MMTS system - page 5
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
time adjustment
fx1,
Any chance of a time adjustment for the trendline indicator?
Does anyone know if the indicator being sold at http://metatradertools.com is time adjustable?
Jahmal
It would be nice to know what the ideas/details of the system are, so that we can discuss them.
I understand that somebody may not want to upload the ebook because they feel morally obligated to respect the copyright. There's nothing wrong with that. But, the copyright protects the written work, not the idea. That means that you can talk about it as much as you want, you just can't post the actual ebook. So, again, it would be nice if someone would give a good description of the systems details.
We discuss the details of the systems/books of people such as Alexander Elder, Tom DeMark, Larry Williams, etc., all the time. Every forum I've ever been on does this. Not everyone has purchased their books, but we still discuss the system details because someone shares those details. And, it's perfectly legal.
I purchased one of Larry Williams' books because Igorad started discussing his ideas in one thread. This weekend I purchased one of Tom DeMark's books because of a thread over at Moneytec.
If one of you that has purchased the book would post the ideas/details of the book, we could have a good discussion going in this thread, and hey, maybe a few of us will purchase the system from Monika.
Just my 2 pips,
Keris
MMTS systems
I don't have a problem with that. The MMTS ebook is mainly about price action, 1,2,3's and Monika's trendlines as well as her London open and New York news price action systems, which you would have to buy the ebook to get a handle on. Her trendlines are straight forward if you download the indicator and watch the video that Jetheat put together. I'm not using everything that Monika's book offers but I'm happy with what I am using. There is a chapter by Mark Braun which I really liked, his site is very good www.markbraun.net. Learning how to use fib extensions and retracements have really improved my daily totals, and you don't need the book to get a handle on this stuff as Mark explains it all very throughly on his site.
I don't have a problem with that. The MMTS ebook is mainly about price action, 1,2,3's and Monika's trendlines as well as her London open and New York news price action systems, which you would have to buy the ebook to get a handle on. Her trendlines are straight forward if you download the indicator and watch the video that Jetheat put together. I'm not using everything that Monika's book offers but I'm happy with what I am using. There is a chapter by Mark Braun which I really liked, his site is very good www.markbraun.net. Learning how to use fib extensions and retracements have really improved my daily totals, and you don't need the book to get a handle on this stuff as Mark explains it all very throughly on his site.
Thanks Rip.
Are you trading her system (the parts that you like) as a standalone system, or have you taken her ideas and added them to to your own trading model?
Added
I've added the MKS trendlines to my normal setup. Ciao Rip
time setting added
Thanks for the updated indicator FX1,
Also what was the Alarm_On setting for, I thought it was to turn off the Alert when not on 15 min chart, but it does not do that ?
People with out the e-book, Monika tried these trendlines on GBP/USD, EUR/USD, CHF/USD, USD/CAD and USD/JPY. Place the indicator on a 15 minute chart and notice what you see, one way Monika trades them is trade in the direction of the candle that immediately follows the end of the solid coloured part [not dashed part] of the trendline, FX1 has made the indicator show an arrow pointing in the trade direction.
InterbankFX set the Time Zone = 0
StratagyBuliderFX set the Time Zone = 1
I don't know any other MetaTrader time zones.
Check out how powerful they worked on the GBP/USD
Again thanks FX1, it saves us heaps of time from manually plotting the lines
.
Dean.
Thanks Dean.
Does the ebook explain how to let profits run on the trendline trades? After watching the video that Jetheat put together, the trendline method uses a 15-pip take profit and a 20-30 (don't remember exactly) stoploss. He also mentions, when describing the London Open method, that you can use technicals to exit instead of fixed TPs.
What types of technicals is he referring too? Is it general TA, or did Monika develop something special for use with her system?
Thanks,
Keris
Does the ebook explain how to let profits run on the trendline trades? After watching the video that Jetheat put together, the trendline method uses a 15-pip take profit and a 20-30 (don't remember exactly) stoploss.
Monika describes a couple of ways, and no not really on letting profits run, although I think letting profits run is a good way to go, there is a basic 30 pip stop loss with a 15 pip take profit, or a SL 4 pips below a recent low, or close the losing trade when a 15 minute candle closes on the wrong side of the trendline..... etc. But all stuff you can work out for yourself, maybe price will bounce off an earlier trendline, I've seen that happen a few times, it's the drawing of the trendlines that are so interesting, but how you trade with them to make money is up kinda left to the trader, with advise given to get you started.
What about looking at past days trendlines and seeing what rules could have worked, like enter on the close of the second candle above the trend line and exit when price starts to go against you, something like that.
He also mentions, when describing the London Open method, that you can use technicals to exit instead of fixed TPs.
I have not yet read the london open section so I can't say, there is a lot of information and different trading ideas in the book and I have only started to study the trendlines, like any systems, somedays they seem to work brilliantly and other days are not so.
Dean.
Risk/Reward Ratio
Do you think risking 30 PIPs (S/L) for 15 PIPs is worth the effort? I always shoot for double the S/L. Trading the news is always risky, I have always waited after the news before going in.....
I have the ebook and find that most of Monika's methods appear to be over optimized. Just my opinion.
Maji