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Trading Made Simple(r)

  • #7,241
  • Jan 20, 2022 9:51am Jan 20, 2022 9:51am
AUDUSD is closed out. It hit my 1.5:1 TP level. I am still building the confidence to let them run longer and need to learn to be okay with giving back some profits. Easier said than done.

Sorry, I'm not posting charts. I am at work and don't have access to a desktop MT4, just my phone. And then when I get home, I have a 6 month old to attend to, so... If one trade is specifically requested, I can probably make the time to post a chart.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20220120-104412_MetaTrader 4.jpg Size: 209 KB
Remember, the market never lies. It is only we who lie to ourselves.
  • #7,242
  • Jan 20, 2022 10:08am Jan 20, 2022 10:08am
Attachment g
  • #7,243
  • Jan 20, 2022 10:09am Jan 20, 2022 10:09am
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDDaily.png Size: 152 KB
  • #7,244
  • Jan 20, 2022 10:19am Jan 20, 2022 10:19am
Quoting WickedDaddy
It's been about 5-6 years since I posted in this forum. I went on to become a professional and ultimately founded and ran a CTA business and traded client accounts in the futures market. Everything went very well and we built a solid business... but I hated it. So I sold the CTA to a larger firm and retired back to my personal trading. So, just a quick background on me. I returned to FF to see what's going on and I stumbled across this thread and found the method both simple and fascinating. I have built my method over several years and it's very...
I reckon it's good in a non-trending market?
  • #7,245
  • Jan 20, 2022 10:33am Jan 20, 2022 10:33am
Quoting oohoo
{quote} I reckon it's good in a non-trending market?
No, it's not. Virtually nothing is good in a non-trending market.
Always a Student, Never a Master - Emulate What Works
  • #7,246
  • Jan 20, 2022 11:26am Jan 20, 2022 11:26am
Trades are all closed out for today. Maybe if I get some time this weekend I will post charts of the trades I took over the past week.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20220120-121837_MetaTrader 4.jpg Size: 243 KB
Remember, the market never lies. It is only we who lie to ourselves.
  • #7,247
  • Jan 20, 2022 12:06pm Jan 20, 2022 12:06pm
Quoting stiffdogg06
Trades are all closed out for today. Maybe if I get some time this weekend I will post charts of the trades I took over the past week. {image}
Thank you. That would be awesome!
  • #7,248
  • Jan 20, 2022 1:04pm Jan 20, 2022 1:04pm
Quoting DON-K
{quote} Can you share the indicator for MT4 users
The chart is RobinHood's TMSr, adapted to Trading View. I don't use MT4. The trading view indicators are set-up using RobinHood's instructions in his first post of this thread.
  • #7,249
  • Jan 20, 2022 1:34pm Jan 20, 2022 1:34pm
Quoting WickedDaddy
{quote} The chart is RobinHood's TMSr, adapted to Trading View. I don't use MT4. The trading view indicators are set-up using RobinHood's instructions in his first post of this thread.
The only thing that sucks about TradingView is you can't have the Synergy Candles which help you get into continuation trades. I watch TradingView at work since it is web-based.
Remember, the market never lies. It is only we who lie to ourselves.
  • #7,250
  • Jan 20, 2022 1:38pm Jan 20, 2022 1:38pm
Quoting KonradGER
{quote} Interreseting Observation. Are you using the Default MAs from TMSr, the 5 EMA and the 12,3 HMA and how would you trade this Doji in Detail? Thanks a lot in advance.
Yes, I set it up exactly as the TMSr instructions state in the first post of this thread. BUT... It's in Trading View, not MT4.

The doji needs to close in the channel and the 3 oscillators need to be either above or below the mid-line, depending on the direction of your impending trade. The more extreme, the better. Example:

Long Trade Conditions:

  1. Downward cycle of red HA candles with good channel (5 EMA and 12 HMA) separation
  2. Green doji closes inside the narrowing channel - signals a bottom and reversal
  3. All 3 oscillators below the midline, preferably as deep as possible.

A short trade would be the opposite conditions.

