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Forex Precog Early Setup Precognition Trade Assistant
PRESENTS
Early Setup
Precognition Trade Assistant
By Michael Nurok
Forex Precog Early Setup Precognition Trade Assistant
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Forex Precog Early Setup Precognition Trade Assistant
Forex Precog Early Setup Precognition Trade Assistant
INTRODUCTION
I developed the Early Setup Precognition (ESP) Trade Assistant so it could help with
your advanced use of the Forex Precog trading system.
ESP enables a trader to enter trades according to the Precog Trend Trade and Swing
Trade rules.
It also manages the trades according to your settings, totally automatically. All you
need to do is review each trade when the Trade Assistant alerts you to a potential
trade setup opportunity. It frees you up to do other things while you are trading,
yet does not put you at any more risk than if you were staring at your charts for
hours.
The Trade Assistant works in harmony with the Target Entry Elevator Indicator and
filters out all the trades where price is at a level which is considered too risky to
trade.
By using the Trade Assistant as an experienced Precog Trader, you are likely to see
your profits build as you focus on high probability trades and have them completely
managed for you.
As always, my hope is that you take this information with this invaluable trading
resource and apply it to your Precog trading so it can positively contribute to your
overall results.
Forex Precog Early Setup Precognition Trade Assistant
THE ESP TRADE ASSISTANT
How should you take Precog trades?
Manually, with or without the Target Entry Elevator?
Or;
Semi-Automatically, using the Early Setup Precognition Trade Assistant?
Now you have a choice of whether to trade completely manually, or with the Target
Entry Elevator for alerts, or semi-automatically with the Trade Assistant that not
only alerts you to trades but executes the trades and manages your positions
throughout the lifecycle of the trade.
Forex Precog Early Setup Precognition Trade Assistant
TRADING WITH EARLY SETUP PRECOGNITION
What is the Early Setup Precognition Trade Assistant?
It is the software that;
(1) Provides popup alerts with trade execution within your Metatrader
platform for all valid Trend Trades and Swing Trades. This alert will be
displayed on top of any software or window you are running on your
computer.
(2) Manages your position or split positions throughout the trade lifecycle
implementing all your profit-locking moves and the trailing you have
set in place
(3) Displays buy/sell arrows for valid trades and displays the Too Far and
Too Close filters on new Trend Trades
(4) Provides robust money management, including compounding
Trading with the ESP is the final stage of trading the Forex Precog system. I trust
that you have gained real trading experience with using the system manually, and
therefore, you can now trade with the semi-automatic features of the Trade
Assistant, being able to closely and accurately monitor all pairs on whatever
timeframe you are trading, and manage the trades as they are reviewed and
executed.
The ESP Trade Assistant will only display alerts and execute Trend Trades on the
1st bar after both the Ribbon and Predictor have changed colours. If not all
indicators are valid on that bar, it will not alert for a trade setup, even if the very
next bar generates a scenario where all indicators are valid. You are still free to
execute trades manually but the ESP will not alert you again until the next
opportunity occurs on the pair and timeframe it is installed on.
Forex Precog Early Setup Precognition Trade Assistant
TRADE SETUP POPUP ALERT
When a valid Trend Trade or Swing Trade occurs, you will get a popup alert on
your Metatrader platform. It will appear above any program or window you are
currently on so you can be assured you will not miss any potential setup.
The following is an example of the popup alert.
In this alert, you will see the following;
The name of the TA creating the alert; the Precog ESP Trade Alert
The direction of the trade; SELL or BUY
The pair; in this case, the EURGBP
The timeframe; in this case, the M15 (15 minute)
The time of the alert
The position including split order
Yes/No command to place the order
Forex Precog Early Setup Precognition Trade Assistant
If you have multiple trade setups simultaneously, you will get a separate alert box
for each setup, such as this;
You have the opportunity to review each trade setup on its chart before executing
the trade. You can also move each alert box to wherever you want so they are out
of the way while you review the chart.
In some cases, you may have 3, 5, or 10+ alert boxes open, depending on how
many alerts are issued. You so have quite a bit of time before executing the trade
so there is no need to rush your decision.
