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Simple Daily System

  • #481
  • Aug 15, 2007 10:13pm Aug 15, 2007 10:13pm
Quoting Kev-K
SHORT opened at 2:01PM PST
2 LOT: 1.3440
SL: 1.3490
TP1: 1.3410 (-30) TRADE CLOSED +30 pips 5:42 PM (SL moved to B/E)
TP2: 1.3400 (-40) TRADE CLOSED +40 pips 6:13 PM

TOTAL: 70 pips $700 USD

GEESH! SHOULD-A TRADED FOR REAL! :-) There will ALWAYS be another trade!

Regards, K

http://www.forexfactory.com/attachme...1&d=1187228184
Congrats to you! Yes, there will be many good trades ahead
And for TP levels..I understand that SIMPLE was created with certain SL and TP levels. But also I understand that SIMPLE as any other system here is to make you profitable and end up with positive pips. So if you feel comfortable with 30 pips in profit - that's very good, close you trade and be happy for today! Don't say that SIMPLE told me to hold until 100 pips in profit but the market reversed and I got -180 pips loss! Once again SIMPLE is here to gain nice pips for all of us and it has recomendations for TP and SL levels but you have your head on the shoulders so think for yourself - is it better to have 30 pips in profit and be happy or should I risk more and wait for 100 pips to come? 30 pips TP >> 1 standart lot >> 1 pip = 10$ >> position is opened with 2 lots >> overall 60 pips in profit >> 600$ USD in just one day, one single trade..Look in my country average salary is 300$ a month! I'll be happy enough to get 600$ in 1 day! And I know that market will be here till the end of my days so no need to be in a rush and risk too much! 30 pips are 30 pips and that's a decent money.
So guys think yourself what are appropriate risks and rewards for you? And follow these rules!

Good luck for all of us
TheThing
  • #482
  • Aug 15, 2007 11:25pm Aug 15, 2007 11:25pm
Quoting TheThing
Congrats to you! Yes, there will be many good trades ahead
And for TP levels..I understand that SIMPLE was created with certain SL and TP levels. But also I understand that SIMPLE as any other system here is to make you profitable and end up with positive pips. So if you feel comfortable with 30 pips in profit - that's very good, close you trade and be happy for today! Don't say that SIMPLE told me to hold until 100 pips in profit but the market reversed and I got -180 pips loss! Once again SIMPLE is here to gain nice pips for all of us and it has recomendations for TP and SL levels but you have your head on the shoulders so think for yourself - is it better to have 30 pips in profit and be happy or should I risk more and wait for 100 pips to come? 30 pips TP >> 1 standart lot >> 1 pip = 10$ >> position is opened with 2 lots >> overall 60 pips in profit >> 600$ USD in just one day, one single trade..Look in my country average salary is 300$ a month! I'll be happy enough to get 600$ in 1 day! And I know that market will be here till the end of my days so no need to be in a rush and risk too much! 30 pips are 30 pips and that's a decent money.
So guys think yourself what are appropriate risks and rewards for you? And follow these rules!

Good luck for all of us
TheThing
Hi Thing,

Today, SIMPLE performed just as advertised!

For testing purposes, I chose the 30 pip & 40 pip TP levels. No real science or experience behind those numbers . . . just caution and prudence (my trading nature.) It seemed, given that we (I) know so little about how SIMPLE reacts during SHORT trades, to be the right thing to do. However, as time and confidence evolves, there will be ample time to adjust/refine SL's, TP's, and procedures for the core pairs traded with SIMPLE.

Thing, as you so rightly observe, everyone has their comfort level! And yes, there will be a lifetime's worth of SIMPLE setups! So, my advice to all here, take the trade that makes you comfortable . . . within your personal risk tolerance. And, NEVER, repeat NEVER, let anyone talk you into a trade . . . not me . . . not Thing . . . not anyone! No matter how "perfect" it may seem. And, of course, if you do take the trade . . . realize that we are all adults here . . . trade at your own risk. So, no whimpering or finger-pointing allowed!

As for today's EUR/USD trade, I am very pleased (on paper!) Of course, I missed the "riches" of a live bankable trade! However, time/trades/and experience will ultimately lead to GREAT success! I am looking to build wealth slowly with reliable, repeatable, logical, and predictable SIMPLE system (maybe not the BIG trade, but who cares!)

So, THANKS THING!!! We are on to something fine here!

Warm regards to ALL "SIMPLE-tons" around the World tonight (9:25 PM local tiem -- PST) Peace from California, USA

K
  • #483
  • Aug 15, 2007 11:27pm Aug 15, 2007 11:27pm
Quoting TheThing


Glad to see you both together

AMEN! :-)
  • #484
  • Aug 15, 2007 11:34pm Aug 15, 2007 11:34pm
On to the next "good" SIMPLE setup!
  • #485
  • Aug 16, 2007 1:08am Aug 16, 2007 1:08am
IF we disregards the Sunday bar, there is a lot of setup here :-
Short Pairs :-
GBP/USD, USD/JPY, EUR/USD, EUR/JPY, CAD/JPY, AUD/USD, CHF/JPY

Long Pairs :-
USD/CAD, USD/CHF

http://www.forexfactory.com/images/icons/dollar.gifhttp://www.forexfactory.com/images/icons/dollar.gifhttp://www.forexfactory.com/images/icons/icon10.gif
  • #486
  • Aug 16, 2007 1:45am Aug 16, 2007 1:45am
Quoting Kev-K
Hi Thing,

Today, SIMPLE performed just as advertised!

