collapse

Author Topic: TrendLine Trading with or without the Magic Wand  (Read 15096 times)

Online diyforexskills

  • Verified Vendor
  • Sr. Member
  • ***
  • Posts: 1447
Re: TrendLine Trading with or without the Magic Wand
« Reply #60 on: December 24, 2018, 05:31:55 AM »
OK, I have set up a trade similar to your AUDNZD one. Let's see how it goes.

By the way, I assume the percentage of risk function does not work with a trendline SL...? Would it be possible to program it as such?

The weekend gap killed my entry line, so no trade taken. But I have got in now after the rebound.

As to % Risk. I did not think it would, but I gave it a go. And to my surprise it works! Given the lot size that was entered, it must have used the SL value from the SL trendline at the entry point. That would make things interesting. The closer the entry occurs to the SL line, the larger the lot size will for the same % Risk. As per image.

I would want to test that out on demo before I apply it to live. But thanks for asking. Would not have occurred to me.

My coder has just confirmed that that is how it works. So the pips SL used in the %Risk calculation is the SL pip value of the SL trendline at the time that the trade is entered. So the closer the entry occurs to the SL line, which will occur if you draw a sloping entry trendline, the larger the lot size will be for the same % Risk. Feels like a good Christmas present to me.   :)
Information and product page - http://www.diyforexskills.com/forex-tools/




Offline FLechdrop

  • DonbonsPrivateGroup
  • Sr. Member
  • *
  • Posts: 804
Re: TrendLine Trading with or without the Magic Wand
« Reply #61 on: December 24, 2018, 12:31:15 PM »
I set it up just after the markets opened again.

As to the % risk, great! I have now just set it to 0.1 lot for testing purposes. But that is a great functionality.

Offline FLechdrop

  • DonbonsPrivateGroup
  • Sr. Member
  • *
  • Posts: 804
Re: TrendLine Trading with or without the Magic Wand
« Reply #62 on: December 24, 2018, 12:35:37 PM »
It has taken the trade, but for now it is going sideways.

Online diyforexskills

  • Verified Vendor
  • Sr. Member
  • ***
  • Posts: 1447
Re: TrendLine Trading with or without the Magic Wand
« Reply #63 on: December 27, 2018, 08:46:16 AM »
Took a bit of a hit last week but back on track with the winners.

Now all I need to do is keep my nerve and continue trading like this on live in 2019.
Information and product page - http://www.diyforexskills.com/forex-tools/




Offline FLechdrop

  • DonbonsPrivateGroup
  • Sr. Member
  • *
  • Posts: 804
Re: TrendLine Trading with or without the Magic Wand
« Reply #64 on: December 27, 2018, 05:29:09 PM »
I find this method helps with the nerves, if you are setting up the trades and not watching the execution too closely.

Offline FLechdrop

  • DonbonsPrivateGroup
  • Sr. Member
  • *
  • Posts: 804
Re: TrendLine Trading with or without the Magic Wand
« Reply #65 on: December 27, 2018, 05:34:51 PM »
Did you get a win with the trade above, by the way? I did not, because apparently it just failed to hit my TP and then reverted and hit the SL. Oh well.

Online diyforexskills

  • Verified Vendor
  • Sr. Member
  • ***
  • Posts: 1447
Re: TrendLine Trading with or without the Magic Wand
« Reply #66 on: December 27, 2018, 09:30:57 PM »
No, lost the AUDNZD. Now have it set for a Buy son the H4 since it seems to want to break out of the Daily channel to the upside. I am being quite conservative with TP levels; scored a nice AJ sell last night that way.
Information and product page - http://www.diyforexskills.com/forex-tools/




Online diyforexskills

  • Verified Vendor
  • Sr. Member
  • ***
  • Posts: 1447
Re: TrendLine Trading with or without the Magic Wand
« Reply #67 on: January 06, 2019, 08:08:19 AM »
Practicing is Finished - now we move to Live

Six weeks of practice and only 1 week was a loss. Now I am all set up to trade on live with the Magic Wand.

I find working on charts on a VPS to be sluggish so am going to try doing the analysis and drawing the trendlines on my home computer MT4 and then saving the setups as tpl files and copying these to the VPS; and loading onto their respective charts. I expect to be doing that on a daily basis. I do the setups on the H1 or H4 timeframes and so there is usually quite a few hours before price gets near the entry line. So plenty of time to copy and past.

And yes I will make my live account performance available but it may well be on FX Blue unless the myfxbook Support finally get their act together.
Information and product page - http://www.diyforexskills.com/forex-tools/




Offline FLechdrop

  • DonbonsPrivateGroup
  • Sr. Member
  • *
  • Posts: 804
Re: TrendLine Trading with or without the Magic Wand
« Reply #68 on: January 06, 2019, 09:09:04 PM »
I find working on charts on a VPS to be sluggish so am going to try doing the analysis and drawing the trendlines on my home computer MT4 and then saving the setups as tpl files and copying these to the VPS; and loading onto their respective charts. I expect to be doing that on a daily basis. I do the setups on the H1 or H4 timeframes and so there is usually quite a few hours before price gets near the entry line. So plenty of time to copy and past.

