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Author Topic: Forex with MTP  (Read 279 times)

jjkj67

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Forex with MTP
« on: January 11, 2017, 12:13:10 PM »
Hi,
Any one trading Forex on a regular basis with MTP. I have not seen many posts of FX trade setups here.

TO be honest I'm not having  success with the software, so would like to find out where things are going wrong with me.
I started using MTP September last year and have been forward testing it in this market . Initially I traded all the automatic setups mostly on the Majors on time frames 15min and above.  But then moved onto only the 'TS' setups as they are trend continuation. But unfortunately the results are the same. If anyone has any fresh ideas or strategy and would like to share.... please do get in touch.
I will try and post some of my charts as well.
Thanks.

jjkj67

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Re: Forex with MTP
« Reply #1 on: January 11, 2017, 05:59:46 PM »
Trade taken during  London session.

MTPAdmin

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Re: Forex with MTP
« Reply #2 on: January 11, 2017, 06:30:43 PM »
Hi,

Yes, that does look like a valid losing trade.............

Where you also following the 15min GBP today ? Where the 15min VS sell unfolded at higher time frame 60min Resistance ?

Thanks

jjkj67

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Re: Forex with MTP
« Reply #3 on: January 11, 2017, 09:15:12 PM »
Hi,
No I did not get the VS setup on my charts....  Maybe different Data provider/broker.

I've also stopped taking VS and DP setups as these are reversals. Only taking TS1, 2 ,3 and 4 which are in the direction of underlying trend.

Thanks

Toatrader

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Re: Forex with MTP
« Reply #4 on: January 12, 2017, 12:34:06 AM »
I trade Forex but not on the 15 min or 1 hour anymore, mostly on the 4hr chart and when a setup shows up on the daily.

EURJPY shows a DP at major resistance with a red MTPTrend and in direction of the trend ( 15 min chart) at 05 January and gives a 4.9 R.

From then on Bars go back up and make a double top.  After that Trend is down until it reaches the DP from Dec 29th what means , regardless what the MTPtrend shows, only sell trades should be considered.

(When you look at the 1 hour chart, you see that the MTPTrend is red).

I have mixed success with MTP but I'm on the winning side now. Another good thing is that before I bought MTP, I blew up three trading accounts but since I started with MTP, I'm still on that same account and winning.

jjkj67

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Re: Forex with MTP
« Reply #5 on: January 12, 2017, 01:19:58 PM »
Today's trade......   

Larger 240min trend up trading timeframe 15min  trend neutral -down.

jjkj67

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Re: Forex with MTP
« Reply #6 on: January 12, 2017, 01:44:17 PM »
Trade number 2...

Toatrader

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Re: Forex with MTP
« Reply #7 on: January 13, 2017, 03:23:24 AM »
Todays trade:

I'm not really the one who should give you advise but once the market reaches a MAJOR support/resistance
it changes ( in most instances) the direction.

This TS2 wasn't in the direction of the trend. On top of that it was also the end of a wave 5. As you see, this would have been a losing trade but a day later there was another wave 5 which is now touching the first resistance and your stop should have been moved to B/E. ( Steve's recommendation).

Toatrader

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Re: Forex with MTP
« Reply #8 on: January 13, 2017, 03:52:49 AM »
Trade number 2.

Yes, you could have taken that trade as long as you follow Steve's rules. ( if you're not 100% sure but still want that trade, bring your Stop to B/E at the 100%).

If you find it difficult to decide what trades to take, why don't you draw some major S/R points on your chart and ONLY take trades in the direction of the trend.

I don't know if you did but if you have a look at my screenshot , there were quite a few setups which you could have considered.

Best of luck with your trading

MTPAdmin

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Re: Forex with MTP
« Reply #9 on: January 17, 2017, 02:29:25 PM »
Hi jjkj67

Looks like your Trade Number 2: the short on the 30min GBP declined nicely to reach the lower DP support zone where a nice +4.7R Profit was available.

So well done, a great trade there............

Steve

jjkj67

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Re: Forex with MTP
« Reply #10 on: January 18, 2017, 02:29:28 PM »
18 Jan trades.

Toatrader

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Re: Forex with MTP
« Reply #11 on: January 22, 2017, 12:45:11 AM »
Hi jjkj67

Does it have to touch the DP for a valid trend change? Yes preferably it should but nothing is perfect.

Personally I use an offset stop loss of 5 pips on this time frame and when the bar comes within this close to a major DP, I regard that as "touching". ( an "int" DP needs to be completely touched)

The two setups on the 30 min chart, regardless if trend is up or down, to me are "floating", they are not at a resistance DP. ( Support becomes Resistance), as Steve says: Only trade when the situation is clear.

There are some very good setups on this chart, especially the ones from early January and if you had the stomach to hold on.  ;D

Good luck with your trading.

jjkj67

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Re: Forex with MTP
« Reply #12 on: January 24, 2017, 09:08:34 PM »
24 Jan 2017 trades

jjkj67

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Re: Forex with MTP
« Reply #13 on: January 25, 2017, 12:43:37 PM »
Missed the GBP trade as i was busy with NZD analysis.

GBP was a better trade as it was with blue  MTP trend but for me the  impulse was  trading between previous pivot high and low.