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Trading Made Simple(r)

  • #4,101
  • Sep 28, 2019 8:59am Sep 28, 2019 8:59am
Quoting RobinHood
For those of you who are struggling, here's a suggestion. Try trading a simplified version of my methods. Such as this one below: {image} If the candles are blue/blue and the HMA is green and the the RSI is above the Purple 50 Line, only take long trades on a 4 Hr. or Daily chart. If the candles are red/red and the HMA is Magenta and the the RSI is below the Purple 50 Line, only take long trades on a 4 Hr. or Daily chart. Ways to exit are many... 1. At +1R or +2R, etc. or whatever other Profit Target you use. 2. When one or both candles turn the...
RH, thanks for sharing. This simplified version and any TMS method, do you only take trades consistent with the larger TF (ie, daily, wkly or mthly) or only rely on the 4 hr signal, as suggested above? Thanks for you reply.
  • #4,102
  • Edited 10:24am Sep 28, 2019 9:10am | Edited 10:24am
Quoting sandecoconut
{quote} RH, thanks for sharing. This simplified version and any TMS method, do you only take trades consistent with the larger TF (ie, daily, wkly or mthly) or only rely on the 4 hr signal, as suggested above? Thanks for you reply.
Typically, I only look at the next time frame above the one I am trading and won't trade against it.

I also "fine tune" my entry by looking at the 5 min. chart and will only enter when that also agrees with the direction of the time frame that I am trading.
Always a Student, Never a Master - Emulate What Works
  • #4,103
  • Sep 28, 2019 9:32am Sep 28, 2019 9:32am
Quoting RobinHood
{quote} Typically, I only look at the next time frame above the one I am trading and won't trade against it. I also "fine tune" my entry by looking at the 5 min. chart and will only enter when that also agrees with the direction on the time frame that I am trading.
Thanks, RH. Very helpful.
  • #4,104
  • Sep 28, 2019 10:52am Sep 28, 2019 10:52am
Quoting kirinda
{quote} If you show your trades maybe someone here can see what you are doing wrong (51 trades on 4H in a week is a lot). By the way, forget the SR-levels it only complicate your trading.
Here you go. I have been trading on the H1 to get more opportunities during my working day. EUR/AUD continuation down that turned upside and took my SL
GBP/JPY continue down, again on the H1 but didnt wait for the candle to close as busy on a job so it made me pay for that one.
GBP/AUD again on the H1. Probably the same reason as EUR/AUD.
And AUD/NZD continue down turned into a reversal by the looks of it.

