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Trading Made Simple

  • #7,801
  • Jul 12, 2011 3:54am Jul 12, 2011 3:54am
Quoting dcginc
Here is a trade that just closed on the NZD/USD. I entered yesterday morning on the 1 Hr. Three hours later, I got a signal for the same trade on the 4 Hr chart, so I used the 4 Hr ATR for profit targets.
ATR = 46
Target 1 = 2 ATR = 92 pips - Target 1 attained.
Target 2 = 4 ATR = 184 pips - Target 2 attained.
[font=Calibri][size=3]There is a common school of thought that says you should let profits run....

Hi there, could you pls hlp me to understand the ATR & it's use of profit target ? I would really appreciate it
thanks !!!!
  • #7,802
  • Jul 12, 2011 3:55am Jul 12, 2011 3:55am
dcginc,

Nice trading! Your explanation is clear and simple. This is very helpful.

One question on ATR. How many days do you use for your calculation? I went back over some previous posts but didn't see this information.

This is finally coming together. One of your recent posts dealt with analysis paralysis. During my learning process I have made the process far too complicated, added too much "clutter" and found too many reasons NOT to take a trade.

Thanks again to you, Big E and all the others for your contributions.

Cheers,

Anna
  • #7,803
  • Jul 12, 2011 4:53am Jul 12, 2011 4:53am
Hello, I have a question. I have to go when the TDI is crossed, or should I wait for the open bar above the SMA, or vieceversa.
Thank's
  • #7,804
  • Jul 12, 2011 4:54am Jul 12, 2011 4:54am
I find pivots useful to manage entries and exits. If I am in a short trade and it is coming close to say S2 then my experience is that the trade will generally bounce off S2 and maybe come back 25 pips. So my issue is do I want to bank my profit or just leave the trade to take its course.

Another point, I generally trade full lots on a live account and as has been discussed here before there is a hell of a difference between demo and live accounts and also between 25 pips which can be $.25, $25 or $250 or even $500

On the above point I think it would be useful in this forum if pips were indicated as micro, mini or full lot pips.

Well done to the guys who are in 4 or 5 trades at the same time but I suspect none of them are trading full lots

Finally I would have given up trading if it was not for this TMS system so thanks to Big E. It is anything but simple though.

Fred



Quoting adeforex
[color="Navy"]I dont know how other traders trade, but personally, i dont use any pivot levels. If i see a potential set ups, say on 4hr chat, i first of all, check (prior and after signal chats)1hr and daily, and for daily, i check 4hr and weekly to see what is happening as in may be is good to trade against or trade along the trend (s/r),before pulling the trigger. But i dont even have monthly chat on my platform because the more you look ,the more you see reason not to trade. The most important thing is that to look at the position of tdi as...
  • #7,805
  • Jul 12, 2011 5:19am Jul 12, 2011 5:19am
pls hw do i get tdi into my platform after downloadin to my systen
  • #7,806
  • Jul 12, 2011 5:21am Jul 12, 2011 5:21am
ATR is a standard indicator that comes with the MT4 and most any platform. It is a look back indicator that calculates the average range of price on the candles for the look back period. See more info on my previous posts.

For example, if the ATR is set to 7 on a 1 Hr chart, it will give you the average price range movement of the last 7 candles. I use it to determine stop loss and profit targets.

I use the ATR on my trading time frame. If I take a signal on the 1 Hr chart, I use the 1 Hr ATR set to 7. If on a 4 HR chart, the ATR set to 7.
I trade two full lots using this method. After my first target is hit, I move the stop on my second trade to break even and wait for target 2, moving my stop in 25 pip increments until my target 2 is attained or I get stopped out.

