Trading Made Simple(r) | Page 267 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trading Made Simple 151,883 replies

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

Indicators for the 'Trading Made Simple' system 343 replies

MTF Indicators for the 'Trading Made Simple' system 241 replies

Trading Made Simple system follower - Thanks to eelfranz 9 replies

Attachments: Trading Made Simple(r)
Exit Attachments

Trading Made Simple(r)

  • #5,321
  • May 10, 2020 5:31pm May 10, 2020 5:31pm
Hello fellow traders those who trades in EST time zone,

Any suggestions for Broker selection, Few US and Overseas brokers closes in different times, 5, 6 and 7 PM.

OANDA closes 5PM EST everyday, i think most of the traders follows NY close (5 PM EST), i don't know why , probably some meaningful market close.

If we trade 4H Chart we should stick with the following time frames ,

5 PM
9 PM
1 AM
5 AM
9 AM
3 PM

we might miss 1 AM and 5 AM most of the good changes happens around that time.

Any suggestion would be helpful.

Thanks
  • #5,322
  • May 10, 2020 7:33pm May 10, 2020 7:33pm
Quoting SwingMan
At the request of a member, here is the source code for "smTMMS Oscillator_v7.2" {file}
Thanks Swingman,

Could you pls add alert and email function for the arrow.
  • #5,323
  • May 10, 2020 8:12pm May 10, 2020 8:12pm
Quoting davidcheng
{quote} Thanks Swingman, Could you pls add alert and email function for the arrow.

i think alert is already there
Attached Image
  • #5,324
  • May 10, 2020 8:14pm May 10, 2020 8:14pm
This is the alert for the histogram reaching threshold not the arrow shown up.

Quoting mkfx
{quote} i think alert is already there {image}
  • #5,325
  • May 10, 2020 8:16pm May 10, 2020 8:16pm
Quoting MalvernTrust
Hello fellow traders those who trades in EST time zone, Any suggestions for Broker selection, Few US and Overseas brokers closes in different times, 5, 6 and 7 PM. OANDA closes 5PM EST everyday, i think most of the traders follows NY close (5 PM EST), i don't know why , probably some meaningful market close. If we trade 4H Chart we should stick with the following time frames , 5 PM 9 PM 1 AM 5 AM 9 AM 3 PM we might miss 1 AM and 5 AM most of the good changes happens around that time. Any suggestion would be helpful. Thanks

Hi Malvern

Yes OANDA is diffrent time on their server which i do not know

But most of the MT4 brokers from UK and Australia follow same time on their server. AND here in this thread as well most of the members mt4 accounts are also following the same time.

One possible option for you to sync with other is open a demo account with any Australian or UK broker and use that account for signal purpose.

Thanks

MK




Most of the
  • #5,326
  • May 10, 2020 8:25pm May 10, 2020 8:25pm
i mean the alert for this arrow .

Quoting davidcheng
This is the alert for the histogram reaching threshold not the arrow shown up. {quote}
Attached Image (click to enlarge)
Click to Enlarge Name: 696724C1-5C57-490A-8D1B-6E095492E1D7.jpeg Size: 289 KB
  • #5,327
  • May 10, 2020 8:28pm May 10, 2020 8:28pm
Quoting MalvernTrust
Hello fellow traders those who trades in EST time zone, Any suggestions for Broker selection, Few US and Overseas brokers closes in different times, 5, 6 and 7 PM. OANDA closes 5PM EST everyday, i think most of the traders follows NY close (5 PM EST), i don't know why , probably some meaningful market close. If we trade 4H Chart we should stick with the following time frames , 5 PM 9 PM 1 AM 5 AM 9 AM 3 PM we might miss 1 AM and 5 AM most of the good changes happens around that time. Any suggestion would be helpful. Thanks
Hay Malvern - The most "visual" difference for brokers that close at 5PM EST is that they don't print a Sunday candle - this is by far the most popular close and as such the additional candle doesn't change the price action because of the extra candle......also makes it much simpler if you are backtesting and have candles that look the same as most out there.......
  • #5,328
  • May 10, 2020 9:09pm May 10, 2020 9:09pm
Quoting neil001
{quote} Hay Malvern - The most "visual" difference for brokers that close at 5PM EST is that they don't print a Sunday candle - this is by far the most popular close and as such the additional candle doesn't change the price action because of the extra candle......also makes it much simpler if you are backtesting and have candles that look the same as most out there.......
Thanks Neil,

