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Trading Made Simple

  • #3,261
  • May 19, 2011 12:06pm May 19, 2011 12:06pm
missed the correct entry.....
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Trade responsiblypatience is the key/Swing trader
  • #3,262
  • May 19, 2011 1:47pm May 19, 2011 1:47pm
Quoting johnsund
I agree with your point. But, based on Big E's statements I went back on EU and GU H4 charts. I have horizontal lines plotted to show where the Big Numbers (Craig Harris term) are. In looking back for the months of March, April and up to about May 10 or so, I looked for valid entries in accordance with the rules. If a valid entry appeared I then looked to see if I had used a 100 pip SL would it have been hit. Unfortunately I did not keep track of the number of valid trades that I observed but in the range of 50. The number does not matter, because...
Been at this a couple of weeks now trading Big E's way, and I trade the H4 charts just like Big E does at night. I am in EDT so London is trading while I sleep. I always have a Hard SL of 100 and TP of 50, and I have not had my stop hit yet, 95% of the time the TP is hit or I am in the money when I get up at 4am, and evaluate the position then. As far as 100 pip sl or a 500 pip sl for that matter being large, just adjust your position size. I never risk more than 1% of my account regardless of the sl size, because I have adjusted to the appropriate number of lots. Now during the day I trade the H1 and always start with a 50 pip SL, Once in the market I evaluate the stop placement ,but it is always going to be placed where i dont think the market is going to go. I go in with multiple lots and as soon as I see 10 to 15 pips( sort of a feel thing) I take a couple off and the rest are at BE + spread to either sink or swim with a trailer on them. I made 148 pips yesterday doing the above and 41 so far today(didn't take any night trades last night) and haven't given any back so far. ( knock on wood) This is not me bragging or any of that nonsense, I am just explaining the way I have been trading this with success and it might help someone, if they are in a loop with their thought process. Been trading for about 15 years (mostly futures) and this is real easy stuff just like Big E has said ( I hope you are well and doing GOOD) It just take some practice , patience, and trust in yourself.

Take Care ,and sorry for being long winded
Always Learning
  • #3,263
  • May 19, 2011 2:21pm May 19, 2011 2:21pm
Quoting JayTrader
Been at this a couple of weeks now...Been trading for about 15 years (mostly futures) and this is real easy stuff just like Big E has said ( I hope you are well and doing GOOD) It just take some practice , patience, and trust in yourself.d
This guy knows!

BTW, Big E! Hop on and tell us you're alright! The whole thread is worrying sick (no pun intended).
  • #3,264
  • May 19, 2011 2:29pm May 19, 2011 2:29pm
Nice results, and thanks for sharing!

What part of FL are you in? Near the Treasure Coast?

Quoting JayTrader
Been at this a couple of weeks now trading Big E's way, and I trade the H4 charts just like Big E does at night....
Read the entire thread BEFORE you ask questions!
  • #3,265
  • May 19, 2011 2:40pm May 19, 2011 2:40pm
Quote
Been at this a couple of weeks now trading Big E's way, and I trade the H4 charts just like Big E does at night. I am in EDT so London is trading while I sleep. I always have a Hard SL of 100 and TP of 50, and I have not had my stop hit yet, 95% of the time the TP is hit or I am in the money when I get up at 4am, and evaluate the position then. As far as 100 pip sl or a 500 pip sl for that matter being large, just adjust your position size. I never risk more than 1% of my account regardless of the sl size, because I have adjusted to the appropriate...

Jaytrader,

Thanks for your input. I'm on the east coast as well and learning Big E's methodology. Until now it seemed like everyone posting was in a time zone that allowed them to frolick in the sand, if you will, with the London session. Explaining to my wife why I HAVE to be up at 4 in the morning is going to be a tough sell. It's good to see someone following Big E's technique as well as his routine, i.e. going to bed and not worrying about it. That was the component I was hoping a veteran like yourself would explore and discuss. Thanks!
  • #3,266
  • May 19, 2011 2:49pm May 19, 2011 2:49pm
What's up Jay and John! I'm only an hour inland from Daytona (Altamonte Springs).

