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Trading Made Simple(r)

  • #8,601
  • Jul 26, 2023 3:02am Jul 26, 2023 3:02am
Quoting RobinHood
{quote} It fluctuates a lot. It mostly depends on my mood. There's really no rhyme or reason why I trade what I trade. If I have a losing trade on a pair and it upsets me enough, I just switch to a few other pairs for a while. If I have a big winning trade on a pair. I may only trade that pair for a while but I trade it bigger. I like trading the GBPJPY 4 Hr. chart the best. I also like trading several of the JPY crosses. And, as of late, I like trading the daily USDTRY because it has been trending so well.
I want to congratulate you again for the great share! This thread is certainly a life changer!
Now, can I ask you how you would answer that question now, a few years passed?
Based on your experience and personal preference, what pairs would you recommend I start with or avoid?

I like your approach to trading with high timeframes, but it gets boring as we learn. I want to stick to day trading and close everything before I go to sleep. I am GMT+2 based and the London/New York time fits my daily trading schedule perfectly. What would you suggest for training purposes on this system while I master it on a demo account?

One more question about MM - Do you know an indy for an easy to use calculate lots per trade according to pairs, acc balance and max risk tolerance? I'm maxing out at 2-3%/day and prefer to aim for 1% with a 1:1 RR if possible.

Regards
  • #8,602
  • Jul 26, 2023 10:03am Jul 26, 2023 10:03am
Quoting pewebly
{quote} I want to congratulate you again for the great share! This thread is certainly a life changer! Now, can I ask you how you would answer that question now, a few years passed? Based on your experience and personal preference, what pairs would you recommend I start with or avoid? I like your approach to trading with high timeframes, but it gets boring as we learn. I want to stick to day trading and close everything before I go to sleep. I am GMT+2 based and the London/New York time fits my daily trading schedule perfectly. What would you suggest...
I would only trade the most popular USD pairs, but not the USDCHF. I would not trade any of the CHF pairs.

If I was going to day trade, I would only trade one pair. My preference is the AUDUSD.

As for training...think about it like learning a new language.

First you learn letters, then you learn to make them into words, then you learn what the words mean, then you put together the words into coherent sentences.

So first you need to learn what each indicator is telling you, then you need to learn what it means when you see all of them interacting with each other. Individually they don't tell you but so much, but used together, they tell a story...and sometimes one of them will lie to you.

You need to get to the point that you can know what the chart is telling you in like a split second (especially when day trading), and then you need to believe what you see and take action.

Some traders will tell you that you need 10,000 hours of screen time before you get good at trading. I don't know if that's true or not but I do know it takes many, many hundreds, if not thousands of hours.

I don't know of a MM indicator like you want, but probably someone else here does, or try Googling what you are looking for.
Always a Student, Never a Master - Emulate What Works
  • #8,603
  • Jul 26, 2023 12:44pm Jul 26, 2023 12:44pm
Quoting pewebly
{quote} I want to congratulate you again for the great share! This thread is certainly a life changer! Now, can I ask you how you would answer that question now, a few years passed? Based on your experience and personal preference, what pairs would you recommend I start with or avoid? I like your approach to trading with high timeframes, but it gets boring as we learn. I want to stick to day trading and close everything before I go to sleep. I am GMT+2 based and the London/New York time fits my daily trading schedule perfectly. What would you suggest...
Try Swingmans RR Calculator indi. Set the parameters to your requirement and drag the line to your SL level. Works good.
Attached File(s)
File Type: ex4 smTMMS RR-Calculator_v1.1.ex4   22 KB | 318 downloads
  • #8,604
  • Jul 27, 2023 1:04am Jul 27, 2023 1:04am
Assistant for mix trading (trading panel)
Attached File(s)
File Type: mq4 InfoPanel for chare.mq4   187 KB | 344 downloads
  • #8,605
  • Jul 30, 2023 8:18am Jul 30, 2023 8:18am
Quoting pewebly
{quote} I want to congratulate you again for the great share! This thread is certainly a life changer! Now, can I ask you how you would answer that question now, a few years passed? Based on your experience and personal preference, what pairs would you recommend I start with or avoid? I like your approach to trading with high timeframes, but it gets boring as we learn. I want to stick to day trading and close everything before I go to sleep. I am GMT+2 based and the London/New York time fits my daily trading schedule perfectly. What would you suggest...
Maybe this will work for you (I use it myself): https://www.earnforex.com/metatrader...osition-Sizer/
  • #8,606
  • Jul 31, 2023 12:16am Jul 31, 2023 12:16am
Hi

Does anyone know how template #1 can be set up in TradingView? the reason being..
I currently use Template #1 on MT4 for Forex, and also have it set up on MT5 for but unfortunately my broker does not have all the stocks I like to trade.


