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

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Trading Made Simple(r)

  • #7,361
  • Feb 3, 2022 8:08am Feb 3, 2022 8:08am
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  • #7,362
  • Feb 3, 2022 8:11am Feb 3, 2022 8:11am
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  • #7,363
  • Feb 3, 2022 8:43am Feb 3, 2022 8:43am
Quoting stiffdogg06
I have a snow day today, so I wanted to play around with lower TF's. Robinhood, if you were to trade the 15M TF, what higher TF would you use? 1hr?
Yes, 1 hr.
Always a Student, Never a Master - Emulate What Works
  • #7,364
  • Edited 12:16pm Feb 3, 2022 11:23am | Edited 12:16pm
Hi,

New here, still reading and everything makes sense. I see the GBDUSD Daily signal bar is setting up. When would you enter this trade?

Thanks,

Dan
  • #7,365
  • Feb 3, 2022 1:00pm Feb 3, 2022 1:00pm
Quoting Danimal42
Hi, New here, still reading and everything makes sense. I see the GBDUSD Daily signal bar is setting up. When would you enter this trade? Thanks, Dan
If it were me, I would enter it now before closing and spreads skyrocket.
Remember, the market never lies. It is only we who lie to ourselves.
  • #7,366
  • Feb 3, 2022 1:02pm Feb 3, 2022 1:02pm
Quoting Danimal42
Hi, New here, still reading and everything makes sense. I see the GBDUSD Daily signal bar is setting up. When would you enter this trade? Thanks, Dan
It's a close call. While the Daily does say Buy, the HMA line on the Weekly is Deep Pink.

Personally, I would likely wait until the HMA line on the Weekly turns back to green before I entered.

But again, it's a close call and I wouldn't fault you for taking the trade because the other indicators on the Weekly chart look positive.

One other thing, something I often do is to exit when blue or green on the stochastics turn back to grey.

Exiting that way is not always the best way to exit, but you'll also usually not give too many pips back (relatively speaking) if you do it.

*Stiffdogg is correct about the spreads at the close, but I usually get in 5-10 minutes before the close. And I exit the same way, unless my stop gets hit first.
Always a Student, Never a Master - Emulate What Works
  • #7,367
  • Feb 3, 2022 1:29pm Feb 3, 2022 1:29pm
Hi RobinHood,
Thank you very much for the thread. Its been quite a long read and honestly I have to skip some parts. Please by way of summary, is the method still exactly as posted in post #1 on page 1? What modifications have you made over this 3 and half years or thereabout? Can the new indicators added be updated in post #1 on page 1 please.
Thank you very much.
  • #7,368
  • Feb 3, 2022 1:51pm Feb 3, 2022 1:51pm
Quoting stiffdogg06
{quote} If it were me, I would enter it now before closing and spreads skyrocket.
Thanks Stiffdogg. I entered. Your right about the spreads.

Dan
  • #7,369
  • Feb 3, 2022 1:54pm Feb 3, 2022 1:54pm
Quoting Beasconsult
Hi RobinHood, Thank you very much for the thread. Its been quite a long read and honestly I have to skip some parts. Please by way of summary, is the method still exactly as posted in post #1 on page 1? What modifications have you made over this 3 and half years or thereabout? Can the new indicators added be updated in post #1 on page 1 please. Thank you very much.
Overall, nothing has changed from Post #1.

Some others have created or added new indicators BUT nothing has ever been changed in Post #1 regarding the methods, nor the indicators, nor the templates.
Always a Student, Never a Master - Emulate What Works
  • #7,370
  • Feb 3, 2022 1:55pm Feb 3, 2022 1:55pm
Quoting RobinHood
{quote} It's a close call. While the Daily does say Buy, the HMA line on the Weekly is Deep Pink. Personally, I would likely wait until the HMA line on the Weekly turns back to green before I entered. But again, it's a close call and I wouldn't fault you for taking the trade because the other indicators on the Weekly chart look positive. One other thing, something I often do is to exit when blue or green on the stochastics turn back to grey. Exiting that way is not always the best way to exit, but you'll also usually not give too many pips back...

Thanks for the feedback RobinHood. I will keep my eye on the stochastics. Im excited about reading the rest of the thread.

Dan
  • #7,371
  • Feb 3, 2022 7:55pm Feb 3, 2022 7:55pm
Hi Robinhood,

yesterday i came across this thread and grabbed my attention for a very simple and easy to follow rules system. i am still reading the thread but i learned about the system entries. yesterday i took the entries with your system at 23:00 local time and closed at 08:30 when i woke up. The results are incredible, i am sharing the screenshot of results.
Thanks for sharing such a simple and potentially profitable system. i will follow this system on the same time as mentioned above for a month on demo then i will start using it on Live.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 28 KB
  • #7,372
  • Feb 3, 2022 8:30pm Feb 3, 2022 8:30pm
Hi, everyone.
I have a question. The weekly chart shows a solid blue candlestick. Is this a first sign that soon the trend is about to reverse?
Or which chart should one follow here?
I would say waiting for the weekly chart to turn sell.
I am asking, to know if my thoughts are correct. What is your opinion please?

