Thread: So far so good indiorless system...

Originally Posted by ;

Okay. I can't state what I think because I know absolutely nothing about it. Or are the rules of the game that we are to stare at those two charts and attempt to reverse-engineer the way behind it?

Are you willing to tell us a little tiny bit more about this particular method?


Gards,

Lighty

The method behind the madness is straightforward, what this system tries to do is ch the market during a time when it's range bound meaning it hasn't made it up mind if desire's to trend up or trend down. During this time period the market generates points of support and resistance, applying just a little physics behind it we presume that once the market makes up it mind it will remain in motion until acted upon meaning when the market decided to trend up it will start trending up until it strikes another stage of resistance. Ahead of the market starts trending, while it is in it is range bound status we setup two automatic buy ins, one buy in is put X amount of pips above resistance for LONG and another is put X amount of pips below support for SHORT. This lets us be purchased to the market when it makes it up mind and decided to start trending. The reason I put X amount of pips is since it is dependent upon the currency pair concerning how far away you have to put your buy inches, a few pairs differ significantly more than other people, this is part of the optional area of the system however once you determine what you fee familiar with it doesn't have to become disctretionary.

So the market has transferred one path significantly your purchased in, let us say the market trended upward, you now proceed another buy in you had set for SHORT to a discretionary point below the rising price, keep it a safe distance away that will allow for market fluctuations as it rises. What I really do is put it to break even or higher depending on which price is doing, after price has produced a couple more time frames onto your chart you will notice it strikes another stage of resistance, it will bounce from it and make a new level of support, then I'd place my sell out X pips (usually 2) below the new support line thus if price decided to return down your sold out for a profit automatically. The reason why I do this is that I do not see the purpose in setting a theoretical goal for price to hit, why do you do this, what if price missed your goal by a few pips then plumeted to many peoples stop losses where they lose money? Doing it the way I said lets you maximize your profit by obeying price with a manual tracking stop loss. Allowed this requires you to take a seat before your computer more often so it is not for everyone.

Originally Posted by ;

The process behind the madness is straightforward, exactly what this system tries to do is capture the market during a time when it's range jumped meaning it hasn't made it up mind if want is to trend up down or trend.

Thanks for the explanation. It is very good to see a methodology which uses price action for BOTH entrance and exit.

Originally Posted by ;

The process behind the madness is straightforward, what this egy tries to do is ch the market in a time when it's range bound significance it hasn't made up it's mind....

Richard,

Thanks for that explanation, today it makes more sense. So this is merely a breakout/straddle system.

I don't know if I like the 3min chart idea. MT4 does not have that timeframe. But again, breakouts work on all timeframes and if you chose a higher timeframe you woulnd't need to sit before the comp either....

I have to say I've never really attempted this type of thing. I've played around with session-specific breakouts (ie trading in precisely the exact same time every day - market open breakout) although not with everything you are working on. I consider it the simple idea would be to move SL into breakeven as soon as practicable, right? This way you'd stop out of a lot of trades that will finally go your way but you also reduce your losses....

I like this... could experiment with it and maybe write up an indior. I'll call it the Indiorless indior.

Best wishes

Lighty

Hi richard,
Can you please inform us your template /indiors ?
Lets see that the possibilities and who understands make an EA.

Best Regards,
Marcelo Marques

Richard
If you don't mind me asking? What times or sessions do you usually trade? What pairs do you trade? And just how many lots do you trade ? Currently I trade off the 1min chart and apply the 5minute, 15 minute and one hour for management.

Chris

Originally Posted by ;

Richard
In case you don't mind me asking? What times or sessions do you usually trade? What pairs do you trade? And many lots do you typically trade ? Currently I trade off the 1min chart and apply the 5minute, 15 minute and 1 hour for management.

Chris

lol that is old, I don't use this anymore. However I exchange EU 1tick only and 10sec chart, lot size. . .that's not significant but it's a fairly good size I used to exchange London open but cannot end up in the middle of the night to do that so that I exchange ny open and london close.

Another note, this system works very nicely on pullbacks and breakouts.