Once the position is executed, the trade(s) will be managed automatically as per
your set parameters.
Forex Precog Early Setup Precognition Trade Assistant
ON-CHART DISPLAY
Once attached to your chart, you will see the ESP on-chart display on the right
hand side of the chart, as follows;
In this on-chart display, you will see the following;
A green or red circle (on or off) next to Trend Trading to confirm the status
of Trend Trading
A green or red circle (on or off) next to Swing Trading to confirm the status
of Swing Trading
Either “Conservative” or “Aggressive” depending on whether you have
selected to be alerted to trade either conservative or aggressive trade
types
Management settings of either a single order or two orders, depending on
Forex Precog Early Setup Precognition Trade Assistant
whether you executed 1 or 2 orders. Settings include;
o (1) Initial Stop
o (2) Main Target
o (3) Target 1
o (4) Profit Lock 1
o (5) Target 2
o (6) Profit Lock 2
o (7) Target 3
o (8) Trail Type
o (9) Trail By
The Searching for Trades / PIPS Counter window. When there is no trade
active, you will see the progress bar. When there is an active trade, you will
see the amount of pips the trade is in profit or in loss.
The pair that you are trading
Forex Precog Early Setup Precognition Trade Assistant
TA SETTINGS
You can adjust all settings of the Trade Assistant.
Either; (a) click on smiley face at the top-right of the chart, or (b) right-click
anywhere on the chart, hover over Expert Advisors, then click Properties
You will get this window popup on your chart.
Under Authentication Settings; enter your email in the Email field and enter your
Clickbank Receipt number in the ClickBankReceipt field.
Note: please use the email you used when ordering. If you do not have a
Clickbank Receipt number, contact support on [email protected]
The first section after Authentication Settings, is Money Management. Within this
section, you can set your lot size to use in the “Lots” field. Whatever the value is
in the Lots field is the lot size that will be used. For example, is you set it to 0.5,
the lot size for the executed trade will be 0.5 lots. You can also set the minimum
and maximum lot sizes to use by the Trade Assistant.
Forex Precog Early Setup Precognition Trade Assistant
The next section is Split Order. If you set the “SplitOrder” field to “false”, the
Trade Assistant will execute 1 trade. If you set the “SplitOrder” field to “true”, the
Trade Assistant will execute 2 trades and split the trades based on the
“SplitPercentage” field. A value of “50” will split the trades in half. For example,
the “lots” field with a value of “0.5” will execute 2 trades at 0.25 lots each.
The “SplitPercentage” field relates to the 1st position. For example, a value of “70”
will split 2 trades 70/30 (70% for the 1st position and 30% for the 2nd position).
Conversely, a value of “30” will split 2 trades 30/70 (30% for the 1st position and
70% for the 2nd position). You can adjust the Split Percentage to any value you
wish.
The next section is the Compound Trading section.
Leave “UseMoneyManagement” as “false” if you do not wish to use this feature. If
you set it to “true”, then the lot sizes will be determined by “TradeSizePercent”
and “BaseOnSL” rather than the “Lots” field.
Forex Precog Early Setup Precognition Trade Assistant
The “TradeSizePercent” field is the field that will determine the size of the lots
used based on a percentage of your account. If you set “BaseOnSL” as “true”,
then the lot size will be determined as a percentage of your account as per
“TradeSizePercent” but also based on the stop loss size. In other words, the lot
size will be smaller on a bigger stop and bigger on a smaller stop.
To start with, it’s easiest to use the “Lots” field and I personally use the “Lots”
field for control of the lot sizes used.
The next section is the Trend Settings. This section is identical to Trend Settings
in the Target Entry Elevator Indicator.
Leave Trade Trends as the default “true”. If you want the popup alerts, leave
“AlertTrends” on “true” otherwise change it to “false”.
Adjust the field “TooFarFromRibbon” to the number of pips from the Ribbon you
want the trade to be considered as a valid setup. If the price falls beyond this
value, the trade setup will not be alerted.
Forex Precog Early Setup Precognition Trade Assistant
For example, if you enter 20; the trade will only be considered valid and alert you
if the price is no further than 20 pips from the point of the Ribbon twist.
