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Monitor for 'Trading Made Simple' system 565 replies

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

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Trading Made Simple

  • #3,501
  • May 23, 2011 12:36am May 23, 2011 12:36am
Hey,

I got a few PMs about when to start trading for the week so I thought I would just post 1 reply here.. I dont usually start trading till the 1 am candle on Sundays, through the 1 am candle on Fridays. If anyone else cares to chime in on the times they start, that would be cool.

IL-Z

P.S.

All times are -8GMT/PST

Blessings go out to the folks in Joplin, Missouri USA.
“Control, control, you must learn control!” - Yoda
  • #3,502
  • May 23, 2011 12:38am May 23, 2011 12:38am
Quoting Incrediblle
which time frame are u talking about? 1 hr TDI is absulately flat?


ps:guys pls mentioned your time frame in every post,makes it easy to scan.
He used a 4 hr time frame like me, but i should have paid attention to the 1 hr TF, well at least im learning, currently down 12pips but hopefully will recoup some
  • #3,503
  • May 23, 2011 12:42am May 23, 2011 12:42am
Quoting hawaii5000
It's the weekend and I am bored. A lot of good talk amongst the 5E crew re entries and SL, but it is worth looking a bit more closely at "reward" in your trade selections. We all know when we should be technically closing positions (TDI green hook/flat), but prior to entry picking trades with 1:1 or 1:2 at least may be helpful in picking the best trades / not over-trading / over-leveraging.

To help make this assessment you can modify your MT4 Fib Tool as per my chart. This is not my idea so I take no credit but it is useful in evaluating...

very simple and helpful thanks
  • #3,504
  • May 23, 2011 12:44am May 23, 2011 12:44am
Heres another possible set up brewing but im worried about the hourly chart
Attached Image (click to enlarge)
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  • #3,505
  • May 23, 2011 1:41am May 23, 2011 1:41am
DOes anyone have a good indicator that automatically draws S/R lines?? would be handy for trade assessing and entry /exit
  • #3,506
  • May 23, 2011 1:41am May 23, 2011 1:41am
Just to share with everyone here, this was the morning trade I did follow Big E method, and it's smooth sailing, but I put the SL to +2 pips too early, hit by the pull back. The point is, this method rocks, will continue explore it, and share with everyone.
Attached Image
  • #3,507
  • May 23, 2011 2:08am May 23, 2011 2:08am
Quoting dean
DOes anyone have a good indicator that automatically draws S/R lines?? would be handy for trade assessing and entry /exit
Attached File(s)
File Type: mq4 Support-Resistance (1).mq4   9 KB | 1,121 downloads
  • #3,508
  • May 23, 2011 2:11am May 23, 2011 2:11am
Quoting dean
25 is a large trailing stop......as in its a lot of pips to lose if you had closed the trade manually. What sort of TP are you averaging on the hourly

Dean I still close the trade manually if TDI flattens too, I've not calculated the average TP, I customise each TP for each trade depending on trend lines and S & R lines it seems to work well for me.

Exiting on TDI is still the best way of managing your trades IMHO
  • #3,509
  • May 23, 2011 2:19am May 23, 2011 2:19am
Quoting mackaozy
Thanks Macca... do you use it??
  • #3,510
  • May 23, 2011 2:26am May 23, 2011 2:26am
Quoting dean
DOes anyone have a good indicator that automatically draws S/R lines?? would be handy for trade assessing and entry /exit
have you tried murry lines?
  • #3,511
  • May 23, 2011 2:26am May 23, 2011 2:26am
Quoting hawaii5000
This is an interesting chart - 2 clearly defined channels. No set up yet, but it will probably run once it breaks out.
It gets expensive picking up the kids from school sometimes - opportunity cost. 100 pip move on the 1H - I hope someone rode it??
  • #3,512
  • May 23, 2011 2:28am May 23, 2011 2:28am
Quoting dean
Thanks Macca... do you use it??
Yes mate, I only put it on my chart over the weekend though, so haven't yet seen how effective it is. I still use TDI or getting out or when I have hit a profit target for exits.

I just made 8% of my account selling the Yen. Just trying to compound the hell outta my account... So that's me for the day. I'm not over trading like I did last week that's my weakness lol
  • #3,513
  • May 23, 2011 2:31am May 23, 2011 2:31am
Quoting mackaozy
Yes mate, I only put it on my chart over the weekend though, so haven't yet seen how effective it is. I still use TDI or getting out or when I have hit a profit target for exits.

