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Trading Made Simple

  • #8,221
  • Jul 15, 2011 8:35am Jul 15, 2011 8:35am
Great job bez3000 Like that, but I will like to ask have you traded live before now for the three years you have been trading?
  • #8,222
  • Jul 15, 2011 9:00am Jul 15, 2011 9:00am
Quoting bez3000
Well as my first week of live trading finishes i am glad to report +640 pips of real money in my account.
I finally believe i can make it as a trader the feeling of winning live trades is fantastic.
Thanks everyone and have a great weekend.
Congrats Bez on your first live week!
  • #8,223
  • Jul 15, 2011 9:11am Jul 15, 2011 9:11am
Looks like bears have woken up in USD/CAD H4. Anyone agrees? TDI not in ideal position, but nice slope, strong candle rejecting psychological resistance.
Attached Image
  • #8,224
  • Jul 15, 2011 9:49am Jul 15, 2011 9:49am
Quoting vicforex
Great job bez3000 Like that, but I will like to ask have you traded live before now for the three years you have been trading?
Yes once before but did not make any money, i lost a small amount.
  • #8,225
  • Jul 15, 2011 10:33am Jul 15, 2011 10:33am
Quoting bez3000
Yes once before but did not make any money, i lost a small amount.
Happy for you BEZ. I have learnt alot in a shortwhile from everyone in the forum. The contributions were immense. I plan to go live after another two weeks of practice.

over 25 trades taken with this method With only 5 loss trades. I have a net of +2000 pips.

However, i still want two more weeks of practice trading the daily setups. Less noise, less stress and great returns. I hope to start turning my pips to real money in just a fortnight.

Thumbs up Big E.
  • #8,226
  • Jul 15, 2011 10:41am Jul 15, 2011 10:41am
[quote=JRpips8;4783928]Attachment
I found an ATR indicator that shows pips instead of decimal value. Easier to read and it goes in the upper left corner.


JR: Thanks for a valuable tool. if it is possible,would you please post the indicator for the market times and the spread indicator? Thanks, jack
  • #8,227
  • Jul 15, 2011 10:53am Jul 15, 2011 10:53am
Quoting dcginc
Looks like several traders got in this trade sooner that I did on the 4 Hr. I waited and took my entry before the London open on the 15 M chart.

Remember from yesterday we had a triple top on the 4 Hr and head and shoulders on the 1 Hr. The head and shoulders on the 1 Hr turned into a double top and the 15M just displayed a head and shoulders with bearish divergence before London. Downward bias everywhere.

[font=Calibri][size=3]On the 15 M chart I had a beautiful cross and...

Congrats on your trading week – I am not yet that proficient on a weekly basis although I have been averaging 200+ pips for the past few weeks and although this is on demo, perfecting the trading strategy so that it is repeatable when using a live account is key. I have traded a couple of accounts live and the emotions did mess with me and changed my trading approach to the point of completely changing the set ups and not following the plan!
Still testing like crazy whilst running demo accounts and results are very encouraging.
I have started to use your 2X ATR for SL and for the initial target with 2 lots and then closing 1 lot and letting the 2nd lot run to 4X ATR.
I do have some questions with regards to managing trades:
Do you set a SL for the 2nd lot or TS, etc? I noticed that you stated that your 2nd lot hit your SL on your aud/usd trade this morning (Jul 15th).
With regards to trades that reverse on the initial signals, do you let these run to the 2X ATR SL or do you prefer to close them out once it is clear that the original entry signals are no longer valid? It seems to be a common issue for the retail traders to let a losing position run for too long, although I do understand the need to allow for breathing space. Currently I am closing if a losing trade breaks a recent fractal S/R point, seeing as I have seen several trades go against me for 100+pips over the past few months – all part of MM really.
Thanks in advance – David C.
"To live with Passion, it takes Courage and Grace to survive"
  • #8,228
  • Jul 15, 2011 10:58am Jul 15, 2011 10:58am
Quoting bishopdotun
Happy for you BEZ. I have learnt alot in a shortwhile from everyone in the forum. The contributions were immense. I plan to go live after another two weeks of practice.

over 25 trades taken with this method With only 5 loss trades. I have a net of +2000 pips.

However, i still want two more weeks of practice trading the daily setups. Less noise, less stress and great returns. I hope to start turning my pips to real money in just a fortnight.

Thumbs up Big E.
Sounds like you have a similar timeline to me for trading the day charts - currently demo testing on the day - not many entry points on my preferred currencies for this week as most pairs were already trading and the entry points were mostly last week.

Did see some H4 re-entry points though, so keeping an open approach on TFs, especially if nothing happening on the Day.

