Thread: Trading the "Basket"

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  1. #1
    AriannaGof
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    Default Trading the "Basket"

    I got interested in this when I ran across a mention of it months ago. However, there was nothing available, anywhere. Last month, I was on a forum and found it! Info was splashed over 58 pages of posts. It wasn't an easy scenario to be followed. However, I saw the opportunity and went for it, applying what I read.

    First off, you do NOT have to understand the "why" of baskets, only the "how." I have boiled down the setups to 3-5 steps each. I will start with the most simple basket setup first. Learn it. It's easy. Learning it will make the more graphical setup easier.

    I'll get the simple method posted this afternoon. I know, it's Friday. Loss of signal occurs in about 4 hours. However, you'll be ready for Monday. I'll be here all weekend to help with questions. You've only thought about single pairs up til now. You need to start thinking in "multiple" pairs. Which pairs follow each other or a commodity we have access to? With the simple method, you'll be locked into trading 8 or 14 pair. The better method will allow easier changes. But, first things first.
  2. #2
    ArletteCab
    Guest

    Default

    Ready for Baskets? Good.

    Here's the simple "How To" with everything you need below:

    HOW TO: Simple Version

    Be sure to follow each step exactly:

    1. Open two GBPJPY frames, one in TF M30 and one in TF H1.

    2. To both, add the "T101_Indy_PriceHistory_v3-dnk.mq4" file.
    NOTE: When dialogue window opens, you can change between 8 an 14 pair by changing Basket number. And, in "Symbols," you enter your 8/14 pr. by name (use CAPS), i.e., GBPJPY,EURUSD), comma sep.

    3. Click on MT4 File->Open Offline. At dropdown menu, double click ##T101, both the M30 and H1. This will give you another set of composite charts. These charts are a combo with all pairs summed.
  3. #3
    ArmandGaga
    Guest

    Default

    Your combined H1 chart will be your "working" chart. It's titled "##T101." To this chart, add "StochCandles_Don" and "sidus_V3_email" indis.

    2ND NOTE: All open frames MUST remain open throughout the trade!

    Now, how to open and close orders. I have included two 8-pr open/close and two 14-pr open/close scripts plus an EMERGENCY Close all script.

    HOW I use it:

    Again, there are a multitude of ways to trade this. I like it simple. There are 8 pr pre-loaded into the T101. They are: GBPUSD,EURUSD,AUDUSD,NZDUSD,GBPJPY, EURJPY,AUDJPY & NZDJPY. For 14-pr, I use GBPUSD,CADJPY,EURGBP,AUDUSD,GBPCHF,USDJPY,CHFJPY,E URUSD,AUDJPY,EURCHF,EURJPY,GBPJPY,USDCHF,USDCAD.

    Look at your H1 chart. Red or Green? That's the direction of your trade. Double click on an Open script for that number pair, set your lot size and watch them fill in.

    Some will go into negative profit on you. It's best to wait about an hour for all to settle in then click on "profit" on your MT4 till all negatives are at the bottom. Now, simply close that trade, standard method, and get rid of draw down.

    As a suggestion, since you're in Demo, is, let it run all for a while. Learn how the basket acts. And, NO, there is no SL or TP used.
  4. #4
    ArmandoPah
    Guest

    Default

    If you're familiar with the use of MetaEditor, you can use it to change the pairs to suit your desires in Basket8. This way, you'll call specific case numbers of your required pairs. You'll be doing this in the later "graphical" setup. It truly does make it easier to use. Just be sure of two things: Keep a written copy of which pairs are in which cases and don't forget to click "Compile" before you exit MetaEditor, or you lose your changes. To change entries, find the cases and use backspace to set pairs inside quotes.

    My suggestion is to build your cases with with compatibility of pairs or specific trade needs. Example: My Case 6 holds the six XXXJPY pairs,minus the GBPJPY. I know that the JPYs can sync up at times and move together (a great trade to catch) so Case 6 is ready to be triggered. Use this mindset as you construct your cases.

    Yes, there's new things, terminology et all when it comes to baskets. Most confusion rises from use of an offline chart to trade with. Before you ask, I don't know. I'm your typical "monkey see, monkey do." LOL If something works, I don't need to know "why."
  5. #5
    Armmet
    Guest

    Default

    Something you can do with basket trading that you can't do with single-pair trading. I setup a 7-pair JPY trade yesterday. Only problem was that NO BAR CHART showed. It was plastered up against the left wall.

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