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Trading Made Simple the right way, and other trading lessons 329 replies

Monitor for 'Trading Made Simple' system 562 replies

Indicators for the 'Trading Made Simple' system 343 replies

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Trading Made Simple system follower - Thanks to eelfranz 9 replies

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Trading Made Simple

Quoting wnabo
{quote} ATR 7 . Read stuff about ADR and 1h so ! thought ATRs inclusion of weekends may give distortion. So I checked for ADR and 1hr TMS trading. Need all the help I can get.

For H1 intraday trading, you can use the ADR set to 30-days. Even if you have the Sunday candle in your broker, the difference will not impact your trading much. If you feel otherwise, then set the ADR to 60 or 100-days.

For 4H swing trading, I look at the average weekly trade range for the past 50-weeks and 100-weeks. Take the mean of the two and target only 60% of the weekly range. Do not think of trying to pick tops and bottoms. we need to give room for the reversal to be confirmed then we jump in and then jump out in case the market pulls back. This way, you will survive and fight the following week.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting nods80
{quote} I like it. What was the strategy for stop loss in case a recoiled back? Can you post the script you use please?

Hi nods,

I have a trade order manager for grid trading. The initial SL was set to 50pips and I only trade UJ for NFP trading strategy. The grid trader will open the first order and place grid orders above the entry for buy. Today I place orders at 20-pips grid distance. and the ea will place jumping stops along the move.

Today UJ NFP trading is 'predictable' when we follow the Monthly and Weekly charts for direction. Other month's NFP days, it is just speculative 50:50.

MN show we are in consoldatio wih that MN IB but last MN was bullish.
Weekly, we have a MC breakout last week, and this week is continuation.
Daily is nice, we see a day IB on Wed 4 Feb and yesterday was the breakout move, so today is simply continuation trading to tarde the break of the previous Day high.
The ADR 100 days was about 115pips.

Look back to the Day chart and study the NFP day candles. You will pick up some finer details how to trade UJ on NFP days.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting adamjhdavis
Hi emmaunuel, Long time no speak. I had a similar trade. Taking profit at resistance around 120.7 Best Regards Adam {image} {quote}

Hi Adam,

Good to see you again.

Good that you saw that resistance. We do have a couple of possible resistance above current price.
Look at MN for that Nov 2014 range and trade the breakout of that range in the following weeks ahead.

Good Trading!

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
2015 Week 10 - Trade Summary:

5 trades in total:
- 2 wins
- 0 BE
- 3 Losses

Started off fairly tricky again with little movement on EA H1 during London. Caught some nice moves towards the end of the week though as momentum started to pick up. My strict 1:2 Risk:Reward ratio meant despite losing more trades than I won, I still turned a small profit for the week. +25 pips net for +2% on the account.

Monday: Standard TMS entry on LO candle. Second blue candle with TDI green crossing red, both above yellow and the 50 line. I classed this as a counter-trend trade since price was sitting below the 200EMA and I was trading towards it. I did however, ensure that my 50 pip TP was also below the EMA. Price moved in my favour by 36 pips before turning. This was a set-and-forget trade and had I been at my PC I would have most likely closed the trade on a break below the first red candle. (-25,-2%)

Tuesday: I don't know what I was thinking trading after the huge move in the Asian session. Waited for LO Euro news release and entered a standard TMS trade at LO on a break above FO with TDI green touching but not crossing red. Of course the news release during the Asian session meant London and NY were both dead and I was quickly stopped out. (-25, -2%)

Wednesday: Opened my charts to find the opposite scenario to Tuesday. Besides the news spike at AO, price had still hardly moved at all since Tuesday LO. This was an easy TMS entry taken on a break of the tight range in line with the primary downtrend with TDI green crossing red and yellow. I should add that the minor Euro news helped this trade along nicely. Had these releases gone the other way, I might not have been so lucky. (+50, +4%)

Thursday: TMS entry taken long at LO, again on a break above FO with TDI green crossing red and yellow. Slightly frustrating in that I got the direction correct, only price stalled and re-tested FO low before turning to the upside again. Generally I have found that if London is going to trend, a 25 pip SL is usually enough for me to catch the move. Unfortunately today this was not the case. (-25,-2%)

Friday: I wasn't able to get to my PC at LO today as I was on the road at the time. Instead, I took a standard TMS entry at LO+1 after the LO candle had formed a nice Bearish Engulfing Bar causing the TDI green to cross down nicely over the red. With NFP on its way I was happy to get out with 50 today. (+50,+4%)


This week has really highlighted to me some strengths and weaknesses. When London trends I'm often able to get on the right side of it, the majority of the time. What I need to improve on, is how I recognize and deal with those days when its moving sideways. Tuesday's trade should not have happened and this was a case of "being afraid to miss a winning trade...". I have a long road ahead... better enjoy the journey

Have a good weekend all!

