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

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Trading Made Simple(r)

  • #7,301
  • Jan 28, 2022 9:55am Jan 28, 2022 9:55am
Quoting trade1969
{image}
What indicator made you take the trade?
Remember, the market never lies. It is only we who lie to ourselves.
  • #7,302
  • Jan 28, 2022 12:15pm Jan 28, 2022 12:15pm
[quote=stiffdogg06;13875450]{quote} What indicator made you take the trade?[/quote
RSI>50
STOCH >50
RSI MONITOR WEEKLY CHART UPTREND
ADX>29
BUY STOP ORDER
  • #7,303
  • Jan 28, 2022 10:15pm Jan 28, 2022 10:15pm
I normally read all posts before I comment, but this thread is huge. And also special because the thread starter is still present and very active.

Thank you for this work. I normally is a disaster when trading manually, but this system could be a turning point. Also it uses the indicators that I like the most like Hull and Heiken Ashi. And I love trading manually.

I normally trade using robots, but the way I use them could be of use in this system too: I trade all FOREX pairs. Every Sunday I analyse them all in order to select the pairs to trade in the coming week. I make channels on the charts. If a channel is going down in a nice trend, then I look for trades at the top of the channel that goes down and visa versa. Never take Long trades in a downward channel.

I draw the channels on Daily and 4 Hour TF and I trade at 30 Minutes TF.

So a system like the present gives a lot of signals at 28 FOREX pairs in the 30 minute TF - way too many. By watching only the indicators that you think are at the turning point in a channel, you can narrow the number of trading signals and it helps catching the exact turn of the trend.

I attach an example. At the arrow at this H4 chart (on a Sunday), I decided to trade the EURUSD down using all signals at 30 minutes. And I follow the trend as long as the trend is clearly going down. At the next Sunday I was confirmed by a nice trend to continue trading this pair for another week. Using this method I have been following 8 pairs this week. Having a nice profit indeed. Please take no notice of the indicators of the chart. They are not actual for this system.

So trading the Robin/Big E system I will use channels at H4 to select pairs to trade and trade at 30 min.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 67 KB
MetaTrader 4 - so many advantages.
  • #7,304
  • Jan 29, 2022 12:55am Jan 29, 2022 12:55am
Can anyone telll me how to add

50 Line - BlueViolet (I refer to it as Purple)

add this line to bottom indicator window?
  • #7,305
  • Jan 29, 2022 9:14am Jan 29, 2022 9:14am
Quoting RiskFighter
I normally read all posts before I comment, but this thread is huge. And also special because the thread starter is still present and very active. Thank you for this work. I normally is a disaster when trading manually, but this system could be a turning point. Also it uses the indicators that I like the most like Hull and Heiken Ashi. And I love trading manually. I normally trade using robots, but the way I use them could be of use in this system too: I trade all FOREX pairs. Every Sunday I analyse them all in order to select the pairs to trade...
Welcome to the thread. I appreciate you taking the time to make your post, and the useful information.

Trading methods are obviously a very personal thing because the trader is most often risking his own money based on them.

With that being said, I would like to show WHY I include the 5 ema (+ Shift 2) on my charts.

Here's a chart of just the HMA.

Attached Image (click to enlarge)
Click to Enlarge Name: GN Daily 2.PNG Size: 48 KB

Here's the same chart with the yellow 5 ema (+ Shift 2) added to it.

Attached Image (click to enlarge)
Click to Enlarge Name: GN Daily.PNG Size: 46 KB

By having both indicators on the chart, I can much more easily spot a Continuation Trade (which are my most favorite type of trades).

In this instance, they are short trades. The HMA was showing a downtrend (Deep Pink) then the HMA reversed to up (Lime Green), and back down. That's a Continuation trade, and it happens 4 times as shown by the white circles. * Note: I would never trade based on just these 2 indicators, I just removed everything else to make it easier to see the 2 indicators that I am talking about.

