made 9 live trades of which only 2 went against me and hit my trailing s/l taking me out with a small pip gain but no losses.

I have been trading for some time and realize the losses will in fact come and that is trading and to be expected. With that being said, I believe by following the rules presented here and using the EA's provided coupled with common sense, the losses will be small.

Just my 2 cents and many pips

Regards,
Cigarguy
Keep It Simple
  • #1,643
  • Jun 11, 2014 10:33am Jun 11, 2014 10:33am
Quoting Hong Long
{quote} Thanks pannet1, I tried two converters but they give 40 errors and 31 errors respectively upon compiling. I've never seen a converter compile correctly. I've tried looking up the erroneous functions in conversion tables but they don't list the commands used in the EA. I'll start learning MQL5. I do find it a bit surprising that no automatic BE EA, or TSL EA seems to exist for MT5, I searched for hours. I seem to be the only one using MT5?
It is there in the internet. just you are not using the right search words. your result is as good as your search term. as simple as that. Try something like "trademanager EA for mt5 -mq4". also restrict your search to last one year. This way you will filter old MT4 results.
  • #1,644
  • Jun 11, 2014 10:35am Jun 11, 2014 10:35am
Quoting cigarguy
{quote} whatfx, Your concern regarding 2:1 RR was mine in the beginning of trading this system as well. What I quickly found was that if entries were made, as per the rules using the Wheelbarrel Trailing Stop EA, and during the right time of day for that trading session when PA is not ranging, this was not an issue. Having just found Udine's thread, I have only made 9 live trades of which only 2 went against me and hit my trailing s/l taking me out with a small pip gain but no losses. I have been trading for some time and realize the losses will...
Hi Cigarguy, do I understand correctly, you are not using the Wukar to manage your trades, but rather the Wheelbarrel EA to trail stops and let the market take you out? If so, may I be so bold as to ask what your settings are?

Cheers

H
  • #1,645
  • Jun 11, 2014 10:40am Jun 11, 2014 10:40am
dear udine... what is the rule process behind the your trail... it reduces the risk pips by pips.. for example.. if it goes to +1 sl moves to -9 and so on..? or more excelerated risk reducing like +1 sl to -8.. or +2 risk to half.. or +3 sl to BE

the reason I ask I like to do this manually.. bcz such experts slows and hangs up the system. thx
Passion, Persist, Patience, Protect
  • #1,646
  • Jun 11, 2014 10:46am Jun 11, 2014 10:46am
Quoting Udine
Here the zipfile with indicators, the template and the experts. WUKAR EA = hidden SL & TP It is called WUKAR, because it reminds me of what I need to do (Wake Up Kick Ass Repeat) Wheelbarrel EA = trailstop EA , just put on one chart and it will work on all open charts. Remember to trade only the pairs with bigger ADR and dont be greedy .. {file}
Thank you very much for sharing.

Always looking for the simpliest method...

Sorry for asking but have you got the .ex4 indicators ? (not the .mq4)

I will try with Gold.

Stay in green.
Bottomless wonders spring from simple rules, which are repeated without end
  • #1,647
  • Jun 11, 2014 10:46am Jun 11, 2014 10:46am
Needed some tool for lot size if have 2% of risk and 10 pips stoploss. Somebody can be interested:
Attached File(s)
File Type: mq4 MoneyPanel.mq4   4 KB | 544 downloads
  • #1,648
  • Edited 11:06am Jun 11, 2014 10:46am | Edited 11:06am
Added this trading rules summary to the first post:

(dont think I forgot anything)

TRADING RULES:

