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Trading Made Simple

  • #8,521
  • Jul 20, 2011 10:31am Jul 20, 2011 10:31am
Quoting bishopdotun
Anyone in?
I'm guessing you went long, but doesn't Stochastics look weak?
Not confirming at a very good angle.
Attached Image (click to enlarge)
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  • #8,522
  • Jul 20, 2011 10:49am Jul 20, 2011 10:49am
Quoting bez3000
Yes zoom out on the daily and look at the strong uptrend, i want to be on that train
I dont think this trade is wrong. look at how price sat on the pivot all day. The price had bounced off the pivot with 6 4hr candles. Look at the trendlines too.

I will let the trade run its course.
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy analyse.gif Size: 21 KB
  • #8,523
  • Jul 20, 2011 10:56am Jul 20, 2011 10:56am
Quoting bishopdotun
I dont think this trade is wrong. look at how price sat on the pivot all day. The price had bounced off the pivot with 6 4hr candles. Look at the trendlines too.

I will let the trade run its course.
Cool, looks like you have some pretty good confirmation for it.
Good luck!
  • #8,524
  • Jul 20, 2011 10:58am Jul 20, 2011 10:58am
Quoting bishopdotun
I dont think this trade is wrong. look at how price sat on the pivot all day. The price had bounced off the pivot with 6 4hr candles. Look at the trendlines too.

I will let the trade run its course.
Its your trade, good luck to you.

I just wanted to clarify what bez was thinking, I was prob mistaking his comments. He's looking at D general uptrend. I looked at D sell signal off that triple top.

Some of these trades you'll win, some you'll lose. Good luck to you once again.
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  • #8,525
  • Jul 20, 2011 11:07am Jul 20, 2011 11:07am
Some of these trades you'll win, some you'll lose. Good luck to you once again.
Vantage you are right some you win and some you lose
  • #8,526
  • Jul 20, 2011 11:22am Jul 20, 2011 11:22am
Anybody considered this trade?
Attached Image
  • #8,527
  • Jul 20, 2011 11:33am Jul 20, 2011 11:33am
Hi Everybody

I was reading the posts regarding the CHFJPY trade, I love trading this system & try to keep it as simple as possible, but you cannot ignore support resistance & risk vs reward. If we are using the 5 EMA as our moving average then the ideal place to enter trades is next to the EMA, you can then either position a hard stop the other side of it or watch the trade move & get out if it goes too much over the EMA. The same can be done on S R levels. The problem with using prior swing highs or lows as a stoploss (or pivots) is they can be a long way away from your entry. Nearly all sucessfull traders that I know, use a reward to risk ratio of 3:1 minimum. Your target should always be realistic & if it does not look like price will make your target, don't take the trade. The EMA acts as a dynamic support / resistance (ie it moves with price). I have tried to illustrate on the attached picture what I am trying to explain. Thanks again to big E for the system, I hope my post helps control some of your risk.
Attached Image (click to enlarge)
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  • #8,528
  • Jul 20, 2011 12:18pm Jul 20, 2011 12:18pm
Re your exit rules, do you apply these when you are in a losing trade? or do these rules only apply to winning trades?

Many thanks,

Regards -JoelD
  • #8,529
  • Jul 20, 2011 12:29pm Jul 20, 2011 12:29pm
in the rule "Trading with the trend, if Daily is trending don't trade against it"
which is the daily trend the main trend in the example indicated with the yellow line (down) or the middle daily trend (Up) indicated with the pink line ?

on the H4 if I want to trade I'm right with the yellow trend line but against the pink trend line
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  • #8,530
  • Jul 20, 2011 12:55pm Jul 20, 2011 12:55pm
I don't know if anyone has had any good trades today, but most pairs seem flat as a pancake to me today.
  • #8,531
  • Jul 20, 2011 1:03pm Jul 20, 2011 1:03pm
Quoting DayTraderBiH
Closed both trades with -35 and - 17 pips loss.
It would be very helpfull if someone of the more experienced trades can help me to figure out what I did wrong with the trades, cause both were by the rules.
EURJPY would have been a pass for me as 111.652 was actually the the monthly S2. So you traded directly into it. Still I would wait for it to break S2, pullback and then continue a downward move. But if this does not happen I would stay back. Thats just me.

AUDJPY... I don't trade it so don't have it set up.

But I would highly recommend sticking the monthly ( and I also like looking at the weekly) Pivot points. Very useful to gauge if the move will actually happen.
  • #8,532
  • Jul 20, 2011 1:17pm Jul 20, 2011 1:17pm
Quoting pipiness
I don't know if anyone has had any good trades today, but most pairs seem flat as a pancake to me today.
Thursday is the EU Economic Summit all day.
  • #8,533
  • Jul 20, 2011 1:49pm Jul 20, 2011 1:49pm
Quoting pipiness
I don't know if anyone has had any good trades today, but most pairs seem flat as a pancake to me today.
yeah, not only today ... all this week I think....
  • #8,534
  • Jul 20, 2011 1:59pm Jul 20, 2011 1:59pm
Quoting DayTraderBiH
Closed both trades with -35 and - 17 pips loss.
It would be very helpfull if someone of the more experienced trades can help me to figure out what I did wrong with the trades, cause both were by the rules.
EUR/JPY shouldn't have been a valid enty setup according the TMS original rules, because of two points:

- TDI angle during crossing was not steep enough
- Heiken Ashi bar characteristics were not optimal.
  • #8,535
  • Jul 20, 2011 3:01pm Jul 20, 2011 3:01pm
went short on this one at first red bar, sealed in some profits, hopefully will go on a run, if not worse case will be 5 in the positive
  • #8,536
  • Jul 20, 2011 3:05pm Jul 20, 2011 3:05pm
sorry heres the chart


Attached Image (click to enlarge)
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Quoting davlo
went short on this one at first red bar, sealed in some profits, hopefully will go on a run, if not worse case will be 5 in the positive
  • #8,537
  • Jul 20, 2011 4:40pm Jul 20, 2011 4:40pm
Hi Guyz,

I,ve back tested this system on a M15 chart, using 7 months of data and starting with $10'000, trades taken without a straight bottom or top candle, ended blowing the account, trades taken with a straight top or bottom made $5491.00, using the same data.

Hope this information helps.

Many Thanks
Andy
  • #8,538
  • Jul 20, 2011 4:52pm Jul 20, 2011 4:52pm
jeese - there is nothing happening. Going off to watch my fingernails grow - goodnight from london town wm
Sleeping boys catch no fish
  • #8,539
  • Jul 20, 2011 4:55pm Jul 20, 2011 4:55pm
ooooh take that back gj just had a smash out candle on the 1 h lets watch - its against daily but......
Sleeping boys catch no fish
  • #8,540
  • Jul 20, 2011 5:40pm Jul 20, 2011 5:40pm
Quoting Asw
Hi Guyz,

I,ve back tested this system on a M15 chart, using 7 months of data and starting with $10'000, trades taken without a straight bottom or top candle, ended blowing the account, trades taken with a straight top or bottom made $5491.00, using the same data.

Hope this information helps.

Many Thanks
Andy

Hi Asw,

To put your data into context, which pair(s) did you test, how many total trades in 7 months, and how much of the $10,00 was risked per trade? Thanks- Lou
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