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Trading Made Simple

  • #12,521
  • Edited 4:43am Oct 12, 2011 4:25am | Edited 4:43am
I read from page 1 still reading page 82 of this thread.
At first i wanna say a HUGEEEEE THANKS to BIG E
and thanks to all other guys gals sir/mam s for helping traders like me and others.
Thanks to ForexFactory forum too for hosting a good forum on forex.
Today i just did my live trading after doing 2 weeks demo with this Big E's system and i couldn't just imagine how powerfull it is.
Just 12.00 i took enter and just 12.08 i exit my trades, 82 pips in profit.
i know it's a 4h candle and i can easily stay on, but i personally satisfied with that. so i exit.
Here is the proof:

http://i53.tinypic.com/m7x4wj.png
http://i54.tinypic.com/2ls8jg6.png
http://i53.tinypic.com/10igz6r.png
http://i52.tinypic.com/15sabmu.png
http://i51.tinypic.com/118n4o6.png
  • #12,522
  • Oct 12, 2011 4:38am Oct 12, 2011 4:38am
Question for the experienced guys. I was expecting to get signals on the next GoMarkets 4H candle in 30 mins. The signals are there alright but they are all massive candles. I haven't checked the news but they've got to be news candles. What does the TMS rules say about that? They are majority 2nd candle signals. Just wondered if I'm supposed to let them sail by expecting a retracement.
Everyone's got a plan until they get punched in the face
  • #12,523
  • Oct 12, 2011 4:49am Oct 12, 2011 4:49am
Does anyone know a programmer who can convert the TDI file to be used in forextester?
  • #12,524
  • Oct 12, 2011 5:07am Oct 12, 2011 5:07am
Quoting MichaelSimon
Yep maybe my other chart was too cluttered. I Entered long at 10:27 am on the daily of 10.11. The 10.10 candle had closed just above the price action channel of the sma's. The RSI was angled towards 2 o'clock and going above 50. The Stochs was just about to hit the 80 level.
I realize it wasn't a great trade. Too late into it I guess. And I should have counted on the 1.0000 to be resistance. I was thinking that if it breached it, then we could have gained some momentum and gone long for the rest of the week.
I'm learning.
Thanks!
Hope you are still in there?
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OPPORTUNITY IS NOWHERE
  • #12,525
  • Oct 12, 2011 5:08am Oct 12, 2011 5:08am
Quoting Dud45
Question for the experienced guys. I was expecting to get signals on the next GoMarkets 4H candle in 30 mins. The signals are there alright but they are all massive candles. I haven't checked the news but they've got to be news candles. What does the TMS rules say about that? They are majority 2nd candle signals. Just wondered if I'm supposed to let them sail by expecting a retracement.
Mate as far as I am concerned I would trade them....check the news announcements on this website and maybe do a google search or something, but they look good to me.......I cant see any news that has caused this......news can actually be the impetus that is required to start the first big candle of a run....just stick to your plan and go for it......thats MY opinion....take that as you will.
  • #12,526
  • Oct 12, 2011 5:19am Oct 12, 2011 5:19am
Quoting MichaelSimon
Yep maybe my other chart was too cluttered. I Entered long at 10:27 am on the daily of 10.11. The 10.10 candle had closed just above the price action channel of the sma's. The RSI was angled towards 2 o'clock and going above 50. The Stochs was just about to hit the 80 level.
I realize it wasn't a great trade. Too late into it I guess. And I should have counted on the 1.0000 to be resistance. I was thinking that if it breached it, then we could have gained some momentum and gone long for the rest of the week.
I'm learning.
Thanks!
Ok the reason this went bad on you is this.....and you are just lucky it has turned....dont trade on hope....trade to a plan....your entry here is clearly a no trade.....you are in this trade by about 4 candles to late....to anyone that knows exactly how to trade this method they would see this entry as madness. I am not criticising you, but it seems you really need to read the first 50 pages again to get the gist of the method.
One of the absolute critical elements of trade entry for this is your entry MUST be on the first or second reversal candle (as marked on the chart) .....yours is on the 5th. I have attached your chart to show where you should have entered...and if you had it would have been a great trade. The first reversal candle is the one of the new colour.
You are lucky this trade has turned in your favour...but that is NOT trading...that is gambling and hoping.....if you had got in on the correct 1st or secondf candle provided the tdi had crossed (which it looks like it had) you would have had a bucket load of pips.
So make note of the rule about which candle to enter on....its critical.
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  • #12,527
  • Oct 12, 2011 6:35am Oct 12, 2011 6:35am
Something that I have been paying attention to lately is the "Market" tab at the top of every page - along with "News," "Forums," & "Calendar." What I find helpful is the showing of pips up or down for a given pair. You can select TFs but it is a little odd that a 6H TF is listed and not a 4H but nevertheless I can see the big picture for pip movement. As of right now it shows the USD down against any major. You can scroll down a bit and see how your brokers spread rates against others. p
  • #12,528
  • Edited 4:48pm Oct 12, 2011 8:24am | Edited 4:48pm
Quoting mikiantony
Excellent trading. 2 questions