1. D1 & 1H candle color MUST be both red or both green
2. Entry 00 level
3. Frankfurt open only .400/.500/.600 levels
4. London open all levels
5. No short @ .100 level
6. No long @ .900 level
7. No trading 1 hour before RED NEWS on the pair
8. No trading less than 30 minutes after RED NEWS in the pair
9. After 4 losses stop trading for the day
10. Higher probability at market opens (new money into the market
11. Check ADR
12. Distance to RN > 10 pips (see 3 & 4)
13. Stop trading after teaching daily target
14. Stop Loss 10 pips
15. Take profit 5 pips
16. Trailstop 3.5 pips & Stoploss to BE @ 3.5 pips
17. Only pending orders
18. Trade higher ADR pairs only
19. My pairs EJ and GJ
20. only 1 trade per hour

Udine
Sleep less, live fast, as it aint gonna last
  • #1,649
  • Jun 11, 2014 10:48am Jun 11, 2014 10:48am
Quoting Udine
Added this trading rules summary to the first post: (dont think I forgot anything) TRADING RULES: 1. D1 & 1H candle color MUST be both red or both green 2. Entry 00 level 3. Frankfurt open only .400/.500/.600 levels 4. London open all levels 5. No short @ .100 level 6. No long @ .900 level 7. No trading 1 hour before RED NEWS on the pair 8. No trading less than 30 minutes after RED NEWS in the pair 9. After 4 losses stop trading for the day 10. Higher probability at market opens (new money into the market 11. Check ADR 12. Distance to RN > 10 pips...
Thanks for your time and effort Udine, much appreciated!!
  • #1,650
  • Jun 11, 2014 10:48am Jun 11, 2014 10:48am
Quoting HannesJoub
{quote} @ whatfx - The OP and others correct me if I am wrong, but I do not think that you would be able to use this method with a spread of 3 pips...I am thinking that anything above 1 pip is pushing it... @ Udine That brings me to another question Udine, and if it has been addressed, I apologise...is the spread added to the TP / SL at all, or are the figures 5 / 10 all inclusive of spread? Thanks H Sorry Udine, I see in one of the very earlier posts you stated that the SL & TP can be altered with the spread or not, according to user preference...my...
I am in a similar situation with identical spreads (demo account). It's really frustrating to see the entries opportunities, and realising that when you should get out with your +5pips, you're barely at BE.
So, as long as I'm a Striving little monkey, I am trying to do what Udine suggested you, and adapting my Tp and Sl. At the moment I am testing +5 / -5 which seems to result in expecting the price to go about 25% further then it should to TP, and leaving it 50% less space to breathe which doesn't seems ideal.
Let me know if you have better results with something else.

SN
  • #1,651
  • Jun 11, 2014 10:53am Jun 11, 2014 10:53am
Quoting FXEmpire
dear udine... what is the rule process behind the your trail... it reduces the risk pips by pips.. for example.. if it goes to +1 sl moves to -9 and so on..? or more excelerated risk reducing like +1 sl to -8.. or +2 risk to half.. or +3 sl to BE the reason I ask I like to do this manually.. bcz such experts slows and hangs up the system. thx
nope

the trailstop EA starts to set the SL to BE at 3.5 pips and then starts trailing
so price moves to 3.6, the TS EA adjusts the Trailstop to +0.1 / 3.7 to 0.2 / 3.8 to 0.3 / etc.

Udine
Sleep less, live fast, as it aint gonna last
  • #1,652
  • Jun 11, 2014 10:54am Jun 11, 2014 10:54am
Quoting Udine
Added this trading rules summary to the first post: (dont think I forgot anything) TRADING RULES: 1. D1 & 1H candle color MUST be both red or both green 2. Entry 00 level 3. Frankfurt open only .400/.500/.600 levels 4. London open all levels 5. No short @ .100 level 6. No long @ .900 level 7. No trading 1 hour before RED NEWS on the pair 8. No trading less than 30 minutes after RED NEWS in the pair 9. After 4 losses stop trading for the day 10. Higher probability at market opens (new money into the market 11. Check ADR 12. Distance to RN > 10 pips...
Sorry Udine, picked up one more from one of your earlier posts, is it correct?

