Easy Eyes (No Indicators) Simple Day Trading | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trading is this Simple? Finally Explained simple and clearly! 46 replies

trading is simple - trading is easy 43 replies

My Easy & Simple paper trading WORKS! Please make an EA 13 replies

Simple and Easy System-only two indicators 14 replies

An Easy System (With the help of ES Trader - Another Simple System) 13 replies

Attachments: Easy Eyes (No Indicators) Simple Day Trading
Exit Attachments

Easy Eyes (No Indicators) Simple Day Trading

  • #21
  • Nov 24, 2010 7:48pm Nov 24, 2010 7:48pm
[walk a limit sell 1 pip below the 1M candle-sticks until its triggered... if price moves down it triggers and your in..[/quote]

You obviously meant to say Sell Stop, correct?
  • #22
  • Nov 24, 2010 7:54pm Nov 24, 2010 7:54pm
here is my trade yesterday and today in the morning with xag.
http://img5.pixa.us/7b0/19127312_th.jpg
http://garvo.pixa.us/images/19127312/XAGUSD-231110
  • #23
  • Nov 24, 2010 7:55pm Nov 24, 2010 7:55pm
[quote=whatfx;4197880]
Quoting newyear498

try 'alpari'. you can open a demo account within seconds and start using the charts.

also i just realised, some confusion on candle times.

on 30m candle say we look at the close of 9.30 candle which is red. so on the 5m candle do we look at the 9.30 one or the one at 9.35 ? similarly, the 1m candle we look at is it the one at 9.31 or 9.36 ?


you say each 5m candle has to be at least 15-20pips , but that rarely happens. do we count the wicks as a size of the candle ?



i just did one trade on usd/jpy....
I ignore the 1M HA for entries.. for entries I only focus on 30M and 5M HA.

I think your right about the 1M HA for exits.. it can signal early in the trade, see I don't have exact entries and exits personally.. I posted here to see if others had good ideas for perfecting entries and exits.. I simply shared my original method of trading it.. once things start moving in my direction tho I'll usually exit when the 1HA goes against me..

see the way it works is your using 30M HA for identifying the intermediate trend.. if you have 3 red candles that have nice solid bodies your looking at a decent down trend.. when you get a 1 green candle (or in your case white candle) you are seeing a reverse of that intermediate down trend.

(you should be using the closed candles by the way.. obviously a 30M active candle could be whatever way the 1 second candle is first second of the half hour! so closed candles)

if you walk me through a trade with pictures I'll be able to answer better I think also.. and like I s
  • #24
  • Nov 24, 2010 8:00pm Nov 24, 2010 8:00pm
Quoting todd960960
[walk a limit sell 1 pip below the 1M candle-sticks until its triggered... if price moves down it triggers and your in..
You obviously meant to say Sell Stop, correct?[/quote]

No, I am talking about if you have 30M green and a 5M green on the HA's then what I do is I go to my 1M candlesticks and I start putting limit orders 1 pip above the last candle.. so if it moves up 1 pip i will be in the trade long.. but if its retracing then I will follow the highs of the bars until I get trigger in (if my orders to go long are still valid)

see if its on a roll and I get trigger I'm happy.. but if its in a pull back I get a better price and I'm happy...

I also like to place my orders at swing highs and swing lows..
  • #25
  • Nov 24, 2010 8:02pm Nov 24, 2010 8:02pm
I really thought others might like this method of looking at things.. I always saw it as easier to identify trends and such.. but clearly I am just confusing the hell outta people Lol

please use what works for you and if you want to adjust the method go for it.. hell you could even scratch the 30M time frame and just scalp based on what the 5M is doing
  • #26
  • Nov 24, 2010 8:13pm Nov 24, 2010 8:13pm
Ok, look.. I think this seems confusing.. but look its so simple.. and this method of viewing the market helps me out tons.. I hope you see why now...

two pictures.. they are the same pictures..

picture 1. Thats the HA.. see the trend lines..

picture 2. Thats candle sticks.. same exact trend lines..


now look again at picture 1.. isent it so much easier to see.. everytime a green candle starts it is the beginning of a new trend in the opposite direction.. same for a red candle.. you get a doji looking candle then the market is weak, reversing.. scalp either direction or go have a lunch break

then I am just moving to the 5 minute time frame and scalping off it for some pips in the same direction as the 30 minute time frame..

also.. so if last 30M candle was green.. but the future 30M candle is going to be red(obviously we dont know that yet.. but just saying god knows its going to be red) well the idea here is that you wount see any 5M green candle so you'll be safe if you take a few bad trades so what.. you'll make it back the next 10 30M red candles in a row (hopefully)

please let me know if you like this explanation

I don't know if I can do any trades for a bit.. thanks giving cooking now and tomorrow family and weekend.. but I'll get around to it eventually

if you dont like this method I dont mind.. I have heard people say and I must agree that 2 people can trade the same methods and one can lose everything the other make money.. lol just hope this helps someone
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 190 KB
Click to Enlarge Name: 2.jpg Size: 191 KB
  • #27
  • Nov 24, 2010 8:23pm Nov 24, 2010 8:23pm
I consider a limit sell and sell stop the same thing.

