Firing Pins - fxfiringpin.com
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1. USDCAD 00 20 59 59 USDCHF 00 18 59 59 USDJPY 00 23 59 59 With all the pre trade preparation done your chart will look similar to the one below with the Firing Pins Firing Lines and Stochastic indicator all on the chart Note that the Stochastic line is below 50 DELETE H1 0 98043 0 98104 0 98041 0 38104 ersion FxFiringPin w1 0 Re 2 0 9756 Green m iae ATR i Sprea Init SL 60 Proft Target ario Wo wet 4 il i Hee 7R T 0 97561 I 0 9756 0 37315 ps PStO tal iE ra Bra asda dee oc cece TX c cepe RO CR mc epe oco pP em ho ur tp COR Eo APEERE Ie o A EEEE Od oppo PR oce Remember with the stochastic line is below 50 we are going to look for short trades only All that we need to do now is to move the red Firing Line into position and to move the green Firing Line to a strategic location away from the trade direction The red Firing Line controls short trades and the green Firing Line controls long trades The Trade Management EA keeps track of where you move the lines and knows exactly where they are at any given time Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 31 Activate Firing Lines Locate Most Recent Firing Pin and Move Firing Lines Into Position First double click on both Firing Lines so that the small boxes at each end appear With the boxes present the Firing Lines are activated for movement2. ES SIN ac mE EG CIC cS E X ag M ILLE 760 80 788 1995 1 62049 185 1 25228 5653 1 05691 EURCADm EURGBPm USDJPYm EURIPYm 1 GBPUSDm USDCHFm 0 EURCHFm i ITO E oe Ti ir gt 4 GBPIPYm 1 lj dulces 7 USDCAD E m A is NE GE n GBPCHFm 1 Nelops pn EURAUDm T EURGBPm HM Symbols Tick Char EURJPYm n Navigator USDCHFm F Gator Os AUDCADm Ichimoku GBPJPYm MACD a Market Fa CHFJPYm Momentu GBPCHFm i ihi lj Money Fig EURAUDm ul J Moving A m fi Moving i On Balang NZDJPYm Jl h Parabolic EURUSDm 4 4 i r 04 Relative 4 Zub 006 TAS RE AUDCHFm 12 Apr 2011 13 4pr23 00 15 07 00 18 Apr 16 00 20 00 00 21 08 00 22 Apr 16 00 26 01 00 27 09 00 28 Apr 17 00 2May 02 00 3 10 00 4May 18 00 May 02 00 9 11 00 10 May 19 00 12 May 03 00 13 May 11 00 16 May Common Favorite EURDKKm AUDUSDm H1 EURLISDm H1 z EURJPYm Hi AUDUSDm Hi AUDJPYm Hi EURCADm Hi EURCHFm Hi USDCHFm H1 EURGBPm Hi GBPUSDm Hi USDJPYm Hi AUDUSDm H1 AUDUSDm H1 visual 3 Attach Firing Pins Template to Chart At this stage of the setup process the indicators you need for trading are not yet on the chart FiringPins and Stochastics The easiest w
3. 2 11 17 lianc Eau EE E mE msc DO NOT IGNORE THIS WARNING As soon as it pops up open your EA properties box reset OPEN BUY NOW or OPEN SELL NOW to false and click OK If you do not follow this procedure the EA will continue to open buy or sell orders as soon as the last one closes It will do this until your account is depleted NOTE You can open a trade manually at any time Just remember to reset the OPEN BUY NOW OPEN SELL NOW to false Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 21 Set Trading Hours According to Your Preference The FxFiringPin can be set to trade any hours you wish The tables at the end of this guide contain information on the most active hours for each currency pair but if you have a preference for certain Forex sessions and want the Trade Manager to pay attention to possible trades only during those times you can dial in those hours Again if a trade is open the Trade Manager will of course supervise the trade until it is closed out regardless of the times you have entered Below is a schedule of the various sessions in GMT 00 00 to 23 59 24 hour trading 08 00 to 16 59 GMT London session 13 00 to 21 59 GMT New York session 7m PT 22 00 to 08 59 GMT Australia Asian session spes 985 Most active hours by pair in table at end of Guide 225959 43 OPEN SELL 0 false Your pre t
4. Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 44 Stop Loss and Profit Target Tables The tables below are arranged by time frame Daily 4 Hour 1 Hour and 15 Min and by pair The trading hours represent periods of increased price action and stop loss and profit target values are based on studies that indicate the low probability that the stop loss pips will be hit within the first ten bars of a trade and the higher probability that a profit equal to or greater than the pips risked in your stop loss will be hit Daily Trading Hours Through Stop Profit Reward Sy From 2055 Risk 15 USDJPY 23 59 59 23 59 59 23 59 59 23 59 59 23 59 59 23 59 59 23 59 59 23 59 59 23 59 59 23 59 59 23 59 59 23 59 59 7 59 59 16 59 59 13 59 59 17 59 59 21 59 59 19 59 59 19 59 59 20 59 59 18 59 59 23 59 59 AUIBUS EURCAD EURCHF EURGBP EURJPY EURUSD GBPUSD USDCAD USDCHF USDJPY AUDJPY AUDUSD EURCAD EURCHF EURGBP EURJPY EURUSD GBPUSD USDCAD USDCHF USDJPY 4 Hour Trading Hours Through Stop Profit Reward Sy From GMT Target Risk 23 59 59 7 59 59 15 59 59 15 59 59 19 59 59 19 59 59 19 59 59 19 59 59 19 59 59 19 59 59 23 59 59 23 59 59 7 59 59 16 59 59 13 59 59 17 59 59 21 59 59 19 59 59 19 59 59 20 59 59 18 59 59 23 59 59 SPECIAL NOTICE ON SUNDAY TRADING The FxFiringPin is hardwired NOT to trade on Sundays
5. If you want to enter your trades manually and then have the EA take over set AutoTrade to false You will receive an alert any time a trade meeting your parameters presents itself If you do not have your own money management and position sizing strategies set AutoMoneyManage to true The EA will automatically calculate your position size based on the percentage of your account balance you feel comfortable risking Enter the percentage of your account balance you want to risk We recommend no more than 196 per currency pair you are trading and no more than 496 for all of the pairs you are trading Thus if you are trading five pairs your risk for each pair would be 0 896 which would equal 496 for all five pairs together For example if your account balance is 5 000 and you want to risk 296 you would enter the number 2 which the EA interprets as 296 A value of 1 5 would equal 1 596 and a value of 0 1 would equal 0 196 one tenth of one percent The EA then takes your account balance the percent you want to risk your stop loss pips value and the value of a pip in the currency pair you re trading and calculates your position size Thus if you were trading AUDUSD with a 196 risk on a 5 000 mini account with a 53 pip stop loss your position size would automatically be calculate at about 0 91 mini lots Enter the amount of slippage pips you are willing to accept For example FxFiringPin enters trades at the open of the entry
6. In the United States most brokers bring their dealing desks online around 17 00 Eastern Time Sunday evening That translates into 22 00 GMT or about two hours before Monday morning 00 00 GMT Those two hours represent the first hours of the trading week They are usually chaotic because of low volume low liquidity and low participation After about 01 00 GMT as the Tokyo market begins to warm up liquidity volume and participation rise making for a better trading environment Therefore if you live on the East Coast of the U S and want to trade on Sunday wait until at least 8 PM That way it s still Sunday for you but Monday for the EA But if you absolutely MUST trade during those opening two hours of GMT Sunday you will need to enter the trade manually as outlined in Module 2 Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved A5 RISK WARNING TRADING FOREIGN CURRENCIES 15 A CHALLENGING AND POTENTIALLY PROFITABLE OPPORTUNITY FOR EDUCATED AND EXPERIENCED INVESTORS HOWEVER BEFORE DECIDING TO PARTICIPATE IN THE FOREX MARKET YOU SHOULD CAREFULLY CONSIDER YOUR INVESTMENT OBJECTIVES LEVEL OF EXPERIENCE AND RISK APPETITE MOST IMPORTANTLY DO NOT INVEST MONEY YOU CANNOT AFFORD TO LOSE THERE IS CONSIDERABLE EXPOSURE TO RISK IN ANY FOREIGN EXCHANGE TRANSACTION ANY TRANSACTION INVOLVING CURRENCIES INVOLVES RISKS INCLUDING BUT NOT LIMITED TO THE POTENTIAL FOR CHANGING POLITICAL AND OR ECONOMIC
7. RQ R3 M false false This is where you enter your trading account number If you are manually determining your position size enter it here and set AutoMoneyManage to false Set AutoTrade to true if you want the EA to enter the trade automatically Set it to false if you want an alert when a trade opportunity occurs Set AutoMoneyManage to true if you want the EA to calculate the correct position size based on the percentage of your account balance you are willing to risk 196 is the default Enter the maximum slippage you are willing to accept Enter your stop loss value Enter your profit target Set TrailSwitch to 0 if you don t want a trailing stop loss but DO want profit protection Set it to 1 if you want a trailing stop loss AND profit protection Set TrailSpeed to 0 for a slow moving stop loss to 1 for a moderately fast trailing stop or to 2 for a fast moving stop loss Enter the time frame you are trading in minutes 1 hr 60 4 hr 240 Daily 1440 and so on Set the StartEntryTime to the hour you want to begin the EA to actively seek trading opportunities that meet your parameters Set the EndEntryTime to the hour you want to stop seeking trade opportunities Leave the settings at 00 00 00 to 23 59 59 to trade all 24 hours Set OpenBuyNow to true to manually enter a long trade Set OpenSellNow to true to manually enter a short trade CAUTI