For testing purposes, I chose the 30 pip & 40 pip TP levels. No real science or experience behind those numbers . . . just caution and prudence (my trading nature.) It seemed, given that we (I) know so little about how SIMPLE reacts during SHORT trades, to be the right thing to do. However, as time and confidence evolves, there will be ample time to adjust/refine SL's, TP's, and procedures for the core pairs traded with SIMPLE.

Thing, as you so rightly observe, everyone has their comfort level! And yes, there will be a lifetime's worth of SIMPLE setups! So, my advice to all here, take the trade that makes you comfortable . . . within your personal risk tolerance. And, NEVER, repeat NEVER, let anyone talk you into a trade . . . not me . . . not Thing . . . not anyone! No matter how "perfect" it may seem. And, of course, if you do take the trade . . . realize that we are all adults here . . . trade at your own risk. So, no whimpering or finger-pointing allowed!

As for today's EUR/USD trade, I am very pleased (on paper!) Of course, I missed the "riches" of a live bankable trade! However, time/trades/and experience will ultimately lead to GREAT success! I am looking to build wealth slowly with reliable, repeatable, logical, and predictable SIMPLE system (maybe not the BIG trade, but who cares!)

So, THANKS THING!!! We are on to something fine here!

Warm regards to ALL "SIMPLE-tons" around the World tonight (9:25 PM local tiem -- PST) Peace from California, USA

K
Thank you Kev-K,
I always reading your posts with great interest! I'm not so eloquent as you are! :
  • #487
  • Aug 16, 2007 1:51am Aug 16, 2007 1:51am
Quoting fx4live
IF we disregards the Sunday bar, there is a lot of setup here :-
Short Pairs :-
GBP/USD, USD/JPY, EUR/USD, EUR/JPY, CAD/JPY, AUD/USD, CHF/JPY

Long Pairs :-
USD/CAD, USD/CHF

http://www.forexfactory.com/images/icons/dollar.gifhttp://www.forexfactory.com/images/icons/dollar.gifhttp://www.forexfactory.com/images/icons/icon10.gif
Yes, there are many, but if go through the whole thread here one can find that there is NO re-enter rule with SIMPLE. I mean yesterday you took your short trade and closed it with profit. Today there is a bearish candle too but this trade shouldn't be taken, because we have to wait 3 more candles to form starting from yesterday.
And one more thing..some pairs do not produce as good results as others..

TheThing
  • #488
  • Aug 16, 2007 1:57am Aug 16, 2007 1:57am
Still waiting for smjones reply and permission to edit post #1. I would like to introduce you alternative way of trading SIMPLE for your judgement and another way (my preference) to track your TP. I can post all of this here but it will get lost in some time and many newcomers will be asking where can i find this? So I think the better idea is to wait for smjones response.
  • #489
  • Aug 16, 2007 4:42am Aug 16, 2007 4:42am
Quoting johnedoe
Hi zunk......
Hello there...


The Thing: It would be great if you could post some ideas on TP and maybe SL. I don't think it's SIMPLE not to have any, not complaining here, just saying out loud.
  • #490
  • Aug 16, 2007 6:57am Aug 16, 2007 6:57am
Quoting zunk
Hello there...


The Thing: It would be great if you could post some ideas on TP and maybe SL. I don't think it's SIMPLE not to have any, not complaining here, just saying out loud.
Zunk,
Nice to see you back full of energy
SL and TP levels are included within SIMPLE "main" rules, we just trying to find optimal for each pair. So 90 pips SL and TP1 (30) and TP(100) are still valid even without optimization.
I use 90 pips too but with a little twist of TP. Hope to get reply from smjones and post everything with the charts in the post #1 tonight.
  • #491
  • Aug 16, 2007 8:42am Aug 16, 2007 8:42am
Quoting fx4live
IF we disregards the Sunday bar, there is a lot of setup here :-
Short Pairs :-
GBP/USD, USD/JPY, EUR/USD, EUR/JPY, CAD/JPY, AUD/USD, CHF/JPY

Long Pairs :-
USD/CAD, USD/CHF

http://www.forexfactory.com/images/icons/dollar.gifhttp://www.forexfactory.com/images/icons/dollar.gifhttp://www.forexfactory.com/images/icons/icon10.gif
You are absolutly correct......I entered most of those yesterday and made some R E A L L Y nice pips......
Same Whore .... Different Dress
  • #492
  • Edited 9:11am Aug 16, 2007 8:56am | Edited 9:11am
Quoting zunk
Hello there...


