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Trading Made Simple

  • #7,381
  • Jul 7, 2011 2:16am Jul 7, 2011 2:16am
Quoting The7
Love it when people use monthly pivots on Daily charts...These lines you see, never lie..Just watch them
I have good teachers
  • #7,382
  • Jul 7, 2011 2:18am Jul 7, 2011 2:18am
Quoting The7
I am attaching a monthly pivot for you, that will keep your chart clean as crystal. Clutter just confuses us..Kudos to futurespec who modified it for me. Make sure you change the pivot color if you using a black background.
thank you very much!
  • #7,383
  • Jul 7, 2011 2:19am Jul 7, 2011 2:19am
7 and Bez, what kind sl for you use for daily and 4hr?
  • #7,384
  • Jul 7, 2011 2:22am Jul 7, 2011 2:22am
Quoting boy2boy
Hi,

Looks like another bad entry, should I cut it off now? -21 pips currently.
This was not a bad entry..I would stay and see how it goes..Even if you loose, call it "business expense or operating cost or overhead"...There will be losses..
  • #7,385
  • Jul 7, 2011 2:24am Jul 7, 2011 2:24am
Thanks 7! Just bit down when 2 lost in line while others are making good profit with same system.

Quoting The7
This was not a bad entry..I would stay and see how it goes..Even if you loose, call it "business expense or operating cost or overhead"...There will be losses..
  • #7,386
  • Jul 7, 2011 2:27am Jul 7, 2011 2:27am
Quoting boy2boy
Thanks 7! Just bit down when 2 lost in line while others are making good profit with same system.
don't feel so bad man, same here. Still in the Red. waiting to go into black hopefully soon
  • #7,387
  • Jul 7, 2011 2:27am Jul 7, 2011 2:27am
Quoting boy2boy
Hi,

Just closed at -17 pips, green TDI crossed UP. Don't think it is great idea to hold as it's now become buy signal. Please correct me if I'm wrong.
bet you wished you hung onhttp://www.forexfactory.com/images/icons/icon7.gif
i did
  • #7,388
  • Jul 7, 2011 2:31am Jul 7, 2011 2:31am
What pairs do you guys watch?

I know what pairs Big E watches, but wanted to know about everyone else.
  • #7,389
  • Jul 7, 2011 2:33am Jul 7, 2011 2:33am
Quoting boy2boy
Hi,

Looks like another bad entry, should I cut it off now? -21 pips currently.
I think you jumped the hun on this one, the TDI has not crossed and the candle is not good. You need to be patient before entering.
  • #7,390
  • Jul 7, 2011 2:35am Jul 7, 2011 2:35am
Quoting PreetEnzo
7 and Bez, what kind sl for you use for daily and 4hr?
My SL is the swing high/low that could be 40 or 140 pips i does not matter as my pip value would be adjusted to risk the same amount of money.
  • #7,391
  • Jul 7, 2011 2:36am Jul 7, 2011 2:36am
Quoting boy2boy
Thanks 7! Just bit down when 2 lost in line while others are making good profit with same system.
Dont get too distracted by everything thats posted. Not everyone is making profits all of the time, and especially when trading live. Demo trading results are great to show what the system can do, but are not truly indicative of how a traders P&L look when trading live.

I have a question for you on your two previous trades; do you take the trade as soon as the TDI crosses, or only after the cross is confirmed with a candle close? Taking on the cross before the candle closes is more agressive but you mind find that once the candle closes, the TDI has turned and a cross is not confirmed. For example, I did'nt get a cross on the EJ 4hr. This may of course be a difference in our charts due to timing/brokers.

Keep plugging away, this system is solid, but you need to keep working at it.
  • #7,392
  • Jul 7, 2011 2:51am Jul 7, 2011 2:51am
Quoting ceebs
Dont get too distracted by everything thats posted. Not everyone is making profits all of the time, and especially when trading live. Demo trading results are great to show what the system can do, but are not truly indicative of how a traders P&L look when trading live.
one thing that helped me to pass in reality is:
only risk what you can afford to lose
Money Management .. maximum 3-4% of capital

so even though you overcooked it does not hurt..

...so you are relaxed and concentrated on the chart
and not on the money ..
  • #7,393
  • Jul 7, 2011 2:55am Jul 7, 2011 2:55am
Quoting jbuckley
This is my first posting as a new member and I must say I am most impressed with the system and the quality of the thread in general.

Does anybody know of an indicator that shows the session times of the various Fx markets, particularly one that doesn't take up too much room on the chart?
Always check here for technical stuff

http://www.forexfactory.com/forumdisplay.php?f=69

And your answer is here

http://www.forexfactory.com/showthread.php?t=256848

MAY THE TREND BE WITH YOU
  • #7,394
  • Jul 7, 2011 2:58am Jul 7, 2011 2:58am
Quoting Danyjoe
one thing that helped me to pass in reality is:
only risk what you can afford to lose
Money Management .. maximum 3-4% of capital

so even though you overcooked it does not hurt..
I would say that, particularly for inexperienced traders, that % is too high. I guess you're talking about % risk per trade right?

So if you took the more conservative 3% and you lost 5 trades in a row (this will happen under any system... just believe me here, it WILL happen), you will lose 15% of your capital. That's a lot, and will take a lot of time to claw back.

In live trading, my absolute maximum risk is 1.5%. And that's on a high-probablility trade. The secret here is slowly but surely. You gradually build your account using compounding so that if you, say, build your account by 5% per month, that 5% gradually becomes bigger in $ terms.

Cut losers early. Let winners run.
  • #7,395
  • Jul 7, 2011 3:02am Jul 7, 2011 3:02am
Quoting DaveUK
I would say that, particularly for inexperienced traders, that % is too high. I guess you're talking about % risk per trade right?

So if you took the more conservative 3% and you lost 5 trades in a row (this will happen under any system... just believe me here, it WILL happen), you will lose 15% of your capital. That's a lot, and will take a lot of time to claw back.

In live trading, my absolute maximum risk is 1.5%. And that's on a high-probablility trade. The secret here is slowly but surely. You gradually build your account using compounding...
in fact it is so ..
I'm risking a maximum of 3% per day ..
  • #7,396
  • Jul 7, 2011 3:04am Jul 7, 2011 3:04am
Quoting The7
Who wants to make money? 73 pip potential...
would the target be the pivot line or the S1 ?

thanks 7 you're the man
  • #7,397
  • Jul 7, 2011 3:07am Jul 7, 2011 3:07am
Quoting heynjea
would the target be the pivot line or the S1 ?

thanks 7 you're the man
Pivot line is what i take....
  • #7,398
  • Jul 7, 2011 3:09am Jul 7, 2011 3:09am
would they increase rates on EUR.?????

I think europe is deep trouble. but who knows.............they might just raise rates anyways.
but it seems priced in already....
what do you guys think
  • #7,399
  • Jul 7, 2011 3:13am Jul 7, 2011 3:13am
Quoting The7
Who wants to make money? 73 pip potential...
it's not a support?
and weekly go up?
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  • #7,400
  • Jul 7, 2011 3:13am Jul 7, 2011 3:13am
Quoting The7
I am attaching a monthly pivot for you, that will keep your chart clean as crystal. Clutter just confuses us..Kudos to futurespec who modified it for me. Make sure you change the pivot color if you using a black background.
i have just put this on my chart but it doesn't look like the pivot / S/R lines you had on the daily chart for target of 72 pips ?
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