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

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Trading Made Simple(r)

  • #4,681
  • Edited 6:11am Apr 13, 2020 5:51am | Edited 6:11am
Quoting RobinHood
{quote} Yes, it's a legit entry (on the 4 hr. chart). From my perspective, what concerns me is how erratic the Daily chart looks, and the mixed signals the indicators are showing. {image} I like to look at a chart that is one time frame higher than I am trading AND I prefer trading charts that are moving in an orderly fashion. And while the EJ 4 hr. chart is, the Daily is not. That's not to say that I must always have the daily going the same way as the 4 hr. to make a trade, because you could also confer with the Weekly or Monthly to see an even...
Thanks so much RH for the feedback. I think it's wise to check the higher time frame for trend confirmation,will keep that in mind for the next trade.I am novice trader having just traded just for a few month and already burned two accounts. So I am looking to learn from other experienced traders in this thread. Below is the update on the EJ trade.
Attached Image (click to enlarge)
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"You can't buy the bottom, nor sell the top. The best you can strive for is
  • #4,682
  • Apr 13, 2020 11:18am Apr 13, 2020 11:18am
USDJPY trade. Was a bounce trade. I feel a little comfy entering bounce trades. Feedback on entry would be really welcomed, entered at the vertical purple line.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY TRADE.PNG Size: 93 KB
"You can't buy the bottom, nor sell the top. The best you can strive for is
  • #4,683
  • Apr 13, 2020 12:39pm Apr 13, 2020 12:39pm
Quoting Nonip
USDJPY trade. Was a bounce trade. I feel a little comfy entering bounce trades. Feedback on entry would be really welcomed, entered at the vertical purple line. {image}
The entry was 2 candles too early based on how I usually enter a trade. You should wait for the Deep Pink Line over the candles to turn from Lime Green to Deep Pink. And that can't happen for sure until the close of the 2nd bar, and then you enter on the Open of the 3rd bar.

Otherwise, it was a good entry.

BTW, it's not about whether this trade wins or loses. It's about following a set of rules, rules that you make.

That's my feedback.
Always a Student, Never a Master - Emulate What Works
  • #4,684
  • Apr 13, 2020 1:40pm Apr 13, 2020 1:40pm
Quoting RobinHood
{quote} The entry was 2 candles too early based on how I usually enter a trade. You should wait for the Deep Pink Line over the candles to turn from Lime Green to Deep Pink. And that can't happen for sure until the close of the 2nd bar, and then you enter on the Open of the 3rd bar. Otherwise, it was a good entry. BTW, it's not about whether this trade wins or loses. It's about following a set of rules, rules that you make. That's my feedback.
Thank you RH,I really appreciate your prompt feedback.
"You can't buy the bottom, nor sell the top. The best you can strive for is
  • #4,685
  • Apr 13, 2020 2:31pm Apr 13, 2020 2:31pm
Quoting Nonip
{quote} Thank you RH,I really appreciate your prompt feedback.
Always a Student, Never a Master - Emulate What Works
  • #4,686
  • Apr 13, 2020 3:37pm Apr 13, 2020 3:37pm
Hi RH,

How do you avoid taking trades in choppy markets? I'm trying to filter out the false signals.

The method works nicely when the market is trending.

Here are some of the trades I got open at the moment.
Attached Image (click to enlarge)
Click to Enlarge Name: tempsnip.png Size: 125 KB
  • #4,687
  • Edited Apr 14, 2020 9:35am Apr 13, 2020 5:51pm | Edited Apr 14, 2020 9:35am
Quoting stackpips
Hi RH, How do you avoid taking trades in choppy markets? I'm trying to filter out the false signals. The method works nicely when the market is trending. Here are some of the trades I got open at the moment. {image}
If anyone could figure that out, they'd become the richest person in the world!
Always a Student, Never a Master - Emulate What Works
  • #4,688
  • Apr 13, 2020 6:49pm Apr 13, 2020 6:49pm
Quoting RobinHood
{quote} If you could figure that out, you'd become the richest person in the world!
If only!
  • #4,689
  • Apr 14, 2020 12:17am Apr 14, 2020 12:17am
Quoting stackpips
Hi RH, How do you avoid taking trades in choppy markets? I'm trying to filter out the false signals. The method works nicely when the market is trending. Here are some of the trades I got open at the moment. {image}

Wow!!! Nice trades
"You can't buy the bottom, nor sell the top. The best you can strive for is
  • #4,690
  • Apr 14, 2020 3:35am Apr 14, 2020 3:35am
Quoting RobinHood
{quote} The entry was 2 candles too early based on how I usually enter a trade. You should wait for the Deep Pink Line over the candles to turn from Lime Green to Deep Pink. And that can't happen for sure until the close of the 2nd bar, and then you enter on the Open of the 3rd bar. Otherwise, it was a good entry. BTW, it's not about whether this trade wins or loses. It's about following a set of rules, rules that you make. That's my feedback.
Hello RH, following your advice...I decided to come up with a trade checklist to ensure all future trades follow the RULES/METHODS. If you would be so kind,could just go through it and check if i left out any thing important? You can also add or remove unnecessary lines.
Attached File(s)
File Type: xls TMS(r) trade checklist.xls   245 KB | 509 downloads
"You can't buy the bottom, nor sell the top. The best you can strive for is
  • #4,691
  • Edited 7:22am Apr 14, 2020 6:40am | Edited 7:22am
Quoting Nonip
{quote} Hello RH, following your advice...I decided to come up with a trade checklist to ensure all future trades follow the RULES/METHODS. If you would be so kind,could just go through it and check if i left out any thing important? You can also add or remove unnecessary lines. {file}
I like what you've created...for the most part.