Naturally, the bigger the timeframe, the higher the value should be, and
conversely, the smaller the timeframe, the smaller the value should be. That is;
20 pips may be reasonable for the 5M or 15M but not possibly big enough for a 1
hour or 4 hour chart. If you want to keep your options open, set it to a big pip
value like 100 or 150.
As well, you should consider the pair being traded, as for example, 20 pips may
be reasonable for a EURUSD 15M chart but not enough for a Yen cross like the
EURJPY or a cross like the EURAUD.
Adjust the field “TooCloseToRibbon” to the number of pips from the Ribbon that
the price must at least be, to be considered as a valid setup.
As the Precog rules state, it must be at least equal to the Ribbon (ie; 0.0)
however you may want to force the trade setup to only be considered if it is at
least 1 pip or 2 pips or 5 pips away from the Ribbon.
If the price falls closer to the Ribbon than this value, the trade setup will not be
alerted. For example, if you enter 5; the trade will only be considered valid and
alert you if the price is at least 5 pips away from the Ribbon. If you want to keep
your options open, then leave the value as 0.0 or 1.0 to catch as many setup
alerts as possible.
You can choose to display the Too Far & Too Close variables by leaving the
settings as “true” or you can individually disable the display of these variables by
changing the fields to “false”. You can choose the colour to display these
indicators on your chart as you wish.
Forex Precog Early Setup Precognition Trade Assistant
In the Trading Style section, leave the “ConservativeTrading” field as “true” if you
only want to be alerted of conservative style trade setups. If you want to get
alerts for aggressive style trades, that also include all conservative style trade
setups, change the “ConservativeTrading” field to “false”.
The following displays the Higher Time Frame settings.
Forex Precog Early Setup Precognition Trade Assistant
You can leave these settings as the defaults however if you want to change the
Higher Time Frames, you can adjust the HigherTF1, HigherTF2 and HigherTF3
fields to any of the timeframes as long as the shortest timeframe is placed in #1
and they are listed from shortest to longest. You should also change the values on
the ForexPrecogHTF indicator to the same values if you choose to change the HTF
values.
The values to use in the fields are;
M15 (15 minute)
M30 (30 minute)
H1 (1 hour)
H4 (4 hour)
D1 (daily)
W1 (weekly)
M (monthly)
You can also adjust the values in the fields; PipRequirementHTF1,
PipRequirementHTF2 and PipRequirementHTF3 if you want to be more certain of a
trend being in place.
The bigger the number (pip value), the more “in trend” the higher timeframe is.
However, I would not suggest changing this much. You can increase the D1 value
from 3 to 5 or even 10. You can increase the W1 value from 5 to 10, 15 or even
20. If you use the monthly Higher Time Frame, then I suggest at least 10 for the
value but you could increase that to 15, 20 or even 30.
These values are specific to the trend in each time frame and if the price falls
within these values, you will notice the blue bidirectional arrows being displayed
for the trend on that specific time frame.
Forex Precog Early Setup Precognition Trade Assistant
If you’re not sure, leave the values as they are, as these are the defaults I
typically use.
Following is a screenshot of the next sections that are the Swing Settings, Sunday
Trading and Display Arrows sections.
If you want to be alerted of Swing Trades, leave the “TradeSwingWithinTrend”
field as “true”, otherwise change it to “false”.
The “MinSwingBarsSWT” denotes how many preceding MACD histogram bars
need to be contrary to the signal bar colour. Leave it as the default “2” unless you
want to reduce it to “1” or increase it to however many histogram bars you want
to see before a Swing Trade is alerted.
The “MoveTooBigPipsSWT” field represents the size (from open to close) of the
swing bar on the chart. If you want no maximum cap, then leave it as the default
“0” however if you don’t want to be alerted to Swing Trades that are over a
certain pip size, then change the field to this value.
Forex Precog Early Setup Precognition Trade Assistant
For example, if you don’t want to consider Swing Trades where the Swing Trade
bar is over 50 pips, then change the field to “50” and so on.
