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Trading Made Simple

  • #3,981
  • May 26, 2011 6:21am May 26, 2011 6:21am
What I gathered from BigE is that he doesn't use a trailing stop. He monitors the trades early on and if they pull back 12-15 pips in this period he exits. Or if the trade has moved up his way (say 35 pips) he sets his SL at BE + spread and lets the trade ride and calls it a night. Then he checks the trade 4HRs later (perhaps midway through the candle sometimes if he's on a toilet break). I could never really get on with this method - seems to me if your doing this you might as well wait till the 5min/15min charts are looking good to avoid the 15 pip drawback. But the whole point of this method for me is that I have limited time to trade and can't be watching the charts much so this trade management method didn't work for me.

15 pip "tip" is not a TMS rule.
  • #3,982
  • May 26, 2011 6:22am May 26, 2011 6:22am
Well, I didn't LOSE overnight.

I did 2 entries overnight. The first is the AU. Looks pretty solid signal off a bounce.

The second is EG, also looks okay signal both opened around 0400 GMT

Shakey
Attached Image(s) (click to enlarge)
Click to Enlarge Name: au 4hr entry overnight.gif Size: 29 KB
Click to Enlarge Name: eg 4hr entry overnight.gif Size: 28 KB
  • #3,983
  • May 26, 2011 6:25am May 26, 2011 6:25am
Quoting adowland
updated trading record using this method on the 4 hr time frame

25 trades 4 losses

lessons:

1. follow the rules
2. follow the rules
3. SL is a problem, as 3 of the losses I was following E's dictum of 100 pips SL and got hit. Decided to reduce to 55 pips (and so could have been 135 pips better off this week), largest winner in the 25 trades of 40 pips lowest of 1 pip most often between 10 to 20 pips. Bit by one of the 55 pip SL's, remaining trades now set at 55 pips did not reduce to that far a loss though often did lose before turning and...
Yep...without harping on it....I guess for me the bottom line is...I know I am going to get stopped out....I know I am going to have a string of them....I would just prefer to be stopped out a level pretty much equal to my profit so it doesnt hurt. That way...I can improve the RR by taking better trades. Getting stopped out at 100 pips when you are taking on average 10- 20 is not my idea of good trading. One stop loss hit and you are looking for minumum 5 good trades to just break even. 2 hit in a row you may as well forget it. Again....some can deal with it and are happy believing the methods' consistency will avoid this and thats all good ....I'm not.
  • #3,984
  • May 26, 2011 6:29am May 26, 2011 6:29am
Quoting 2scoops
What I gathered from BigE is that he doesn't use a trailing stop. He monitors the trades early on and if they pull back 12-15 pips in this period he exits. Or if the trade has moved up his way (say 35 pips) he sets his SL at BE + spread and lets the trade ride and calls it a night. Then he checks the trade 4HRs later (perhaps midway through the candle sometimes if he's on a toilet break). I could never really get on with this method - seems to me if your doing this you might as well wait till the 5min/15min charts are looking good to avoid the 15...
Hey scoops,
Yep I read it similar to that except what I understood was.....the 12-15 he is talking about...my understanding was if he was in profit and he noticed it pull back by that much he would exit and taek whatever profit he had. As in...he considered 12-15 enough to warn him that a reversal may be coming. Thats just the way I perceived it.
No I dont think he ever mentioned a trailing stop. And yes he enters his trades provided setup is ok and checks 4 hours later as new candle is opening.
  • #3,985
  • May 26, 2011 6:33am May 26, 2011 6:33am
The AU is up about 18 at the end of the 0400 GMT bar. I looked at the 1hr, and saw a signal showing opposite direction. Decided to close. Just as well, it was still hovering around breakeven at around 1100 GMT last time I looked.

On the EG, was up about 20 or so. By closing the AU with profit, I moved stop to around breakeven to ensure at least SOME profit overnight (using one trade to hedge another)

At around 1100 GMT the EG was still around the same level. I went ahead and closed it for around 15 pips. It had used its Average Daily Range, and besides, it's about time for the US whales to change the direction and take our money.

Tonights take, about 35 pips. Not a great night, but not my worst either.

Shakey
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eg end 4hr bar.gif Size: 30 KB
Click to Enlarge Name: eg end overnight trade 2.gif Size: 33 KB
  • #3,986
  • May 26, 2011 6:46am May 26, 2011 6:46am
Market is in transition for the US market now. Market can reverse on you this time of day.
I prefer to start looking for signals again at around 1400 GMT. Try to determine which is gonna be strong and weak.

If US and Jpy are both weak, EUR and GBP are strong. You can look for signals accordingly.



Shake
  • #3,987
  • May 26, 2011 6:46am May 26, 2011 6:46am
Quoting dean
Hey scoops,
Yep I read it similar to that except what I understood was.....the 12-15 he is talking about...my understanding was if he was in profit and he noticed it pull back by that much he would exit and taek whatever profit he had. As in...he considered 12-15 enough to warn him that a reversal may be coming. Thats just the way I perceived it.
No I dont think he ever mentioned a trailing stop. And yes he enters his trades provided setup is ok and checks 4 hours later as new candle is opening.