My plan next week is to screenshot each trade as I take it for better diagnosis after. Hopefully I wont be so busy with my proper job as well to concentrate on the trades better.
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  • #4,105
  • Sep 28, 2019 12:32pm Sep 28, 2019 12:32pm
Quoting itsDavid
{quote} I'm not seeing the colour change in the HMA 12 that you need for continuation entries in those charts. For example I have uploaded a screenshot for you. As you can see the move is going up, the HMA 12 is green, then it changes to red for a couple of candles, with those candles also being red, then the indicators all start signalling a buy again, with (crucially) the HMA 12 returning to green. Without that colour change it's not a valid continuation trade as far as I understand the system. As long as everything else is set up as the method...
thank you david
I will trade only with color change of hma for continuation trades
  • #4,106
  • Sep 28, 2019 12:33pm Sep 28, 2019 12:33pm
Quoting monty20
{quote} Those are not valid continuation trades as far as I know. The hma needs to be red and then green and then red again before its considered a continuation sell trade. I don't think its a continuation trade just because one bar changes to blue and then the next is red but maybe someone with a little more experience can confirm this
its how I will trade from now
thank you
  • #4,107
  • Sep 28, 2019 12:34pm Sep 28, 2019 12:34pm
Quoting Reitilicios
{quote} I don't see a continuation trade on your pictures. As fas as I know, you have to wait for the HMA line to change back to green, before you enter the trade.
I will do like this
thank you
  • #4,108
  • Sep 28, 2019 1:02pm Sep 28, 2019 1:02pm
Quoting 40PipsAlan
{quote} Here you go. I have been trading on the H1 to get more opportunities during my working day. EUR/AUD continuation down that turned upside and took my SL GBP/JPY continue down, again on the H1 but didnt wait for the candle to close as busy on a job so it made me pay for that one. GBP/AUD again on the H1. Probably the same reason as EUR/AUD. And AUD/NZD continue down turned into a reversal by the looks of it. My plan next week is to screenshot each trade as I take it for better diagnosis after. Hopefully I wont be so busy with my proper job...
Personally I am setting my stop loss two candles back, rather than three. Though I may be making a mistake with that. I'm not sure, but I think you might have opened a couple of those trades too late. I'd like to see what RH and others have to say about my thoughts though!
  • #4,109
  • Edited 12:17am Sep 29, 2019 12:00am | Edited 12:17am
Quoting 40PipsAlan
{quote} Here you go. I have been trading on the H1 to get more opportunities during my working day. EUR/AUD continuation down that turned upside and took my SL GBP/JPY continue down, again on the H1 but didnt wait for the candle to close as busy on a job so it made me pay for that one. GBP/AUD again on the H1. Probably the same reason as EUR/AUD. And AUD/NZD continue down turned into a reversal by the looks of it. My plan next week is to screenshot each trade as I take it for better diagnosis after. Hopefully I wont be so busy with my proper job...
All the entries is not at candle close, as you wrote it yourself above, so no trades are at the rules outlined at page 1. You wrote that you trade 1H to get many opportunities. But the problem is that you are at work and can not check the price at candle close every hour. Maybe you should move up to 4H or daily time-frame to trade with less stress and make sure you take entry at candle close (daily you can trade 1H before/after candle close because usually 1H in difference doesn't mean much). It's better to get it right than have many opportunities. Although, I think 15-20 opportunities per week on 4H is a lot of opportunities, that will give you good money if you do it right.

Edit:

I see that GBP/AUD trades it at candle close. The first trade here is a continuation trade but it miss a good change in momentum. Maybe you should wait for the HMA to change first to green and then to red again before entry so you make sure that you have a good change in momentum.The second trade looks good but when the price move in a weak trend with small pullbacks you should put the stop loss above the swing point instead of two candles back.
  • #4,110
  • Sep 29, 2019 12:35am Sep 29, 2019 12:35am
Quoting kirinda
{quote} All the entries is not at candle close, as you wrote it yourself above, so no trades are at the rules outlined at page 1. You wrote that you trade 1H to get many opportunities. But the problem is that you are at work and can not check the price at candle close every hour. Maybe you should move up to 4H or daily time-frame to trade with less stress and make sure you take entry at candle close (daily you can trade 1H before/after candle close because usually 1H in difference doesn't mean much). It's better to get it right than have many opportunities....
Cheers boss. I also see GBP/AUD is sitting on H1 and H4 support so a continue down is not such a good idea just yet. The same with EUR/AUD
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  • #4,111
  • Edited 1:06am Sep 29, 2019 12:51am | Edited 1:06am
Quoting 40PipsAlan
{quote} Cheers boss. I also see GBP/AUD is sitting on H1 and H4 support so a continue down is not such a good idea just yet. The same with EUR/AUD {image}
Lucky for you that I'm not your boss. GBP/AUD: To late for entry now(RH rule: entry within 1-3 candles after crossing (I only take entry at first candle after crossing to get in early)). On your last post the image shows correct entry the only thing was that stop loss should have been at swing point. If you had stop loss at swing point you would be in profit now. Also remember that RH doesn't care about support/resistance. On EUR/AUD I don't see any entry signal.