I like the way these candles drive. Kind of like a cadillac. I never traded with fat candles on my chart, and these averaged ones are smooth.

Btw, the candles are better colored orange and blue.
  • #28
  • Nov 24, 2010 8:30pm Nov 24, 2010 8:30pm
Quoting jmag
I consider a limit sell and sell stop the same thing.

I like the way these candles drive. Kind of like a cadillac. I never traded with fat candles on my chart, and these averaged ones are smooth.

Btw, the candles are better colored orange and blue.
Yeah limit sell, limit buy that what I ment.. you know how I used the 10SEC in other post..

yeah I like how they look too.. its easier for my mind to see.. (oh were in an uptrend) without drawing trendlines or looking for candle patterns..

and yes blue and orange are better :-p
  • #29
  • Nov 24, 2010 8:37pm Nov 24, 2010 8:37pm
Quoting jmag
I consider a limit sell and sell stop the same thing.

I like the way these candles drive. Kind of like a cadillac. I never traded with fat candles on my chart, and these averaged ones are smooth.

Btw, the candles are better colored orange and blue.
A sell stop is to place a pending sell order below the current price. A sell limit is to place a pending sell order above the currect price. Anyway I think everyone gets the idea.
  • #30
  • Nov 24, 2010 9:42pm Nov 24, 2010 9:42pm
I must have heard that convention before, ok.

What I like about this so far. The method keeps me from trading. Flat candles, or slightly bear 30m candle followed by bull 5m candles. I was thinking that I shouldn't be trading now during this slow Asian market, but the method has made that decision for me as well. I've taken two trades so far, a 1 pip loss and a 2 pips loss, these exiting on the 1m candle closing opposite trade. I like that it gets me out with small loss. No guessing, stress free so far. We'll see.
  • #31
  • Nov 25, 2010 7:04am Nov 25, 2010 7:04am
this is in effect MTF trading. there are a lot of threads on mtf trading here on ff. i dont think many people have had much success with them.

problem with this is your stop. the 10 pip sl is too short and will be hit frequently. you will probably end up more losses before your tp is hit.


your ideas need to be refined. i.e. minimum candles of the same colour you need to wait before taking a trade in the opposite direction, size of candles need to be, max time difference allowed between each time frame, clear exit strategy, best times to trade etc.

how long have you been trading this and what have been your average weekly pips since you started ?


also do you count the wicks as part of the candle ?


the only way to understand what you are doing is to post charts of your trades with explanations, for a few days.
  • #32
  • Nov 25, 2010 7:12am Nov 25, 2010 7:12am
Quoting whatfx
this is in effect MTF trading. there are a lot of threads on mtf trading here on ff. i dont think many people have had much success with them.

problem with this is your stop. the 10 pip sl is too short and will be hit frequently. you will probably end up more losses before your tp is hit.


your ideas need to be refined. i.e. minimum candles of the same colour you need to wait before taking a trade in the opposite direction, size of candles need to be, max time difference allowed between each time frame, clear exit strategy, best times to...
Yes I count wicks as part of the candles.. I am just looking at the range so yes wicks are important for the range..

theres no specific entry and exit.. like I said I use this method to find out which direction the trends are going and then I scalp them on lower time frames

this isent a mechanical strategy.. simply a guide i follow for where I'm going to implement my own trading. If this was a mechanical strategy I would have posted to the strategy section.

I think you might find it more comforting if you were to view this method as a way to quickly evaluate whats going on in the market and then implement whatever scalping method you feel comfortable with?

  • #33
  • Nov 25, 2010 7:33am Nov 25, 2010 7:33am
did you see post 26? see why its easy to spot trend?

you could draw trend lines on your 30M's and 5M's and trade the same way.. its trading with the trend.. most people are trend traders.. I usually go with the trend myself.. sometimes I go against but for smaller pips..

oh and I usually place my stoploss at the swing high/ swing low (aka the fractles)

but yeah it depends.. I would recommend buying at pull backs.. thats what I usually do.. like a Fibonacci pull back would be a good place to buy in rather than jumping in.. but then again it depends how much momentum you think the market has
  • #34
  • Nov 25, 2010 7:50am Nov 25, 2010 7:50am
Quoting newyear498
Yes I count wicks as part of the candles.. I am just looking at the range so yes wicks are important for the range..

theres no specific entry and exit.. like I said I use this method to find out which direction the trends are going and then I scalp them on lower time frames

this isent a mechanical strategy.. simply a guide i follow for where I'm going to implement my own trading. If this was a mechanical strategy I would have posted to the strategy section.

