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Monitor for 'Trading Made Simple' system 565 replies

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Trading Made Simple system follower - Thanks to eelfranz 9 replies

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Trading Made Simple

  • #4,561
  • Jun 2, 2011 6:03am Jun 2, 2011 6:03am
Hi,

Came across your system and admire the struggle over several years, with other systems that don't work and your perseverance with the challenge. I hope you are in very good health and doing better on a daily basis. I am like you and share your experience with struggles, frustrations, etc.

You use 4 hr charts at 10pm/2am/6am (Pacific) and your post #11. Questions:

How do you get a new 4 hr candle to open exactly at your specific times as above?

Different instruments have different open times - for example DX -US Dollar futures open/close 5pm/3pm (Pacific). So the 4 hr candle open times would be at 9pm/1am/5am..........etc. What do you do then - just use the 4 hr set up as the case may be with different instruments or still use 10pm/2am/6am (Pacific) times as in your case?

In your set up Stock (8,3,3) - is that k=8, D=3, Smooth=3? Please clarify

I do not have TDI as I will trade currencies occasionally and mostly E-minis. What is the closest to TDI or if you can explain or provide a link as to what it exactly does would be great.

Once again thanks for your posts and looking forward to your reply.

Sam
  • #4,562
  • Edited 6:42am Jun 2, 2011 6:22am | Edited 6:42am
Quoting ls007
Hi adeforex,

may you please post your template & indicators?
Nothing special. please Keep It So Simple as Big E have directed, but if you need the upgraded TMS by xaphod, its here http://www.forexfactory.com/showthread.php?t=294327. Thats what i use mainly. (histogram version and the normal cross version)
NOW UPDATED :
This is the link for tms MTF and 2tf to quickly spot bounce and higher time frame trends
http://www.forexfactory.com/showthread.php?t=294501
As you can see, i only use 2 time frame version to know higher trend i am in. You still get confused, PM me. CHEERS
We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #4,563
  • Edited 7:27am Jun 2, 2011 6:52am | Edited 7:27am
Hello,

I am brand new to Forex and this is my first post and the first trading plan I've ever tried. Awesome stuff! Anyway, I have two questions.

Last night I set the alarm on my iPod for 11:55 PM so that I could examine the 4 hr indicators when they are posted.

At the update I saw that USDCHF had a good entry indicator so I took a long position.

I set my iPod for 3:55 AM to examine the next 4 hr post and went back to bed.

The alarm did not go off on my iPod. Either I was so tired that I didn't set it right or the app crashed.

So looking at the chart late now here is what we got...

Attached Image


The left red line is 12:00 AM entry and the right red line is where I missed 4:00 AM.

So this is currently a loosing position and I'm at about -30 pips.

However, I still think this is a good position that I am going to profit from here is why.

(I'm going to keep the chart at 4 hrs but zoom out.)

Attached Image (click to enlarge)
Click to Enlarge Name: chart2.gif Size: 12 KB


We are ranging at the support level.

Now, here are my questions

1) Was this a good position to take or did I read something wrong?

2) Since I am leaving the position open and still expect to make a profit am I being emotional? I know I have abandoned the trading plan but the data tells me, even on the daily chart, that we are at a statistical bottom.

Please share with me your thoughts.

Thank you!
  • #4,564
  • Jun 2, 2011 7:11am Jun 2, 2011 7:11am
Adeforex big thank you. I agree the best is KISS method.
  • #4,565
  • Jun 2, 2011 7:43am Jun 2, 2011 7:43am
Morning,
Just some thoughts on this trade to consider before Eric weighs in on the setup..Looking forward to his thoughts as well.
4H TDI is over sold and cross is in-line with the Down Trend...
I noticed, too, that Big E has the Big Numbers high-lited on his chart...PA is gliding along this support...easy to see when it falls off or even if it were to bounce up...
Included a couple of charts to consider this trade setup as well...
Good trades...
Cliff

Quoting ohenry
Hi Big E really good to have u back... Trust your health is improving speedly my friend...

A few questions on your chart:
Was that range not to tight including those candles being small? And looking up into the 4h the TDI was way over bought below 32... was this not a high risk trade?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Rising Wedge Trade.jpg Size: 135 KB
Click to Enlarge Name: RWT 4h.jpg Size: 139 KB
I get exercise just pushing my luck
  • #4,566
  • Jun 2, 2011 8:38am Jun 2, 2011 8:38am
Hello Big E and other traders using his system,

I just came across this thread 2 days ago and have started to read the entire thread. It's very interesting and I would like to learn this trading system.