8. Tick Chart Navigator FX Multi Meter II FxFiringPini0 gt Custom Indicators Bears Bettervolume 1 1 4 TRO 5 Bulls CCI CZigzag o Daily range 9 Ice z LISDCHF H4 1 02431 1 02436 1 02273 1 02330 19 PC NT UN 1 06280 g 1 05230 ls ha TT 1 04180 1 in 1 02330 TDI ji aem x ios Dt jer i pu i adi ue mm ai TET rg The result will be a single chart in the charting window In this Guide we re going to be working with the AUDUSD currency pair on the hourly time frame so we ll need to open a new chart In the upper left corner of the platform is an icon with a green sign Click on the icon to open the New Chart menu Locate and select AUDUSD A new chart will appear in the window Make sure the hourly time frame H1 is selected blue circle If not just click on H1 in the time frame menu Your new chart is now in the charting window in its raw form and is ready for the next step using the template File View Insert Charts Tools Window Help Ex New Order Expert Advisors E M1 MS 15 M3 4 Di wi MN i QC I Ik ee 2 gt 12572 145752 2 OSIL PONES oT pe E ca TUNES rg RUIN SES gee TUR Meet LER SER T EO EE Apt SEL I eS Dd TE Bid Ask I ot NMG ECCO ES NU MC I CM DE CI c ua LIE
9. opportunities If you have trading hours set to other than 00 00 00 to 23 59 59 you will see Active 0 during the off hours Line 5 Current Trail Switch setting O No trailing stop loss but profit protection 1 trailing stop loss and profit protection Line 6 Number of lots per position is based on current parameters A Smiley Face indicates that the Firing Pin program itself has no operating problems However you can have a Smiley Face and still not have entered the correct trading parameters including transposing the numbers when entering your tading account number Ignoring an alert or failing to take corrective action will cause the EA to take no action such as entering a trade adjusting stop loss values or exiting at a profit target Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 23 Note Occasionally but not very often one of the Firing Lines may not appear within the visible part of the chart window as in the illustration below If this happens move your cursor to the vertical price scale on the right hand side of the chart click hold and drag the scale downward Repeat until the line or lines appear Double click on a line and a box will appear at both ends This means the line has been activated Click on the line hold and drag it close to the current price When finished move your cursor to the price scale and double click it Prices will bounce bac
10. BE VERY DIFFERENT FROM THOSE EXPERIENCED IN A DEMO ACCOUNT FOR EXAMPLE IN A LIVE ACCOUNT THERE MAY BE TIMES WHEN YOU WILL EXPERIENCE SLIPPAGE IN THE FORM OF A GAP BETWEEN THE PREVIOUS BID AND THE CURRENT BID THAT MAY NOT BE ACCURATELY REFLECTED IN A DEMO ACCOUNT OR IN HYPOTHETICAL RESULTS THIS IS ESPECIALLY TRUE WHEN THE MARKET IS MOVING FAST DUE TO HIGH VOLATILITY THUS YOUR ORDER MAY BE FILLED AT AN AMOUNT FAR PAST YOUR REQUESTED ORDER RATE IN AN EXTREMELY FAST MOVING MARKET YOU MAY ALSO EXPERIENCE A DELAY OF 10 TO 15 SECONDS BEFORE YOUR ORDER IS FILLED FURTHERMORE POWER OUTAGES LOSS OF DATA FEED OR UNCONTROLLED INTERNET CONDITIONS COULD CAUSE TERMINATION OF EXPERT ADVISOR FUNCTIONS BY DOWNLOADING THE SOFTWARE YOU AGREE THAT GROUP THREE IS NOT RESPONSIBLE FOR ANY CONSEQUENCES FINANCIAL OR OTHERWISE THAT MAY RESULT FROM YOUR USE OF THE FXFIRINGPIN SOFTWARE IT IS STRONGLY RECOMMENDED THAT YOU SUPERVISE THE EXPERT ADVISOR ON A REGULAR BASIS Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 3 Introduction FX Firing Pin works as an EA Expert Advisor within the MT4 trading platform If this is the first time you ve used the MT4 we recommend getting acquainted with its basic features For an excellent tutorial on using the MT4 platform visit the following web site http compassfx com virtualtour metatrader tour htm Although we have obtained permission from CompassFX to furnish this link Gro
11. Line However if price closes outside of the Firing Lines but not far enough to meet the entry parameters you will get the alert When that happens click OK on the Alert box and then reposition your Firing Line s C 4 Firing Pin 4 Ex Signal Bar Firing Line Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 35 So now you find yourself at the current bar blue circle in Illustration below and you have set your red Firing Line at the red box of the most recent Firing Pin arrow in Illustration A below You have remembered to keep the current price between the red and green Firing Lines A You go to bed and an hour later the Trade Management EA opens a short position Illustration B Stop Loss Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 36 During the pre trade phase you had set your Trail Switch to 0 meaning the stop loss will remain in its initial position until the first profit protection level is reached That level is found in the upper left corner of the chart as shown in Illustration C below Once the profit protection level is reached the stop loss moves to break even plus two pips This all happened about the time you were waking up Version FxFirngPin vi Profit Protection 3733 Spread 47 fi BU Take Pro
12. ON Leaving either of these settings at true will cause the EA to continue to enter trades as soon as one closes The EA will follow those instructions until your account is drained To 15 prevent this from happening as soon as your trade is opened reset the value to false Enter general information and preferences into your Trade Manager EA Let s begin with the general entry tasks as there are some settings that you won t often change after you have entered them and we ll show you how to use these general settings to save time in setting up new charts First to access the FxFiringPin EA properties box go to the Expert Advisors section of the Navigator window usually found on the left side of the charting window Select FxFiringPin10 and double click The properties box will open FxFiringPin10 KIE Common Inputs e Expert Advisors WEE Value FxFiringPin v1 0 0 0 1 lt gt tfFX System Executor e Bunjeel2 FT_TIME_BIGDOG FX Multi Meter _AlertOnly_ Auto Trade OR Alert Only xFiringPin10 3 AutoTrade e FxHybrid DS 6a true We PercentofB alanceRisk 1 0 Load Common Favorites sei Slippage 3 v MaxStopLoss 50 0 O Sae Cancel Reset To access the properties box after the EA is attached to a chart right click anywhere on the charting window and the menu pictured below will pop up Select Expert Advisors
13. Three LLC www fxfiringpin com All Rights Reserved 7 Confirm the location of your install by clicking Instal ie Setup FX Firing Pin Ready to Install Setup is now ready to begin installing Firing Pin on your computer Click Install to continue with the installation or click Back iF you want to review ar change settings Destination location C Program Filesinterbank FX Trader 4 Finish your installation by clicking Finish Then follow the rest of the instructions in this guide and in the training videos for setting up your charts and trading ie Setup FX Firing Pin Completing the FX Firing Pin Setup Wizard Setup has Finished installing FX Firing Pin on your computer Click Finish to exit Setup www ffiringpin com s Copyright O 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 9 Your Trial Download and Video Training Page may be accessed at any time during your trial by going here http fxfiringpin com uo offer trial General Description FxFiringPin is a system that trades on a breakout above or below price bars marked by the Firing Pins indicator As a system FxFiringPin integrates a simple manual trading method with automated trade management It is very hands on in that it provides a straightforward set of rules that allows you to determine your entry points as well as your stop loss values profit target values and money management settings The a
14. WHEN THE MARKET IS MOVING FAST DUE TO HIGH VOLATILITY THUS YOUR ORDER MAY BE FILLED AT AN AMOUNT FAR PAST YOUR REQUESTED ORDER RATE IN AN EXTREMELY FAST MOVING MARKET YOU MAY ALSO EXPERIENCE A DELAY OF 10 TO 15 SECONDS BEFORE YOUR ORDER IS FILLED IT IS POSSIBLE THAT YOU COULD LOSE MOST OR ALL OF THE FUNDS IN YOUR TRADING ACCOUNT THEREFORE DO NOT TRADE WITH MONEY YOU CANNOT AFFORD TO LOSE MOREOVER THE LEVERAGED NATURE OF FX TRADING MEANS THAT ANY MARKET MOVEMENT WILL HAVE AN EQUALLY PROPORTIONAL EFFECT ON YOUR DEPOSITED FUNDS THIS MAY WORK AGAINST YOU AS WELL AS FOR YOU THE POSSIBILITY EXISTS THAT YOU COULD SUSTAIN A TOTAL LOSS OF INITIAL MARGIN FUNDS AND BE REQUIRED TO DEPOSIT ADDITIONAL FUNDS TO MAINTAIN YOUR POSITION IF YOU FAIL TO MEET ANY MARGIN CALL WITHIN THE TIME PRESCRIBED YOUR POSITION WILL BE LIQUIDATED AND YOU WILL BE RESPONSIBLE FOR ANY RESULTING LOSSES INVESTORS MAY LOWER THEIR EXPOSURE TO RISK BY EMPLOYING RISK REDUCING STRATEGIES SUCH AS STOP LOSS OR LIMIT ORDERS AUTOTRADER DISCLAIMER WHILE EVERY EFFORT HAS BEEN MADE TO ASSURE THAT THE FXFIRINGPIN EXPERT ADVISOR WILL PERFORM AS INTENDED THE USER ASSUMES ALL RISK FOR ITS USE BY DOWNLOADING THIS USER S GUIDE AND OR THE FXFIRINGPIN SOFTWARE YOU ACKNOWLEDGE THAT IT IS A PROGRAM AND THAT IT EXECUTES TRADING ORDERS ACCORDING TO SIGNALS THAT ARE GENERATED FROM THE DATA PROVIDED VIA YOUR BROKER S PLATFORM ACTUAL CONDITIONS WHILE TRADING A LIVE ACCOUNT WITH REAL MONEY CAN
