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Trading Made Simple(r)

  • #221
  • Jun 10, 2019 10:47am Jun 10, 2019 10:47am
Quoting harnying
Hi Rb, Would like to check with you when you are checking bigger tf with confirmation trend, what indicator are you looking at bigger tf? Hma, candle, ma, stoch, rsi, all of them pointing the same direction?
It's simple. I put my template on every chart I use. If I am trading a 4 hr chart, I simply switch it to a Daily chart OR if it's a pair that I trade a lot, then I set up a trading profile in MT4 that looks like the image below.

IDEALLY, I want all of them pointing the same direction on the next higher time frame, and if I can get them going the same direction on 3 higher time frames...it's even better. This happens to be the case with the EURAUD right now (see the chart below):

Attached Image (click to enlarge)
Click to Enlarge Name: EA 4 Time Frames.PNG Size: 136 KB


Notice there are 4 charts. The 4 Hr, the Daily, Weekly and Monthly.

NOTE: I don't REQUIRE that all 4 time frames be going in the same direction to make a trade (it's just IDEAL), sometimes I just require that the next higher time frame to be going in the same direction. For example: 4 Hr & Daily OR Daily and Weekly.
Always a Student, Never a Master - Emulate What Works
  • #222
  • Jun 10, 2019 1:08pm Jun 10, 2019 1:08pm
Quoting kirinda
I have been busy this week and I have only time to put on one trade. Using candle by candle trailing stop and I will exit (if not exit by trailing stop) on color change for 2-3 indicators. I let the CADJPY 4H trade run over the weekend: {image}
Exit by trailing stop. +70 pips.

Attached Image (click to enlarge)
Click to Enlarge Name: 20190610CADJPYH4.png Size: 60 KB
  • #223
  • Jun 10, 2019 1:19pm Jun 10, 2019 1:19pm
Quoting kirinda
{quote} Exit by trailing stop. +70 pips. {image}
smart idea. What was the distance of the trailing stop?
  • #224
  • Jun 10, 2019 1:24pm Jun 10, 2019 1:24pm
[quote=RobinHood;12320795]{quote} It's simple. I put my template on every chart I use. If I am trading a 4 hr chart, I simply switch it to a Daily chart OR if it's a pair that I trade a lot, then I set up a trading profile in MT4 that looks like the image below. IDEALLY, I want all of them pointing the same direction on the next higher time

Hi RH,
Today opened 2 trades on eurcad and nzdcad. Hope it was according to the rules.
Thanks.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurcad-d.png Size: 58 KB
Click to Enlarge Name: eurcad-W.png Size: 58 KB
Click to Enlarge Name: nzdcad-d.png Size: 56 KB
Click to Enlarge Name: nzdcad-w.png Size: 63 KB
  • #225
  • Jun 10, 2019 1:25pm Jun 10, 2019 1:25pm
Quoting salimc
{quote} smart idea. What was the distance of the trailing stop?
I use the same as described under POST 16: https://www.forexfactory.com/showthr...6#post12280336
  • #226
  • Jun 10, 2019 1:30pm Jun 10, 2019 1:30pm
Quoting kirinda
{quote} I use the same as described under POST 16: https://www.forexfactory.com/showthr...6#post12280336
I mean the trailing stop point that you had put while entering the trade.
  • #227
  • Jun 10, 2019 1:33pm Jun 10, 2019 1:33pm
Quoting salimc
{quote} I mean the trailing stop point that you had put while entering the trade.
I use what RobinHood described in POST 16: Move stop loss manually from candle to candle. Start stop loss is high/low two candles before entry candle.
  • #228
  • Edited 4:26pm Jun 10, 2019 2:01pm | Edited 4:26pm
[quote=salimc;12321025]
Quoting RobinHood
{quote} Hi RH, Today opened 2 trades on eurcad and nzdcad. Hope it was according to the rules. Thanks.
There are no set rules EXCEPT for the ones you make for yourself, BUT personally, I would not have entered those 2 trades when you did. I want all the lower indicators to be BELOW the 50 Line. On your trades, all of them were not below the 50 Line on your Daily charts.

PLUS...

1. You do not have the Heiken Ashsi candles on your chart and they are important.

2. You do not have the Purple 50 Line on your charts. It helps you to clearly see when indicators are above or below the 50.

3. You have added what looks like Bollinger Bands and they in no way serve any useful purpose (in my opinion). Bollinger Bands somewhat follow price when it is contracting or expanding based on price volatility, price does not follow them.
Always a Student, Never a Master - Emulate What Works
  • #229
  • Jun 10, 2019 3:13pm Jun 10, 2019 3:13pm
[quote=RobinHood;12321090][quote=salimc;12321025]{quote} There are no set rules EXCEPT for the ones you make for yourself, BUT personally, I would not have entered those 2 trades when you did. I want all the lower indicators to be BELOW the 50 Line and on your trades, they were not (on the Daily charts). PLUS... 1. You do

NOTED. Thanks.
  • #230
  • Jun 11, 2019 7:17am Jun 11, 2019 7:17am
I am new here. It's just my second month of trading FX. I hope to learn on how to improve my trade strategies.