I'm brand new to this method and took my first trade on this system last night (unfortunately it lost $ for me b/c of a stoploss, which if I wouldn't have had in, I'd be in the money right now.)

I think I'm going to follow the advice of a few on here who have the large 100-pip SL.

I look forward to us all earning some good money together!
  • #3,267
  • Edited 4:38pm May 19, 2011 4:06pm | Edited 4:38pm
Quoting johnami
Nice results, and thanks for sharing!

What part of FL are you in? Near the Treasure Coast?
I am about 100 miles north of you in Daytona Beach
Always Learning
  • #3,268
  • May 19, 2011 4:14pm May 19, 2011 4:14pm
Quoting Browserguy
Jaytrader,

Thanks for your input. I'm on the east coast as well and learning Big E's methodology. Until now it seemed like everyone posting was in a time zone that allowed them to frolick in the sand, if you will, with the London session. Explaining to my wife why I HAVE to be up at 4 in the morning is going to be a tough sell. It's good to see someone following Big E's technique as well as his routine, i.e. going to bed and not worrying about it. That was the component I was hoping a veteran like yourself would explore and discuss. Thanks!...
I Tried getting up and trading live during London but sleep won out. I have yet to be disappointed with this system,( I Trade from 12 am EDT 1st H4 candle and the 4AmEDT candle then I trade from 6AM until 11am EDT on the H1 Candles) and if it does come back and hit your stop which it will occasionally, big who cares, you have done your homework and set your stop to a percentage that your account can handle without doing any harm (Right?) Its a numbers game and a slow paced journey, if you get in a hurry you Will miss something. Another rant sorry
Take Care
Always Learning
  • #3,269
  • May 19, 2011 4:17pm May 19, 2011 4:17pm
Quoting fiore
What's up Jay and John! I'm only an hour inland from Daytona (Altamonte Springs).

I'm brand new to this method and took my first trade on this system last night (unfortunately it lost $ for me b/c of a stoploss, which if I wouldn't have had in, I'd be in the money right now.)

I think I'm going to follow the advice of a few on here who have the large 100-pip SL.

I look forward to us all earning some good money together!
Always Learning
  • #3,270
  • May 19, 2011 4:24pm May 19, 2011 4:24pm
au nz I have a long on this would any one like to comment please.
started off very well with this sys then read the tread again and no luck ever since. I have started to use 11 p sl to see if that helps time will tell
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  • #3,271
  • May 19, 2011 4:53pm May 19, 2011 4:53pm
On USD/CHF, I dont know if this ok, because is I did entry on second candle. And for while, the Eur/Gbp follow "bullish" trend, at least I not went stopped, not yet. Moreover, there a little bounce in TDI. Shall be it now falls? Hopefully.

Obs: Please if I did wrong interpretation of chart or system, correct me.
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  • #3,272
  • May 19, 2011 4:53pm May 19, 2011 4:53pm
just my thoughts on your chart above, small candle bodies with long wicks preceding it, equivocal stoch, could be a bounce on the TDI in it's favour though, for me I wouldn't bother with it and look for the clear pictures, get the pattern of a successful trade in your mind so that when you see it you instantly know it, somewhat like they used to shadow train the WWII pilots on enemy plane recognition, you had no time to sit and think "now is this friendly or enemy" you had to know the shape (the pattern) and then act accordingly, not to denigrate your efforts, just the way I'm trying to teach myself.