15. and then click on Properties This will bring up the properties box Trading Indicators List 4 Remove Objects List Ctrl B S Strategy Tester After your FiringPin EA is open do the following 2778471 Interbank FX Trader 4 FxFiringPini0 21 File View Insert Charts Tools w Common Inputs 5 gt 10 18 Market Watch 19 48 26 Value FxFiringPin v1 0 Symbol Bid Ask 1 3797 EURUSD 1 30158 1 30181 Lots 2 amp 4 01 amp USDIPY 83 260 83 286 ab _AlertOnly amp uto Trade OR Alert Only GBPUSD 1 54748 1 54785 48 AutoTrade tue USDCHF 0 96442 0 96475 48 AutoMoneyManage 4 AUDUSD 0 99499 0 99528 Ve PercentofBalanceRisk 5 10 Load USDCAD 0 99590 0 99622 48 Slippage 6 3 TE ve MaxStopLoss 50 0 2 NZDUSD 0 75739 0 75790 Tick Chart Cancel Reset Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 16 Enter your trading account number double check to make sure the number you entered is correct The EA will not function if you fail to enter the number or the number is incorrect If you have your own money management and position sizing strategies use this line for entering the number of lots you want to trade Make sure to change AutoMoneyManage to false If you want the EA to automatically enter trades after you have input the appropriate data set AutoTrade to true
16. be another Suppose that you set up your Firing Line at the arrow in Illustration D and then went out for the day Eight hours later purple oval you return and find that your setup held while you were gone This is a scenario we often encounter D Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 34 Another instance which you will need to reposition move your Firing Lines is if price is no longer between the Firing Lines and there is no resulting trade When that occurs you will get the alert below This is particularly true when a signal bar is forming Illustration A below Price is now outside the Firing lines so the EA will generate the alert In that case it is better to click OK on the Alert box but take no action until the end of the bar Alert 2 Firi ng Pin A Double check amp move Firina Lines for AUDUSD l 4 Possible Signal Bar 03 57 59 Warning OPEN BUY NOW is ON FI n 9 Li n e A 03 57 59 Doublecheck Reenter SIR values 23 35 41 Mum Lots calculated using money management fA 23 18 40 Mum Lots calculated using money management 29 19 15 Melee Pe eee ee E ree If price moves back and closes between the Firing Lines and the new bar opens between the Firing Lines as depicted in Illustration B below a new alert will not be generated Firing Pin 4 lt Ex Signal Bar Firing
17. below 50 as is the case in the illustration below Rule for Trading with the FxFiringPin 1 Trade only long if the stochastic is greater than 50 trade only short if the stochastic is less than 50 What There is only one rule Yes Nothing could be simpler than that In Illustration A below the stochastic teal colored line is above 50 so we would trade only long In Illustration B the stochastic teal colored line is below 50 so we would consider taking only short trades A 1 05725 Ali 1 05430 n i 1 05020 04890 n 1 Group Three LLC wv 30 Setting Up For the Trade As a quick review in Module 2 we went through the steps for setting up the EA using the tables provided at the end of the Guide Assume that we re setting AUDUSD up for a trade on the hourly charts and that we ve already set the EA up according to the table as in the illustration below a ee ee From So a H AUDJPY AUDUSD cesso 180 zin ve MaxStopLoss 60 0 EURCAD 922 TakeProfit 180 59 5 ab _Trailing_ lt gt No Trail 1 lt gt Trail w Profit Prote EURGBP 00 17 59 59 23 TrailS witch 1 EURJPY UU 21 59 59 ab Trailing Speed 0 lt gt Slow 1 lt gt Medium 2 lt gt Fast 0 EURUSD 00 19 59 59 E 07 59 59 GBPUSD 00 9 59 59 la FxFiringPin10 Common Inputs
18. have in your possession Your Trial Download and Video Training Page may be accessed at any time during your trial by going here http fxfiringpin com uo offer trial The following pages contain Results Stop Loss and Profit Target Tables as a guide to selecting currency pairs and setting up your trading parameters Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 43 Live Real Money Trading Results Cumulative Pips Dec 9 2010 thru May 13 2011 5450 4650 3850 3050 2250 1450 650 21 50 T TITETIT TET E TE TIT TT TIT STTE TET TITETIT TIT SFTITSTTE TIT PITTETITTT TIT TI TIT TIT SHTETITIETITSITETIT TTE FTT TT TTE TIT TTE HITS TE TIT TE TTE TT FHTTITE IE TT TTE TETE FTT TE TT TITSTTT TETTE TT TTE TTE TTTE FTT TETE FTT TS TTE TTTSTTE TIT STE 88 135 202 269 336 403 470 537 604 671 738 805 872 939 1006 1073 1140 Results By Pair Pip Performance December 09 2010 through May 13 2011 Pait Trades Wins Wins Pips EURJPY 164 84 51 22 2273 6 AUDUSD 139 18 56 12 1296 5 EURCAD 56 31 55 36 583 6 EURUSD 209 98 46 89 506 3 EURGBP 113 59 52 21 412 7 GBPUSD 155 72 46 45 322 8 AUDJPY 13 34 46 58 292 9 EURCHF 42 20 47 62 268 9 USDJPY 140 69 49 29 234 4 USDCHF 16 45 59 21 192 0 TOTALS 116 990 50 56 6383 Your Trial Download Video Training Page be accessed at any time during your trial by going here http
19. if you plan on trading 2 lots That kind of risk might be too rich for your blood so you decide that maybe trading mini lots would be better That way at least with a 50 pip stop loss you would only be risking 550 per mini lot or 196 of your capital for each lot traded However what if the probability for a handsome profit is higher if your stop loss is 100 pips If you go for it you re now risking 100 per lot This is the dilemma inexperienced traders face quite often as they try to figure out how to stay in the game without losing everything They have no way of knowing what their ultimate risk will be Two Key Elements There are two key elements that will greatly influence your ability to profit with ANY system In fact they are the most important factors in the life of every trade They answer the question Does size matter These two key elements are 1 the SIZE of your trading account and 2 how you decide your position SIZE These two components are interrelated and inseparable Without integrating your initial account size with a sound position sizing strategy your trading results will be less than stellar Fortunately the FX Firing Pin system does just that all automatically and behind the scenes Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 40 How Do I Know What My Ultimate Risk Will Your ultimate risk is really determined by your position size that is by
20. the number of lots you are trading That is what was missing in the video s narrative You almost never hear anything about position size yet it lies at the very core of your ability to survive and flourish as a trader As pointed out earlier many traders equate risk only with the distance between the stop loss and the entry point or in other words with the number of pips in the stop loss For example if they are trading a mini account and want to risk 50 on a particular trade they might set their stop loss 50 pips from entry However they may then enter the trade with a 2 mini lot position size They don t consider that trading two mini lots means each pip gained or lost will have an approximate value of 2 00 So if they are stopped out they will actually lose 100 or twice as much as they had planned The Magic Formula This formula was held secret and sacred for many years by a group of very successful traders Van Tharp published it and recommended it as a highly effective approach to determining ultimate risk It is the Percent of Balance model Let s assume that you have a mini account with a 2 500 closed trade balance and you want to risk no more than 196 on your next trade The formula for determining your position size from a percentage of your account balance is Position Size AcctBal Pct SL PipVal AcctBal your closed trade account balance Pct the desired percentage of your account you are willing to ri
21. 47 1 00 which equals 62 51 So now you know that if your stop loss is hit you will be losing 62 51 your ultimate risk With the magic formula you now know what your ultimate risk will be what your initial stop loss will be and when to take profit Again knowing your ultimate risk and knowing that you are the one who controls it leads to peace of mind Since you have the advantage of the FX Firing Pin system you don t have to go through all of the calculations The system does it for you automatically All you do is decide on the percent of your balance you are comfortable risking on a trade We recommend 196 max per trade and 4 combined max on all charts The AutoMoneyManage feature automatically calculates your position size based on your stop loss your account balance and the pip value Powerful Model The Percent of Balance money management and position sizing model is extremely powerful because it is flexible For example going back to a question in an earlier scenario But what if the probability for a handsome profit is higher if your stop loss is 100 pips rather than 50 pips If you go for it you re now risking 100 per lot With AutoMoneyManage set to true you can actually set your stop loss to 100 pips without changing in any way your ultimate risk Here s why Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 42 Assuming a EURUSD trade with 52 500 mini account a
