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Monitor for 'Trading Made Simple' system 565 replies

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Trading Made Simple

  • #8,961
  • Jul 28, 2011 9:25am Jul 28, 2011 9:25am
Quoting dean
BigE has the confidence to counter trend trade using his forex basics skills.....shich I might add are way better than most of us.
Understood.
  • #8,962
  • Jul 28, 2011 9:26am Jul 28, 2011 9:26am
Quoting 33drifter
your right, a good move on the H4 or Daily has to start somewhere, but there are so many crosses on the M5, how do you know which one is going to turn in to the H4 signal untill you get there?

This system works on any TF, but do you really want to monitor the M5 all day? What i like about TMS is that it requires only a small time commitment.
Happy for someone to convince me that it does me no benefit.
  • #8,963
  • Jul 28, 2011 9:31am Jul 28, 2011 9:31am
Quoting 33drifter
Hey Dean,

Im trying not to look for too many reasons not to trade. double top, divergence, tdi cross, good stoch position and angle, also my one extra rule - cross below yellow line for short. thats enough reasons to get in. if i waited for for absolutley every signal to be right i would never trade.

also my SL is 60 pips and therfore my TP is 60 pips. A 60 pip correction isnt unreasonable after a 500 pip move. / . . . so why add extra stress?
perfect !
Humble & Kalcker CLO2 = Covid killer
  • #8,964
  • Jul 28, 2011 9:33am Jul 28, 2011 9:33am
Quoting 33drifter
your right, a good move on the H4 or Daily has to start somewhere, but there are so many crosses on the M5, how do you know which one is going to turn in to the H4 signal untill you get there?

This system works on any TF, but do you really want to monitor the M5 all day? What i like about TMS is that it requires only a small time commitment.
Heres an example mate. First chart is a great signal on the 5 minute chart...its what we look for an all charts.....my point is....if this is a truly strong signal, it should carry its way up throught the time frames, the difference being is you have a lot more pips locked away by the time it hits the 4 hour signal. I would prefer to be able to ignore this but I just cant....I need someone to explain why not to bother looking at these lowere time frames and that it is of no benefit
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  • #8,965
  • Jul 28, 2011 9:47am Jul 28, 2011 9:47am
Quoting dean
I need someone to explain why not to bother looking at these lowere time frames and that it is of no benefit
Hey Dean,

i dont think there is any right or wrong here, whatever is profitable for you is the right way
  • #8,966
  • Jul 28, 2011 9:49am Jul 28, 2011 9:49am
Quoting 33drifter
Hey Dean,

i dont think there is any right or wrong here, whatever is profitable for you is the right way
I agree mate and thanks. TO be honest I actually would love someone to convince me that I can ignore the smaller time frames...I hate them but I cant see how you can ignore them.
  • #8,967
  • Jul 28, 2011 9:50am Jul 28, 2011 9:50am
Quoting dean
Heres an example mate. First chart is a great signal on the 5 minute chart...its what we look for an all charts.....my point is....if this is a truly strong signal, it should carry its way up throught the time frames, the difference being is you have a lot more pips locked away by the time it hits the 4 hour signal. I would prefer to be able to ignore this but I just cant....I need someone to explain why not to bother looking at these lowere time frames and that it is of no benefit
I am not sure that anyone would argue that there is NOT a benefit to looking at a smaller time frame for a better entry. The question arises of which of the signals is actually going to result in the movement of the larger time frame. In other words, on a 5 min time frame there are many ups and downs within the 4 hr time frame. So which one of the ups and downs actually causes the movement of the 4 hr chart, switch of trend or continuation of trend etc.

I agree that you can get a "better" entry and gain some more pips off the trade but I think the bigger question is whether or not someone wants to monitor those smaller time frames all the time and try and time a better entry. This is all personal preference and time available.

I think that someone has to weigh the worth of their time to watch. Is it worth the extra 5, 10, 15 pips to watch for the perfect entry or is it better to pull the "ron popeil, set it and forget it" method. I think it is up to each individual.

Yes, extra pips can be taken but what is your time, stress, and effort worth to you as an individual? I have traded the smaller time frames looking for a perfect entry and I have decided that it is not really worth it. If it lines up with when I am going to place the trade, then I may wait, but if not, I am not going to spend any extra time at the computer. That is my take.
  • #8,968
  • Jul 28, 2011 9:59am Jul 28, 2011 9:59am
Quoting Rcwso
I am not sure that anyone would argue that there is NOT a benefit to looking at a smaller time frame for a better entry. The question arises of which of the signals is actually going to result in the movement of the larger time frame. In other words, on a 5 min time frame there are many ups and downs within the 4 hr time frame. So which one of the ups and downs actually causes the movement of the 4 hr chart, switch of trend or continuation of trend etc.

