Learning Cycles For New Traders - page 7
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You do not understand my method, again. Sorry. Try reading over it again. It will most likely never reach level 7 even. It it will, that iwll be rarely, the last time it did that was in the attached file.
Hi Dan,
I am sorry, may be I don't really understand your method.
At first time, open buy and sell 1 lot, and draw horizontal line.
Draw lines at level +1, +2, +3 ... -1, -2, -3 ... with spacing of 15 pips.
If price reach +1, then sell 3 lots, buy 1 lot, and put stop at level 0.
Here is where I don't understand.
Does it mean you put stop loss at level 0? Does it mean you close the first sell order with loss? Or just let it float? Could you explain deeper on this please?
Thanks mate.
Cheers,
To make the calculations simpler, lets say EURUSD has 0 pips spread.
Starting Price @ 1.3200, you issue the following 2 market orders
Sell@ 1.3200, 1Lot, StopLoss=0, TakeProfit=0
Buy@ 1.3200, 1Lot, StopLoss=0, TakeProfit=0
Now Price goes to 1.3215, you will have the following 3 orders and TakeProfit
Sell@ 1.3215, 2Lots, StopLoss=0, TakeProfit=1.3200
Sell@ 1.3200, 1Lot, StopLoss=0, TakeProfit=1.3200
Buy@ 1.3200, 1Lot, StopLoss=0, TakeProfit=1.3200
Now Price goes to 1.3230, you will have the following 4 orders and TakeProfit
Sell@ 1.3230, 7Lots, StopLoss=0, TakeProfit=1.3215
Sell@ 1.3215, 2Lots, StopLoss=0, TakeProfit=1.3215
Sell@ 1.3200, 1Lot, StopLoss=0, TakeProfit=1.3215
Buy@ 1.3200, 1Lot, StopLoss=0, TakeProfit=1.3215
Now, lets say price still does not come back to your TP and continues going up... Now to Level 4, Price @1.3245
Sell@ 1.3245, 15Lots, StopLoss=0, TakeProfit=1.3230
Sell@ 1.3230, 7Lots, StopLoss=0, TakeProfit=1.3230
Sell@ 1.3215, 2Lots, StopLoss=0, TakeProfit=1.3230
Sell@ 1.3200, 1Lot, StopLoss=0, TakeProfit=1.3230
Buy@ 1.3200, 1Lot, StopLoss=0, TakeProfit=1.3230
Trust me, I know how your system works, I been using it already for a couple of weeks. So don't think its going over my head. My observation is that 95-98% of the time the system will win, no doubting that. And you will make your baby pips consistantly. Here is the punch line. You will get that 9-10 level move and when you do, all the baby pips you been collecting for 2-3 years are wiped in 1 move.
So I am not arguing with the system at all, it works. But the real problem you are trying to turn away from, how to avoid big moves. What you do when market has reached your 8th level without any retrace and your account has used up almost all its margin and almost about to be margin called. What you do at this point? Add more money? or take a huge loss and close all positions or let the broker margin call you and close all your trades for you when it comes to that? Thats the real problem and you need to figure out a solution to that. If you can give me a solid solution to this then I would say you are ahead of rifo and his Blessing System. if not then I guess you are on your own with this system. Good luck
For everyone else trying to figure out What he is trying to do, check out this thread... https://www.mql5.com/en/forum/176083
This is where I came across it first and been following it, I have chat 1on1 qith rifo as well, and that system works no doubt. But just like this one, the Blessing system also has this flaw where it keeps on piling lots and trades in opposite direction while market is moving against you. Its a mathematical formula or something where the more you loos the bigger the odds of you winning. And its a known fact. Infact, Casinos in Las Vegas protect against this type of adds by not letting you loose too much, meaning there is a limit on how many time you can loose, once you reach it, they make you stop playing. Since forex brokers cannot stop us from keep trading or are not doing it now anyway, as long as you got capital and enough $$ in your account you can keep piling on the lots in opposite direction and just like Elliott Wave the market has to move in your direction sometime, it cannot go against you forever. So as the price moves against you, you add another trade in opposite direction with double the lots. So when market does move in your favor, all you need is a 15 or 20 pips move to close all your open trades and close in profit. Hope that explains
my 2 cents
Hi Dan,
I am sorry, may be I don't really understand your method.
At first time, open buy and sell 1 lot, and draw horizontal line.
Draw lines at level +1, +2, +3 ... -1, -2, -3 ... with spacing of 15 pips.
If price reach +1, then sell 3 lots, buy 1 lot, and put stop at level 0.
Here is where I don't understand.
Does it mean you put stop loss at level 0? Does it mean you close the first sell order with loss? Or just let it float? Could you explain deeper on this please?
Thanks mate.
Cheers,When reached +1, let buy run, don't add lots. When reaches 0, close all positions.
What happen to your system when price goes up or down for a couple of hundred pips without any reversal?
This will happen a couple of times a year.
Look back history data please.
BadBoy, nice of you throwing a monkey wrench in all this lol
He's talking about DayTrading EA.
Similar result here
Regards
David
He's talking about DayTrading EA.
Regards
DavidDavid you so secretive with your EA man, hook a brotha up with some goodness
Back to topic, I just did some calculations and seems like using this method gives 165% more pips than the Blessing System.
Now question is, who is good with MT4 programming and can work on this? I will pay you for your time to program if need be. If you donot want to reveal yourself in this thread then send me a PM if you are good with coding. I will try to draw a flowchart. Thanks,
David you so secretive with your EA man, hook a brotha up with some goodness
Dude, dont accuse me so fast. That EA doesn't belong to me. Its here. V12 is as promised with my team, will never allow exception. I did not say I will not share my new EA. Its just around the corner, am going to have a new recruitment soon. So, I think you owe me an appology here.:)
Regards
David
LOL, nice, thanks for the link.
So when can you hook a brotha up?
p.s. I been seeing alot of noise about your v12 in the yahoo group, you sure got an audience there and ofcourse here as well.
Keep up the good work.
And I did not say anything bad about you, so I think there is no need for apology