I have included a picture of a recent trade on EURUSD on a 1 hour chart. The green doji is circled. This was a textbook set-up. I entered on the next candle (also became a doji) and rode that pony for 20 pips. (I set a TP order so it could execute overnight - I love waking up to money in the bank)

Note:

  1. 20 pips may not seem like much but I trade multiple lots, so I don't need much to create good income. I don't have a profit strategy other than setting a pip count for how much money I want to extract from the market for that particular trade. This trade came at the end of a large move and was counter to it, so I set a low pip count to just take advantage of the retrace. Besides, EURUSD has been stuck in a comparatively tight range, so best to snag a few pips and wait for the next perfect set of conditions.
  2. I don't use stops so I don't have an "above this/below that" strategy. I will sometimes draw a line on the chart for a stop that, if reached, I'll get out. But I have not had to execute one of those for a several years.

Attached Image (click to enlarge)
Click to Enlarge Name: Circled Doji.png Size: 56 KB
  • #7,251
  • Jan 20, 2022 1:45pm Jan 20, 2022 1:45pm
Quoting stiffdogg06
{quote} The only thing that sucks about TradingView is you can't have the Synergy Candles which help you get into continuation trades. I watch TradingView at work since it is web-based.
Synergy Candles?

In my own charting, I use HA on one chart and regular candles on another. The regular candles allow me to pin-point entries. I used MT4 years ago but used TV in my business, as it was supported by my futures broker. I use the desk-top version.
  • #7,252
  • Jan 20, 2022 2:12pm Jan 20, 2022 2:12pm
Quoting oohoo
{quote} I reckon it's good in a non-trending market?
Trending markets are easy to trade and pretty much any method that obeys trend following rules will be successful. I have found that the best lessons and likewise, the ability to fine tune a method is during a non-trending market. Also, and more importantly, your discipline needs to be razor sharp and your patience needs to be that of a spider. A non-trending market will test both.

So I believe a well developed method with very simple and straight forward rules, executed on a chart that is easy to read, will allow its user to make money in a non-trending market. It's not the method that fails. It's the trader.
  • #7,253
  • Edited 4:30pm Jan 20, 2022 3:43pm | Edited 4:30pm
Quoting WickedDaddy
{quote} Trending markets are easy to trade and pretty much any method that obeys trend following rules will be successful. I have found that the best lessons and likewise, the ability to fine tune a method is during a non-trending market. Also, and more importantly, your discipline needs to be razor sharp and your patience needs to be that of a spider. A non-trending market will test both. So I believe a well developed method with very simple and straight forward rules, executed on a chart that is easy to read, will allow its user to make money...
Personally, the way I handle non-trending markets is to just not trade them.

Money in trading is made during trends and mostly lost during choppy periods.

That means, if I see an ugly choppy looking chart, I won't enter a trade on it.

That's not to say that I will always be right, because sooner or later all markets go into trending phases.

It's just that in my opinion, a choppy chart is much more likely to remain choppy than it is to start trending because you entered a trade on it.

That is the precise reason why my favorite entry is a Continuation Trade using a relatively small stop.

Look at this Weekly Amazon chart....

Attached Image (click to enlarge)
Click to Enlarge Name: AMZN Weekly.PNG Size: 200 KB

Now look at this Weekly Microsoft chart...

Attached Image (click to enlarge)
Click to Enlarge Name: MSFT Weekly.PNG Size: 190 KB


Which one would you rather risk your money on?

* You buy when the dots turn blue and exit when the dots turn orange.
Always a Student, Never a Master - Emulate What Works
  • #7,254
  • Jan 20, 2022 4:21pm Jan 20, 2022 4:21pm
Quoting RobinHood
{quote} Personally, the way I handle non-trending markets is to just not trade them. That means, if I see an ugly choppy looking chart, I won't enter a trade on it. That's not to say that I will always be right, because sooner or later all markets go into trending phases. It's just that in my opinion, a choppy chart is much more likely to remain choppy than it is to start trending because you entered a trade on it. That is the precise reason why my favorite entry is a Continuation Trade using a relatively small stop. Look at this Weekly Amazon chart.......
Simple and less migraine, I always appreciate your contribution to this site.
  • #7,255
  • Jan 20, 2022 4:30pm Jan 20, 2022 4:30pm
AUDUSD Continuation
1. All the indicators were pointing to an uptrend.
2. One candle turned blue/red.
3. I entered on the open of the next candle. It ran 4 pips below my TP of 1.5:1. I exited.
4. Was in the trade for maybe 21 hours.


EURCAD Crossover
1. All indicators pointed to a downtrend
2. The 8,3,3 stoch didn't quite cross yet but I know RH said it's ok if all the indicators point the same direction and it's going the same direction.
3. It would have hit my 1.5:1 target but I got glass hands.
3. Was in the trade for ~3 hours.