my question is if our broker closes at 5 PM EST it’s not advisable to enter during the close because of huge spread and unrealistic price, there is a chance of hitting SL soon. We can enter at 9 PM but we will miss 1 AM and 5 AM opportunities, how are you managing .

i read big E was trading during California time PST sometime he wake up early or he might miss one 4H candle through the day.

how are you managing your trades or that doesn’t matter , am I thinking too much ?
  • #5,329
  • May 10, 2020 9:42pm May 10, 2020 9:42pm
Quoting MalvernTrust
{quote} Thanks Neil, my question is if our broker closes at 5 PM EST it’s not advisable to enter during the close because of huge spread and unrealistic price, there is a chance of hitting SL soon. We can enter at 9 PM but we will miss 1 AM and 5 AM opportunities, how are you managing . i read big E was trading during California time PST sometime he wake up early or he might miss one 4H candle through the day. how are you managing your trades or that doesn’t matter , am I thinking too much ?
Hi Malvern - I'm in New Zealand so the 5 pm NY is 9 am for me.....easy to manage wrt spreads etc and I NEVER take a trade (Dailyor higher TF) in the first hour of trading due to volatility spreads etc. For me, there is an unattended 1 am and 5 am candle and I always use a stop loss when not in front of a computer so the worst that can happen is that I get stopped out at a predetermined point. You are right though....there are some significant moves in the NY session that just get missed if trading the H4 or lower time frames.....
  • #5,330
  • Edited 2:12am May 11, 2020 12:44am | Edited 2:12am
Quoting MalvernTrust
{quote} Thanks Neil, my question is if our broker closes at 5 PM EST it’s not advisable to enter during the close because of huge spread and unrealistic price, there is a chance of hitting SL soon. We can enter at 9 PM but we will miss 1 AM and 5 AM opportunities, how are you managing . i read big E was trading during California time PST sometime he wake up early or he might miss one 4H candle through the day. how are you managing your trades or that doesn’t matter , am I thinking too much ?

Probably yes, to your last question
There is no reason open trade between 5-6pm EST. There is usually no real movement except spread widening and crazy spikes either way. Then there is Tokyo session.Yes there are some opportunities and pips to be made,but it's my sleeping time (reside in EU) so I don't care. You cannot take all pips from market.You got to leave some for other people.
BigE woke up in the middle of the night,because it was thru London session,most profitable trading session.
He also said,if he'd lived somewhere in different times zone and was able to trade London session,he'd drop to 1Hr TF.Only reason he was on 4Hr TF was,so he didn't want to wake up every about in the middle of the night.