22. CONDITIONS THAT MAY SUBSTANTIALLY AFFECT THE PRICE OR LIQUIDITY OF A CURRENCY FOR EXAMPLE TRADING THE VOLATILITY CREATED DURING THE RELEASE OF HIGH AND MEDIUM IMPACT ECONOMIC REPORTS PRESENTS EXCEPTIONAL OPPORTUNITIES FOR PROFITS LIKEWISE TRADING IN TIMES OF HIGH VOLATILITY ALSO INCREASES YOUR POTENTIAL RISK TO ILLUSTRATE THERE MAY BE TIMES WHEN YOU WILL EXPERIENCE SLIPPAGE IN THE FORM OF A GAP BETWEEN THE PREVIOUS BID AND THE CURRENT BID THIS IS ESPECIALLY TRUE WHEN THE MARKET IS MOVING FAST DUE TO HIGH VOLATILITY THUS YOUR ORDER MAY BE FILLED AT AN AMOUNT FAR PAST YOUR REQUESTED ORDER RATE IN AN EXTREMELY FAST MOVING MARKET YOU MAY ALSO EXPERIENCE A DELAY OF 10 TO 15 SECONDS BEFORE YOUR ORDER IS FILLED IT IS POSSIBLE THAT YOU COULD LOSE MOST OR ALL OF THE FUNDS IN YOUR TRADING ACCOUNT THEREFORE DO NOT TRADE WITH MONEY YOU CANNOT AFFORD TO LOSE MOREOVER THE LEVERAGED NATURE OF FX TRADING MEANS THAT ANY MARKET MOVEMENT WILL HAVE AN EQUALLY PROPORTIONAL EFFECT ON YOUR DEPOSITED FUNDS THIS MAY WORK AGAINST YOU AS WELL AS FOR YOU THE POSSIBILITY EXISTS THAT YOU COULD SUSTAIN A TOTAL LOSS OF INITIAL MARGIN FUNDS AND BE REQUIRED TO DEPOSIT ADDITIONAL FUNDS TO MAINTAIN YOUR POSITION IF YOU FAIL TO MEET ANY MARGIN CALL WITHIN THE TIME PRESCRIBED YOUR POSITION WILL BE LIQUIDATED AND YOU WILL BE RESPONSIBLE FOR ANY RESULTING LOSSES INVESTORS MAY LOWER THEIR EXPOSURE TO RISK BY EMPLOYING RISK REDUCING STRATEGIES SUCH AS STOP LOSS OR LIMIT
23. FX Firing Pin Quick Start Guide Fe Vues Cee wird m he Ls amp od uw E i Codes Ba Dp cwm M Ee lik n x LZLLELLEHEXL Autti TEE ET Ha E 030 077 SLEA m gea 31 87 21 00 ium aps e UR pe b E ee M M 1188 1 lOi nH aah i ar Et tL Ir a el a ee eo E 5 Basca 5206 00 0020 Equity 2000 DU Fesser mangnc 5 O00 08 Por Pep Fi Ded acit E neg www fxfiringpin com support fxfiringpin com sales fxfiringpin com GROUP THREE LLC 723 South Casino Center Boulevard 2 Floor Las Vegas NV 89101 15 2011 To Whom It May Concern LIMITED LICENSE TO COPY Group Three LLC grants the bearer of this document user limited non exclusive license to make one physical printed copy of its user s manual FxFiringPin for the MetaTrader4 Quick Start Guide contained herein and downloaded from its Website www fxfiringpin com including graphs charts and other illustrations for the user s personal use No other rights or ownership are granted herein and user by making the single copy granted herein acknowledges that he she may not reproduce or distribute the above referenced document in any manner or by any means Group Three certifies that no other individual or pa
24. ORDERS AUTOTRADER DISCLAIMER WHILE EVERY EFFORT HAS BEEN MADE TO ASSURE THAT THE FXFIRINGPIN EXPERT ADVISOR WILL PERFORM AS INTENDED THE USER ASSUMES ALL RISK FOR ITS USE BY DOWNLOADING THIS USER S GUIDE AND OR THE FXFIRINGPIN SOFTWARE YOU ACKNOWLEDGE THAT IT IS A PROGRAM AND THAT IT EXECUTES TRADING ORDERS ACCORDING TO SIGNALS THAT ARE GENERATED FROM THE DATA PROVIDED VIA YOUR BROKER S PLATFORM ACTUAL CONDITIONS WHILE TRADING A LIVE ACCOUNT WITH REAL MONEY CAN BE VERY DIFFERENT FROM THOSE EXPERIENCED IN A DEMO ACCOUNT FOR EXAMPLE IN A LIVE ACCOUNT THERE MAY BE TIMES WHEN YOU WILL EXPERIENCE SLIPPAGE IN THE FORM OF A GAP BETWEEN THE PREVIOUS BID AND THE CURRENT BID THAT MAY NOT BE ACCURATELY REFLECTED IN A DEMO ACCOUNT OR IN HYPOTHETICAL RESULTS THIS IS ESPECIALLY TRUE WHEN THE MARKET IS MOVING FAST DUE TO HIGH VOLATILITY THUS YOUR ORDER MAY BE FILLED AT AN AMOUNT FAR PAST YOUR REQUESTED ORDER RATE IN AN EXTREMELY FAST MOVING MARKET YOU MAY ALSO EXPERIENCE A DELAY OF 10 TO 15 SECONDS BEFORE YOUR ORDER IS FILLED FURTHERMORE POWER OUTAGES LOSS OF DATA FEED OR UNCONTROLLED INTERNET CONDITIONS COULD CAUSE TERMINATION OF EXPERT ADVISOR FUNCTIONS BY DOWNLOADING THE SOFTWARE YOU AGREE THAT GROUP THREE IS NOT RESPONSIBLE FOR ANY CONSEQUENCES FINANCIAL OR OTHERWISE THAT MAY RESULT FROM YOUR USE OF THE FXFIRINGPIN SOFTWARE IT IS STRONGLY RECOMMENDED THAT YOU SUPERVISE THE EXPERT ADVISOR ON A REGULAR BASIS Copyright 2011 and beyond Gro
25. Oscillator 27 Nov 2008 27 Nov 19 15 28 Nov 03 15 28 Nov 11 15 0 Jec 13 30 jec 21 30 2 Dec 05 30 2 Dec 13 30 2 Dec 21 30 3Dec 05 30 3 13 30 3 Dec 21 30 40 05 30 4Dec 13 30 40 21 30 5 Dec 05 30 Common Fa iPLISDm H PLISDI BPIPYn Dm M DCADm M 1 USDCADm M USDCADm M15 L J I J LI La MM i e 2 1 1 2 Add a New Chart The default charts for a new MT4 platform are EURUSD USDCHF GBPUSD and USDJPY They often appear in a horizontal cascade with four charts in the charting window as in the illustration below To display only one chart at a time either click on the Maximize icon in the upper right corner of a chart or double click on the chart s tab at the bottom of the charting window as illustrated below File View Insert Chats Tools Window Help NIFT Uam h x New Order Expert Advisors M1 MS MiS M30 H1 Di Wi MN 19 A A Q p l a O E3 k c A Hi Market Watch 22 20 59 gt lt iy jree m Symbol Bid Ask EURCADm 1 37979 1 38051 TE USDIP m 80 797 80 824 i i E 4 GBPUSDm 1 62016 1 62049 ad LM gttroite T 592 Ld 4 EURCHFm 1 25207 1 25251 i 4 USDCADm 0 97437 0 97485 NZDUSDm 0 78015 0 78063 EURGBPm 0 87372 0 87406 EURJPYm 114 412 114 449 4 LISDCHFm 0 88417 0 88460 4 AUDCADm 1 02998 1 03072 4 GBPJPYm 130 918 130 962 4 CHFIPYm 91 354 91 406 4 GBPCHFm 1 43258 1 43319 EURAUDm 1 33927 Symbols
26. and you can click hold and drag them where you want to If the boxes are not at the ends of the Firing Lines you will not be able to move them at all AUDUSDm H1 0 98043 0 38104 0 98041 0 98104 Versi hii 0 98720 T i M 0 97920 0 98380 L i Cd C 47561 ha 0 97315 0 980650 i Ah Sc i ERE EAE EPE EE FEN EE INTERER QN ACIEM PEEP Se WERE AE PME ALP PE APL OATES SERED P arman pacc MM LII ERE t euius ea er ep ere ts mod vediuestessiveieusevescietimais 50 MA MICE Lad Ol JAEN M 20 P T Uu Pr tr 0 Since the Stochastic is below 50 we looking for opportunities to go short That being the case we will be working with the red Firing Line and the red boxes on the Firing Pins After activating the Firing Lines for movement locate the red box on the most recent Firing Pin The arrow in Illustration A is pointing to it Next click on hold and drag the red Firing Line to the red box on the Firing Pin making sure that the current price remains between the red and green Firing Lines as in Illustration B Finally as shown in Illustration C move the green Firing Line to a location that is either about 100 pips from the red line or to the apex of a past upward price move purple circle This is not rocket science so you don t
27. ase read it because it is what will keep you in the game Your Trial Download and Video Training Page may be accessed at any time during your trial by going here http fxfiringpin com uo offer trial Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 28 Module 5 Position sizing and money management You don t need to concern yourself with the math in this module as the AutoMoneyManage feature within FxFiringPin Trade Manager EA automatically calculates your position size based on your stop loss your account balance and the pip value according the percentage of risk you specify We recommend trading at a max of 196 per trade and 496 total on all currency pairs you re trading Know when to hold know when to fold As the lyrics in the old Kenny Rogers song suggest knowing exactly when to get out of the market is just as important if not more important than deciding where to enter In other Words you need a way to know ahead of time 1 what your ultimate risk will be 2 what your initial stop loss will be and 3 when to take profit These points are at the heart of capital preservation and risk control or in other words sound money management practices This manual provides recommendations on initial stop loss values and in calculating your profit targets so you already know in advance what those values are As for knowing what your ultimate risk will be that topic w
28. ay to set the chart up is to attach the firingpin 60 tstoch template For future reference attaching any template to a chart will automatically replace all previously attached indicators lines or EAs In this case you have a raw chart so there is nothing previously on the chart that will be replaced To attach the template click on the template s icon in the menu bar and select firingpin 60 Itstoch The template will automatically load the correct indicators f Save Template Load Template Remove Template ma 2 stach sar A finrngpin 60 Istach After attaching the template your chart should look like the illustration below AUDUSDm H1 1 05803 1 05886 1 05612 1 05637 vey Firing Pins mw p n n Stoch 780 104 2 40 5843 64 6842 9 May 2011 9 10 00 9 May 18 00 10 May 02 00 10 May 10 00 10 18 00 11 02 00 11 10 00 11 18 00 12 May 02 00 12 10 00 12 18 00 13 02 00 13 May 10 00 13 May 18 00 Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 13 This concludes Module 1 You enabled dll imports and live trading added new chart and used a template to attach FxFiringPin s indicators Module 2 introduces you to the Trade Management EA and takes you through pre trade setup Your Trial Download and Video Training Page may be accessed at any time during your trial by going here ht