So far I've read everything upto page 47 and have been reviewing the many charts posted & PDFs, I still have a lot more to read, this thread moves quickly but is very exciting. I read more pages everyday.

I'd like to setup my platform to be able to duplicate the charts posted so while I read I can also follow along on my charts.
I'm using OmniTrader Pro so I can't import the templates that have been posted so I'm coding and building them from scratch which is kind of neat as it gives be the ability to see what's "behind" the indicators.

I've played with the coding for a good number of hours but can't seem to exatly duplicate the charts so I was hopeing to ask a few questions to Big E and/or others that know his systems inside out.

Questions:

1. I can set my 4hr bars to start at any time so I want to match it to Big E's times.

From one of Big E's posts #11 he says his bars start at 10pm, 2am and 6am (Pacific).

I believe this translates to 1am EST (2hrs before London open), 5am EST (2hrs after London open), 9am EST (1hr after New York open).

Is this the correct opens for the 4hrs bars?

If it is correct, that would mean the following bars are 1pm EST, 5pm EST & 9pm EST.


2. I've read throughout the thread that many people don't like to trade the news.
According to Big E's posts that I've read he spends about 10min selecting his trades during the night. And enters at the bars open.
So he's entering between 10pm - 10:10 pm Pacific and 2am - 2:10am Pacific and then he wakes up 10min before the 6am Pacific bar paints and closes all his positions.

Does Big E avoid the major news (non-farm, unemployment) that happens between 5am-6am Pacific (8-9am EST)?
(he's not closing his positions until 6am Pacific (9am EST))

On those days does he wake up earlier to close out before 8am EST?

Does he close out and not take positions at the 5am EST wakeup?

Or does it not really matter about the news between 8-9am EST?


3. RSI(13) Close
Is the "Close" for the RSI the actual close price of the true 4HR candle or is it the Close of the 4HR Heiken-Ashi bar?

I can code either. Just want to make sure I do the right one.


4. From one of the PDFs that were posted, it looked like the green line is the RSI and the red line is the SMA(2) of the RSI.
But somewhere else I read that the green line is the SMA(2) of the RSI and the red line is the SMA(7) of the RSI.
I was just wondering which it is?


Thank you very much for your help.

Lain
  • #4,567
  • Jun 2, 2011 8:46am Jun 2, 2011 8:46am
Quoting vbmark
Hello,

I am brand new to Forex and this is my first post and the first trading plan I've ever tried. Awesome stuff! Anyway, I have two questions.

Last night I set the alarm on my iPod for 11:55 PM so that I could examine the 4 hr indicators when they are posted.

At the update I saw that USDCHF had a good entry indicator so I took a long position.

I set my iPod for 3:55 AM to examine the next 4 hr post and went back to bed.

The alarm did not go off on my iPod. Either I was so tired that I didn't set it right or the app crashed.

So looking...
hello the stochastic did not confirm trend
the green did not go up very strong

I suggest you to do a lot of backtest

if you want to be good .. I suggest you also study how the candles works
another sign of no trade was that the previous candle was of indecision ..
  • #4,568
  • Jun 2, 2011 9:03am Jun 2, 2011 9:03am
Quoting Danyjoe
hello the stochastic did not confirm trend
the green did not go up very strong

I suggest you to do a lot of backtest

if you want to be good .. I suggest you also study how the candles works
another sign of no trade was that the previous candle was of indecision ..
Great stuff! Thank you Danyjoe! I'm adding these to my notes:

- Ensure the stochastic confirms the trend.
- Look for a strong green.
- Note the strength of the previous candle.
  • #4,569
  • Jun 2, 2011 9:05am Jun 2, 2011 9:05am
I'd agree with Danyjoe...
and add that trying to pick bottoms and tops can be a very expensive lesson...you may luck out occasionally but in the end you'll pay dearly trying to pick them this way...
Go to Babypips.com and learn the correct way to trade them...
By the by...
Is this a Demo account?
Either way...kill the trade...practise proper trade management...you're allowing random emotions to dictate your trade position...
Can you say, "Doomed to Failure?"...
Look for the next setup...
Good trades...
Cliff

Quoting vbmark
Hello,

I am brand new to Forex and this is my first post and the first trading plan I've ever tried. Awesome stuff! Anyway, I have two questions.

