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Trading Made Simple(r)

  • #4,721
  • Apr 15, 2020 4:40pm Apr 15, 2020 4:40pm
Quoting RobinHood
{quote} Because the spreads are so wide for about an hour after the Open. You do need to keep your Daily trades open until you get an exit signal, it's just that you should exit about 5 minutes before the Close when you get an exit signal for the reason I just stated above.
Thanks!

Also if you had time I just wanted to double check with you.

For few pairs that I'm monitoring I see next signals (daily charts):
(I did not look for Weekly chart confirmation, for now I just need to see if I understand crossovers correct)

EURCAD - entry LONG (1st entry bar after set up bar closed today)
USDZAR - entry LONG (1st entry bar after set up bar closed today)
GBPCAD - entry LONG (2st entry bar after set up bar )

USDCAD - Set UP bar opened, no entry
NZDCHF - Set UP bar opened, no entry
NZDJPY - Set UP bar opened, no entry

Thank you
Go big or go home
  • #4,722
  • Apr 15, 2020 6:23pm Apr 15, 2020 6:23pm
Quoting Deminsib
{quote} Thanks! Also if you had time I just wanted to double check with you. For few pairs that I'm monitoring I see next signals (daily charts): (I did not look for Weekly chart confirmation, for now I just need to see if I understand crossovers correct) EURCAD - entry LONG (1st entry bar after set up bar closed today) USDZAR - entry LONG (1st entry bar after set up bar closed today) GBPCAD - entry LONG (2st entry bar after set up bar ) USDCAD - Set UP bar opened, no entry NZDCHF - Set UP bar opened, no entry NZDJPY - Set UP bar opened, no entry...
There are so many combinations that YOU can use these indicators to decide what to base your entries (and exits) on that I don't want to sway you with my opinions.

I am not trying to avoid answering your questions, it's just that I don't have all the answers, because there are no concrete answers. You have to figure out which of these methods work for you, if any. I am just mainly trying to provide some really good visual tools to help in the decision making process.

Remember these are trading methods, not systems, and only you can decide what methods you should use to enter and exit trades.

Aside from that, feel free to ask others in this thread what their opinions are, and maybe they can provide some good answers.
Always a Student, Never a Master - Emulate What Works
  • #4,723
  • Apr 15, 2020 6:33pm Apr 15, 2020 6:33pm
Quoting RobinHood
{quote} There are so many combinations that YOU can use these indicators to decide what to base your entries (and exits) on that I don't want to sway you with my opinions. I am not trying to avoid answering your questions, it's just that I don't have all the answers, because there are no concrete answers. You have to figure out which of these methods work for you, if any. I am just mainly trying to provide some really good visual tools to help in the decision making process. Remember these are trading methods, not systems, and only you can decide...
I understand.

Thank you!
Go big or go home
  • #4,724
  • Apr 16, 2020 9:34am Apr 16, 2020 9:34am
Quoting RobinHood
{quote} There are so many combinations that YOU can use these indicators to decide what to base your entries (and exits) on that I don't want to sway you with my opinions. I am not trying to avoid answering your questions, it's just that I don't have all the answers, because there are no concrete answers. You have to figure out which of these methods work for you, if any. I am just mainly trying to provide some really good visual tools to help in the decision making process. Remember these are trading methods, not systems, and only you can decide...
Hello! Can you just help me with the entry point like this correct according to your method?
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  • #4,725
  • Apr 16, 2020 10:40am Apr 16, 2020 10:40am
Quoting Jonhathan123
{quote} Hello! Can you just help me with the entry point like this correct according to your method? {image}
Your chart does not mimic mine close enough so I can't give you any advice. You are missing some indicators.