29. bar If the market is moving fast and there is a higher number of traders participating your order could be delayed and price could move a few ticks past the open before your order is accepted Slippage is the number of pips beyond the opening price of the entry bar that you are willing to give up to enter a trade The default setting is 3 and we recommend no more than 6 pips Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 17 Enter Pair specific Information Into Your Trade Manager EA Enter your stop loss profit target pips and trading hours At the end of this Quick start guide is a set of tables to help you select your stop loss and target pips per currency pair The tables are arranged by time frame Daily 4 Hour 1 Hour and 15 Min and by pair The trading hours represent periods of increased price action and stop loss and profit target values are based on the low probability that the stop loss will be hit within the first ten bars of a trade and the higher probability that a profit equal to or greater than the pips risked in your stop loss will be hit Although the Firing Pin method works with all time frames it performs best on the 1 hour charts The table below contains suggested trading hours stop loss pips profit target pips and reward to risk ratios for 11 currency pairs You can use the information as a guide when setting up your trade management EA Let s assume you are setting t
30. check those two boxes When finished click OK Enabling dll imports and live trading f File View Insert Charts Tools Window Help E x G Fhe E New Order jdviors Mi ms Mis M30 Hi H4 Di wi MN A 9 Jk h Q Erik B AT Y Market Watch 11 45 38 B 836 1 2837 Symbol Bid History Center EURUSDm 1 2692 Global Variables USDIPYm 92 26 MetaQuotes Language Editor GBPUSDm 1 4668 e Options USDCHFm 1 2109 DETTO USDCADm 1 2837 1 2842 AUDUSDm 0 6422 0 6427 4 NZDUSDm 0 5303 0 5308 Options EURGBPm 0 8650 0 8653 EURIPYm 117 08 117 15 Server Charts Objects Trade Expert Advisors Email Publisher Events EURCHFm 1 5369 1 5373 CHFIPYm 76 16 76 23 NZDJPYm 48 90 49 02 Enable Expert Advisors except for Custom Indicators and Scripts owen 0 6420 0 6430 M Disable experts when the account has been changed mbols x Disable experts when the profile has been changed Fractals Allow live trading 9 Gator Oscillator EF Ichimoku Kinko Hyo C Ask manual confirmation MACD Allow DLL imports Market Facilitation Index 7 Momentum C Confirm DLL function calls Flow Index f Moving Average Allow external experts imports f Moving Average of Oscillator f On Balance Volume f Parabolic SAR F Relative Strength Inde F Relative Vigor Index F Standard Deviation ff Stochastic
31. ched the stop loss will jump to that level and then start trailing again FxFiringPin10 Common Inputs Val Change to desired setting Variable MaxStopLoss 60 0 211 lt gt Trail w Profit Prote TrailS wite _Trailin eed 0 lt gt Slow 1 lt gt Medium 2 lt gt Fast 23 TrailSpeed 0 23 TimeFrameMinutes 60 lab StartEntryTime 11 00 00 EndEntreTime 07 59 59 Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 19 Set Your Trailing Stop s Speed The FxFiringPin EA gives you the flexibility to control the speed of your trailing stop loss on a dynamic basis That is you can open the EA mid trade and change the setting to a faster or slower speed The change will take effect at the open of the next bar The speed settings are Slow Starts trailing after 10 to 15 bars 1 Medium Starts trailing after 6 to 10 bars moves 3 times as fast as slow setting 2 Fast Starts trailing after first bar moves 5 times as fast as slow setting FxFiringPin10 Common Inputs Variable ve MaxStopLoss 60 0 423 TakeProfit 180 ab _ Trailing 0 23 TrailSwitch 1 Trailing Speed_ 0 lt gt Slot X Medium 2 lt gt Fast 23 TrailSpeed 24 423 TimeFrameMinutes 60 ab StartEntryT ime 11 00 00 EndEntrTime 07 59 59 z In the training videos we go into more detail on how to benefit from thi
32. entry bar Since entry requires all three bars fewer entries on false breakouts will occur Short Long Entry Bar 2 770 Signal Bar 4 signal Bar Firing Line Firing Line i Entry Firing Copyright 2011 and beyond Group Three www fxfiringpin com All Rights Reserved 33 Firing Pins trade from entry to exit We ll now go through a short trade from entry to exit One thing to consider in setting up for a trade is that you will occasionally have to relocate your Firing Line Since we re looking at shorting the market we ll have to move the line as new Firing Pins are generated See Illustration A below for an example The arrows represent possible changes To change a Firing Line s position simply place your cursor over it click hold and drag it to where you want it In looking at Illustration B suppose that your red Firing Line was originally set where the solid red line is Seven hours later you have an opportunity to check your setup and find that price has risen and three new pin bars have been generated You move your Firing line up to the red box on the most recent Firing Pin Position the line just below the price on the current bar keeping the open and the current price between the red and green lines as in Illustration C B C noh But don t worry if you don t get to each and every bar You occasionally miss trade but there will always
33. fit 180 EE Stop Loss at 5 7 two pips AUDUSDm H1 0 97346 0 97347 37274 0 9727 SHORT ticket num 1 While you re at work the market continues downward and the second profit protection level is hit You are close to hitting your profit target and are currently sitting on protected profit of 135 pips Illustration D Stop Loss moves to second profit protection Vm Profit Target Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 37 In Illustration E by the time you get home from work the Trade Management EA has exited the trade at your trailing stop loss for a gain of 136 2 pips LN Out or a Gain of 136 2 Pips 140 966 10 That s all there is to trading with the FxFiringPin EA To recap if the stochastic is above 50 you look only for long trades if it is below 50 you look for short trades In either case you position the appropriate Firing Line within the green or red box on the Firing Pin You occasionally reposition the Firing Line in response to alerts or when a new Firing Pin is generated and let the EA do the work of monitoring the trade You are now almost ready to get started with your trading But before you go on you need to carefully absorb and consider the final module which discusses money management and position sizing It is the most important part of the system so ple
34. have to be exact The main idea here is to make sure you don t unintentionally enter a long trade 0 99435 p 0 99130 0 38525 p 0 97920 0 97783 0 97620 0 97315 0 97010 0 Copyright 2011 and beyond Group Three www fxfiringpin com All Rights Reserved 32 Now that you re set up let s take a look at how entry takes place It takes three bars for a trade to be taken 1 The first bar is the Firing Pin bar If you are setting up for a short trade you will match the red Firing Line with the red box at the bottom of the Firing Pin Conversely if you are setting up for a long trade you will match the green Firing Line with the green box at the top of the Firing Pin 2 The second bar is the setup bar It is a very important bar because it determines whether or not a trade will be entered For short trades the setup bar must open above the red line and close below the red line For long trades it must open below the green line and close above the red line Also the setup bar s high to low range must be at least one ATR average true range in length In other words if the bar is less than average length then it disqualifes the entry Finally at least 3096 of the setup bar s body must extend below the red line for short entries or above the green line for long entries 3 The third bar is the entry bar If the signal bar s requirements are met the EA will enter the trade at the open of the
35. he EA up to trade AUDUSD The table suggests a stop loss of 60 pips with a profit target of 180 pips highlighted in purple Simply double click the appropriate value cell and then enter the values 60 and 180 in the MaxStopLoss and TakeProfit cells respectively The table also suggests that the optimal hours for trading AUDUSD run from 11 00 00 GMT through 7 00 00 GMT the following morning highlighted in blue Double click the StartEntryTime cell and change it to 11 00 00 then double click on the EndEntryTime cell and change it to 07 59 59 Doing so tells the trade management EA that you want to actively seek trading opportunities at 11 00 00 and stop seeking trade opportunities at 07 59 59 the next morning Also make sure to enter the TimeFrameMinutes In this case we re working on a 1 Hour chart which is 60 minutes 0 00 00 23 59 59 40 120 11 00 00 59 BEEN 3 to 1 3 to 1 3 to 1 3 to 1 Bato 1 3 to 3 to 1 0 lt gt No Trail 1 lt gt Trail w Profit Prote 1 ab _Trailing_Speed_ 0 lt gt Slow 1 lt gt Medium 2 lt gt Fast 4 423 TrailSpeed 0 123 TimeFrameM inute 1 1 23 59 59 NOTE Trades are not automatically liquidated when the EndEntryTime expires On the contrary any trade entered during those hours will run until it reaches its profit target or is stopped out somewhere along the way Copyrigh
