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

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Trading Made Simple(r)

  • #2,621
  • Aug 9, 2019 7:40am Aug 9, 2019 7:40am
Quoting 40PipsAlan
{quote} Your Truck hasn't moved this week
Attached Image
I was busy with draft of patent application, meetings, consulting on two other projects, so limited pips harvesting, resulting in the truck filling really slowly this week. I bumped it up 20 more pips today though.
To free Gazans of Hamas, use whatever it takes.
  • #2,622
  • Edited 8:04am Aug 9, 2019 7:46am | Edited 8:04am
Quoting itsDavid
According to the strategy, I feel my short trade here was taken too early. At least on the 4H, is that correct? Stoch not low enough? RSI not low enough, and too sideways? {image}
If you are looking for a short signal, did you look at the TMMS Oscillator? If you aren't going to use it, then why clutter your chart with it?

In addition, how does "feeling" about your trade fit into your trading plan??? Maybe I am thinking a bit radically here, but I think that your trade plan should be based on verification of certain conditions. Either a condition is met or it is not.
then from the state of your conditions at any given moment, you have actions to take. So I am curious as to where your emotional state, i.e. feelings, is incorporated into your trading plan. Maybe you have stumbled onto something here...
To free Gazans of Hamas, use whatever it takes.
  • #2,623
  • Aug 9, 2019 7:49am Aug 9, 2019 7:49am
Quoting DrDave
{quote} If you are looking for a short signal, did you look at the TMMS Oscillator? If you aren't going to use it, then why clutter your chart with it?
Honestly, I've just added it and I'm not sure how to properly use it yet.
  • #2,624
  • Aug 9, 2019 7:51am Aug 9, 2019 7:51am
Quoting 40PipsAlan
{quote} Makes sense to me. Weekly,daily,H4 above the EMA means Buy with maybe confirmation on the H1. Is that about right Emmanuel? If the candle closes in the middle then move on to the next pair.
It depends on the location of the high and the low, after the candle is closed, relative to the EMA as to whether or not the open of the new candle will be above or below EMA5.

Methinks many here do not know the formulas for the calculations of their indicators, hence do not understand what the indicators are indicating.
To free Gazans of Hamas, use whatever it takes.
  • #2,625
  • Aug 9, 2019 7:54am Aug 9, 2019 7:54am
Quoting DrDave
{quote} It depends on the location of the high and the low, after the candle is closed, relative to the EMA as to whether or not the open of the new candle will be above or below EMA5. Methinks many here do not know the formulas for the calculations of their indicators, hence do not understand what the indicators are indicating.
I'm certainly in the 'don't know' group. Hence lots of questions and reading! In the case of the TMMS Oscillator, I assume we are looking for it to cross the 0 line (centre), in the direction of the trade we hope to take? I'm actually watching a couple of youtube videos at the moment to try and develop a better understanding of the mechanics behind them.
  • #2,626
  • Aug 9, 2019 7:57am Aug 9, 2019 7:57am
Quoting DrDave
{quote} It depends on the location of the high and the low, after the candle is closed, relative to the EMA as to whether or not the open of the new candle will be above or below EMA5. Methinks many here do not know the formulas for the calculations of their indicators, hence do not understand what the indicators are indicating.
Another piece to the puzzle
  • #2,627
  • Aug 9, 2019 8:13am Aug 9, 2019 8:13am
Quoting itsDavid
{quote} I'm certainly in the 'don't know' group. Hence lots of questions and reading! In the case of the TMMS Oscillator, I assume we are looking for it to cross the 0 line (centre), in the direction of the trade we hope to take? I'm actually watching a couple of youtube videos at the moment to try and develop a better understanding of the mechanics behind them.
That is an interesting reply. Understanding what action to take due to the crossings of the indicator are not the same as understanding the "internals" of the indicator. So in your case, you are simply blindly following a set of rules regarding what actions to take when specific crossing happen. You need to understand what the 0 line is in reference to; what events cause the indicator to change colors; if you change input values, what does that actually do in the calculations.

I am confident that you know how to calculate the average of a set of numbers.
I am less confident that you know how to calculate a moving average of a specified period of the set of numbers.
I am confident that being able to calculate the latter would help you in applying it to other areas that you had not considered before.
To free Gazans of Hamas, use whatever it takes.
  • #2,628
  • Aug 9, 2019 8:16am Aug 9, 2019 8:16am
Quoting 40PipsAlan
{quote} Another piece to the puzzle
Sometimes you are offered only pieces to the puzzle instead of the solution because doing the research yourself would most likely be of greater benefit to you than if you receive the solution on a silver platter.
To free Gazans of Hamas, use whatever it takes.
  • #2,629
  • Aug 9, 2019 8:31am Aug 9, 2019 8:31am
Quoting DrDave
{quote} That is an interesting reply. Understanding what action to take due to the crossings of the indicator are not the same as understanding the "internals" of the indicator. So in your case, you are simply blindly following a set of rules regarding what actions to take when specific crossing happen.
I did specifically and clearly say that I am watching some youtube videos right now to 'develop a better understanding of the mechanics behind them', so I think it's unfair to suggest I am only focusing on what they are saying and not on the mathematics and behind what they are saying, and that I am "blindly following a set of rules".

