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Trading Made Simple(r)

  • #1,581
  • Jul 17, 2019 4:09am Jul 17, 2019 4:09am
Quoting martbac
{quote} Ok Thanks, just trying to understand what and why people do things as I am very new to trading. Regards, Mart.
no problem, just look and ask qeustions and do not be in a hurry to pull the trigger.
regards,
Peter
Just trying to put a kiss on the cheek of success
  • #1,582
  • Edited 4:31am Jul 17, 2019 4:12am | Edited 4:31am
Quoting PhillipmC
Continuation. looks good on daily and weekly {image}
Agree, the only issue with NZDUSD is you have the SMA200 D1 as resistance.
For these reason I entered in NZDCHF.
  • #1,583
  • Jul 17, 2019 4:29am Jul 17, 2019 4:29am
Quoting Marcusv007
{quote} Hi bud, I got dragged out of the ring on the lower time frames too much sweating and you stay glued to the screen ... Youre bang on about the over trading... so I've also learnt to limit my action. Rather pick 1 maybe 2 decent/ perfect setups if there is such a thing per day. I work off the 4HR / Daily TF. stress freeeeee! never want to see the lower time frames only to find a good entry Rather bank a solid 40 - 60+ pips a day than focusing on too may different pairs find your 1 or 2 for the day, What can be easier than...
You're welcome! Best of luck to you.
Always a Student, Never a Master - Emulate What Works
  • #1,584
  • Jul 17, 2019 4:49am Jul 17, 2019 4:49am
Quoting pet3250
continuation trade on the GBPNZD taken a few hours ago, 5m 4hr and daily, {image} {image} {image}
Continuation trade why ? i cant see any indicator that went out of the downtrend move and then went back ? I see you answear it some post back, that it was a continuation trade on 5m how strange that even sounds to me. I thout they was just on 4h and D timeframes but making it your system with a variation It will be intresting to see how your trade will go please post result.

Best regards
  • #1,585
  • Jul 17, 2019 5:00am Jul 17, 2019 5:00am
Quoting pet3250
{quote} Its a continuation tade on the 5 minute TF whilst being in a confirmed downtrend on both the 4HR and Daily
Hi pet3250,
this is not a scalping method. RH never uses 5 min TF. He would have done that if it was profitable. He has been trading with this system for years. So follow his rules and you will be benefitted. If you follow his rules, you will be at least 90% successful in your trade. I guarantee.
Why catching small fishes all day. Catch 2-3 big fishes in a week (like a PRO) and enjoy your life!
  • #1,586
  • Jul 17, 2019 6:34am Jul 17, 2019 6:34am
Quoting pet3250
{quote} Its a continuation tade on the 5 minute TF whilst being in a confirmed downtrend on both the 4HR and Daily

Yes. I follow the established trend in H4 and D1 too. Easy one this week.

Nice! 'trawling with a net in M5'.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,587
  • Jul 17, 2019 6:39am Jul 17, 2019 6:39am
Some of you shorted AUDUSD H4 today ... you are very brave traders today.

I prefer to remain long bias on my Weekly.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD Jul 17 W1 17-07-2019 19-35-22.png Size: 52 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,588
  • Jul 17, 2019 6:48am Jul 17, 2019 6:48am
Quoting emmanuel7788
Some of you shorted AUDUSD H4 today ... you are very brave traders today. I prefer to remain long bias on my Weekly. {image}
Still undecided on this one. Going to wait on the next candle and see if the mist clears.
  • #1,589
  • Jul 17, 2019 7:02am Jul 17, 2019 7:02am
Quoting marcara
NEWS DATA management. I am struggling how to manage the set ups and data news. Example GBPUSD two days ago. Graph is Japanesse Candles in order to see better were the price was. {image} 1.- SET UP was candle from 09:00-13:00 (candle just after NY open). 2.- Then there are 3 candles (JPY and AUD session) that the price remains at the same place. 3.- Next candle, important GBP data news is coming, see attached image. So the price will react depending on he data. {image} Any comments will be welcomed. Thanks
Following in Data news. In half an hour Core CPI data for CAD. Right now I am short in AUDCAD with +3 PIPS

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_11.png Size: 17 KB


How the postion should be managed?

Thanks in advance
  • #1,590
  • Jul 17, 2019 7:05am Jul 17, 2019 7:05am
Quoting emmanuel7788
Some of you shorted AUDUSD H4 today ... you are very brave traders today. I prefer to remain long bias on my Weekly. {image}
I can see why you view it that way.

But, personally I see the weekly as being in flux, neither in an uptrend nor a down trend because some indicators are saying up and some are saying down. Mainly it's the RSI being below the Purple 50 Line that bothers me the most. So then we have to check the next higher time frame up, which is the monthly and it's still technically in a down trend.

My bet is that the Weekly turns into a Continuation Trade down.
Always a Student, Never a Master - Emulate What Works
  • #1,591
  • Jul 17, 2019 7:07am Jul 17, 2019 7:07am
I am LONG the NZDUSD and SHORT the EURCAD and the AUDCAD, and I am currently losing on all 3...for a grand total of -8 pips. LOL!