Leave the “AlertSwingWithinTrend” field to “true” unless you don’t want Swing
Trades to alert you, in which case, you should change it to “false”.
Leave the “TradeSunday” field as “false” if you don’t want alerts on Sunday
however if you do want alerts on Sunday, change the “TradeSunday” field to
“true”.
In the Display Arrows section, leave the fields “ShowBuys” and “ShowSells” as
“true” if you want to see all arrows. If you only want to see Buy arrows, then
change “ShowSells” to false. Conversely, if you only want to see Sell arrows, then
change “ShowBuys” to “false”. This is handy if you are only interested in going
buying a pair, or conversely, if you are only interested in selling a pair.
The next section is the Take Profit and Stop Loss section, as following.
Forex Precog Early Setup Precognition Trade Assistant
The “TakeProfit” field is the ultimate target that you are targeting for the 1st
position or sole position. It is displayed on the on-chart display as “Main Target”.
The “SplitTP” field is the ultimate target that you are targeting for the 2nd
position if you are trading 2 positions. It is displayed on the on-chart display as
“Main Target”.
Set the “UseTP_SL_Ratios” to “false” if you want to use the “TakeProfit” and
“SplitTP” fields, however if you want to use dynamically generated Main Targets,
then set “UseTP_SL_Ratios” to “true”.
The “MainTP_SL_Ratio” is the reward-to-risk ratio for the 1st or sole position. The
value is the multiplier of the amount of pips used for the stop loss. For example, if
the stop loss is 20 pips, then a value of 10 equates to 20 x 10 = 200 pips. This
will be displayed as the Main Target for the 1st position if “UseTP_SL_Ratios” is set
to “true”.
The “SplitTP_SL_Ratio” is the reward-to-risk ratio for the 2nd position. The value is
the multiplier of the amount of pips used for the stop loss. For example, if the
stop loss is 20 pips, then a value of 25 equates to 20 x 25 = 500 pips. This will be
displayed as the Main Target for the 2nd position if “UseTP_SL_Ratios” is set to
“true”.
The “StopLoss” field is the Initial Stop Loss that is set for the 1st position or sole
position. It is displayed on the on-chart display as “Initial Stop”.
The “SplitSL” field is the Initial Stop Loss that is set for the 2nd position. It is
displayed on the on-chart display as “Initial Stop”.
If the “UseSlowMAForInitialStop” is “false”, then the values in the “StopLoss” and
“SplitSL” fields will be used, however if “UseSlowMAForInitialStop” is “true”, then
Forex Precog Early Setup Precognition Trade Assistant
the Initial Stops will be dynamically generated based on the Ribbon, as per the
Precog rules. For buys, it will be the bottom of the Ribbon. For sells, it will be the
top of the Ribbon.
The “StopLossPipsFromMA” field can be set to “0” for the stop to be placed on the
Ribbon, however you can make the stop bigger by placing a value in this field. For
example, if the value is “5”, then the stop will be placed 5 pips further from the
Ribbon (5 pips above the Ribbon for sells or 5 pips below the Ribbon for buys).
The “MAInitialStopMinimum” field is the value that the Initial Stop will be for both
positions, if the stop loss based on the “UseSlowMAForInitialStop” (including the
“StopLossPipsFromMA” value) is less than the “MAInitialStopMinimum” value. For
example, if the dynamically generated stop loss is 14 pips, and the
“MAInitialStopMinimum” value is 20 pips, then the stop loss will be 20 pips.
If the “UseCounterSignalSL” field is “false”, then no action will be taken if any
counter signals occur with the Ribbon Twist, however if the “UseCounterSignalSL”
field is “true”, then the stops on both positions will be set to the value in
“CounterSignalSL” if a counter Ribbon Twist occurs. That is; stops will be
tightened if a Ribbon Twist occurs no matter at what point the trade is or what
the price is, including whether the trade is in profit or not.
Forex Precog Early Setup Precognition Trade Assistant
The next section is the Trailing Stop section, as following.
