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

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Trading Made Simple(r)

  • #4,281
  • Oct 11, 2019 10:28am Oct 11, 2019 10:28am
Quoting DrDave
{quote} But if you only look LEFT of the green Vline, you see an official downtrend OVERDUE to go up. However, your comment of "look how much pips are available" is only a hindsight observation. Based on your speculation of the up move as only a trend correction, then the PREVIOUS up moves are more indicative of what to expect if this is a correction similar to those. The fact that the current "correction" started off with 2 large-bodied bars and continued marching upward is more indicative of a trend change underway, in keeping with "overdue to...

have to agree with you, in any way, one of us will be right, in hindsight
at the moment the one enter the trade got stopped out
  • #4,282
  • Oct 11, 2019 10:45am Oct 11, 2019 10:45am
Quoting 40PipsAlan
Trade report for this week. All trades closed. 3.65R up this week, thats 4 weeks in a row with a profit of some kind. DD is at 1.8%, don't know if that is good or bad. No more trades today as I do not want to ruin it. have a good weekend guys and keep up with the studying. {image}
Hey Alan, is this trade report offered on your broker where is shows all this info including pips? My broker is oanda I’ve yet to find this where it shows this report with all the info for the week. I’m sure it’s on there somewhere but I’m not sure how to get to it. Thanks
  • #4,283
  • Oct 11, 2019 11:24am Oct 11, 2019 11:24am
Quoting monty20
{quote} Hey Alan, is this trade report offered on your broker where is shows all this info including pips? My broker is oanda I’ve yet to find this where it shows this report with all the info for the week. I’m sure it’s on there somewhere but I’m not sure how to get to it. Thanks
It’s an indicator that you run on the mt4 platform. I don’t know anything about oanda . You can always get yourself a demo account that runs on mt4. My current one is FXCM. I am not going to post a report this week, total failure on most trades with a 14R loss. Back to the training notes and YouTube forex videos for me.

A
  • #4,284
  • Oct 11, 2019 12:19pm Oct 11, 2019 12:19pm
Quoting 40PipsAlan
{quote} It’s an indicator that you run on the mt4 platform. I don’t know anything about oanda . You can always get yourself a demo account that runs on mt4. My current one is FXCM. I am not going to post a report this week, total failure on most trades with a 14R loss. Back to the training notes and YouTube forex videos for me. A
My oanda acct runs on mt4 as well. Which indicator is that?
  • #4,285
  • Oct 11, 2019 12:24pm Oct 11, 2019 12:24pm
Quoting monty20
{quote} My oanda acct runs on mt4 as well. Which indicator is that?
Here it is.
Attached File(s)
File Type: mq4 TradeReport_compact - v.1.04.mq4   153 KB | 295 downloads
  • #4,286
  • Oct 11, 2019 12:28pm Oct 11, 2019 12:28pm
Quoting 40PipsAlan
{quote} Here it is. {file}
Awesome. Thank you
  • #4,287
  • Oct 11, 2019 5:00pm Oct 11, 2019 5:00pm
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 26 KB

Only made 7 trades this week as I was busy with my full time job. closed out a couple good trades today to end the week. Not sure exactly what the DD% means
  • #4,288
  • Oct 12, 2019 12:34am Oct 12, 2019 12:34am
Quoting monty20
{image} Only made 7 trades this week as I was busy with my full time job. closed out a couple good trades today to end the week. Not sure exactly what the DD% means

I guess it's the maximum draw down of your account for that period.
  • #4,289
  • Oct 12, 2019 2:42am Oct 12, 2019 2:42am
Quoting monty20
{image} Only made 7 trades this week as I was busy with my full time job. closed out a couple good trades today to end the week. Not sure exactly what the DD% means
If you set the trade report to just show this weeks trades then you won’t need to put dates in. It resets every week. Good trading by the way
  • #4,290
  • Oct 12, 2019 1:21pm Oct 12, 2019 1:21pm
Has anyone here run MY4 on a Microsoft Surface? If so which one and how well did it function?


