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Trading Made Simple(r)

  • #1,521
  • Jul 16, 2019 12:18pm Jul 16, 2019 12:18pm
Quoting Luttlebird
So, one would ask me what did I see to enter these trades. {image}
Maybe it's Opposite Day?
Always a Student, Never a Master - Emulate What Works
  • #1,522
  • Jul 16, 2019 12:50pm Jul 16, 2019 12:50pm
Quoting Luttlebird
So, one would ask me what did I see to enter these trades. {image}
What are you doing and why are you doing it? There are no trade signals here.
Emotion - it steals your money.
  • #1,523
  • Edited 1:47pm Jul 16, 2019 1:00pm | Edited 1:47pm
Quoting lddd
{quote} Why itīs so important to catch a big run/trend and open multiple positions with complex entry/exit methods monitoring a dozens of currency pairs/markets to find that perfect H4/Daily/Weekly condition trade setup "maybe" booking in hundrets of pips on a good run? I just ask so because i donīt really understand the logic behind it. I mean isnīt a 25-50 Pips+ by the end of each trading week not enough for people if this could be even achieved on trading just one market with maybe 2-3 trades per week investing 2-3 hours of time per day. (even...
I think RH means big enough swings to catch a decent RR. I am shooting for at least a 2R trade and for me that is too tight of a stop on lower time frames. The stops are way too close to intraday price action for my tastes. Even the 4 hour is getting close as there are 6 candles in each day but I like the swings on the four hour - plenty of 2R+ swings to be had. Plus, after years of trading lower time frames I can't deal with the stress and boredom.

As far as risk goes, everyone is different. I don't trade pips. I don't look at pips - ever. Dollars pay the bills not pips. I trade dollars and I trade aggressively by most standards. I trade a set dollar amount for each trade and that dollar amount is based on being able to sustain 20 straight losses in a row. Once my account grows to a level I am satisfied with I increase the dollar amount and stay with it until I feel like increasing it. If you must know, the dollar amount works out to 5% at the very beginning of a new level and then obviously gets less as a percentage as the balance grows, but the dollars risked is always the same on every trade until the next level. I am not afraid to have a decent size risk because I trust in my methodologies and I don't take very many full 1R losses because I shed risk as the trade goes on. If I take a full 1R loss the trade is usually going against me anyway. I think these tiny risk percentages 1-3% are reflective of fear and doubt in one's trading, the inability to stick with a plan, good money management and keeping emotions out of trading. Unless you have a massive account, trading small percentages will get you nowhere. IMO
Emotion - it steals your money.
  • #1,524
  • Jul 16, 2019 1:36pm Jul 16, 2019 1:36pm
Quoting jgadefelth
{quote} EA buy why ? chart 2 waiting for a continue trade Best regards
I may not have the right word to explain what this is, but I know that the trade for the month has will be going in opposite direction soon and may reverse for about 300pips.
Begin with the end in mind
  • #1,525
  • Jul 16, 2019 1:38pm Jul 16, 2019 1:38pm
Quoting RobinHood
{quote} Maybe it's Opposite Day?
What does opposite day means please?
Begin with the end in mind
  • #1,526
  • Jul 16, 2019 1:57pm Jul 16, 2019 1:57pm
Quoting Luttlebird
{quote} What does opposite day means please?

That you taking position against all indicators i think, because what I can see you buy when it is clearly going down according to all indicators.

Best regards
  • #1,527
  • Jul 16, 2019 1:58pm Jul 16, 2019 1:58pm
Quoting TheSpoof
{quote} I think RH means big enough swings to catch a decent RR. I am shooting for at least a 2R trade and for me that is too tight of a stop on lower time frames. The stops are way too close to intraday price action for my tastes. Even the 4 hour is getting close as there are 6 candles in each day but I like the swings on the four hour - plenty of 2R+ swings to be had. Plus, after years of trading lower time frames I can't deal with the stress and boredom. As far as risk goes, everyone is different. I don't trade pips. I don't look at pips - ever....
I mostly agree. Well said.

Personally, the only thing I would do different using that type of profit strategy is trade in multiples of 3 units.

Initially you start with your stop at -1R on 3 units - If price goes to -1R before you get to +1R, you lose 3R.

At +1R, exit 1 unit and move the stop to breakeven (which is 0R, that's ZERO R) on the other 2 units. - If price goes back to +0(ZERO)R before you get to +2R you make 1R on 1 unit.

