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

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Trading Made Simple(r)

  • #4,141
  • Edited 10:48am Sep 30, 2019 9:48am | Edited 10:48am
Quoting 40PipsAlan
{quote} Luckily I did not go on that one. I did this one instead EUR/NZD. A bit early on the H4 I know, but jumped in on the H1 and +pips locked in now. {image}
That AUDNZD looks like the start of a retracement. It looks me like it probably won't see 1.0736 before it turns up. The down move was not well formed, so it is difficult to determine if the up move will be a rally to the down move with a continuation down to follow, or if it is simply the end of the down move and is the continuation up starting.
To free Gazans of Hamas, use whatever it takes.
  • #4,142
  • Edited 10:15pm Sep 30, 2019 7:16pm | Edited 10:15pm
Quoting RobinHood
{quote} I prefer letting the market take me out of a trade because you never know how far a move will go. I like to place my initial stop as described below: For Long Trades: Just below the low of the 2nd candle back behind the bar you entered on For Short Trades: Just above the high of the 2nd candle back behind the bar you entered on Note: You can put the stop at the high or low 1 candle back, but it will get hit much more often Also, I trade the 4 hour charts more often than any other time frame. BUT I refuse to wake up to check my trades every...
Do you still move your stop 2 bars back every 4 hours if the trade is going against you or going nowhere, or do you only start trailing it once the trade is in profit?
  • #4,143
  • Sep 30, 2019 8:27pm Sep 30, 2019 8:27pm
Quoting 00PIP
{quote} Do you still move your 2 bars back every 4 hours if the trade is going against you or going nowhere, or do you only start trailing it once the trade is in profit?
It's always the high or low of 2 bars back UNLESS the last bar is a BIG bar and then I might only use 1 bar back.
Always a Student, Never a Master - Emulate What Works
  • #4,144
  • Edited Oct 1, 2019 3:31am Sep 30, 2019 11:42pm | Edited Oct 1, 2019 3:31am
Quoting itsDavid
Anyone else riding the USDSGD train this morning? {image}
Another potential opportunity at close of current H4 Candle...

Waiting to see.

Cheers.
  • #4,145
  • Oct 1, 2019 12:33am Oct 1, 2019 12:33am
Quoting 40PipsAlan
{quote} Luckily I did not go on that one. I did this one instead EUR/NZD. A bit early on the H4 I know, but jumped in on the H1 and +pips locked in now. {image}
Can't see this pair going south Alan...but I may well be wrong.

Cheers.
  • #4,146
  • Oct 1, 2019 1:09am Oct 1, 2019 1:09am
Quoting krismitt
{quote} Can't see this pair going south Alan...but I may well be wrong. Cheers.
Yah kicked me out at +40 pips.
  • #4,147
  • Oct 1, 2019 2:04am Oct 1, 2019 2:04am
Quoting 40PipsAlan
{quote} Yah kicked me out at +40 pips.
I am currently +40 in a Buy Trade

Cheers.
  • #4,148
  • Oct 1, 2019 3:32am Oct 1, 2019 3:32am
USDSGD
Attached Image (click to enlarge)
Click to Enlarge Name: USDSGDH4.png Size: 50 KB

Trade well.
  • #4,149
  • Oct 1, 2019 3:51am Oct 1, 2019 3:51am
AUDNZD

Loving the look of this Pair.

See H4, then flick over to D1.

I'll be sitting at the H4, waiting for a buy setup.

Regards.
  • #4,150
  • Oct 1, 2019 9:41am Oct 1, 2019 9:41am
I like Tuesdays. If I could only trade on one day, it would be Tuesday.

3% on the day so far (I might still trade the 6pm close), + 0.5% profit still floating, with no loss stop loss locked in.

