refer to post #7 on the 1st page for your answer
hello marvindoriot,
what would we do if both entries have been hit within two hours?
for example, first entry hit on long breakout, price then reverse and hit short breakout.
In relation, what would we do if both long and short entry are less than the 15pip stoploss?
for example, long entry at 82.00 was hit then reversed and hit short entry at 81.90, which is 10 pip difference; would we then cancel our long and enter our short? I know this is unlikely, but not impossible.
thank you for sharing.
P.S. how long have you been trading this strategy?
Iām thinking that I have some idicators and EAs to help out with this method.
The Multi TF Barrys would help Identfy the box. I would place it on the m15 and use M15 through h4.
Then the James 16 EA would allow you to set up to close out 1/2 the trade and set the other to BE once the first half closes.
I am going to try this one out as I have not tried it before. Maybe using the S?R lines of the m15 and h4 as first and second TPs as opposed to 30 and 70 Static Take profits.
fakeout.zip (63.4 KB)
set my sells as we are up high sells at 81.78 looks like the buys will be at 82.07. setting them to expire in two hours. pretty simple
Edit: Buys were triggered and I dropped the bigger TP down to R on H1 at 82.57 instead of 70 pip hard take profit.
Edit: Moved Stops to BE+1 cuz Im going to bed.
The fakeout files, how do I add to the editor?
Thank you, very clear now. Iām going to look into this strategyā¦
Right click on your mt4 broker icon
click properties, find target , experts, copy and paste J16 manager there.
then do the same thing again, then after experts click indicators, copy and paste Barrys MTF Support and resistance there.
Other files are not needed.
Close everything up and restsrt mt4 and both should be in your navigator
Whoops! Just realized that this file doesnt have the MTF version of Support and resistance Iāll add it here. Itās inside this file. The other files are not needed. its the SR Barry MTF Eli files. Both of these files go in the indicator file of your mt4.
Trades are still hanging in there. Usdjpy isnt known for its massive moves other than the nuclear disaster. Itās a free trade anyway now that my Stops are at BE so I can just let it ride. Hope this retrace ends soon. Was just short of first TP right after I went to bed then it fell back down almost taking me out. On the rise again now. Using 3% rule with both trades can add up to some impressive gains if TPās are hit. Since we were in a down trend I didnāt expect this to rise very much and had I havled the distance to R at h1 I would have hit my first TP. But I am going to keep the first TP at 40 just to seeā¦ The second will be at S or R on h1.
Steroid scalping.zip (41.7 KB)
Huh? I set up on mt4 and my sell was triggered and Then closed for No gain. Set it up again as we are coming off the spike down.
Edit: Sell stop loss hit. Cancelled buy stop and calling it a Night. tommorrows another day. Euro $ dropped 100 pips tonight WTF?
did i do this right tonight?
my charts said 1800-2000 h/l was .91/.64 entered 2 orders short at .60 (not fast enough on the trigger button) at 2001 (8:01pm EST). 16 pip s/l on both orders (.76 - i had 1 pip spread)ā¦ t/p at .20 & .90.
stopped out at 2048 EST
i won/be on last nights long though.
thanks.
Yep I got the same thing. Ur doin it right.
I kept the buy stop open and wouldnāt you know it, It got stopped out too. Watch it shoot up like a rocket now. Aināt it the way? Goin to bed. try again tomorrow. Not sure if we are supposed OCO the orders. From tonightās performance, Probably so. But tonight was not profitable. Just educational.
good question on the OCO. i cant hedge w/my brokerā¦ the reason i missed going short at .62 is because i was manually canceling my buyās. so i didnāt bother after i was stopped. but that could bring up another questionā¦ what if it triggers a buy, stops out, then reverses again for the break one was expecting the 1st time?
Find the high and low from 6 pm to 8 pm EASTERN STANDARD TIME (22:00-0:00 GMT on my FXCM MT4 platform)
6pm to 8pm EST this is 23:00-1:00 GMT.Please corect me if i am wrong.
Can you tell me what time zone you using
Thank you
I only get in one trade per day, whatever breaks first. The reason for this is, if the market is ranging it may attempt to hit both long and short targets and you dont want to take the additional risk on. Remember, lower your risk and increase your reward! I canāt hedge with my brokers either, but they will allow you to have both a long and a short pending order so this should solve the dilemma you are facing. As soon as the first one triggers, delete the remaining pending order, and remember no new orders if price is not triggered within 2 hours.
Elvis, this is 22:00-0:00 GMT, the two hours proceeding the open of the Asian Markets. I am using the EST time zone for the 6:00-8:00 pm set up times. Cheers!
Yes, you are doing this correct! Hang in there, another big one is comingā¦we havenāt had one in a few nights so it canāt be too far off 
Hi Marv, I dont suppose you have an expert advisor for this system? Considering the systems simplicity and rigid rules it seems it ideal for automation.
Doesnāt the Asian market open at 7 pm EST?
Thank you Marvindoriot for your quick reply
I think Asian market opens at 23;00 London time,wich is 22;00GMT,wich is6pm Eastern Daylight Time(New York)and 5pm Eastern Standart Time
is anyone here? Asian just opened, how about some live commentary? I have high and low marked but itās not 8pm eastern yet so they may change