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

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Trading Made Simple

Quoting rehmatkhan00
{quote} my advice is that find a proper way for your trading and follow strict rules otherwise you will fail in long term because randomness always ends in loss. This is my experience in the market and this is what I have learned so far.
Completely agree this can be said that it was just a "lucky" trade because there was not a propper rule following just a hunch that i had and kept it alive for abit . But besides this i when it goes other way you just blow account thats all i have very strict risk management rules from Emmanuel's shared videos that work great but ganna try being more consistent with my rule following.
Quoting RodrigoFxbr
{quote} I personally only enter 2 hours before the London open and 2 hours after. In this setup, the price is close to a support level and also below the 50 line on the TDI. I would stay out!
I think this is the second time the support has been broken that’s why chances of success are more though time is not good as this type of signals should be tried out 2 hours before London session.
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Quoting SnowManF
{quote} Completely agree this can be said that it was just a "lucky" trade because there was not a propper rule following just a hunch that i had and kept it alive for abit . But besides this i when it goes other way you just blow account thats all i have very strict risk management rules from Emmanuel's shared videos that work great but ganna try being more consistent with my rule following.
good always follow rules, success will come to your feet
I have tried to trade this strategy based on the rules of the OP - but have found that I more times then I would like, get caught on the wrong side of the trade.

I have been around the block looking into strategies and have also bought mentorships where I have learned a lot.
And I have combined them into my own strategy that I now trade.

Entry scenarios are very much like what BIG E did.

I wake up pre London an wait for the 4 hour to close - patience is important - wait wait wait until it closes. While waiting I scan for possible setups - and mark the once where I think price action fits what the indicators are telling.

I need clean range to the left and I need big candles with volume - I focus more on the Heiken ashi forming with volume, then what the TDI does. A good HL HH or vise versa is always welcome, but if it looks good and there is clean range - I want to get into the trade.

But not right away - a year ago I would just enter when I saw a setup and then the price would go against me and I would have lost 1R.

Now I WAIT - Wait for the perfect setup. Here are my entry criteria's that has made me profitable.

 

  1. Previous 4H candle must have made a small retracement so it has a wick in either top or bottom
  2. The newly open candle have to retrace, preferably a good amount - this can take hours.
  3. The newly open candle has to break the top or bottom of the previously candles wick and then I enter - using the wick of the newly formed candle as stoploss.
  4. If there is not big retrace i use stoploss from previously candles top or bottom wick and if price retraces more than 50% I reduce my risk my minimum 50% (Closing half of my position) I also do this if it happens on my preferred setup.
  5. I mainly go for 1:2 risk but that's just my personal preference - i like to secure profit and there are plenty of setups every day.
  6. If done correctly and smart 1 or 2% can easily be managed every day.

The most important part is PATIENCE - don't enter before there is a big probability that the trade will go in your direction - we want to minimize drawdown and losses and the only way to do this is to WAIT and have Patience for the right setup.

If people are interested I will post some of the trades I take the next couple of weeks.

Once again, its Friday ...

and one of my favourite Fridays to trade ,

USD Majors 4Hr Tokyo 10am

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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting emmanuel7788
Once again, its Friday ... and one of my favourite Fridays to trade , USD Majors 4Hr Tokyo 10am {image} ...

USDCHF Aug02 4H Tokyo 10am

- the 'trendy' one,

- to catch a falling knife,

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...



...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
XAU Aug02 M30

Before the Close
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After the Close
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> Now you decide if you want to be buyer or seller,

> then the next setup would be very clear in your mind,




...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting emmanuel7788
Once again, its Friday ... and one of my favourite Fridays to trade , USD Majors 4Hr Tokyo 10am {image}

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...

UJ Aug02 M30

- a H4 Price Action ... gravestone doji

- would make a good scalp

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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting emmanuel7788
XAU Aug02 M30 Before the Close {image} After the Close {image} > Now you decide if you want to be buyer or seller, > then the next setup would be very clear in your mind, ...

