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

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Trading Made Simple(r)

  • #1,381
  • Jul 14, 2019 7:26am Jul 14, 2019 7:26am
Quoting RobinHood
{quote} I have tried to help you and to be patient with you and that's about to stop. Why do you always try to start something when most of what you say isn't even true? 1. I'm sorry but that's really an irresponsible and insulting question to ask given the number of people who have continuously PROVEN that these methods DO WORK. 2. This too is an insulting statement. Did you NOT read what Barakka wrote when he responded to my questions???? He DID NOT FOLLOW ALL THE RULES. He freely admitted that he didn't follow 6 out of the 7 that I asked him....
Okay.
  • #1,382
  • Edited 8:00am Jul 14, 2019 7:46am | Edited 8:00am
The image below is for TheSpoof because he uses something similar and I told him that I would show him my version. You always start with 3 units. If successful on all 3 units, you make 6:1 R/R. OR what I like even better is, you can just let the 3 unit run and trail your stop until you get a signal to exit OR you get stopped out.
Attached Image (click to enlarge)
Click to Enlarge Name: TheSpoof.JPG Size: 254 KB


It's the Draw Fibonacci Retracement tool on MT4. And because I know people will ask what the settings are:

Attached Image


Attached Image


Attached Image
Always a Student, Never a Master - Emulate What Works
  • #1,383
  • Jul 14, 2019 7:50am Jul 14, 2019 7:50am
Quoting RobinHood
The image below is for TheSpoof because he uses something similar and I told him that I would show him my version. You always start with 3 units. {image}

Yes that is your 3 units entering trade. I did was thinking more if there was anyone that starts with ones unit and then add along the way in the trend let the add ons run and how to handle them ?

Best regards
  • #1,384
  • Jul 14, 2019 8:44am Jul 14, 2019 8:44am
Quoting jgadefelth
{quote} Yes that is your 3 units entering trade. I did was thinking more if there was anyone that starts with ones unit and then add along the way in the trend let the add ons run and how to handle them ? Best regards
It's always smartest to add to a winner and to never add to a loser.

How you do it is something that you have to study and figure out what fits your own personal risk tolerance.

I really like both strategies, entering all at once, or adding to winning trades.
Always a Student, Never a Master - Emulate What Works
  • #1,385
  • Jul 14, 2019 8:49am Jul 14, 2019 8:49am
Quoting RobinHood
{quote} It's always smartest to add to a winner and to never add to a loser. How you do it is something that you have to study and figure out what fits your own personal risk tolerance.
Offcourse. Do you understand what i am talking about. We add another new position when price goes in our direction. it is sort of opposite to your strategy. You start with 3 units and takes away when it moves in your favor. I thinking about start with one unit and add new units when its move in my direction. Benefits with this from your strategy is at the start we have one unit risk to lose, and when price goes my way i add sort of let yoiur winners run instead of your way there you sort of cut your winners.

Best regards
  • #1,386
  • Jul 14, 2019 9:07am Jul 14, 2019 9:07am
Quoting jgadefelth
{quote} Offcourse. Do you understand what i am talking about. We add another new position when price goes in our direction. it is sort of opposite to your strategy. You start with 3 units and takes away when it moves in your favor. I thinking about start with one unit and add new units when its move in my direction. Benefits with this from your strategy is at the start we have one unit risk to lose, and when price goes my way i add sort of let yoiur winners run instead of your way there you sort of cut your winners. Best regards
My testing years ago proved to me that going in all at once from the beginning (if you are using a successful strategy) gives better returns than adding more along the way.
Always a Student, Never a Master - Emulate What Works
  • #1,387
  • Jul 14, 2019 9:23am Jul 14, 2019 9:23am
Quoting RobinHood
{quote} My testing years ago proved to me that going in all at once from the beginning (if you are using a successful strategy) gives better returns than adding more along the way.

Ok. What abot trailing 2 bars back, have you compared to trail one bar back and if you get our to soon enter again instead, and if you get out and the trend reverse you save more pips with hte smaller stop ?

Best regards
  • #1,388
  • Jul 14, 2019 9:28am Jul 14, 2019 9:28am
Quoting RobinHood
The image below is for TheSpoof because he uses something similar and I told him that I would show him my version. You always start with 3 units. If successful on all 3 units, you make 6:1 R/R. OR what I like even better is, you can just let the 3 unit run and trail your stop until you get a signal to exit OR you get stopped out. {image} It's the Draw Fibonacci Retracement tool on MT4. And because I know people will ask what the settings are: {image} {image} {image}
Ahh...yes. I have had something like this mulling around in my head as well.
Emotion - it steals your money.
  • #1,389
  • Jul 14, 2019 9:32am Jul 14, 2019 9:32am
Quoting RobinHood
The image below is for TheSpoof because he uses something similar and I told him that I would show him my version. You always start with 3 units. If successful on all 3 units, you make 6:1 R/R. OR what I like even better is, you can just let the 3 unit run and trail your stop until you get a signal to exit OR you get stopped out. {image} It's the Draw Fibonacci Retracement tool on MT4. And because I know people will ask what the settings are: {image} {image} {image}
Yes 6 R win if it goes all the way and 3R risk from start. So it is an advanced form of a 1:2 R If u had one unit.