Thank you
Begin with the end in mind
  • #231
  • Jun 11, 2019 8:29am Jun 11, 2019 8:29am
Quoting Luttlebird
I am new here. It's just my second month of trading FX. I hope to learn on how to improve my trade strategies. Thank you
You're Welcome!...And Good Luck
Always a Student, Never a Master - Emulate What Works
  • #232
  • Jun 11, 2019 10:09am Jun 11, 2019 10:09am
Quoting RobinHood
{quote} I prefer letting the market take me out of a trade because you never know how far a move will go. I like to place my initial stop as described below: For Long Trades: Just below the low of the 2nd candle back behind the bar you entered on For Short Trades: Just above the high of the 2nd candle back behind the bar you entered on Note: You can put the stop at the high or low 1 candle back, but it will get hit much more often Also, I trade the 4 hour charts more often than any other time frame. BUT I refuse to wake up to check my trades every...
Please do you have a chat explaining this?

Thank you.
Begin with the end in mind
  • #233
  • Jun 11, 2019 10:51am Jun 11, 2019 10:51am
Quoting Luttlebird
{quote} Please do you have a chat explaining this? Thank you.
I don't understand what you are asking. Can you please clarify the question?
Always a Student, Never a Master - Emulate What Works
  • #234
  • Jun 11, 2019 10:56am Jun 11, 2019 10:56am
Quoting RobinHood
{quote} I don't understand what you are asking. Can you please clarify the question?
Nevermind, I have seen answers as I read through other threads.
Begin with the end in mind
  • #235
  • Jun 11, 2019 2:57pm Jun 11, 2019 2:57pm
Thank you RH for this strategy, I find it very eye-opening. Please, any thought about my entry point below.
Attached Image (click to enlarge)
Click to Enlarge Name: 43e86184-b146-48e0-93f9-0efd9dea4d2c.jpg Size: 269 KB
Begin with the end in mind
  • #236
  • Jun 11, 2019 4:44pm Jun 11, 2019 4:44pm
Quoting Luttlebird
Thank you RH for this strategy, I find it very eye-opening. Please, any thought about my entry point below. {image}
You entered correctly if the entry was based only on a 4 hr chart.

It would have been wise to look at 1 time frame higher for confirmation, in this case, a Daily chart.

The Daily chart confirms the entry with the exception of the RSI being below the Purple 50 Line. Ideally, you would have waited until the RSI on the Daily was above the 50 line before you entered.

But again, these are only my personal opinions. Everyone has to decide for themselves what rules they are going to follow.
Always a Student, Never a Master - Emulate What Works
  • #237
  • Jun 11, 2019 11:47pm Jun 11, 2019 11:47pm
Quoting RobinHood
{quote} You entered correctly if the entry was based only on a 4 hr chart. It would have been wise to look at 1 time frame higher for confirmation, in this case, a Daily chart. The Daily chart confirms the entry with the exception of the RSI being below the Purple 50 Line. Ideally, you would have waited until the RSI on the Daily was above the 50 line before you entered. But again, these are only my personal opinions. Everyone has to decide for themselves what rules they are going to follow.
Thank you for the feedback
Begin with the end in mind
  • #238
  • Jun 12, 2019 12:16am Jun 12, 2019 12:16am
RobinHood, what is the significance of the bright colors of the Stochastics vs gray lines only? Above/below a particular level? A further confirmation of entry or trend? I’m really liking this simplified approach.
  • #239
  • Jun 12, 2019 1:50am Jun 12, 2019 1:50am
Quoting jpfalls
RobinHood, what is the significance of the bright colors of the Stochastics vs gray lines only? Above/below a particular level? A further confirmation of entry or trend? I’m really liking this simplified approach.
When they are above 80 or below 20 they change from gray to one of the bright colors. The intent is to show when the market is overbought or oversold but I only care about them being over or under the Purple 50 Line (for the most part).
Always a Student, Never a Master - Emulate What Works
  • #240
  • Jun 12, 2019 3:05am Jun 12, 2019 3:05am
Hello RH, I implemented the strategy again for NASDAQ and it reaches the TP line.

Don't mind my chart, I tried to adjust my mobile to suit the template. So if it doesn't look like the template you provided. It's my own created version to suit mobile.

I will also like to know if you have a mobile template
Attached Image (click to enlarge)
Click to Enlarge Name: 9a98316d-4525-46fe-999e-04e3467504fb.jpg Size: 86 KB
Begin with the end in mind
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