You could go to Post # 1 and download the indicators and template, apply them, and re-post your chart. Then I could help you.
Always a Student, Never a Master - Emulate What Works
  • #4,726
  • Apr 16, 2020 10:45am Apr 16, 2020 10:45am
Quoting RobinHood
{quote} Your chart does not mimic mine close enough so I can't give you any advice. You are missing some indicators. You could go to Post # 1 and download the indicators and template, apply them, and re-post your chart. Then I could help you.
Thank you because my negligence did not learn well. I moved from the TMS-5 method to here because it seems that I am not suitable for TDI. I am Day Trader can I use your method for a 15 minute time frame? I am currently downloading your Form 4! Thank you for sharing the method and waiting for a response from you!
  • #4,727
  • Edited 1:39pm Apr 16, 2020 11:20am | Edited 1:39pm
Quoting Jonhathan123
{quote} Thank you because my negligence did not learn well. I moved from the TMS-5 method to here because it seems that I am not suitable for TDI. I am Day Trader can I use your method for a 15 minute time frame? I am currently downloading your Form 4! Thank you for sharing the method and waiting for a response from you!
You are welcome!

You can use my methods to day trade if you want to but I'll tell you what a world famous trader (Ed Seykota) who was profiled in the book "Market Wizards" told me.

"Day trading is like having a slot machine on your desk that you feed all day long"
Always a Student, Never a Master - Emulate What Works
  • #4,728
  • Edited 3:02pm Apr 16, 2020 2:46pm | Edited 3:02pm
Hi RobinHood!
Thanks for the great thread. youre so kind and attentive here. I like your style and method and I really learned a lot from you. My account is old here but Im almost a newbie and havent been trading for years. I started trading again about a month ago with TMS and then I moved to your thread. After trying it on demo for a week, I thought what the hell, lets trade some micro lots with this. So I opened a live account which you can see in my explorer and I trade micro lots based on your method. I try different approaches on different timeframes and so far Im in green I make a lot of newbie mistakes everyday but Im so hopeful. Oh forgot to say this new indicator is great. Thanks again
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  • #4,729
  • Apr 16, 2020 3:23pm Apr 16, 2020 3:23pm
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  • #4,730
  • Apr 16, 2020 4:23pm Apr 16, 2020 4:23pm
Quoting exking
Hi RobinHood! Thanks for the great thread. youre so kind and attentive here. I like your style and method and I really learned a lot from you. My account is old here but Im almost a newbie and havent been trading for years. I started trading again about a month ago with TMS and then I moved to your thread. After trying it on demo for a week, I thought what the hell, lets trade some micro lots with this. So I opened a live account which you can see in my explorer and I trade micro lots based on your method. I try different approaches on different...
Great! I am glad to hear that it's working for you. Try to move up your time frame to at least 15 mins and you should do even better.

Let me know if I can ever help you with anything.

Good Luck!
Always a Student, Never a Master - Emulate What Works
  • #4,731
  • Apr 16, 2020 5:04pm Apr 16, 2020 5:04pm
OIL

Now look at both the D1 and H4 Charts...!

H4
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D1
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Disclaimer: I do not trade oil, just looking at the correlation between the two Time-frames (and what this COULD mean for the commodity).

Trade well.
  • #4,732
  • Apr 16, 2020 5:15pm Apr 16, 2020 5:15pm
Quoting krismitt
OIL Now look at both the D1 and H4 Charts...! H4 {image} D1 {image} Disclaimer: I do not trade oil, just looking at the correlation between the two Time-frames (and what this COULD mean for the commodity). Trade well.
I trade commodities and futures and I also think Oil is a sell. In fact, I also trade oil stocks and I bailed on my 2 of my 3 oil stock trades just today. MRO and AXAS. I am still holding CHK but I am taking a bath on it.

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Always a Student, Never a Master - Emulate What Works
  • #4,733
  • Apr 16, 2020 6:04pm Apr 16, 2020 6:04pm
Quoting RobinHood
{quote} I trade commodities and futures and I also think Oil is a sell. In fact, I also trade oil stocks and I bailed on my 2 of my 3 oil stock trades just today. MRO and AXAS. I am still holding CHK but I am taking a bath on it. {image}
Smile.

