20 pips with Livelli indicator

Today I took Longs on both GPBUSD and GBPCHF but closed 4 out of 4 trades prematurely. I was set up to go Long on EURJPY and GBPJPY as well but have now since closed down these buy stops.

Buy GPBUSD at 1.55844 -> 1.55856 = 1.2 Pips (Manual Close before TP 1.55944 Hit)
Buy GPBUSD at 1.55844 -> 1.55914 = 7.0 Pips (Manual Close before Trailing Stop 1.55871 hit)

Buy GBPCHF at 1.53408 -> 1.53425 = 1.7 Pips (Manual Close)
Buy GBPCHF at 1.53408 -> 1.53420 = 1.2 Pips (Manual Close)

Not fantastic, still working on letting my winners run. Though in hindsight, perhaps it was the right decision on the GBPCHF as it quickly fell off a cliff not long after I closed these trades ( Disposition Effect, Outcome Bias!).

Hi Raylin and Co,

I tried to get going on GBPUSD (both 15M and 1H Resistance Livelli's lining up) and EURUSD today with BuyStops but wasn't feeling it. USD is looking strong this morning rebounding from yesterdays slide and the EUR flat if not declining. On the days I've had good results it's been immediately on the London open so I've cancelled all my pending orders.

Raylin - it seems that you are happy to let your pending orders sit for the whole day or at least until close to London Close - is this still the case?

Also - any pointers on EMA direction and Volatility?

Cheers!

So not a great start to the day. Went Long EURJPY and stopped out for minus 375 & 370 points. I got filled just before London Open, the trades then take a 25 point peak at profit and then hit the SL's. The 15M EMA's looked to be in the right order and moving in the right direction (upwards) when the trades were taken. In hindsight, the EURJPY is near a weekly high and if I zoom out to the hourly view you can clearly see the weekly resistance.

I also got early-filled Long EURUSD and luckily managed a couple of cheeky 10 and 6 point profits (Manual close = fail) which again should have been let run a little longer to offset the losses from EURJPY. Had I let them run, the 10 Pip trade would have hit TP and the trailing would have engaged and hit trailing...

Short USDJPY this morning. Took all day for it to get close to TP bar the earlier USD News at 13:30. First trade manually closed just now. Second Trade still developing.

Sell USDJPY at 124.212 -> 124.125 = 8.7 Pips (Manual Close)
Sell USDJPY at 124.212 -> Still running, currently with 120 Point Trailing Stop

USDJPY Trades went well yesterday. My trailing stop was hit on the open trade which was a bit of a shame as the USD has continued to slide against the Yen in the evening and this morning.

Today's trades were Long USDCAD at 1.31088, one hit the SL (-500 points) and the other was manually closed at a loss (-368 points).

I'm done on this method as my interpretation of it seems to only yield a 50/50 win rate.

Hi Guys still using this method but only on trending pairs
I now use the 5,21,30,40,50 and 100 EMAs
In an up trend I wait for the cross of the 5 and the 21 ema's I then add 20 pips and as long as there is a
gap between all the moving averages and the the price is above the 100 ema I will take the trade using the 100 ema
as a emergency stop but a cross of the 5,21 ema in the opposite direction will take me out of the trade

Hi raylin, could you post the mt4 code of the Livelli indicator because I would like to build an Expert Advisor with it?

https://www.mql5.com/en/code/12618

Still trading the with the livelli indicator but using the rainbow indicator to filter out trades
Because of this my stop loss now is only 30 pips and normally go for 10 pips to break even and trail the price by 10 pips
Looking for 20 pips per pair
I only trade 1 hour time frames and will only make trades in the red moving average zones
This seems to filter out a lot of trades that are not going with the trend
Of course the ideal trade is when the rainbow is all trending in one direction as the Aus /Cad indicates
Today no losses couple of break evens
Pairs traded Gbp/Usd , Gbp/Jpy ,Eur/Jpy ,Eur/Aud , Eur/Gbp ,Aud/Cad , Cad /Jpy , Eur/Chf ,Nzd/Chf

Nice update......can you share the rainbow indicator you are using, like to take it for a spin....thanx in advance!

Rainbow indicator can be found by typing 'rainbow indicator' into forexfactory search top right hand corner

Thank you for the insight. I have recently returned to trading after prolonged layoff for health reasons, now 80 years young and going strong.
As I am a newby on this very complete forum I may not use my own thread as yet so I was hoping that you would be kind enough to point me in the right direction for my requirement.

In the realm of website building I have a simple system which converts normal language into code. (called (Blue voda) So I make my own web sites very successfully, no problem.
Has any one any idea if it has ever been possible for a MQL4 coder to set up such software to enable a novice coder like me to set up his own indicator?

Please pardon the intrusion on your thread, I do understand my writing here is irrelevant thereto, but how else can I get a reply from a person who understands trading the FX market?

thank you

I'm sure there are some good coders in here but you could also try Forex-TSD to ask that question.

the 7 and 28 are 2 ema that you need to set up right and not the properties of the indicator itself as i see you drawing lines.

why must 2 trades on the same lvl be made?

Also how large must the trailing stop be? Not mentioned.

I love the 2 trade at the same price method. It allows you lock in some profit with the first trade and continue to ride the trend with the second. You could also achieve a similar effect with opening a larger trade and then carrying out a partial close, though I personally felt that the 2 separate trades gave a little more flexibility.

can any1 send me the red and blue dot support resistance indicator plz.