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Trading Made Simple

  • #9,781
  • Aug 12, 2011 12:25am Aug 12, 2011 12:25am
Quoting Fitness09
I was also considering this 4 H trade on the EU. The TDI was not very strong, but the first candle closed below the 5ema. I passed on this one because the TDI was not very strong, but I would like to get your opinion on it. Thanks again.
F09

Attachment

I personally dont use the 5 ema, ive removed it from my chart. I wouldnt have taken that cross due to the 'choppyness' of the market. lots of blue and red candle mixed together with no real direction.

Ive marked the trades i would have taken

the first trade circled in white is a continuation of the trend (lower High) and has good tdi angle as well as having a nice gap or space between red and green.

the second and third are pretty much the same, higher low and lower high, nice tdi angle with some space between the red and green.

the red line is a nice double top but i wouldnt have taken it because the market is starting to range with no real higher highs or lower lows etc
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  • #9,782
  • Aug 12, 2011 12:30am Aug 12, 2011 12:30am
Im sure some people made lots of pips where i stayed away, but the ones i did take, i was confident with and i was able to sleep while my trades made money.
  • #9,783
  • Aug 12, 2011 12:33am Aug 12, 2011 12:33am
Just having a quick look at GBP/CHF, USD/CHF and EUR/CHF, they all look like they are about to go very south very fast, anyone else agree?
  • #9,784
  • Aug 12, 2011 12:35am Aug 12, 2011 12:35am
Quoting 33drifter
Im sure some people made lots of pips where i stayed away, but the ones i did take, i was confident with and i was able to sleep while my trades made money.
Thanks for the lesson!
  • #9,785
  • Aug 12, 2011 12:49am Aug 12, 2011 12:49am
Great info over the past few pages. Thanks to all.

I don't post here often or try and jump into too many discussions at this point. I am still trying to learn from each of great contributors. You know who you are. I simply wanted to share a few things I have learned over the past few weeks. Most of this is very obvious but I post it to help me solidify my understanding and hope to help others not make the same mistakes.

1. Don't trade on Non-Farm News Days. I have heard this over and over again. Let me simply say that I have had success with this system and another I was following but lost all profits on two Non-Farm Days that I traded. Literally lost all profits twice due to trading on those very unpredictable and volatile days.
2. Don't try and scalp this system on smaller time frames. Utilize smaller time frames as you see fit to get a "better" entry on the larger time frame but don't simply take signals on the smaller time frames to try and scalp some pips. I have lost a lot of pips doing this. Over time, you will too.
3. Don't trade against the larger trend. This is discretionary on how you define the larger trend but don't trade against it. The trend will win.
4. Follow the basic rules of this system. Be patient and wait for a good signal, verify that signal with forex basics and trade that signal. Each time I have done this, I have been successful. Follow the rules and it can be simple. Not easy, but simple.
5. Don't over trade. As it has been mentioned, you don't have to be in 5 trades at once and in trades all the time. If you are, you are probably over trading and forcing the signals to look correct. I have said in the past that if I am looking for an elephant on the chart as a signal to trade (not literally but metaphorically) I can make the chart look like an elephant if I stare at it long enough and cross my eyes ever so slightly. Then I have a signal and trade it, but as I step back, uncross my eyes, I realize I was looking at a Great White Shark and I get eaten alive. You get my point. Don't force trades or signals.
6. Try and step back from the FF thread a bit and learn on your own. I have purposely stayed away from the thread for a few days at a time to try and learn the system on my own. To learn without the aid of what others are doing which influences all of us at times.

Those are just a few of my observations from the past couple of months following this system and learning. It works if you follow the rules and forex basics.

Now to convince myself of what I wrote and stop making the same mistakes over and over again.

Thanks for all the learning. I look forward to learning more.
  • #9,786
  • Aug 12, 2011 12:50am Aug 12, 2011 12:50am
Quoting Callisto
Eurika!
It worked on your version. I made the exact same changes on my code and for some reason it did not stick. I've done it on many other indies before, but I have no clue why it did not work for me this time.
Thanks, I owe you!
FXArcher
BTW...did you catch my post on page 499? If not, there may be some things you can use.
Glad that worked for you, sure you clicked the "compile" button?