We will only focus on the five trailing methodologies outlined in the Precog
manual, which are;
Simple Trail (value “1”)
50% Trail (value “2”)
PSAR Trail (value “4”)
Moving Average Trail (value “5”)
Candlestick Trail (value “7”)
The field, “TrailType”, determines the trailing methodology for the 1st or sole
position of the trade. Simply enter the trail value you wish to use.
The field, “TrailValue”, is the amount of pips you want to trail the 1st or sole
position with Simple and 50% Trails. The “TrailValue” field can also be used if you
want to give your trade a little more room than the standard trail methodology
you have selected. For example; if you enter 12, then the stop loss will be
entered 12 pips further away from where it would be placed by using the trail
Forex Precog Early Setup Precognition Trade Assistant
methodology for PSAR, Moving Average or Candlestick Trails. If you leave “Trail
Value” as “0”, the stop loss will be placed exactly at the standard point for the
trailing methodology used. That is; if you are using the PSAR trailing methodology
with a “TrailValue” of “0”, the stop will be placed on the PSAR dot and trail from
dot to dot as bars close, however if you enter a “TrailValue” of “12”, the stop will
be placed 12 pips further away from the PSAR dot (Below the dots for buys.
Above the dot for sells).
The field, “SplitTrailType”, determines the trailing methodology for the 2nd
position of the trade. Simply enter the trail value you wish to use.
The field, “SplitTrailValue” works exactly the same as “TrailValue” but it relates to
the 2nd position.
You can trail both positions with the same trailing methodology with same or
different trail values, or you can trail both position with different trailing
methodologies and different trail values. It is very flexible and can be executed in
complete accordance with Double Edged Trading.
Both Trail Types and Trail Values are displayed on the on-chart display as “Trail
Type” and “Trail By”.
Forex Precog Early Setup Precognition Trade Assistant
The next section is the Delayed Trailing section, as following.
Delayed Trailing relates to profit locking before the trailing methodology is used.
When executing trades, it's important to lock in profits as you go and the Delayed
Trailing and Split Delayed sections provide the parameters for being able to
specifically determine where the stops will be moved for both positions.
The “FirstMove” field is the number of pips for the 1st or sole position before profit
locking occurs. It is displayed on the on-chart display as “Target 1”. In this
example, Target 1 is 35 pips.
The “FirstSL” field is the number of pips that the stop is moved from the Target 1.
In this case, 10 pips. The on-chart display will display the difference of the
“FirstMove” and the “FirstSL” as “Profit Lock 1”. In this case, 35 pips (FirstMove)
minus 10 pips (FirstSL), equates to 25 pips (Profit Lock 1).
The “SecondMove” field is the number of pips for the 1st or sole position before
profit locking occurs. It is displayed on the on-chart display as “Target 2”. In this
example, Target 2 is 70 pips.
The “SecondSL” field is the number of pips that the stop is moved from the Target
2. In this case, 15 pips. The on-chart display will display the difference of the
“SecondMove” and the “SecondSL” as “Profit Lock 2”. In this case, 70 pips
(SecondMove) minus 15 pips (SecondSL), equates to 55 pips (Profit Lock 2).
Forex Precog Early Setup Precognition Trade Assistant
The “ThirdMove” field is the number of pips for the 1st or sole position before
trailing starts. It is displayed on the on-chart display as “Target 3”. In this
example, Target 3 is 100 pips.
The “SplitFirstMove” field is the number of pips for the 2nd position before profit
locking occurs. It is displayed on the on-chart display as “Target 1”. In this
example, Target 1 is 35 pips.
The “SplitFirstSL” field is the number of pips that the stop is moved from the
Target 1. In this case, 25 pips. The on-chart display will display the difference of
the “SplitFirstMove” and the “SplitFirstSL” as “Profit Lock 1”. In this case, 35 pips
(SplitFirstMove) minus 25 pips (SplitFirstSL), equates to 10 pips (Profit Lock 1).
The “SplitSecondMove” field is the number of pips for the 2nd position before
profit locking occurs. It is displayed on the on-chart display as “Target 2”. In this
example, Target 2 is 70 pips.