Attached Image (click to enlarge)
Click to Enlarge Name: My Trades Today.JPG Size: 302 KB
Always a Student, Never a Master - Emulate What Works
  • #1,592
  • Jul 17, 2019 7:19am Jul 17, 2019 7:19am
Quoting TheSpoof
{quote} Ya. I don't have the desire to trade the smaller time frames. Been there done that. Don't like it. It's not that RH's methodology is bad on the lower time frames it's that the stops are too close to the intraday price. I don't like trading so close to the intraday price. Errant spikes occur on the regular on the smaller time frames that will take you out in a heart beat. Price on the lower time frames can whipsaw badly and the trade signals will follow. The four hour chart is trading the price action that makes up the dailies so in order...
Understand. So is there some specific forex pair or any other market you know of that tends to have more of the right type of market condition on average as most others?

I still don’t like the idea learning the method looking at multiple different markets each day.

On the other hand I would like to find enough valid signals to hit my 20-50 pips profit target by the end of the week.

Is this possible somehow with concentrating on just one market for the start?
  • #1,593
  • Jul 17, 2019 7:19am Jul 17, 2019 7:19am
Quoting RobinHood
I am LONG the NZDUSD and SHORT the EURCAD and the AUDCAD, and I am currently losing on all 3...for a grand total of -8 pips. LOL! {image}
Thats ok then. I was having doubts about losing trades yet again and whether I had made a trade mistake somewhere.
  • #1,594
  • Jul 17, 2019 7:57am Jul 17, 2019 7:57am
Looking at NY open trade ideas /thoughts eveyone
I’m in audusd short as of yesterday

new set ups ?

audcad short

audjpy short

Eur aud almost ready for a call

gbp aud almost ready call
  • #1,595
  • Jul 17, 2019 8:08am Jul 17, 2019 8:08am
Quoting emmanuel7788
Some of you shorted AUDUSD H4 today ... you are very brave traders today. I prefer to remain long bias on my Weekly. {image}
Hi Emmanuel
if you long weekly why do you think we are brave that short in H4? you are trading in 2 timeframe upper! we just need to look at 1 timeframe upper in D1. and the indis show downside!
  • #1,596
  • Jul 17, 2019 8:12am Jul 17, 2019 8:12am
Quoting Bluejay12
Looking at NY open trade ideas /thoughts eveyone I’m in audusd short as of yesterday new set ups ? audcad short audjpy short Eur aud almost ready for a call gbp aud almost ready call
i'm short AUDUSD, AUDCAD, long countinuous NZDUSD, countinous short of EURNZD(it wasn't good choice)!
AUDJPY is not a goodone. RSI didn't cross 50 line. it's soon to short it.
  • #1,597
  • Jul 17, 2019 8:22am Jul 17, 2019 8:22am
Quoting lddd
{quote} Understand. So is there some specific forex pair or any other market you know of that tends to have more of the right type of market condition on average as most others? I still don’t like the idea learning the method looking at multiple different markets each day. On the other hand I would like to find enough valid signals to hit my 20-50 pips profit target by the end of the week. Is this possible somehow with concentrating on just one market for the start?
I watch six pairs and oil and I have often thought of dwindling it down to just one or two. I used to trade gold but I find it too volatile. Oil can trend really nicely which is why I like it. The pairs I trade are AUDUSD, EURUSD, GBPUSD, EURJPY, USDJPY, and USDCHF. I think if I were to chose two pairs it would be AUDUSD and GBPUSD. Watching too many pairs and managing the trades is too stressful for me - don't care for it. Not to mention that I thinks o many pairs are correlated which just invites over trading.
Emotion - it steals your money.
  • #1,598
  • Jul 17, 2019 8:30am Jul 17, 2019 8:30am
Quoting TheSpoof
{quote} I watch six pairs and oil and I have often thought of dwindling it down to just one or two. I used to trade gold but I find it too volatile. Oil can trend really nicely which is why I like it. The pairs I trade are AUDUSD, EURUSD, GBPUSD, EURJPY, USDJPY, and USDCHF. I think if I were to chose two pairs it would be AUDUSD and GBPUSD. Watching too many pairs and managing the trades is too stressful for me - don't care for it. Not to mention that I thinks o many pairs are correlated which just invites over trading.
You get enough pips to put all your eggs in a couple pairs and plenty of opportunity every week ? Doing it that way ?
  • #1,599
  • Jul 17, 2019 8:49am Jul 17, 2019 8:49am
So I've started demoing this method, on H1 because I want to maximise the number of trades / signals before eventually moving on to live. Ideally I think that H4 will better suit me in the future, so this is like a temporary stage. Anyways, things have started out pretty nicely. Here are 2 signals taken on AUDUSD and USDCAD.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD.PNG Size: 57 KB


To better suit my visual / aesthetic preferences, I have removed the HA bars, and minimized the indis windows, but essentially the green & purple circles are when I get a cross or continuation signal. Here I opened 3 units, and forgot to move the SL of the units 2 & 3. Unit 2 hit TP so it's ok, but unit 3 should have stopped at 2R.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD.PNG Size: 45 KB


Here is a continuation signal, I took it because it had confluence with another signal / method that I follow. Only 2 units taken here, going nicely and heading for 2R.
  • #1,600
  • Jul 17, 2019 8:59am Jul 17, 2019 8:59am
GBPUSD just hit trailing stop for 2R
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD+H4.png Size: 56 KB
Emotion - it steals your money.
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