I just made 8% of my account selling the Yen. Just trying to compound the hell outta my account... So that's me for the day. I'm not over trading like I did last week that's my weakness lol
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  • #3,514
  • May 23, 2011 2:49am May 23, 2011 2:49am
Quoting mackaozy
Yes mate, I only put it on my chart over the weekend though, so haven't yet seen how effective it is. I still use TDI or getting out or when I have hit a profit target for exits.

I just made 8% of my account selling the Yen. Just trying to compound the hell outta my account... So that's me for the day. I'm not over trading like I did last week that's my weakness lol
Hi Mackaozy

I found the same (overtrading) and the 4htf killed that bad habit dead for me.
  • #3,515
  • May 23, 2011 2:59am May 23, 2011 2:59am
Hi, I've been following the thread for a few weeks now, and have just gone live, looking to compound pips gained.

I've noticed some people inquiring about entries and exits. If its not already a given for some, I would for the most part suggest utilising the SMA(14) for the 1min chart when entering on the 1hrTF.

The market more often than not will retrace just above/below this point before continuing its trend. (if momentum is really strong it will retrace around SMA (7), I use both).

This is particuarly useful for those looking to acquire 20-40pips as it can add another 10pips on average.

It can be utilised the same way on all time frames but tends to be redundant on 4hr+ simply because of the large pips targeted.

Not trying to pip be to maticulous or anything, just find that it systematically adds to the efficiency of my entry (and exits sometimes

Just a little something for anyone who wants to know
  • #3,516
  • May 23, 2011 3:15am May 23, 2011 3:15am
I've been thinking (hard work) about "the rhythm of the market" stop loss and take profit and did a bit of manual calc on S & R fractals I found this...

I measured the average movement between S & R fractals.
I imagine someone could produce a indi for this (or there might be one) but anyways....

I measured 30 fractals on each pair and simply averaged the movement.
The periods incuded big moves 200/300 pips and small 30/50... I just took 30 FS&R points and ignored trending, spikes and consolidation

The average pip movement for the eight pairs between S&R fractals is (give or take a few pips, as this was done by applying crosshairs 240 times! ) roughly...

e/u 180
g/u 130
u/cf 100
u/jpy 85
u/cad 90
e/jpy 180
aud/u 135
gb/jpy 175

Perhaps they could be markers in the sand to be aware of.
hope you find it interesting.
  • #3,517
  • Edited 4:26am May 23, 2011 3:18am | Edited 4:26am
Took this short one.

Later:

Exit with some 30+ pips because:

1. PA touching H4 uptrend line from 15 May Low (line not shown but easily spotted on the chart)
2. On lower timeframes (H1 and M30) TDI starts sloping up being bellow 32
3. HA-action: again on lower TF lower wicks are growing
4. First trade of the week - positive! Good for the mood :-)

I thought this trade is promising with nice wide and clean space bellow the entry. Will see if I could have been more greedy or exit is the better choice :-)

This is live, btw.
Attached Image (click to enlarge)
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Bah...
  • #3,518
  • May 23, 2011 3:27am May 23, 2011 3:27am
[quote=plamendp;4635418]I'd prefer a numerical value representing the slope and I personaly use 5, i.e. if Green Line moves more than 5 units per candle, I take it as a good slope.

To avoid confusion because of the stretching, I modified "TDI Green Red" indicator to show numerical values of the current and Previous [bar] slope.

Also added a Slopes Histogram, NoLastBar option and Coloring the Last chunk of the RSI Price Line.

No rules added to TMS whatsoever, only better visualization. Besides, if you turn off those added options, the indi looks like the original one.

I do not encourage newcomers to use this modified indi because it could confuse you more than help you! Read the whole thread first, understand the Big E ideas!

Hi friend.

I did download this indicator but I can't get make work it.

Thanks
  • #3,519
  • May 23, 2011 3:28am May 23, 2011 3:28am
Quoting courtneywild
have you tried murry lines?
no, what are they??
  • #3,520
  • May 23, 2011 3:31am May 23, 2011 3:31am
Quoting courtneywild
I've been thinking (hard work) about "the rhythm of the market" stop loss and take profit and did a bit of manual calc on S & R fractals I found this...

I measured the average movement between S & R fractals.
I imagine someone could produce a indi for this (or there might be one) but anyways....

I measured 30 fractals on each pair and simply averaged the movement.
The periods incuded big moves 200/300 pips and small 30/50... I just took 30 FS&R points and ignored trending, spikes and consolidation

The average pip movement for the eight pairs...
on your 4 hour chart?? have you done the average on the one hour??
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