Or you can use the template 
You’re welcome.
Enjoy! 
Nice entry on bar(3).
The setup is exactly the same. Daily chart with the MAs, Bollinger Bands etc.
The only change to the way I trade is I look at the CLOSE of the daily candle. If it CLOSES outside the MAs (whether top or bottom), I open a new position in the direction TOWARDS the MA that was crossed on the last candle.
See my attachment for what I mean.
I then simply add a TP of 30 pips and a SL of 50. I use ‘set and forget’ because I can’t manually watch the trades.
The attached image is of the USDJPY trade I took overnight (FEB 19). The daily candle close ABOVE the upper MA so I open a trade on the new candle in a SHORT position.
In that picture the last candle, the short red one. That was the close of the day at 91.72 so that’s where you entered short?
This is interesting, and it would be good for traders who cannot get their schedule to match the often demanding times to trade MMTT (If you are U.S.-based).
The only issue would be, of course, to avoid trading against an established long-term trend on the Daily chart. Or do you find you can get that 50 pips most of the time, regardless?
Not exactly. I should have made it more clear with the original picture but I accidentally cut off the times of the candles at the bottom.
The red candle is the current daily candle. The previous candle is the one I acted on at 7:00EST. It closed above the MAs so therefore, I took the trade on the new candle (The RED one). I took the screenshot today so that’s the current daily candle, but it shows the possible profits of the way I trade mmtt.
For the most part, I target 30 pips and 100% of the time so far it’s been hit. There are certain cases when I lower the targets to 20 pips. For example I keep note of the average daily range.
Example is the EURCHF which has a very low ADR. Thus I may only target 10 - 20 pips if I trade.
I watch all the major pairs, there’s about 10 or 12 I watch and usually see at least one trade a day. Up to 6 on good days like this past Tuesday.
Soul, thanks for sharing. However, I see that you have bollinger bands in your set up as well. Does that affect your decision making process or do you just employ the method you described above solely for your trades? Thanks!
Many chances to trade the MMTT reversal.
Here’s a chart with the Guppy from Tymen, MMTT and 2-Bar Break Out. Overkill?
the last two charts are not representative of the simplicity of this system so yes overkill, but I don’t really care what your charts look like. If you can make money like that go for it.
I have a 20:2 bol, 2 2period MAs hi and lo, and a 63 period MA. much closer to what the OP described and simple enough that you soon realize why this works if you trade it a few times.
So do what ever you want to your chart :rolleyes:I just want to make sure that people new to this know a bunch of indicators are not necessary to trade this strat and might make it harder to learn. Try it as laid out in the first few pages or have a look at the very good pdf MerchantPrince put together.
If price is below the lower 2-period MA then look for price to head back up. In other words, you are looking to Buy -– to go Long.
If price is above the upper 2-period MA then look for price to head back down. In that case, you are looking to Sell -– to go Short.
Once price is outside the 2-period MAs (high or low) on the Daily chart, switch your chart to the lower 5 minute time frame to begin looking for the actual buy or sell signals. These are called Higher Lows (HL) and Lower Highs (LH).
The above is from the MMTT 2nd edition. The last 2 charts are 5 minute time frame charts. The charts have the 2 period MAs Lines on the chart. The only difference is how the entry is triggered. Jaquille’s chart looks simpler than the charts in the manual. Not sure I agree with your reasoning but thank you for your opinion.
shr1k, could you give me a brief explanation as to how you use the bol bands? what time frame, etc. thanks
I like bol bands I am used to looking at them. No real rules or specific use. I try not to go short 1/2 way between the mid and top band I might wait for price to get up to the top band to enter. I check to see if the bands are getting wider to me that says price might be at the start of a trend. Stuff like that.
I have no problem with alternate methods and indicators guys, but to someone new to this it could be overwhelming. Rui’s charts at the beginning of the thread look very different than the post I was referring to. The charts you posted have very little explanation of how you are using them. I know at least I think I know what you are doing. Just putting up a chart with a bunch of indicators some of which are custom and expecting some one new to this to get what is going on on your chart is not going to happen with out some more explanation.
I think the 2 bar trend and rainbow might be really good ways to enter a MMTT trade and I have no problem with a 5 pip trade. I am not saying the idea is bad but the presentation is not the best and leaves out how you are using this stuff. Jaquille talks very little about stops and take profit and when he knows a trade is bad beyond some vague ideas about how to calculate risk and aim for 5 pips. Show some real examples good and bad trades. guys help us see what you are doing. That is vital stuff to share if you are trying to teach some one a trading plan.
With the way I trade the system (solely off the daily charts), the bollinger bands just help me asses what profit targets are reasonable. 30 pips is the usual target however if the system calls for a LONG trade to be placed at the bottom of a bollinger band (for example), I may feel more comfortable making my target 40 or 50 pips.
Sometimes even though this is the case, I may still choose to leave the targets as they are. Example: same setup as below, LONG trade on the bottom BBs, however previous 5 day ADR is less than 100. Wouldn’t be so wise to target 50 pips here.
Oh and a thing I wanted to add/ask. I (so far) tend not to trade the Sunday open due to gapping and such. What do people suggest on this? Would a gap skew results on the daily cahrt so much as the influence the way I trade the system?
Stop loss is a function of your trade risk and position size. Decide how much you are willing to lose per trade. Then if you trade the same position size, compute your stop loss. If you vary your stop loss, then you calculate your position size. Either way the risk is the same. I use the same risk and position size so my stop loss remains constant. There is no such thing as a good or bad trade. Some trades win and some trades lose. I posted examples and was accused of hijacking the thread. Now you want more examples. Who should I listen to?
Waiting.
Waiting
No kidding its like all the traders took today off
That action has been the same however you enter your trades today.
hi soul. i sent you a private message but i don´t know if you receive it. i think your idea is good and its ok for me. waiting to see your new thread:)