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Trading Made Simple

  • #4,601
  • Jun 2, 2011 4:09pm Jun 2, 2011 4:09pm
AUD/USD +18
USD/CAD +13
USD/JPY -8(i didn't see the resistence)
GBP/USD +10(still open)

+33

I still think today's market has been badly affected by bank holidays..

see you tomorrow! good night!
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  • #4,602
  • Jun 2, 2011 4:12pm Jun 2, 2011 4:12pm
Quoting adeforex
The only trade for today was eurchf. Managed to CLOSE @ 27 pips profit
TOTAL PIPS FOR THE WEEK and month= 224 pips with no loss yet.
Yes closed mine with 20 pips profit, when i saw it bouncing off Daily Pivot. Should have stayed in.. currently 64 pips up... But I would rather get out too early than too late!!!
"It always seems impossible until it is done" Nelson Mandela
  • #4,603
  • Jun 2, 2011 4:15pm Jun 2, 2011 4:15pm
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...
Still waitiing on my coffe and cake ......I would add BIG round numbers and the last swing high or low to that list
  • #4,604
  • Jun 2, 2011 4:19pm Jun 2, 2011 4:19pm
Quoting 33drifter
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.
And that would be me thanks for that.
This is what I was trying to get at initially. If you have a TP of say 20 and up and your SL is around 7ish...who cares if you get taken out 2 out of 5 times....your loss will be small, you can set and forget and you dont need a high strike rate which means you can dig yourself out of the hole quickly and work on your strike rate as you go. How many trades are you averaging per week drifter and what is your TP setup??
  • #4,605
  • Jun 2, 2011 4:22pm Jun 2, 2011 4:22pm
It's okay Sivi, yea I was referring to the AUD/CAD, im hoping it will go down before it hits my stop loss! And your English is fine

Quoting sivi
Hi Wbm! USD/CAD short on the 4H at 0.97645 . Perhaps you are referring to AUD/USD but it is not my trade.
(sorry for my bad english...I'm italian)
  • #4,606
  • Jun 2, 2011 4:28pm Jun 2, 2011 4:28pm
Quoting Browserguy
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...
He trades the way he does because it suits his lifestyle. He assesses his first four hour candle ten minutes prior to it opening and yes it is the candle that opens about 2 hours prior to London opening. But this depends on your broker. I have never heard of making your own candles...as far as I am aware it is whatever your brokers time determines the candle openings. The point about candles is.....dont worry about matching...just trade your own...same rules. I cant remember his take on news but I am comfortable in saying that if big news is imminent he would be taking this into account....and this is something YOU have to determine really....there are plenty of trading opportunities so if you dont feel comfortable trading around news....dont......I dont.
He uses an emergency stop loss of around 100 pips on his four hour trades, or you could go by the rules and set it at the last swing high or low.....which is probably around that anyway, again your stop is up to you and how you want to manage it. He likes to let his trade breathe.
And lastly, again he trades the way he does becasue it suits him....I actually dont think he likes the trding hours available to him, and he has mentioned if he had the choice, BigE would trade the London session only and on the one hour chart. So if you are in a different time zone to BigE, and you are good time wise on the London session you could try that.
  • #4,607
  • Jun 2, 2011 4:28pm Jun 2, 2011 4:28pm
Quoting dean
Still waitiing on my coffe and cake ......I would add BIG round numbers and the last swing high or low to that list
I add:
-tdi-green must come down from above to below 50 for shorts (not short if you start from under 50) and vice versa
-check-news
-if you use Stochastic Oscillator(8,3,3) must start from above 80 to down to short and vice versa(under 20)
-maybe also check the above timeframe

make a good manual... with the approval of BIG E
  • #4,608
  • Jun 2, 2011 4:43pm Jun 2, 2011 4:43pm
Possible daily trade... It ok to take a trade at the beginning of the 3rd candle(which opens for me in about 15 minutes), am I right???

edit: Actually I notice it is at a big consolidation area (left side of chart), so this might not be good trade...
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  • #4,609
  • Edited 5:00pm Jun 2, 2011 4:45pm | Edited 5:00pm
Quoting dean
He trades the way he does because it suits his lifestyle. He assesses his first four hour candle ten minutes prior to it opening and yes it is the candle that opens about 2 hours prior to London opening. But this depends on your broker. I have never heard of making your own candles...as far as I am aware it is whatever your brokers time determines the candle openings. The point about candles is.....dont worry about matching...just trade your own...same rules. I cant remember his take on news but I am comfortable in saying that if big news is imminent...
Hi Dean,

Thank you, that answered one of my questions about when the bars start. I was pretty sure it was right, I checked a few time converters and I also thought I read in a post were Big E confirmed his bars in EST. But I wanted to make 100% sure before I setup my bars.
I'm not sure about the brokers 4hr bars. But my platform is OmniTrader, so I'm going to attempt to build the templates for that. With OmniTrader it connects to eSignal (or other datafeeds) to pulls down 1min data to build the bars and I can adjust the exchange hours for each sepcific symbol to make the 4hr start whenever I want. Then it's integrated with MB Trading (or Interactive Brokers) so I can trade right from the OmniTrader platform and have it do all my trade management while I sleep. That's kind of my plan once I get the templates built and train myself to follow the rules.

I'm interested in trading like Big E because I have a full time job so I can't trade or monitor trades throughout the day. But I can wake up twice a night (1am and 5am) to place trades, and then close them out at 9am.

It will actually work out pretty well with my schedule which is another reason his specific trading method is so interesting to me.

