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Trading Made Simple

  • #7,701
  • Jul 11, 2011 8:39am Jul 11, 2011 8:39am
Ezzy -

I make lots and lots of money taking bounce trades...

DEAN -

Post 7675.... Y ES
  • #7,702
  • Jul 11, 2011 8:54am Jul 11, 2011 8:54am
WHEN STUDYING OLD CHARTS.....

Get paper and pencil... write down the pair... now look for good trades and note the times. Soon you'll notice a pattern. Check back at those times on that pair for possible trades...
  • #7,703
  • Jul 11, 2011 8:56am Jul 11, 2011 8:56am
Quoting dcginc
Some nice setups this morning on the 1 Hr EUR/USD and the 1 HR EUR/JPY.

EUR/USD ATR = 21 Target 1 = 42 pips Target 2 = 84 pips
Both Targets attained.

EUR/JPY ATR = 32 Targer 1 = 64 pips Target 2 = 128 pips
Both Targets attained
Nice trades, well done!
  • #7,704
  • Jul 11, 2011 9:03am Jul 11, 2011 9:03am
dcginc,

Congrats buddy....
Attached Image
  • #7,705
  • Jul 11, 2011 9:05am Jul 11, 2011 9:05am
Just closed my trades left over from Friday for a total of 348 pips profit.

Entered my first trades from the daily charts.

Short U/J @ 80.73
Short A/U @ 106.82

Wish me luck

This is a very cool method Big E
Short Euro and remaining that way. That's just the way it is !
  • #7,706
  • Jul 11, 2011 9:06am Jul 11, 2011 9:06am
Mornin' Ceebs and Doaman...
  • #7,707
  • Jul 11, 2011 9:09am Jul 11, 2011 9:09am
Quoting eelfranz
Mornin' Ceebs and Doaman...
Good morning Eric.

Very happy to see you are back to your usual form

God Bless you
  • #7,708
  • Jul 11, 2011 9:11am Jul 11, 2011 9:11am
Gbp trade target hit, 100pips this morning

P.S welcome back BIG E
  • #7,709
  • Jul 11, 2011 9:13am Jul 11, 2011 9:13am
Quoting dcginc
The EUR/USD met my rules for an entry. Clearly the Euro was showing weakness against all crosses.

I waited an hour after the E/U to make sure the EUR/JPY clearly broke below and closed below the previous support . . . then entered the EUR/JPY trade.

Normally I would not take the cross below the 32 on the E/J. But, the clear break below structure and confirmed downward momentum of the Euro made it a low risk.
My first post, and a big 'Thank You' to Big E for sharing a simple, effective strategy.... and also a big thanks for your patience in responding to questions. This is a strategy that will work with my erratic schedule.

To dcginc, thank you for this post on EU and EJ. I was unsure about entering these trades using the 4 hr chart, but I see how you handled it moving to the 1 hr. I passed on these trades, however I have learned something for the next opportunity.

Your posts are always helpful and instructive, and I look forward to reading your comments.

Cheers
  • #7,710
  • Jul 11, 2011 9:27am Jul 11, 2011 9:27am
I would like to share how I gained some insight, rather abruptly, not long after I was introduced to trading.
Once of the best pieces of advice I ever received about the mindset of a successful trader was shared with me by a trading professional I met early on in my trading education.
He suggested to me that I view trading as "Financial War." At the time I thought this was a bit extreme. However, he went on to describe trading as a "zero sum game" - that is to say for someone to profit, someone must lose. I have heard this several times since, but have no evidence as to whether or not this is true - and opinions vary.
He went on to say as he looked me straight in the eye . . . "if you are not going to take this seriously and do what it takes to figure this out, then just write the check directly to me right now, because I will be the one in the market taking your money." He explained why 95% of traders lose money and that he absolutely counted on their laziness every day to make his seven figure income.
As harsh as those words were and as shocked as I was, the idea that any of this might be true motivated me to get serious. I could not stand the thought of being a wide eyed newbie and just handing my money over to the sharks like a sucker. I stopped trading, started over and found some very successful traders to emulate.
My trading education was not free. It cost a lot of time and money, and was one of the hardest things I have ever done, but it was more than worth it. Why was it so difficult? . . . because I had to work on me. I have been fortunate to have some success in my previous career, but nothing I previously knew correlated to trading. I was not prepared to enter an environment with no boundaries.
What I also learned is that anything free in this arena usually has no value - at least for me, no perceived value. Through this journey I learned to ask questions only after I had exhausted all other means of research on my own. I learned that for me to be successful, I had to do the work. I learned that for me to have confidence, I had to put in the time to actually learn the skill of trading, not just how to trade. I learned that for me to call myself an expert or professional trader and make a living at trading, there were no short cuts. I could not figure out why I originally thought trading would be any different than learning any other professional skill. Once I came to the realization that it is no different, my approach totally changed. It became more natural, more relaxed, more focused, and more profitable.
Just though I would share a defining moment. This guy really shook me up and got me laser focused. I owe him big time.
  • #7,711
  • Jul 11, 2011 9:47am Jul 11, 2011 9:47am
My current trades and still counting the pips

shorted 4H EUR/GBP and now over 100 Pips in profit
shorted 4H AUD/USD and now over 90 pips in profit
Bought 4H USD/CAD and now over 80 pips in profit
shorted 4H EUR/JPY and now over 240 Pips in profit
shorted 4H GBP/JPY and now over 130 PIPs in profit