There are many ways to figure stops and targets. Many traders, some I know personally, and some on this post use pivots, fib lines and other formulas. ATR works well for me. It all depends on what your trading plan statistics show in terms of probability of hitting your targets.
  • #7,807
  • Jul 12, 2011 5:43am Jul 12, 2011 5:43am
Quote
Another point, I generally trade full lots on a live account and as has been discussed here before there is a hell of a difference between demo and live accounts and also between 25 pips which can be $.25, $25 or $250 or even $500

Well said. This is a very important distinction. I do not want to surmise what other traders are doing, risking, or whether or not they are exaggerating. I do know that to trade and manage multiple pairs (more than 2 or 3) and multiple full lots as a single retail trader takes a lot of capital and ice in your veins. I can’t do it.
  • #7,808
  • Jul 12, 2011 6:09am Jul 12, 2011 6:09am
Any of the pros that have been trading this system for a while seen any really good cross signals worth while on the 4HR charts this week?

Most of the pairs seem to be trending from last week so haven't seen too many crosses.

There were some but didn't like the PA or TDI angle which is good because most of them reversed.
I got two that worked out on GBPUSD and CHFJPY, but didn't take the trades because they happened while price was stilll in a consolidation range and hadn't broken any support or resistance. Evertything on them seemed pretty good put PA.

Other than that, haven't seen many crosses to write home about.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: CHFJPY.JPG Size: 128 KB
Click to Enlarge Name: GBPUSD.JPG Size: 132 KB
Click to Enlarge Name: CHFJPY2.JPG Size: 127 KB
Click to Enlarge Name: GBPUSD2.JPG Size: 123 KB
  • #7,809
  • Jul 12, 2011 6:11am Jul 12, 2011 6:11am
Hi there folks! Took a break from the game for a while.
I am still having difficulty recognising good trades at thier "start points". It is easy with hindesight!
Can anyone see anything in the charts at the moment, for instance?

Cheers,

Geoff
  • #7,810
  • Jul 12, 2011 6:15am Jul 12, 2011 6:15am
Beat me to it, Lian. I feel sure at the end of today many will say they have 100+ pips, and we will both be hitting our heads against our screens!

Cheers,

Geoff
  • #7,811
  • Jul 12, 2011 6:25am Jul 12, 2011 6:25am
What kind of leverage are you using with this system? My broker offers up to 200:1 (which is way too much for me personally).
  • #7,812
  • Jul 12, 2011 6:27am Jul 12, 2011 6:27am
Benny, I am also offered 200, but 100 is more than enough. I am going to introduce more capital and come down to 50:1.
  • #7,813
  • Jul 12, 2011 6:29am Jul 12, 2011 6:29am
Quoting geoffgjones
Hi there folks! Took a break from the game for a while.
I am still having difficulty recognising good trades at thier "start points". It is easy with hindesight!
Can anyone see anything in the charts at the moment, for instance?

Cheers,

Geoff
Hi Geoff,
Me too, I can't see any entry points that meet the criteria right now on the 1hr charts I'm observing.
  • #7,814
  • Jul 12, 2011 6:37am Jul 12, 2011 6:37am
USDCHF H4 short?
  • #7,815
  • Jul 12, 2011 6:42am Jul 12, 2011 6:42am
Quoting DurduSM
USDCHF H4 short?
On my chart I'm 1hr40 into the 4hr candle, so no entry point there - and on the lhr the green line is spiking upwards. I'm new to this, so still learning, but based on my understanding so far, I wouldn't make an entry on this right now.
  • #7,816
  • Jul 12, 2011 6:42am Jul 12, 2011 6:42am
support to your left. S1 close. Am I right?
  • #7,817
  • Jul 12, 2011 6:44am Jul 12, 2011 6:44am
Bang on there Pipiness, cheers.
  • #7,818
  • Jul 12, 2011 6:44am Jul 12, 2011 6:44am
Quoting DurduSM
USDCHF H4 short?
I think when the next open bar. seems to have a good angle.
Cheers.
  • #7,819
  • Jul 12, 2011 6:45am Jul 12, 2011 6:45am
yes the only probl would be the TDI close to the 32 line i'm 15 min before the second candle opens
  • #7,820
  • Jul 12, 2011 6:46am Jul 12, 2011 6:46am
Yep, that too - and support at the 6300 level as well.
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