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Trading Made Simple(r)

  • #6,581
  • Mar 14, 2021 8:55am Mar 14, 2021 8:55am
Quoting JV1423
{quote} Yea one thing I’ve been doing is entering on the 4 hour time frame with stoploss two candles back either highest or lowest depending if I am selling or buying. Then what happen is that when the trades go into high profits I use the one hour time frame to adjust my stoploss base on the pure naked forex price action either below the recent higher low or the lower high. What I have been noticing is that whenever the 1 hour time frame goes past my adjusted stop loss and all indicators showing opposite direction on the 1 hour the four hour will...
That's a good idea, BUT...how do you deal with the 1 hour chart during the 6 - 8 hours that you should be sleeping?

If you moved up to the Daily charts you wouldn't have that issue, and you'd make more money.
Always a Student, Never a Master - Emulate What Works
  • #6,582
  • Mar 14, 2021 9:20am Mar 14, 2021 9:20am
Quoting RobinHood
{quote} That's a good idea, BUT...how do you deal with the 1 hour chart during the 6 - 8 hours that you should be sleeping? If you moved up to the Daily charts you wouldn't have that issue, and you'd make more money.
For the daily I find that I get less entries and higher stoploss because it’s the daily. Now what I do is check for entries around 8pm I would go to sleep and wake up at 4am meaning that I would go to sleep early. At 4 am if I see that all my trades are in reallly good long profits and are making the up or down zig zag one hour movements that’s when I move my stoploss after that I check one more time around 8-12pm for the other 2 candles. During the night for my time the volumes skyrocket while I sleep and during that time all my trades should go to profit so essentially I sleep when my trades goes well I wake up just to move stoploss depending on how they go. So I personally don’t lose sleep I love waking up early for the gym or to start my day early. I don’t check every hour to see if my trades are moving that’s because I’m a swing trader any trades I enter are all swings this is base on your system in general since it’s the four hour I need multiple 1 hour candles before I could even move my stoploss I can’t just enter a trade and wait one hour to check on it because it hasn’t form the necessary conditions for me to move my stoploss it needs time to develop
  • #6,583
  • Mar 14, 2021 12:20pm Mar 14, 2021 12:20pm
Quoting RobinHood
{quote} That's a good idea, BUT...how do you deal with the 1 hour chart during the 6 - 8 hours that you should be sleeping? If you moved up to the Daily charts you wouldn't have that issue, and you'd make more money.
That's a great idea RH, I never tried on daily Charts, less stress, if we just trade 1% we don't need to worry about the huge stop loss. So rules are same correct !? If we are trading on Daily then setup should be completely inline with Weekly Charts ?

By the way these days I am trying TMS(r) with Sentiment Indicator without validating higher time frame.
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  • #6,584
  • Edited 5:02pm Mar 14, 2021 1:03pm | Edited 5:02pm
Quoting MalvernTrust
{quote} That's a great idea RH, I never tried on daily Charts, less stress, if we just trade 1% we don't need to worry about the huge stop loss. So rules are same correct !? If we are trading on Daily then setup should be completely inline with Weekly Charts ? By the way these days I am trying TMS(r) with Sentiment Indicator without validating higher time frame. {image}
Most Forex traders start off day trading the Forex, and on very low time frames. Constantly being glued to the trading screen. They NEVER imagined that they would ever trade a time frame as high as 4 hour charts. But now, many, many, many of them do.

It's the same thing with Daily charts, it just takes time for most traders to "get there"...just as it did for me.

In theory, when you trade 4 hour charts, you have to check them 6 times a day.

With Daily charts, you only NEED to check them once a day.

The size of the stops on higher time frames are completely irrelevant to the size of the stops on the lower time frames...when done correctly.