Yep I agree with that it doesn't necessarly mean -15 pips it could also a 15 pip drawback in profit. I was just pointing out that this is only when he's monitoring the trades, he trades at night so usually its unmonitored apart from at the beginning of each 4HR candle and the odd mid night toilet break. - Thats my take on what BigE has told me
  • #3,988
  • May 26, 2011 6:49am May 26, 2011 6:49am
@adowland - what was your tp level when you set the sl at 100? or was it discretionary and just put the 15pip trailing stop once you were ahead? thanks
  • #3,989
  • May 26, 2011 6:51am May 26, 2011 6:51am
quick reminder from BigE (this was from a PM he sent me after I'd had a bad trade):

One of the important things you learned today is passing on iffy trade set ups... look for those 5 o'clock, 1 o'clock trade set ups, trade set ups coming off the 68/32 lines if they look good over all...
  • #3,990
  • May 26, 2011 7:09am May 26, 2011 7:09am
Quoting 2scoops
quick reminder from BigE (this was from a PM he sent me after I'd had a bad trade):

One of the important things you learned today is passing on iffy trade set ups... look for those 5 o'clock, 1 o'clock trade set ups, trade set ups coming off the 68/32 lines if they look good over all...
what does 68/32 lines means?
Trade responsiblypatience is the key/Swing trader
  • #3,991
  • May 26, 2011 7:16am May 26, 2011 7:16am
Quoting Incrediblle
what does 68/32 lines means?
Here you go. Signals are always best coming off those lines 68 down 32 up.

Shake
Attached Image (click to enlarge)
Click to Enlarge Name: 68 32.gif Size: 28 KB
  • #3,992
  • May 26, 2011 7:24am May 26, 2011 7:24am
Quoting Beshakey
Here you go. Signals are always best coming off those lines 68 down 32 up.

Shake
Hi Shakey.

Any chance you could please post the sessions times indicator you have on the top right of your screen?

Cheers
  • #3,993
  • May 26, 2011 7:35am May 26, 2011 7:35am
Quoting hicomm
Here you go. Just attach it, check its properties, change all da colors to none with da xception of da green and red and it should look exactly da way u want it.
Happy pipping

Hiya Hicomm

Unfortunately my MT4 build is Version 4 Build 229 and my broker has no intention to upgrade yet
I get a crash with your compiled version which I think you have created for a later version of MT4
would it be possible for you to either compile a version for my MT4 (alpari) or send me the source so I can compile
Ta
Peter
  • #3,994
  • May 26, 2011 7:39am May 26, 2011 7:39am
Quoting 2scoops
What I gathered from BigE is that he doesn't use a trailing stop. He monitors the trades early on and if they pull back 12-15 pips in this period he exits. Or if the trade has moved up his way (say 35 pips) he sets his SL at BE + spread and lets the trade ride and calls it a night. Then he checks the trade 4HRs later (perhaps midway through the candle sometimes if he's on a toilet break). I could never really get on with this method - seems to me if your doing this you might as well wait till the 5min/15min charts are looking good to avoid the 15...
Thanks 2scoops. That makes sense. Theres no way he could use a 10-15 TS and still have a 80-90% strike rate.
  • #3,995
  • May 26, 2011 7:45am May 26, 2011 7:45am
Quoting mackaozy
Hi Shakey.

Any chance you could please post the sessions times indicator you have on the top right of your screen?

Cheers
Here you go. It has a lot of whistles and bells, to set up any way you want. WORD OF WARNING. . . When you drag it to screen and set it up, be sure to ENABLE DLL. It recieves so many signals, that it will drive you absolutely crazy trying to re open it and start over.

If it doesn't work, you can search the programming section and find a few different versions of it. Try getting it there, or I will re-post.

Shake
Attached File(s)
File Type: mq4 P4L Clock.mq4   97 KB | 619 downloads
  • #3,996
  • May 26, 2011 7:51am May 26, 2011 7:51am
Quoting Beshakey
Here you go. It has a lot of whistles and bells, to set up any way you want. WORD OF WARNING. . . When you drag it to screen and set it up, be sure to ENABLE DLL. It recieves so many signals, that it will drive you absolutely crazy trying to re open it and start over.

If it doesn't work, you can search the programming section and find a few different versions of it. Try getting it there, or I will re-post.

Shake
Great thank you so much. I appreciate it.
  • #3,997
  • May 26, 2011 8:01am May 26, 2011 8:01am
Quoting mackaozy
Great thank you so much. I appreciate it.
Here is another couple of options if you find that one hard to work with
http://forexsignallive.com/free-tools.php
Attached File(s)
File Type: mq4 Market_Open_VLines_AGFX.mq4   3 KB | 700 downloads
  • #3,998
  • May 26, 2011 8:03am May 26, 2011 8:03am
Quoting dean
Here is another couple of options if you find that one hard to work with
http://forexsignallive.com/free-tools.php
Cool thanks Deano.
  • #3,999
  • May 26, 2011 8:06am May 26, 2011 8:06am
I took a U/J short few hours ago, intentionally ignoring incoming news. Exited with 16+ because:

* Green Line good slope down but preceded by a zig-zag/hesitating bars
* TWO H1 support levels very close
* Stochastic made a short oposite strike
* NY session started, lot of young and greedy people woke up there keen to steal my money :-)
* Call it a hunch: that must be an after-news spike

I could be wrong.. actually already missed some 20 pips (it moved down beyond my exit).
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy-h1-short-exit.gif Size: 49 KB
Bah...
  • #4,000
  • May 26, 2011 8:39am May 26, 2011 8:39am
Quoting plamendp
I took a U/J short few hours ago, intentionally ignoring incoming news. Exited with 16+ because:

* Green Line good slope down but preceded by a zig-zag/hesitating bars
* TWO H1 support levels very close
* Stochastic made a short oposite strike
* NY session started, lot of young and greedy people woke up there keen to steal my money :-)
* Call it a hunch: that must be an after-news spike

I could be wrong.. actually already missed some 20 pips (it moved down beyond my exit).
Hi Plamendp
Thank you for your work on the indicators. I took the UJ on the daily entry at 81.700, still in and looking ok
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