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

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  • #3,821
  • Sep 17, 2019 12:57pm Sep 17, 2019 12:57pm
Quoting rogertaggart
{quote} what are the settings for the two bands e.g. timeframe and periods
He posted the settings just one page back.
  • #3,822
  • Edited 4:21pm Sep 17, 2019 1:16pm | Edited 4:21pm
Quoting DrDave
{quote} Your example isn't quite the way it is recommended to buy, but you can try it and see how often it makes to your TP before turning back and hitting SL.
I know, BUT I ALSO took when I did because it was a Continuation Trade

Attached Image (click to enlarge)
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Always a Student, Never a Master - Emulate What Works
  • #3,823
  • Sep 17, 2019 1:19pm Sep 17, 2019 1:19pm
Quoting rogertaggart
{quote} what are the settings for the two bands e.g. timeframe and periods
I gave the settings for one of the bands a page or 2 back. I am not ready to give out the second bands and the settings YET. I NEED to MAKE SURE they work the right way first.....because they repaint.
Always a Student, Never a Master - Emulate What Works
  • #3,824
  • Sep 17, 2019 1:21pm Sep 17, 2019 1:21pm
Quoting itsDavid
{quote} He posted the settings just one page back.
I think he meant for the TWO different sets of bands.
Always a Student, Never a Master - Emulate What Works
  • #3,825
  • Sep 17, 2019 1:22pm Sep 17, 2019 1:22pm
Given that TMA indicators are known for repainting (sometimes significantly), I wonder if we are able to use the SMLazybands indi in order to confirm exits and to help avoid entries which are likely to quickly turn in the other direction?

For example, I just loaded it onto GBPSGD and as you can see it appears to very clearly show where reversals are likely to happen. Once the candle breaks through the TMA line it invariably turns the other way quite quickly. As you can see there is a great looking trade setup happening, however the last candle looks likely to break the TMA line which suggests that the bullish move will soon end and the pair will soon turn bearish again. If this is accurate it's (in my opinion) a clear sign that you shouldn't enter the trade even with everything else looking good.

However, all this is moot if the TMA is only giving such clear signals previously in the chart because they are repainted, and weren't actually so clear or accurate at the time.

I suppose the main question I am asking is can we trust the indicator in these circumstances and use it as I have described?
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  • #3,826
  • Sep 17, 2019 1:23pm Sep 17, 2019 1:23pm
Quoting RobinHood
{quote} I think he meant for the TWO different sets of bands.
Ah. Thanks for clarifying.
  • #3,827
  • Sep 17, 2019 2:00pm Sep 17, 2019 2:00pm
Quoting itsDavid
Given that TMA indicators are known for repainting (sometimes significantly), I wonder if we are able to use the SMLazybands indi in order to confirm exits and to help avoid entries which are likely to quickly turn in the other direction? For example, I just loaded it onto GBPSGD and as you can see it appears to very clearly show where reversals are likely to happen. Once the candle breaks through the TMA line it invariably turns the other way quite quickly. As you can see there is a great looking trade setup happening, however the last candle looks...
I have the same sort of questions. I know for sure that they can change while a bar is open, but how much they change later on, I don't yet know.

Two things I like about them so far...

1. They keep me from entering a trade in the opposite direction than the bands are pointing in.

2. They keep me from going long when price is NEAR THE TOP BAND and vice-versa for shorts.

Logically, the most ideal situation would be if you could go long at the bottom of the bands when they are pointing up and vice-versa for shorts.

BUT the jury is still out on how much I can trust them. Time will tell.
Always a Student, Never a Master - Emulate What Works
  • #3,828
  • Sep 17, 2019 3:11pm Sep 17, 2019 3:11pm
Hi RobinHood,

Personally, I haven't changed much from the original post and have been extremely happy with its success. Of course, I've been on here for close to a decade that I've picked up ways to read patterns that most newbs might not read but for the most part, I love your analogy of a pilot with its instruments, its taken a lot of the anxiety out of trading- including taking losses which has become just apart of business. I opened a live small tester account on Myfxbook with a limited capital investment to trade alongside my other accounts and to be honest, I may be solely trading it once I get to 6 months of consistency. Currently at 3 months with positive gains.

I have only broken the rules once, and that was in August with USD/CAD, it was too good of a short to pass up on but had to deal with some serious timing issues/drawdown. If you take that anomaly out of the stacks of trades I've taken you will see its a pretty nice curve. However, I know that we can always get better and that motivates me to continue to learn, adapt and appreciate your analogies, life stories and trading analysis on a day to day basis, as it has made me a better trader and overall better human being.

Cheers
  • #3,829
  • Sep 17, 2019 3:40pm Sep 17, 2019 3:40pm
Quoting NewbTrader7
Hi RobinHood, Personally, I haven't changed much from the original post and have been extremely happy with its success. Of course, I've been on here for close to a decade that I've picked up ways to read patterns that most newbs might not read but for the most part, I love your analogy of a pilot with its instruments, its taken a lot of the anxiety out of trading- including taking losses which has become just apart of business. I opened a live small tester account on Myfxbook with a limited capital investment to trade alongside my other accounts...
Those are very kind words and I genuinely appreciate them.

I haven't changed how I trade since the 1st page either. I just love experimenting with different ideas. I find it intriguing and stimulating.
Always a Student, Never a Master - Emulate What Works
  • #3,830
  • Sep 17, 2019 3:56pm Sep 17, 2019 3:56pm
Quoting RobinHood
{quote} I have the same sort of questions. I know for sure that they can change while a bar is open, but how much they change later on, I don't yet know. Two things I like about them so far... 1. They keep me from entering a trade in the opposite direction than the bands are pointing in. 2. They keep me from going long when price is NEAR THE TOP BAND and vice-versa for shorts. Logically, the most ideal situation would be if you could go long at the bottom of the bands when they are pointing up and vice-versa for shorts. BUT the jury is still out...
100% agreed.

