Archive for July, 2009

Release 3 of Magic Lines is there: Adjustable risk, better support for JPY pairs, micro and mini account lot rounding and improved efficiency. The workaround for accounts where brokers do not allow stoploss and takeprofit settings during direct market execution has not made it to the final release. Contact us for a modified version. In most cases you don’t need it though.

Magic Lines now stores all purchases on our website as a backup and upgrade service. Customers have access to a direct link where they can download the newest version.

The new demo version is also available. Please register or login to access the download page.

Matt Sharp did an online video on Magic Lines. It is now publicly availalbe. Check it out here

Regular update and maintenance announcement for Magic Lines:

• full support for JPY currency pairs
• full support for micro account lot rounding
• support for adjustable risk per trade (i.e. 1,5% default, but you can now also put 3% or even 10%)
• support for brokers who don’t allow market orders to be executed simultaneously with stoploss and takeprofit.

These  features have been requested by several users who bought or have been testing Magic Lines Demo.  The  functionality mentioned in the last bullet needs some clarification:

Some brokers do not allow you to enter a stoploss and a takeprofit level when you place an order. You just can’t edit the fields, so you have to enter the order without stoploss.

Now imagine just after you enter the market, your computer freezes. You are now in a trade with all your money and without any level of control. If you trade news releases, this is unacceptable.

I adjusted Magic-tradenow to execute market orders with such brokers, immediately followed by a Modify order so your position is immediately safe. No need to manually adjust the trade for stoploss and takeprofit anymore. If you enter a market order, Magic Lines takes care of immediate order execution, stoploss and takeprofit in one go!

Some of you who tried to purchase Magic Lines may have been led to a Dutch version of Paypal’s check out page. The page is English now – we apologize for any inconvenience.

Update July 31: due to a ‘language cookie’ some paypal pages still showed up in Dutch. This also should have been resolved now.

As it looks now, Magic Lines will be compatible with NFA rules. Magic Lines do not close orders, so their functionality is not affected by the FIFO rule on currency pairs. Since Magic Modify will adapt stoploss and takeprofit on the most recent order in a currency pair, Metatrader will enforce the stoploss and takeprofit to apply to all orders on the same currency pair following the NFA rules.

The default tracking stoploss method in Metatrader uses a fixed amount of pips. This is almost never desirable. I uploaded two scripts which automated a stoploss tracking method suggested by Matt Sharp in his FiveTic course. The EA’s will move the stoploss just below the next “strong” bar during a up- or downtrend.

These EA’s are alpha stage. Use at own risk.

These EA’s will be expanded with additional stoploss tracking methods in the future. Once they go into release phase they will be included with the Magic Lines package, so they will not remain free.

To download, please register and visit the free scripts page.

In the free scripts section, two new scripts are available for FiveTicForex users. You can now open two orders simultaneously against market price with a stoploss set at the average true range, and two different stoploss orders for each trade at 2/3 ATR and 2ATR. These scripts are free to download and to modify.

When you are using Magic Lines, you can use Magic Modify to manage the 2nd part of the trade, which is the continuation trade. The first part of the trade (the standard ATR-2/3 ATR trade) is not affected as long as you have the second trade (continuation setup trade open).

You can download the free scripts by logging in with your account. If you have no account, please first register. As soon as you log in, a tab with ‘free scripts’ will appear on top of the page.

Download the Magic Lines Manual here. It covers installation of Magic Lines in detail. Additionally it discusses a few example trades that were conducted while writing the manual today, July 17 2009.

Magic Lines Forex adds a page of useful MT 4 scripts specific to several trading methods. Now, Fivetictrading users can download these scripts to complete their current set of scripts, indicators and EA’s.

Follow us on Twitter at http://www.twitter.com/MagicLinesForex.