Hi renefx,

Get Blessing Martingale v3 from this thread and try it visual mode - you'll see the logic of martingale system in general and a rifo.valas's version of it.

To keep it simple start with buying only.
You buy 0.1 with TP 20 and no SL at price 1.000.
If price goes up, hit TP, you are lucky, take you money and open buy again.
If price goes down and it falls on 20 pips, you open 0.1 buy again at price 0.9980 with TP 20 again (1.000 0 right?) and modify TP for first order to 1.000 too.
If price goes up both your order will take profit at 1.000 and you'll get 0 + 20 points profit.
If price goes down, you order one more buy for 0.2 with TP 20 (at 0.9980) and modify all other orders to the same TP. So if price finally re-trace all your orders will close the same time by TP and you'll get -$20, $0, +$40 - total +$20 (if you have $1 = 1pip on 0.1 lot like EUR ).

Do the same for sell the same time and you'll get rifo.valas's martingale.

But if you have 10 point spread you should pay it for each order, so in total you'll pay 10+10+20=$40 spread just to get $20 profit. So this system will not work for you. Or you should try to use bigger TP - like 50 or 100 pips, it may help.

Hi everyone,

That was a fun testing this system. It can be profitable for some time, it can bring you some money today and tomorrow. But any big trend will take out everything you got and everything you had before starting this game. And it may happen anytime today or tomorrow. You could see it on testing - that was many time that price went in one direction without any re-trace bloody long.

You can reduce the risk playing by microlots. But what the point to win 50 cents a day?

So, my advice - keep looking for more profitable and less risky ideas.

Regards,
Timbo

Thanks for your update...

if markets moves 20 pips in less than 5 sec...then I guess it is time to stop using the system until market has calmed down.

Every system MUST have stop/loss.
Some time ago i have used a "nice" scalping technique:

- ONE point trailing stop (+ 2 point of spread) [it is possible with "Close all profitable positions.mq4" script running in unlimited loop]
- no stop loss
- slow and stable operations: 2%-5% of income per day.

I was successful for almost three weeks. I have gain 40% of income without any loss.
BUT in one day i have lost all my money from SINGLE order.

STOP/LOSS is a MUST for every system. Don't be fool like me.

Blessing system could be good IF there will be ANY stop/loss, at least S/L should save 50% of account money.


PS. Sorry for my poor English.

Rifo,

If we have some open trades from yesterday, do we still start level1s at 00gmt ? or we continue with yesterdays levels with 20pip distances ?

well done! and gracias, timbobo

you've got the codes perfectly organized in v5. it's doing exactly as outlined
by rifo (as far as i understand it)

rifo, pls confirm

my forward test is sailing first day very smoothly on quiet ranging GU. will see how it rides the storm when it comes

many thanks again, timbobo and rifo and everybody else who's contributed.

Can anyone explain what this system had to do wtih Elliott Wave that author elluded in his first pdf document?

Rifo's system relies on the a,b,c,d waves of elliot. 20pip retrancement is what keeps the system alive.

Btw. I have back-tested this system and you need at least 10.000$ to be successful (because you need to have that huge 6.4 order...)

You need more, as at level 8 with 6.4 order you would have 12.8 lots open...