MTF Trading System - fxozgirl Higher Time Frame spinoff

[alto]

Hello fxozqirl and all,

I found this thread last week and was instantly hooked. I was out of FX for a few years after just losing money and only seeming to discover ways to lose that money slower.. (actually, faster if u let EA's lose it for u) But this method seems rooted in good sense and based on solid info.

Thank you for sharing and here's hoping things continue to work out..

:hi:

alto

[Ezzy]

Hello fxozqirl and all,

I found this thread last week and was instantly hooked. I was out of FX for a few years after just losing money and only seeming to discover ways to lose that money slower.. (actually, faster if u let EA's lose it for u) But this method seems rooted in good sense and based on solid info.

Thank you for sharing and here's hoping things continue to work out..

:hi:

alto

......and higher time frames also

[alto]

yes Ezzy, I definitely feel any signal based off the higher timeframes to be more reliable. So far I am on demo with Oanda (they use a 5-digits so I had to add a zero to all the settings.. in the trailing EA..) Let me post a screen of the 1 trade I opened last night..

Here are my criteria as I understand em from fxozgirl's rules:

1. trend is up based on green arrow on weekly tf
2. 3 smma above 8smma
3. trigger candle closed above 3smma
4. 4 blue dots on MTF indie - at close of trigger candle

and since this was a re-entry buy

5. 2 bull candles after 1 bear candle (trade opened on start of new candle)

so far price is hovering around trade starting price.

alto

[Ezzy]

yes Ezzy, I definitely feel any signal based off the higher timeframes to be more reliable. So far I am on demo with Oanda (they use a 5-digits so I had to add a zero to all the settings.. in the trailing EA..) Let me post a screen of the 1 trade I opened last night..

Here are my criteria as I understand em from fxozgirl's rules:

1. trend is up based on green arrow on weekly tf
2. 3 smma above 8smma
3. trigger candle closed above 3smma
4. 4 blue dots on MTF indie - at close of trigger candle

and since this was a re-entry buy

5. 2 bull candles after 1 bear candle (trade opened on start of new candle)

so far price is hovering around trade starting price.

alto

Hi Alto

I am absolutely loving this system, but not using any EAs with it, I don't have the PC on enough for it to work, so I am trading manually. With your current trade, usdcad is entering a very interesting level, so don't be disappointed if this one doesn't work out. Keep posting though as we continue to practice and learn.

I have re-entered audusd, sorry don't have a chart to show, but selling. GBPUSD and GBPJPY are also looking good for a continuation trade.

Good luck
Ezzy

[alto]

yes, I agree with you on the awesomeness of the system. It is K.I.S.S. also, the pairs you mentioned are all looking good. I'm just waiting for the trigger candles to appear. (looks like a/u is on the way now, so I'll open a sell trade on start of new candle)

Ezzy, what broker u using? I'm on Oanda and they are GMT -4. My new daily candle starts at 6pm my time. (I'm GMT -10) I bet u and I have some different candles sometimes. Last comment.. about the EA, I also wanted to get away from relying solely on an EA to trade for me, but the trail EA only manages the stops for me.. one less thing to worry about and it watches price 24 hours/day whereas I have to sleep sometimes.

alto



Update: got the re-entry signal for a/u. I know its early days, but it's always nice to see your trades in profit.. here's my reasoning on the trade..

au

dwntrend (based on weekly)
3smma below 8smma
4 red dots on MTF indie
price below 3smma

*sold 1 on start of new candle after retrace and 2 bear candles.

[Ezzy]

Hey Alto, I am using GP, and I live in Sydney Aus, not sure about the GMT stuff, but my chart / candles do look different.

I manage my stops and take profit via my phone (just using the 2MAs and price action). I don't think my entries are text book, in other words as instructed by fxozgirl, but they work for me.

I prefer to re-enter when the daily MAs cross in the opposite direction and then turn back in the same direction as the weekly. But some times I wait for a pullback like the current A/U trade and then enter in the direction of daily and weekly MAs.

My GBP/USD and GBP/JPY have triggered so..... I am feeling confident about these two, but I have been around long enough to be prepared for anything

I will try and post some charts in the next few days.

[SteveHopwood]

Guys, you might notice that Shelley has not been here for a long time?

Feel free to discuss this thread amongst yourselves. Just do not expect any interest from Shelley.

No criticism intended of anyone folks; just making sure you are aware of the situation.

[alto]

Thanks for the heads up Steve,

stop hunt anyone??

but seriously, I suspect that this strategy does work great 99% of the time.. however, Murphy's law tells us that 1 or 2 or more trades will go so far against us that it will wipe out the entire account. I'm hoping that by having a fail safe SL it will act as a pressure valve and cut those negative trades before they get too out of control. well, that is my hope and we'll see if the system holds up..

alto

[cfudge]

Hi Alto
I think you would do yourself a favour with this method to use a smaller position size than you normally would as DD is inherent with trading this way.
I am not trading hardly at all this week with this method as there are very little signals. Last 2 weeks were around 5000pips banked now all I have is DD so I wait for markets to move again and bank more pips. You have to learn to live with DD.

[alto]

good advice.. I will keep my lotsize on the conservative side. Oanda gives u a small $mil demo and it just defaults to 1 full lot.. that's the same as trading .01 lots per $10,000, right? 10 times less than fxozgirl I think.

Slow for sure.. just the 2 trades open.. in some DD now, but at least things seem to be heading in the right direction again.

alto