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

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Trading Made Simple(r)

  • #7,441
  • Feb 9, 2022 9:27am Feb 9, 2022 9:27am
Quoting senkyoshi
{quote} I have thought about posting my entries on the thread for both examples and critique from others. I know that my analysis is not great yet because I have yet to make or lose money on this method. I keep hovering around break even. It would be helpful for me, at least, to post the entries and have other give their advice or suggestions. I try hard to follow the method, but sometimes I do not see things correctly. My only worry is that I do not want to flood the thread with my posts, but it may be helpful for others to see my entries and then...
That is the whole purpose of the thread; to show your trades so Robinhood and others can provide input. Don't feel bad posting all your charts even if you think they aren't 100% correct.

"Practice does not make perfect. Only perfect practice makes perfect."

If you don't see things correctly and are practicing incorrectly, you'll never be able to correct yourself if you don't know where you may have went wrong.
Remember, the market never lies. It is only we who lie to ourselves.
  • #7,442
  • Feb 9, 2022 10:04am Feb 9, 2022 10:04am
Quoting stiffdogg06
I'll be honest, I don't understand and I am very surprised on how this thread doesn't have more interaction (I'm not complaining). Maybe because it is so simplistic and uses basic indicators that it deters people away. I just love how the rules don't change whether you are on the 15M TF or Daily TF. You look for the same reactions to the indicators and pull the trigger. Robinhood, thank you for the tip in regards to the "RSI 50 Channel". It definitely helps filter out some of the sideways movement. Would you bother putting the "channel"...
1. I do not do it. In fact, I am not even looking at the "one higher time frame charts" now that I have the Advanced MTF-RSI on all of my charts. I am in now way suggesting that others should also do this, as I am just testing out the idea, and so far, I like it.

2. Personally, they ARE often fun to watch and I own TONS of them that I have bought through the years, but most of them just teach you mostly useless bullshit. I think that you are far better off reading books on trading psychology (like The Disciplined Trader) and money management. I call them the "3 M's of Trading"...Mind, Method & Money Management.

I am going to give everyone here nice a gift, a place where you can find LOTS of popular trading books that you can download for free. It's called PDFDrive.com
Always a Student, Never a Master - Emulate What Works
  • #7,443
  • Feb 9, 2022 12:54pm Feb 9, 2022 12:54pm
For your critique and comments:

Reasons for entering buy:

  1. RSI(14) above 50 Channel and pointing upward
  2. Daily RSI above 50
  3. Stochs above 50 and pointing upward
  4. HMA (12) green for continuation
  5. The current bar price of move above the high of previous bar (signal bar)
  6. Heikin Ashi is blue

Reservations for entering:

  1. Maybe some resistance from Jan 26th bars

Stop loss:

  1. Bottom of two bars back

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 328 KB
  • #7,444
  • Feb 9, 2022 1:21pm Feb 9, 2022 1:21pm
Hi RobinHood and all other members.

Another great idea with the weekly RSI on the daily chart. I see this as a very big help in trading decisions, fantastic.

I want to explain my chart.

1 = chart, currency pair and price display.
2 = Displays price direction on all charts. Of course, it's ideal for a trade when the traffic lights are all green or red.
3 = Support and resistance. If the indicators you suggest show a trading opportunity, I decide here whether it is worth trading to the next resistance/support or not. One time frame down I then look for the next resistance and support to set the take profit.
4 = Shows my wins or losses in points.
5 = The time of candle changes and behind it the broker time.
6 = Chart name, who the trade idea is from.
7 = Times, I turn on the computer to see what's new on the H4 chart. (It is Peruvian time.)
8 = Price line.
9 = RDH and RDL lines. When these are reached, the price usually goes in the opposite direction, but not always.
10 = RSI from current chart.
11 = RSI readings from all time frames.
12 = The newcomer, the weekly RSI on the daily chart.
13 = Symbol changer to quickly switch charts and timeframes.

The picture shows a red trade. This one is negative because I made a big mistake. The take profit was missed by 10 points. I had reinstalled the resistance/support indicator but forgot to configure it. The take profit would have been reached. Well I fixed it and it can't happen again. I am confident that it will soon be positive again, everything points to it, including the RSI - newcomer.

So RobinHood, you did a super good work. I would like to thank you for that. Since following your thread I've only made profits apart from my big mistake ...... I think I will switch to my live account very soon.

I don't want to call my trading method particularly good or infallible, but it works very well for me. That's why I described them here.

If you want I can share the current indicators.

Attached Image (click to enlarge)
Click to Enlarge Name: Folie1.JPG Size: 182 KB
Don't trade because you think you have to do something.
  • #7,445
  • Feb 9, 2022 1:35pm Feb 9, 2022 1:35pm
So, in regards to the MTF RSI, I went to TradingView and on the RSI settings, you can uncheck "GAPS" or leave it checked. You can see what it does to the yellow RSI which is the higher TF RSI and what the GAP setting means.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gaps checked.jpg Size: 243 KB
Click to Enlarge Name: gaps unchecked.jpg Size: 212 KB
Remember, the market never lies. It is only we who lie to ourselves.
  • #7,446
  • Feb 9, 2022 1:38pm Feb 9, 2022 1:38pm
[quote=Michael.MSA;. {image}[/quote]



Hi, amazing looking chart, any chance you could provide your template please.

