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

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Trading Made Simple(r)

  • #1,281
  • Jul 11, 2019 8:59am Jul 11, 2019 8:59am
Quoting TheSpoof
{quote} Isn't that funny I am up 18.7% this week using this system on the 4 hour. I place a take profit at 2R and trail my stop behind the second candle to keep my losses small. From my observations price quite often makes it to 2R before giving a signal to get out so I just take a 2R. I'll get back in on a continuation signal for another 2R if it presents itself. Out of 11 trades this week I won 6 & lost 5 (with one still open with 1.25R locked in) and didn't take a full 1R loss on any of losers
That's really good to hear. Great job!
Always a Student, Never a Master - Emulate What Works
  • #1,282
  • Jul 11, 2019 9:08am Jul 11, 2019 9:08am
Quoting iwan73
{quote} On H4 it looks ok. All conditions are met. But on D1 it is different story. HMA is above MA, blue candle, one stoch above 50.
iwan73, you only enter when all indicators on both 4H and 1D lines up by the rule?
  • #1,283
  • Jul 11, 2019 9:09am Jul 11, 2019 9:09am
Quoting TheSpoof
{quote} Isn't that funny I am up 18.7% this week using this system on the 4 hour. I place a take profit at 2R and trail my stop behind the second candle to keep my losses small. From my observations price quite often makes it to 2R before giving a signal to get out so I just take a 2R. I'll get back in on a continuation signal for another 2R if it presents itself. Out of 11 trades this week I won 6 & lost 5 (with one still open with 1.25R locked in) and didn't take a full 1R loss on any of losers
Can you show us the trades?
  • #1,284
  • Jul 11, 2019 9:25am Jul 11, 2019 9:25am
Quoting kirinda
{quote} Can you show us the trades?
Too much effort to do that, but here was my latest trade. I'll endeavor to post trades going forward.
Attached Image (click to enlarge)
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Emotion - it steals your money.
  • #1,285
  • Jul 11, 2019 9:32am Jul 11, 2019 9:32am
The Spoof...
Could you please attach the indicator you use for the SL 1R 2R etc. many thanks
  • #1,286
  • Jul 11, 2019 9:32am Jul 11, 2019 9:32am
Oil trade from this week. I trailed my stop using the PSAR. I am debating about using that or behind the second candle The PSAR can potentially keep you into trades longer as it did here. Ignore current position. It was some sort of test thingy on a continuation
Attached Image (click to enlarge)
Click to Enlarge Name: USOUSDH4.png Size: 62 KB
Emotion - it steals your money.
  • #1,287
  • Jul 11, 2019 9:32am Jul 11, 2019 9:32am
Quoting plasmatron10
The Spoof... Could you please attach the indicator you use for the SL 1R 2R etc. many thanks
That is just the Fib tool on MT4 that I changed to give me my R values.
Emotion - it steals your money.
  • #1,288
  • Jul 11, 2019 9:40am Jul 11, 2019 9:40am
Quoting TheSpoof
{quote} Too much effort to do that, but here was my latest trade. I'll endeavor to post trades going forward. {image}
Ok, so you use only 2 indicators from RobinHoods method?
  • #1,289
  • Jul 11, 2019 9:41am Jul 11, 2019 9:41am
Quoting kirinda
{quote} iwan73, you only enter when all indicators on both 4H and 1D lines up by the rule?
I dont trade this system because as i wrote yesterday i dont know how to trade systems based on trend rules.
I just look at charts with RH template and try to find how it is possible to trade this sytem.
If i see good setup on H4 , i look one TF higher -D1. And almost always i see some problems.
I think it is no hope for me as trend trader
  • #1,290
  • Jul 11, 2019 10:16am Jul 11, 2019 10:16am
Quoting RobinHood
{quote} I just shorted the EURCAD on the 4 Hr. chart. Right now my risk is about 35 pips. {image}
Looked at this one but the daily HMA was green and the bars were blue. Am I overthinking this? Only setup I've seen this week is GJ.
  • #1,291
  • Jul 11, 2019 10:18am Jul 11, 2019 10:18am
Quoting kirinda
{quote} Ok, so you use only 2 indicators from RobinHoods method?
I follow RH's entry method to a T with all his suggested indicators and then for exit I set a 2R take profit with my stop either behind the signal candle or the entry candle (which is essentially 50% of the signal candle) and trail the stop every four hours either behind the second candle or PSAR - I am still out on which is a better method. Regardless, they both reduce the risk as the trade goes on. I don't want to have to take many 1R losses if I don't have to
Emotion - it steals your money.
  • #1,292
  • Jul 11, 2019 10:29am Jul 11, 2019 10:29am
Quoting iwan73
{quote} I dont trade this system because as i wrote yesterday i dont know how to trade systems based on trend rules. I just look at charts with RH template and try to find how it is possible to trade this sytem. If i see good setup on H4 , i look one TF higher -D1. And almost always i see some problems. I think it is no hope for me as trend trader
Why do people look to the higher time frame than the one they are trading? The daily chart is the result of price action on the 4 hour chart. The weekly chart is the result of price action on the daily chart. In other words the 4 hour chart is creating the daily chart - the daily chart shows what the four has done not what is going to happen. If you want to see where the daily chart is headed you need to look at the 4 hour which shows the action of the daily. It's no wonder that you don't get signals lining up on both time frames. Stick to one chart and never mind the others. Daily price action is traded on the four hour and weekly price action is traded on the dailies - not the other way around Just my observations.
Emotion - it steals your money.
  • #1,293
  • Jul 11, 2019 10:44am Jul 11, 2019 10:44am
Quoting temporal
{quote} Looked at this one but the daily HMA was green and the bars were blue. Am I overthinking this? Only setup I've seen this week is GJ.
It doesn't matter. It's still technically in a downtrend on the Daily chart AND so is the weekly AND so is the monthly.