Er, I only have 241 pages as I set for 40 posts per page, so you must mean around Post # 4,800 ???[/quote]
Callisto
Yes I did click on compile. In any case I love what you did. I can use smaller charts and still have them look sharp.
I never thought that people have different page counts. It is post #7483 and I have re-attached it for your convinience.
I am sure you,ll find something usefull like the Crosshairs that go on anything, such as someone elses chart etc.
Anyway thanks again.
FXArcher
Attached File(s)
File Type: doc MT4 Metatrader Tips & Tricks.doc   84 KB | 4,461 downloads
  • #9,787
  • Aug 12, 2011 12:51am Aug 12, 2011 12:51am
Quoting Fitness09
Thanks for the lesson!
No Problems, hope it helped
  • #9,788
  • Aug 12, 2011 12:52am Aug 12, 2011 12:52am
Quoting 33drifter
Just having a quick look at GBP/CHF, USD/CHF and EUR/CHF, they all look like they are about to go very south very fast, anyone else agree?
Looking at the 1hr it seems to be slowly dropping. The 4hr looks like it could but I think it needs to pick up momentum. It has taken several hours to move a little bit so far. I will continue to watch before bed.
  • #9,789
  • Aug 12, 2011 1:03am Aug 12, 2011 1:03am
Quoting 33drifter
Just having a quick look at GBP/CHF, USD/CHF and EUR/CHF, they all look like they are about to go very south very fast, anyone else agree?
I only look at UCHF out of those pairs but I have to say.....on the 4 hour chart.....although it is flat PA wise at the moment, that massive hook with shitloads of airspace between the green and red on the tdi usually sets up for the best trades, PLUS both the tdi and stochs are coming out of oversold zones....a bit of momentum and it could be a ripper.....or it culd just stay dead and do nothing
THe other positive thing is....its risk off Friday which should help the swissy.
  • #9,790
  • Aug 12, 2011 1:06am Aug 12, 2011 1:06am
Quoting Rcwso
Great info over the past few pages. Thanks to all.

I don't post here often or try and jump into too many discussions at this point. I am still trying to learn from each of great contributors. You know who you are. I simply wanted to share a few things I have learned over the past few weeks. Most of this is very obvious but I post it to help me solidify my understanding and hope to help others not make the same mistakes.

1. Don't trade on Non-Farm News Days. I have heard this over and over again. Let me simply say that I have had success with...
Well said. I hope people arent taking my rants as me trying to influence them. I am just trying to keep this forum on the straight and narrow and give my perspective....I'm no genius, dont follow me. One of the things I constantly try and reitterate is this trading game HAS to be molded to YOUR personality....so learn this system methodicaly, but mold it to suit your personality...I onlyoffer my perspective...I wouldnt dare tell people what to do or even offer advice....just perspective through my eyes....I hope it helps.
  • #9,791
  • Aug 12, 2011 1:42am Aug 12, 2011 1:42am
Hi everyone! I am a new trader here continue to fill the eye and listen to all your tips. thanks what you are doing the job: trying to post schedules, giving valuable advice and most importantly share your experiences with newbies who do not. You are great persons!
  • #9,792
  • Aug 12, 2011 1:45am Aug 12, 2011 1:45am
Quoting dean
Well said. I hope people arent taking my rants as me trying to influence them. I am just trying to keep this forum on the straight and narrow and give my perspective....I'm no genius, dont follow me. One of the things I constantly try and reitterate is this trading game HAS to be molded to YOUR personality....so learn this system methodicaly, but mold it to suit your personality...I onlyoffer my perspective...I wouldnt dare tell people what to do or even offer advice....just perspective through my eyes....I hope it helps.
Never take anything you say as a rant. Only as an opportunity to learn from someone who has great insight and instruction. Totally agreed. Thanks.
  • #9,793
  • Edited 2:03am Aug 12, 2011 1:46am | Edited 2:03am
Quoting 33drifter
If you need another indi to confirm your trade then 99% of the time it is a bad trade. the good trades are the ones so obvious that you dont even need the tdi (but its there anyway for confirmation). It only happens 2 or 3 times a week (Last week only 1 for me). Look for the simple forex stuff like double tops, heads and shoulders etc and confirm them with the TDI.

if your taking more than 3 or 4 trades a week you are over trading. imagine every trade has $100k on the line, would you still take it??

this was the turning point in my trading,...
Quoting dean
Thanks for the support drift.
I totally agree with this. All of you out there boasting about making 10 thousand pips a week and being on 7 trades at once........this is lunacy and you will get smacked in the face doing that one day. You can make 1 or two trades per week or 50 pips a week and if you can do it consistently you could make a good living.
Great posts. Spot on. When I started I was helped a little by a guy who does this for a living... a very good living actually. His target is 120 pips a week. That's average 30 pips a day Mon-Thurs. If he hit target on, say, Tuesday, that would be it. Week's work over. Time to hit the beach.