Thanks
  • #7,447
  • Feb 9, 2022 2:31pm Feb 9, 2022 2:31pm
Quoting RobinHood
{quote} RSI below 45 for short trades, and greater than 55 for long trades, but do not use this as a stand alone entry method. The 45-55 zone is to give the RSI some wiggle room. When I am using this, I also don't exit a short until the RSI goes above 55, and the opposite is true for long trades.
Thanks for the explanation.
  • #7,448
  • Feb 9, 2022 3:08pm Feb 9, 2022 3:08pm
Quoting unseenhero42
{quote} Hi, amazing looking chart, any chance you could provide your template please. Thanks

Hi dear members of this thread.

Here are all the indicators I used for my chart. Many of them with MQL4, so you can change them to your liking.

I got all these indicators from this forum. I have changed the appearance of some of them, but not the way they work.

As mentioned before, I don't want to change the work of RobinHood, so I'll share the indicators with you, but not my template, please.

Attached Image (click to enlarge)
Click to Enlarge Name: All Indicators.jpg Size: 254 KB
Attached File(s)
File Type: zip All Indicators of this chart.zip   592 KB | 660 downloads
Don't trade because you think you have to do something.
  • #7,449
  • Feb 9, 2022 3:22pm Feb 9, 2022 3:22pm
Quoting Michael.MSA
{quote} Hi dear members of this thread. Here are all the indicators I used for my chart.
Thanks!
Can you please explain #3 "Support and resistance" some more? How is it created? What does it mean? Why Green, any significance of the color? what does the thickness mean? How do you use it?
You already graciously explained a little, but I am still somewhat confused.
  • #7,450
  • Feb 9, 2022 3:24pm Feb 9, 2022 3:24pm
Quoting Tjp
{quote} @ RiskFighter Would appreciate if you can do that trade picker would help getting on to good trades quicker Thanks
I will.

A little busy right now, but very soon.
MetaTrader 4 - so many advantages.
  • #7,451
  • Feb 9, 2022 5:48pm Feb 9, 2022 5:48pm
Quoting senkyoshi
{quote} Thanks! Can you please explain #3 "Support and resistance" some more? How is it created? What does it mean? Why Green, any significance of the color? what does the thickness mean? How do you use it? You already graciously explained a little, but I am still somewhat confused.

Hi senkyoshi.
The indicator is green because green is my favorite color. If you look at the charts, you will surely see that the price runs towards the thick support and resistance points and often stops, retraces or crosses them a little later.
If I use a higher timeframe like H1 to make order decisions, then I use the H1 timeframe to take profit at the nearest resistance or support point.

You can read about it here:
https://howtotrade.com/courses/japan...nd-resistance/

RobinHood and many other members have already explained what the basic requirements should be in order to make a trade using the Trading Made Simple(r) trading idea.

The Internet is full of explanations of how to use each indicator. However, you need practice and experience in each case to achieve success.
The important thing is to read and learn as much as possible.

The way, how I work is good for me. But that doesn't mean it's just as good for you. Every trader has his own scheme, which he tries to improve with the suggestions he finds.

Now that you have the names of the indicators what i use in my chart, you can search the web for information how to use them.

I hope I could help you.
Don't trade because you think you have to do something.
  • #7,452
  • Feb 9, 2022 6:16pm Feb 9, 2022 6:16pm
Thank you Michael for explaining how you use them. I must have missed it when it was discussed earlier in this thread. I was really curious about the difference between the thickness of the support and resistance areas.
I will also continue to read up more on this indicator online.
  • #7,453
  • Feb 9, 2022 7:27pm Feb 9, 2022 7:27pm
I am very happy to see traders here helping other traders, that was always my end goal.

In all honestly, I always wanted to learn from you also.

While I have shared much, I have also learned much from the other traders here.

I would most like for this thread to take on a life of it's own, without me necessarily needing to be involved.

I am no smarter than most of you guys, and if anything probably less. I may just may be a bit little bit more experienced.

I hope that everyone will continue sharing as we all are benefiting from it.

I could name names, but it always becomes obvious who is helping, and everyone can easily see who those people are.

I read something yesterday that really resonated with me.

It basically said "Everyone is struggling with something, so try to be kind to everyone".

And I think that's probably true, so I appreciate everyone being kind and pleasant to everyone else here.
Always a Student, Never a Master - Emulate What Works
  • #7,454
  • Feb 9, 2022 7:49pm Feb 9, 2022 7:49pm
Quoting RobinHood
I am very happy to see traders here helping other traders, that was always my end goal. In all honestly, I always wanted to learn from you also. While I have shared much, I have also learned much from the other traders here. I would most like for this thread to take on a life of it's own, without me necessarily needing to be involved. I am no smarter than most of you guys, and if anything probably less. I may just may be a bit little bit more experienced. I hope that everyone will continue sharing as we all are benefiting from it. I could name names,...
I am glad after 3 years, this thread is still on course, people are polite and most importantly, you are still active.

