Trading Made Simple | Page 422 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Monitor for 'Trading Made Simple' system 565 replies

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

Indicators for the 'Trading Made Simple' system 343 replies

MTF Indicators for the 'Trading Made Simple' system 241 replies

Trading Made Simple system follower - Thanks to eelfranz 9 replies

Attachments: Trading Made Simple
Exit Attachments

Trading Made Simple

  • #8,421
  • Jul 19, 2011 9:59am Jul 19, 2011 9:59am
Quoting syracuse4x
The fastest way to blow an account is trying to predict where the market is going or anticipating it's next move. (Trust me on this one, I know from experience). It's better to wait for a signal and then jump in.
Agreed, cheers
Fall seven times, stand up Eight! #GGMU
  • #8,422
  • Jul 19, 2011 10:20am Jul 19, 2011 10:20am
Quoting 33drifter
Learnt my lesson this week, i took 3 trades, all CHF, all in the over sold area and got smoked on every one.

new rules for me: take notice of over bought/sold areas, and only take one or two trades at a time that arent correlated pairs.
Thanks drifter for posting these

we learn from each other's mistake

Please keep them coming

Thanks again
  • #8,423
  • Jul 19, 2011 10:34am Jul 19, 2011 10:34am
Sorry Vickym, I was in the trade with you. Should have warned you that all the trades I try go for broke!

Cheers,

Geoff
  • #8,424
  • Jul 19, 2011 10:34am Jul 19, 2011 10:34am
Quoting Rcwso
Just out of curiosity, what are the thoughts on letting trades run for greater profits? Any rules of thumb? I have had several winners the past couple of weeks but I jump out to early. Almost all of them would have gained me many more pips.

Thoughts?
You need to have an exit strategy that you can stick to before entering a trade. Weather it is as spelled out on page one or a tweaked version, then when you exit you have not exited to early but as your strategy directs you to.
I for example have three ways to exit:

  1. TDI crossing against me.
  2. opposite color candle CLOSING!
  3. S&R area reached.

  • #8,425
  • Jul 19, 2011 10:38am Jul 19, 2011 10:38am
Hi everyone,

Maybe you can help me : what are the best levels of support and resistance to watch for H1 charts ? (Daily or weekly ?)
Same question for H4 charts...
When you see an enter signal just below (or above) a resistance (or support) level, do you think the signal is strong enough to break it ?

I see also that some open a trade just when the green line crosses the red one (with a nice angle), and others wait the close of the candle... What is the best way to proceed ?

Thanks from a newbie ^^
  • #8,426
  • Jul 19, 2011 10:41am Jul 19, 2011 10:41am
Quoting Rcwso
Just out of curiosity, what are the thoughts on letting trades run for greater profits? Any rules of thumb? I have had several winners the past couple of weeks but I jump out to early. Almost all of them would have gained me many more pips.

Thoughts?
Try scaling out eg say 50% at TP, let rest run.
Audentes Fortuna Juvat
  • #8,427
  • Jul 19, 2011 10:49am Jul 19, 2011 10:49am
Quoting syracuse4x
The fastest way to blow an account is trying to predict where the market is going or anticipating it's next move. (Trust me on this one, I know from experience). It's better to wait for a signal and then jump in.
Are you saying that you entering the market without predicting the next move?? Don't we all enter and risk because we do predict??
  • #8,428
  • Jul 19, 2011 11:05am Jul 19, 2011 11:05am
Quoting bez3000
You need to have an exit strategy that you can stick to before entering a trade. Weather it is as spelled out on page one or a tweaked version, then when you exit you have not exited to early but as your strategy directs you to.

I for example have three ways to exit:

  1. TDI crossing against me.
  2. opposite color candle CLOSING!
  3. S&R area reached.

Totally agreed and that makes sense about having an exit strategy. I would rather have pips in the bank than the "shoulda, coulda, woulda" type of trades.

Your above list seems to take care of what I am thinking anyway as far as letting them run to a certain point.