Wheelbarrel EA: BE set at 4 pips profit...or will the trailstop @ 3.5 pips take care of that?
  • #1,653
  • Jun 11, 2014 10:54am Jun 11, 2014 10:54am
Quoting Udine
{quote} that is why the holy grail in forex trading is the mirror Udine
@Udine

I don't know if this quote is yours, but if it is would you mind if I use it as a signature ?
It's a "nail on the head" expression...
  • #1,654
  • Jun 11, 2014 10:55am Jun 11, 2014 10:55am
Quoting limprobable
{quote} Thank you very much for sharing. Always looking for the simpliest method... Sorry for asking but have you got the .ex4 indicators ? (not the .mq4) I will try with Gold. Stay in green.
whats wrong with the mq4 ??

when normally somebody posts the ex4 files all people want is the mq4 files... lol

I must be missing something here...

you cannot use the mq4 files to trade gold ??

Udine
Sleep less, live fast, as it aint gonna last
  • #1,655
  • Jun 11, 2014 10:55am Jun 11, 2014 10:55am
Quoting Udine
{quote} nope the trailstop EA starts to set the SL to BE at 3.5 pips and then starts trailing so price moves to 3.6, the TS EA adjusts the Trailstop to +0.1 / 3.7 to 0.2 / 3.8 to 0.3 / etc. Udine
We keep missing each other, sorry...ek vra omverskoning vir die ongerief

H
  • #1,656
  • Jun 11, 2014 10:56am Jun 11, 2014 10:56am
Quoting HannesJoub
{quote} Hi Cigarguy, do I understand correctly, you are not using the Wukar to manage your trades, but rather the Wheelbarrel EA to trail stops and let the market take you out? If so, may I be so bold as to ask what your settings are? Cheers H
HannesJoub,

I am using both EA's. Like has been suggested here; I have set my Wheelbarrel Trailing EA as indicated below. If the trade does not hit my t/p and moves in the direction of my trade into profit and then turns against the entry then the Wheelbarrel EA will close for a small profit. If it does not go my direction and turns against my entry then my s/l will be hit for a 10 pip loss with WULKAR. So far only Wheelbarrel has been hit taking me out with a small profit, but no losses.

Hope this helps but this is not my idea, it is posted here!

Regards,
Cigarguy
Attached Image
Keep It Simple
  • #1,657
  • Jun 11, 2014 10:58am Jun 11, 2014 10:58am
@ Udine on the topic of the trailstop, have you ever considered just running the trailstop in an attempt to get more than the 5 pips TP?

Cheers

H
  • #1,658
  • Jun 11, 2014 10:58am Jun 11, 2014 10:58am
Quoting HannesJoub
{quote} Sorry Udine, picked up one more from one of your earlier posts, is it correct? Wheelbarrel EA: BE set at 4 pips profit...or will the trailstop @ 3.5 pips take care of that?
the devil is in the details lol

I adjusted the rules ..

16. Trailstop 3.5 pips & Stoploss to BE @ 3.5 pips

Udine
Sleep less, live fast, as it aint gonna last
  • #1,659
  • Jun 11, 2014 10:58am Jun 11, 2014 10:58am
Quoting cigarguy
{quote} HannesJoub, I am using both EA's. Like has been suggested here; I have set my Wheelbarrel Trailing EA as indicated below. If the trade does not hit my t/p and moves in the direction of my trade into profit and then turns against the entry then the Wheelbarrel EA will close for a small profit. If it does not go my direction and turns against my entry then my s/l will be hit for a 10 pip loss with WULKAR. So far only Wheelbarrel has been hit taking me out with a small profit, but no losses. Hope this helps! Regards, Cigarguy {image}
Thanks for your reply Cigarguy, good to know that you are using both EA's to manage trades, nice catch, that would have been my next question
  • #1,660
  • Jun 11, 2014 10:59am Jun 11, 2014 10:59am
Quoting flx69
{quote} @Udine I don't know if this quote is yours, but if it is would you mind if I use it as a signature ? It's a "nail on the head" expression...
feel free
Sleep less, live fast, as it aint gonna last
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