I agree that you can get a "better" entry and gain some more pips off the trade but I think...
Greay explanation thank you. That might just be enough to convince me. Is it also true that the higher time frame signal and indications are more solid??
  • #8,969
  • Jul 28, 2011 10:11am Jul 28, 2011 10:11am
Quoting Rcwso
I think that someone has to weigh the worth of their time to watch. Is it worth the extra 5, 10, 15 pips to watch for the perfect entry or is it better to pull the "ron popeil, set it and forget it" method. I think it is up to each individual.
Absolutely. Couldn't agree more. Incidentally though, drilling down to a 15min once the 1 or 4hr gives a signal isn't really about bagging a few extra pips. In fact, if it's a 'good' trade it can often lose you a few (hanging back for a breach of strong s/r etc). For me, it's more about being able to place tighter stop losses and therefore have a higher value per pip.

Anyway, that aside, there is no right and wrong here. I have always traded off 15m using longer timeframes to gauge directional bias. I'm comfortable with it and it suits my style.

I can equally see the benefits of a 'set and forget' system. As you say, it's up to each individual.

Deano... ya i'm a big follower of the sport too. Used to race but got fed up of the taste of blood in my mouth and throwing up after hill repetitions.
  • #8,970
  • Jul 28, 2011 12:57pm Jul 28, 2011 12:57pm
Quoting dean
Heres an example mate. First chart is a great signal on the 5 minute chart...its what we look for an all charts.....my point is....if this is a truly strong signal, it should carry its way up throught the time frames, the difference being is you have a lot more pips locked away by the time it hits the 4 hour signal. I would prefer to be able to ignore this but I just cant....I need someone to explain why not to bother looking at these lowere time frames and that it is of no benefit
There is plenty of benefit.... I personally use the lower timeframes for entry. I do the reverse get the signal from the large time frame and then use the smaller to reduce risk and play in the direction of the move. You may be able to find the bigger moving signals on the small timeframe when they are close or in agreement with the larger view.

So example the 5m chart of EUR/USD had maybe 5-6 setups since last night for a conservative trader (RSI line over 68) If you mark them only 1 of them was in agreement for a stronger move with the 60m (just after 4am est). So by using the 60m and going lower in that order to the 5m you can refine the signal to weed out those on the lower tf's that don't work or are not as powerful and still keep your sanity as a low tf trader. The key is to make sure the train is going in your direction so you don't get steamrolled.

As with any method it must be adapted to methods you are comfortable with. What I describe above is not new it's the triple screen method use larger time frames and drop in multiples of 5 to refine you signal in a nut shell. Big E has said it in many different ways, or at least that was my intepretation of it. And you most certainly will not catch every trade this way but at the very least you put more odds for a successful trade in your favor should you be consulting low TF's.
  • #8,971
  • Jul 28, 2011 2:38pm Jul 28, 2011 2:38pm
Quoting 33drifter
Ive had an average week too. no TDI probs just a really choppy week with only a few good signals.

anyone else in the same boat?
I seem to be in this boat every week. I find that i can be up against S/R even when that S/R was two or three days ago. It stil holds for my trades. I seem to remember an E post where he said you should look back three inches and if ok regarding S/R then proceed. I am hitting S/R from well before this. Is this pretty consistent for others. Any comments?
  • #8,972
  • Jul 28, 2011 4:59pm Jul 28, 2011 4:59pm
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Humble & Kalcker CLO2 = Covid killer
  • #8,973
  • Edited 7:40pm Jul 28, 2011 6:30pm | Edited 7:40pm
Quoting 33drifter
Hey Dean,

Im trying not to look for too many reasons not to trade. double top, divergence, tdi cross, good stoch position and angle, also my one extra rule - cross below yellow line for short. thats enough reasons to get in. if i waited for for absolutley every signal to be right i would never trade.

also my SL is 60 pips and therfore my TP is 60 pips. A 60 pip correction isnt unreasonable after a 500 pip move.

