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Trading Made Simple(r)

Continuation trade
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Looks like a Trend continue to me. EDIT:- Close for +102
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Quoting 40PipsAlan
Looks like a Trend continue to me. EDIT:- Close for +102 {image}
hi 40PipsAlan, what is your (multiple) entry method? (looks like you have 2 BUYs)

Also are you only trading specific hours (like London Open > US close)?
Quoting holyGrill
{quote} hi 40PipsAlan, what is your (multiple) entry method? (looks like you have 2 BUYs) Also are you only trading specific hours (like London Open > US close)?
Yo Boss,
I try to watch GU when my time allows on the London session and half the US session. I would advise sticking with one asset to get a feel for its movement as multiple assets will drive you crazy. As for my double trade I am trying to scale into a position using M1 and M5 charts so as to build the profits. Seems I get to 2 trades and then close them thru fear I guess when they start turning back. My intital trigger is the 89 crossing the 200 SMA on the M15 and then I look at for my entry point on M5 and M1.
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Quoting holyGrill
{quote} hi 40PipsAlan, what is your (multiple) entry method? (looks like you have 2 BUYs) Also are you only trading specific hours (like London Open > US close)?
Something else to look at is the SMI just dipping below the zero and then back up for a buy trade. The stochs are crossing nicely and pointing upwards as well.
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Quoting rescuenava
Continuation trade {image}
In the same deal, I was caught by a stoploss
Quoting 40PipsAlan
{quote} Something else to look at is the SMI just dipping below the zero and then back up for a buy trade. The stochs are crossing nicely and pointing upwards as well. {image}
Nice one thanks Alan - what is SMI btw?

"Seems I get to 2 trades and then close them thru fear I guess when they start turning back."
If you set SL your fears should be taken care of? (but I know watching trades turn against you can be stressful, I have the same, just hoping the trailing SL will make the loss more bearable!)

Do you trade multiple TFs btw or just one (15M in this case)?
Quoting holyGrill
{quote} Nice one thanks Alan - what is SMI btw? "Seems I get to 2 trades and then close them thru fear I guess when they start turning back." If you set SL your fears should be taken care of? (but I know watching trades turn against you can be stressful, I have the same, just hoping the trailing SL will make the loss more bearable!) Do you trade multiple TFs btw or just one (15M in this case)?
SMI =Stochastic Momentum Index. Is part of the TMMS oscillator (yellow line) Or you can have it on its own or alongside the Stoch14 for the crosses. Yes I watch the M15 mostly and around news times.
SMI dips below zero and back up again in the picture. cross of the stoch14 is a buy signal on the TMMS oscillator. I have drawn a SR line as well to show the break and retest.
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Attached File(s)
File Type: ex4 Stochastic momentum (SMI).ex4   15 KB | 64 downloads
File Type: mq4 Stochastic momentum (SMI).mq4   6 KB | 88 downloads
Few Trades
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Quoting 40PipsAlan
{quote} SMI =Stochastic Momentum Index. Is part of the TMMS oscillator (yellow line) Or you can have it on its own or alongside the Stoch14 for the crosses. Yes I watch the M15 mostly and around news times. SMI dips below zero and back up again in the picture. cross of the stoch14 is a buy signal on the TMMS oscillator. I have drawn a SR line as well to show the break and retest. {file} {file} {image}
Thanks Alan!
Quoting emmanuel7788
{quote} RHO is another brilliant idea and is innovative we have MT4 multi-screen like Dr Alexander Elder' Triple Screen Trading System with just one profile , at one glance you can see what you are trading in synergy with the H4, Daily and Weekly {image}
Dear Emmanuel is there a way ,when you drag and drop a pair from market watch to change all timeframes? Or something similar? Like to lock all charts together and create 1 template ?
Will close later. First profit using this system!
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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...
I'm indeed having more success trading the daily and the weekly stock charts.
When trading the Forex I find it is much easier to enter on the 4-hour chart and then converting it to the daily just like you used to do.


These are some of the trades I'm currently in:
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I have some feedback from last month.

1) I'm not moving my stop loss 2 bars back but instead keeping it at the high or low of the last daily bar.

2) I've also been able to catch bigger trends when I exit based on the combination of 2-3 indicators but one of them needs to cross the 50 line to the opposite side of the trade.
Only the Mediocre are Always at their Best
Quoting PipsAndGainz
{quote} I'm indeed having more success trading the daily and the weekly stock charts. When trading the Forex I find it is much easier to enter on the 4-hour chart and then converting it to the daily just like you used to do. These are some of the trades I'm currently in: {image}{image}{image}{image} I have some feedback from last month. 1) I'm not moving my stop loss 2 bars back but instead keeping it at the high or low of the last daily bar. 2) I've also been able to catch bigger trends when I exit based on the combination of 2-3 indicators but...
It looks like you are doing well and that's to be commended.

