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Trading Made Simple(r)

  • #4,761
  • Edited 1:09am Apr 20, 2020 12:20am | Edited 1:09am
Looking to enter this one RH, thoughts?
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"You can't buy the bottom, nor sell the top. The best you can strive for is
  • #4,762
  • Apr 20, 2020 1:32am Apr 20, 2020 1:32am
Quoting RobinHood
{quote} How about this one? https://www.forexfactory.com/showthread.php?t=989445
Is there anything wrong with this trade order? This is my first trade with my 4 hour time frame
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  • #4,763
  • Apr 20, 2020 2:17am Apr 20, 2020 2:17am
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}
UPDATE

Hindsight is 20/20!

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Trade well.
  • #4,764
  • Apr 20, 2020 2:37am Apr 20, 2020 2:37am
Quoting Nonip
Looking to enter this one RH, thoughts? {image}
It's technically a perfect entry. But, it's the fact that it's in the middle of congestion on the 1 hr., 4 hr., and Daily charts that would stop me from entering right now.
Always a Student, Never a Master - Emulate What Works
  • #4,765
  • Apr 20, 2020 2:39am Apr 20, 2020 2:39am
Quoting Jonhathan123
{quote} Is there anything wrong with this trade order? This is my first trade with my 4 hour time frame {image}
That's a good entry, plus it also looks like it's going up on the Daily chart.
Always a Student, Never a Master - Emulate What Works
  • #4,766
  • Edited 2:55am Apr 20, 2020 2:43am | Edited 2:55am
Quoting krismitt
{quote} UPDATE Hindsight is 20/20! {image} {image} Trade well.
That was a TEXTBOOK Continuation short trade.
Always a Student, Never a Master - Emulate What Works
  • #4,767
  • Apr 20, 2020 2:58am Apr 20, 2020 2:58am
Quoting RobinHood
{quote} That was a TEXTBOOK Continuation short trade.
Absolutely !.

Cheers.
  • #4,768
  • Apr 20, 2020 3:17am Apr 20, 2020 3:17am
Quoting RobinHood
{quote} It's technically a perfect entry. But, it's the fact that it's in the middle of congestion on the 1 hr., 4 hr., and Daily charts that would stop me from entering right now.
Thanks, seems I still have some learning to do. I am sure with your help and the other senior traders on this thread, I will get better at it.
"You can't buy the bottom, nor sell the top. The best you can strive for is
  • #4,769
  • Edited 3:46am Apr 20, 2020 3:31am | Edited 3:46am
I know that many of you are using the MACD Line in the lower window now.

It's a great addition in my opinion, however, it FLOATS, meaning it moves around as you change the chart compression or when you scroll backwards. It effectively does almost the same as repainting so to speak, which we can't use with any degree of reliability.

I am communicating with SwingMan to see if he can't write code that will LOCK the MACD in place so that it doesn't float.

In the mean time, I have come up with another indicator (and tweaked the settings A LOT) that gives very nearly the same signals as the MACD (when using it for exits).

The great thing is...it doesn't float!

*Keep in mind that it's not perfect, but it's really good for exits very often.

It's called the Stochastics Momentum Indicator (or SMI).

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Here it is:

Attached File(s)
File Type: ex4 Stochastic momentum (SMI).ex4   15 KB | 676 downloads


Attached File(s)
File Type: mq4 Stochastic momentum (SMI).mq4   4 KB | 680 downloads


* Keep in mind that I changed the settings (A LOT)


Here's the template:

Attached File(s)
File Type: tpl # 4c.tpl   6 KB | 555 downloads
Always a Student, Never a Master - Emulate What Works
  • #4,770
  • Apr 20, 2020 3:40am Apr 20, 2020 3:40am
Quoting Nonip
{quote} Thanks, seems I still have some learning to do. I am sure with your help and the other senior traders on this thread, I will get better at it.
There are ways to deal with this.

If you want to take a trade when it's in congestion, you certainly can, but it becomes a 50-50 proposition (at best). So I will look at 1 or 2 time frames higher and only take a trade in congestion if the signal is going in the same direction as the higher time frames.

AND, I will often only put on 1/2 the size position as I normally would so I don't suffer from FOMO (fear of missing out). Then, if it works out, I will add the other 1/2 later when the trade is going my way.

Now there is another way around this that is even better. Don't take those types of trades at all.