36. ible trade out decide that you want in you ll need to enter the trade manually This procedure can be followed at any time with or without an alert and whether or not AutoTrade is set to true Simply open the EA properties box and scroll all the way to the bottom To manually enter a long trade set OPEN BUY NOW to true For short trades set OPEN SELL NOW to true Click OK The money management alert will pop up Click OK FxFiringPin10 Alert El EI Common Inputs Variable Value 423 TrailSwitch 1 ab Trailing Speed 0 lt gt Slow 1 lt gt Medium 2 2 Fast 423 TrailSpeed 0 had TimeFrameMinutes 60 A 03 57 59 Long Trade SET UP ab StartEntryTime 00 00 00 A 03 57 59 Doublecheck amp Reenter S R values ab Endep FA O EN BUY n A Num Lots calculated using money management E A 23 35 41 Mum Lots calculated using money management 23 18 40 Mum Lats calculated using money management PL lr EE a E aaa mE Eau ER EE E E x It will take one tick to enter your order one tick for the order to execute and one tick to generate the following alert amp Alert HE A Warning OPEN_BUY_NOW is ON A 03 57 59 Warning OPEN BUY NOW is ON 03 57 59 Doublecheck amp Reenter SIR values A 23 35 41 Num Lots calculated using money management r 23 18 40 Mum Lats calculated using money management r
37. ile automated is not an automatic trading robot automation is limited to trade management functions for the current trade and for as long as price is between the Firing Lines There are certain exceptions to this rule which we ll cover in Module 4 For the most part however the EA is automated for one trade at a time Initial Setup 1 Enable DLL Imports and Live Trading When you first open up your MT4 platform or when you add a new chart the charts will look something like the one below It doesn t matter whether your account is live or demo FxFiringPin and its accompanying indicators will not operate until you enable live trading and allow DLL imports To do so click on the Tools menu and select Options After the Options dialog box opens select the Expert Advisors tab Check the three boxes associated with Enable Expert Advisors check Allow Live Trading check Allow DLL Imports and check Allow External Experts Imports If you check Ask Manual Confirmation under Allow live trading your trading will be interrupted until you manually confirm you want to take a trade This is not recommended as it is time consuming and can lead to frustration over missed opportunities If you check Confirm DLL Function Calls a confirmation box will pop up every time the FxFiringPin EA accesses the DLL We also do not recommend this as it is not only irritating but it can also interrupt the EA s work until you confirm It s best not to
38. ill be addressed as we proceed And by the end of this module you will see how FX Firing Pin automatically knows when to hold em know when to fold Does Size Matter This question has been around since long before David amp Goliath and it conjures up a host of possible responses For traders this is a pivotal question The answer is Yes size DOES matter And you ll discover why as we progress through this module In the meantime to illustrate the point imagine watching a video that describes entry into a trade where to place the stop loss and where to exit The narrator might say So since we re going short in this trade we ll place our stop loss just above the high of the previous bar Let s see it looks like it s about 50 pips Also we want to make a profit of at least two times our stop loss value so we ll set our first profit target at 100 pips But what s missing in the narrative We ll answer that in a minute but for now think about it Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 30 Far too many traders equate risk with the SIZE of the stop loss For example if you are trading in standard lots of EURUSD then every pip is worth 10 So when the narrator says it looks like it s about 50 pips the first thing that hits you is that s a 500 stop loss If you have a 5 000 account that represents a hefty risk of 1096 of your capital and it s even more
39. ious pairs Save As Save in presets D 2 Common Input E eurcad_15 set E eurgbp_15 set E eurjpy_15 set ageneral std set E eurusd 15 set E hybrid E audipy_15 set E abpipy 15 set amp hybrid sel audusd_15 set E gbpusd 15 set E jb eurusc E hybrid30 general set 9 hybrid30 jpy set hybrid general set Ed nzdusd_1 Es triple eur Es triplex v1 gt i File name firinapin_general L Save as type Expert Presets can be used as a shortcut when setting up an EA To access a preset first open the EA properties box and then press Load A box containing your preset files will pop up Select your previously saved preset then either double click the preset or press Open This will automatically enter your account number preferences and trading parameters into the properties box This saves time when you need to set up your EA on new charts If it is a new currency pair simply replace the stop loss profit targets and active trading time values with the appropriate settings Open L2 Look in presets 9 2 e m agenera std set eurus 15 set vbrid gei E std eurusd E hybrid FxFiringPin10 E audipy 15 set E hybrid REDE audusd_15 set gbpipy_15 set E hybrid sel ommon np E eurcad_15 set E gbpusd_15 set E jb eu
40. iring Pins represent areas of market indecision where neither buyers nor sellers were in control Below is a group of firing pins all hanging around the same level indicating a highly indecisive market Firing pins have a blue body with a green box at the high and a red box at the low M Firing Lines The Firing Lines are two horizontal lines overlaid on the price chart one green and one red to match the upper or lower part of the Firing Pins for long and short trades respectively ll Long term Stochastic Indicator The Stochastic indicator shows us the long term market direction It consists of two lines the stochastic line teal green colored and the signal line magenta purple Both illustrations below show the long term stochastic on an hourly chart It represents a rolling approximation of the market direction on a daily chart while maintaining some of the shorter term characteristics of hourly price movement Consequently it is an ideal indicator this approach to trading the Forex Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 20 FxFiringPin method subscribes to the old adage trend is our friend Thus we consider the general direction of the market to be upward if the teal green stochastic line is above 50 as is the case in the illustration below Likewise we consider the general direction of the market to be downward if the teal green stochastic line is
41. jects List Ctrl B is Strategy Tester FB New Order 6 Expert Advisors ms mis M30 h You inadvertently disabled your expert advisors The EA icon has a red nose Also the Smiley Face in the upper right A Warning Expert Advisors are not enabled corner of the chart Will change to an sy FxFiringPin10 Click on the icon it will change to green and the Smiley Face A 14 02 19 Warning Expert Advisors are not enabled had will return A 14 02 18 Num Lots calculated using Labia ds sls Fs e Expert Advisors amp 14 01 57 Restart EA w chart period matching TimeFrame F xF ining Pn 10 amp 13 54 12 Restart wi chart period matching TimeFrame TIU ege qu A DU E Then click OK to clear the Alert Either of these two alerts below means you didn t follow Step 1 in Module 1 Open the FX Hybrid DS properties box Common tab and check Allow live trading and Allow DLL imports Click OK clear the alert and then go back to Step 1 and follow the instructions there Also if Allow live trading is disabled you ll get a Frowny Face in the upper right corner of the chart FxFiringPin10 amp Not so with Allow DLL imports You just get the alert 3 Warning Trading allowed is disabled 3 Allow For DLL calls in the properties common popup wir A 14 06 19 Warning Trading allowed is disabled A 14 09 20 Allow for DLL calls in the properties gt common 14 06 19 Nu
42. k to the original scale AUDUSDm H1 1 09328 1 09402 1 092093 1 09279 Version FxFiringPin v1 0 ATR H Spread 47 1 03970 CI ick hold and nit roht larget ctive ilg jn h drag downward i pp 4 1977 A 18330 148000 147680 ya 1 07020 4 Double click on 4e the line When u the boxes appear 4s Click hold and drag to an area Red Line 0 3794 Green Line 0 9889 ATR 21 Spread 4 7 Init SL 60 Profit Target 180 Active 1 Trail Switch 0 Trail Speed 1 Num Lots L2 1 59 5 1 59 lt q i fei 1 Bere ooo 4 bee ee EE B T Cohen Oe near the current price Double click on the price scale and it will bounce back Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 24 Create a Preset File for Your Settings With your EA properties box open and with all of the parameters entered you can save that information in a preset file and use it for future set ups to save time Press the Save button on the EA properties box and a Save As box will pop up Give your settings a name and when you re finished click the Save button on the Save As box The information you entered is now saved in the presets file You can also do this with your specific settings for each pair The illustration below shows examples of presets for var