The “SplitSecondSL” field is the number of pips that the stop is moved from the
Target 2. In this case, 35 pips. The on-chart display will display the difference of
the “SplitSecondMove” and the “SplitSecondSL” as “Profit Lock 2”. In this case, 70
pips (SplitSecondMove) minus 35 pips (SplitSecondSL), equates to 35 pips (Profit
Lock 2).
The “SplitThirdMove” field is the number of pips for the 2nd position before
trailing starts. It is displayed on the on-chart display as “Target 3”. In this
example, Target 3 is 100 pips.
Forex Precog Early Setup Precognition Trade Assistant
The next section is the Special Trailing section, as following.
The Simple Trail moves the stop loss without delay (pip for pip).
The 50% Trail ratchets the Stop Loss (SL) up by half the Trailing Value setting:
For example, if the Trailing Value is 20, after trial activation target is reached;
when price reaches 1.2420, SL is set to 1.2400;
when it gets to 1.2430, SL is moved to 1.2410;
when it gets to 1.2440, SL is moved to 1.2420;
when it gets to 1.2450, SL is moved to 1.2430; and so on
The Moving Average Trail uses a moving average line as the trail value. As the line
moves closer to current price, the stop trails with it. When using this method,
with the default “MA_Period” of “21”, the Precog Ribbon is utilised as following;
On buy trades, use the bottom of the Ribbon as your trail.
On sell trades, use the top of the Ribbon as your trail.
Forex Precog Early Setup Precognition Trade Assistant
I don’t suggest you change any of the values, except the “MA_Period”. The
default is “21” to replicate the Precog Ribbon. However, you can change the
“MA_Period” field to “6”. When using this method, with the “MA_Period” of “6”,
the Precog Ribbon is utilised as following;
On buy trades, use the top of the Ribbon as your trail.
On sell trades, use the bottom of the Ribbon as your trail.
The Candlestick Trail works by moving the Stop Loss up or down with each
successive bar in the same direction. If you are in a buy trade, as long as each
successive bar is a upward candle, the trail will keep moving up. If you are in a
sell trade, as long as each successive bar is a downward candle, the trail will keep
moving down.
In this example, the “CT_Num” field is “3”, so a long/buy trade is activated with 3
consecutive candlesticks that are both upward candles. When this occurs. The
“CT_Stop” field is “2”, so the stop loss will be moved to the low of the second last
closed candlestick.
Conversely, for a short trade, after trailing is activated with 3 consecutive
downward candlesticks, the stop loss will be moved to the high of the second last
closed candle.
And of course, you can manage your trades more liberally by keeping your stops
a few pips below or above the last candle, depending on whether it's a long or a
short trade, by using the “TrailValue” and “SplitTrailValue” fields.
Forex Precog Early Setup Precognition Trade Assistant
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Finally, the last section is General EA, as follows.
If you want to disable all alerts, change the “DisableAllAlerts” field to “true”.
If you want to setup your Metatrader platform to push email notifications to
you, change the “UseEmail” field to “true”.
You can also change the “TradeComment” field to whatever description you
wish.
Forex Precog Early Setup Precognition Trade Assistant
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CONCLUSION
As a manual system with no alerts, Forex Precog can generate very good results.
With the Target Entry Elevator Indicator including alerts, it’s even better. And
with the Early Setup Precognition Trade Assistant, you now have the trading tools
to truly take your trading results to the next level.
You can now not only monitor trade setups as they occur in real time, you can
execute trades extremely simply and quickly and manage your trades
throughout the trade lifecycle, however be mindful that having all these great
trade setups alerted in real time with the ability to manage them automatically
is extremely tempting. Therefore, please be careful of not overtrading and stick
to sensible trading principles, as well as being as discerning as you can be when
deciding whether to execute a trade. It’s always better to take less trades than
more, particularly when the trade setups are occurring simultaneously.
All software will be updated as required so if there is something you would like
to see in new versions of the ESP Trade Assistant, or if there are any issues you
think you have discovered, please let me know by posting your results in the
forum and we’ll do our best to incorporate new features and resolve any issues
as quickly as possible.
I look forward to seeing your positive results with the Precog system.
Good trading & live well,