Last night I set the alarm on my iPod for 11:55 PM so that I could examine the 4 hr indicators when they are posted.

At the update I saw that USDCHF had a good entry indicator so I took a long position.

I set my iPod for 3:55 AM to examine the next 4 hr post and went back to bed.

The alarm did not go off on my iPod. Either I was so tired that I didn't set it right or the app crashed.

So looking...
I get exercise just pushing my luck
  • #4,570
  • Jun 2, 2011 9:09am Jun 2, 2011 9:09am
Quoting cce
I'd agree with Danyjoe...
and add that trying to pick bottoms and tops can be a very expensive lesson...you may luck out occasionally but in the end you'll pay dearly trying to pick them this way...
Go to Babypips.com and learn the correct way to trade them...
By the by...
Is this a Demo account?
Either way...kill the trade...practise proper trade management...you're allowing random emotions to dictate your trade position...
Can you say, "Doomed to Failure?"...
Look for the next setup...
Good trades...
Cliff
Yes, this is a Demo account.

And thank you, advice taken and appreciated.
  • #4,571
  • Edited 9:44am Jun 2, 2011 9:30am | Edited 9:44am
BigE for the benefit of newer traders could you please give us a list of the top 5 things that put you off a trade or make the trade iffy in your eyes. E.g. assume TDI/Stochastics looks perfect and you are in on candle 1 or 2.

What puts you off?

Personally i'd say mine is:

1, Weak setup candle (small candle / long upper and lower wick)
2, Consolidation (or choppy indecisive PA)
2, Trades near support/resistence
3, Against a strong higher trend
4, Taking trades towards the top or bottom of a trend channel (oversold/overbought)
5, If counter trend trading last few reversals have been weak

Thanks.

It would also be interesting to get other traders top fives (who are trading this system successfully).
  • #4,572
  • Jun 2, 2011 9:45am Jun 2, 2011 9:45am
Hey Guys,

A few people here mentioned that they drop to a lower TF for entries, ive been having a bit of success with this lately.

I identify a trade on the H1 and then enter off the M5, my biggest draw down so far (only a few trades) has been about 5 pips. might be worth ago for those of you that are concerned with big stops and r:r.
  • #4,573
  • Jun 2, 2011 9:56am Jun 2, 2011 9:56am
Regarding your first question, I asked something similar but did not get a reply. The way I see it Eelfranz is basically placing his bets, going to bed, and letting his trades slide into the London open sight unseen. His late night check is then to ensure his trades are staying the course and weren't adversely affected by the open. I think his close is actually around the time of the NY open, give or take. I know his colleague Snarlyjack places his bets and doesn't look again until he's home from work (8-9hours). His mentions his success rate at around 75%.

I know he said he doesn't like using stops (he gave recommnedations when asked but I don't think he uses them, per se) and sticks with the 4 hr charts so my thought is he's allowing for the spikes to have room to do their thing before PA resumes course. On 4hr charts irregularities have less influence. This is all just my opinion.

BTW-I'm east coast as well and use FXDD. However, I'm having difficulty with the 1am, 5am, 9am candle times. Life would be infinitesimally better if it was 12am, 4am, 8am. Just how do you make your own candles? Someone mentioned it was a bit tricky, but, I'm really starting to wonder if this is worth investigating due to my time constraints. Thank you.
  • #4,574
  • Jun 2, 2011 10:13am Jun 2, 2011 10:13am
hi all

new here at big e's method

after trying 5mins/15mins charts unsuccessfully due to being trigger happy
i found this method and feel i should try longer t/f so here below is a 4h chart

big e's method would be entry long on the 12.00 gmt candle ( 1.00pm bst)

please advice how someone already trading this method would trade this set up
Attached Image (click to enlarge)
Click to Enlarge Name: e u 02 06 11.gif Size: 17 KB
"The person who knows that enough is enough, will always have enough". .
  • #4,575
  • Jun 2, 2011 10:16am Jun 2, 2011 10:16am
Quote
BigE for the benefit of newer traders could you please give us a list of the top 5 things that put you off a trade or make the trade iffy in your eyes. E.g. assume TDI/Stochastics looks perfect and you are in on candle 1 or 2.