Laugh laugh laugh ....
  • #7,712
  • Jul 11, 2011 9:49am Jul 11, 2011 9:49am
Quoting Ibz
My current trades and still counting the pips

shorted 4H EUR/GBP and now over 100 Pips in profit
shorted 4H AUD/USD and now over 90 pips in profit
Bought 4H USD/CAD and now over 80 pips in profit
shorted 4H EUR/JPY and now over 240 Pips in profit
shorted 4H GBP/JPY and now over 130 PIPs in profit


Laugh laugh laugh ....

way to go Ibz !! post these trades so we can learn .

cheers
  • #7,713
  • Jul 11, 2011 10:05am Jul 11, 2011 10:05am
overwhelmed : constantly read the fast thread, analyze valuable advices, in my brain translate into my language, see the charts, contain my anxiety to trade, see my other work, see family . . . BUT happy to have finally found my system.
. . . am I the only one?
Humble & Kalcker CLO2 = Covid killer
  • #7,714
  • Jul 11, 2011 10:12am Jul 11, 2011 10:12am
In a bounce trade does it matter if the price is near or at the 68 level for a long entry?
  • #7,715
  • Edited Jul 12, 2011 1:51am Jul 11, 2011 10:35am | Edited Jul 12, 2011 1:51am
I can see potential sell as audusd and nzdusd daily chats trying moving back from their resistance zones with downward momentum. i will enter sell if its end up like this at the open of new daily candle. keep eyes on it for analysis because its in good sell region.
Attached Image (click to enlarge)
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We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #7,716
  • Jul 11, 2011 10:48am Jul 11, 2011 10:48am
Quoting Ibz
My current trades and still counting the pips

shorted 4H EUR/GBP and now over 100 Pips in profit
shorted 4H AUD/USD and now over 90 pips in profit
Bought 4H USD/CAD and now over 80 pips in profit
shorted 4H EUR/JPY and now over 240 Pips in profit
shorted 4H GBP/JPY and now over 130 PIPs in profit


Laugh laugh laugh ....
Well done.....
  • #7,717
  • Edited 1:51pm Jul 11, 2011 10:48am | Edited 1:51pm
Hi everyone,

I almost read all the topic, and after a few tries on demo I think that system is amazing.
However, I don't really know how to manage efficiently my exits and stops.
For exemple, on H1 chart, where do you put your stoploss ? 5 pips, 10 pips, 15 pips, one of the last candles ? When do you "lock" your profit ?
Same question for H4, where the stoploss has to be, obviously, wider. Is a 50/60/70 pips stoploss reasonnable ?
What about trailing stop ?

Sorry if there is allready an answer somewhere back in the topic, and thank you for answering me :-)

(And sorry for my bad english...)
  • #7,718
  • Jul 11, 2011 11:03am Jul 11, 2011 11:03am
Just take this one. SL below swing low.

See a lot of nice posts sinde the last days, now reading after a few days away.
Attached Image (click to enlarge)
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  • #7,719
  • Jul 11, 2011 11:05am Jul 11, 2011 11:05am
Quoting dcginc
The EUR/USD met my rules for an entry. Clearly the Euro was showing weakness against all crosses.

I waited an hour after the E/U to make sure the EUR/JPY clearly broke below and closed below the previous support . . . then entered the EUR/JPY trade.

Normally I would not take the cross below the 32 on the E/J. But, the clear break below structure and confirmed downward momentum of the Euro made it a low risk.
I really appreciate you posting your charts and explaining your strategy. Thanks. It really helps the learning process.
  • #7,720
  • Jul 11, 2011 11:08am Jul 11, 2011 11:08am
Great post dcginc thanks very much

Quoting dcginc
I would like to share how I gained some insight, rather abruptly, not long after I was introduced to trading.
Once of the best pieces of advice I ever received about the mindset of a successful trader was shared with me by a trading professional I met early on in my trading education.
[font=Calibri][size=3]He suggested to me that I view trading as "Financial War." At the time I thought this was a bit extreme. However, he went on to describe trading as a "zero sum game"...
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