Good idea. I was struggling with that as well.

Question: can you open a trade manually. So without using a trendline, and then have it closed by trendline TP or SL?

Online diyforexskills

  • Verified Vendor
  • Sr. Member
  • ***
  • Posts: 1447
Re: TrendLine Trading with or without the Magic Wand
« Reply #69 on: January 06, 2019, 11:54:06 PM »
That would be dangerous. Manual trades are assigned a magic of 0. So you would have to enter that as magic. But then the TP and SL lines could impact also on any other manual trades you have open on the account.

However if you want an "instant" trade entry, ie a manual entry, just make a short entry line (sells stop or sell limit or whatever) and then move that trendline to touch price (having set entry at candle close to false). For sell stop, move line from bottom up to touch price; for sell limit move line from top down to touch price. So instead of price moving to touch the trendline for entry, we are moving the trendline to touch price.

The other solution to your question is to invest some funds to add the trendline feature for TP and SL to the DIY Trade Manager Plus.

But for me the benefit of using the Magic Wand way of trading is that we can make technical based decisions on manual trading without having to be at the computer to execute the entry. And of course if you want to confirm the trendline based entry you can set Manual Confirmation on screen and/or by email to true.
Information and product page - http://www.diyforexskills.com/forex-tools/




Online diyforexskills

  • Verified Vendor
  • Sr. Member
  • ***
  • Posts: 1447
Re: TrendLine Trading with or without the Magic Wand
« Reply #70 on: January 07, 2019, 01:31:02 AM »
Template from Demo to Live

So I have analysed and setup the trendlines for two possible trades on the demo account on home computer, saved each as a tpl file and copied across to the live account on VPS. Seems to work. Now we wait for price to touch the entry lines.

(Magic Wand trendlines - dark orange is entry; TP is green; SL is red)

To keep myself organised, I create a sub-folder in the Template folder for each day so that the tpl files are easy to find. Then delete sub-folders when no longer of use.
Information and product page - http://www.diyforexskills.com/forex-tools/




Online diyforexskills

  • Verified Vendor
  • Sr. Member
  • ***
  • Posts: 1447
Re: TrendLine Trading with or without the Magic Wand
« Reply #71 on: January 07, 2019, 07:25:31 AM »
We have lift off....

Well that seems to work - setting up on demo and copying the tpl across to the live account. The EJ trade has been triggered and AJ look set to follow soon.
For EJ, I have moved the SL line a little to make for a tighter SL/TS.

The FX Blue link to the live account for Magic Wand trading is below.  Yes, it is a tiny account (my forex rebates from 2018) and am only trading microlots to start. But as they say, "big things from little things grow." That's the plan anyway.
Information and product page - http://www.diyforexskills.com/forex-tools/




Online diyforexskills

  • Verified Vendor
  • Sr. Member
  • ***
  • Posts: 1447
Re: TrendLine Trading with or without the Magic Wand
« Reply #72 on: January 07, 2019, 07:54:02 AM »
When in doubt

We never know how a trading pattern is going to work out. For USDCHF Daily I am expecting it to bounce off the grey TL for a buy limit entry. But maybe it won't retrace that far and move up meaning that we need to have a buy stop TL in place as well..
Or maybe it will crash through support and so we need to have a sell stop in place.

We can place each of the three possible entries on our chart with the Magic Wand. And then sit back and see which one(s) get triggered.

When one or two of them are triggered we can place the TP and SL lines on the chart. We can only have one of each of these on the chart so we have to wait to see whether we will have a Sell, or one or two Buys. Since this is trading on the Daily, we will have plenty of time to place these lines.
Information and product page - http://www.diyforexskills.com/forex-tools/




Offline FLechdrop

  • DonbonsPrivateGroup
  • Sr. Member
  • *
  • Posts: 804
Re: TrendLine Trading with or without the Magic Wand
« Reply #73 on: January 07, 2019, 10:22:28 PM »
Got it. Another practical question: if I want to use the % risk, should I enter 0.0 for initial lot size? Or does the % setting override that one?

Online diyforexskills

  • Verified Vendor
  • Sr. Member
  • ***
  • Posts: 1447
Re: TrendLine Trading with or without the Magic Wand
« Reply #74 on: January 07, 2019, 10:40:38 PM »
Got it. Another practical question: if I want to use the % risk, should I enter 0.0 for initial lot size? Or does the % setting override that one?

% risk setting overrides the fixed lot size.

(Lost the first two live trades last night. So Murphy's Law was obeyed yet again!  :)  But in context of previous demo trade history it's just a blip. So ever onward.)
Information and product page - http://www.diyforexskills.com/forex-tools/




 

browse forum