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Follow the monthly candle and be profitable

  • #461
  • Oct 31, 2014 8:44am Oct 31, 2014 8:44am
Good afternoon friends. I would appreciate attention to #post 426 ... the couple has told how price cycles ... GO VISIT EURUSD 1.2000 ...
  • #462
  • Oct 31, 2014 1:32pm Oct 31, 2014 1:32pm
Quoting Robinho
Good afternoon friends. I would appreciate attention to #post 426 ... the couple has told how price cycles ... GO VISIT EURUSD 1.2000 ...
That's interesting . seems to be swing trade.
  • #463
  • Oct 31, 2014 1:56pm Oct 31, 2014 1:56pm
Orders will be placed only when the market opens 03/11/2014 20 pips difference from the opening price. Buy or Sell stop stop. until
  • #464
  • Edited 3:31pm Oct 31, 2014 3:20pm | Edited 3:31pm
Quoting Robinho
{quote} Also you can work with weekly or monthly ... but at,,, monthly work only 30 minutes a month .... and the results are more consistent
Thanks Robinho, you are a patient genius indeed!

Trading off the monthly takes great patience but the rewards are worth the effort and waiting.

I like to think that:

"Once one masters patience he/she masters himself/herself!"

I will experiment with this method but will shoot for Take Profit Targets of around 150-300 pips depending on the pair and see what happens. The trick is to not get too greedy and not be too worried over how the candle may oscillate up and down throughout the month(s) if one decides to keep positions running longer.

And by the way, I will not be using the EA because I like to do things manually myself and have complete control over my trades. I just don't fully trust EA's yet...LOL!
It's time we stop entertaining ourselves and start realizing ourselves!
  • #465
  • Oct 31, 2014 3:42pm Oct 31, 2014 3:42pm
Quoting billytt
we are looking at massive stop loss or no stop loss at all or retrace trading. some guys use 50% retrace before an entry or just enter after weekly gives a sign, keep it simple.. I say this to make the trade a better strike rate. be good all
That's absolutely right.

Another good idea for those who are able to do this with their broker is to "straddle" the previous months candle by placing both a Pending Buy Stop order above the top and a Pending Sell Stop order below and hope that the first one that is triggered continues to go in that direction for the entire month (or even several months if you decide to hold open your position longer) keeping you in the money.

Since monthly candles are so big in length you should not have to worry about your "straddle" [both BUY and SELL Pending Orders] getting triggered at the same time like what could happen on lower time frames during news events so maybe this could be a good addition, I don't know?
It's time we stop entertaining ourselves and start realizing ourselves!
  • #466
  • Edited 6:29pm Oct 31, 2014 5:39pm | Edited 6:29pm
I have just finished the week testing the TCO EA set to Daily for the trend and Hourly for the trigger and the results were pretty good.

There were a total of 188 trades. 177 went to 10 pip profit and 11 went to 100 pip loss. That equates to 1770 pips gained minus 1100 pips lost for a net of 660 pip profit. Until the Yen went crazy last night there was a total of 1 loss.

To make it work you have to adjust position size so that each pip has an equal dollar value or it could skew the profit/loss statement.

I'll report back nest Friday after another week of testing.

Until then, I'll be setting up my monthly trades at the market open on Monday.

