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Attachments: Follow the monthly candle and be profitable
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Follow the monthly candle and be profitable

  • #481
  • Nov 3, 2014 5:58am Nov 3, 2014 5:58am
Good morning friends ... yesterday I was not home and could not do all the entries ... but the results can go putting one big hug ...
  • #482
  • Nov 3, 2014 6:27am Nov 3, 2014 6:27am
Following the Monthly Candle with 60 pip TP and 100 pip SL, so far has yielded 6 winning trades, 1 losing trade, 13 open trades, and 9 pending orders.

I'll update on the weekend.

GREEN pips to all.
  • #483
  • Nov 3, 2014 7:00am Nov 3, 2014 7:00am
Quoting SmoothTrader
Following the Monthly Candle with 60 pip TP and 100 pip SL, so far has yielded 6 winning trades, 1 losing trade, 13 open trades, and 9 pending orders. I'll update on the weekend. GREEN pips to all.
Very good ... You're working with 29 pairs?
  • #484
  • Nov 3, 2014 7:09am Nov 3, 2014 7:09am
Quoting Robinho
I would put an idea for friends. The prices of pairs has 1000 cycles at 100 pips, and we can see this clearly in the chart below mensal.Podemos Clearly monthly hazel, and just do 01 single entry for the year 2000,3000,4000 peers and earn pips. We can make an entry and put those 300 pips STOP and 1200 pips TP, risk reward 4x1, let's just stay watching the pair during the year. Soon delve more on the subject, but the hint is in the image pairs EURUSD, GBPUSD and EURJPY. {image} {image} {image}

EURUSD 1.2000
  • #485
  • Nov 3, 2014 11:01am Nov 3, 2014 11:01am
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...


that is as good idea too
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #486
  • Nov 3, 2014 3:18pm Nov 3, 2014 3:18pm
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...
Thanks for sharing the script, but it seems that it put pending orders in accordance with the time that i put the script on the chart and not to the opening of the new month candle. am i right?
  • #487
  • Nov 3, 2014 3:45pm Nov 3, 2014 3:45pm
Quoting kasrafx
{quote} Thanks for sharing the script, but it seems that it put pending orders in accordance with the time that i put the script on the chart and not to the opening of the new month candle. am i right?
Just did a quick test, and the script worked fine as long as you are placing it on a MONTHLY chart. It will also only work if the market has NOT moved beyond where the Pending Buy or Sell order would be places.

GREEN pips to you always
  • #488
  • Nov 4, 2014 8:41am Nov 4, 2014 8:41am
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...
How are operations with EA? Since I can not leave my PC on straight, I wonder how are the operations?
  • #489
  • Nov 4, 2014 9:27am Nov 4, 2014 9:27am
Thanks Robinho for a simple, but powerful system. I just want people to know that this system appears to be working with weekly charts as well.

I placed 27 orders on Sunday night, following the direction of the prior week. 20 pips T/P, no S/L.

I won 23 trades by Monday. 4 trades are still open. This is an 85% win rate currently and it took me very little time to place the orders. I still may win the other trades - we'll see!

Fun math: 27 pairs x 20 pips per week x 4 weeks per month = 2160 pips monthly!
I am NOT an expert. I post to learn from others.
  • #490
  • Nov 4, 2014 9:31am Nov 4, 2014 9:31am
Quoting Phantom-X
Thanks Robinho for a simple, but powerful system. I just want people to know that this system appears to be working with weekly charts as well. I placed 27 orders on Sunday night, following the direction of the prior week. 20 pips T/P, no S/L. I won 23 trades by Monday. 4 trades are still open. This is an 85% win rate currently and it took me very little time to place the orders. I still may win the other trades - we'll see! Fun math: 27 pairs x 20 pips per week x 4 weeks per month = 2160 pips monthly!