Edit:
When I take a closer look at your GBP/AUD trade I see that the stochastic 8,3,3 isn't under the 50 line so your entry is not correct.
  • #4,112
  • Sep 29, 2019 1:02am Sep 29, 2019 1:02am
Quoting kirinda
{quote} Luckily for you that I'm not your boss. GBP/AUD: To late for entry (RH rule: entry within 1-3 candles after crossing (I only take entry at first candle after crossing to get in early)). Also remember that RH doesn't care about support/resistance. On EUR/AUD I doesn't see any entry signal.
More a case of throwing trades in when time allows so as to get on the larger trend. If my SL was based on the daily candles then the story might be different. That would mean having confidence in the daily continuing in the direction you require but does not always work that way. Usually the daily reverses as well and we get even bigger losses. Perhaps my only option is to do daily charts or some form of scalping in the evenings
  • #4,113
  • Sep 29, 2019 1:19am Sep 29, 2019 1:19am
Quoting 40PipsAlan
{quote} More a case of throwing trades in when time allows so as to get on the larger trend. If my SL was based on the daily candles then the story might be different. That would mean having confidence in the daily continuing in the direction you require but does not always work that way. Usually the daily reverses as well and we get even bigger losses. Perhaps my only option is to do daily charts or some form of scalping in the evenings
If you calculate your risk in % instead of lot size you risk the same in % on daily as hourly. There is EA/Indicators that do this for you (for example: https://www.earnforex.com/metatrader...ze-Calculator/). Then you trade in the same way as you do on hourly (no need for scalping). In addition to that you can manually back-test on MT4 by using F12 button (check youtube for this). I use back-testing a lot to improve my trading.
  • #4,114
  • Sep 29, 2019 1:23am Sep 29, 2019 1:23am
Quoting kirinda
{quote} If you calculate your risk in % instead of lot size you risk the same in % on daily as hourly. There is EA/Indicators that do this for you (for example: https://www.earnforex.com/metatrader...ze-Calculator/). Then you trade in the same way as you do on hourly (no need for scalping). In addition to that you can manually back-test on MT4 by using F12 button (check youtube for this)
i am using swingmans RR calculator indi which is very good.
  • #4,115
  • Sep 29, 2019 1:29am Sep 29, 2019 1:29am
Quoting 40PipsAlan
{quote} i am using swingmans RR calculator indi which is very good.
Can you calculate risk in % with that? If not, change to calculator that can do that. The calculator I put link to in very good and I use it myself.
  • #4,116
  • Sep 29, 2019 1:35am Sep 29, 2019 1:35am
Quoting kirinda
{quote} Can you calculate risk in % with that. If not, change to calculator that can do that. The calculator I put link to in very good and I use it myself.
Yeah of course. I am risking 0.2% of my 50K demo account which equates to about £100 a trade with a TP of £200.
I could do the same on a weekly chart but would take a while to reach TP. Might give that a try this week.
  • #4,117
  • Sep 29, 2019 1:40am Sep 29, 2019 1:40am
Quoting 40PipsAlan
{quote} Yeah of course. I am risking 0.2% of my 50K demo account which equates to about £100 a trade with a TP of £200. I could do the same on a weekly chart but would take a while to reach TP. Might give that a try this week.
If you try out daily try it at least for one month to get enough trades to evaluate your performance.
  • #4,118
  • Sep 29, 2019 2:06am Sep 29, 2019 2:06am
Quoting MyProfit
Advancing... {image} Traded small timeframes, 1 Hour down...Thank You ALL,
Hello, congratulations on your results.

Would you mind sharing a little more info on your methods used?
Did you use the method from the original post?

Thanks
  • #4,119
  • Sep 29, 2019 3:56am Sep 29, 2019 3:56am
Quoting 40PipsAlan
{quote} Yeah of course. I am risking 0.2% of my 50K demo account which equates to about £100 a trade with a TP of £200. I could do the same on a weekly chart but would take a while to reach TP. Might give that a try this week.
Unless you're likely to one day load up an account with 50k wouldn't it be better to demo trade in more realistic conditions? Maybe switch to a 1k account with 100 leverage, and risk 1%-2% of balance per trade?
  • #4,120
  • Sep 29, 2019 4:01am Sep 29, 2019 4:01am
Quoting itsDavid
{quote} Unless you're likely to one day load up an account with 50k wouldn't it be better to demo trade in more realistic conditions? Maybe switch to a 1k account with 100 leverage, and risk 1%-2% of balance per trade?
I didn’t get an option on the demo account. Hence the reason for only using 5k of the 50k as my trading amount. Works out I am using 2% on the 5k per trade which would be more realistic for when I go live in about 10 years.
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