I have so far found the same thing. It hits MASSIVE drawdown periods which at best hold back performance. The worry is that you start trading this at the wrong time it will take you an age to recover your losses. Hit a 40% drawdown month and you will need a +67% month to get back to breakeven.
The ea also assumes you can trade 24 hours which isn’t possible with manual trading. You can miss big winners if you are not using the fixed target Fourcandles reports on. If you use this version then you simply don’t win enough to cover your losses quickly.
I had the pleasure of testing the indicator for Jon and have been using it for over a month now. It works great.
You have to do two different things. At first go ahead and install the new indicator on your MT4. I believe the default version has the notifications turned off. In your indicator settings go to the 3rd tab on top called Inputs. Scroll down and you will see the Alarm settings. Set both settings for Enable Mobile Notification and Pop Up Alert to “true”. The pop up alert is just for the computer screen just like we have it with the old indicator. Say “OK” and close out of the indicator window.
The next step is to connect your MT4 to your phone. I believe he has a link somewhere on how to do this as well.
On top of your MT4 window on your computer go into the tab “Tools”. Then down to “Options”. The sixth tab is called “Notifications” . Click the “Enable Push Notifications” box. And if you want to the other one about trade transactions. (I don’t use that one). Now comes the important part. You have to find your MetaQuotesID on your phone:
I assume you have MT4 installed on your phone. If not do it now. :-). There is a link to the app website even in the window we are just working on. The process to install the MT4 app on your phone can be a little tricky if you have several accounts. But if you play around with it you will figure it out. Once you have it installed on your phone go in the last tab on the button called “Settings”. On top you will see your trade account. And underneath a bubble called “Messages”. Touch that and on the bottom you will see your MetaQuotes ID. That is the id you have to now enter in your computer MT4. Test it with the test tab and you should have a message send to your phone. And close out of that box on the computer. Your phone and your computer are now linked and this will work for other indicator alerts and signals as well.
You also have to set your phone itself in the phone’s settings tab on how you want to receive your alerts from the MT4 app. I have an Iphone and I have mine set to Badges and Banners but with the Sounds off. I only get a screen pop up when the indicator shows a trend alert. You will see all the old alerts in your MT4 and you can delete them in the Message tab.
Let me know if you have more questions. I can post some screen shots from my phone as well.
Oh one more thing. You have to let your computer and MT4 running if you want the alerts on your phone of course.
And in regards to the 3LP. I have been trading the system (although not consistently) on a small live account since the beginning of the year and I am up 10%.
No, I only trade this system with 1% risk per trade.
I also have to say that I did not trade much of February as I was on vacation. And although I don’t want to use the work “luck” while trading I avoided some losses by not taking many trades that month in that long choppy range.
I also dropped down in profitability at the end of last week.
I am still new at this so please don’t make your decisions based on me. There are other posters in here that have been trading this system for a long time. It’s better to look at their numbers. And of course the original owner Jon from Forex Useful.
I believe the key with this system is to be consistent and take every signal. Because you just don’t know when the next long trend starts. Limit your losses fast and stay on the profitable side. Easier said than done. For me the most painful thing is to see that my account is up a good amount and then the price moves in the opposite directions and gets stopped out and my account balance goes down. Even when the losses are small. But I also know there will always be another trend starting. That’s why this indicator is helpful because you can be away from your computer and still get your trade entry signals.
Hi Piggies
I have just stumbled onto the 3 little pigs this week. I have been using the 3 ducks for a little bit with some moderate success. When I started trading, I had no idea I would be singing old macdonald all day.
The ducks line up earlier on 5min chart, but maybe could be a precursor to the slower fatter Pigs to follow.
Has anyone taken the USDJPY long setup on pigs from 03 June 2015? On my platform there was 2 entry signals.
Anyway, looking forward to NFP later today. Always a “fun” time watching.
Malpip
Not been around much over summer - Looking to get back into trading slowly with this 4 hour strat again - Any updates on annual results from phil or 4candles fixed stop/target ?
And looking around for people still trading it - They say on the site that members have been trading it for over 3 years - Can anyone here please provide some recent results?
Hi kneesup. I have just started to trade 3LP. Entry is on 4 hour, move SL to breakeven when I reach 1:1 and use the 34MA to trail the stop. Have you been trading it and if so how and which pairs?
[B]Kneesup–hope i’m not repeating something you know already, but my quick-read of this TLP thread and the 2013 System Review of it suggest that the system has nice profitability(about 15-20%/yr) but horrible, gut-wrenching runs of losses(800 pips in 4 or 5 months as i recall, with no profits between trades). seems like a good system if you have good money management and a handful of valium. i [I]suspect[/I] if there are any current p/l reports pursuant to your requst they will mirror what’s been presented already. it would be interesting to see them anyway. hope this helps.–beaisland55 [/B]