Trading Made Simple(r)

GBPUSD running in a loss.

NZDUSD small profit, but near resistance. I think I will close this soon.

GOLD is in a nice profit, will hold it for now.

Entered the following trend at London open as per rules and this one has gone against me.
So I have 2 questions:

1. Would you have taken this trade?
2. Do you let your stops get taken out and let the trade play out, or cut the trade manually if you think it's a loser?

GBPNZD Buy, NZDUSD Short

Hi Simcu - please note this is my take only...The USDYEN trade would never have been a trade for me - the Grey line (pinkish in your oscillator picture) is below and therefore shorts only plus the general state of the range the pair is in....I personally have an exit indicator to give me a heads up on a trade going badly and will always try and get out early if it doesn't play out - you can always get back in at a later stage.....Just my 2c worth

Thanks neil001. I think I've been paying more attention to the original indicator and missed that fact. I see there was no cross now. What is your exit indicator?

hi simcu your trade to BUY usd jpy is valid
the RSI above 50 line
the HMA line is cross the MA5
the trend is uptrend

i would take the trade if i see it the only problem is the quite long wick on the blue candle which indicate a low volume to go up

other than that everything is good
sometimes you just have to deal with small losses

i would cut my losses short on the open of the next candle at 107.606 because the HMA line turns red and the candlestick also turns red....and my entry would be 107.737 so i only lose +- 13 pips...very small loss and move on to the next trade

be careful GBP NZD is downtrend malvern

NZD USD is looking good it cant break the BIG resistance and will go down but be careful if low volume to go down it might go up again just have a plan of SL and TP for those trades and see if it works

Thanks for the analysis warsito123.

Sometimes it's paid off to leave the trade and let it bounce back and other times would have done better to cut it short - always a hard call to make. Using the HMA is a nice way to remove the emotion out of the trade.

Hey simcu - pm me, i don't want to confuse anyone and RH's system works well on its own

Hello Traders, its been an interesting week, couple of lessons learnt. Hopefully I'll be able to apply some ideas on improving entry & exit points next week and will share with a couple people who messaged me.

My focus is on 2 - 4 really good setups a day. This week I managed a 13.47% return on Equity.

Wish everyone a great weekend.

Well done bossman, nice work

Congrats Markus and thanks for motivation speech,but unfortunately there is nothing to learn from yours numbers.

Hello!!! Congratulations on your good results
Can you share your entry and exit experience as well as a nice trading setup?

Hi there;

I hope that people would learn to persist and that the method works from my sharing of results and that you just have to "experiment" how for you.

Mid week I learnt a big lesson on EURCAD [EUR] and shared my findings (there was food for thought for the person who tried to understand and look at what I shared in the image to explain my reasoning and to then compare it against PRICE ACTION), my entries and exits are in relation to the Ganns template in the image I showed.... which is why I'll try to give people who are really struggling something to consider, in relation to support and resistance - pivots.

My trading method is intra-day I aim to close all trades before 1900 everyday with the odd one, so it goes against what most are trading here with the risk to reward ideology but it works for me.

I hope to avoid looking like I'm trying to sell or convince my ideas to people in the group (and besides they may work for me but not for other people and previously I;ve been interrogated almost abusively) so that makes me shun from openly sharing them, they might confuse but if im asked I'm always happy to share.... because besides having stop losses that are not totally methodological Im also paying attention to the brown RSI and 2 stochastics which ALL must have crossed the purple line before I open a trade (H4 & Daily). I would advise whom ever is struggling on trades to re-employ them for opening and exiting trades.

Apologies if I sounded untoward it was never my intention.

could be a nice one

Hello Traders, so today was a quiet day in the markets as expected; so I took the chance to play in a demo account, looking at levels and entries and a trailing stop. I thought I'd share my trading thought process and what has been working for me. I've shared this same info somewhere in the thread but here is a 2020 update for you to go through and take or leave or maybe at least 1 thing gives you some idea to try.

The idea behind the strategy I trade, is in the belief that between 0700 - 1900 trades can be opened and closed and profits banked systematically. Trading the RH method and the Ganns template to see key levels for price behavior history we get to anticipate what's up for grabs. The info below assumes you're trading the 4hour tf with same conditions confirmed on the daily TF before you open *most important*. The 7 conditions confirming trend setup as stated by RH. Time your entry on the lower TF to catch the swing in your direction.

1. RH method gives us a high chance of success especially and particularly if you practice the principle of banking and not focus too much on the risk to reward ideology or looking for the breakeven movement of your SL (or well for me at-least).

2. Aim to lock in minimun 10pips and have a trailing step. Why watch a trade go 15pips then reverse into the unknown. The market is like an elevator that goes up and down; you get a chance to get on and off (having taken precautions to ensure the highest probability of success in a trade). Even the next day the same trade can come back at the same entry area (you can even re-bank the same pips lol) time is money - so locking in pips takes you closer to your daily target and more importantly enables you to bank, be in the plus and focus on other new trade TP1's rather than waiting for that same trade to come back into Profit or having open trades that you're waiting on the bankers to move. In order to win you've got to make your ammo count, get in and out and have free margin for other trades. I've left trades open over night to see them reverse and give back to the market. The phrase a bird in the hand is worth 2 in the Bush comes to mind, so close them and bank!

3. I've noticed TP1 (up to 40pips) is next to always a dead cert right, and the maximum adverse excursion (price movement in the wrong direction) tends to range normally- 20 / -25pips on occasion up to -40pips and then maybe -50pips. But be in the banking business lock in what you can get anywhere from 10 to 40pips. TP2's are more risk and tougher.

4. Now the Ganns template shows us key levels, so pay attention to not open a setup that shows ripe for entry before a resistance or support level has been passed, price may bounce like we saw last week with EURCAD. Also Ganns temp shows you which direction price is moving, so you can make sure its not retracting (look to the left has it been ranging or bouncing there before?)... Then open 4 -5 pips after it passes the level set the TP( and you can either keep an eye on your trade for measurement till the next level noted in the ganns TP1 and if need be manually lock in profit incase if it retracts or you can set the trailing stop. Lock in 10pips with 3 or 4 pip trailing step. Price doesn't always guarantee it will go all the way to the next level TP1 or maybe not that time... So lock in and come back another time or just move on.

5. I calculate my risk to be 5% of equity (typically 50pips SL) per trade so technically this means I'm banking normally 20% -, 30% and if I'm lucky 50% of my risk but if you look at my results it surely defeats the risk to reward ideology... because the banked pips are 5 to 10% my equity a day or over the week. If the trades were losers then maybe it would be a different story. *Technically if my max adverse excursion during the trade was -18 but the SL is at 50pips was my Risk in that trade really 50pips*

The Ganns chart (attached image) illustrates to you very clearly price movement trace and its key levels so this gives you data about its history in this area on previous occasions this is important pattern data to understand visually.

I've used this strategy since last year and it works returning 5 to 10% per day, week (ive pushed it to do 20% on a day but thats too much work) ...normally only 3 to 6 trades a day required. I just have to be patient and disciplined to open trades that meet the conditions above. BTW Only GBP and chf I trade is gbpjpyb/ usdchf..

I sincerely hope this can be of use to someone, iit seems to work and make sense for me.. But really it boils down to being patient for correct setups and banking 2 to 4 trades a day of profit anywhere from between 1 to 2.5% equity of your account per trade.

Could you post the Ganns indi mate? Thanks

Thanks for the post Marcus i got allot out of it. can i ask do you mainly trade on the 4H TF ? this seems to be the best TF for me.

What you guys think of this long?

i enter this trade also with long EUR/JPY and EUR/USD