Congratulations !!! that's what I think ... that what is important is the concept ... only attention,,, see that by starting the month, the vast majority were in the same direction, MN, W1 and D1 ... but the idea is ... is very good work little and make 20 pips per pair ... maybe better future to put a stop ... but that's the concept that I try to pass ... very good.
  • #491
  • Edited 4:05pm Nov 4, 2014 12:03pm | Edited 4:05pm
Quoting Phantom-X
Thanks Robinho for a simple, but powerful system. I just want people to know that this system appears to be working with weekly charts as well. I placed 27 orders on Sunday night, following the direction of the prior week. 20 pips T/P, no S/L. I won 23 trades by Monday. 4 trades are still open. This is an 85% win rate currently and it took me very little time to place the orders. I still may win the other trades - we'll see! Fun math: 27 pairs x 20 pips per week x 4 weeks per month = 2160 pips monthly!
That's awesome!

Keep doing what you are doing and don't ever quit. Yes, you can place your orders without S/L but just make sure you can be at your computer to monitor them and see if they turn into green positive pips though.

For the orders that do get deep in profit, it would be a good idea to then add a S/L or a Trailing Stop to the trade (for protection) and move it to Break Even so if it does turn around against you, you can at least walk away with some green pips. Well let me say that this only applies if your T/P targets are much bigger like 60-100+ pips.

But yeah, I like your idea shooting for smaller profit targets of 20 pips on the WEEKLY. I will try out your method and see how it works next week. Thank you for sharing YOUR unique method.

Here's another idea for you. Okay instead of trading 27 pairs with just one position, you could just focus on a smaller number of pairs say 2 to 8 pairs and place 2 to 4 orders (by dividing up your lots) on each pair and multiply and compound pips that way too.

But shhh, don't tell anyone I said that...it's our little secret okay...

A lot of traders do trade successfully without S/L's but I believe you will have to monitor the trades a little closer and keep your eye on them. But if you cannot monitor or don't have any spare time to carefully manage your trades than I would advise that you at least consider using a Trailing Stop at minimum just for protection because MONTHLY and WEEKLY Trend Legs can run hundreds and hundreds of pips against you if you don't pick the right direction...so please be careful my friend!

But good luck and many green pips to you!
It's time we stop entertaining ourselves and start realizing ourselves!
  • #492
  • Nov 4, 2014 12:18pm Nov 4, 2014 12:18pm
Quoting moneyflow21
{quote} That's awesome! Keep doing what you are doing and don't ever quit. Yes, you can place your orders without S/L but just make sure you can be at your computer to monitor them and see if they turn into green positive pips though. For the orders that do get deep in profit, it would be a good idea to then add a S/L or a Trailing Stop to the trade (for protection) and move it to Break Even so if it does turn around against you, you can at least walk away with some green pips. Well let me say that this only applies if your T/P targets...
I like that idea. Only EURUSD, GBPUSD, EURJPY, GBPJPY, EURAUD and GBPAUD.
  • #493
  • Nov 4, 2014 12:19pm Nov 4, 2014 12:19pm
Quoting moneyflow21
{quote} That's awesome! Keep doing what you are doing and don't ever quit. Yes, you can place your orders without S/L but just make sure you can be at your computer to monitor them and see if they turn into green positive pips though. For the orders that do get deep in profit, it would be a good idea to then add a S/L or a Trailing Stop to the trade (for protection) and move it to Break Even so if it does turn around against you, you can at least walk away with some green pips A lot of traders do trade successfully without S/L's but I believe...
Right on. Well said. Thanks for the encouragement. I generally prefer to trade with a S/L because I hate the need to have to constantly monitor trades. Maybe next time I'll go with 80 pips. The win rate is so high that we can get away with a higher S/L to T/P ratio.

I strongly believe in KISS. That's why I like this system so much.

What do you guys think of this: Instead of a fixed T/P, you could make it more mathematical based on the average volatility for that pair. For example, if the prior 4 candles had an average range of 500 pips (from high to low), you could use 1/8 of that for your T/P (e.g., 62.5 pips). I chose 1/8 but it could be any fraction.


