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

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Trading Made Simple(r)

  • #8,221
  • Jul 4, 2022 4:37pm Jul 4, 2022 4:37pm
Quoting RobinHood
{quote} No
Thanks a lot for your Reply sir, it was more than Helpful. Please how is your Health? Please try and take some Herbs, I would recommend if you are willing to try. Limit your intake on Orthodox Drugs, they have devastating side effects and most Diseases are now Resistance to to our immune system. To sound Health I pray Dee.
  • #8,222
  • Jul 5, 2022 3:38pm Jul 5, 2022 3:38pm
Quoting trade1969
{quote} Very nice! Would you tell to the qroup about your modifications on 1D?
Hello
First of all I want to apologize for my bad english. Secondly I'm still learning I can be completely wrong.
My idea is simple: follow the trend. I'm looking only for continuation trades. Visually checking the D1 price is going up or down. Very important to check if the price is still in trend. Change of the trend I see when with price action LL-LH-LL-HH-HL. After the change of the trend I'm waiting for a pullback and confirmation of the signal according to RH rules. Not sure now to check direction on weekly timeframe or not. Probably is better to check. The continuation signal I'm considering even after a bigger pullback. Sometimes some of the indicators shows of reversal, but the bigger trend keeps same. I see it visually or on weekly timeframe. Idea: follow the trend. This is only one different from original rules. Also I'm use a EA to move my stop to BE after 100 pips. Exit I see if the candle has change the color. Only one indication. In my opinion patience and money management are keys
  • #8,223
  • Jul 11, 2022 4:28am Jul 11, 2022 4:28am
Thanks RobinHood for sharing this.

Was wondering what about trading smaller TFs in ranging markets to take advantage of "mini trends"?
  • #8,224
  • Jul 11, 2022 7:03am Jul 11, 2022 7:03am
Quoting holyGrill
Thanks RobinHood for sharing this. Was wondering what about trading smaller TFs in ranging markets to take advantage of "mini trends"?
You're welcome. You can trade these methods on any time frame you want, but I would paper trade them first to make sure that you can be successful before you risk real money.
Always a Student, Never a Master - Emulate What Works
  • #8,225
  • Edited 6:03am Jul 12, 2022 5:03am | Edited 6:03am
Took sell on EURAUD M30 (edit: SL hit at 0.5R, or 0.5%)
BUY of EURCAD M30.

just want to check - do these entries look OK (from rules point of view)?
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 21 KB
  • #8,226
  • Jul 12, 2022 11:20am Jul 12, 2022 11:20am
Quoting holyGrill
Took sell on EURAUD M30 (edit: SL hit at 0.5R, or 0.5%) BUY of EURCAD M30. just want to check - do these entries look OK (from rules point of view)? {image} {image}
Yes, from a rules point of view, BUT, personally, I do not like entering trades when price is inside of a range or congestion. I wait for price to clearly breakout away from it.
Always a Student, Never a Master - Emulate What Works
  • #8,227
  • Jul 13, 2022 3:53am Jul 13, 2022 3:53am
Quoting RobinHood
{quote} Yes, from a rules point of view, BUT, personally, I do not like entering trades when price is inside of a range or congestion. I wait for price to clearly breakout away from it.
Thanks RH, thought it might be a bit congested / small ranging (those trades both hit half of initial SL, since I use trailing SL). Going to look at continuation trades shortly
  • #8,228
  • Edited 4:50am Jul 13, 2022 4:06am | Edited 4:50am
Quoting RobinHood
{quote} Yes, from a rules point of view, BUT, personally, I do not like entering trades when price is inside of a range or congestion. I wait for price to clearly breakout away from it.
Is there some kind of indicator you use to check how range-y / congested price is? Or purely visual? (Is this what roadmap is for I think you said you don't trade when within roadmap zone?) What period is the (slower) MA used for the RoadMap?
  • #8,229
  • Jul 13, 2022 9:02am Jul 13, 2022 9:02am
Quoting holyGrill
{quote} Is there some kind of indicator you use to check how range-y / congested price is? Or purely visual? (Is this what roadmap is for I think you said you don't trade when within roadmap zone?) What period is the (slower) MA used for the RoadMap?
1. Just visual.

2. Correct, I don't initiate trades when price is inside of the RoadMap.

3. The RoadMap is comprised of 3 ema's:

34 ema, high, solid line
34 ema, close, dotted line
34 ema, low, solid line
Always a Student, Never a Master - Emulate What Works
  • #8,230
  • Edited Jul 14, 2022 9:01am Jul 13, 2022 9:52am | Edited Jul 14, 2022 9:01am
As I have said several times, I never enter a trade when Price is inside the RoadMap, but I do have a very hard and fast rule as to exactly how I enter a trade once there is a Close outside of the RoapMap.

In the image below and just for this example, I have turned off all of the indicators except for the RoadMap, but rest assured, I ALWAYS use and consider what the other indicators are telling me along with the RoadMap.

