Trading Made Simple(r)

Hey Marcus - do you mean 1100 pips or points??? If you use your crosshair to measure in MT4 you need to remove the last digit for PiP's....the actual reading is in points...

Hi Bossman,
Can we ask what your exit plan is for these trades?

Defo pips. The green pipcounter says so. Also position building going on. Excellent trade

@Neil apologies I missed your question, Thanks Alan for answering.

I will be very honest here and this is the battle I face that I should be able to document and teach, explain my train of thought... .. this is how I'm measuring my progress with trading. But....

Besides making sure I lock in a minimum of 15 pips upon retraction/ pullback (as Ive just done on US30F), my customary is 23 - 25pips. I generally will keep an eye on the indicators in particular the Brown RSI's movement and the volume on the Oscillators. I''ll look at the lower time frames to see for a shift in momentum. I monitor every hour, 2 hours or so. But after opening a trade I will keep an eye on it in the first hour.

But generally: I pick up that I'm more focused on what do I deem is enough (profit) when a trade is doing well not entirely focused on a measured risk to reward but I look at current profit measured against a pairs given strength what are the indicators saying is the RSI shooting for 1 oçlock (long) / 4 oçlock (short) or is it weak and dropping back towards the 50 line. I'm picking up that my method is very fluid in that I will bank profit when I feel the pair is peaking be it for the time-being and a retraction is coming. I dont get worked up on specifics of fixed risk to reward because if I've followed the instructions nicely and timed my entry on the lower TF I will most definitely bank profit. Ofcourse I know my risk amount because I placed the stop loss. I;m not hung up on thinking well Im risking 73pips so I must watch it first delivers 50% of risk and then 100% reward 1: 1 Nope! Id rather bank a modest 15 pips than let it reverse into negative, unless it starts straight off into minus and continues then I must make a decision to close and minimise my loss. Trading is about being the best loser, my aim is to be in the habit of closing trades before they even head to my stop loss. Stop loss is there for when I'm away from my computer, but if I;m there why not stop the bleeding if the indicators are hinting. I will look at the other signs to see if I will re-enter if he comes back.

On trades that that are correct that start to prove to me that there is trend, BREAKOUT, (very strong)RSI across various time frames this gives me an indication that momentum is there for the pair to continue like a steam train so adding to these positions helps me press a winning trade and thereby hit my 3X 5XReward much quicker. Its something im developing and therefore still working on. So I've evolved to press my winning trades by increasing positions. So my risk now starts less but once a trade is confirmed correct I will increase my positon to achieve a sizable reward. But note the starting point i.e the bait is now a smaller risk of my account 30% ; 50% of what would have been my intended risk orginally ie.. instead of 1 lot now 0.3lots or 0.5lots. * Ref: Phantom's Gift* Its better to start half your original intended risk then add to it if confirmed right by keeping an eye on the indicators brown RSI, Oscillators volume, trend on multiple TF, is there a breakout on multiple time frames etc...

(My trade plan is day trading over 12hours 0700 - 1900 I try to close all open trades)
I find the problem is that if you set your stoploss for example 73 pips away based on either 2 candles back or maybe the Dailys Low or High dependant on whether you're long or short; if we look at what your target must be for 2:1 or 1.5 your risk you will need 73pips for 1:1 or 146pips for 2:1 which is difficult right, to achieve on most pairs for various variable reasons on any respective day(s) so I must treat each pair independently given its indicators for that particular day. And this is where I learn to lock in profits but also look at signs that this pair is capable to give more or I should just be happy with my modest 30 pips from the pair. I;ve seen some pairs not give traders their "set" 50% of risk i.e in this instance 36.5 so will you let it reverse (hoping that after retraction it will comeback) or will you set a minimum 15 to 25/ 30pips so that you dont lose from a trade thats in a winning position.

