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Spoof's Trading Made Simple(r) Journal

  • #261
  • Aug 1, 2019 4:32pm Aug 1, 2019 4:32pm
Quoting 40PipsAlan
Closed GBP/JPY with +131 pips in the bag. Thats another 2R for this fantastic system. {image}
Nice one
Emotion - it steals your money.
  • #262
  • Aug 1, 2019 4:34pm Aug 1, 2019 4:34pm
Quoting binnie
{quote} exciting stuff Alan - that entry would have been 1am my time (beauty sleep def required). Heaps of swings at the moment - every time someone opens their mouth, market gets jitters. Looking at NU for poss continuation in 3.5hrs . Good thread this one. The signal is there or it isn't. No analysis needed.
Precisely. Will they all turn out? Not a chance, but with good MM and shedding risk as the trade moves in our favour how can you not be profitable?
Emotion - it steals your money.
  • #263
  • Aug 1, 2019 5:23pm Aug 1, 2019 5:23pm
I took the GBP/JPY trade at midnight Sydney time and woke up to find my profit target had been met. Nice and simple system. Of course it's still on a demo account but soon Ill go live.
Thanks, everyone.
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  • #264
  • Aug 1, 2019 5:24pm Aug 1, 2019 5:24pm
Sorry for the double screenshot. I'm still learning.
  • #265
  • Aug 1, 2019 5:29pm Aug 1, 2019 5:29pm
Quoting carmelina
I took the GBP/JPY trade at midnight Sydney time and woke up to find my profit target had been met. Nice and simple system. Of course it's still on a demo account but soon Ill go live. Thanks, everyone. {image} {image}
Hey Carmelina...good job on that trade. Can you please do me a favour and demo trade this for six months? If you are profitable after trading this system over six months you will be well on your way to making consistent money. Please, don't be in any rush to trade live until you have mastered your money management, trade management and trading well. This system shows us a great way to get on board swings reasonably early, but that is the smallest part of being a consistently profitable trader. You must show that you have mastered the trading mindset. Your discipline and patience and consistency ARE how you will win or lose at this game long term - not the system.
Emotion - it steals your money.
  • #266
  • Aug 1, 2019 6:25pm Aug 1, 2019 6:25pm
Great stuff, Thank you for sharing this! This year marks my "I have had it with the corp life", it also marks my return to FX after being gone for 8+ years, much more mature and disciplined so far and connecting well with your signature (Emotion - it steals your money). Again thank you TS, will post updates as I take new trades.
  • #267
  • Aug 1, 2019 7:37pm Aug 1, 2019 7:37pm
IMPORTANT

Ok guys. I am pretty impressed with everyone's ability to keep to the methods I am presenting here (compared to many threads on FF) and thank you for that, but I want to make sure that people contributing here are contributing to the goal of keeping trading simple. Please, if you guys want to discuss alternative ways to trade RH's methods other than how I am doing it that is perfectly well and fine but please carry it over to RH's thread here: https://www.forexfactory.com/showthread.php?t=917569

There is far too much information on trading available to traders and I think most of it is of no real use and just serves to continue to confuse and distract people from what really matters in order to be a consistently profitable trader. So I am going to make sure to keep my journal on track to that end.

Here is a video of me candidly discussing why I think looking at other time frames when trading this system with the four hour charts is unnecessary and at the end of the day a burden on your abilities to trade in a focused, disciplined and stress free manner - for very little if any tangible gain.

Inserted Video
Emotion - it steals your money.
  • #268
  • Aug 1, 2019 7:39pm Aug 1, 2019 7:39pm
Quoting jado911
{quote} Great stuff, Thank you for sharing this! This year marks my "I have had it with the corp life", it also marks my return to FX after being gone for 8+ years, much more mature and disciplined so far and connecting well with your signature (Emotion - it steals your money). Again thank you TS, will post updates as I take new trades.
Nice to have you here. Please make sure to read Post #1
Emotion - it steals your money.
  • #269
  • Aug 1, 2019 8:11pm Aug 1, 2019 8:11pm
[quote=TheSpoof;12417452]IMPORTANT