It's likely just a retracement on the daily chart and may eventually turn into a continuation trade.

And if I lose, it's no big deal. I am just losing a little bit of bait. It's the price of admission to be able to play the game.

I loaded up on this one. I am ONLY showing a 5 min chart so people can see my entries and stops.

Attached Image (click to enlarge)
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Always a Student, Never a Master - Emulate What Works
  • #1,294
  • Jul 11, 2019 12:49pm Jul 11, 2019 12:49pm
eur/jpy worth keeping an eye on?
Attached Image(s) (click to enlarge)
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  • #1,295
  • Jul 11, 2019 12:53pm Jul 11, 2019 12:53pm
gbp/aud ? Opinions anyone
Attached Image(s) (click to enlarge)
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  • #1,296
  • Jul 11, 2019 4:25pm Jul 11, 2019 4:25pm
Quoting gj7rwt
gbp/aud ? Opinions anyone {image} {image}

Hey gj i like both of those ill be entering see if we get a little pull back on the 5 min charts.
  • #1,297
  • Jul 11, 2019 6:29pm Jul 11, 2019 6:29pm
Fresh Cross, weekly daily up trend thoughts ?
Continuation trade
Attached Image (click to enlarge)
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  • #1,298
  • Jul 11, 2019 6:54pm Jul 11, 2019 6:54pm
hI, gj7rwt, the charts look ripe.
Would you be able to give me a link to the indicator you use for the news? It looks very handy.
Thanks,
Carmen.
  • #1,299
  • Jul 11, 2019 7:41pm Jul 11, 2019 7:41pm
Quoting PhillipmC
Fresh Cross, weekly daily up trend thoughts ? Continuation trade {image}

there is already a Weekly CROSSOVER setup when last week closed, right?

the 'perfect' CROSSOVER setup would be when all three oscillators - Stoch(8,3,3), Stoch(14,3,3) amd RSI(14) crosses the 50-level from below within 2 to 3 bars/candle. If either one of the 2 Stoch cross is much later than 4th bar/candle, it is often not the 'best' setups to pick a trade. Study old charts and observe if this is true.

so this week would be easy decision to look for buys only...but the challenge is the low timframes (D1 and H4) retracements during this week which can be difficult...
but we have he Weekly HA and APB to help use see where the calculated average price OPEN level is, right?

how do we use this Weekly HA+APB candle Open and its body?

Attached Image (click to enlarge)
Click to Enlarge Name: CADJPY Week 28 W1 crossover 12-07-2019 08-33-23.png Size: 21 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,300
  • Jul 11, 2019 10:49pm Jul 11, 2019 10:49pm
Quoting emmanuel7788
{quote} two candles late on H4 ... early on D1 with European markets closed, .. it is USD play.
yup I agree..Thank you.
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