Alex
  • #3,273
  • May 19, 2011 5:01pm May 19, 2011 5:01pm
Quoting adowland
just my thoughts on your chart above, small candle bodies with long wicks preceding it, equivocal stoch, could be a bounce on the TDI in it's favour though, for me I wouldn't bother with it and look for the clear pictures, get the pattern of a successful trade in your mind so that when you see it you instantly know it, somewhat like they used to shadow train the WWII pilots on enemy plane recognition, you had no time to sit and think "now is this friendly or enemy" you had to know the shape (the pattern) and then act accordingly, not to denigrate...
Thanks yes the small candles (I know that ) should have seen it stock hooked over after I was in so just trying to see where it will go had I not used the 100 sl I would have been stopped out just now.
Thanks
  • #3,274
  • May 19, 2011 5:08pm May 19, 2011 5:08pm
another one that I have jumped the gun on but is looking better small candles again . thanks Alex they jump out at me now . some times it just needs some one else to point these things out to you. any comments welcome
thanks
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  • #3,275
  • May 19, 2011 5:32pm May 19, 2011 5:32pm
Quoting astom
On USD/CHF, I dont know if this ok, because is I did entry on second candle. And for while, the Eur/Gbp follow "bullish" trend, at least I not went stopped, not yet. Moreover, there a little bounce in TDI. Shall be it now falls? Hopefully.

Obs: Please if I did wrong interpretation of chart or system, correct me.
I also went short on the Eur/Gbp yesterday and I haven't been stopped out yet either. I almost closed the trade but decided to wait it out. You would know this would be my first trade on my Live account and it really is testing my patience. Oh well all I can do is cross my fingers now!
  • #3,276
  • May 19, 2011 5:39pm May 19, 2011 5:39pm
well guys/gals I just got in from work about 30 minutes ago and saw an okay setup on UJ I may grow old and die waiting on it to move but ow well.

I have to agree with those who say 20 pips is to tight. Especially jpy pairs you need to give it room to breathe. I'm hoping to make myself get up for the London open. It seems that is when the best trades setups happen.

I would like to get opinions on exiting trades. Many of you know entrys are easy but exits can make or break you. Am I right?

So far what I see for exits are...

Exit on support resistance or significant levels (session hi/low pivot, fibs, ets)

Exit on tdi going flat or hooking

Exit on 1:1 r:r

exit on 5ema cross

What do you guys do? I'm curious because I already notice my tendancy to leave to much on the table.

I was interested in what Jay was saying about taking some off at +10 -15 Maybe I could pull half off let half go and when I hit whatever target close another 30% and leave 20% to catch some of those big fishes.

What do you guys think?



btw heres my UJ trade nothing to exciting..
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  • #3,277
  • May 19, 2011 5:58pm May 19, 2011 5:58pm
Quoting johnnykanoo
well guys/gals I just got in from work about 30 minutes ago and saw an okay setup on UJ I may grow old and die waiting on it to move but ow well.

I have to agree with those who say 20 pips is to tight....
Hi, do you see the H4 chart? the TDI is cross to the low and the stochastic shows that itīs comming down from over buy.
Please forgive me for the english i'm not american.
  • #3,278
  • May 19, 2011 5:59pm May 19, 2011 5:59pm
Quoting johnnykanoo
well guys/gals I just got in from work about 30 minutes ago and saw an okay setup on UJ I may grow old and die waiting on it to move but ow well.

I have to agree with those who say 20 pips is to tight....
Hi Johnny, I see where you are coming from with the UJ trade. I haven't got a confirmed cross on my chart (I may be wrong). I am wary of the resistance at 81.78ish. With regard to taking profits; at this early stage I take 1/2 off at 1:1 and bring the stop up to BE +1. Also time of day, I don't start till now although I had a couple of demos yesterday before this time that worked out. Good luck.
FF journal: Peaks and Troffs
  • #3,279
  • May 19, 2011 6:11pm May 19, 2011 6:11pm
Quoting johnnykanoo
well guys/gals I just got in from work ...
My last 4 trades got spiked out before they went. Sigh. Oh, well, on the learning curve that counts as progress: picking good trades; now start setting better stop losses.


Some local folks I know put the zig zag indicator on the chart (5,5,3) & use the points as potential targets.


May I respectfully suggest, be careful with trying to force yourself to trade London. I did that & made myself sick. Need to live on day shift.

I put a little position your JPY trade; we'll see what happens. Good luck to us. Are we even supposed to be trying this time of night?
My favorite crochet hook is size J. It's a J-Hook!
  • #3,280
  • May 19, 2011 7:11pm May 19, 2011 7:11pm
nice downchannel
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