Trading Made Simple

If you tye "round number" in the FF search, you will find this as one of the results

First Page - round number indicator @ Forex Factory

Ah, I was just checking if anyone was paying attention; so now we all agree that everyone needs to use a broker that candles close at 6 AM London and we will all have the same charts

Hey Callisto,

BigE uses FXDD which candles close at 6 AM London. But as he stated before he would prefer to trade the H1 charts during the UK and US session.

Cheers,
Olarion

This question is aimed at Snarlyjack and CCE (cliff I think)
I am currently reading through all the posts in the thread BigE started prior to this one which was about trading the craig harris method and I note you two guys were actively trading it and contributing to the thread.
I was wondering why yourelves and BigE changed to this method??
It seems the CH method was and is very succesful with a very high strike rate, so I am wondering if the change was simply due to the fact that BigE couldnt stay up that late to trade it?? But why did you guys change methods??

I was referrring the 4 Hour charts and the confusion reigning about when they closed; but yes, of course, you make a very good point, he does trade the 1 Hour chart during the USA session, so for sure, it would not matter which broker anyone uses, I'm sure we will all have the same candle closes for the 1 Hour chart, and all see the same cross and signal, unless you are on Mars perhaps

Re comments made about S&R levels... thanks for posting. There are some good and very valid points made.

Pivot levels first. I don't really spend any time analysing why they work, I just know that they do! I'm not saying that they offer support or resistance every time a price hits them. Far from it. But if, say, price is climbing towards R2 and that level is in confluence with another potential resistance level (a big number perhaps or previous high), that adds weight to probability that the level could offer resistance. I know that many people don't get on with pivots. Others do. It's your choice.

Many people also find that when they begin to work with S&R, they do find that they get loads and loads of horizontal lines that yes, as people have said, can cause total trading paralysis. Getting around this is, I'm afraid, an experience thing. Learning how to spot levels of significant S&R comes with practice. There's no shortcut to screen time.

And of course, as has been stated, no-one can tell how price will react to a level. Anyone who says they can is lying, however experienced they are. But this is all about using price action to add weight to trading decisions, using it to target those high probability trades we all seek.

What I'm saying is really geared towards novice traders. Just set up a clean chart next to your TDI chart. Mark on what you see as significant S&R levels, big numbers (00s and 50s), yesterday's highs and lows, even pivots if you like. Then over the course of the day, watch how price reacts. Yes, I know it's more work (that gets progressively easier and quicker as you gain experience) but it's the only way to get a feel for this. There's no magic formula here. No indicator that will do the work for you. It's part of the learning curve.

There seems to be an idea that all S&R levels will do is stop you entering a trade. Not the case, they will help you identify an optimal entry point. Example:

This happened to me yesterday. TDI long entry signal comes at opening of second candle. Look at S&R chart and find that price is pushing into a potentially significant resistance level. It's bouncing around underneath it and could go either way. Hold back and watch price. If and when it makes a clear break of the level, enter trade. Now it's popped the resistance, price is clear to run into the open.

I know that Big E said that you should ideally enter at candle open. You can enter while the candle is forming but the risk is you're missing the momentum. In this case though, that momentum is halted by resistance. So it makes sense to hang back and see how it reacts before you enter.

Anyway, enough waffling. Hope this makes sense! Again, I am not trying to overcomplicate things, just help new traders get a grip on this price action thing. It really is vital. And once you've got a handle on it, it really is ridiculously simple.

Just on that post about yeterdays highs and lows...I have been trying to draw horizontal lines at those highs and lows but as soon as I change time frames they disappear....so do my trendlines if I draw them and change charts or time frames? I cant even seem to keep that vertical one we use to show trade entry. If I insert the line on the one hour chart and click to the daily and then back to the one hour....the line is gone.??Anyone know what the problem is??

Good point Dean, I was wondering that myself.

hello all! i follow this thread and i like it very much. I am interesting if anyone has real account statment who follow and use this system. Thanks

I think Big E once said that this one seems simpler to understand and easy to trade especially for the newbies (though they are completely different method) and those who finds forex difficult.That is why it is called TMS.Also acts of generosity.May be or may be not!

Many have started live with this system. So if you are new here ,follow us on demo or micro account and see how it works yourself

I am a little being worried that many of us avoid gpbjpy?. I hardly see posted chats from it. Is it because big E dont trade it or because of its volitility and spread? i begining to wonder. I haven't seen its back testing doing bad either with this system. Does any active fellows here trade it? I am wondering may be to remove it from my platform.

To big a spread for me but it is a good mover if you don't mind the 8 pip initial loss.

I took the following GBP/JPY trade (on demo) on 20 june and had a target price of 30 pips as this was the resistance area. I entered at 129.61 and exited at 129.90. My problem with this currency is usually the large spread and the volatility. I placed my SL at 128.80

Right now the spread from MB Trading on GJ is 2.5 - 3.5

8 pips, wow, at worst I get 2, but I watch this pair and has worked out well for me in the past

anyone is short eurusd and eurjpy? i use 1hour time frame.

E/u H1 entered short 4320 tgt 50%-61% fib. ret. (blue area)

Took this too, but cut it at 1.4340 - terrible follow thru with any eur pair. Tough market while the Euro/Greece debate continues

Good luck

was not good entry,I felt it is going up,but I thought to go by rule unless I missing something/ anyway my SL4369 just above 12%fib. line.