Learning the mechanics behind the indicators (as I actually said I was in your quote of my post) is not certainly not blindly following a set of rules, it's literally learning what those rules mean, and the hows and whys of them.
  • #2,630
  • Edited 8:56am Aug 9, 2019 8:41am | Edited 8:56am
I don't mean to offend, and I thank you for the help you have offered so far, but I think you leapt to an unfair conclusion there. Currently I'm watching a video explaining the maths behind RSI. Later I hope to speak to my son (a Cambridge Maths graduate, and senior employee at a large financial institution) for a one on one explanation of some ideas that I am finding harder to take in. The best I can hope do is learn the what's and the why's, and then try and marry them together into a better overall understanding.
  • #2,631
  • Aug 9, 2019 9:09am Aug 9, 2019 9:09am
Quoting itsDavid
I don't mean to offend, and I thank you for the help you have offered so far, but I think you leapt to an unfair conclusion there. Currently I'm watching a video explaining the maths behind RSI. Later I hope to speak to my son (a Cambridge Maths graduate, and senior employee at a large financial institution) for a one on one explanation of some ideas that I am finding harder to take in. The best I can hope do is learn the what's and the why's, and then try and marry them together into a better overall understanding.
Let's hope your surgeon with little experience takes a different approach to learning about HIS tools.
To free Gazans of Hamas, use whatever it takes.
  • #2,632
  • Aug 9, 2019 9:15am Aug 9, 2019 9:15am
Quoting DrDave
{quote} Let's hope your surgeon with little experience takes a different approach to learning about HIS tools.
However my surgeon chooses to learn is fine with me so long as he gains the right tools to do his job. In any case at this point you seem to be just looking for a fight by intentionally misreading what I say. Go and look for it somewhere else, I have better things to do.
  • #2,633
  • Aug 9, 2019 9:47am Aug 9, 2019 9:47am
Trading made Simple(r)
So we don't need to know how an indicator works. We just need to know how to apply them for improved trading success. And it does.
Attached Image
  • #2,634
  • Aug 9, 2019 10:05am Aug 9, 2019 10:05am
Quoting 40PipsAlan
Trading made Simple(r) So we don't need to know how an indicator works. We just need to know how to apply them for improved trading success. And it does. {image}
Absolutely correct. There is no need to reinvent the wheel !
  • #2,635
  • Aug 9, 2019 10:26am Aug 9, 2019 10:26am
Quoting 40PipsAlan
Trading made Simple(r) So we don't need to know how an indicator works. We just need to know how to apply them for improved trading success. And it does. {image}
Of course you don't NEED to know how any indicator works. You don't NEED to travel a long journey in a motorized conveyance--you can walk.
To free Gazans of Hamas, use whatever it takes.
  • #2,636
  • Aug 9, 2019 10:32am Aug 9, 2019 10:32am
Quoting 40PipsAlan
Trading made Simple(r) So we don't need to know how an indicator works. We just need to know how to apply them for improved trading success. And it does. {image}
Absolutely correct. There is no need to reinvent the wheel !
  • #2,637
  • Aug 9, 2019 10:47am Aug 9, 2019 10:47am
Quoting gj7rwt
{quote} Absolutely correct. There is no need to reinvent the wheel !
The wheel (indicator) was already invented; reinventing it is irrelevant. UNDERSTANDING it can and probably will, enhance your trading. You might even discover, if you knew HOW it works, that you can ELIMINATE that indicator and use whatever it is that the indicator is based on instead.

You can receive valuable information for free. You can choose to take it or not. If you take it, you can choose to use it or not.
To free Gazans of Hamas, use whatever it takes.
  • #2,638
  • Aug 9, 2019 10:53am Aug 9, 2019 10:53am
Quoting 40PipsAlan
{quote} Weekly gonna close above the EMA and we know Emmanuel likes to see that.
Attached Image
Do not count your chickens before they're hatched, my friend. Do not disregard that drop quite a ways below the previous candle; it can still close below EMA5.

But more importantly, where will the open be next week?
To free Gazans of Hamas, use whatever it takes.
  • #2,639
  • Aug 9, 2019 11:19am Aug 9, 2019 11:19am
Quoting DrDave
{quote} Do not count your chickens before they're hatched, my friend. Do not disregard that drop quite a ways below the previous candle; it can still close below EMA5. But more importantly, where will the open be next week? {image}
That’s a easy question. We will know when it opens next week.
  • #2,640
  • Aug 9, 2019 12:10pm Aug 9, 2019 12:10pm
Interesting arguments regarding indicator knowledge. When I started out discovering the different tools / indis out there, I always wanted to know what what behind. Hence opening up the mql4 editor and seeing what was happening.

Fast forward some time, after learning mql4 & making some indis of my own, sometimes recycling some formulas or methods used in traditional indis (RSI, stocks, macd...), I can comfortably say that knowing the inner workings or the indicators does not help you, in the sense that it doesn't give you an edge. Not the slightest.

It's a little bit like a car, what's important is how you drive & handle the car. Knowing what's inside the engine is no help in that specific case. Now if you're curious (like me), it doesn't hurt to know how it works. So that being said, ironically I do encourage people to know what's behind, if only just out of intellectual curiosity, but not with the perspective of gaining an edge. And frankly, if you're going to be using a tool or indicator, risk & manage some real money with a strategy using those tools, I wouldn't consider you serious if you had absolutely no clue how they worked.
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