Just make your trade size smaller so the money you risk is still the same...and only you can decide what that is.
Always a Student, Never a Master - Emulate What Works
  • #6,585
  • Mar 14, 2021 10:15pm Mar 14, 2021 10:15pm
Thank you very much RH for all your inputs.
  • #6,586
  • Mar 15, 2021 7:01am Mar 15, 2021 7:01am
Quoting MalvernTrust
Thank you very much RH for all your inputs.
You're welcome...it's my pleasure.
Always a Student, Never a Master - Emulate What Works
  • #6,587
  • Mar 15, 2021 8:13am Mar 15, 2021 8:13am
Quoting RobinHood
{quote} Most Forex traders start off day trading the Forex, and on very low time frames. Constantly being glued to the trading screen. They NEVER imagined that they would ever trade a time frame as high as 4 hour charts. But now, many, many, many of them do. It's the same thing with Daily charts, it just takes time for most traders to "get there"...just as it did for me. In theory, when you trade 4 hour charts, you have to check them 6 times a day. With Daily charts, you only NEED to check them once a day. The size of the stops on higher time frames...
Well said. I made money on D1-H4. then, when there was a lot of free time (vacation, lockdown, etc.), I returned to intraday trading to "make more money." But it turned out to be the other way around. I was only losing money. I had to step on the rake 3 times to flip the switch in my head. Intraday trading is very emotional and stressful and you need to be a very disciplined trader. This is not my game. Everyone should work where he can earn and the main thing is not to lose health, and also not to oversleep his life in front of the monitor, which has its own time limit. Now I have returned to high timeframes and am not going to return. 30 points up or down does not make the stress that I experienced during the day any more for me. I know where the price should go in the long term and the market noise does not distract me.
Trading has been and always will be, a hard way to make an easy living.
  • #6,588
  • Mar 15, 2021 10:40am Mar 15, 2021 10:40am
Quoting Boobligoom
{quote} Well said. I made money on D1-H4. then, when there was a lot of free time (vacation, lockdown, etc.), I returned to intraday trading to "make more money." But it turned out to be the other way around. I was only losing money. I had to step on the rake 3 times to flip the switch in my head. Intraday trading is very emotional and stressful and you need to be a very disciplined trader. This is not my game. Everyone should work where he can earn and the main thing is not to lose health, and also not to oversleep his life in front of the monitor,...
And...Well said to you also.
Always a Student, Never a Master - Emulate What Works
  • #6,589
  • Mar 15, 2021 12:36pm Mar 15, 2021 12:36pm
Quoting Boobligoom
{quote} Well said. I made money on D1-H4. then, when there was a lot of free time (vacation, lockdown, etc.), I returned to intraday trading to "make more money." But it turned out to be the other way around. I was only losing money. I had to step on the rake 3 times to flip the switch in my head. Intraday trading is very emotional and stressful and you need to be a very disciplined trader. This is not my game. Everyone should work where he can earn and the main thing is not to lose health, and also not to oversleep his life in front of the monitor,...
Same I am only sticking to 4 hour entries and daily direction thats all
  • #6,590
  • Mar 15, 2021 8:48pm Mar 15, 2021 8:48pm
GBPAUD Possible Sell !?

Daily RSI is just above 50 Slow Stoch 54 and Fast Stoch 25

H4 RSI, Slow and fast Stoch all below 50

Can we short now or do we need to wait another day for more confirmation ?
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  • #6,591
  • Mar 16, 2021 6:55am Mar 16, 2021 6:55am
Trying on Indices and exotics , Few Successful Trades :-)
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  • #6,592
  • Edited 7:18am Mar 16, 2021 6:58am | Edited 7:18am
Quoting MalvernTrust
GBPAUD Possible Sell !? Daily RSI is just above 50 Slow Stoch 54 and Fast Stoch 25 H4 RSI, Slow and fast Stoch all below 50 Can we short now or do we need to wait another day for more confirmation ? {image} {image}
There's not one definitive answer, at least not for me, but this is how I usually decide what to do...

If the lower time frame says to short, and the higher time frame has a majority of the indicators, like 5 or 6 that also say to short, then I take the trade.

BUT...if I am not sure of what the daily is telling me what to do yet, meaning some of the indicators say to short and some say not to yet, I will often look to see what the Weekly chart says.

Then, if the Weekly is in a downtrend, and the Daily is giving mixed signals, but the 4 Hour says to short, I will short. Otherwise, if the Weekly was in an uptrend, I would not short.

But, again, there's not one definitive answer.
Always a Student, Never a Master - Emulate What Works
  • #6,593
  • Mar 16, 2021 7:08am Mar 16, 2021 7:08am
please someone open the telegram group,so we can discuss more often because its more user friendly.
  • #6,594
  • Edited 7:37am Mar 16, 2021 7:15am | Edited 7:37am
Quoting MalvernTrust
GBPAUD Possible Sell !? Daily RSI is just above 50 Slow Stoch 54 and Fast Stoch 25 H4 RSI, Slow and fast Stoch all below 50 Can we short now or do we need to wait another day for more confirmation ? {image} {image}
For the sake of transparency, I want to say...I have multiple different methods. I don't introduce any different ones here because I don't want to create any unnecessary confusion.

I just looked at the GBPAUD Daily and compared 2 completely different methods I use.

Interestingly enough, my other trading method says the GBPAUD Daily is still in an uptrend. It's the lower chart in the image below:

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Always a Student, Never a Master - Emulate What Works
  • #6,595
  • Edited 7:59am Mar 16, 2021 7:36am | Edited 7:59am
Just for fun, I thought I would show everyone one of my stock trading methods and how easy it is to trade stocks using it...on a stock that MOVES a lot.