Cheers
  • #8,607
  • Edited 3:32am Aug 1, 2023 12:23am | Edited 3:32am
Quoting RobinHood
{quote} I don't think that I am the best person to ask about how to do it to determine the trend but I can tell you how I do it. I look at one time frame higher than the time frame that I am trading. And under normal circumstances I don't trade against the trend of the higher time frame. Now one can argue that the time frame that you are trading must turn before the next higher time frame does, thereby causing you to miss some trades and that would be true, but personally I would rather miss some trades than to knowingly and intentionally trade...
All I did was add a long term Guppy Multiple Moving Average to your system. Even then not a perfect solution. The setups on a daily will be very few. As always with trading it requires almost a leap of faith and weighing up a field of probabilities! But I try andtrade in the direction of that, as an additional filter. I like to some separation of price from the GMMA. Trained myself to see the "J-Hook" although J-hooks look perfect in hindsight. If price is getting knotted into the GMMA its a sign of the trend weakening and the GMMA will eventually break.

Great system by the way.
Attached Image (click to enlarge)
Click to Enlarge Name: 2023-08-01_06-20.png Size: 39 KB
  • #8,608
  • Edited 7:18pm Aug 1, 2023 3:23am | Edited 7:18pm
I know I am late to the party. This is my very first trade using the initial strategy.
You are welcome to point out anything I can do better.

H4 Chart
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 51 KB


Entry using M15
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2023-08-01 : Target Exited as my target is small.
  • #8,609
  • Aug 1, 2023 6:54am Aug 1, 2023 6:54am
GBPJPY Aug 01 Daily template#1

- today is 'perfect' setup when there is price action and RSI(14), Stoch(8,3,3,) and Stoch(14,3,3) cross at 50-level ...

Attached Image (click to enlarge)
Click to Enlarge Name: GJ Aug 01 TMSe perfect setup 1-8-2023 7-51-06 pm.png Size: 40 KB

...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #8,610
  • Aug 1, 2023 8:52am Aug 1, 2023 8:52am
Quoting emmanuel7788
GBPJPY Aug 01 Daily template#1 - today is 'perfect' setup when there is price action and RSI(14), Stoch(8,3,3,) and Stoch(14,3,3) cross at 50-level ... {image} ...
Hi emmanuel7788

Are you trading the D1 when W1 price action is between the MAs?
I have used this as a filter but have found that I miss some trades and other times it works in my favour
  • #8,611
  • Aug 1, 2023 7:40pm Aug 1, 2023 7:40pm
Quoting SF422
{quote} Hi emmanuel7788 Are you trading the D1 when W1 price action is between the MAs? I have used this as a filter but have found that I miss some trades and other times it works in my favour

hi @SF422

When I trade the Daily I need to know what the Monthly and Weekly market conditions are for example:

1) Monthly,
since today is the first day of the new month August, I look back to the recent months. July MN failed to make higher Close.
I look back to previous year highs and lows, in this case GJ is exceptional making new highs.
July was a pause and it can still move higher or sideways.

2) Weekly
I check the Weekly if it is trending with higher high, higher low + Higher Close.
And if there is any big Weekly candle which may mean a sideways market type conditions.
I would turn-off the APB and HA candle to look at the real price if it it above or below the 5EMA,Typical,Shift2.
And if the 5EMA is flat, then I would be more careful when trading the D1 for reversal and continuation.

Challenging month ahead !