If oil is going lower (which is clearly probable from the two charts I have posted) my eyes are "popping" at the thought of Oil at or below $10.00/barrel (I hear some are already bidding $0.00, as storage facilities are full and overflowing, with supply exceeding demand!.)

If I were trading Oil, I would be looking for a target price of circa $10.92 in the first instance.

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Cheers.
  • #4,734
  • Apr 16, 2020 9:58pm Apr 16, 2020 9:58pm
Quoting RobinHood
{quote} Great! I am glad to hear that it's working for you. Try to move up your time frame to at least 15 mins and you should do even better. Let me know if I can ever help you with anything. Good Luck!
When I use the M15 time frame should I check the H1 time frame to identify trends?
Thank you!
  • #4,735
  • Apr 17, 2020 2:42am Apr 17, 2020 2:42am
Quoting RobinHood
{quote} Great! I am glad to hear that it's working for you. Try to move up your time frame to at least 15 mins and you should do even better. Let me know if I can ever help you with anything. Good Luck!
Yeah I tried different timeframes. Recently Ive been testing it for scalping on M5 but my broker doesn't like it at all. They give me half a pip to 2 pips difference on entry and exit but I'm just experimenting so no worries
  • #4,736
  • Apr 17, 2020 3:04am Apr 17, 2020 3:04am
Quoting exking
{quote} Yeah I tried different timeframes. Recently Ive been testing it for scalping on M5 but my broker doesn't like it at all. They give me half a pip to 2 pips difference on entry and exit but I'm just experimenting so no worries
I found it much more consistent scalping on the M15 using this system compared to M5.

M5 and M1 do work, just that they lose out to M15 in pips and consistency in my manual tests.
  • #4,737
  • Apr 17, 2020 3:12am Apr 17, 2020 3:12am
Quoting Jonhathan123
{quote} When I use the M15 time frame should I check the H1 time frame to identify trends? Thank you!
Yes, that's a good practice to adopt.
Always a Student, Never a Master - Emulate What Works
  • #4,738
  • Apr 17, 2020 3:36am Apr 17, 2020 3:36am
Quoting procmail
{quote} I found it much more consistent scalping on the M15 using this system compared to M5. M5 and M1 do work, just that they lose out to M15 in pips and consistency in my manual tests.
I usually try to scalp M5 in continuation. for example I see a trend forming on M30 then I move to M5 and wait for a retrace, after the retrace I go in on the first signal on M5. Here I'm waiting for M5 to give me a short signal.
How about you, how do you do it?
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  • #4,739
  • Apr 17, 2020 3:47am Apr 17, 2020 3:47am
Quoting exking
{quote} I usually try to scalp M5 in continuation. for example I see a trend forming on M30 then I move to M5 and wait for a retrace, after the retrace I go in on the first signal on M5. Here I'm waiting for M5 to give me a short signal. How about you, how do you do it? {image} {image}
I do something similar, except that I use an EA to set a trailing stop loss, and I set to break even at around 10-15 pips (depends).

I switch to a more standard candlestick chart with Support/Resistance zones shown to set the TP. TP at nearest zone.

When the trade exits due to the trailing SL or TP being hit, I may enter again at next retrace after checking that the higher timeframe(s) agrees.

If I can choose to which pairs to scalp, I try to choose those whose next 2 higher timeframes agree in direction, ignoring M30.

Edit: So it seems you start your scalp with a trend in M30, then work from M5. I start with M15, then check H1 and H4. Maybe it's easier to do it your way, ie start with a higher timeframe first.
  • #4,740
  • Apr 17, 2020 10:19am Apr 17, 2020 10:19am
Quoting RobinHood
{quote} You are welcome! You can use my methods to day trade if you want to but I'll tell you what a world famous trader (Ed Seykota) who was profiled in the book "Market Wizards" told me. "Day trading is like having a slot machine on your desk that you feed all day long"
Thanks for your advice! It helped me to realize that a low timeframe like M15 would give me pips very quickly but it would also take away very quickly the number of pips it gave. Maybe I'm not suited for scalping I will practice on higher time frames.
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