At + 2R, exit 1 more unit and move your stop to +1R - If price goes back to +1R before you get to +3R, you make 2R (1R on 2 units)

At +3R, move your stop to +2R and trail the stop on the last unit every 1R extra in profit. - If price goes back to +2R before it gets to +4R, you make +3R (1 at +1R, 2 at + 2R = +3R)

At +4R, move your stop to +3R and trail the stop on the last unit every 1R extra in profit. If it goes back to +3R before it gets to +5R, you make +6R (1 at +1R, 2 at + 2R and 3 at +3R = +6R)

Then, let the 3rd unit run UNTIL 2-3 of the indicators reverse or cross the Purple 50 Line in the opposite direction of the trade.

That way, if there is a nice long orderly trend, you still get to ride it with one unit, trailing your stop all the way along until you are stopped out OR 2-3 of the indicators change.

* I hopefully have the math correct, if not and someone points it out, I will correct it.
Always a Student, Never a Master - Emulate What Works
  • #1,528
  • Jul 16, 2019 1:58pm Jul 16, 2019 1:58pm
Quoting Luttlebird
{quote} I may not have the right word to explain what this is, but I know that the trade for the month has will be going in opposite direction soon and may reverse for about 300pips.

Ok but not according to this sytem we talk about here so why post charts here ?

Best regards
  • #1,529
  • Jul 16, 2019 2:00pm Jul 16, 2019 2:00pm
Quoting Luttlebird
{quote} What does opposite day means please?
It's a joke that means that you are doing everything opposite to the rules.

As in: "Today we are going to do everything opposite from the way we do it every other day".
Always a Student, Never a Master - Emulate What Works
  • #1,530
  • Jul 16, 2019 2:25pm Jul 16, 2019 2:25pm
Quoting RobinHood
{quote} I mostly agree. Well said. Personally, the only thing I would do different using that type of profit strategy is trade in multiples of 3 units. Initially you start with your stop at -1R on 3 units - If price goes to -1R before you get to +1R, you lose 3R. At +1R, exit 1 unit and move the stop to breakeven (which is 0R, that's ZERO R) on the other 2 units. - If price goes back to +0(ZERO)R before you get to +2R you make 1R on 1 unit. At + 2R, exit 1 more unit and move your stop to +1R - If price goes back to +1R before you get to +3R, you...
My concern with this sort of idea is the pain from 4+ losses in a row is going to be deep and may take some time to recover. I am not sure I want to be lessening my position as the trade moves deeper into profit I'd rather be on board with a full load
Emotion - it steals your money.
  • #1,531
  • Jul 16, 2019 2:29pm Jul 16, 2019 2:29pm
Quoting jgadefelth
{quote} Ok but not according to this sytem we talk about here so why post charts here ? Best regards
He wrote: So, one would ask me what did I see to enter these trades.

Next he wrote: I may not have the right word to explain what this is, but I know that the trade for the month has will be going in opposite direction soon and may reverse for about 300pips.

I think that his English is not perfect and he admits that and so he doesn't know how to express his opinion succinctly in English.

I think what he might be thinking is that the EURAUD is UP on a monthly chart and so the 4 hr. is likely to turn UP also.

And, that the NZDCHF is DOWN on a monthly chart and so the 4 hr. is likely to turn DOWN also.
Always a Student, Never a Master - Emulate What Works
  • #1,532
  • Jul 16, 2019 2:31pm Jul 16, 2019 2:31pm
Quoting TheSpoof
{quote} My concern with this sort of idea is the pain from 4+ losses in a row is going to be deep and may take some time to recover. I am not sure I want to be lessening my position as the trade moves deeper into profit I'd rather be on board with a full load
How is my way any more likely to have 4+ losses in a row versus the way you are doing it ?

Your way initially risks 1R and so does mine.

My way you can simply take whatever size unit you are using as 1 unit and break it down into 3 smaller but equal units, it's the same amount of risk initially either way.

Plus, many SMART professional traders lighten the load as they move into more and more profit along the way, often using the concept that they get back their initial investment and then have what is called a FREE TRADE.
Always a Student, Never a Master - Emulate What Works
  • #1,533
  • Jul 16, 2019 2:39pm Jul 16, 2019 2:39pm
Quoting RobinHood
{quote} How is my way any more likely to have 4+ losses in a row versus the way you are doing it ? Your way initially risks 1R and so does mine. My way you can simply take whatever size unit you are using as 1 unit and break it down into 3 smaller but equal units, it's the same amount of risk initially either way. Plus, many SMART professional traders lighten the load as they move into more and more profit along the way, often using the concept that they get back their initial investment and then have what is called a FREE TRADE.
Ahh..I see. I read that you are ultimately taking on a 3R trade not a 1R trade broken into three smaller units
Emotion - it steals your money.
  • #1,534
  • Jul 16, 2019 2:47pm Jul 16, 2019 2:47pm
Quoting RobinHood
{quote} He wrote: So, one would ask me what did I see to enter these trades. Next he wrote: I may not have the right word to explain what this is, but I know that the trade for the month has will be going in opposite direction soon and may reverse for about 300pips. I think that his English is not perfect and he admits that and so he doesn't know how to express his opinion succinctly in English. I think what he might be thinking is that the EURAUD is UP on a monthly chart and so the 4 hr. is likely to turn UP also. And, that the NZDCHF is DOWN on...

