Trading Made Simple(r)

Quoting Roni26

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{quote} Hi Kirinda, Not sure which HA candles you are using on the NZDCAD chart but on my chart those candles you entered on are red not blue thus not advocating an entry. In addition to this one of the stochs and RSI is under the 50 line on the daily so again this voids entry rules under RH's method. Roni

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Quoting kirinda

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{quote} USDJPY 4H hit my stop loss. GBPNZD 4H is still running and looks good. Put on a new trade for NZDCAD H4: {image}

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Quoting kirinda

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{quote} NZD news did take out my trades: GBPNZD with a small profit profit (used trailing stop loss candle by candle), and NZDCAD my stop loss get hit. Maybe it was wrong to put on NZDCAD trade a couple of hours before red news?

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Quoting Giedrius

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{quote} Hi Kirinda, I don't think you should beat yourself for getting in trade before news. You don't need even news to get spiked out. Sometimes spikes are coming from nowhere and if to start restrict yourself from trading on so many occasions , I'm afraid you won't have opportunities even to get in trade. Well this just my opinion

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Quoting kirinda

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{quote} Giedrius, very good point. I think I will continue to put on trades only based on the setup rules outlined by RoobinHood.

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Quoting lisat

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{quote}Maloney said the Cable H6 entry was not within the rules I think because only one of the indicators was below the 50 line.

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Quoting emmanuel7788

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{quote} on days when there is key news / data release, I would have look at the higher timeframes and see where the established direction is and place y SL above or below the previous 2 days high or low, then do my positions size. news/events reaction spikes seldom takes out stop more the 2 days high/lows unless there is a change ind direction after the news event. example below showing H12 tiemframe today, the direction is clear before the news event and after the news hour, the direct has not changed. Now I can consider to move SL to BE+. look...

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Quoting kirinda

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{quote} news/events reaction spikes seldom takes out stop more the 2 days high/lows unless there is a change ind direction after the news event. You are right emmanuel, I will not been stopped out this way. But the cost is a large stop loss. For example in the NZDCAD trade (ref post 583) the size of the stop loss would have been twice the size I used. I think I will continue to use small stop losses (two candle back from entry candle) because over many trades the spikes doesn't count as much: I have manually back tested this method over many hundred...

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Quoting emmanuel7788

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EURJPY Jun 26 H4 waiting for the HMA to cross the 5EMA, then check the Stochastics ... but be careful with the RSI . {image}

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Quoting Bluejay12

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{quote} see attached that is the small arrow in my chart. the large arrow is a paid one on license from my friends mentor...all no repaint or shift or extend with price {file}

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Quoting emmanuel7788

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{quote} EURJPY Jun 26 H4 London session with 1 hour 37 mins to go, it is looking good. but I am caution when Tokyo closes and the European traders take control... take a small risk and decide Go/No-Go {image}

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Quoting emmanuel7788

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{quote} the cost or the risk is the same when you use Position Sizing. if you risk say $500 per trade, then if the SL is 80 pips and say trade size 0.2 lot you lose more trades due to the volatility. if your risk same $500 per trade , then if the SL is 160 pips and trade size 0.1 lot you reduce the trade lot size and you will win more trades over longer term. that's the basic principle using %Risk and Position Sizing.

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Quoting kirinda

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{quote} emmanuel, it's not that simple. Your winning % will go up but at the same time your winners will be smaller compare to the risk you take(I use the HMA color change as exit method). To illustrate my point I back tested NZDCAD 4H from 01.04 until today. I use HMA color change as exit rule. Every trade is descried with reward/risk ((number of pips in profit or loss)/number of pips to stop loss). For example if number of pips to stop loss is 40 and I exit the trade with -9 pips the reward/risk will be -0.22. Or if the stop loss is 40 pips and...

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