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Trading Made Simple

  • #6,701
  • Jun 30, 2011 1:52pm Jun 30, 2011 1:52pm
Pipsy, Thanks for the response. I ran across a separate thread where BigE put it all together, lost track of where it was with all the reading.
What time do you start putting trades on? I started with 6pm (new day bar) and was good until 5am.
  • #6,702
  • Jun 30, 2011 2:00pm Jun 30, 2011 2:00pm
Quoting roterio
What was the problem in here guys? Do you have an idea? Daily trend was down. TDI crossed. candle body passed under MA. But after I opened it stopped.
I was asked about this trade in an earlier post, as i said then i didn't trade it because if you look to the left on the daily chart price was sitting at a support level.
  • #6,703
  • Jun 30, 2011 2:09pm Jun 30, 2011 2:09pm
I like the look of this trade, just depends on a strong candle closing below the 5MA and a good angled TDI slope.

Quoting kodex750
aud/usd daily chart trending down...and has hit resistance
possible setup on h4?

http://i54.tinypic.com/2wqhohu.gif
  • #6,704
  • Jun 30, 2011 2:12pm Jun 30, 2011 2:12pm
Quoting roterio
What was the problem in here guys? Do you have an idea? Daily trend was down. TDI crossed. candle body passed under MA. But after I opened it stopped.
Bez is right, it was at a strong support big number area, checking your daily TF would have kept you out of this trade. Always check what the big picture is.
  • #6,705
  • Jun 30, 2011 2:18pm Jun 30, 2011 2:18pm
Quoting Thierry
You are right Roterio, your trade was not bad, but be aware of big number, for gbp usd: 1.50/55/60 etc..

And offcourse, losers are part of the game. We need to accept them.

We must understand that we not need every cross. Pick the best ones that met all our criteria. We don't need 100 trades a week (all crosses even on 4h will deliver 100 trades if you follow around 20 pairs).
Even 3-5 trades a week can be enough, but most trade with small accounts (me2) and that is sooo hard. Think on every trade, if i had a big account will i take this trade?...

I know I have to be picky when it comes to select best trades but I dont know how to be picky. But now I noticed that on the daily chart price was sitting on a strong support. I have to be more concentrated.
Demand is not one wants, but what one can pay for
  • #6,706
  • Jun 30, 2011 2:23pm Jun 30, 2011 2:23pm
its a no go, bar is not convincing, late in the play probably gonna drift as it may consolidate after a large rise. Just want to add BigE thanks for indicator, best i have come across since starting fx. The hit rate is really high. Try simulator testing it will really give you good idea of how the green line works.
  • #6,707
  • Jun 30, 2011 2:31pm Jun 30, 2011 2:31pm
entering 5 pips beyond the indictor bar*, has proved to work well.
* indicator bar is the bar within 3 after a green over red cross. If the following bar does not execute the order, cancel and move on
  • #6,708
  • Jun 30, 2011 2:54pm Jun 30, 2011 2:54pm
Quoting roterio
I know I have to be picky when it comes to select best trades but I dont know how to be picky. But now I noticed that on the daily chart price was sitting on a strong support. I have to be more concentrated.
Would have been a great trade on the 1HR though.
  • #6,709
  • Jun 30, 2011 3:06pm Jun 30, 2011 3:06pm
Quoting traderkat01
Pipsy, Thanks for the response. I ran across a separate thread where BigE put it all together, lost track of where it was with all the reading.
What time do you start putting trades on? I started with 6pm (new day bar) and was good until 5am.
Well I sometimes feel odd man out my broker forex.com has different hours if I don't have a day trade on. I look 5.00PM & 9:00pm. If I catch a trigger @ those two times I'm in. I don't wake @ 1:00 am to Check It, it is what it is. I up @ 5:00am and see where I'm at. If TDI and/or PA is bad I,m out, no matter what and then Trade New York with another stadegy. If no news @ 5:30am and price action is good I stay with it. If Important new's @ 5:30am I dump Half and set SL and ride it hard and long utill TDI and/or PA Looks Bad. This seems to work for me. Can honestly say I have never hit my stop loss "Yet". I would love to trade the London Session @ midnight our time, but the ole lady gets pissy about it. So I don't. I told her we are moving to London, That went over like a fart in church.
  • #6,710
  • Jun 30, 2011 3:09pm Jun 30, 2011 3:09pm
Whatever system you use you need to have an idea of what the big picture is on any pair.

Its no good just having a great method like the one BigE has shared without having some basic awareness of what your major S&R levels are for the day.

Maybe trade less pairs, take some time at the start of the day and draw out the major S&R areas.

BigE has given you a trigger point to make a trade, its not a no brainer, you need to put some time and thought into your key levels for the day, where you'll be looking for TMS setups. Be aware of major news, your key levels and check the higher timeframe before entering.
  • #6,711
  • Jun 30, 2011 3:10pm Jun 30, 2011 3:10pm
Posted a chart to help explain. I dont want to modify this chart to much because a lot of work went into creating these charts.
Attached Image (click to enlarge)
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  • #6,712
  • Jun 30, 2011 3:35pm Jun 30, 2011 3:35pm
What are the general thoughts on letting the set up candle close above the MA and then taking the second candle - still not at ease with taking the first candle for trades on H4 - guess that's down to trading styles!