Well spoken TS - Your input is much appreciated.
Have been waiting for this signal but not an acceptable RR.
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  • #270
  • Edited 9:50pm Aug 1, 2019 8:51pm | Edited 9:50pm
[quote=binnie;12417482]
Quoting TheSpoof
IMPORTANT Well spoken TS - Your input is much appreciated. Have been waiting for this signal but not an acceptable RR. {image}
You don't know if that resistance will hold - it is likely not a major level. If we want to throw another analysis onto this I see a new higher swing low potentially forming that may have momentum to break that resistance back up to the last swing high. Personally, I would take the trade because price is showing us that it is going up. This is the problem you run into when you start to put too much thinking and not enough seeing. You have a valid analysis and I believe I do, too. Which is correct? Who knows The outcome of any single trade doesn't really matter. What does your trading plan say about support and resistance? If you feel comfortable sitting this out then that's awesome...just make sure that your reasons are valid and you apply them in a consistent manner on future trades as part of your trading plan
Emotion - it steals your money.
  • #271
  • Aug 1, 2019 8:56pm Aug 1, 2019 8:56pm
Thanks, TS for your support.Ill continue to trade the demo account.
  • #272
  • Aug 1, 2019 10:17pm Aug 1, 2019 10:17pm
NU setting up:
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Looks like it might confirm but I will be on the road travelling away for the weekend. Safe trades to all.
see you on Monday.
  • #273
  • Aug 1, 2019 11:21pm Aug 1, 2019 11:21pm
Quoting Fck9to5
Took CADJPY trade due to JPY being strong today {image}
Price hits nicely TP level, this trade was pretty smooth with 3 RR.
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  • #274
  • Aug 2, 2019 3:30am Aug 2, 2019 3:30am
Took NZDUSD short trade, due to USD being strong today, this is going to be 2,5 RR trade. Already moved SL to 0,5 risk.
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  • #275
  • Aug 2, 2019 3:38am Aug 2, 2019 3:38am
Quoting Fck9to5
Took NZDUSD short trade, due to USD being strong today, this is going to be 2,5 RR trade. Already moved SL to 0,5 risk. {image}
I think you meant, "because the NZD is very weak and the USD is less weak"; I don't see that the USD is strong at all.
To free Gazans of Hamas, use whatever it takes.
  • #276
  • Aug 2, 2019 3:47am Aug 2, 2019 3:47am
Quoting DrDave
{quote} I think you meant, "because the NZD is very weak and the USD is less weak"; I don't see that the USD is strong at all.
I agree NZD is pretty weak however i would classify it as neutral currency, USD however is correlating a lot and show more strength than weakness, which means it could be the leading currency right now. I use strength meter for this analysis, basically it shows correlating pairs. Btw, i always use one TF higher (daily) from my trading TF (4h) in order to understand which direction is most preferable to trade.
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  • #277
  • Aug 2, 2019 3:50am Aug 2, 2019 3:50am
Quoting Fck9to5
Took NZDUSD short trade, due to USD being strong today, this is going to be 2,5 RR trade. Already moved SL to 0,5 risk. {image}
I took this trade too.
  • #278
  • Aug 2, 2019 5:30am Aug 2, 2019 5:30am
Hi Spoof..........

What a simple and elegant trend trading method you have here..................


I have one trade yesterday and another one today with this method.........so simple and profitable.


Both at Level 1 entry................the Level 2 entry will come later.


Note:
Level 1 entry = New Trend.
Level 2 entry = Resumption of a previous Trend.




Cheers..........
Happy Trading,
Yomi.
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Time always comes before price
  • #279
  • Aug 2, 2019 7:26am Aug 2, 2019 7:26am
First trade EURCAD, I believe I entered one bar too early so I moved my sl to BE. what I'v learned from this is to use the vertical line tool to confirm that I'm looking at the same bar on the TMMS

Second trade EURGBP,I believe entry was correct
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  • #280
  • Aug 2, 2019 8:21am Aug 2, 2019 8:21am
Quoting Fck9to5
{quote} Price hits nicely TP level, this trade was pretty smooth with 3 RR. {image}
Great trade with a logical place for a take profit - it sure got there quickly! The Yen pairs were sure moving yesterday
Emotion - it steals your money.
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