Ballistical
Attached Image (click to enlarge)
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Focus on the process and the profits will follow
Quoting nods80
{quote} I like it. What was the strategy for stop loss in case a recoiled back? Can you post the script you use please?
Hey nods here is 2 script you can play on demo to understand how they work. These are also drag and drop where you want your pending starts. Detects automatically Stop Order or Stop Limit, Buy Order or Buy Limit. It places 3 pending order in 10 pips interval. You can modify them as you want. If any one interested posting the single script also. Try it on demo to understand how they works. Enjoy and happy weekend to all.
Attached File(s)
File Type: mq4 MULTIPLE_DROP_PENDING_BUY.mq4   2 KB | 401 downloads
File Type: mq4 MULTIPLE_DROP_PENDING_SELL.mq4   2 KB | 361 downloads
File Type: mq4 DROP_PENDING_BUY.mq4   2 KB | 398 downloads
File Type: mq4 DROP_PENDING_SELL.mq4   2 KB | 388 downloads
File Type: mq4 Close All PENDING Orders.mq4   < 1 KB | 333 downloads
File Type: mq4 Close All PENDING BUY Orders.mq4   < 1 KB | 345 downloads
File Type: mq4 Close All PENDING SELL Orders.mq4   < 1 KB | 330 downloads
File Type: mq4 Close All OPEN n PENDING Orders.mq4   1 KB | 361 downloads
Sad i'm not trying to understand PA
Quoting omonisha
{quote} Hey nods here is 2 script you can play on demo to understand how they work. These are also drag and drop where you want your pending starts. Detects automatically Stop Order or Stop Limit, Buy Order or Buy Limit. It places 3 pending order in 10 pips interval. You can modify them as you want. If any one interested posting the single script also. Try it on demo to understand how they works. Enjoy and happy weekend to all. {file} {file} {file} {file}
Thank you. Congrats on your trades this week
Intelligence is the ability to adapt to change. Stephen Hawking
Quoting omonisha
{quote} Hey nods here is 2 script you can play on demo to understand how they work. These are also drag and drop where you want your pending starts. Detects automatically Stop Order or Stop Limit, Buy Order or Buy Limit. It places 3 pending order in 10 pips interval. You can modify them as you want. If any one interested posting the single script also. Try it on demo to understand how they works. Enjoy and happy weekend to all. {file} {file} {file} {file} {file} {file} {file} {file}
I've always wondered how people used these. Will also test them on demo to understand how they work, thanks for sharing!
Quoting emmanuel7788
{quote} For H1 intraday trading, you can use the ADR set to 30-days. Even if you have the Sunday candle in your broker, the difference will not impact your trading much. If you feel otherwise, then set the ADR to 60 or 100-days. For 4H swing trading, I look at the average weekly trade range for the past 50-weeks and 100-weeks. Take the mean of the two and target only 60% of the weekly range. Do not think of trying to pick tops and bottoms. we need to give room for the reversal to be confirmed then we jump in and then jump out in case the market...
Not Arguing, I will try what you've said. (need all the help I can get) But ATR 7 I use Got from dcginc's e-book in the paper clip. I back-tested and demo-ed. Worked most of the time but was always leaving money on the table. I figured the cure to that was to manage the trade when I eventually go full-time. But How do I backtest your 4hr recomendations. Is there an ea that displays such historical data on the charts or can it only be forward tested.
Also, what percentage of 30-day ADR do I aim for on the 1hr?
Thanks a lot for everything.
Quoting Trendzalore
{quote} Please correct me if i am wrong. the first price either up or down after the open line is 20% ADR and the 2nd target is 70% ADR in one direction. If the 2nd target is hit in one direction then isnt the other other 2nd target in the other direction over 100% ADR? I like the thought of the indicator and I would like to be clear.
You are correct, but Forex can and will do anything - the indicator is just MATH, and no guarantee price has to only do the ADR as you seem to imply

