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Trading Made Simple

  • #2,761
  • May 16, 2011 9:29pm May 16, 2011 9:29pm
Quoting 33drifter
Ive been using similar MM for the last week or so. Ive been having trouble making the big trades stick so i thought id start small and go from there. I know this is going to make people jump up and down and scream at me but ill say it anyway.

Hard SL 30
Hard TP 10 (with the exception of a few where PA was fast moving)
Live account risking 3% to make 1%, crazy i know buts its worked so far.
Much better than risking 3% and getting out at BE everytime when TDI goes flat.

2 trades didnt work out because i broke the entry rules, still managed to...
I really am interested to see what you come up with drifter so please keep me in mind when you finalise your MM.
I have done a few trades and found that if the entry is correct and you are not forcing it....as in looking for soemthing that isnt there....the trade runs into profit pretty quickly (I have only traded the 1 hourly charts) and to be honest the largest drawdown was around 9 pips. Not suggesting this will be permanent but I am with you in regards to having a need for fixed SL and TP. If we can reverse your RR we would be laughing. 1:3..perfect
But we will have to work on it becasue it seems the average amount of pips I get to is around 30ish and then quite often it will stall, or come back on me....and yes sometimes continue into the cash....but I would rather get a consistent say 25 pips and have a 15 SL. It may sound ridiculous but it has a lot to do with trade selection....Get the entry spot on and your drawdown is often zero for the first 20 pips. So if I could get it right 8 out of ten times....I couldnt care less if I get stopped out the other two even if it is from a quick spike.
Still a heap of testing to do though but keep me in mind with your results. I will do the same
  • #2,762
  • May 16, 2011 9:34pm May 16, 2011 9:34pm
Big E get well soon! We all miss you. Adong
  • #2,763
  • May 16, 2011 10:12pm May 16, 2011 10:12pm
Quoting silversurfer
I started trading this system at the beginning of May on a small live account (I hate demo accounts, don't believe they make you take trading seriously enough). Have taken 29 trades for 23 wins and 6 losses, of those 6 losses at least 3 or 4 were because I didn't follow the rules and went by my gut feeling ie trying to anticipate a move rather than waiting for confirmation. Account size at the beginning was only $71.82, it now stands at $197.42. Even though it is ony a very small trading account I put as much or more effort into making sure I get...
Silver,
I wonder what leverage are you using? Your results are quite impressive.
I'm sorry but I'm still confused as per TP and SL. I wonder if you could outline what you're doing on these regards?

One other thing, when considering a TDI crossing, as the crossing is not definitive until the candle closes, you actually wait until is definitive, or consider it valid when the crossing is happening no matter it could be a fake one?

Thanks a lot and congrats on your results
  • #2,764
  • May 16, 2011 10:27pm May 16, 2011 10:27pm
Re leverage - on this size account I have gone as hard as i can, call it stress testing but I did note in a later post that when the account size grows my leverage will become more conservative.
On TDI crosses - I consider it to be valid when a cross occurs whether it be the first or second candle, that's when I drill down to a lower time frame to make sure that I suffer as little draw down as possible when I enter. In my humble, very short experience I have noticed that you can get a positive cross and then endure a 10-15 pip drawdown before normal resumption of the trend. When I started drilling down into M5 or m15 I was able to fine tune the entry.
I tend to put a 25 sl on immediately (I don't want to be drawn into a debate about this) and then I have this really bad habit of micro managing my profits ie I tend to keep on reducing my exposure, taking profits until I am in a no lose or free trade situation and then I let the remainder run sometimes with a trailing sl or with a hard tp. No set rule on this just depends on whether it is late at night or the H4 is just starting to agree with me. I predominantly trade off H1 during Asian and London sessions, being an Aussie means New York is way too late for me and I miss a lot of opportunities as a result.
  • #2,765
  • May 16, 2011 10:31pm May 16, 2011 10:31pm
Currently have no trades running but am watching EURUSD for a possible long set up, a bit annoyed that I didn't get into the long eurjyp and gbpjpy long trades a couple of hours ago - both good for 30 odd pips.
The other thing i look for is support/resistance or swing highs and lows.
  • #2,766
  • May 16, 2011 10:32pm May 16, 2011 10:32pm
Quoting silversurfer
Re leverage - on this size account I have gone as hard as i can, call it stress testing but I did note in a later post that when the account size grows my leverage will become more conservative.
On TDI crosses - I consider it to be valid when a cross occurs whether it be the first or second candle, that's when I drill down to a lower time frame to make sure that I suffer as little draw down as possible when I enter. In my humble, very short experience I have noticed that you can get a positive cross and then endure a 10-15 pip drawdown before normal...
Silver...dont take this as an SL debate, merely some questions as I am interested in this greatly.
The hard 25 SL you put in...have you found it to be enough...more than enough...close or what?? particularly in the UK session where the movements are a lot larger?? and do you envisage you will be able to reduce that SL at some stage??
I am also an AUssie...but find it very difficult to have confidence in anything during the ASian session.....candles always seem to small for me. How much luck do youhave during the asian session?
  • #2,767
  • May 16, 2011 10:44pm May 16, 2011 10:44pm
Dean, re the sl, I'm comfortable with it especially if I can fine tune the entry, my mind set is that if price turns around by 25 pips then tdi will probably go flat as well which suggests it's time to exit stage left Agree re Asia however if you can get an entry it is a session that trends nicely.
  • #2,768
  • May 16, 2011 10:51pm May 16, 2011 10:51pm
audusd should give a long entry i 10m on H1
  • #2,769
  • May 16, 2011 10:56pm May 16, 2011 10:56pm
Quoting silversurfer
audusd should give a long entry i 10m on H1
Looking at both the hourly and 4 hour charts, price is sitting right at some heavy resistance if you look to the left a bit
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  • #2,770
  • May 16, 2011 11:01pm May 16, 2011 11:01pm
Just bought the EG on a cross before the hour was out guys.