GREEN pips to all.
  • #467
  • Oct 31, 2014 7:45pm Oct 31, 2014 7:45pm
Quoting moneyflow21
{quote} Thanks Robinho, you are a patient genius indeed! Trading off the monthly takes great patience but the rewards are worth the effort and waiting. I like to think that: "Once one masters patience he/she masters himself/herself!" I will experiment with this method but will shoot for Take Profit Targets of around 150-300 pips depending on the pair and see what happens. The trick is to not get too greedy and not be too worried over how the candle may oscillate up and down throughout the month(s) if one decides to keep positions running longer....
Very good,,, take a look at #post 426 ... thanks.
  • #468
  • Oct 31, 2014 7:48pm Oct 31, 2014 7:48pm
Quoting moneyflow21
{quote} That's absolutely right. Another good idea for those who are able to do this with their broker is to "straddle" the previous months candle by placing both a Pending Buy Stop order above the top and a Pending Sell Stop order below and hope that the first one that is triggered continues to go in that direction for the entire month (or even several months if you decide to hold open your position longer) keeping you in the money. Since monthly candles are so big in length you should not have to worry about your "straddle" [both BUY and SELL...
Well ... I like to see you putting your opinions
  • #469
  • Oct 31, 2014 7:54pm Oct 31, 2014 7:54pm
Quoting SmoothTrader
I have just finished the week testing the TCO EA set to Daily for the trend and Hourly for the trigger and the results were pretty good. There were a total of 188 trades. 177 went to 10 pip profit and 11 went to 100 pip loss. That equates to 1770 pips gained minus 1100 pips lost for a net of 660 pip profit. Until the Yen went crazy last night there was a total of 1 loss. To make it work you have to adjust position size so that each pip has an equal dollar value or it could skew the profit/loss statement. I'll report back nest Friday after another...
Congratulations !!! we give an improved reward in risk 80 pips stop putting such ... would be good to take a look at it ... very good results.
If you can and want to put the results
  • #470
  • Nov 1, 2014 4:12pm Nov 1, 2014 4:12pm
When do you place the orders?
Do you have to wait for the new monthly candle to open?
Could I place pending orders before Monday?
  • #471
  • Nov 1, 2014 9:08pm Nov 1, 2014 9:08pm
Quoting robster
When do you place the orders? Do you have to wait for the new monthly candle to open? Could I place pending orders before Monday?
The rules are to wait the monthly candle to open. The new candle will start when market reopen after the week-end ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #472
  • Nov 2, 2014 6:48am Nov 2, 2014 6:48am
Quoting robster
When do you place the orders? Do you have to wait for the new monthly candle to open? Could I place pending orders before Monday?
Put when you open a new monthly sailing because we know the opening price ... orders are placed according to the price of 20 pips OPENING ...
  • #473
  • Nov 2, 2014 1:05pm Nov 2, 2014 1:05pm
Thanks for your hard work, Robinho & Co.
Let's see if I understand.
I.E.: Eur USD. October monthly cande is red (decreasing). The price stopped friday at 1.2523. So the strategy is for a sell stop pending order at the beginning of the month (that is in a few hours).
"We will place a sell stop pending order 20 pips below the opening price of the new monthly candle with 60 pips TP and 100 pips STOP".
So i have to wait the opening price in the next hours to make a pending order because now i can't know the opening price but just the closing price of the last month, is it right?
And which strategy is resulting more profitable? TP 10 or 60?
Sorry for bad english. I'm a newbie in trading (I start in may and i'm a sheep in this field)
  • #474
  • Nov 2, 2014 4:29pm Nov 2, 2014 4:29pm
Quoting Damko
Hello people, I liked the idea from the beginning. I am usually a silent member (very silent member) of this forum or any other FF forum, but this time I decided to contribute with EA made for the original method, and for multipair trading. You should attach the EA on one chart and it will be enough. You can change timeframe, TP, SL and valute. At the beginning of the month (or after program start) it will put stop order according to original idea, with expiration time. Cheers{file}
Hello,

EA started since 2 weeks ago, it did not do anything till now.
Am i miss something?
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  • #475
  • Edited 7:05pm Nov 2, 2014 5:01pm | Edited 7:05pm
Hopefully everyone had a GREAT weekend and are prepared for the new month.

I put together a script that you can use to place your Monthly orders. After the market opens a new monthly candle, just drag it onto the chart of the pair you want place your pending orders to be placed on. It can be any time frame since the script will automatically place orders based on weather last month's Monthly Candle closed up or down, and this month's Monthly Candle opening price. It is set-up for 0.1 Lots per order with a Stop Lose of 100 pips and a Take Profit of 60 pips. The Lot size, Stop Loss, and Take Profit can all be adjusted.

GREEN pips to all.

EDIT: Corrected a small math problem in previous scripts.

Attached File(s)
File Type: ex4 Monthly Orders.ex4   2 KB | 469 downloads

Attached File(s)
File Type: mq4 Monthly Orders.MQ4   2 KB | 509 downloads
  • #476
  • Nov 2, 2014 7:56pm Nov 2, 2014 7:56pm
when I applied the ea, instead of placing one stop pending order - it kept placing them. had to turn atotrade off and delete the extra 40 odd pending orders it set.
  • #477
  • Nov 2, 2014 8:36pm Nov 2, 2014 8:36pm
Quoting BubaYaga
when I applied the ea, instead of placing one stop pending order - it kept placing them. had to turn atotrade off and delete the extra 40 odd pending orders it set.
My Monthly Orders is a Script file and should be placed in the SCRIPT folder, then dragged onto the pair you want the pending orders placed on. If you run it as an EA will will continue to run over and over and . . . . placing multiple orders.

GREEN pips to all.
  • #478
  • Nov 2, 2014 8:49pm Nov 2, 2014 8:49pm
Quoting SmoothTrader
{quote} My Monthly Orders is a Script file and should be placed in the SCRIPT folder, then dragged onto the pair you want the pending orders placed on. If you run it as an EA will will continue to run over and over and . . . . placing multiple orders. GREEN pips to all.
Yes - I put it in the wrong folder. My mistake.

- works well when put in correct folder. Thank you.
  • #479
  • Nov 3, 2014 4:25am Nov 3, 2014 4:25am
Quoting SmoothTrader
Hopefully everyone had a GREAT weekend and are prepared for the new month. I put together a script that you can use to place your Monthly orders. After the market opens a new monthly candle, just drag it onto the chart of the pair you want place your pending orders to be placed on. It can be any time frame since the script will automatically place orders based on weather last month's Monthly Candle closed up or down, and this month's Monthly Candle opening price. It is set-up for 0.1 Lots per order with a Stop Lose of 100 pips and a Take Profit...
Hey Smooth thank you for the script...cool!
It's time we stop entertaining ourselves and start realizing ourselves!
  • #480
  • Nov 3, 2014 4:41am Nov 3, 2014 4:41am
Quoting moneyflow21
{quote} Hey Smooth thank you for the script...cool!
No problem. I am all about KISS (Keep It Simple)

GREEN pips to you always.
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