Remember, the DAILY Open is a FIXED point, can't change that

Of course it can go the other way and be bigger than the ADR but then that's how the Average is calculated, some range are smaller, some are bigger

Just put it on the chart and visually backtest by studying the price action

If you are just scalping for the day, I'm sure it will benefit, otherwise, don't use it

People probably paid more and got less and didn't complain
Don't believe everything that you THINK
BuyDips,SellRips Return This Week: na
Quoting Trendzalore
{quote} Please correct me if i am wrong. the first price either up or down after the open line is 20% ADR and the 2nd target is 70% ADR in one direction. If the 2nd target is hit in one direction then isnt the other other 2nd target in the other direction over 100% ADR? I like the thought of the indicator and I would like to be clear.
To follow up, what exactly are you expecting from an indicator that draws lines from a fixed point e.g. the Daily Open?

It can't tell you which direction price will go

It won't tell you how far price will go

It won't tell when / IF price will reverse

It only gives an "indication" of how far it MAY go using PAST history

What kind of trader are you, scalp, long term?

How would you trade this chart below?

A lot of traders would like to make 60 pips I'm sure!

If you have something better, please share

Have a great weekend everybody
Attached Image (click to enlarge)
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Don't believe everything that you THINK
BuyDips,SellRips Return This Week: na
Quoting emmanuel7788
{quote} Rupasi, I think that special character '' came from your computer' character set. Normally, if the programmer had used the Wingdings code in mql4, then that should appear using the code 158, see below mql4 code table. {image} sorry I can't fix that for you. regards,
Hmm, going to have to work on that one! I wondered if it was just my computer. Others dont seem to have any issue. Thanks Eman!
Quoting omonisha
{quote} Hey nods here is 2 script you can play on demo to understand how they work. These are also drag and drop where you want your pending starts. Detects automatically Stop Order or Stop Limit, Buy Order or Buy Limit. It places 3 pending order in 10 pips interval. You can modify them as you want. If any one interested posting the single script also. Try it on demo to understand how they works. Enjoy and happy weekend to all. {file} {file} {file} {file} {file} {file} {file} {file}

Here are some more of order scripts... these includes money management

https://www.mql5.com/en/code/10832

Edit: These are scripts to place trader orders only. It does not manage trades. if you want to move stops, etc. you have to do so manually of use a trade manager like THV CaveManager.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting Ballistical
2015 Week 10 - Trade Summary: 5 trades in total: - 2 wins - 0 BE - 3 Losses Started off fairly tricky again with little movement on EA H1 during London. Caught some nice moves towards the end of the week though as momentum started to pick up. My strict 1:2 Risk:Reward ratio meant despite losing more trades than I won, I still turned a small profit for the week. +25 pips net for +2% on the account. Monday: Standard TMS entry on LO candle. Second blue candle with TDI green crossing red, both above yellow and the 50 line. I classed this as a counter-trend...

Hi Ballistical,

You are doing good with RR1:2 to start with. But you can consider when you take counter trend trades or when you trade against the Day bias, consider to reduce risk to 1%. You can always build up to 2% in case the market makes a new move in your favour.

Some thoughts on your H1 trades:

- Monday trade : there was Trade Invalidation but you did not exit.

- Tuesday trade : there was a H1 master candle, you should avoid trading when the setup in within the MC high-low, go down to M15 and trade.

- Wednesday trade : : good, you trade following the previous Day bias and TDI, there was the H1 MC consoldiation and breakout... but yu could have extended TP beyond 50pips, let profits run and RR could have been 1:3 1:4 1:5.... think Exit Strategy and how to trailing the market. CaveManager does a wonderful job with Candlestick trailing.

- Thursday trade : same as Tuesday.

- Friday trade : same as Wednesday.

What is Trade Invalidation?
see chart below.