43. m Lots calculated using money management r P amp 14 06 19 Warning Trading allowed is disabled A 14 02 19 Warning Expert Advisors are not enabled D 14 06 19 Num Lots calculated using money management r 14 02 18 Num Lots calculated using money management r 14 02 19 Warning Expert Advisors are not enabled M ianen CA rul hawk mawina m buie Timale aram M anno Blom l abe Mud vicina manm mansaamank v FxHybrid DS 026a Common Inputs Common Long amp Short positions Enable alerts Allow import of external experts Disable alert once hit Cancel Reset Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 27 This completes Module 3 including correcting alerts you may encounter All of your setup tasks are complete Module 4 will take you through trade setup entry and exit Your Trial Download and Video Training Page may be accessed at any time during your trial by going here http fxfiringpin com uo offer trial Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 28 Module 4 Trade Setup Entry and Exit This module takes you step by step through a trade from setup to exit You will see how simple this method really is There are three components to the method 1 the Firing Pins 2 the Firing Lines and 3 the long term Stochastic indicator Firing Pins The F
44. nd 1 risk factor your ultimate risk will be 25 In terms of a 50 pip stop loss your position size would be 0 5 lots Your 100 pip stop loss at dollar risk of 196 of your account balance would be 0 25 lots So you can still take the trade at 100 pips because your dollar risk doesn t change Another important aspect of the Percent of Balance model is that as your account grows in SIZE your position SIZE increases which influences the SIZE of your profits Best of all you always have peace of mind in knowing what your ultimate risk on any trade really is NOTE We recommend that you risk no more than 196 of your account balance on any one trade and no more than 496 in the aggregate for all the pairs you are trading For example if you are trading five currency pairs then we recommend setting your PercentofBalanceRisk parameter to 0 8 for each pair Also when you begin trading live with real money start out risking 0 2596 for any one pair and 196 in the aggregate for all trades This is a good way to break into live trading because you can learn to control your emotions follow your plan and avoid the temptation to tweak the system while still being able to sleep at night This concludes the module on money management NOW it s time to activate your FxFiringPin and begin trading As you make sure to watch the training videos follow along with the 14 Day Action Plan steps and practice you will quickly see the value of what you now
45. o Monitor the charts and enter the trade manually o Allow the EA to enter for you Automated Tasks Performed by the Trade Management Expert Advisor EA e Monitors markets according to your parameters e Alerts you to trade opportunities that fit within the parameters you set e Provides the means for manual entry at any time e Performs all math for determining breakouts e Enters trades automatically e Calculates correct position size for your risk if directed e Submits initial stop loss and profit target orders according to your input e Automatically moves trailing stop loss according to your preferences e Proprietary algorithm accelerates trailing stop loss to lock in profit at specific points e Exits trades according to your parameters As you can see the EA automatically performs all trade management functions including trailing the stop loss conserving profit employing exit strategies and with your discretion money and risk management functions Of course you always have the option of monitoring the trades and changing the stop loss and or profit target or even exiting manually as see fit In a real sense you and the EA are partners in the trading process you with your trading style and preferences and the EA with its automated and unemotional trade management capabilities Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 10 FxFiringPin Expert Advisor wh
46. rade setup is complete Click the OK button on the properties box and the EA will attach itself to the chart that is in the charting window In this case to AUDUSD Now that you are finished with all of the setup work your EA should be up and running on your chart In particular the upper left and upper right corners should resemble the chart below AUDUSDm H1 1 05610 1 05872 1 05533 1 05827 FxFitingPin10 1 08950 Version FxFiringPin w1 0 Red Line 1 051 Green Line 1 0645 ATR 31 Spread 2 8 Init SL 50 Proft Target 100 Active 1 ai rail Speed 0 Num Lots L 0 06 5 0 06 jp y Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 292 The illustrations below describe the information found upper left and right hand corners of the chart amp LIDIPYm H1 85 270 85 332 85 237 85 327 Version FxFirnngPin v1 0 Red Line 86 068 Green Line 56 4593 ATR 36 Spread 47 Init SL 50 Proft Target 100 Active 1 Trail Switch 1 Trail Speed 0 Mum Lots L O05 5 0 05 FxFiringPin 10 3 Line 1 Currency pair and Open High Low Close data Line 2 FxFiringPin version Line 3 Current value for Red and Green Firing Lines current alue of Average True Range ATR value of the current spread Line 4 Initial Stop Loss in pips Profit Target in pips Active 1 means the Trade Manager is actively seeking trading opportunities Active 0 means that the EA is not seeking trading
47. rties hold copyright interest in the work described above that it holds all rights to FxFiringPin for the MetaTrader4 Quick Start Guide and that it is authorized to grant this license Group Three LLC support fxfiringpin com Notice to copy centers Should you have any questions please contact us at the email address above Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 2 RISK WARNING TRADING FOREIGN CURRENCIES 15 A CHALLENGING AND POTENTIALLY PROFITABLE OPPORTUNITY FOR EDUCATED AND EXPERIENCED INVESTORS HOWEVER BEFORE DECIDING TO PARTICIPATE IN THE FOREX MARKET YOU SHOULD CAREFULLY CONSIDER YOUR INVESTMENT OBJECTIVES LEVEL OF EXPERIENCE AND RISK APPETITE MOST IMPORTANTLY DO NOT INVEST MONEY YOU CANNOT AFFORD TO LOSE THERE IS CONSIDERABLE EXPOSURE TO RISK IN ANY FOREIGN EXCHANGE TRANSACTION ANY TRANSACTION INVOLVING CURRENCIES INVOLVES RISKS INCLUDING BUT NOT LIMITED TO THE POTENTIAL FOR CHANGING POLITICAL AND OR ECONOMIC CONDITIONS THAT MAY SUBSTANTIALLY AFFECT THE PRICE OR LIQUIDITY OF A CURRENCY FOR EXAMPLE TRADING THE VOLATILITY CREATED DURING THE RELEASE OF HIGH AND MEDIUM IMPACT ECONOMIC REPORTS PRESENTS EXCEPTIONAL OPPORTUNITIES FOR PROFITS LIKEWISE TRADING IN TIMES OF HIGH VOLATILITY ALSO INCREASES YOUR POTENTIAL RISK TO ILLUSTRATE THERE MAY BE TIMES WHEN YOU WILL EXPERIENCE SLIPPAGE IN THE FORM OF A GAP BETWEEN THE PREVIOUS BID AND THE CURRENT BID THIS IS ESPECIALLY TRUE
48. rusc TREE eurgbp_15 set jc hybrid30 general set E nzdusd_1 gg TITLE FxFiringPin v1 0 E eurjpy_15 set Es hybrid30 jpy set Es triple_eur jad Account 0 4 gt 0 1 eB _AlertOnly_ Auto Trade OR Alert Only Filename ffringpin_general set 43 AutoTrade true Files of type Expert Set se Cancel e AutoMoneyManage true 2 ve PercentofB alanceRisk 1 0 Load se Slippage 3 029 MasStonLoss 50 0 El DK Cancel Reset 100 12 09 00 12 17 00 13 01 00 131 Anna cM 77 URCHFm Hi EURCADm Hi AUDJPYm Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 25 This concludes Module 2 Module 3 presents important information about warnings and alerts the trade management EA may generate Do not trade without going through Module 3 Your Trial Download and Video Training Page may be accessed at any time during your trial by going here http fxfiringpin com uo offer trial Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 26 Module 3 Alerts and Warnings If any of the alerts below appear right click on the chart select Expert Advisors and then select Properties and the FxFiringPin properties box will open Take the appropriate corrective action click OK and your chart should resemble the one above Clear the alert by clicking OK Trading LN TT NE Indicators List 4 Remove Ob
49. s flexible feature Select Your Entry Method With the FxFiringPin EA you have the option to enter manually after an alert or to have the Trade Manager enter the trade automatically For automatic trade entry leave AutoTrade set to true This is how most traders will want to trade as then you won t have to be at your computer to take the trade However we ve built FX Firing Pins to be highly flexible and you can opt to enter a trade manually if you prefer Manual Entry If you prefer to exercise the manual option as opposed to the automatic trade entry option open the properties box and set AutoTrade to false Once you have typed in your trading parameters and activated the EA you will receive a visual alert accompanied by a tone informing you of a trade setup F FiringPin1 amp Alert Ed A Long Trade SET UP al Common Inputs ab _TITLE_ FeFinngPin v1 0 Wea Account 2778471 E Lots 11 ER AutoTrade false gt SE AutaMoneuld anage e PercentofB alanceRisk 1 Ei Slippage 3 029 MasStonLoss 50 0 l Copyiiynt ZULL VEYyUINU Group IEG LLL www fxfiringpin com All Rights Reserved 20 Long Trade SET UP A 03 57 59 Doublecheck amp Reenter S R values A 23 35 41 Mum Lots calculated using money management AY 23 18 40 Mum Lots calculated using money management PL 55 11 17 m E EE ES ee After you check the poss