Regards
Michael.MSA

Attached Image (click to enlarge)
Click to Enlarge Name: AUDNZD.png Size: 110 KB
Don't trade because you think you have to do something.
  • #7,373
  • Feb 3, 2022 10:38pm Feb 3, 2022 10:38pm
Quoting Michael.MSA
Hi, everyone. I have a question. The weekly chart shows a solid blue candlestick. Is this a first sign that soon the trend is about to reverse? Or which chart should one follow here? I would say waiting for the weekly chart to turn to sell. I am asking, to know if my thoughts are correct. What is your opinion, please? Regards Michael.MSA {image}
1. Your monthly time frame and your weekly timeframe are in an UPTREND.
2. The spike at the last candle on your weekly, indicates a PULLBACK.
3. You can see the effect of this PULLBACK on your Daily and 4H chart.
4. You should wait for your daily or 4H to turn to UPTREND.
5. You should always go with the TREND of the HIGHER timeframe. Generally, this is the rule of thumb.
I hope this helps.
  • #7,374
  • Feb 4, 2022 1:20am Feb 4, 2022 1:20am
Exit strategy, with robot

RH talks specific about entry in post #1. But regarding Exit we have to use whatever we like.

I have noticed that the account nearly always get positive during a day and therefore I am now trying a daily exit.

Whenever the account has gained 1% profit, then I exit all trades. AND I call it a day. Don't be greedy ;-)

So I made a small robot to help me, because it is too hard to watch the account constantly. Often it get positive for a moment and then negative again. With a robot you can strike at that single - and maybe short moment.

There is only one parameter to set: TP_Percent. That is the percent of profit that you would like. I set that to 1. You could try 1.5.

Whenever the percent gain is reached, then it close all trades on your chart.

I should have tested it more, but I have had huge problems with my computer. Please bear with me if there are faults. And of cause, try it on a demo!
Attached File(s)
File Type: ex4 PercentStop.ex4   7 KB | 303 downloads
MetaTrader 4 - so many advantages.
  • #7,375
  • Feb 4, 2022 1:26am Feb 4, 2022 1:26am
Quoting RiskFighter
Exit strategy, with robot RH talks specific about entry in post #1. But regarding Exit we have to use whatever we like. I have noticed that the account nearly always get positive during a day and therefore I am now trying a daily exit. Whenever the account has gained 1% profit, then I exit all trades. AND I call it a day. Don't be greedy ;-) So I made a small robot to help me, because it is too hard to watch the account constantly. Often it get positive for a moment and then negative again. With a robot you can strike at that single - and maybe...
By the way, If you have a loss at - say 2%, then of cause you from that point have to gain 3% before the robot make an exit. The only way to reset the robot to count from the actual Account Equity is to exit the chart and start it up again. The balance that it counts from is written in the upper left corner.

Personally when I take a trade I set a R:R on 1:2. That way one WIN can cope with 2 Losses. And if that happen, then the account is ready to take the 1% gain after you had 2 losses.
MetaTrader 4 - so many advantages.
  • #7,376
  • Feb 4, 2022 2:22am Feb 4, 2022 2:22am
Quoting trade1969
{image}
What made you enter this? Doesn't seem to have a colour change or any other trigger.
  • #7,377
  • Feb 4, 2022 2:48am Feb 4, 2022 2:48am
Quoting oohoo
{quote} What made you enter this? Doesn't seem to have a colour change or any other trigger.
I cant see the image
  • #7,378
  • Feb 4, 2022 3:45am Feb 4, 2022 3:45am
Quoting qasimranapk
Hi Robinhood, yesterday i came across this thread and grabbed my attention for a very simple and easy to follow rules system. i am still reading the thread but i learned about the system entries. yesterday i took the entries with your system at 23:00 local time and closed at 08:30 when i woke up. The results are incredible, i am sharing the screenshot of results. Thanks for sharing such a simple and potentially profitable system. i will follow this system on the same time as mentioned above for a month on demo then i will start using it on Live....
Good job!...and Good Luck.
Always a Student, Never a Master - Emulate What Works
  • #7,379
  • Feb 4, 2022 4:11am Feb 4, 2022 4:11am
Quoting Michael.MSA
Hi, everyone. I have a question. The weekly chart shows a solid blue candlestick. Is this a first sign that soon the trend is about to reverse? Or which chart should one follow here? I would say waiting for the weekly chart to turn sell. I am asking, to know if my thoughts are correct. What is your opinion please? Regards Michael.MSA {image}
If you are trading a 4 hr. chart, I would not be too concerned about what the Weekly chart is doing, only the Daily. Remember, the 4 hr. chart has to turn before the Weekly chart does.

The Daily chart you are showing has been in an extended uptrend for nearly 2 months so I would be hesitant to take short trades on the 4 hr. chart, but obviously some of them will work.

Ideally, you want to trade in the same direction as the next higher time frame because overall it stacks one more thing in your favor.

I always try to remind myself that it is easier to float downstream with the current than it is to swim upstream against the current.
Always a Student, Never a Master - Emulate What Works
  • #7,380
  • Feb 4, 2022 7:44am Feb 4, 2022 7:44am
Quoting trade1969
{quote} 1. Your monthly time frame and your weekly timeframe are in an UPTREND. 2. The spike at the last candle on your weekly, indicates a PULLBACK. 3. You can see the effect of this PULLBACK on your Daily and 4H chart. 4. You should wait for your daily or 4H to turn to UPTREND. 5. You should always go with the TREND of the HIGHER timeframe. Generally, this is the rule of thumb. I hope this helps.

Thank you so much, Trade1969. Yes, it helps a lot.

Regards
Michael.MSA
Don't trade because you think you have to do something.
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