Only take Continuation Trades.
Always a Student, Never a Master - Emulate What Works
  • #4,771
  • Apr 20, 2020 6:52am Apr 20, 2020 6:52am
Quoting RobinHood
{quote} There are ways to deal with this. If you want to take a trade when it's in congestion, you certainly can, but it becomes a 50-50 proposition (at best). So I will look at 1 or 2 time frames higher and only take a trade in congestion if the signal is going in the same direction as the higher time frames. AND, I will often only put on 1/2 the size position as I normally would so I don't suffer from FOMO (fear of missing out). Then, if it works out, I will add the other 1/2 later when the trade is going my way. Now there is another way around...
Thank you RH, I will stick to continuation.
"You can't buy the bottom, nor sell the top. The best you can strive for is
  • #4,772
  • Apr 20, 2020 6:55am Apr 20, 2020 6:55am
A humble request RH, could you kindly post your settings for the new indicator. I don't want to mess with my current template.
"You can't buy the bottom, nor sell the top. The best you can strive for is
  • #4,773
  • Edited 7:43am Apr 20, 2020 7:12am | Edited 7:43am
Quoting Nonip
A humble request RH, could you kindly post your settings for the new indicator. I don't want to mess with my current template.
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I am also using the settings 12, 12, 12 on MT5 on Futures only. I only trade the Forex on MT4.
Always a Student, Never a Master - Emulate What Works
  • #4,774
  • Apr 20, 2020 10:03am Apr 20, 2020 10:03am
Quoting RobinHood
{quote} {image} I am also using the settings 12, 12, 12 on MT5 on Futures only. I only trade the Forex on MT4.
Thank you RH, much appreciated. Personally, I am not touching any futures or commodities any time soon. Today I forgot to place a stop loss on a gold trade and like you said somewhere in the early stages of this thread....I DID REGRET. Valuable lessons I guess.
"You can't buy the bottom, nor sell the top. The best you can strive for is
  • #4,775
  • Edited 10:57am Apr 20, 2020 10:12am | Edited 10:57am
Quoting Nonip
{quote} Thank you RH, much appreciated. Personally, I am not touching any futures or commodities any time soon. Today I forgot to place a stop loss on a gold trade and like you said somewhere in the early stages of this thread....I DID REGRET. Valuable lessons I guess.
I ALWAYS, ALWAYS, ALWAYS, ALWAYS, ALWAYS, ALWAYS, ALWAYS, ALWAYS, ALWAYS, place a Stop as soon as I enter a trade.

I learned this lesson in 1998 when I was day trading the S&P 500 ($500/point) with no stop. Something diverted my attention and I forgot and left the trade on overnight and lost $15,000. I got out the next morning on the Open and within just a couple of hours I would have had all of my money back (plus some) if I had stayed in when the market snapped back to above where I got in.

You could have had this same problem if you were trading Crude Oil long today with no stop. Crude Oil just dropped to $.12/barrel (TWELVE CENTS) on the forward futures contract. This has never ever happened to Crude Oil in it's history.
Always a Student, Never a Master - Emulate What Works
  • #4,776
  • Apr 20, 2020 11:54am Apr 20, 2020 11:54am
Quoting RobinHood
{quote} I ALWAYS, ALWAYS, ALWAYS, ALWAYS, ALWAYS, ALWAYS, ALWAYS, ALWAYS, ALWAYS, place a Stop as soon as I enter a trade. I learned this lesson in 1998 when I was day trading the S&P 500 ($500/point) with no stop. Something diverted my attention and I forgot and left the trade on overnight and lost $15,000. I got out the next morning on the Open and within just a couple of hours I would have had all of my money back (plus some) if I had stayed in when the market snapped back to above where I got in. You could have had this same problem if you were...
Noted
"You can't buy the bottom, nor sell the top. The best you can strive for is
  • #4,777
  • Apr 20, 2020 12:59pm Apr 20, 2020 12:59pm
Quoting RobinHood
{quote} {image} I am also using the settings 12, 12, 12 on MT5 on Futures only. I only trade the Forex on MT4.

Many many thanks, One little bit of help needed, how can I manually put this new SMI into the same indicator window as the Oscillator ????, MT4.

A great site, Cheers
  • #4,778
  • Apr 20, 2020 2:14pm Apr 20, 2020 2:14pm
Quoting Coffeebuff
{quote} Many many thanks, One little bit of help needed, how can I manually put this new SMI into the same indicator window as the Oscillator ????, MT4. A great site, Cheers
Read Post # 4661
Always a Student, Never a Master - Emulate What Works
  • #4,779
  • Edited 3:16pm Apr 20, 2020 3:00pm | Edited 3:16pm
Any one looking at Gu ? (Robin do you think GU is in a range)

Few are setting up as well looking good on the daily as well.
Eu UJ AU not ready yet tho.
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  • #4,780
  • Apr 20, 2020 4:22pm Apr 20, 2020 4:22pm
Quoting PhillipmC
Any one looking at Gu ? (Robin do you think GU is in a range) Few are setting up as well looking good on the daily as well. Eu UJ AU not ready yet tho. {image} {image} {image} {image}
All the charts you posted are in a range.
Always a Student, Never a Master - Emulate What Works
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