XAU Aug02 M30

- short

- Day OHLC, sell below Day Open

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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting emmanuel7788
{quote} XAU Aug02 M30 - short - Day OHLC, sell below Day Open {image}

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...

chasing after the TDI for signals without good proven knowledge of what the OP mentioned in post #647, etc.... is the recipe for losing money.



XAU Aug02 M30 ... UPDATE:

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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting emmanuel7788
{quote} chasing after the TDI for signals without good proven knowledge of what the OP mentioned in post #647, etc.... is the recipe for losing money. XAU Aug02 M30 ... UPDATE: {image} ... {image}

XAU Aug 02 H4 Tokyo 12:25PM

- watching how this current H4 candle will close,

- wait 2hr 35mins ...

- IF closes with higher high+higher Close, then we see a bounce


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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting emmanuel7788
Once again, its Friday ... and one of my favourite Fridays to trade , USD Majors 4Hr Tokyo 10am {image} ...

Remember its Friday,

there is a rule on Friday,

AU Aug 02 4Hr London 6am

- a DBLHC price action

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HA candle has small body


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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting emmanuel7788
{quote} XAU Aug 02 H4 Tokyo 12:25PM - watching how this current H4 candle will close, - wait 2hr 35mins ... - IF closes with higher high+higher Close, then we see a bounce {image} ...


XAU Aug02 H4 Tokyo 3PM soon

- we should wait for the candle to close

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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting emmanuel7788
{quote} XAU Aug02 H4 Tokyo 3PM soon - we should wait for the candle to close {image} ...

XAU Aug 02 H4

- If you chase after this H4 candle Close ... it will retrace!

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- MARUBOZU ... bald head candle without upper wick
https://www.babypips.com/forexpedia/...of%20the%20day.

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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting rehmatkhan00
AU also seems to be a good sell setup {image}

Did you take this trade? Do I hold positions until I hit stop Loss, or I close it since the TDI signals to close?
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Always strip things to the basic form & then build a case upwards
Quoting anjanbabu
{quote} Did you take this trade? Do I hold positions until I hit stop Loss, or I close it since the TDI signals to close? {image}
you should close when TDI says to exit.
Today I am doing experiment on 1hr timeframe, let's see how well it works
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Quoting rehmatkhan00
Today I am doing experiment on 1hr timeframe, let's see how well it works {image}
If it is also confirmed by 4hr, it will become high probability setup.
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Quoting anjanbabu
{quote} Did you take this trade? Do I hold positions until I hit stop Loss, or I close it since the TDI signals to close? {image}
Personally would not take this trade because price action is below the ema i recommend also waiting for the candle to form or PA be above the 5 ema noticed more success in the trades then.
Quoting anjanbabu
{quote} Did you take this trade? Do I hold positions until I hit stop Loss, or I close it since the TDI signals to close? {image}

The first question would be : Do you trade the 4Hr at that time of day and market session?

Big E would trade the 1Hr during the first 3 hours of the New York open session. In fact he would be trading the 1Hr if he live in the London time zone.

Now lets look at the chart,

1. What was the market type conditions before that setup candle?
>>> sideways ranging and there is a swing low... support"

2. Do you want to sell at that hour of the day and expect a swing of 3 to 8 candle run?

3. The setup S/U candle was good ... BEEOB which has MOMENTUM in both the Stoch and RSI green price line

4. Exit strategy in your trade plan knowing the above 1,2 and 3.

EXIT #1 is post 6 using TDI for exit

EXIT #2 is post #557, when price pulls back 12 to 15 pips ... EXIT.

EXIT #3 post #7612 in the event the market breaks support and move lower.

EXIT #4 Price Action exit ... when there is Trade Invalidation, in this case the BUEOB candle.

EXIT #5 Trader's psychological exit, fatique

EXIT #6 Capital Protection ... how many pips do you want to activate your Capital Protection.

>>> which of the above EXIT 'rule' happens first?


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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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