Having said that out loud, I think it's so much easier to just set and forget without doing calculations. I think a lot of people get too greedy. This system is like the "anti-greed" system.
I am NOT an expert. I post to learn from others.
  • #494
  • Nov 4, 2014 12:22pm Nov 4, 2014 12:22pm
Quoting Phantom-X
{quote} Right on. Well said. Thanks for the encouragement. I generally prefer to trade with a S/L because I hate the need to have to constantly monitor trades. Maybe next time I'll go with 80 pips. The win rate is so high that we can get away with a higher S/L to T/P ratio. I strongly believe in KISS. That's why I like this system so much. What do you guys think of this: Instead of a fixed T/P, you could make it more mathematical based on the average volatility for that pair. For example, if the prior 4 candles had an average range of 500 pips...
exactly ... you're on the right track.
  • #495
  • Nov 4, 2014 12:34pm Nov 4, 2014 12:34pm
Quoting Robinho
{quote} Congratulations !!! that's what I think ... that what is important is the concept ... only attention,,, see that by starting the month, the vast majority were in the same direction, MN, W1 and D1 ... but the idea is ... is very good work little and make 20 pips per pair ... maybe better future to put a stop ... but that's the concept that I try to pass ... very good.
Thank you! Many pips to you!
I am NOT an expert. I post to learn from others.
  • #496
  • Nov 4, 2014 2:21pm Nov 4, 2014 2:21pm
Dear Phantom-X
Congratulations! Can you tell us what ea or script you are using?
And did you place your weekly trades at the opening sunday night?
Thanks for your contribution.
  • #497
  • Nov 4, 2014 2:27pm Nov 4, 2014 2:27pm
Quoting kofix11
Dear Phantom-X Congratulations! Can you tell us what ea or script you are using? And did you place your weekly trades at the opening sunday night? Thanks for your contribution.
Hi there,

I did not use an EA or script. I placed all the trades by hand. It took around 10 - 15 minutes I would say. An EA or Script might be nice, too.

I placed all trades on Sunday night, about an hour or so after the markets opened. Also, I did not wait for any entry confirmations - I just followed the previous weekly candle. So it's a little different, but still effective so far!

Happy pipping!
I am NOT an expert. I post to learn from others.
  • #498
  • Nov 4, 2014 4:09pm Nov 4, 2014 4:09pm
Quoting Phantom-X
{quote} Right on. Well said. Thanks for the encouragement. I generally prefer to trade with a S/L because I hate the need to have to constantly monitor trades. Maybe next time I'll go with 80 pips. The win rate is so high that we can get away with a higher S/L to T/P ratio. I strongly believe in KISS. That's why I like this system so much. What do you guys think of this: Instead of a fixed T/P, you could make it more mathematical based on the average volatility for that pair. For example, if the prior 4 candles had an average range of 500 pips...
Yes sir, you have the right mindset!

I think we're all coming up with some great ideas and concepts that can make this overall strategy even more powerful.
It's time we stop entertaining ourselves and start realizing ourselves!
  • #499
  • Nov 4, 2014 4:10pm Nov 4, 2014 4:10pm
My entries of d1 05/11
eurcad buy 1.4315
audchf sell 0.8382
audnzd sell 1.1172
nzdcad buy 0.8919

only 10 of pips tp
  • #500
  • Nov 4, 2014 4:18pm Nov 4, 2014 4:18pm
Quoting moneyflow21
{quote} Yes sir, you have the right mindset! I think we're all coming up with some great ideas and concepts that can make this overall strategy even more powerful.
Sweet. I like the positive energy in this thread.

It would be cool to build a script which calculates average volatility and then places a trade in line with the last candle. T/P could be 1/10 of the average volatility if we wish. Just a thought.

But I think we really need to KISS! 2000 pips per month with only 15 minutes of work per week is pretty decent.
I am NOT an expert. I post to learn from others.
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