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Trading Made Simple the right way, and other trading lessons 334 replies

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Trading Made Simple system follower - Thanks to eelfranz 9 replies

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Trading Made Simple

Quoting snarlyjack
Hey Gents,

I trade this system exactly like Eelfranz has laid it out!!!

Everytime I out think myself and add indicators (other indicators,
fib lines, pivots, things that look very pretty as in the guppy
system, etc.) I lose money.

Every time that I stick with exactly the system as laid out and learn
how to trade the system I make lot's of money!!!
I'm with you Snarlyjack. Keep It Simple. I have tried lots of complicated methods and software before and lost a packet. I now trade micros and minis and with TMS am starting to make a profit. On all timeframes too. Works for me on 5 and 15 min T/Fs aswell as the 4hrs. Listen to these guys and get rid of all the extra indicators (spelt c.r.a.p.) and make some money.
Short Euro and remaining that way. That's just the way it is !
what just happened to the USD?
Still transitioning to the day charts - this is more out of necessity than choice, so trading between 9pm and 10:30 pm PST and then again from 6am to 7am and looking for longer trades. Had a lot of success on the H$, just can't spend the time watching it any more!

Do we have any day chart traders on this forum?

Not much shaping up today - still watching the eur/nzd on the Day and for any reversals / pullbacks for a re-entry position.

Still short on nzd/jpy from last night.

Keeping the charts really simple on the Profile page and then my detailed review adds in the APB and Stochs.

Cheers - David C.
Attached Image (click to enlarge)
Click to Enlarge Name: day profile.gif Size: 104 KB
"To live with Passion, it takes Courage and Grace to survive"
Quoting gh16
what just happened to the USD?
the market is being moved by bank traffic right now....sit tight and wait for your setup...keep your finger off the trigger right now
Quoting Britpip7
Still transitioning to the day charts - this is more out of necessity than choice, so trading between 9pm and 10:30 pm PST and then again from 6am to 7am and looking for longer trades. Had a lot of success on the H$, just can't spend the time watching it any more!

Do we have any day chart traders on this forum?

Not much shaping up today - still watching the eur/nzd on the Day and for any reversals / pullbacks for a re-entry position.

Still short on nzd/jpy from last night.

Keeping the charts really simple on the Profile page and then my...
9-1030 is perfect for 4hr setups....thats when Eric sets up his 4 hr trade at 10pm...them closes all his traes at 6 am regardless
Quoting milicentfx
9-1030 is perfect for 4hr setups....thats when Eric sets up his 4 hr trade at 10pm...them closes all his traes at 6 am regardless
Agreed on the timescales - works for both Day and 4H - been back testing on the day with the TDI and although the trades run from 3 to 11 days, the risk/rewards look very nice, and once you can set b/e sl no stress - just the same as H4 really :-)

Based on the testing, I modified my 8 pairs (never trusted usd/cad and usd/jpy has been slow lately) and I can always look at others if nothing is happening - hence the nzd/jpy last night - also depends on what recent news announcements have been released - last night it was the Bank of Japan's statement that moved the Yen before all the eur and usd mayhem today!
"To live with Passion, it takes Courage and Grace to survive"
Quoting Britpip7
Agreed on the timescales - works for both Day and 4H - been back testing on the day with the TDI and although the trades run from 3 to 11 days, the risk/rewards look very nice, and once you can set b/e sl no stress - just the same as H4 really :-)

Based on the testing, I modified my 8 pairs (never trusted usd/cad and usd/jpy has been slow lately) and I can always look at others if nothing is happening - hence the nzd/jpy last night - also depends on what recent news announcements have been released - last night it was the Bank of Japan's statement...
yes...great strategy...if yu have a second l;ook at a couple 5 minuthe charts right now!!!!going crazy!!!
For those of you having anxiety over being down 25 or 20 pips . . . on a 4 Hr chart, swings can go as far as 150 pips. This is to be expected! 70% of the time when you place a trade, the market will spend some time in the negative, or the opposite direction of your trade. This is the market breathing. Really? 25 pips down and you're worried? Only 30% of the time will the momentum carry your trade in the "right" direction with no drawdown or fluctuation. Especially on a 1 hr chart and higher. How do I know this? Lots of research and testing.

No trade is ever a profit or a loss as long as the position is open. It is only a profit or a loss once the trade plays out. So mentally booking profit or losses during a trade is irrelevant and a waste of time. Once you've set your stop, you've determined your acceptable risk of being right or wrong. Walk away! Staring at the swings during a 4 hour candle cycle will drive you insane and there's absolutely no justification for it. If you do get stopped out, prepare to go in the opposite direction and wait for the next valid signal. Evaluate what happened, learn from it, and incorporate that into your trading plan.

You must train yourself to accept a loss and get over it instantly. Otherwise your judgment will be clouded and prevent you from taking the next valid signal. If you have to sulk after a loss, start with an hour, then reduce it to 30 minutes, then 15 minutes, then 5 minutes then 1 minute then 1 second. Soon you will brush off losses and just get ready for the next set up.

Also - another bit of data - Over 60% of the time, the USD and JPY run in the same direction, so I never trade that pair.
Quoting snarlyjack
Hey Gents,

I trade this system exactly like Eelfranz has laid it out!!!

Everytime I out think myself and add indicators (other indicators,
fib lines, pivots, things that look very pretty as in the guppy
system, etc.) I lose money.

Every time that I stick with exactly the system as laid out and learn
how to trade the system I make lot's of money!!!

Learn this system exactly as laid out by Eelfranz and drop all the
other stuff and you'll do great. You have to have confidence in yourself
and the system. Learn to live and die...