1 Are you taking trades at the open of the signal bar (otherwise the +50 couldnt have worked I think )

2 Today (wednesday am ) there was a good signal at the start of the 7am bar. Would you take it or wait for a bounce

thks

miki
1. Per Big E, trades should be entered on the first or second candle with a cross of the green over red. In this case, we had two doji's (indicating consolidation or reversal) followed by a cross down of the TDI. I entered aggressively once the TDI crossed. Someone else may choose to wait a little longer for confirmation. Even if you had waited for another 10 pips into the candle, there could have still been a 50 pip movement ending a couple of hours later. Even if PA didn't move 50 pips, you could have still gotten out with 25 pips or so.
2. In hindsight, that would have been a good trade.....however I would not take that trade at that time per the rules of my trading plan, because I don't trade the Asian session. I did enter the trade on the M15 chart shortly after the London Open, following a small retrace and continuation of the trend, with a cross back up on the TDI. I entered at 1.3659 and exited at 1.3786. If I had waited for a pullback on the H1 chart, I would have missed the trade completely (have seen this happen many times before....that is why I dropped to the M15 this morning). Experience and lessons learned have to count for something. That move set the high and the low of the London Session (so far), which happens very often on the EU.
Success to you in your trading!!
  • #12,529
  • Oct 12, 2011 9:13am Oct 12, 2011 9:13am
Quoting Callisto
Hope you are still in there?
Lol no Callisto, I dumped it at 9985 for just under 30 pips. After all the heat I took for my stupidity
No matter. What really matters to me atm is that I'm learning.

I see what you're all saying about getting in it too late. I guess the reason for difference is that I went too overboard with hypotheses, looking at the 1 mark and fib levels and previous s/r instead of giving priority to the base rules first of all.
Also, I stupidly got stuck in my head to wait for a strong close above the sma channel before entering, which in many cases is too late, and even if not, alot of pips missed.

Thanks very much for all the feedback. And don't worry about criticizing. I thrive on criticism. I need it to improve.
I cant express how valuable all your guys' sharing and input is.
Again ty.
Looking at the chart again, but scaling down to check it on H4. It seems so blatantly obvious to me where the setup really was ( I marked it on this chart). Of course that bar on the H4 is the one you are talking about. As soon as it reversed, last week.
Thanks again!
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  • #12,530
  • Oct 12, 2011 9:15am Oct 12, 2011 9:15am
Quoting piprac
Something that I have been paying attention to lately is the "Market" tab at the top of every page - along with "News," "Forums," & "Calendar." What I find helpful is the showing of pips up or down for a given pair. You can select TFs but it is a little odd that a 6H TF is listed and not a 4H but nevertheless I can see the big picture for pip movement. As of right now it shows the USD down against any major. You can scroll down a bit and see how your brokers spread rates against others. p
Wow Piprac thanks for pointing that out! Very useful indeed.
  • #12,531
  • Oct 12, 2011 9:16am Oct 12, 2011 9:16am
Quoting dean
Ok the reason this went bad on you is this....you are in this trade by about 4 candles to late...
So make note of the rule about which candle to enter on....its critical...
Excellent Point! It is something I have been struggling with as well. It is too simple not to follow, but being new to this method it is also something that can get overlooked (to one's peril)....I have marked this trade as an excellent example of a setup situation (assuming the entry is done on the RIGHT candle..). I have saved it off to study again, but thought it might be useful to post it here one more time.
Also, I have found it useful (and I have read where Big E does this as well) to take whatever timeframe I am trading and zoom out as far as it will go and then drop horizontal lines at areas of congestion, tops, bottoms, any areas that appear to be price consolidations. These are then areas or zones that may (or may not) be important in the future. They, at the very least, should be watched.
For this trade there was such an area below and it is now bumping another one of these areas above.
I would have agreed that the "parity" area of 1.0000 would have been in my mind as a "psychological" barrier, but if you use the zoom method and look back it does not seem to offer the support or resistance that I would have suspected. It will be interesting to see how it reacts since it is there now...
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  • #12,532
  • Oct 12, 2011 9:17am Oct 12, 2011 9:17am
This is a snapshot of the charts just before i exited. 4H time frame 0.1 lot. I entered the trade on 10/5 and exited 10/12 = 5 business days = 166.6 pips/day avg.
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  • #12,533
  • Oct 12, 2011 9:26am Oct 12, 2011 9:26am
Quoting funwithbux
Excellent Point! It is something I have been struggling with as well. It is too simple not to follow, but being new to this method it is also something that can get overlooked (to one's peril)....I have marked this trade as an excellent example of a setup situation (assuming the entry is done on the RIGHT candle..). I have saved it off to study again, but thought it might be useful to post it here one more time.
Also, I have found it useful (and I have read where Big E does this as well) to take whatever timeframe I am trading and zoom out as...
Hi very interesting your supply demand area indicator, would you be so kind to share it?