Since GameStop stock has been in the news a lot lately, I thought I'd show a 3 minute chart from today of it as an example.

Without going into too much detail, when the moving averages are aligned correctly (which they are on the chart below during the downtrend) and when the dots are orange, you sell short.

When the dots turn blue (in a downtrend) you exit.

The opposite is true for long trades.

During the last 3 hours it has dropped about $40 per share.

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Always a Student, Never a Master - Emulate What Works
  • #6,596
  • Mar 16, 2021 8:13am Mar 16, 2021 8:13am
Quoting JV1423
{quote} Same I am only sticking to 4 hour entries and daily direction thats all
Oh yeah. Probably many will understand me now.

When you trade high time frames, You can safely go to the toilet and think, when you sit there, whether you need to buy or sell currency now or wait a few hours ... or maybe it would be better to do it tomorrow.
But when you trade within the day, then you endure and delay going to the toilet in order not to miss the entry point .. because of this you become even more tense and emotional. and when you do decide to go to the bathroom, you should definitely take your phone with you in order to follow the market movement on the toilet through the MQL5 application.
Just wanted to add some laughter to your thread.
Trading has been and always will be, a hard way to make an easy living.
  • #6,597
  • Mar 16, 2021 8:15am Mar 16, 2021 8:15am
Quoting Boobligoom
{quote} Oh yeah. Probably many will understand me now. When you trade high time frames, You can safely go to the toilet and think, when you sit there, whether you need to buy or sell currency now or wait a few hours ... or maybe it would be better to do it tomorrow. But when you trade within the day, then you endure and delay going to the toilet in order not to miss the entry point .. because of this you become even more tense and emotional. and when you do decide to go to the bathroom, you should definitely take your phone...
Yeah, it's funny, but it's also very true.
Always a Student, Never a Master - Emulate What Works
  • #6,598
  • Mar 16, 2021 8:25am Mar 16, 2021 8:25am
Quoting RobinHood
{quote} There's not one definitive answer, at least not for me, but this is how I usually decide what to do... If the lower time frame says to short, and the higher time frame has a majority of the indicators, like 5 or 6 that also say to short, then I take the trade. BUT...if I am not sure of what the daily is telling me what to do yet, meaning some of the indicators say to short and some say not to yet, I will often look to see what the Weekly chart says. Then, if the Weekly is in a downtrend, and the Daily is giving mixed signals, but the 4 Hour...
Thank you RH for your time to analyze the GBPAUD Chart. Checking weekly also a good idea. Absolutely make sense to me. Additionally what I am observing is Sentiment Index is a Key ( Trade against the crowd). If its neutral or opposite then trade less likely be successful. I added Support and resistance indicator, i know that wont help. Just a training wheel for now. In this case GBPAUD Sentiment is Neutral.

H4/D1 aligned along with the Sentiment then very likely a positive trade.
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  • #6,599
  • Mar 16, 2021 8:25am Mar 16, 2021 8:25am
Quoting RobinHood
Just for fun, I thought I would show everyone one of my stock trading methods and how easy it is to trade stocks using it...on a stock that MOVES a lot. Since GameStop stock has been in the news a lot lately, I thought I'd show a 3 minute chart from today of it as an example. Without going into too much detail, when the moving averages are aligned correctly (which they are on the chart below during the downtrend) and when the dots are orange, you sell short. When the dots turn blue (in a downtrend) you exit. The opposite is true for long trades....
Your system is very simple and effective at the same time. The simpler the system, the easier it is to trade. I like your system and read your advice here. But I use my own trading method and therefore cannot share entry points here. But I learned a lot from your messages, which help me not to forget the basics of trading and again remember the knowledge that is forgotten over time. Thank you Robinhood.
Trading has been and always will be, a hard way to make an easy living.
  • #6,600
  • Mar 16, 2021 8:32am Mar 16, 2021 8:32am
Quoting MalvernTrust
{quote} Thank you RH for your time to analyze the GBPAUD Chart. Checking weekly also a good idea. Absolutely make sense to me. Additionally what I am observing is Sentiment Index is a Key ( Trade against the crowd). If its neutral or opposite then trade less likely be successful. I added Support and resistance indicator, i know that wont help. Just a training wheel for now. In this case GBPAUD Sentiment is Neutral. H4/D1 aligned along with the Sentiment then very likely a positive trade. {image}
I used this indicator a few years ago. But I couldn't apply it correctly. In the end, I concluded that it is better to trade against the crowd using this indicator. But sometimes it happened the other way around, when I entered a position, and the interest quickly changed to the opposite. In general, I hope that you will be able to use this indicator correctly. and you will give us advice.
Trading has been and always will be, a hard way to make an easy living.
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