$3,400 in one day is a win in my book.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDUSD.jpg Size: 356 KB
Click to Enlarge Name: EURCAD.jpg Size: 341 KB
Remember, the market never lies. It is only we who lie to ourselves.
  • #7,256
  • Jan 20, 2022 4:51pm Jan 20, 2022 4:51pm
Quoting stiffdogg06
AUDUSD Continuation 1. All the indicators were pointing to an uptrend. 2. One candle turned blue/red. 3. I entered on the open of the next candle. It ran 4 pips below my TP of 1.5:1. I exited. 4. Was in the trade for maybe 21 hours. EURCAD Crossover 1. All indicators pointed to a downtrend 2. The 8,3,3 stoch didn't quite cross yet but I know RH said it's ok if all the indicators point the same direction and it's going the same direction. 3. It would have hit my 1.5:1 target but I got glass hands. 3. Was in the trade for ~3 hours. $3,400 in one day...
Thanks for the post Stiffdogg06.
I have a few questions.
In the AUDUSD trade, the Daily (Higher Time Frame) was not in an uptrend and the Daily RSI was not above 50. Wouldn't entering a trade there go against your rules?
In the EURCAD trade, you entered before the Moving Averages had not yet crossed. What made you decide to enter here?
  • #7,257
  • Jan 20, 2022 4:54pm Jan 20, 2022 4:54pm
Quote
trade1969
https://www.forexfactory.com/thread/...8#post13864958
I noticed that you are wasting chart space at the right of your window, maybe is your preference? if not, you can do this:
right click on chart
all the way down --click Properties on little window.
Colors..
Grid--choose Slate Grey or?--Click OK
Now,
At the top, right side, you can see a little arrow, put you mouse cursor on it (left), hold it, and move the "arrow' to the right, in this case...
Note, if after you changed the grid color you notice the lines in the chart (for the grid),(and you don't want it there) right click at the chart, click " grid' and that's all'''
Quoting trade1969
{image}
Attached Image (click to enlarge)
Click to Enlarge Name: gridf.png Size: 22 KB
"Great Men are not born great, They Grow Great."
  • #7,258
  • Jan 20, 2022 5:26pm Jan 20, 2022 5:26pm
Quoting senkyoshi
{quote} Thanks for the post Stiffdogg06. I have a few questions. In the AUDUSD trade, the Daily (Higher Time Frame) was not in an uptrend and the Daily RSI was not above 50. Wouldn't entering a trade there go against your rules? In the EURCAD trade, you entered before the Moving Averages had not yet crossed. What made you decide to enter here?
In regards to the AUDUSD, I honestly don't even look at what the overall trend looks like to the eye. If you magnify the photo, the YELLOW line in the bottom indicator is the DAILY RSI which crossed over the 50 line.

In regards to the EURCAD, I accidentally marked the wrong candle. I entered on the open of the next candle.

I hope that answers your questions.
Remember, the market never lies. It is only we who lie to ourselves.
  • #7,259
  • Jan 20, 2022 5:32pm Jan 20, 2022 5:32pm
Quoting stiffdogg06
{quote} In regards to the AUDUSD, I honestly don't even look at what the overall trend looks like to the eye. If you magnify the photo, the YELLOW line in the bottom indicator is the DAILY RSI which crossed over the 50 line. In regards to the EURCAD, I accidentally marked the wrong candle. I entered on the open of the next candle. I hope that answers your questions.
Yes it does, thank you. I was looking at the wrong line for the daily RSI.
I am really starting to consider just using the Daily RSI instead of looking at the entire Daily's indicators for a trend.
  • #7,260
  • Jan 20, 2022 5:42pm Jan 20, 2022 5:42pm
Quoting senkyoshi
{quote} Yes it does, thank you. I was looking at the wrong line for the daily RSI. I am really starting to consider just using the Daily RSI instead of looking at the entire Daily's indicators for a trend.
That is what I had to do because seeing all those indicators overwhelmed me. When I would look at the DAILY TF and see just one indicator not going the direction it needs to go, I wouldn't enter the trade.

So, all I do if I am looking at the 4HR for a trade is make sure the Yellow Daily RSI is above/below the 50 lines and then wait until all the indicators for the 4HR to match. I do the same for the DAILY TF but I use the WEEKLY RSI to confirm trend.
Remember, the market never lies. It is only we who lie to ourselves.
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