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Trading Made Simple(r)

  • #7,281
  • Jan 24, 2022 9:40am Jan 24, 2022 9:40am
Two Daily trades I took right before close on Friday. The AUDJPY is about to hit my 1.5:1 TP Level.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: EURNZD.png Size: 54 KB
Remember, the market never lies. It is only we who lie to ourselves.
  • #7,282
  • Jan 24, 2022 9:45am Jan 24, 2022 9:45am
Quoting RobinHood
I have been watching Bitcoin trade today...
Agreed, agreed and agreed.

Bitcoin and crypto may one day be a legitimate asset. But currently, it's just a digital ponzi.
  • #7,283
  • Jan 24, 2022 9:47am Jan 24, 2022 9:47am
I've also started to watch a handful of stocks as I like to play options.

Marked off the price level of where I would have entered because all the indicators matched up. Would have paid nicely if you are willing to play short.
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Remember, the market never lies. It is only we who lie to ourselves.
  • #7,284
  • Jan 24, 2022 9:47am Jan 24, 2022 9:47am
Quoting RobinHood
{quote} I will share anything regarding the Forex, specifically, which files or templates do you want?
Thanks in advance. I set up an MT4 account with my broker so the .ex4 files and/or template that create your dotted chart would be great to check out.
  • #7,285
  • Edited 10:10am Jan 24, 2022 9:52am | Edited 10:10am
Quoting andreyt
{quote} Hey RobinHood, are the indicators you´re using in Tradingview paid indicators? Any chance for telling us how to find them? Have a nice day!
What Stiffdog said is correct. I don't want to get into too many specifics about trading stocks here since it's a Forex forum.

One thing that really interests me about TradingView is that I can connect some of my other trading accounts (that are already set up and funded) to it and trade through the TradingView platform.

Attached Image (click to enlarge)
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Always a Student, Never a Master - Emulate What Works
  • #7,286
  • Jan 24, 2022 9:59am Jan 24, 2022 9:59am
Quoting KonradGER
{quote} I also became profitable with Robin Hoods Method and trading quite large amounts of money for different prop firms while building up my privat account. People have to follow the rules of RH, ONLY when they master this and become PROFITABLE with the basic strategy,they should start to add stuff which might filter trades better or building their own system around that. Otherwise it becomes a clusterfuck and they switch to another strategy in hopes that it will go better then this.
Agreed. I have worked with dozens of professionals and seen hundreds of methods. It has become obvious that any well constructed method will produce consistent profits. The holy grail of trading is not contained in any one method, it's possessing the discipline to execute a strategy exactly and without emotion.
  • #7,287
  • Edited 12:55pm Jan 24, 2022 10:01am | Edited 12:55pm
Quoting stiffdogg06
Two Daily trades I took right before close on Friday. The AUDJPY is about to hit my 1.5:1 TP Level. {image} {image}
When it comes to trading I believe very strongly in back-testing EVERY aspect of it that I reasonably can.

Were I you, for every trade you successfully make at 1.5:1, I would also track how much further beyond that that the price went in your favor.

Were you to learn that by doing that, that you could a make larger profits by staying in the trades until say 1.75:1 for example (as opposed to 1.5:1), it's an easy way to make more money per trade, and hopefully, more money overall. On the other side of the coin, 1.35:1 could be even better.

The moral of the story is...TEST. TEST. TEST EVERYTHING.
Always a Student, Never a Master - Emulate What Works
  • #7,288
  • Jan 24, 2022 10:06am Jan 24, 2022 10:06am
Quoting WickedDaddy
{quote} Thanks in advance. I set up an MT4 account with my broker so the .ex4 files and/or template that create your dotted chart would be great to check out.
I don't have those "dots" for MT4, only for stocks and they aren't something that I want to share at this point.
Always a Student, Never a Master - Emulate What Works
  • #7,289
  • Jan 24, 2022 10:54am Jan 24, 2022 10:54am
Quoting RobinHood
{quote} When it comes to trading I believe very strongly in back-testing EVERY aspect of it that I reasonably can. Were I you, for every trade you successfully make at 1.5:1, I would also track how much further beyond that that the price went in your favor. Were you to learn that by doing that, that you could a make larger profits by staying in the trades until say 1.75:1 for example (as opposed to 1.5:1), it's an easy way to make more money per trade, and hopefully, more money overall. On the other side of the coin, 1.35:1 could be even better....
Good idea. Once this month is over, I will go back to my trades and see if I could have taken a bigger TP level.
Remember, the market never lies. It is only we who lie to ourselves.
  • #7,290
  • Jan 24, 2022 12:03pm Jan 24, 2022 12:03pm
Quoting RobinHood
{quote} I don't have those "dots" for MT4, only for stocks and they aren't something that I want to share at this point.
I respect that. They make for a fun chart!
  • #7,291
  • Jan 24, 2022 1:16pm Jan 24, 2022 1:16pm
Quoting WickedDaddy
{quote} I respect that. They make for a fun chart!
I just sent you a PM.
Always a Student, Never a Master - Emulate What Works
  • #7,292
  • Jan 25, 2022 1:03am Jan 25, 2022 1:03am
something wrong in my chart, doesnt show the proper indicators
any idea guys?
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  • #7,293
  • Jan 25, 2022 5:18am Jan 25, 2022 5:18am
Quoting stiffdogg06
{quote} Good idea. Once this month is over, I will go back to my trades and see if I could have taken a bigger TP level.
Hi Stiffdogg06, hope you're well.