In my mind, you are being much more analytical about it than I am. And neither way is wrong. You HAVE to create your own set of rules. Rules that you believe in because that will give you more confidence, which is something that you really need when executing trades.

Personally, I don't use # 31, 32, 33, 34, and 36. I think they are way to subjective, and I don't like subjectivity in trading. Things like support and resistance. 1/2 the time they work and 1/2 the time they fail. So where's the edge? And if there's no edge, then why use it?

You know what else? Based just on your spreadsheet, it appears that you are solely focusing on entries.

What you need to do is to place much more focus on exits, money management, and position sizing than you do on entries.

Try to remember this saying: "Amateurs focus on how much they can win. Professionals focus on how much they can lose"
Always a Student, Never a Master - Emulate What Works
  • #4,692
  • Apr 14, 2020 10:19am Apr 14, 2020 10:19am
Quoting paroucia
Hi Robinhood Is it possible to put an alert when HMA crosses MA?
Good Mornig Paroucia , Can you found the indicator PUT ALERT HMA CROSSES MA ? Regards !
  • #4,693
  • Apr 14, 2020 10:32am Apr 14, 2020 10:32am
Quoting RobinHood
{quote} I like what you've created...for the most part. In my mind, you are being much more analytical about it than I am. And neither way is wrong. You HAVE to create your own set of rules. Rules that you believe in because that will give you more confidence, which is something that you really need when executing trades. Personally, I don't use # 31, 32, 33, 34, and 36. I think they are way to subjective, and I don't like subjectivity in trading. Things like support and resistance. 1/2 the time they work and 1/2 the time they fail. So where's the...
Thank you RH, thank you for your observations.I don't use the numbers (38,61 and the others) to check resistance or support. Instead,I just look at the charts to see where possible areas of consolidation / turning points( previous price high or low) and be aware of them. I guess having burned two accounts already makes me too cautious. I will research more on money management and better exit strategies. Currently my HMA has an alert and if it changes colour from the "entry colour", I exit on candle close.
"You can't buy the bottom, nor sell the top. The best you can strive for is
  • #4,694
  • Edited 11:21am Apr 14, 2020 10:39am | Edited 11:21am
I just started using MT5 (today) and I can't get the HMA (Hull Moving Average) to install.

Here's where I found it:

https://www.mql5.com/en/code/549

I installed all 3 files in the correct folder but they don't show up in the Navigator > Examples folder.

I must be missing something. Can someone help me get this thing installed correctly?

OR can someone provide me with another HMA (in color) for MT5?
Always a Student, Never a Master - Emulate What Works
  • #4,695
  • Apr 14, 2020 11:37am Apr 14, 2020 11:37am
Quoting RobinHood
I just started using MT5 (today) and I can't get the HMA (Hull Moving Average) to install. Here's where I found it: https://www.mql5.com/en/code/549 I installed all 3 files in the correct folder but they don't show up in the Navigator > Examples folder. I must be missing something. Can someone help me get this thing installed correctly? OR can someone provide me with another HMA (in color) for MT5?
Here you go. It works fine with MT5
Attached File(s)
File Type: ex5 Hull average 2.ex5   26 KB | 269 downloads
File Type: mq5 Hull average 2.mq5   13 KB | 299 downloads
  • #4,696
  • Apr 14, 2020 11:57am Apr 14, 2020 11:57am
Quoting hungnd
{quote} Here you go. It works fine with MT5 {file} {file}
Thank you very much! That worked easily and perfectly!
Always a Student, Never a Master - Emulate What Works
  • #4,697
  • Apr 14, 2020 11:58am Apr 14, 2020 11:58am
*
The last item I need that I can't find is the Synergy_APB for MT5.

Does anyone have it?
Always a Student, Never a Master - Emulate What Works
  • #4,698
  • Apr 14, 2020 11:59am Apr 14, 2020 11:59am
Quoting RobinHood
The last item I need that I can't find is the Synergy_APB for MT5. Does anyone have it?
Yeah, I have
Attached File(s)
File Type: ex5 Synergy_APB.ex5   11 KB | 277 downloads
  • #4,699
  • Apr 14, 2020 12:32pm Apr 14, 2020 12:32pm
Quoting hungnd
{quote} Yeah, I have {file}
Thank you.

I have that one and installed it into my MQL5 > Indicators > Examples folder but it doesn't show up on my indicators list, what am I doing wrong?

Attached Image (click to enlarge)
Click to Enlarge Name: Synergy.JPG Size: 34 KB
Always a Student, Never a Master - Emulate What Works
  • #4,700
  • Apr 14, 2020 12:40pm Apr 14, 2020 12:40pm
Quoting RobinHood
{quote} Thank you. I have that one and installed it into my MQL5 > Indicators > Examples folder but it doesn't show up on my indicators list, what am I doing wrong? {image}
Have you tried to close and reopen MT5 ?
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