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY Weekly w MN 2-8-2023 8-21-17 am.png Size: 44 KB



..
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #8,612
  • Aug 1, 2023 8:49pm Aug 1, 2023 8:49pm
Quoting emmanuel7788
GBPJPY Aug 01 Daily template#1 - today is 'perfect' setup when there is price action and RSI(14), Stoch(8,3,3,) and Stoch(14,3,3) cross at 50-level ... {image} ...
May you share with us the ABP/HA On/Off ?
  • #8,613
  • Aug 2, 2023 12:40am Aug 2, 2023 12:40am
Quoting WaveSurf
{quote} May you share with us the ABP/HA On/Off ?

see this post in the TMS thread:

https://www.forexfactory.com/thread/...3#post14314733


...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #8,614
  • Aug 2, 2023 8:27pm Aug 2, 2023 8:27pm
Enter another trade on 2023-08-02. Target Exit after 6 hours of waiting.
My target may be too small. Suggestion is welcome.

Current, trading D1 + H4 in sync only.
Using M15 to look for entry.
Target is 1.5x of my stop. (If stop is 50pips, target is 75pips).

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 45 KB


Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDM15.png Size: 45 KB
  • #8,615
  • Aug 3, 2023 12:20am Aug 3, 2023 12:20am
Quoting WaveSurf
Enter another trade on 2023-08-02. Target Exit after 6 hours of waiting. My target may be too small. Suggestion is welcome. Current, trading D1 + H4 in sync only. Using M15 to look for entry. Target is 1.5x of my stop. (If stop is 50pips, target is 75pips). {image} {image}


trading the Daily and H4 continuation is good. ... you get more winners and fewer losers ,

I see Daily breaking the previous 2 weeks Low but kind of early for Weekly reversal


Attached Image (click to enlarge)
Click to Enlarge Name: GU AUg03 Daily break WCCLow 3-8-2023 1-18-13 pm.png Size: 38 KB



...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #8,616
  • Edited 4:44am Aug 8, 2023 12:57am | Edited 4:44am
2023-08-08 AUDUSD short using TMSimpler, Daily and H4 is in-sync.
R:R is 1:1

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDH4.png Size: 45 KB

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDM15.png Size: 45 KB


I am still looking for idea on how to enhance my target. Any suggestion is welcome.

2023-08-08: Target Exit after holding position for 6 hours
  • #8,617
  • Aug 8, 2023 5:24am Aug 8, 2023 5:24am
I've been testing this strategy on M30 for 3 weeks with mixed results. My balance is the same so I'm break even.
May I ask you what are you looking for when checking the higher H4 TF for a continous trade? I still cant find the golden rules to follow. I look at the trend, all indy and SR levels but i guess I miss somehting. I appreciate your help to improve trading this strategy.
  • #8,618
  • Aug 8, 2023 6:39am Aug 8, 2023 6:39am
Quoting pewebly
I've been testing this strategy on M30 for 3 weeks with mixed results. My balance is the same so I'm break even. May I ask you what are you looking for when checking the higher H4 TF for a continous trade? I still cant find the golden rules to follow. I look at the trend, all indy and SR levels but i guess I miss somehting. I appreciate your help to improve trading this strategy.
when you are trading the H4 for continuation setup trades, it makes sense that the Weekly and Daily are also trending in the same direction and that the Weekly and Daily both are not in narrow range.

why not you post some of your trades charts and we can discuss in more detail.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #8,619
  • Edited 9:27am Aug 9, 2023 3:17am | Edited 9:27am
Trying a Long on EURJPY today. (H4 showing uptrend continuation pattern. D1 showing uptrend)
Risk to Reward ratio is 1 to 1.5x.

My target may not be realistic because it need the price to test the Highest level of EURJPY in the history.
Hence, I may close the position early.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH4.png Size: 43 KB
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYM15.png Size: 44 KB


Manually TP after waited for 13hours. Risk to Reward ratio is 1: <1
  • #8,620
  • Edited 10:31am Aug 9, 2023 10:16am | Edited 10:31am
Quoting emmanuel7788
{quote} when you are trading the H4 for continuation setup trades, it makes sense that the Weekly and Daily are also trending in the same direction and that the Weekly and Daily both are not in narrow range. why not you post some of your trades charts and we can discuss in more detail.
Do you think this is a good time to buy?
H4 looks like up trend but current candle although blue is not finished. We have one Stoch below 50. On M30 looks like 3rd candle after the red one and all indy above 50. Is this okay? H1 is clear uptrend.

Thanks!
Attached Image(s) (click to enlarge)
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