That one loss would have been a good profit as well (actually, it would have been my biggest profit), if I'd had my stoploss set correctly. An expensive lesson, but one which I'll profit from later on.
Attached Image (click to enlarge)
Click to Enlarge Name: Trades.jpg Size: 166 KB
  • #4,151
  • Oct 1, 2019 10:33am Oct 1, 2019 10:33am
Come on AUDCAD, dive dive dive!
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCAD.jpg Size: 992 KB
  • #4,152
  • Oct 1, 2019 12:32pm Oct 1, 2019 12:32pm
ItsDavid can you share your CaveManager settings, thank you.
  • #4,153
  • Edited 7:41pm Oct 1, 2019 1:18pm | Edited 7:41pm
Quoting VMInvest
ItsDavid can you share your CaveManager settings, thank you.
Sure. It's a work in progress, but it's on the way there I think. In my opinion the harder part of this strategy is getting the exits right. I'm currently trying to pick up 30 pips from 50% of the trade, and letting the second 50% run with stoploss and trailing stop in place.

The thing that bugs me about cavemanager is that it can't handle addons. So if you add to a good trade later on it sort of messes everything up. I'm hoping to find something better at a later date. If it all goes well I might just end up paying someone to create something to my specifications.
Attached File(s)
File Type: rar New WinRAR archive.rar   1 KB | 364 downloads
  • #4,154
  • Oct 1, 2019 1:21pm Oct 1, 2019 1:21pm
Quoting itsDavid
I like Tuesdays. If I could only trade on one day, it would be Tuesday. 3% on the day so far (I might still trade the 6pm close), + 0.5% profit still floating, with no loss stop loss locked in. That one loss would have been a good profit as well (actually, it would have been my biggest profit), if I'd had my stoploss set correctly. An expensive lesson, but one which I'll profit from later on. {image}
Congrats David,may I ask you, would you mind to post also history record from MT4 so we might learn something from your trades?
Whether you think you can, or you think you can't,you're right. H.F.
  • #4,155
  • Oct 1, 2019 1:26pm Oct 1, 2019 1:26pm
Hi,

I've been using Exit Manager, it can trail stop loss using set pips or fractals. Hope you find of some use.
Attached File(s)
File Type: mq4 Exit_Manager.mq4   10 KB | 368 downloads
File Type: ex4 Exit_Manager.ex4   19 KB | 286 downloads
  • #4,156
  • Oct 1, 2019 1:27pm Oct 1, 2019 1:27pm
Quoting Simply-Me
{quote} Congrats David,may I ask you, would you mind to post also history record from MT4 so we might learn something from your trades?
I'm a complete beginner, you need to look at the trades of more experienced people on these pages. Right now you'll mainly just learn mistakes from me!
  • #4,157
  • Oct 1, 2019 1:37pm Oct 1, 2019 1:37pm
Quoting itsDavid
{quote} I'm a complete beginner, you need to look at the trades of more experienced people on these pages. Right now you'll mainly just learn mistakes from me!
It's ok,we should learn from ours and others mistakes,that's the reason I've asked for real report,to check your trades.
Whether you think you can, or you think you can't,you're right. H.F.
  • #4,158
  • Oct 1, 2019 2:25pm Oct 1, 2019 2:25pm
Quoting Simply-Me
{quote} It's ok,we should learn from ours and others mistakes,that's the reason I've asked for real report,to check your trades.
At some point soon I'll connect my trading account to my account here. It would be good to get more feedback that way. I post quite a lot of my trades as above as well.
  • #4,159
  • Oct 1, 2019 2:29pm Oct 1, 2019 2:29pm
Took a short on USDCAD at the 6pm close. Last one for the day, there were others but I don't like to take much later in the day, I usually don't bother with the 6pm at all. Too many traders closing their PCs and sleeping for my liking

AUDCAD still slowly picking up the pips. Hopefully I'll take the first 30 off that one in the next hour or so.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD.jpg Size: 1.1 MB
  • #4,160
  • Oct 1, 2019 3:51pm Oct 1, 2019 3:51pm
Quoting itsDavid
Took a short on USDCAD at the 6pm close. Last one for the day, there were others but I don't like to take much later in the day, I usually don't bother with the 6pm at all. Too many traders closing their PCs and sleeping for my liking AUDCAD still slowly picking up the pips. Hopefully I'll take the first 30 off that one in the next hour or so. {image}
Same for me,I usually do not open 4H trades over night,however I cough that nice spike up on cable on 1 min chart and later down. 60 pips out of 90 pis 1M candle ain't that bad for quick scalp
Whether you think you can, or you think you can't,you're right. H.F.
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