I wondered what led you to opt to take a fixed TP & SL approach rather than a trailing stop and allowing the market to take you out.

Paul.
  • #7,294
  • Jan 25, 2022 9:59am Jan 25, 2022 9:59am
Quoting WickedDaddy
{quote} Agreed. I have worked with dozens of professionals and seen hundreds of methods. It has become obvious that any well constructed method will produce consistent profits. The holy grail of trading is not contained in any one method, it's possessing the discipline to execute a strategy exactly and without emotion.
Hey WickedDaddy,

as you also shared some observation.... I want to also share another observation, which should be only applied by ALREADY profitable traders trading the BASIC Rules of the System. This is for the advanced traders. I will not go more into it, to not confuse any people who don't listen to me. The advanced traders will easily figure out what I mean and how to apply it.

Check out the red markings, I did on the attached chart of EUR/JPY 4H and look whats happens in the majority of the case when the previous H4 High or Low, gets violated. We can see that often a bigger movement takes place. Why is that? It's a hunt for stops of traders who where rushing into a Long/ Short Position and therefore Algos are creating Liquidity in order to move price in the desired direction for a larger price movement.

I'm not telling you to trade this especially starters/beginners in the method. I just wanna leave that for the advanced, already profitable traders, here. They will maybe see a use of it for themselfes.

Best
Konrad
Attached Image (click to enlarge)
Click to Enlarge Name: Previous Day Lows.jpg Size: 435 KB
  • #7,295
  • Jan 25, 2022 10:05am Jan 25, 2022 10:05am
Quoting airsakuragi
something wrong in my chart, doesnt show the proper indicators any idea guys? {image}
Make sure all your needed indicators files are in the indicator folder.
  • #7,296
  • Jan 25, 2022 12:56pm Jan 25, 2022 12:56pm
Quoting airsakuragi
something wrong in my chart, doesnt show the proper indicators any idea guys? {image}
Right click somewhere on the chart, go down to: Indicators List, look to see if all of the indicators are listed there. If they are not all there (which is mostly likely the case), I would go back to Page 1, post #1 and reinstall everything. After you do that, you must close and restart MT4 before the installation will take effect.
Always a Student, Never a Master - Emulate What Works
  • #7,297
  • Jan 25, 2022 3:25pm Jan 25, 2022 3:25pm
Quoting stiffdogg06
{quote} Good idea. Once this month is over, I will go back to my trades and see if I could have taken a bigger TP level.
stiffdogg06,
I sent you a DM.
  • #7,298
  • Jan 26, 2022 2:41am Jan 26, 2022 2:41am
Quoting KonradGER
{quote} Hey WickedDaddy, as you also shared some observation.... I want to also share another observation, which should be only applied by ALREADY profitable traders trading the BASIC Rules of the System. This is for the advanced traders. I will not go more into it, to not confuse any people who don't listen to me. The advanced traders will easily figure out what I mean and how to apply it. Check out the red markings, I did on the attached chart of EUR/JPY 4H and look whats happens in the majority of the case when the previous H4 High or Low, gets...
Just another example of the trade I'm currently in. If you advanced it can allow you earlier entries.
Attached Image (click to enlarge)
Click to Enlarge Name: Previous Day Lows1.jpg Size: 415 KB
  • #7,299
  • Jan 26, 2022 7:22am Jan 26, 2022 7:22am
Enjoyed reading this thread. Thank you to the creator.

Can any live traders or RH himself using this method on H4 and D1 confirm their risk management approach as I have read a few different views throughout the thread. Some questions below.

Entry when the price has touched the high or low of the signal bar? Not closing? So we can use pending orders in this case.

Initial SL above or below the previous two candle highs or lows?

Move SL to breakeven after 1:1? Trail profit off the previous two bars and/or exit when at least two indicators are telling you to do so?

Lot sizes per $1000 or $10000 account? Risk percentage? When to increase lots?

Any favourable pairs that have provided consistent results to consider focusing on?

If D1 and H4 are trending together can we day trade on the M5 in addition to entering and holding our swing positions?

Thanks in advance.
  • #7,300
  • Jan 28, 2022 5:33am Jan 28, 2022 5:33am
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