Mr Snale,
Those are some gorgeous charts you have there. I am sure you would like to give them to the rest of the group since you have gotten so much use from MP, Sandpiper and this thread.
Sure, I’d love to, the best I can
I scalp the Cable (GBP/USD) on the 5M. I start by checking the news and the spreads. If all is good, I then look to the higher time frames down to the 5M and see what’s happening in each LRC and SHI. From there I have some idea of what to expect on the 5M. I then analyse the 5M’s LRC and SHI. If I can make at least 5 pips between the LRC-Bottom (or top) and LRC-Centre, after spread, I will look to trade. When price is at the top of the SHI (or near), I will [B]not[/B] take a long position, and vice verse if it’s at the bottom (or near). I use the Barrys, Ziggies, Stochastics, CCI, DSS and A/D to confirm entry points. Also using the 1M for entry. If I enter a trade and it goes against me, I then take another position at each 10 pip difference. I may take up to 4 or 5 positions for the one trade, usually no more than 2 or 3. If price moves against all positions I will use TP’s at the first position, then wait for price to come on home. Sometimes I don’t need more than one position. If price continues to trend away from my positions, I will leave them open with no SL’s, [B]if[/B] I’m confident they will return to TP. I trade lot sizes that can withstand up to 1000 pips drawdown if needed, but I do not intend to [B]ever[/B] have a drawdown of that size
That’s very brief and may not be explained as well as I process it all in my head
I trade, share, but leave the teaching for MP
Thats how we all feel percy! Just remember its a journey and with a few exceptions (me primarily) those who stick it out will learn to SEE the market and trade accordingly. Hang in there and try your best to absorb the madness that MP likes to dispense. YOU CAN DO IT if you can do it! Of course if you cant you can always sell flowers on a street corner in killfishton.
Killfishton, hmm sounds like an attractive place…I hear they make nice pocket watches there.
Thanks for sharing percy, i was just going to leave it alone but you seem to have done some research.
Yes, that’s right. Just surf the net.
Though YOU offer many free indicators on your site the only one i’m interested in will cost me upwards $50.00 of “donational” money, which is your right to do so, and apparently many people are willing to pay. In my case since the dss arrow thingy doesn’t really show anything new I will stick with the old and free and just quick tab through the timeframes using autohotkey which works almost as well.
to those who are interested where these pretty charts come from. k_r_e_s_l_i_k dot com according to their website the minions are encouraged to go to the forums and share the pretty charts.
Quote from the above webby. “[I]But feel free to post charts showing these FREE indicators everywhere.[/I]”
Note to the mods: I’m not for or against the above stated website! I just believe in truth in advertising is all.
Update on my MP Methods trade results: Approximately 55 out of 55
Good Job Doggie!
Thanks. Now looking at 68 out of 68
I’m very [B]very[/B] grateful for the information MP provided
There is no LukeRence on the other site. I don’t think it belongs to him. The free version of the multimeter shows the same info as the donational version it just doesn’t have arrows. What are the babypip and FF minions encouraged to do, bash others?
Would it be possible to provide a little more detail? Maybe a check list or step by step instructions.
Not bashing by any means, I just believe in truth in advertising is all. Also there may be people who want to have the indicators and telling them right where they need to go.
I could do, but I must make it clear, this is my style of MP Methods and I encourage you to find your own style from his teachings. I would hate to start a following myself, from the way I use MP Methods, as I have only taken from MP what works for me and personalised it suit
Are you still interested ?
He told me to tell you… “yes”… :o
Haha okay. I’m preparing to go live on April 6th, so I have a bit to do this week. I have a day off on Wednesday and will post then (may be Tuesday US time)
Hey aVi, thanks again for showing me how to take screen-shots !!
No problemo. I’m no Einstein, but I try to help when I can. 
Wednesday is perfect, that’s my “relax and watch LOST” day. So my mind will be at ease and ready to learn. Bwahaha. Seriously, no rush though, I know how busy a day can get.
Well wishes on your going live. Time to get the moneys (and honeys… and cars… and all that good stuff, bwahahahaha)!!!
Okay, here it is: How I trade MP Methods (as I call it)
I want to make it clear that I’m not teaching this trading strategy, these are not guides for you to trade, I do not recommend following my style of trading, and I take no credit for your success. There is too much variable human information processing involved for you to trade exactly how I do. Now that I’ve clarified that, here is how I trade the MP Methods I find most helpful
I scalp the Cable (GBP/USD) on the M5. Being located in New Zealand, I am restricted from core trading hours. I trade the opening London session, which is 2100 my time (9:00pm), and the New York afternoon session before work from 0600 my time (6:00am)
When I first open my MT4 platform, I do the following checks:
- News
- Spreads
- Price check from D1 down to M1
- Indicator check to match price check
When I check the price, I am checking where it’s at in the SHI Channel, and where it’s at in the LRC. I do this from the D1 down to M1. From this, I know where price should being heading. I then back this up with analysing the Barrys, Ziggies, Stochs, CCI, A/D, and the DSS. Now, I have a very good visual of where price is going. [B]Seeing where price is going is the goal !![/B]
Now, I look to enter positions on the M5. I will not buy near the top of the SHI, and definitely not when a ‘3’ ziggie has appeared, the same applies for selling near the bottom of the SHI. You should all know how to identify the long term trend with the short term trend inside that, if not, go read up on MP Methods some more. I will not go into anything that has already been covered by MP himself
One example of an entry position: Remember, we check the spread first. The LRC is near the SHI-Bottom, a 3 Ziggie has recently appeared, Barrys Support is near the SHI-Bottom, Stochs is oversold, CCI looking to go up, DSS has bottomed, and the A/D is heading up. Confirm entry point on the M1, we are looking for a similar setup, usually the Stochs are good for confirming. When price has hit the LRC-Lower we enter and set our TP at the LRC-Middle
Now, in addition to the example above, I set a second ‘Buy Limit’ position 10 pips lower than my previous position and I set the TP at the same price. This is a back-up position if price continues past my original entry position, and is a good way to increase pip takings within the same trade
That’s all for now, and to be honest, I hope that’s all you need. I’ll be concentrating on live trading from tomorrow onwards. I was going start live trading on April 6th, but after approximately 80 trades, with no losses, I’m confident to go live tomorrow - April 1st (New Zealand)
I will start a thread called: [B]MP Methods (as I call it) - LIVE TRADING RESULTS[/B]
I hope that covers all that was required and helps those in need. But please remember, it’s MP you want to teach you, not me. I am still a student of MP, and seriously do not want to be a substitute for the man himself
Thanks Doggie…thanks for sharing…how you described is pretty much how I trade as well and though i’m not at 110% success rate like you, i’m somewhere in the 90’s so far. Look forward to following your thread.
Thanks doggie, well done.