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD Week 10 H1 2 Mar POMO.png Size: 578 KB


What is trend and what is bias
Always look at the market trend, if the trend is not clear, use the Day bias and trade with the Day bias and TDI.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting emmanuel7788
{quote} Hi Ballistical, You are doing good with RR1:2 to start with. But you can consider when you take counter trend trades or when you trade against the Day bias, consider to reduce risk to 1%. You can always build up to 2% in case the market makes a new move in your favour. Some thoughts on your H1 trades: - Monday trade : there was Trade Invalidation but you did not exit. - Tuesday trade : there was a H1 master candle, you should avoid trading when the setup in within the MC high-low, go down to M15 and trade. - Wednesday trade : : good, you...
Hi Emmanuel

I can't remember what book it I learnt it from, think it might be a Van Tharp book. But the rule it drove home was to exit the trade when your reason for entering no longer exists. Is this what you mean 'by trade invalidation'?
Intelligence is the ability to adapt to change. Stephen Hawking
Quoting nods80
{quote} Hi Emmanuel I can't remember what book it I learnt it from, think it might be a Van Tharp book. But the rule it drove home was to exit the trade when your reason for entering no longer exists. Is this what you mean 'by trade invalidation'?
Hi nods,

well, sometimes different names being used.
Dr Van Tharp has different categories of exits:
Static exits
Adaptive exits
Dependent exits
Independent exits
Psychological exits...

Trade Invalidation is just a exit setup which is opposite to our entry setup ... the TMS way and not just using the TDI going flat, hook backwards, etc.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
GJ Trade this week taken on H1 continued on Daily

What was the expected move from GJ ?

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Some profit taken and Daily View on H4 chart

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The next day continuation of previous trade and expecting a pullback from structure for daily bearish continuation

Attached Image (click to enlarge)
Click to Enlarge Name: GJ updated trade as of 060315.png Size: 257 KB


How was daily trend looking ?

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The SL got hit and trade closed

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My apologies for clutter on the chart as it was the whole work done during the week and prior to get into the trade and are the only charts available for sharing. Although, the trade is shown on H1. I've only used H1 chart for trading and monitored this pair through H1 for Daily trade.

Please don't get overwhelmed or disappointed by the pips shown on chart as they are just the standard way used on this thread to reflect positive or negative trades. The true measure of trading is in Risk:Reward and overall percent value increase or decrease over a certain period of time in your account.

Kindest Regards
Quoting TheScorpS
{quote} I have these settings and knows them by heart, the problem is I dont know how to add those to Trade Interceptor , regular MT4 on Andoid Mobile dosent come with extra tools, ie Trend lines, Fibs, Support and Resistance but trade interceptor has em all Thanks for ur help Pervis
Hi TSS,

The TDI is default available in T.Interceptor
I thing it's related to your version, you should update the latest one.
Attached Image (click to enlarge)
Click to Enlarge Name: image.jpg Size: 128 KB
Quoting MrAussieFX
GJ Trade this week taken on H1 continued on Daily What was the expected move from GJ ? {image} Some profit taken and Daily View on H4 chart {image} {image} The next day continuation of previous trade and expecting a pullback from structure for daily bearish continuation {image} How was daily trend looking ? {image} The SL got hit and trade closed {image} My apologies for clutter on the chart as it was the whole work done during the week and prior to get into the trade and are the only charts available for sharing. Although, the trade is shown on...
Hello and thanks for sharing those trades. I notice your Stops are quite generous using the previous days high/lows. I got stopped out twice yesterday on the 4 hour charts being caught too close by a couple of pips. Did you learn those stop distances by trial and error? Thanks. Pete.
Quoting MrAussieFX
GJ Trade this week taken on H1 continued on Daily What was the expected move from GJ ? {image} Some profit taken and Daily View on H4 chart {image} {image} The next day continuation of previous trade and expecting a pullback from structure for daily bearish continuation {image} How was daily trend looking ? {image} The SL got hit and trade closed {image} My apologies for clutter on the chart as it was the whole work done during the week and prior to get into the trade and are the only charts available for sharing. Although, the trade is shown on...
Thank you for the analysis. It's clean and neat!
Simplicity is the ultimate sophistication - Leonardo da Vinci
Quoting omonisha
EURJPY-H4 {image}

Great trade again omonisha, if you have time could you please explain for me and any other noobs why you entered this trade. Thanks Next4467
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doddy
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