* To my friends that I owe PM's to (I was out of town for the last 3 days), they are forthcoming soon hopefully, but where I am (the Northeastern U.S.) we are having a blizzard at the moment, and I may not be able to respond as soon as I'd like to.
Always a Student, Never a Master - Emulate What Works
  • #7,306
  • Jan 29, 2022 10:09am Jan 29, 2022 10:09am
Quoting rx4312
Can anyone telll me how to add 50 Line - BlueViolet (I refer to it as Purple) add this line to bottom indicator window?
1. Click on the line (in the red box I drew), go down to the lower window and left click and it will place the line there.

Attached Image (click to enlarge)
Click to Enlarge Name: Line.PNG Size: 16 KB

2. To change settings...double click on the line you just made and you will see small square white boxes on the far left and far right as shown below (in the red boxes I added to the chart):

Attached Image (click to enlarge)
Click to Enlarge Name: White Boxes.PNG Size: 4 KB

3. Then change the settings to match the ones in the images below:

Attached Image (click to enlarge)
Click to Enlarge Name: 50.PNG Size: 6 KB

Attached Image (click to enlarge)
Click to Enlarge Name: BlueViolet.PNG Size: 8 KB
Always a Student, Never a Master - Emulate What Works
  • #7,307
  • Jan 29, 2022 3:49pm Jan 29, 2022 3:49pm
Quoting stiffdogg06
{quote} 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.
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.

Very interesting. How do you put a Daily RSI on a 4 hour chart??
MetaTrader 4 - so many advantages.
  • #7,308
  • Jan 29, 2022 4:13pm Jan 29, 2022 4:13pm
Oh I see, you are using TradeView. There is no mt4 indicator that can do this. However, it is possible to program an indicator for mt4 using the iCustom function. Anybody who want to do that??
MetaTrader 4 - so many advantages.
  • #7,309
  • Jan 29, 2022 4:24pm Jan 29, 2022 4:24pm
Quoting RiskFighter
Oh I see, you are using TradeView. There is no mt4 indicator that can do this. However, it is possible to program an indicator for mt4 using the iCustom function. Anybody who want to do that??
I believe that this is the indicator that you seek for MT4.

Attached File(s)
File Type: ex4 Advanced MTF RSI.ex4   35 KB | 328 downloads
Attached File(s)
File Type: mq4 Advanced MTF RSI.mq4   11 KB | 392 downloads
Always a Student, Never a Master - Emulate What Works
  • #7,310
  • Jan 29, 2022 9:26pm Jan 29, 2022 9:26pm
Quoting RobinHood
{quote} I believe that this is the indicator that you seek for MT4. {file}{file}
Thank you very much!
MetaTrader 4 - so many advantages.
  • #7,311
  • Jan 30, 2022 8:23pm Jan 30, 2022 8:23pm
Would you buy this pair once the current bar moves above the last bar's high? Why or why not? These ones always make me pause since it is at a point of resistance.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 127 KB
  • #7,312
  • Edited 9:33pm Jan 30, 2022 8:58pm | Edited 9:33pm
Can anyone share smtmms oscillator 7 version? Is this setup good for low time frame like 1 hour or 30mins?
  • #7,313
  • Jan 31, 2022 12:54am Jan 31, 2022 12:54am
Quoting rx4312
Can anyone share smtmms oscillator 7 version? Is this setup good for low time frame like 1 hour or 30mins?
Please read the thread.

You find the ind. with the search funktion.
  • #7,314
  • Jan 31, 2022 1:15am Jan 31, 2022 1:15am
Quoting rx4312
Can anyone share smtmms oscillator 7 version? Is this setup good for low time frame like 1 hour or 30mins?
Everything that ever was shared is there

Learn to use what is right in front of you

No search required



Attached Image (click to enlarge)
Click to Enlarge Name: 2022-01-31_17-12-38.jpg Size: 393 KB
It takes a lot for me to IGNORE you, but you can try.
  • #7,315
  • Jan 31, 2022 5:32am Jan 31, 2022 5:32am
So I am beginning to trade the RH strategy now. However I am a fan of the Smoothed Heiken Ashi because:

  1. You can still se the original bars and
  2. The trend is even more obvious than at the normal HA.

I have decided which pairs to trade this week according to my method in post 7,303.