You are right, some Traders are now looking for, daily, weekly, and monthly pivots to enter or not, then they add psychological levels, after that some take a look at 15 min, 1 hour, 4 hour, daily, weekly and monthly trends, so when can anyone take a Trade with these rules', oh and I forgot many consider almost all economic releases which by the way there are almost everyday, but the important ones are only 2 at the most each month.
The beauty of this approuch is that introduces PA trading to standar traders who are so used to useless indicators, but now they are starting to complicate things again.
Indicators always obey Price, not the other way.
  • #8,974
  • Jul 28, 2011 8:39pm Jul 28, 2011 8:39pm
Max, you got it all! So well stated - made me look in the mirror even more.
  • #8,975
  • Jul 28, 2011 9:25pm Jul 28, 2011 9:25pm
Quoting maxtrader
You are right, some Traders are now looking for, daily, weekly, and monthly pivots to enter or not, then they add psychological levels, after that some take a look at 15 min, 1 hour, 4 hour, daily, weekly and monthly trends, so when can anyone take a Trade with these rules', oh and I forgot many consider almost all economic releases which by the way there are almost everyday, but the important ones are only 2 at the most each month.
The beauty of this approuch is that introduces PA trading to standar traders who are so used to useless indicators,...
GREAT POST......The human being factor is Fkng it up.../.
  • #8,976
  • Jul 28, 2011 9:30pm Jul 28, 2011 9:30pm
Quoting DaveUK
Absolutely. Couldn't agree more. Incidentally though, drilling down to a 15min once the 1 or 4hr gives a signal isn't really about bagging a few extra pips. In fact, if it's a 'good' trade it can often lose you a few (hanging back for a breach of strong s/r etc). For me, it's more about being able to place tighter stop losses and therefore have a higher value per pip.

Anyway, that aside, there is no right and wrong here. I have always traded off 15m using longer timeframes to gauge directional bias. I'm comfortable with it and it suits my style....
Yeah I am with you Dave...I would MUCH prefer a tighter stop and better risk/reward ration rather than try and bag extra pips..
I am also with you in regards to hills....I hate them....I race in both track races and triathlons, but just locally....just for fitness and fun really, so no vomiting
  • #8,977
  • Jul 28, 2011 10:34pm Jul 28, 2011 10:34pm
Hi Guys,

I am a new subscriber to this thread. I have tried to install the TDI indicator but I cannot get it to appear on my charts. I have installed both the .ex4 and the .mp4 files into the indicators folder in MT4 but after restarting the program it won't appear. I've watched the tutorials and have trawled the thread for fixes but I still can't make it work.

If someone could put me in the right direction I would really appreciate that.

John
The consistency you seek is in your mind, not the markets. Mark Douglas
  • #8,978
  • Jul 28, 2011 10:36pm Jul 28, 2011 10:36pm
Quoting dean
Yeah I am with you Dave...I would MUCH prefer a tighter stop and better risk/reward ration rather than try and bag extra pips..
I agree if you can get a tighter stop and therefore increase risk/reward that finding the better entry on the smaller time frame can be very useful and rewarding. Again, I think it comes down to what a trader really wants to do and how much time/effort they want to spend finding that next set-up. Or just look at the 4hr time, see the set-up and take the trade regardless of what is happening in the underlying time frames. Both ways have there place and validity. Just depends on each person in reality. I think each individual needs to adapt what works for their lifestyle, liking and ability. As for me, I don't have the time to wait for the smaller time frame set-ups all that often. I have to take the larger and try the "set it and forget it style."

Great learning from all of you. Thanks. Unfortunately I continually teach myself the bad mistakes of trading over and over and over again. Someday I will stop re-learning the same things.
  • #8,979
  • Jul 28, 2011 10:38pm Jul 28, 2011 10:38pm
I feel like slamming this iPad through the window. Entered a short trade and set my tp at 20 on a 1 hour chart. It was moving down pretty aggressively, so I moved my tp to 40. It was a trade on the 1 hr but I was monitoring it on the 5 and 15 minute charts. My wife needed the computer for a minute. Well, it reversed when I was up 27 pips, and I thought surely it will come back down and I will close at +20. I closed at -32 pips and I feel like slamming my nuts in the door right now.
  • #8,980
  • Jul 28, 2011 10:43pm Jul 28, 2011 10:43pm
  •  GT_Pips
  • | Joined Jun 2011 | Status: Dont hate what you dont understand. | 71 Posts
Quoting Fitness09
I feel like slamming this iPad through the window. Entered a short trade and set my tp at 20 on a 1 hour chart. It was moving down pretty aggressively, so I moved my tp to 40. It was a trade on the 1 hr but I was monitoring it on the 5 and 15 minute charts. My wife needed the computer for a minute. Well, it reversed when I was up 27 pips, and I thought surely it will come back down and I will close at +20. I closed at -32 pips and I feel like slamming my nuts in the door right now.
You got caught up in an unplanned news event..It happens.
He who wanders, never gets lost. No good deed goes unpunished.
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