Regards
Indicators always obey Price, not the other way.
  • #12,534
  • Oct 12, 2011 9:30am Oct 12, 2011 9:30am
Quoting funwithbux
Excellent Point! It is something I have been struggling with as well. It is too simple not to follow, but being new to this method it is also something that can get overlooked (to one's peril)....I have marked this trade as an excellent example of a setup situation (assuming the entry is done on the RIGHT candle..)...
Yep I am reading Deans replies multiple times to make sure I soak them in. I did put too much significance on that 1 barrier, you're right.

Ananjee I am amazed at the great trading you are doing. Thanks for sharing. Keep it up, its very encouraging!
  • #12,535
  • Oct 12, 2011 9:32am Oct 12, 2011 9:32am
Quoting ananjee
This is a snapshot of the charts just before i exited. 4H time frame 0.1 lot. I entered the trade on 10/5 and exited 10/12 = 5 business days = 166.6 pips/day avg.
Excellent trade! My FX platform does not allow emini trading, but I have used a different one for it. So that was 83.3 points @ $50 a point....I think you owe us lunch!....
  • #12,536
  • Oct 12, 2011 9:41am Oct 12, 2011 9:41am
Quoting maxtrader
Hi very interesting your supply demand area indicator, would you be so kind to share it?
...I have to laugh, since the 'technical expertise' involved in formulating my "indicator" is to eyeball it.....Let me attach the chart, which is the Daily, that I zoomed out to the extreme. I think your eyeball will pick out the area as well, but if not, let me know and I can guide you....
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  • #12,537
  • Oct 12, 2011 9:43am Oct 12, 2011 9:43am
Thanks for your kind words MichaelSimon and Funwithbux.

I'm still getting familiar with this system.

Funwithbux, I too am studying Supply Demand zones. Maybe we can exchange notes sometimes.

Cheers
  • #12,538
  • Oct 12, 2011 9:44am Oct 12, 2011 9:44am
I took this long at about 1:30 pm on the G/[email protected]..

Did I enter too late again? I saw Fibo 38 level had also been previous resistance on Sep 16th (yellow vert line, 2nd chart) so set tp just below it for about 60 pips.
I realize the tdi and stoch levels were a bit high and not coming from very low, as would be ideal.
I think I should probly close it out early as looking at the H1 it seems to not have to steam to keep moving...
May the slamming begin!
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  • #12,539
  • Oct 12, 2011 9:44am Oct 12, 2011 9:44am
Quoting MichaelSimon
Yep I am reading Deans replies multiple times to make sure I soak them in. I did put too much significance on that 1 barrier, you're right.
Michael....did I see in a prior post that you were reading "Trading In The Zone"? If so, what did you think?
  • #12,540
  • Oct 12, 2011 9:44am Oct 12, 2011 9:44am
Quoting funwithbux
...I have to laugh, since the 'technical expertise' involved in formulating my "indicator" is to eyeball it.....Let me attach the chart, which is the Daily, that I zoomed out to the extreme. I think your eyeball will pick out the area as well, but if not, let me know and I can guide you....

The true is that I thought so, yes the best indiators are inside our brain.
Regards
Indicators always obey Price, not the other way.
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