Well said and totally agree
Indicators always obey Price, not the other way.
Quoting milicentfx
yes...great strategy...if yu have a second l;ook at a couple 5 minuthe charts right now!!!!going crazy!!!
wow - 5 minutes makes my head spin - just closed the nzd/jpy at +122 - too much movement :-) but then I should not really be looking at it until 9pm!
"To live with Passion, it takes Courage and Grace to survive"
Quoting gh16
what just happened to the USD?

Todays New York market was not a good day to trade because of the FOMC Meeting Minutes.
Indicators always obey Price, not the other way.
Quoting Britpip7
Still transitioning to the day charts - this is more out of necessity than choice, so trading between 9pm and 10:30 pm PST and then again from 6am to 7am and looking for longer trades. Had a lot of success on the H$, just can't spend the time watching it any more!

Do we have any day chart traders on this forum?

Not much shaping up today - still watching the eur/nzd on the Day and for any reversals / pullbacks for a re-entry position.

Still short on nzd/jpy from last night.

Keeping the charts really simple on the Profile page and then my...
Can you advise me how to set my chart like yours in this post? Thanks msn
Quoting msn
Can you advise me how to set my chart like yours in this post? Thanks msn
Initially open a chart

Set up your templates per big E's settings

Open as many pairs as you want to watch at one time - make sure they are all the set to the same template

Click on "Window" and the click on "Tile Vertically"

Go to "File" - "Profiles" - "Save As" and give it a name

I have profiles on my 8 pairs for Week / Day / H4 and H1
"To live with Passion, it takes Courage and Grace to survive"
I found this a while ago - I found stuff that I did not know in here, so not a bad read for those of us on MT4

Cheers - David C.
Attached File(s)
File Type: doc MT4 navigational tips and techniques.doc   50 KB | 611 downloads
"To live with Passion, it takes Courage and Grace to survive"
Hi,

first of, I've only arrived at message 1800 of this thread, so still a bit to go, so I apologize if this has been asked and answered already somewhere in post 1800 to post 7917.

I'm wondering on how to use the 12-2 and 4-6 rule. We want to enter when the green TDI crosses the red (and the HA candles confirm), but we also want that the green TDI shows sufficient direction. Basically the 12-2 and 4-6 rule says that the green TDI should be slanting upwards in a 30 to 90 degree angle for a buy and -30 to -90 angle for a sell. So far so good.

However, the slant of the TDI depends not only on whatever is driving the TDI but also on three other things, as the image below is demonstrating (all 4 windows in the image are for exactly the same bar, each shows a different TDI green angle though):
1) stretching the indicator view window makes angles steeper;
2) increasing the number of visible bars by widening the window potentially increases the minimum and maximum values shown in the tdi indicator window, makes angles less steep;
3) increasing the number of visible bars by zooming out makes angles steeper.

I know that E. already 'tackled' issue 3 (he zooms in completely and then goes back two zoom levels), but what about the other 2. Without specifying exactly the setup, the 12-2 and 4-6 rule is quite dubious.

On the other hand, the main goal of the 12-2 and 4-6 rule is to get a feel for the steepness of the TDI, so all my rambling is perhaps a bit superfluous. Still, has this been addressed before?

Greetings

Attached Image (click to enlarge)
Click to Enlarge Name: 12246rule.jpg Size: 263 KB
Quoting azertyken
Hi,

first of, I've only arrived at message 1800 of this thread, so still a bit to go, so I apologize if this has been asked and answered already somewhere in post 1800 to post 7917.

I'm wondering on how to use the 12-2 and 4-6 rule. We want to enter when the green TDI crosses the red (and the HA candles confirm), but we also want that the green TDI shows sufficient direction. Basically the 12-2 and 4-6 rule says that the green TDI should be slanting upwards in a 30 to 90 degree angle for a buy and -30 to -90 angle for a sell. So far so good....

All I can suggest is follow Big E's screen shots - then verify your settings are close to his. Screen time will give you a level of repeatability as well as back testing and looking for successful trades and then verifying the TDI angles on your timeframes and zoom settings.

When you start demo trading with the live data, look for repeat patterns and angles as they set up - always remember that the MAs / TDIs / Stochs repaint as the data refreshes - back testing always makes it look simpler.
"To live with Passion, it takes Courage and Grace to survive"
I need help with subject item...previously my navigator listing was a vertical column down left side of chart, somehow I inadverntly pressed a wrong button and now it is a horizontal display below chart, and I don't know how to put it back to vertical. Help please
Quoting sfg7th
I need help with subject item...previously my navigator listing was a vertical column down left side of chart, somehow I inadverntly pressed a wrong button and now it is a horizontal display below chart, and I don't know how to put it back to vertical. Help please
just click on it and drag it to where you want it to be.

also for these types of questions attach a screen shot - it'll help us figure it out quicker
"To live with Passion, it takes Courage and Grace to survive"
Quoting snarlyjack
Hey Gents,

I trade this system exactly like Eelfranz has laid it out!!!

Everytime I out think myself and add indicators (other indicators,
fib lines, pivots, things that look very pretty as in the guppy
system, etc.) I lose money.

Every time that I stick with exactly the system as laid out and learn
how to trade the system I make lot's of money!!!

Learn this system exactly as laid out by Eelfranz and drop all the
other stuff and you'll do great. You have to have confidence in yourself
and the system. Learn to live and die with this system...
AMEN!
Read the entire thread BEFORE you ask questions!
Thanks Britpip7, worked fine..
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