Yes possibly.

Best regards
  • #1,535
  • Jul 16, 2019 2:50pm Jul 16, 2019 2:50pm
Quoting RobinHood
{quote} He wrote: So, one would ask me what did I see to enter these trades. Next he wrote: I may not have the right word to explain what this is, but I know that the trade for the month has will be going in opposite direction soon and may reverse for about 300pips. I think that his English is not perfect and he admits that and so he doesn't know how to express his opinion succinctly in English. I think what he might be thinking is that the EURAUD is UP on a monthly chart and so the 4 hr. is likely to turn UP also. And, that the NZDCHF is DOWN on...
Thank you for coming to my rescue.
Begin with the end in mind
  • #1,536
  • Jul 16, 2019 2:57pm Jul 16, 2019 2:57pm
Quoting RobinHood
{quote} I mostly agree. Well said. Personally, the only thing I would do different using that type of profit strategy is trade in multiples of 3 units. Initially you start with your stop at -1R on 3 units - If price goes to -1R before you get to +1R, you lose 3R. At +1R, exit 1 unit and move the stop to breakeven (which is 0R, that's ZERO R) on the other 2 units. - If price goes back to +0(ZERO)R before you get to +2R you make 1R on 1 unit. At + 2R, exit 1 more unit and move your stop to +1R - If price goes back to +1R before you get to +3R, you...
Will work in situations when the market makes nice H4 swings...

like this example below and use multi-lots entry and scale-out.

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD H4 swing 5R example 17-07-2019 03-51-18.png Size: 53 KB


and

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 5R swing 17-07-2019 03-58-30.png Size: 67 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,537
  • Jul 16, 2019 3:12pm Jul 16, 2019 3:12pm
GBPUSD Week 29

We shall see if Boris Johnson/BREXIT can bring this to a +5R trade...

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD Jul Boris Brexit 17-07-2019 04-07-33.png Size: 59 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,538
  • Jul 16, 2019 3:17pm Jul 16, 2019 3:17pm
Quoting RobinHood
{quote} I mostly agree. Well said. Personally, the only thing I would do different using that type of profit strategy is trade in multiples of 3 units. Initially you start with your stop at -1R on 3 units - If price goes to -1R before you get to +1R, you lose 3R. At +1R, exit 1 unit and move the stop to breakeven (which is 0R, that's ZERO R) on the other 2 units. - If price goes back to +0(ZERO)R before you get to +2R you make 1R on 1 unit. At + 2R, exit 1 more unit and move your stop to +1R - If price goes back to +1R before you get to +3R, you...

I have a brief explanation in this old document... Using Multi-Lots Positions...
Attached File(s)
File Type: pdf Using Multiple Lot Positions To Improve in TMS-II (2).pdf   244 KB | 1,174 downloads
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,539
  • Jul 16, 2019 3:25pm Jul 16, 2019 3:25pm
Quoting Luttlebird
{quote} I may not have the right word to explain what this is, but I know that the trade for the month has will be going in opposite direction soon and may reverse for about 300pips.
IF you are buying EURAUD on MN and selling NZDCHF on MN charts based on average price of MN candles then I say you are very good investor-trader.

otherwise, looking just at your H4 charts, you are picking bottom to buy and picking top to sell. This requires very special trading skills and some traders can do that.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,540
  • Jul 16, 2019 3:35pm Jul 16, 2019 3:35pm
Quoting RobinHood
For those of you who may be struggling to get a good percentage of winning trades, here's what I suggest. ONLY trade Continuation Trades on a 4 hour chart for now, and only until you perfect trading them. Do not take any Crossover Trades. In my opinion, for people who are relatively new or inexperienced at trading OR have not yet been consistently successful at trading, Continuation Trades are easier to trade and more reliable than Crossover Trades (until you perfect them) because you are almost always jumping in on an ALREADY established trend,...

Excellent post and very timely advice for new traders.

One of the many reasons why many traders failed in the TMS thread is because they tried be like the OP Big E and trade reversals and making their entries with the APB/HA candles #1 and #2. They want to get into the market EARLY at the reversal candles and they do not wait for the reversal to be complete and for the established trend to form.

I always prefer to trade like the second mouse and seldom be the early bird. I enjoy good cheese with good wine.

This picture serve as constant reminder ...



Attached Image (click to enlarge)
Click to Enlarge Name: early bird second mouse.png Size: 623 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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