Thanks again for confirming the bar times! Greatly appreciated.

Lain
  • #4,610
  • Jun 2, 2011 4:57pm Jun 2, 2011 4:57pm
Quoting Nate04
Possible daily trade... It ok to take a trade at the beginning of the 3rd candle(which opens for me in about 15 minutes), am I right???

edit: Actually I notice it is at a big consolidation area (left side of chart), so this might not be good trade...
no too late.
However I guess this is where YOU have to use your judgement and analysis if you want to enter. But as per these rules the 3rd candle is too late
  • #4,611
  • Jun 2, 2011 4:59pm Jun 2, 2011 4:59pm
Quoting Lain
Hi Dean,

Thank you, that answered one of my questions about when the bars start. I was pretty sure it was right, I checked a few time converters and I also thought I read in a post were Big E confirmed his bars in EST. But I wanted to make 100% sure before I setup my bars.
I'm not sure about the brokers 4hr bars. But my platform is OmniTrader, so I'm going to attempt to build the templates for that. With OmniTrader it connects to eSignal (or other datafeeds) to pulls down 1min data to build the bars and I can adjust the exchange hours for each...
No problem. Honestly though, dont spend too much time trying to line up your times. Just use your own candles and trade them by the rules. BigE was asked this early on and that was his answer. Just follow the rules of this method and assess your 4 hour candles say 10 minutes prior to them opening.
  • #4,612
  • Jun 2, 2011 4:59pm Jun 2, 2011 4:59pm
Quoting dean
no too late.
However I guess this is where YOU have to use your judgement and analysis if you want to enter. But as per these rules the 3rd candle is too late
Thanks. I've always wondered if it was the beginning or end of the 3rd candle that was to late. Now I know. That TDI cross looks awesome, but that consolidation zone is enough to keep me out of the trade. Spooks me. lol
  • #4,613
  • Jun 2, 2011 5:01pm Jun 2, 2011 5:01pm
Quoting Nate04
Thanks. I've always wondered if it was the beginning or end of the 3rd candle that was to late. Now I know. That TDI cross looks awesome, but that consolidation zone is enough to keep me out of the trade. Spooks me. lol
Only ever enter on the 1st or second candle. ANd if its the second you want to be entering at the opening, not towards the end of it. 3rd candle forget it.
  • #4,614
  • Jun 2, 2011 5:06pm Jun 2, 2011 5:06pm
Ok, so the trades I took out yesterday

gbp/usd: -48 pips
uad/usd: +28 pips

So, grand total I'm down 20 pips. tdi went flat on both trades at the start of the new candle, so I'm wondering since the banks were closed yesterday across the pond, if I should hang onto them 1 more day and see what happens tomorrow, or just take my small loss and look for the next setup...

Thoughts?
  • #4,615
  • Jun 2, 2011 5:07pm Jun 2, 2011 5:07pm
Quoting dean
No problem. Honestly though, dont spend too much time trying to line up your times. Just use your own candles and trade them by the rules. BigE was asked this early on and that was his answer. Just follow the rules of this method and assess your 4 hour candles say 10 minutes prior to them opening.

Hi Dean,

I'm not super stuck on getting my candles lined up for trading.
The main reason I need to do it is because I have to build TDI from scratch for my platform and I'm using Big E's charts to try and match up my build with his TDI to make sure I got it right.
But if my chart times don't match there's a better chance that the bar prices won't match (or at least be close) which will throw off my TDI plot that I'm trying to match to his to make sure I code it right.
This is the reason I asked the questions about the RSI close and SMA of the RSI plot in my first post. I can't use the supplied templates since I don't have that platform, I have to spend the time to code it from scratch myself.

Thanks again. Good luck with your trading!

Lain
  • #4,616
  • Jun 2, 2011 7:35pm Jun 2, 2011 7:35pm
Quoting Lain
Hi Dean,

I'm not super stuck on getting my candles lined up for trading.
The main reason I need to do it is because I have to build TDI from scratch for my platform and I'm using Big E's charts to try and match up my build with his TDI to make sure I got it right.
But if my chart times don't match there's a better chance that the bar prices won't match (or at least be close) which will throw off my TDI plot that I'm trying to match to his to make sure I code it right.
This is the reason I asked the questions about the RSI close and SMA of the...
You're in luck. I have other charting software and I asked a simlar question as to how to build or replicate the tdi and a well known commercial member replied and tols me how to set it up. I am sure it will help you. see post number 8 http://www.forexfactory.com/showthread.php?t=294327
  • #4,617
  • Jun 2, 2011 7:41pm Jun 2, 2011 7:41pm
First I want to thank you all for helping me.

Here is a trade I took. So far +29 @$5 a pip.

Lets see how I end up with.

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  • #4,618
  • Jun 2, 2011 8:00pm Jun 2, 2011 8:00pm
Waiting for next 1hr candle on Nzd/usd (Looks like a buy signal).

KC.
  • #4,619
  • Jun 2, 2011 8:07pm Jun 2, 2011 8:07pm
Quoting KCV
Waiting for next 1hr candle on Nzd/usd (Looks like a buy signal).

KC.
yes a buy signal.

KC
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  • #4,620
  • Jun 2, 2011 9:49pm Jun 2, 2011 9:49pm
Hey Gang,

Sorry I haven't been too active. Every day giving blood tests and seeing doctors. They are kicking my butt.

Thanks for helping each other... that"s important...

Please forgive me not getting to your questions....
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