*Follow in order each of the numbers that I have placed before the text so that it all makes sense. Also, I only enter a Short trade immediately after a red candle and I only enter a Long trade immediately after a green candle.
Attached Image (click to enlarge)
Click to Enlarge Name: RoadMap Lessons.PNG Size: 157 KB
Always a Student, Never a Master - Emulate What Works
  • #8,231
  • Jul 14, 2022 4:00am Jul 14, 2022 4:00am
Quoting RobinHood
As I have said several times, I never enter a trade when Price is inside the RoadMap, but I do have a very hard and fast rule as to exactly how I enter a trade once there is a Close outside of the RoapMap. In the image below and just for this example, I have turned off all of the indicators except for the RoadMap, but rest assured, I ALWAYS use and consider what the other indicators are telling me along with the RoadMap. *Follow in order each of the numbers that I have placed before the text so that it all makes sense. Also, I only enter a Short...
Thanks for this RH!
  • #8,232
  • Jul 14, 2022 5:58am Jul 14, 2022 5:58am
Quoting RobinHood
As I have said several times, I never enter a trade when Price is inside the RoadMap, but I do have a very hard and fast rule as to exactly how I enter a trade once there is a Close outside of the RoapMap. In the image below and just for this example, I have turned off all of the indicators except for the RoadMap, but rest assured, I ALWAYS use and consider what the other indicators are telling me along with the RoadMap. *Follow in order each of the numbers that I have placed before the text so that it all makes sense. Also, I only enter a Short...
RH, one thing is not clear for me.
On your screenshot, in (2) you wrote "when the very next candle CLOSES below the first candle". So i belive you wait till close of second outside candle.
But in (7) you pointed entry not at "close of very next candle" but ABOVE high of first outside candle.

Please explain : entry point should be at close of second outside candle OR above (for longs) / below (for shorts) first outside candle.
  • #8,233
  • Jul 14, 2022 9:04am Jul 14, 2022 9:04am
Quoting iwan73
{quote} RH, one thing is not clear for me. On your screenshot, in (2) you wrote "when the very next candle CLOSES below the first candle". So i belive you wait till close of second outside candle. But in (7) you pointed entry not at "close of very next candle" but ABOVE high of first outside candle. Please explain : entry point should be at close of second outside candle OR above (for longs) / below (for shorts) first outside candle.
My apologies for the confusion. #2. had a typo that I have now corrected. It incorrectly said CLOSE below when I meant to say GOES below.

For short trades, the Entry point should be when the second bar GOES BELOW the low of the first candle that Closes BELOW the RoadMap and is a Red candle OR above for longs.
Always a Student, Never a Master - Emulate What Works
  • #8,234
  • Jul 14, 2022 11:29am Jul 14, 2022 11:29am
Quoting RobinHood
{quote} My apologies for the confusion. #2. had a typo that I have now corrected. It incorrectly said CLOSE below when I meant to say GOES below. For short trades, the Entry point should be when the second bar GOES BELOW the low of the first candle that Closes BELOW the RoadMap and is a Red candle OR above for longs.
Thanks for clarifying RH.

With regard to the candles - are these the normal Japanese candlesticks or Heiken Ashi ones that the logic is applied to?
  • #8,235
  • Jul 14, 2022 12:56pm Jul 14, 2022 12:56pm
Been away busy learning MQL4 to write some useful bots. Anyway caught a lucky one on GU today for 73 pips. Keep going guys.
Attached Image (click to enlarge)
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  • #8,236
  • Jul 14, 2022 2:28pm Jul 14, 2022 2:28pm
Quoting holyGrill
{quote} Thanks for clarifying RH. With regard to the candles - are these the normal Japanese candlesticks or Heiken Ashi ones that the logic is applied to?
Normal.
Always a Student, Never a Master - Emulate What Works
  • #8,237
  • Jul 15, 2022 9:41pm Jul 15, 2022 9:41pm
Quoting RobinHood
{quote} Normal.
hey RH, can you explain a little bit how do you scalp this strategy?
i got 3 charts, M1 , M5 & M15, trading when there all have a good trend, using currency strength indi, the problem is im getting few bad entries daily, how do you avoid bad signals?
  • #8,238
  • Jul 16, 2022 6:44am Jul 16, 2022 6:44am
Quoting benjamin89
{quote} hey RH, can you explain a little bit how do you scalp this strategy? i got 3 charts, M1 , M5 & M15, trading when there all have a good trend, using currency strength indi, the problem is im getting few bad entries daily, how do you avoid bad signals?
I don't look at it as "bad signals", I look at it as losing trades.

Indicators simply "indicate" which way the market might move, they obviously can't always be right because no trader, no trading system, and no trading method is always right.

I like to say that most professional baseball players miss hitting the ball 7-8 times out of 10, and yet their average salary is now $4.41 million dollars a year. So I can win less than 50% of my trades and still do very well.

In my opinion, the best you can do in day trading is to:

1. Enter a trade when your indicators tell you to.
2. Immediately place a small stop.
3. Exit when your indicators tell you to, or at a some predetermined exit point.
4. Be willing to accept going in that you'll often lose more trades than you win.

Day trading successfully is HARD, really HARD, and that's why I recommend that most traders don't do it.

I do it mostly for my own entertainment and because I really enjoy the challenge...BUT...the most money I ever make from trading comes from trading Daily and Weekly charts.
Always a Student, Never a Master - Emulate What Works
  • #8,239
  • Jul 16, 2022 8:03am Jul 16, 2022 8:03am
Quoting RobinHood
{quote} I don't look at it as "bad signals", I look at it as losing trades. Indicators simply "indicate" which way the market might move, they obviously can't always be right because no trader, no trading system, and no trading method is always right. I like to say that most professional baseball players miss hitting the ball 7-8 times out of 10, and yet their average salary is now $4.41 million dollars a year. So I can win less than 50% of my trades and still do very well. In my opinion, the best you can do in day trading is to: 1. Enter a trade...
Yes im trading also on the H4 and i get good results and trying to improve all the time,
i want to day trade also and with all of your exlpanation i notice that i need to improve my SL Location & try to take more on every trade.
  • #8,240
  • Jul 17, 2022 1:26am Jul 17, 2022 1:26am
Really excited to try this system out! Gonna demo for a while to make myself accustomed to the system. And thank you Robinhood for sticking it out in forexfactory helping all of us!
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