I don't know how many threads I've been through only to find out near the end, the OP doesn't post anymore or the method is 100% different than what was originally taught.
Remember, the market never lies. It is only we who lie to ourselves.
  • #7,455
  • Feb 9, 2022 8:26pm Feb 9, 2022 8:26pm
Quoting senkyoshi
Thank you Michael for explaining how you use them. I must have missed it when it was discussed earlier in this thread. I was really curious about the difference between the thickness of the support and resistance areas. I will also continue to read up more on this indicator online.

......
You're welcome.
You must know that this indicator is not just any indicator from thousands. It's a very powerful tool. It is advisable to become very familiar with it.
Have lots of fun with it.

Michael.MSA
Don't trade because you think you have to do something.
  • #7,456
  • Feb 10, 2022 12:38am Feb 10, 2022 12:38am
2nd trade of the day.
For your critique and comments:

Reasons for entering buy:

  1. RSI(14) above 50 Channel and pointing upward
  2. Daily RSI above 50
  3. Stochs above 50 and pointing upward
  4. HMA (12) green for continuation
  5. The current bar price of move above the high of previous bar (signal bar)
  6. Heikin Ashi is blue


Reservations for entering:

  1. Maybe some resistance from Jan 26 and 27th bars


Stop loss:

  1. Bottom of two bars back

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 140 KB
  • #7,457
  • Feb 10, 2022 1:59am Feb 10, 2022 1:59am
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 45 KB
  • #7,458
  • Edited 3:32am Feb 10, 2022 2:09am | Edited 3:32am
Quoting RiskFighter
{quote} I will. A little busy right now, but very soon.
Here it is. There were a lot of teasing in this little fellow! It works as changing the background colour when Hull made a change in colour. It does only test Hull, because RobinHood mentioned this as a good indicator to show a possible continous trade. So when an alarm appear it is up to the trader to check of confluences to his liking are present.

A continous trade is when the Hull did change colour shortly - but stayed on the trending side of EMA5 - and then change colour back in the trend direction.

It is a robot. (Expert Advisor). Why - because I never make indicators.

It is working together with the indicator "Hull moving average". Takes the signal from this indicator which was made by mLaden. Therefore this indicator MUST be present in the indicators library. Also remember that the chart must have Allowed Trading. Otherwise a robot will not work. But of cause it will not trade for you. That will still be an act of your own.

Alarm settings:

  1. Show only continuos trades. (Have not tested this one yet - hope it works)
  2. Show all trades - Hull changed colour.
  3. Don't show trades.

Backgroundcolour is in the settings because the robot must return to the normal colour after the alarm.

When Hull change colour you observe it as a shift in colour directly at a bar. The Hull indicator is very bad to catch this point. It measure it different every time. Therefor the robot let one full bar pass after the change. And at the close of that bar the signal appears. The first picture show this. It show 1: The change in colour 2: One full bar that is closed. 3: The present bar which is not closed. The background colour changed after the full bar.

The second picture show my trading screen. I overview 28 pairs. It is easy to identify a possible trade when the colour has changes. The pictures afr at M1 TF because that is easier to test. I normally use H4.

Attached Image(s) (click to enlarge)
Click to Enlarge Name: Skærmbillede 2022-02-10 084329.png Size: 57 KB
Click to Enlarge Name: Skærmbillede 2022-02-10 084214.png Size: 227 KB
Attached File(s)
File Type: mq4 BigE_2.mq4   10 KB | 380 downloads
File Type: ex4 Hull moving average.ex4   18 KB | 390 downloads
File Type: ex4 BigE_2.ex4   9 KB | 359 downloads
MetaTrader 4 - so many advantages.
  • #7,459
  • Feb 10, 2022 2:12am Feb 10, 2022 2:12am
Attached Image (click to enlarge)
Click to Enlarge Name: TMGM MT4 Terminal.png Size: 140 KB
  • #7,460
  • Edited 2:30am Feb 10, 2022 2:15am | Edited 2:30am
Quoting senkyoshi
2nd trade of the day. For your critique and comments: Reasons for entering buy: RSI(14) above 50 Channel and pointing upward Daily RSI above 50 Stochs above 50 and pointing upward HMA (12) green for continuation The current bar price of move above the high of previous bar (signal bar) Heikin Ashi is blue Reservations for entering: Maybe some resistance from Jan 26 and 27th bars Stop loss: Bottom of two bars back {image}
Personally I would have waited one more bar to let it overcome the point of resistance that you mention. It could turn into a dobble top.

Looking at the Daily and weekly I think this pair must turn Short soon. I would hessitate a little trading it Long.

This is only because you ask for our oppineon.
MetaTrader 4 - so many advantages.
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