Trading Made Simple(r) | Page 413 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trading Made Simple 151,886 replies

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

Indicators for the 'Trading Made Simple' system 343 replies

MTF Indicators for the 'Trading Made Simple' system 241 replies

Trading Made Simple system follower - Thanks to eelfranz 9 replies

Attachments: Trading Made Simple(r)
Exit Attachments

Trading Made Simple(r)

  • #8,241
  • Jul 17, 2022 3:43pm Jul 17, 2022 3:43pm
Continuation trade
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 30 KB
  • #8,242
  • Edited 2:29am Jul 18, 2022 1:22am | Edited 2:29am
Looks like a Trend continue to me. EDIT:- Close for +102
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 59 KB
  • #8,243
  • Jul 18, 2022 5:44am Jul 18, 2022 5:44am
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)?
  • #8,244
  • Jul 18, 2022 6:16am Jul 18, 2022 6:16am
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.
Attached Image (click to enlarge)
Click to Enlarge Name: Market_trends_2.jpg Size: 48 KB
  • #8,245
  • Jul 18, 2022 6:26am Jul 18, 2022 6:26am
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.
Attached Image (click to enlarge)
Click to Enlarge Name: Josh2.png Size: 27 KB
  • #8,246
  • Jul 18, 2022 8:56am Jul 18, 2022 8:56am
Quoting rescuenava
Continuation trade {image}
In the same deal, I was caught by a stoploss
  • #8,247
  • Jul 19, 2022 2:07am Jul 19, 2022 2:07am
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)?
  • #8,248
  • Jul 19, 2022 2:27am Jul 19, 2022 2:27am
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.
Attached Image (click to enlarge)
Click to Enlarge Name: Josh2.png Size: 22 KB
Attached File(s)
File Type: ex4 Stochastic momentum (SMI).ex4   15 KB | 257 downloads
File Type: mq4 Stochastic momentum (SMI).mq4   6 KB | 292 downloads
  • #8,249
  • Jul 19, 2022 9:02am Jul 19, 2022 9:02am
Few Trades
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURCAD.png Size: 62 KB
Click to Enlarge Name: audjpy-h4-fusion-markets4-pty.png Size: 70 KB
Click to Enlarge Name: EURUSD.png Size: 66 KB
  • #8,250
  • Jul 20, 2022 1:42am Jul 20, 2022 1:42am
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!
  • #8,251
  • Jul 20, 2022 2:08am Jul 20, 2022 2:08am
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 ?
  • #8,252
  • Jul 20, 2022 5:28am Jul 20, 2022 5:28am
Will close later. First profit using this system!
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 25 KB
  • #8,253
  • Edited 10:11am Jul 20, 2022 6:30am | Edited 10:11am
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:
Attached Image (click to enlarge)
Click to Enlarge Name: #1.png Size: 40 KB
Attached Image (click to enlarge)
Click to Enlarge Name: #2.png Size: 43 KB
Attached Image (click to enlarge)
Click to Enlarge Name: #3.png Size: 40 KB
Attached Image (click to enlarge)
Click to Enlarge Name: #4.png Size: 39 KB


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
  • #8,254
  • Jul 20, 2022 10:32am Jul 20, 2022 10:32am
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
  • #8,255
  • Jul 20, 2022 11:14am Jul 20, 2022 11:14am
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
  • #8,256
  • Jul 20, 2022 12:06pm Jul 20, 2022 12:06pm
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
  • #8,257
  • Edited 1:22am Jul 21, 2022 1:05am | Edited 1:22am
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)
  • #8,258
  • Edited 2:09am Jul 21, 2022 1:36am | Edited 2:09am
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.
Attached Image (click to enlarge)
Click to Enlarge Name: Josh2.png Size: 35 KB
  • #8,259
  • Jul 21, 2022 4:40am Jul 21, 2022 4:40am
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.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 64 KB
Click to Enlarge Name: screenshot.png Size: 60 KB
  • #8,260
  • Jul 21, 2022 4:58am Jul 21, 2022 4:58am
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
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 70 KB
11 traders viewing now, 3 are registered:
,
rajneedas
,
Like