Certainly in the case of that particular trade it is starting to look like the TMA warned of a reversal while all the 'normal' indicators were still suggesting a a good opportunity for a buy. The RSI has since started to dip over, moving average 5 is starting to flatten out, the current candle looks likely to end below the previous candle, and the price seems to have stalled. None of that was the case when the TMA seemed to be telling us that the upward move was over. Of course this could still change and the price could continue upwards, but as of right now it looks like it won't.

I'll be watching your (and other peoples) practice with the TMA very closely, as well as continuing to observe myself.
  • #3,831
  • Sep 17, 2019 4:23pm Sep 17, 2019 4:23pm
hey guys, I have a real newbie question that I thought I had figured out but the more I research it the more im confused. So I use Oanda platform and if I were to trade .10 which is 10,000 units that's equal to a mini right? and doesn't the mini move $1 per pip? sorry I know this has to be an easy answer but for some reason its confusing me right now and im not sure if its the pips and points or what

thank you
  • #3,832
  • Sep 17, 2019 4:32pm Sep 17, 2019 4:32pm
d1 continuation trades lose again
euraud
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eursgd
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one remaining open and three I opened now, thats make 4 trades open now
  • #3,833
  • Sep 17, 2019 4:52pm Sep 17, 2019 4:52pm
Quoting monty20
hey guys, I have a real newbie question that I thought I had figured out but the more I research it the more im confused. So I use Oanda platform and if I were to trade .10 which is 10,000 units that's equal to a mini right? and doesn't the mini move $1 per pip? sorry I know this has to be an easy answer but for some reason its confusing me right now and im not sure if its the pips and points or what thank you
Yes generally speaking it's a $1.00/pip...but some pairs are slightly different.
Always a Student, Never a Master - Emulate What Works
  • #3,834
  • Sep 17, 2019 5:15pm Sep 17, 2019 5:15pm
Quoting monty20
hey guys, I have a real newbie question that I thought I had figured out but the more I research it the more im confused. So I use Oanda platform and if I were to trade .10 which is 10,000 units that's equal to a mini right? and doesn't the mini move $1 per pip? sorry I know this has to be an easy answer but for some reason its confusing me right now and im not sure if its the pips and points or what thank you
Hi Monty - i have attached a little indicator that you can load on each pair you trade that will calculate the pip value based on your base (or deposit currency) and the pair you are trading - also show spreads etc
Attached File(s)
File Type: ex4 SVT v101.ex4   5 KB | 332 downloads
  • #3,835
  • Sep 17, 2019 6:24pm Sep 17, 2019 6:24pm
Quoting neil001
{quote} Hi Monty - i have attached a little indicator that you can load on each pair you trade that will calculate the pip value based on your base (or deposit currency) and the pair you are trading - also show spreads etc {file}
Thank you Neil, Im going to give it a shot
  • #3,836
  • Sep 17, 2019 6:31pm Sep 17, 2019 6:31pm
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As you can see it says my take profit line is set at 100 pips and the profit is $7.55 if it hits that. I also attached the pair and the number of lots to see what im doing wrong.

thanks again guys for all the help
  • #3,837
  • Sep 17, 2019 6:35pm Sep 17, 2019 6:35pm
I'm not sure if those are your final planned take profit and stop loss points, but if so you want to look at having your take profit at at least 50% more than your stop loss, though preferably 2 or even 3 times your stop loss. You'll need to be winning a higher than reasonable number of trades for that setup to prove profitable.
  • #3,838
  • Sep 17, 2019 6:56pm Sep 17, 2019 6:56pm
Quoting itsDavid
I'm not sure if those are your final planned take profit and stop loss points, but if so you want to look at having your take profit at at least 50% more than your stop loss, though preferably 2 or even 3 times your stop loss. You'll need to be winning a higher than reasonable number of trades for that setup to prove profitable.
hi David, I just put these on a chart earlier to see where im misunderstanding the whole pip thing. I thought I was buying .10 or 10,000 units (mini) and that the movement was $1 per pip or close to it depending on the pair. Im just confused as to why it says 100 pip profit would be $7.55. Im sure its something that im not understanding or doing right on my end but not sure what but thank you for that advice Ill definitely keep that in mind as well
  • #3,839
  • Sep 17, 2019 7:36pm Sep 17, 2019 7:36pm
Quoting forexdg
d1 continuation trades lose again euraud {image} eursgd {image} one remaining open and three I opened now, thats make 4 trades open now
take a look to the left, immediately there you will see an area of demand. In my opinion, its best to wait for that area to be cleared, tested, rejected and then when the indicators line up you take the short.
  • #3,840
  • Sep 17, 2019 7:45pm Sep 17, 2019 7:45pm
Quoting monty20
{quote} hi David, I just put these on a chart earlier to see where im misunderstanding the whole pip thing. I thought I was buying .10 or 10,000 units (mini) and that the movement was $1 per pip or close to it depending on the pair. Im just confused as to why it says 100 pip profit would be $7.55. Im sure its something that im not understanding or doing right on my end but not sure what but thank you for that advice Ill definitely keep that in mind as well
Monty - also remember that the displayed number you are seeing is not pips but points - which is a 1/10 of a pip....all measurements in MT4 are in points...
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