EDIT:
There is another important thing rarely talk about it here. It's MM - money management.
How much you risk per trade(RPT)?
What is your risk reward ratio per trade?(RR)
Let's say with 3% RPT and RR 1:2 with 10 trades per week and 50% success, you can make 15% of your equity weekly.
Whether you think you can, or you think you can't,you're right. H.F.
  • #5,331
  • Edited 2:01am May 11, 2020 1:06am | Edited 2:01am
Hi! I would like to thank RH for his time teaching us his method. I am in page 100 in this thread now. So, just to make sure I understood untill here. Can someone take a look at the pair EURCAD, it seems to me we are having a continuation pattern. If it is, When the entry will be valid? The candle only need to close as the HMA is deep pink color or need also to break HMA and close bellow it? Thank you. Best regards
  • #5,332
  • Edited 4:01am May 11, 2020 2:49am | Edited 4:01am
Nzdchf looking good for short in next couple hours.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 45 KB
  • #5,333
  • May 11, 2020 3:40am May 11, 2020 3:40am
Quoting juliojp
Hi! I would like to thank RH for his time teaching us his method. I am in page 100 in this thread now. So, just to make sure I understood untill here. Can someone take a look at the pair EURCAD, it seems to me we are having a continuation pattern. If it is, When the entry will be valid? The candle only need to close as the HMA is deep pink color or need also to break HMA and close bellow it? Thank you. Best regards
Could you post a screenshot it will make it easier for people to help as not sure I'm seeing the same signal from glancing at my chart
  • #5,334
  • May 11, 2020 3:59am May 11, 2020 3:59am
james.trades ok sorry!
I took this 2 hours ago before leaving home. I dont know how it closed. Thank you
Attached Image (click to enlarge)
Click to Enlarge Name: 7A659A18-EE25-45EB-942D-7510DB19CC47.jpeg Size: 1.9 MB
  • #5,335
  • May 11, 2020 5:04am May 11, 2020 5:04am
Quoting juliojp
james.trades ok sorry! I took this 2 hours ago before leaving home. I dont know how it closed. Thank you{image}
I would not short it on this level.it is sitting on S61 which is strong support.
  • #5,336
  • May 11, 2020 5:11am May 11, 2020 5:11am
Quoting Rubernet
{quote} I believe there is a language issue so I will explain using charts, a picture tells a thousand words. See the trade I took on the 4 hr chart, red line, I then change chart to Daily with same red line, the Daily oscillator and PMO says down trend. So if i had to use the Daily as my filter I would not have taken the long trade. If I took a short trade to be in line with the Daily I would have been a losing trade. Now look at the Daily after the red line, it all changed to a uptrend, oops, you see, what happens on the 4 hr will later reflect...
Can you tell me what you look for if you look for confirmation on H1? For example in the picture you posted, what made you decide to take the long trade and not to take the short trade?
  • #5,337
  • Edited 6:38am May 11, 2020 5:32am | Edited 6:38am
Quoting amirrh7
{quote} I would not short it on this level.it is sitting on S61 which is strong support.
Thank you for the advice! I am not gonna take this either, and if I do, would be in a demo, as I am still learning the rules. But lets forget abt the support for now. The entry would be valid as it is in the pic or do I need to wait for the candle to close below the HMA? Or it is not valid, the candle hasnt changed the color yet?
Best regards!
  • #5,338
  • Edited 8:35am May 11, 2020 5:38am | Edited 8:35am
Quoting amirrh7
{quote} I would not short it on this level.it is sitting on S61 which is strong support.

NZDUSD : Early entry based on some Price Action and TDI ( Risky) Cloed with 18 pips

AJ 1 HR : Based on Some price action, Cross Arrow . closed with 36 pips

EN Long 4HR closed for 65 pips Early Entry ( Risky)



Today 120 closed
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 63 KB
Click to Enlarge Name: Screenshot4.png Size: 56 KB
Click to Enlarge Name: Screenshot5.png Size: 62 KB
Click to Enlarge Name: Screenshot1.png Size: 5 KB
  • #5,339
  • May 11, 2020 5:44am May 11, 2020 5:44am
Looks good on H4 and daily but because it has been ranging in the past I got out with 57 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1.png Size: 55 KB
  • #5,340
  • May 11, 2020 6:52am May 11, 2020 6:52am
Took a bit of a risk on NZDUSD earlier but seems to be paying off.

Sold on 4hr chart, as the rsi went under the purple 50, and as the 1d chart was near the bottom of the blue candle and looked to be changing direction
Attached Image(s) (click to enlarge)
Click to Enlarge Name: tradehr4.jpg Size: 532 KB
Click to Enlarge Name: trade1d.jpg Size: 457 KB
Low Spreads/Commission.. https://go.vantagefx.com/visit/?bta=40917&brand=v
12 traders viewing now