What puts you off?

Personally i'd say mine is:

1, Weak setup candle (small candle / long upper and lower wick)
2, Consolidation (or choppy indecisive PA)
2, Trades near support/resistence
3, Against a strong higher trend
4, Taking trades towards the top or bottom of a trend channel (oversold/overbought)
5, If counter...

2 Scoops,

This is tangential to your query, but, I wonder how much influence Japanese candlesticks plays into Eelfranz's decision making, esp. bets that look borderline to his own entry guidelines. So if something does look "iffy" and, yet, the candlesticks say something else, does this sway his decision. I say this because he mentioned he had 6 panels on his screen at once, the 3 amigos across the top, 2 candlesticks below and, I believe, the USDCAD at the bottom right. Why are those candlestick charts there? Heiken Ashi can reveal plenty but the traditional candlesticks can reveal just as much. In conjunction with HA it can be a vey powerful combo.

Again, just my opinion on this system which I'm eager to understand from a broader context.
  • #4,576
  • Jun 2, 2011 10:18am Jun 2, 2011 10:18am
Hi, I have just entered the AUDUSD H1 short. Comments? Is there someone also in?
Ric
Attached Image (click to enlarge)
Click to Enlarge Name: audusdh1.gif Size: 34 KB
  • #4,577
  • Jun 2, 2011 10:45am Jun 2, 2011 10:45am
Quoting rbuki
Hi, I have just entered the AUDUSD H1 short. Comments? Is there someone also in?
Ric
I tool the same. Was a good trade.
  • #4,578
  • Jun 2, 2011 10:53am Jun 2, 2011 10:53am
Quoting Browserguy
...BTW-I'm east coast as well and use FXDD. However, I'm having difficulty with the 1am, 5am, 9am candle times. Life would be infinitesimally better if it was 12am, 4am, 8am. Just how do you make your own candles? Someone mentioned it was a bit tricky, but, I'm really starting to wonder if this is worth investigating due to my time constraints. Thank you.
Browserguy, H4 candles open and close are based on the broker. Why don't you change broker? I live in New York and my broker is Oanda. My H4 candles open at 12AM, 4AM, 8AM, 12PM... Would this make your life better? Another broker comes to mind is MB Trading. Disclosure, I do not work for neither one of these brokers. Remember what Big E MENTIONED, follow your broker's H4 time (if you trade the H4 candles).
  • #4,579
  • Jun 2, 2011 11:03am Jun 2, 2011 11:03am
Quote
Browserguy, H4 candles open and close are based on the broker. Why don't you change broker? I live in New York and my broker is Oanda. My H4 candles open at 12AM, 4AM, 8AM, 12PM... Would this make your life better? Another broker comes to mind is MB Trading. Disclosure, I do not work for neither one of these brokers. Remember what Big E MENTIONED, follow your broker's H4 time (if you trade the H4 candles).

Thanks for the response. I'm new to the field and trying to emualate Eelfranz to the letter, including the broker. Looked into IBFX and FXCM as they, I believe, do 12,4,8, but, the user reviews I've read were far more negative than positive, unlike FXDD which seemed to have an overall positive bias. I will look into your two recommendations. Thanks.

Sorry for straying off topic everyone.
  • #4,580
  • Jun 2, 2011 11:09am Jun 2, 2011 11:09am
Quoting 2scoops
BigE for the benefit of newer traders could you please give us a list of the top 5 things that put you off a trade or make the trade iffy in your eyes. E.g. assume TDI/Stochastics looks perfect and you are in on candle 1 or 2.

What puts you off?

Personally i'd say mine is:

1, Weak setup candle (small candle / long upper and lower wick)
2, Consolidation (or choppy indecisive PA)
2, Trades near support/resistence
3, Against a strong higher trend
4, Taking trades towards the top or bottom of a trend channel (oversold/overbought)
5, If counter...
Great list 2Scoops. I could not replace any with my notes. The only thing I would add (at entry) would be to check your news events, but that would make it 6 things and technically not part of the system.

But I wouldn't say I am successful yet ether 50% W/L form over trading. Witch isn't bad if I can make the winners bigger ones. I believe and need to stay with in 'No more than 1 or 2 trades a day' personally.

Cheers
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