I'll post some charts next week and some results.
"To live with Passion, it takes Courage and Grace to survive"
  • #8,229
  • Jul 15, 2011 2:59pm Jul 15, 2011 2:59pm
Treasury To Stop Funding Its Market Manipulation Fund To Delay US Bankruptcy



http://www.zerohedge.com/article/tre...omment-1460888
  • #8,230
  • Jul 15, 2011 5:45pm Jul 15, 2011 5:45pm
Quoting Britpip7
Congrats on your trading week – I am not yet that proficient on a weekly basis although I have been averaging 200+ pips for the past few weeks and although this is on demo, perfecting the trading strategy so that it is repeatable when using a live account is key. I have traded a couple of accounts live and the emotions did mess with me and changed my trading approach to the point of completely changing the set ups and not following the plan!
[font=Calibri][size=3]Still testing like crazy whilst running demo accounts...
Hi David,
THis is probably something you need to work out for yourself. Please dont think I am being critical but this is actually part of your trading personality. If you are comfortable pulling out at breaks of SR, then continue to do so as you are obviously comfortable with it.
BigE's take on this is....if he is in a trade and it turns back on him 15 pips or more he pulls out....why....because he knows there will be another trade only hours away so he prefers to protect his capital. Its similar to what you are doing. dginc is also very experienced and has HIS way of exiting....his emotions may be more staunch than yours and mine....I am not sure....all I know is.....this is a critical part of trading this method but molding it to suit your trading personality so your exit strategy can only ever be customised by YOU to suit your emotions...it wont work trying to replicate others exit strategies. SUre take the advice on board, but mold it to suit how much "heat" you can handle in regards to lot sizes, stop lots and length of time in trades.
I know for me...I am useless when a trade is on.....I tend to meddle with it and stuff it up completely, so I am now working on perfecting my comfotability with my entry so I am confident, then walking away with my SL and TP set so I dont get involved.
  • #8,231
  • Jul 15, 2011 5:56pm Jul 15, 2011 5:56pm
I never liked the idea of using ATR's as stoploss or take profit levels. Just because the range was X pips for the last bars(7 in this case) does not mean it will stay in that range. Just my humble opinion..If it works for you, stick with it..Just not my style.
  • #8,232
  • Jul 15, 2011 6:16pm Jul 15, 2011 6:16pm
Quoting bez3000
Sure it's about three weeks but i have been learning and trading forex for about three years.
Hi Bez, do you still use the 5 ema? And how do you use it for your trading with tis method?
Regards
Indicators always obey Price, not the other way.
  • #8,233
  • Jul 15, 2011 8:04pm Jul 15, 2011 8:04pm
My recent trades

Short AUS/USD 4H and closed with 117 PIPS profits
Short EUR/CAD 4H and closed with 102 PIPS profits
Short NZD/USD 4H and closed with -10 PIPS lost
Bought GDB?AUS 4H and closed with 155 PIPS profit
Short GBP/CAD 4H and closed with -15 PIPS lost

Laugh , Laugh , Laugh ...PIPS keep coming ..

KISS Method
  • #8,234
  • Jul 15, 2011 8:13pm Jul 15, 2011 8:13pm
The7
Quote
I never liked the idea of using ATR's as stoploss or take profit levels. Just because the range was X pips for the last bars(7 in this case) does not mean it will stay in that range. Just my humble opinion..If it works for you, stick with it..Just not my style.


I totally agree - it is completely an individual thing and there is certainly no guarantee that the range will hold. For me it is a way to be less subjective or arbitrary when choosing targets and requires much less management on my part when I have open positions. For me these are safe levels to capture enough profits and still balance my risk for my personality based on the stats of my trading plan. They key is to use the same SL and TP system for each trade - whatever your preference may be - as correlated to your backtesting.

I have used fibs and pivots in the past as well. Just because they exhibit certain levels, price is price and ignores them statistically nearly as often as it respects them. Just the way fibs and pivots are only somewhat reliable, ATR is really no different.
  • #8,235
  • Jul 15, 2011 8:19pm Jul 15, 2011 8:19pm
Quoting Ibz
My recent trades

Short AUS/USD 4H and closed with 117 PIPS profits
Short EUR/CAD 4H and closed with 102 PIPS profits
Short NZD/USD 4H and closed with -10 PIPS lost
Bought GDB?AUS 4H and closed with 155 PIPS profit
Short GBP/CAD 4H and closed with -15 PIPS lost

Laugh , Laugh , Laugh ...PIPS keep coming ..

KISS Method
Hi Ibz.. did you took a screenshot of those trades? so we could see more clearly your entry

Thanks
Lets make some green pips
  • #8,236
  • Jul 15, 2011 8:21pm Jul 15, 2011 8:21pm
Can somebody post the TMS/TDI Indicator please....
  • #8,237
  • Jul 15, 2011 9:21pm Jul 15, 2011 9:21pm
Hi all, what does the stoch slope indi do different than regular stoch indi? anyone? Also, how do you install it? Thanks
  • #8,238
  • Jul 15, 2011 9:36pm Jul 15, 2011 9:36pm
I did not , just follow the simple Indicator . Next time will screen shot it



Quoting 4rx
Hi Ibz.. did you took a screenshot of those trades? so we could see more clearly your entry

Thanks
  • #8,239
  • Jul 15, 2011 9:45pm Jul 15, 2011 9:45pm
Excuse my ignorance but what are whipsaws? Thanks
  • #8,240
  • Jul 15, 2011 10:04pm Jul 15, 2011 10:04pm
Quoting littlebunny
I love the EJ. We're getting ready to move out of state. When I have to re-register my car I'm thinking of getting vanity license plates that say EUR JPY.

It bounces some within the candles, but that smooths out pretty well on 30 minute candles. And it pays a bit better.

For example, 20 pips with 5 minis got $122.60 instead of $100.

Could you explain this to me. I am not sure I understand.
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