Best regards
  • #1,390
  • Jul 14, 2019 10:06am Jul 14, 2019 10:06am
Quoting jgadefelth
{quote} Ok. What abot trailing 2 bars back, have you compared to trail one bar back and if you get our to soon enter again instead, and if you get out and the trend reverse you save more pips with hte smaller stop ? Best regards
My testing showed that 2 bars back was optimal.
Always a Student, Never a Master - Emulate What Works
  • #1,391
  • Jul 14, 2019 10:08am Jul 14, 2019 10:08am
Quoting jgadefelth
{quote} Yes 6 R win if it goes all the way and 3R risk from start. So it is an advanced form of a 1:2 R If u had one unit. Best regards
More than that, it allows for 1 unit to have a chance to ride a long trend whereas the other ways shown don't. It all just comes down to personal preference.
Always a Student, Never a Master - Emulate What Works
  • #1,392
  • Jul 14, 2019 10:42am Jul 14, 2019 10:42am
Quoting RobinHood
The image below is for TheSpoof because he uses something similar and I told him that I would show him my version. You always start with 3 units. If successful on all 3 units, you make 6:1 R/R. OR what I like even better is, you can just let the 3 unit run and trail your stop until you get a signal to exit OR you get stopped out. {image} It's the Draw Fibonacci Retracement tool on MT4. And because I know people will ask what the settings are: {image} {image} {image}
Have you tried using a trade management tool doing all sort of such things instead of doing it manually?
  • #1,393
  • Jul 14, 2019 1:38pm Jul 14, 2019 1:38pm
Nice continuation trade on the daily.. weekly at all time lows will be watching 4 hour to get a entry signal.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDJPY.PNG Size: 156 KB
  • #1,394
  • Jul 14, 2019 3:08pm Jul 14, 2019 3:08pm
Keep an eye on GBPCAD. I think we could see a major trendchange in the near future!
Attached Image (click to enlarge)
Click to Enlarge Name: gbpcad-h4-oanda-division7.png Size: 71 KB
  • #1,395
  • Jul 14, 2019 4:10pm Jul 14, 2019 4:10pm
Quoting RobinHood
{quote} My testing showed that 2 bars back was optimal.

Hi RH

based on your experience, when do you start move your stops using this 2bars look back?

reason why I ask is because I use THV CaveManager to manage some of my trades and its default setting is to move trailing stops TSL by trailing using 1-bar look back and only when the price has made a higher high (buy) or lower low(sell).

thanks and regards.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,396
  • Jul 14, 2019 4:18pm Jul 14, 2019 4:18pm
Quoting Reitilicios
Keep an eye on GBPCAD. I think we could see a major trendchange in the near future! {image}

GBPCAD Week 29 Jul 15 to 19

looking at the 2 stochastics (8,3,3) and (14,3,3,) and their previous OS and OB and now the past 2 weeks in narrow range trading,

this is a pair in my watch-list pair to catch a possible 'big move'.

also watch other GBP cross pairs - GBPUAD and GBPNZD.

don't touch GBPCHF.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPCAD D1 Jul 15 15-07-2019 07-14-29.png Size: 57 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,397
  • Jul 14, 2019 5:27pm Jul 14, 2019 5:27pm
Quoting RobinHood
The image below is for TheSpoof because he uses something similar and I told him that I would show him my version. You always start with 3 units. If successful on all 3 units, you make 6:1 R/R. OR what I like even better is, you can just let the 3 unit run and trail your stop until you get a signal to exit OR you get stopped out. {image} It's the Draw Fibonacci Retracement tool on MT4. And because I know people will ask what the settings are: {image} {image} {image}

Nice!

I have made two MT4 scripts to draw those EP SL and TPs level..

see my Oct 2014 post# 43,061 in the TMS thread

you can download those two scripts here:

https://www.forexfactory.com/showthr...69#post7836469


if anyone wants to make changes, please feel to ask.


Edit. ***important note***

when you use those scripts, you can saved them in your Navigator Favouries folder (your frequently used scripts) and simply you drag and drop it on the specific bar/candle of your trade entry. The script will calculate the SL and TP levels using the ATR.

like in this example below.

Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD EP SL TP lines 15-07-2019 08-30-11.png Size: 60 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,398
  • Jul 14, 2019 5:36pm Jul 14, 2019 5:36pm
Looking to enter gold, will wait for a 15min swing for best entry.
Attached Image (click to enlarge)
Click to Enlarge Name: gold.PNG Size: 80 KB
  • #1,399
  • Jul 14, 2019 5:39pm Jul 14, 2019 5:39pm
Example EURUSD D1 Jul 15 EP Sl and TPs

with adjusted initial SL using 2 bars/candle look back.ed

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD Jul 15 D1 EP SL and TPs 15-07-2019 08-35-15.png Size: 65 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,400
  • Jul 14, 2019 10:07pm Jul 14, 2019 10:07pm
Quoting emmanuel7788
Example EURUSD D1 Jul 15 EP Sl and TPs with adjusted initial SL using 2 bars/candle look back.ed {image}
Hi
i'm looking for the best position in 5M chart to go long EURUSD.
Also i'm in long at AUDCHF.

Good Luck : )
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