Exiting on great system
I am new to forex-tsd as well as MT4 and just been doing some testing with this system. I have to say I really like it. Kudos to Mr. Trader for bringing this to the table and many thanks to Igor for the programming!
Entry signals are clear, but for proper timing of the exit as to maximize the gain is something I'm finding I still need to watch the charts. After further analyzing of the TrendStrength indicator, it looks like this may be a good one to use for exiting.
Mr. Trader... and others... how are you determining proper timing for your exit?
What I was thinking was to add an alert when the TrendStrength indicator lines crossed. Can you assist with that, Igor? I am trying to figure it out, but as I am new to MT4 language, it will take me some time.
Get an exit signal...
hi there dscott5912,
may be not sitting and looking...
i use the e-trailing EA for a variabel trailing stop, there you can set a trailing stop (take care with the settings, how much pips away from the price your broker offers a oder, mine is IBFX for this system, they offer 5 pips in majors, that means your traiiling stop is minimum 5 pips) and the pipstep... pipstep mean that you can set how much more than the trailing seted pips the price have to run in your direction that the trailing stop stet a new stop price... the best will be you try it in demo, than you know what i mean...
I use 20 trailing stop and 5 pipstep for H4 charts in the majors !
As attachment you can find this EA, only enter them in one chart and he will close all orders from this account with the seted rules.
BTW, about the alert, i´m still working on it !
Hope this helps
Error from my part - message deleted
Hi Mr trader,
did you subscribe Erol video newletter? USD 77/ year right? can u give us your comment about his newsletter? Since u give us his free system ( hehehe... Erol will kill u once he knew about this) i'm interested to subscribe his newsletter. this system only work in tf H4? how about H1 or M30? to many false signal? would appreciate your comment. and which currency pair is suitable for this system?
Yes i subscribe also to the newsletter, automatically when you buy his indicators... But i don´t watch this actual, i only watched it one or two times 4 monthes ago... for me it´s not necessary, i only trade with the signals of his system. The system works in all timeframes 5min up, erol said, but my oppinion is H4 is the best, i try it also in h1 and 30 min but there are to many false signals, also in such a fast chart there is no stressfree trading, so i isn´t for me
I trade this system only in 4 majors.
Hope this helps,
Hi Mr Trader,
Have enjoyed your thread and wanted to know of the 4 majors is one in paticulary better than the other 3???
tks in advance,
Thank you, Mr. Trader. I have been using the 1hr chart. So far it has been working good. I have been testing out with a small mini account since that's what I will be starting with when opening a real account.
I'll give the EA a shot. BTW, I'm not sure developing an indicator based on the TrendStrength indicators crossing is such good thing now. I have seen many times on the h1 chart where it gives a false exit ... if you basing your exit on when that indicator crossed.
In addition to your system, I also loaded the "CrossedAlerts" indicator and changed it to use 5 and 10 SMA as well as "SendMail" vs Alert to send to my cell. This just gives me an idea that things may be looking at changing so I can keep a closer eye on it.
Thank you dscott5912
I will take a look on it and will comment !
Any word on a posssible EA for this strategy yet?
Have had good success with two pair s ( usdchf and eurusd)
tks in advance