Just moved to Interbank FX and their time frames are currently on GMT so although the day bar sets at 5pm, the 4 hour bars should be the same as MB Trading.

Not much action from last night - only traded the g/j short and got my sl too close - next!
"To live with Passion, it takes Courage and Grace to survive"
  • #6,713
  • Jun 30, 2011 3:43pm Jun 30, 2011 3:43pm
Quoting Britpip7
What are the general thoughts on letting the set up candle close above the MA and then taking the second candle - still not at ease with taking the first candle for trades on H4 - guess that's down to trading styles!

Just moved to Interbank FX and their time frames are currently on GMT so although the day bar sets at 5pm, the 4 hour bars should be the same as MB Trading.

Not much action from last night - only traded the g/j short and got my sl too close - next!

Hi BRITPIP, i have Interbank too and my 4h candle start at 11 p.m, 3 a.m., 7 a.m i´m in Colombia and whit the 3 a.m. candle begin London, you are in California, near BigE i think!! at what time your candles begin?
  • #6,714
  • Jun 30, 2011 3:45pm Jun 30, 2011 3:45pm
Quoting traderkat01
Hi Folks, can someone guide me to the link of rules? Also, bez3000, what hours do you trade? I'm California, so I'm Pacific time. Put my first trades in last night and came out ahead but left them go into NY session and gave it all back. I need a bit of fine tuning. Love the thread.
Hey,
as one on the west coast as well, i like the rule -- put trades on at 10 pm, PST; up at 2 to check numbers; close all trades (usually in profit) at 6 a.m. -- all on a 4H TF.
If you trade 1H, then 's ok to continue to trade during the day, not very lucrative, tho.
just what i have found
hope that helps
Leona
  • #6,715
  • Jun 30, 2011 3:54pm Jun 30, 2011 3:54pm
Quoting PipsyRussell
Well I sometimes feel odd man out my broker forex.com has different hours if I don't have a day trade on. I look 5.00PM & 9:00pm. If I catch a trigger @ those two times I'm in. I don't wake @ 1:00 am to Check It, it is what it is. I up @ 5:00am and see where I'm at. If TDI and/or PA is bad I,m out, no matter what and then Trade New York with another stadegy. If no news @ 5:30am and price action is good I stay with it. If Important new's @ 5:30am I dump Half and set SL and ride it hard and long utill TDI and/or PA Looks Bad. This seems to work for...
Actually, I'm Forex.com as well, just didn't want to confuse the issue if you traded at "normal" times. Thanks
  • #6,716
  • Jun 30, 2011 4:16pm Jun 30, 2011 4:16pm
Quoting freebeans
Posted a chart to help explain. I dont want to modify this chart to much because a lot of work went into creating these charts.
The red dots are just telling you the trend line had been broken and pushed up/down. Not sure how you get rid of that text, maybe a coder could help. The trend lines are not part of the BigE method but there just to help you with the forex basics.

On the TDI the first number is the key one its the candle size, the second and third number are the wick sizes. Its used for the alert settings, you can filter out alerts on small candles with this setting. I use H1 10 pip min H4 20 pip minimum. Again this is not part of the TMS system, but I find it helpful to have emailed alerts when a cross occurs and to filter out the ones with poor angles and small candles.
  • #6,717
  • Jun 30, 2011 4:16pm Jun 30, 2011 4:16pm
I made this trade earlier, it is a losing one, see the chart and tell me where did i wrong?
Attached Image (click to enlarge)
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  • #6,718
  • Jun 30, 2011 4:19pm Jun 30, 2011 4:19pm
My usual trading times for set up are from 9pm PST through to 11:30 - mostly I have been setting pending trades with sell or buy stops. I review at 6am and close / modify as needed - usually done by 6:30 to 7 am. I mostly avoid the morning news releases as the overnight swings are good enough and I love the lack of stress and emotions until 6am at least!

I'll wait and see how the interbank charts set up - I still have MB but their demo accounts keep locking up! very frustrating.
"To live with Passion, it takes Courage and Grace to survive"
  • #6,719
  • Jun 30, 2011 4:19pm Jun 30, 2011 4:19pm
Below is a GU 4hr chart with the trade some were talking about earlier today. I am in short on a test that I am doing for my own knowledge. But I have the following questions.

First of all, I totally understand that going short is going into a major support spot and may not be the best choice right now.

1. Candle 1 and Candle 2 were both valid entry candles according to the rules. Not counting the major support as a rule but as a guideline and good forex basic to trade or not trade.
2. Candle 3 then turned BLUE. Should you get out at that point? Move your stop loss to break even? Or?
3. Candle 4 then turns RED again. Now what to do? Stay in the trade or should it never have gotten this far?

Any thoughts or insight? I am asking for the learning and not as a signal device to get me into and out of trades. Just trying to get the details of the system down.

Thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD 4HR Question.JPG Size: 72 KB
  • #6,720
  • Jun 30, 2011 4:32pm Jun 30, 2011 4:32pm
You would have exited before the blue, as soon as you see the TDI flatten or hook over on the formation of the next candle you should be out. Why would you get back in on the red and potentially make the same mistake again. You'd be trading back into the same support area again.

Sorry if I sound harsh but please download one of the summary PDFs (paper clip icon - hide images - search for the summary documents).
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