Two thirds of the prior EJ and UJ positions have been closed...

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  • #2,771
  • May 16, 2011 11:16pm May 16, 2011 11:16pm
Flamenco143 posted up an indicator for tracking profits yesterday. THis is a beauty. Gives you a chart with current, daily weekly, monthly and yearly profits. Enjoy
Attached File(s)
File Type: ex4 i-Profittracker_%5BRU-EN%5D.ex4   21 KB | 937 downloads
  • #2,772
  • May 16, 2011 11:36pm May 16, 2011 11:36pm
Hi guys, I have been following along for a couple of weeks now causally and am quite impressed. Would you say the entry on the hour of e/u was valid or a bit prem?
cheers.
FF journal: Peaks and Troffs
  • #2,773
  • May 17, 2011 12:02am May 17, 2011 12:02am
deano I took that aussie at 1.05769 - take your point on resistance but it could also be viewed as support, just depends on how you interpret a chart.
EU trade looked okay to me.
  • #2,774
  • May 17, 2011 12:32am May 17, 2011 12:32am
Quoting silversurfer
deano I took that aussie at 1.05769 - take your point on resistance but it could also be viewed as support, just depends on how you interpret a chart.
EU trade looked okay to me.
Cheers, there were a few set up at the top of the hour.
FF journal: Peaks and Troffs
  • #2,775
  • May 17, 2011 12:47am May 17, 2011 12:47am
Quoting silversurfer
deano I took that aussie at 1.05769 - take your point on resistance but it could also be viewed as support, just depends on how you interpret a chart.
EU trade looked okay to me.
Good trade...hope you are still in it. I am curious as to your interpretation of the SR though?? I would have seen the big V just to the left on the 4 hour as pretty strong resistance...enough for me to stay away....whats your view?? how did you see it?
  • #2,776
  • May 17, 2011 12:48am May 17, 2011 12:48am
entered buy and sell on stochist cross.....demo account so does not counts
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Trade responsiblypatience is the key/Swing trader
  • #2,777
  • May 17, 2011 12:59am May 17, 2011 12:59am
Took this trade this morning waiting for London open.
Candle traded is one after red vertical line.

some consolidation at the time and stocs highish but just went with signal.
moved SL to +20 and fib expan is target.

any thoughts!

Thank you eelfranz yet again.
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  • #2,778
  • May 17, 2011 12:59am May 17, 2011 12:59am
Quoting Incrediblle
entered buy and sell on stochist cross.....demo account so does not counts
#

it all counts Incrediblle
  • #2,779
  • May 17, 2011 1:06am May 17, 2011 1:06am
Quoting courtneywild
#

it all counts Incrediblle
i wish i could do it on real account....
Trade responsiblypatience is the key/Swing trader
  • #2,780
  • May 17, 2011 1:06am May 17, 2011 1:06am
Quoting dean
Couple of questions for you:
1. Do you use the high of the candle prior to the one you entered on as your initial SL?? if not what do you use?
2. Wouldnt you attempt to aim for more than 20 pips on the 4 hour chart?? considering Big E aims at 3-8 candles or 150 pips??
I just use a hard 20-30 SL no matter the lows or highs. I find if it goes against me that many I got a terrible entry and would wait for more confirmation..

I can never seem to get my trades up over 150 pips on the 4 hr.. Either I'm not realizing the s&r to the left or I'm just unlucky. When I get in the trade everything looks perfect only to find out that 4 hours later the tdi is flat or there's a reversal check. I find it hard for me to force myself out of a trade once im in the red. So I need some rules to follow.

This way I get to lock in 30 pips and let the 3rd position run as long as it can.. atleast if it goes 20 pips I can set it to B/E
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