Long
GBPAUD, GBPNZD,USDCAD

Short
AUDCAD, EURJPY, EURUSD, GBPUSD, NZDCAD, NZDUSD

So I will only take trades in the decided direction.

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 50 KB
Attached File(s)
File Type: ex4 Heiken_Ashi_Smoothed.ex4   12 KB | 217 downloads
MetaTrader 4 - so many advantages.
  • #7,316
  • Jan 31, 2022 6:00am Jan 31, 2022 6:00am
Quoting senkyoshi
Would you buy this pair once the current bar moves above the last bar's high? Why or why not? These ones always make me pause since it is at a point of resistance.{image}
I would not buy it now. I would have bought it 10 bars back.
Always a Student, Never a Master - Emulate What Works
  • #7,317
  • Jan 31, 2022 8:58am Jan 31, 2022 8:58am
Quoting RobinHood
{quote} I would not buy it now. I would have bought it 10 bars back.
Thanks Robin Hood.
Would this not be considered a continuation buy? If you had missed the buy 10 bars back, would you buy now as a continuation buy?
  • #7,318
  • Edited 10:39am Jan 31, 2022 10:28am | Edited 10:39am
Quoting senkyoshi
{quote} Thanks Robin Hood. Would this not be considered a continuation buy? If you had missed the buy 10 bars back, would you buy now as a continuation buy?
No, I wouldn't, but it's entirely up to you how you choose to define what is and isn't a Continuation Trade, and so if you want to define it as blue candle(s) --> red candle(s) --> blue candle(s) you could.

The reason I don't like doing it that way is because in a sideways market you would most likely get chopped up too much. As in blue, red, blue, red, etc.

Here's how I do it...

In a perfect setup, a Continuation Trade needs to start with a trend, then have a pullback of at least 2 candles, and then a resumption of the trend.

The way to best I know of to see that is by using the HMA (colored) line in conjunction with a moving average and for me, it goes like this:

A Long Continuation Trade needs to start with a trend (HMA GREEN) above the YELLOW 5 ema line, then a pullback (HMA DEEP PINK), and then a resumption of the trend (HMA GREEN) and the HMA Line (no matter the color) MUST continuously remain above the YELLOW 5 ema line the whole time.

* Keeping in mind that we should also consider what the other indicators are doing in the lower window(s) before we enter a trade.
Always a Student, Never a Master - Emulate What Works
  • #7,319
  • Jan 31, 2022 11:37am Jan 31, 2022 11:37am
Quoting RobinHood
{quote} No, I wouldn't, but it's entirely up to you how you choose to define what is and isn't a Continuation Trade, and so if you want to define it as blue candle(s) --> red candle(s) --> blue candle(s) you could. The reason I don't like doing it that way is because in a sideways market you would most likely get chopped up too much. As in blue, red, blue, red, etc. Here's how I do it... In a perfect setup, a Continuation Trade needs to start with a trend, then have a pullback of at least 2 candles, and then a resumption of the trend. The way to...
Thank you. That cleans some things up for me. I was thinking of a continuation because there was an upward trend previously before the bar turned red. Then the bar turned blue back in the direction of the previous trend. I was not thinking of the other indicators, just the color of the bars.
  • #7,320
  • Jan 31, 2022 12:48pm Jan 31, 2022 12:48pm
Hi Robinhood. Thanks for the great thread.

I see you recommend "phanthoms gift" as a book to read and I was wondering if you implemented Rule 2. From Phanthom of the Pits, in your trading.

He talks about a 3-2-1 structure in his book for a total of three entries.

I'm just curious to see where you would add to a position if any at all. I'm testing it with the (signal+1bar) and (signal+2bars) as my addon entries but so far havent been having much success with it. The initial entry is great. It's the next two that I'm trying to improve.
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