So as you see there are many variables which is where one must develop their edge to ones belief of the market and to your strengths on exiting hopefully based on your journal of previous results of what works and what doesn't regardless of the pair traded.
But my mind is made up of Never letting a winning trade become a losing one and a bird in the hand is worth 2 in the bush - I'm not greedy and I wont wake up to find a retraction in the morning that I gave back the market 50pips. Not all pairs are runaway trains treat them for what they are respectively and what they can give.
I hope I managed to give an answer and my apologies if I digressed somewhat! I'm only sharing my thoughts as to where my thinking as developed to at this moment in time still along way to go. But everyday is a school day.

Side note to anyone needing a humble suggestion - IF you're failing to lock in profit
Imagine if you bank a modest 15 to 25 pips on each trade that starts off well but tries to re-tract (even 10pips) and say you do this individually on 4 or 5 trades assuming you timed entry on lower time frames well. You will hit a target of 60 to 80 pips for the day just on such a practice alone .But check the ADR range how much % has it already moved for the current day compared to previous day averages the 5 day, 10 day 20 day. Consider that before opening a trade because its suggesting what may still be up for grabs in terms of movement. Work on the 4HR make sure the trend is in the direction of the 1 Day confirmed trend:- because this is a safety feature of not going against the grain. At a point in the day(s) the bankers will likely move that pair based on the higher trend and I liken it to being their physics. - This advice is objective because its not what is taught in the thread but as a beginner I practiced it.

Hi

Someone on the forum is making a tester EA for this strategy, I'm sure it will be useful to people: https://www.forexfactory.com/showthr...1#post12458311

https://www.forexfactory.com/showthr...1#post12458311

David

A dashboard for this strategy would be a decent idea. It could alert us to pairs which are approaching a set up. on multiple Time frames.

try SwingMan's!

Hi,
Thanks David
Santé
jf

It still needs testing. I am doing some stuff with it now. If you see any errors please post them on that thread.

Some information about it here
https://www.forexfactory.com/showthr...17569&page=124 post 2,480 but you will have to look around for the actual dashboard.

Thanks, Marcus. Same to you!!

Earlier Post: 3,251
On trades that that are correct that start to prove to me that there is trend, BREAKOUT, (very strong)RSI across various time frames this gives me an indication that momentum is there for the pair to continue like a steam train so adding to these positions helps me press a winning trade and thereby hit my 3X 5XReward much quicker.

Just a thought, that may be nothing

Trade Signal Live now: AUD USD
Current trade to watch still waiting for the Candle to close on H4 for confirmation. Its currently also at a support level ( now in relation to this information regarding BREAKOUT would be helpful)

Is there an indicator available now, or possible can we look at developing something that would help in such a way (for example based on a live current signal for AUDUSD) See images attached.

1.) Breakout 2.) Trend 3.) RSI (measuring RSI as Sell or Strong Sell)
That across these time frames it would pick up buy or sell according. So that visually when one starts to see 2 /3 or more of sell or buy (if RH method confirms Buy/LONG) in 1, 2 and 3 you would start to get a clear picture therefore indication of momentum and strength. In this example for AUD USD we would be looking to see SELL come up 2 or more times across various Time Frames for each heading ofcourse our focus would be on H4 D1 most importantly but the visual confirmation of lower time frames will confirm the level of buying or selling.

(Is the job of Swingmans dashboard very close to this on function?, TMMS Robinhood DB_v1.1 because you see trend with the arrows, im not sure if RSI is confirmed in the arrow signal)

Just a thought, does anyone know if there is something that exists along these lines? or am I totally lost lol Looking forward to the weekend maybe too much thinking.

Hi everyone

Am I right in thinking that this trade was entered several bars too late? Or am I misunderstanding completely?

Thanks!

David

Hi all,
More visual (for me). Everything is blue or red
Santé
jf

you got it. Stoch and RSI cross 50. Push the button so long as Daily and M5 confirm the same

Thanks, that's what I thought. I'm going over the backtesting EA that's been posted and it looks like it's entering many trades several bars too late. Just wanted to make sure I was right before posting a message to the coder. If the EA works well it could be great for narrowing down which pairs work best with this trategy over the long term.

Hi RH! I love using BigE's system too. I really appreciate it.
This is GBPUSD Daily and H4.

You're welcome. Best of luck to you!

My current trades:

Hi RobinHood. Thanks all for this sharing.