I think you might find it more comforting if you were to view this method as a...


hi

the problem iam having is this:


for example the last GU trade i took at 13.30.

30m chart - .....6 red candles. the last red candle a doji. so, a change of trend imminent . the 7th candle opened white. signifying a change of direction to long.

i looked at 5m candle. was white. 1m candle also white. so i entered buy. it did move by a few pips but did not reach TP.

the next 30m candle opened red ! the one after that also opened red ! so eventualy SL was hit.


you see we could not identify properly if there was a change in direction to the up side. it looks like that one white candle was just a one off candle in between the red candles. and as we entered buy on the white candle it got stopped out. so how do we identify if the change in candle is just a blip or not ? perhaps additional filters can be added, ANYONE ?


also, what if this happens:

30m candle closed at say 14:00, red. we look at 5m candle. but what 5m candle do we look at ? is it the one closed at 14:00, or do we wait for the one closes at 14:05 ?

and what 1m candle do we look at ? the one at 14:01 or 14.06 ?

now say the 30m candle is red. we look at the 5m candle. but that is not red but is white. so we cannot enter here right ? do we wait for the NEXT 5m candle and if that is red then we can enter ? but if that is still not red but white then what ? how many 5m candles do we wait for to see if the colour changes red before we can enter ? can we wait upto five / six 5m candles ? or is that too late ?




regards
  • #35
  • Nov 25, 2010 8:22am Nov 25, 2010 8:22am
Ok,

Let me help you out some.. see if a HA chart has a big green bar and the next bar closes with a lower upper shadow then the momentum is ending and you might not want to take those trades.. wait a minute for better probabilities]

(same in reverse for red candles)


look at my picture.. see how next bars upper shadow on HA is lower.. it just means things are not as strong this half hour..

let me know what you think?


PS: dont go looking at HA candles like candlesticks and trading based on hammers and stuff .. different ball park.. read the attachment in post 1 on HA
Attached Image (click to enlarge)
Click to Enlarge Name: ttt.jpg Size: 199 KB
  • #36
  • Nov 25, 2010 8:29am Nov 25, 2010 8:29am
ok..in my last trade the 30M was weak so I scalped off the 5 minute..


going from left to right on the picture...


notice how the last 5M HA closed candle was weaker and now active 5M is red

also the 1M HA was red.. all the better..

now the last 5M candle was about 10 pips so I was looking for 5 pips.. I got my 5

HA make price action a little easier to see.. thats really what I think it comes down to..

now I'll go back and check the 30M again from step one see where things are going.. scalp some more pips.. repeat

its not an exact science.. I can't say always go for 5 or 20 pips.. the market can't achieve set amounts.. I don't just wait for my 5 pips to get hit.. if price starts failing to go lower I'll get out with less or losing pips


Any thoughts? I am doing my best to help..
Attached Image (click to enlarge)
Click to Enlarge Name: trade304.jpg Size: 150 KB
  • #37
  • Nov 25, 2010 8:40am Nov 25, 2010 8:40am
Quoting newyear498
ok..in my last trade the 30M was weak so I scalped off the 5 minute..


going from left to right on the picture...


notice how the last 5M HA closed candle was weaker and now active 5M is red

also the 1M HA was red.. all the better..

now the last 5M candle was about 10 pips so I was looking for 5 pips.. I got my 5

HA make price action a little easier to see.. thats really what I think it comes down to..

now I'll go back and check the 30M again from step one see where things are going.. scalp some more pips.. repeat

its...


on your first picture you show the active 5m to be red. but do you not wait for that active candle to close and then enter on the opening of the next 5m candle ? checking the 1m candle at that same time also ?
  • #38
  • Nov 25, 2010 8:45am Nov 25, 2010 8:45am
Quoting whatfx
on your first picture you show the active 5m to be red. but do you not wait for that active candle to close and then enter on the opening of the next 5m candle ? checking the 1m candle at that same time also ?
I did not wait for active 5M candle to close because the prevous 5M candle was weak.. it was weak because it had lower shaddow than the one before it..

so yeah I took the active candle because I saw price reversing direction.

Keep in mind this trade was done becasue the 30M HA was weak as well.. looking like doji's so I looked for a scalping opportunity and this one seemed good..

you could if you wanted.. you could completly ignore the 30M HA for some time and practice some scalping on the 5M and 1M ha's thats how I started.. then I added 30M ha so I could be more with the trend..
  • #39
  • Nov 25, 2010 8:51am Nov 25, 2010 8:51am
no action
Attached Image (click to enlarge)
Click to Enlarge Name: balhhh.jpg Size: 201 KB
  • #40
  • Nov 25, 2010 9:30am Nov 25, 2010 9:30am
Hello everyone!

I wish to ask all of you has anyone read "Thomas De Mark"?
0 traders viewing now