Thanks all
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #4,291
  • Oct 14, 2019 11:19am Oct 14, 2019 11:19am
Hey Guys whats on our watchlist for this week?
  • #4,292
  • Oct 14, 2019 12:50pm Oct 14, 2019 12:50pm
Quoting 40PipsAlan
Hey Guys whats on our watchlist for this week?
I’m not starting the week off well so far. Shorted aud/cad and eur/cad and hit stop loss on both
  • #4,293
  • Oct 14, 2019 1:08pm Oct 14, 2019 1:08pm
Quoting monty20
{quote} I’m not starting the week off well so far. Shorted aud/cad and eur/cad and hit stop loss on both
Hey monty, if you post your chart of AUDCAD and specify your timeframe and entry bar, maybe we can find what went wrong.
To free Gazans of Hamas, use whatever it takes.
  • #4,294
  • Oct 14, 2019 2:50pm Oct 14, 2019 2:50pm
watching USDCHF for continuation
  • #4,295
  • Oct 14, 2019 3:21pm Oct 14, 2019 3:21pm
Quoting DrDave
{quote} Hey monty, if you post your chart of AUDCAD and specify your timeframe and entry bar, maybe we can find what went wrong.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 50 KB


Here is where I entered AUDCAD. On the last bar at .89351
  • #4,296
  • Oct 14, 2019 3:25pm Oct 14, 2019 3:25pm
Quoting DrDave
{quote} Hey monty, if you post your chart of AUDCAD and specify your timeframe and entry bar, maybe we can find what went wrong.
Here is EURCAD entry at 1.45627 on last bar
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 46 KB
  • #4,297
  • Oct 14, 2019 4:47pm Oct 14, 2019 4:47pm
Quoting monty20
{quote} {image} Here is where I entered AUDCAD. On the last bar at .89351
I copied your screen capture to use.
You did not say where you placed the SL, but I would put it at the white horizontal line. You can see that the next to last bar had a long top wick, indicating rejection at that level. Then looking left, you can see how many other bars stopped at that level. Therefore, if a down swing is underway, then it is highly unlikely that price would get past this level. So your entry was about 110 pips to that SL. And The swing high to your entry price was already about 100 pips.

That bar with the long top wick does give support for looking for selling.

Next, look at the bars inside the oval. Compare those to the bars in all of the other down swings. I see an obvious difference. No commitment to either up or down. The brown RSI line running sideways is also is in agreement with this assessment

Finally, look at the stochastics lines and compare them with the lines in the previous down swings. The slower light grey one is flat; I want to see it pointed down on that entry bar just like it does on all of the other down swings.

Even if you checked the H4, you would see that the entry bar on D1 is a down continuation, but that it already has gone for 7 bars, and swings tend to go 5-10 bars and then end. Plus the down move has already traveled 100 pips, so it is unlikely to travel another 100 pips to profit in 3 more bars.

I would skip this and look for a better setup.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 188 KB
To free Gazans of Hamas, use whatever it takes.
  • #4,298
  • Oct 14, 2019 5:21pm Oct 14, 2019 5:21pm
Quoting DrDave
{quote} I copied your screen capture to use. You did not say where you placed the SL, but I would put it at the white horizontal line. You can see that the next to last bar had a long top wick, indicating rejection at that level. Then looking left, you can see how many other bars stopped at that level. Therefore, if a down swing is underway, then it is highly unlikely that price would get past this level. So your entry was about 110 pips to that SL. And The swing high to your entry price was already about 100 pips. That bar with the long top wick...
Thank you Dr Dave, very informative information. For some reason when I trade off the daily chart Ill either go back one bar for my SL or sometimes if I feel its a big distance and puts me out of my 2% range then I switch to the 4 hr chart and go back 2 bars for SL. When I placed this trade I believe I went back 2 bars on the 4 hr chart which ended up being around 26 pips. Also that still kept me within my 2% risk of my account per trade. But as I see after you pointed it out that I probably should have skipped this trade and waited. I took this screenshot after the trade had already been stopped out as you can tell but I believe that when I took the trade that one of the stochastic lines were below the 50 and the other was close and heading that way until the upturn (not 100% positive on that but pretty sure as I didn't take a screenshot from the beginning of trade, which I need to start doing). Again im new to this so I appreciate and accept all advice and strategy
  • #4,299
  • Oct 15, 2019 3:01pm Oct 15, 2019 3:01pm
Hey guys I’m just curious of what some your guys exit strategies are? I know RH posted a few good ones but what are some of your exits as far as taking profit? Do you guys do it by a percentage or how many pips or like double SL or something else? Thanks
  • #4,300
  • Oct 15, 2019 3:31pm Oct 15, 2019 3:31pm
Quoting monty20
Hey guys I’m just curious of what some your guys exit strategies are? I know RH posted a few good ones but what are some of your exits as far as taking profit? Do you guys do it by a percentage or how many pips or like double SL or something else? Thanks
I normally target either 5 or 10 pips, depending on the conditions. Sometimes I let one order run for a while, but not often.
To free Gazans of Hamas, use whatever it takes.
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