I have to admit that overtrading has always been my big downfall. It's always good to be reminded of this stuff - again and again. Nice one.

While it's good in a way that people post results of big wins, this can set up a false picture for new people. It would be easy to come onto this thread, read a bit, and think that unless you're bagging 200 pips on every trade, you're not making the system work. As Dean said though, if you can just get into profit (at any level) week in and week out over months, you ARE making the system work. Very well. It's like that G/U trade we were analysing yesterday. Looked like it could be a real runner but didn't fly. That's the real world of day-to-day trading. They don't all win. But as I've said before and Dean alluded to, it's not about one trade. It's about longevity. Consistently applying a strategy (in terms of risk management as well as trading decisions) that will keep you in the market over the long run.
  • #9,794
  • Aug 12, 2011 2:15am Aug 12, 2011 2:15am
Hello all.

First lose at the moment, bad entry or just no luck ?

thanks for reply.
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  • #9,795
  • Aug 12, 2011 2:19am Aug 12, 2011 2:19am
Took this trade this morning (UK Time) looks about the best available at the moment...
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  • #9,796
  • Aug 12, 2011 2:26am Aug 12, 2011 2:26am
Quoting imperatorfr
Hello all.

First lose at the moment, bad entry or just no luck ?

thanks for reply.
Took that one too
  • #9,797
  • Aug 12, 2011 2:27am Aug 12, 2011 2:27am
Quoting imperatorfr
Hello all.

First lose at the moment, bad entry or just no luck ?

thanks for reply.

Hi imperator.. my view is the 4hr is showing signs of a good short entry (also the 4hr trend is down),personally I look more at the 4hr charts than the 1hr - just my opinion, (I am still learning myself)

Craig
  • #9,798
  • Aug 12, 2011 2:34am Aug 12, 2011 2:34am
Good Noon to every traders,

I spent few years with fx but sad to mention that like the rest, make more losses than win. I even wonder whether fx is really that difficult to learn.

Kudos to eelfranz and the rest for insight to this sys, easier for me to apprehend. I tried the first time earlier and proud to close two trades with green pips (eur/jpy +30 and eur/usd +25).

More gd years ahead.

Cheers,
fxrs
  • #9,799
  • Aug 12, 2011 2:35am Aug 12, 2011 2:35am
Quoting 33drifter
I just wanted to stress something here that Dean as touched on. This is for the benifit of the new traders and the old ones still adding indi's.

If you need another indi to confirm your trade then 99% of the time it is a bad trade. the good trades are the ones so obvious that you dont even need the tdi (but its there anyway for confirmation). It only happens 2 or 3 times a week (Last week only 1 for me). Look for the simple forex stuff like double tops, heads and shoulders etc and confirm them with the TDI.

if your taking more than 3 or...
You are very correct, dean, drifter. I found that since i have started trading live using this system, i need to avoid over trading. I went against my plan a first 2 weeks of live trading, and i paid for it heavily. 1-3 trades a week will always be okay. I do trade one pair at a time now, and trying to reduce the numbers of trade in a week by taking things lightly. If i loose , i know i loose, and if i gain, i know i gain. simple. By now i am still over 30% increase in my account in 5 weeks after fighting back from loses. I am learning every day. I have determined to trade with compounding interest and leave my account to run for longer months as i test the system further. By next week , a will be totally selective in trading for better perfomance. NO GREED AGAIN. I CANT TAKE ALL. cheers
We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #9,800
  • Aug 12, 2011 2:38am Aug 12, 2011 2:38am
Quoting imperatorfr
Hello all.

First lose at the moment, bad entry or just no luck ?

thanks for reply.
As we talked about yesterday, GBPUSD, EURUSD and AUSUSD are all trying to find momentum either way at the moment. They're just ranging around with no clear direction. When a pair looks like this, it's probably best to stay out until you see a really clear and strong move out of the current trading range. The TDI signal doesn't look all that strong either.
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