Blackb0x HSV5 System - page 3
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MCFly - I set a 50 pip stop loss because the gbpusd has a tendency to jump every now and then and you want to give it enough room, you can also use 40 safetly I suppose.
I decide to take only 10 pips because I prefer to trade with larger lots than normal and I want to get in and out quickly, especially since my broker allows scalping. But you can easily put in an auto trailing profit with swiss army and follow a move all the way up if want, so a 160 pip would be a beautiful distance to trail all the way.
MCFly - I set a 50 pip stop loss because the gbpusd has a tendency to jump every now and then and you want to give it enough room, you can also use 40 safetly I suppose. I decide to take only 10 pips because I prefer to trade with larger lots than normal and I want to get in and out quickly, especially since my broker allows scalping. But you can easily put in an auto trailing profit with swiss army and follow a move all the way up if want, so a 160 pip would be a beautiful distance to trail all the way.
Hi omargray,
thanks for your answer. If I got it right the 50 pip sl is more a kind of catastrophic stop? In this case I'm interessted how you get out of a trade if it goes against you.
Furthermore I'm interessted what hit rate you achieve and how many set ups you get per day.
Well, seems somebody doesn't know to read.
Thanks for sharing Omargray. But I agree that no everybody can read the setup system. Too complicated. Why don't you make it more simple but profitable?
I think, it's better using the conventional indies from MT4. Just to setting the parameters.
By the way, you're good.
Regards,
WulanCantiq
Hi MCFLY!!! ha
Yes, the 50 pip SL is a catastrophic stop, if I enter a trade and it starts to go against me I wait, and if it doesn't go my way, I wait more, and if I lose that trade and it hits the SL then it is a loss. Basically, there is no secondary condition that stipulates what indicator to use when a trade goes against you, and in fact I find that whenever a system has that condition they tend to be inaccurate. If you follow the directions of the system exactly as I have outlined them you will be able to avoid getting in a trade at an incorrect time. In this case incorrect timing being entering a trade when the price may go significantly against you.
The way I envision the moment this system's conditions come together for a trade is pushing a boulder off a cliff. If the price is a boulder and the cliff is a trend direction change then all of the conditions of this system signal a trade at the point just before the boulder hits the ground. Meaning, it has the maximum momentum behind it and the probability is highest that it will slam into the ground, or the price will surge in the direction of the trade. Hence the importance of trading within the fibo lines, each being either the edge of the cliff or the ground.
This is why I say I will not enter a trade without a trailing stop for more than perhaps 40 min to an hour after any given alert arrow, because the trade very well could be expired by that time. If you want to use a trailing stop and ride out each move that is just another approach and is profitable as well.
The NMR, RSI_DEL, ADX and very importantly the Activity indicator conditions all come together at a time of maximum momentum for a move, a surge point if you will - so it almost never happens that the trade will go significantly against you once you enter at that point and get out quickly.
wulancantiq2000 -
I undestand your concern about the complexity of the system but if you practise for a little while you will see that it is actually quite simple, especially given the alert which will signal you to a potential trade setup. I would trim some fat off of it but it is as lean and trim as I could get it, and quite rare if I might add
updated WA def (del) rsi mtf & sto mtf
mtf thread https://www.mql5.com/en/forum/173574/page187
Wow thank you FXBS, this will help a lot, that was very generous of you. I'm working on an indicator that will help greatly with scalping and I will share with you once it is done. Thanks again.
Hi MCFLY!!! ha
Yes, the 50 pip SL is a catastrophic stop, if I enter a trade and it starts to go against me I wait, and if it doesn't go my way, I wait more, and if I lose that trade and it hits the SL then it is a loss. Basically, there is no secondary condition that stipulates what indicator to use when a trade goes against you, and in fact I find that whenever a system has that condition they tend to be inaccurate. If you follow the directions of the system exactly as I have outlined them you will be able to avoid getting in a trade at an incorrect time. In this case incorrect timing being entering a trade when the price may go significantly against you.
The way I envision the moment this system's conditions come together for a trade is pushing a boulder off a cliff. If the price is a boulder and the cliff is a trend direction change then all of the conditions of this system signal a trade at the point just before the boulder hits the ground. Meaning, it has the maximum momentum behind it and the probability is highest that it will slam into the ground, or the price will surge in the direction of the trade. Hence the importance of trading within the fibo lines, each being either the edge of the cliff or the ground.
This is why I say I will not enter a trade without a trailing stop for more than perhaps 40 min to an hour after any given alert arrow, because the trade very well could be expired by that time. If you want to use a trailing stop and ride out each move that is just another approach and is profitable as well.
The NMR, RSI_DEL, ADX and very importantly the Activity indicator conditions all come together at a time of maximum momentum for a move, a surge point if you will - so it almost never happens that the trade will go significantly against you once you enter at that point and get out quickly.
wulancantiq2000 -
I undestand your concern about the complexity of the system but if you practise for a little while you will see that it is actually quite simple, especially given the alert which will signal you to a potential trade setup. I would trim some fat off of it but it is as lean and trim as I could get it, and quite rare if I might addgreat explanation
chisuke
hello,
thanks your system. I have one questions:
Can this system use even other currencies? For example, EURJPY?
Good work
GOD BLESS U THANKS FOR SHARING UR IDEAS WITH FELLOW TRADERS.
Chisuke,
The only other currency I have tested with the current settings successfully is GBPJPY. That currency is very compatible with the settings in the template in the first post, perhaps more than the GBPUSD. I will post some GBPJPY trades in the future.