The Thing: It would be great if you could post some ideas on TP and maybe SL. I don't think it's SIMPLE not to have any, not complaining here, just saying out loud.
Hello zunk hope your forward testing is doing well.........

I have made a couple of changes to the TP SL guidlines origanally set .... instead of 1/2 at 30 and balance of position at 100, I enter with 75 SL and 100 TP, I ake 1/2 at 30 and follow the rest with a trailing stop, ( TS is done manually since I am at Oanda, I check the trade on average every hour or two).....made over 150 pip on a couple pair yesterday.........


also I am trading this live but only using 100 units (micro lot) per trade.....will upgrade this as forward testing proves out.
Same Whore .... Different Dress
  • #493
  • Aug 16, 2007 9:44am Aug 16, 2007 9:44am
Quoting johnedoe
Hello zunk hope your forward testing is doing well.........

I have made a couple of changes to the TP SL guidlines origanally set .... instead of 1/2 at 30 and balance of position at 100, I enter with 75 SL and 100 TP, I ake 1/2 at 30 and follow the rest with a trailing stop, ( TS is done manually since I am at Oanda, I check the trade on average every hour or two).....made over 150 pip on a couple pair yesterday.........


also I am trading this live but only using 100 units (micro lot) per trade.....will upgrade this as forward testing proves out.
Great one johnedoe http://www.forexfactory.com/images/icons/icon14.gif if base on oanda's chart, today suppose to be the right time to enter but due to discrepancy of chart between NF & oanda...NF should be right one to follow, since everyone here is testing base on NF..since you have entered your trade yesterday, i suppose the 150 pips profit is just easy.. Good trade. http://www.forexfactory.com/images/icons/dollar.gifhttp://www.forexfactory.com/images/icons/icon10.gif
  • #494
  • Aug 16, 2007 10:34am Aug 16, 2007 10:34am
Remember the re-enrty rule! Once a trade has concluded . . . we never re-enter it! No matter how appealing. Find another pair setup or forget it.

Please wait for the next 3-bar setup to occur. In all the pairs out there, there will ALWAYS be another setup. Be careful.

1-2-3-----4

K
  • #495
  • Aug 16, 2007 4:28pm Aug 16, 2007 4:28pm
Quoting TheThing
Zunk,
Nice to see you back full of energy
SL and TP levels are included within SIMPLE "main" rules, we just trying to find optimal for each pair. So 90 pips SL and TP1 (30) and TP(100) are still valid even without optimization.
I use 90 pips too but with a little twist of TP. Hope to get reply from smjones and post everything with the charts in the post #1 tonight.
=)

I know they are there but I don't think 90/30/100 will do every pair so somekind of ideas on that one would be awesome. I'm still working (slowly) on testing the ATR and different settings.

Quoting johnedoe
Hello zunk hope your forward testing is doing well.........

I have made a couple of changes to the TP SL guidlines origanally set .... instead of 1/2 at 30 and balance of position at 100, I enter with 75 SL and 100 TP, I ake 1/2 at 30 and follow the rest with a trailing stop, ( TS is done manually since I am at Oanda, I check the trade on average every hour or two).....made over 150 pip on a couple pair yesterday.........


also I am trading this live but only using 100 units (micro lot) per trade.....will upgrade this as forward testing proves out.
This is a very good idea, Trailing Stops. Kudos to that! Very nice!
  • #496
  • Aug 16, 2007 5:02pm Aug 16, 2007 5:02pm
I have been looking at the ATR also and I think it would be the most logical to set the initial stop, as to the periods for the ATR since we use three consecutive candles maybe also use a three period ATR........
and then perhaps use a trailing stop from there.
Same Whore .... Different Dress
  • #497
  • Aug 16, 2007 6:40pm Aug 16, 2007 6:40pm
From a SIMPLE testing perspective ONLY . . . I would kinda like to see the markets level out to a more normal level of activity (albeit this is a profitable trading time!)

This global credit/liquidity situation has the stock and currency markets in an uproar.

Regards, K
  • #498
  • Aug 16, 2007 11:15pm Aug 16, 2007 11:15pm
Thing, what do you think . . . can Zunk and Johnedoe work together on ATR's? :-) Just kidding guys!

Best regards to All

K
  • #499
  • Aug 16, 2007 11:15pm Aug 16, 2007 11:15pm
ovr the last two days I snatched up nearly 800 pips......now the speads have increased a little and volitility is still high, however I think i will take the rest of the week off, let things settle down a bit and wait for the next set of entry signals......have a good week all.
Same Whore .... Different Dress
  • #500
  • Aug 17, 2007 12:34am Aug 17, 2007 12:34am
Quoting johnedoe
ovr the last two days I snatched up nearly 800 pips......now the speads have increased a little and volitility is still high, however I think i will take the rest of the week off, let things settle down a bit and wait for the next set of entry signals......have a good week all.
Do you mind telling me what pairs you were trading with .... thanks.
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