Thanks.
  • #8,429
  • Jul 19, 2011 11:13am Jul 19, 2011 11:13am
Can this be taken as bounced trade?
Attached Image (click to enlarge)
Click to Enlarge Name: eu, h1.gif Size: 22 KB
  • #8,430
  • Jul 19, 2011 11:14am Jul 19, 2011 11:14am
Quoting bez3000
You need to have an exit strategy that you can stick to before entering a trade. Weather it is as spelled out on page one or a tweaked version, then when you exit you have not exited to early but as your strategy directs you to.
I for example have three ways to exit:

  1. TDI crossing against me.
  2. opposite color candle CLOSING!
  3. S&R area reached.

I use ATR *2 or S&R (S&R takes priority if it is closer).
  • #8,431
  • Jul 19, 2011 11:16am Jul 19, 2011 11:16am
GBPCHF 4H
Attached Image (click to enlarge)
Click to Enlarge Name: Schermata 2011-07-19 a 14.41.02.png Size: 136 KB
  • #8,432
  • Jul 19, 2011 11:17am Jul 19, 2011 11:17am
I'm sure I remember seeing a chart with an indicator which had the 38 50 62 levels on the main body of the chart but I can't find it now. Can anyone help please.
  • #8,433
  • Jul 19, 2011 11:18am Jul 19, 2011 11:18am
I think it is a bounce trade but as the 4 hr is still bullish I would not not take it

Fred


Quoting dapo
Can this be taken as bounced trade?
  • #8,434
  • Jul 19, 2011 11:21am Jul 19, 2011 11:21am
Quoting dapo
Can this be taken as bounced trade?
In principle, that is a bounce. But i would pass that trade because it means trading against the trend.
  • #8,435
  • Jul 19, 2011 11:34am Jul 19, 2011 11:34am
TDI has crossed with a good angle on GBPUSD, H1 for short trade. Opinions appreciated.
Thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: gu, h1.gif Size: 23 KB
  • #8,436
  • Jul 19, 2011 11:34am Jul 19, 2011 11:34am
Quoting Danyjoe
GBPCHF 4H

It's not too late ?
  • #8,437
  • Jul 19, 2011 11:39am Jul 19, 2011 11:39am
Quoting bishopdotun
In principle, that is a bounce. But i would pass that trade because it means trading against the trend.
Thanks for your words, but what determines your trend?
  • #8,438
  • Jul 19, 2011 11:41am Jul 19, 2011 11:41am
Quoting Danyjoe
GBPCHF 4H
Whats RIGHT with it??

Why did you take this trade?

 

  1. You entered very very late.
  2. Look to the left do you see the swing low? You are trading straight into it.
  3. And more importantly look at this pair on the Daily TF it's in a strong short trend which you are trying to trade against.

It might work out for you but you are not stacking the odds in your favor, you are making your trade more difficult than it needs to be.

Just my opinions mate

  • #8,439
  • Jul 19, 2011 11:54am Jul 19, 2011 11:54am
Quoting bez3000
Whats RIGHT with it??

Why did you take this trade?

 

  1. You entered very very late.
  2. Look to the left do you see the swing low? You are trading straight into it.
  3. And more importantly look at this pair on the Daily TF it's in a strong short trend which you are trying to trade against.

It might work out for you but you are not stacking the odds in your favor, you are making your trade more difficult than it needs to be.

Just my opinions mate

Meanwhile, thanks for the reply

1) say that I trade late because the candles are long already?
2) Swing that mean? where do I see?
3) you're right .. but when I do not watch the Backtest I dont see HL timeframe and trades are always successfully .. even when I enter with 4H watch daily? or weekly?

thanks
  • #8,440
  • Jul 19, 2011 12:13pm Jul 19, 2011 12:13pm
Hello everyone! I am still testing this system, hopefully I can master it sooner or later

Here you can see what I have considered a really good setup to get into a long trade, but appearenly something went wrong. Could someone explain me why? I entered long on the second candle after the cross (see green arrow), and the reason I thought this was a good setup were the following:

1. Strong TDI cross (2 o'clock)
2. Stoch confirming trend
3. The first candle after the cross was a good bullish one with no lower tails
4. PA seemed to have been bounced off S1 in the previous few days.

Nevertheless, I am down now 70 pips and went even down further. I'm on demo so not using SL (a 100 pip SL would have not been enough anyways)

Can someone analyze this?

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: try3.gif Size: 26 KB
53 traders viewing now, 1 is registered:
Otherworldly