50. sk SL your stop loss in pips the difference between your entry and your stop loss PipVal the value of a mini pip one tenth the value of a standard pip You can get this value by using a pip value calculator These are hundreds available free online The link below will take you to one of them http www goforex net pip calculator htm Calculating Your Ultimate Risk Let s say that you have set up your FxFiringPin EA for a trade in EURUSD so you have already set your stop loss value from our recommendations Any pair with USD as the quote currency the second currency in the pair has a standard pip value of 10 00 If you didn t know this you could get it quickly with a pip value calculator Since you are trading a mini account the Copyright O 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved A value of a mini pip would be 1 00 With these two values FX Firing Pin calculates your position size 2 500 01 47 1 25 47 0 53 lots If you are an experienced trader and you decide to risk a more aggressive 2 596 of your account balance your ultimate risk would be calculated as follows 2 500 025 47 1 62 5 47 1 33 lots Again since you re trading mini lots and since one pip for a full mini lot is worth 1 00 your position is equal to 1 33 per pip This means that your ultimate risk is your position size multiplied by your stop loss pips times 1 00 the value of a full mini pip or 1 33
51. st Name Last Email NOTE required software key will be sent to this email address Address must be valid A software activation key will be sent to you via the email you entered Simply enter your software key into the next window you will see and click Next 5 Setup FX Firing Pin Enter Confirmation Key Please Enter Confirmation Check Your Email Confirmation Key Has Been EMailed You Activation Rey You have been mailed a confirmation key Please input your key and click Mest Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved By default the install will locate the most recent version of the MT4 that has been installed on your computer If you want to install FX Firing Pin there then install it there Otherwise if you have multiple 4 platforms installed you may choose the specific 4 platform you wish to use for the FX Firing Pin by clicking Browse and navigating to the main folder of your desired MT4 platform ie Setup FX Firing Pin Select Destination Location Where should Fx Firing Pin be installed Setup will install FX Firing Pin into the Following Folder To continue click Mexk IF you would like to select a different folder click Browse Browse At least 2 1 MB of Free disk space is required Copyright 2011 and beyond Group
52. t 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 18 Choose Your Trailing Stop Loss Type The FxFiringPin EA comes with a Trail Switch that offers you two options for the type of trailing stop loss No trailing stop loss but profit protection active 1 Trailing stop loss and active profit protection These settings are dynamic so that you can change them any time during a trade Just open the EA make the desired change and then click OK The change will take effect at the open of the next bar e Select option 0 for no trailing stop loss This option allows the trade plenty of room to develop The stop loss will remain in its initial position until a profit protection level of three times the ATR Average True Range is reached At that point the stop loss will move to break even plus a couple of pips It will remain there until the next profit protection level of 7596 of the profit target pips is reached at which time the stop loss will move to that level and begin trailing e Select option 1 for a trailing stop and active profit protection This option allows the stop loss to begin trailing after the first bar in the trade In addition when the entry price plus three times the ATR is reached the stop loss will move to that level It will remain there until the trailing stop loss algorithm catches up at which time the stop loss will continue trailing When the second profit protection level is rea
53. tp fxfiringpin com uo offer trial Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved l4 Module 2 Pre Trade Setup Module 2 introduces you to the Trade Management EA and outlines your pre trade setup tasks Overview of the EA properties box In this section of Module 2 we ll take a look at the Firing Pins EA properties box and get you acquainted with the parameter settings found there Although it looks like a lot it s really pretty simple This is just an overview so you won t need to enter any information yet We ll get into those details a little later in the module EN For best viewing of the illustrations that follow you may wish to increase the page magnification to 15096 FxFiringPinid Common Inputs Value gb TITLE Account Lots _AlertO nly 9 AutoT rade Auto aneyhM anage fe PercentolB alanceRisk Slippage FxFiringPin10 Common Inputs Variable MaxStopLoss hed TakeProfit ab _Trailing_ 423 TrailSwitch ab _ Trailing Speed_ hd TrailSpeed 423 TimeFrameMinutes ab StartEntryT ime lab F ndF ntruT ime ZA OPEN_BUY_NOW i43 OPEN_SELL_NOW Copyright 2011 and beyond Group T FaFiringPin 32 0 0 amp uta Trade Only true true 1 0 3 50 0 100 0 lt gt No eat T lt gt Trail w Profit Prote lt gt Slow 1 lt gt Medium Fast 0 en 00 00 00 2
54. up Three LLC www fxfiringpin com All Rights Reserved 46
55. up Three does not have a business relationship with them and the fact that we are directing you to their web site should not be construed as an endorsement or recommendation Download a Free MT4 Platform if you don t already have it You must have an MT4 demo or live account to use these indicators You can open a free demo account with any Forex broker offering the MT4 platform You do a Google search using the phrase MT4 Brokers List Because of important inconsistencies in data addressed in the activities for Day 3 of the 14 Day Action Plan we recommended you download MT4 from a broker instead of downloading a demo MT4 platform from MetaQuotes developers of the MT4 platform This way you ll get real market data to practice with instead of data that has been aggregated and approximated This makes a big difference in the results you will see in demo trading We use Interbank FX You may download a free Mt4 platform from them below However keep in mind we have no relationship with Interbank and do not consider this as a recommendation to use their services It is up to each individual to do their own research and due diligence to determine the best broker for themselves We receive no compensation from Interbank for providing you this download link We provide it to you for convenience purposes only http www ibfx com Platform Forex Trading Platform Make sure you use Metatrader 4 NOT 5 as these indicators will only work
56. utomated part of this system is an EA that performs all of the trade management functions from entry through exit Since you tailor it to your trading style you are in total control of your trades System Features e Extremely user friendly e Hands on system e No optimized parameters e Driven by price action e Adaptable to user s trading style e Usable on 15 min to Daily charts works better at 1 hour and up e Trades on breakout of Firing Pins e User determined initial stop loss and profit target guidance provided in Quick start guide e Optional automated or manual entry e Optional automated parabolic like trailing stop loss e Automated trade management from entry to exit trailing stop loss profit conservation exit strategies Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 9 Module 7 FxFiringPin Trade Management EA Initial Setup This module of the quick start guide introduces you to the FX Firing Pin Trade Manager EA Keep in mind that every trade is a collaboration between you and your Automated Trade Manager Both you and the Trade Manager have tasks to perform so we will review them briefly Manual Tasks You Perform Select the appropriate Firing Pin e Move Firing Lines into position more on this in Module 4 e Determine your initial stop loss and profit target pips Decide on your position sizing method o Self determined o Automated Select your entry method
57. with 4 Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 4 Installing FX Firing Pin After downloading and installing your MT4 platform you are ready to download and install the FX Firing Pin To do so download the FX Firing Pin Auto Install file from the trial download page Your Trial Download and Video Training Page may be accessed at any time during your trial by going here http fxfiringpin com uo offer trial Make sure your MT4 platform is closed otherwise it won t install Then run the install If you get the standard warning alert just ignore it and click Run The software is virus free Open File Security Warning The publisher could not be verified Are you sure you want to run this software Mame FisFiringPin v101 exe Publisher Unknown Publisher Type Application From CrDocuments and Settings OwneriMy Documents Always ask before opening this File This file does not have a valid digital signature that verifies its publisher au should only run software from publishers you trust How decide what software to run Copyright 2011 and beyond Group Three LLC www fxfiringpin com All Rights Reserved 5 When you run the install you will see a window that looks like the below Simply enter your first name last name and valid email Click Next j Setup FX Firing Pin Fx Firing Pin Full Information Please input your information Fir
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