I am not exactly sure what you want me to comment on, but I will assume that it's regarding exits, otherwise please let me know.

In my opinion, exits are by far the hardest part of trading. Getting in is easy, knowing when or where to exit a trade is much harder.

I exit trades in many different ways such as...stop losses, profit targets, 1 or 2 bars back (depending on what I see), after a hug spike in my favor, before the release of BIG data reports, big breaking news, time of day, indicators, Market on Close, trailing stops, Friday afternoons as to not hold over the weekend, when the market starts chopping sideways, Federal Reserve meetings, etc. *I rarely exit based on news or before the release of BIG data reports, but I also can't say that I never do.

I've yet to find the perfect way to exit every trade but I keep looking.

I think the best you can do is just to try and figure out what seems to work best for you.
Always a Student, Never a Master - Emulate What Works
Quoting RobinHood
{quote} It looks like you are doing well and that's to be commended. I am not exactly sure what you want me to comment on, but I will assume that it's regarding exits, otherwise please let me know. In my opinion, exits are by far the hardest part of trading. Getting in is easy, knowing when or where to exit a trade is much harder. I exit trades in many different ways such as...stop losses, profit targets, 1 or 2 bars back (depending on what I see), after a hug spike in my favor, before the release of BIG data reports, big breaking news, time of...
Honestly that was exactly what I wanted to know.
If you strictly followed the 2 bars back or if you manage each trade differently because I've been trying different methods and combinations and just wanted to know if I'm on the right track.

Thank you for always explaining everything we ask for.

I'm doing well and that is mostly because of you and the thread you created.
I really appreciate your help.
Only the Mediocre are Always at their Best
Quoting PipsAndGainz
{quote} Honestly that was exactly what I wanted to know. If you strictly followed the 2 bars back or if you manage each trade differently because I've been trying different methods and combinations and just wanted to know if I'm on the right track. Thank you for always explaining everything we ask for. I'm doing well and that is mostly because of you and the thread you created. I really appreciate your help.
As always, you are very welcome and I appreciate the kind words. I am happy to hear that you are doing well.
Always a Student, Never a Master - Emulate What Works
Quoting 40PipsAlan
{quote} SMI =Stochastic Momentum Index. Is part of the TMMS oscillator (yellow line) Or you can have it on its own or alongside the Stoch14 for the crosses. Yes I watch the M15 mostly and around news times. SMI dips below zero and back up again in the picture. cross of the stoch14 is a buy signal on the TMMS oscillator. I have drawn a SR line as well to show the break and retest. {file} {file} {image}
Hows your M15 trades going Alan? I'm on M30 and getting quite a few losses...
(am only doing crossover trades at the moment)
Quoting holyGrill
{quote} Hows your M15 trades going Alan? I'm on M30 and getting quite a few losses...
Yo boss,

Havent done any since that last one I posted. Is tough doing a full time job as well. But GU looks to be ranging for the last couple days and I need some trending. Looking at the chart we can see a stiff resistance at the 1.203 level and price coming down again to a support level at 1.195ish and then breaking it. If price comes back up to retest the 1.195 level I would be tempted to try a short then. Ignore the running trade. It was taken by a bot I am writing/learning to code.
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Quoting 40PipsAlan
{quote} Yo boss, Havent done any since that last one I posted. Is tough doing a full time job as well. But GU looks to be ranging for the last couple days and I need some trending. Looking at the chart we can see a stiff resistance at the 1.203 level and price coming down again to a support level at 1.195ish and then breaking it. If price comes back up to retest the 1.195 level I would be tempted to try a short then. Ignore the running trade. It was taken by a bot I am writing/learning to code. {image}
GU made a LL and then a LH under my 89SMA (also at the 61.8 fib). Entered on the M5 and now at +20. Dollar news approaching fast, move to BE
Tough bit is when to get out.
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Quoting 40PipsAlan
{quote} GU made a LL and then a LH under my 89SMA (also at the 61.8 fib). Entered on the M5 and now at +20. Dollar news approaching fast, move to BE Tough bit is when to get out. {image} {image}
Notice the LL and LH on the M1 chart. Whats it going to do at the bottom support line?
EDIT:- Closed for+35 at the support line
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