System - what a big fork! (System - What Da Fork!) - MT4/MT5 Resources
Dear addicts,
Decided to start this post to share and discuss my pitchfork method.
Let's clear a few things up before we begin:
I am a consistently losing trader. I will let you know when the situation changes. The funny thing is I lost because I traded outside of this system and sometimes I screwed up with it (trying to be a smart fool guessing the trade instead of waiting for it to happen, misreading setups, etc.). At the end of the day, I looked back and realized if it had been read correctly, it could have given money! So, maybe you guys are more disciplined than me and can make some decent money from this (what a shame to waste such a good system!)
The system is very simple: just a pitchfork drawn using the following points:
1 - Origin. This is the key point. I'll address this in a follow-up post. First, we use the last closing period's high (if we are in a downtrend) or low (if we are in an uptrend).
2 - Fixed Point - (Well, it does update, but not on every swing like point 3. It is the high (for a downtrend) or low (for an uptrend) of the swing immediately following the origin. If the low/high is outside the channel, the value will update, but we will not close the position outside the channel (if we do, it's a trend change).
3 - Variable Point - Last swing high (for an uptrend) or low (for a downtrend)
It may seem complicated, but it's not. I'll post some diagrams and you'll understand.
Entries - We discuss this in more detail, but basically we enter when the trend changes and we enter when we close outside the channel in the opposite direction.
Exit – also to be discussed in further detail, but basically there are two approaches: conservative and more radical. The first one is best used in range markets as it ensures profits (but smaller) and the latest trends in trending markets (profits are bigger, but if the market turns to range it will bring less profits). Conservative exits are done when the upper limit (for an uptrend) or the lower limit (for a downtrend) is modified. An aggressive exit is a change in trend (a close below the lower limit of an uptrend, or a close above the upper limit of a downtrend).
I think the method is simple once you get the hang of it, but not easy to explain. I believe presentation works best. Also if it's too simple I don't believe it can make money
The only thing you need to install is the 5m session indi (see below).
The best way to describe it is to show some transactions. Today is not the best day because today is non-farm payrolls. Let's see if some trades need to be made...if not, starting on Monday.
That's enough for now. Let's look for settings.
Decided to start this post to share and discuss my pitchfork method.
Let's clear a few things up before we begin:
I am a consistently losing trader. I will let you know when the situation changes. The funny thing is I lost because I traded outside of this system and sometimes I screwed up with it (trying to be a smart fool guessing the trade instead of waiting for it to happen, misreading setups, etc.). At the end of the day, I looked back and realized if it had been read correctly, it could have given money! So, maybe you guys are more disciplined than me and can make some decent money from this (what a shame to waste such a good system!)
The system is very simple: just a pitchfork drawn using the following points:
1 - Origin. This is the key point. I'll address this in a follow-up post. First, we use the last closing period's high (if we are in a downtrend) or low (if we are in an uptrend).
2 - Fixed Point - (Well, it does update, but not on every swing like point 3. It is the high (for a downtrend) or low (for an uptrend) of the swing immediately following the origin. If the low/high is outside the channel, the value will update, but we will not close the position outside the channel (if we do, it's a trend change).
3 - Variable Point - Last swing high (for an uptrend) or low (for a downtrend)
It may seem complicated, but it's not. I'll post some diagrams and you'll understand.
Entries - We discuss this in more detail, but basically we enter when the trend changes and we enter when we close outside the channel in the opposite direction.
Exit – also to be discussed in further detail, but basically there are two approaches: conservative and more radical. The first one is best used in range markets as it ensures profits (but smaller) and the latest trends in trending markets (profits are bigger, but if the market turns to range it will bring less profits). Conservative exits are done when the upper limit (for an uptrend) or the lower limit (for a downtrend) is modified. An aggressive exit is a change in trend (a close below the lower limit of an uptrend, or a close above the upper limit of a downtrend).
I think the method is simple once you get the hang of it, but not easy to explain. I believe presentation works best. Also if it's too simple I don't believe it can make money
The only thing you need to install is the 5m session indi (see below).
The best way to describe it is to show some transactions. Today is not the best day because today is non-farm payrolls. Let's see if some trades need to be made...if not, starting on Monday.
That's enough for now. Let's look for settings.
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