Trading Made Simple | Page 510 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Monitor for 'Trading Made Simple' system 565 replies

Trading Made Simple the right way, and other trading lessons 334 replies

Indicators for the 'Trading Made Simple' system 343 replies

MTF Indicators for the 'Trading Made Simple' system 241 replies

Trading Made Simple system follower - Thanks to eelfranz 9 replies

Attachments: Trading Made Simple
Exit Attachments

Trading Made Simple

  • #10,181
  • Aug 17, 2011 6:02am Aug 17, 2011 6:02am
well firstly there's danger on all CHF pairs with so much intervention going on although the spikes you get are soon forgotten cos it seems to move back to its previous levels.

looking at the chart, you've got a Double Top above but plenty of room before it reaches that and the trendline you've drawn has been respected so you couldn't really be blamed for taking a long.
  • #10,182
  • Aug 17, 2011 6:15am Aug 17, 2011 6:15am
Quoting dean
Not gonna do it because I am a bit shell shocked on my loss but just out of curiosity:
Wold anyone be looking to trade a long on this provided the next candle is ok and the tdi crosses....daily is up, that big hook with space between the red and green usually signals a good trade and it bounced off soid support, with plenty of room to move upwards.
All comments welcome
D tdi is flattening and hit a W R1 pivot (not that they are used here) at 8017.

4hr tdi crossed down. The last 4hr buy signal didn't work out for a dble top and tdi also has sell divergence.

The fall was strong and the push up seems to be struggling.

Add in the chf intervention into the mix.

Might be best to wait for next 4hr to close which on your platform might be after the US news in just over an hr.

Or look for better pair!
  • #10,183
  • Aug 17, 2011 6:40am Aug 17, 2011 6:40am
Welp..

I took 3 trades tonight... first one was going against me so I got out with 8.9, then later on got out with -17.. then just made another nice push on Aur/Usd for 19 pips.. which brings me to 10.9 for the night... since my low ball goal is 10 pips.. and now that more reports are coming out.. I'm done. Happy that I hit my low ball target and now I can quit! WooT
  • #10,184
  • Aug 17, 2011 6:42am Aug 17, 2011 6:42am
Quoting dean
I just got hammered on that.....I took a long on the hourly....it shot up, retraced and I enterd on the 5 minute chart, and it started climbing nicely, I was up a bit under 10 pips and all looked ok. I took it because every other friggin chart agreed with the uptrend and it looked like it was going to punch through prior resistance and it bounced. I still had my chart on the 5 minute and was watching it....it wasnt a bounce off resistance it must have been something else....its spiked the same as a news event or bank intervention. Happened in half...
Ya.. that's what I was talking about a few days ago when i asked that question about weird things going on. I don't like trading the London that much because of all that crap.. .. I've been making some good pips during the Asian .. believe it or not! Not to mention.. there seems to be WAY more reports during the London.. lost too many pips that way.. even just trying to trade around the reports.. then you get all those stupid talking heads.. screw that!
  • #10,185
  • Aug 17, 2011 6:47am Aug 17, 2011 6:47am
Quoting dean
I just got hammered on that.....I took a long on the hourly....it shot up, retraced and I enterd on the 5 minute chart, and it started climbing nicely, I was up a bit under 10 pips and all looked ok. I took it because every other friggin chart agreed with the uptrend and it looked like it was going to punch through prior resistance and it bounced. I still had my chart on the 5 minute and was watching it....it wasnt a bounce off resistance it must have been something else....its spiked the same as a news event or bank intervention. Happened in half...
Btw.. actually, that's the same trade I took and got hammered for that -18.. good thing that Aud/Usd trade worked right after... I wasn't going to take it.. but on the H4 it still looked good via the TDI although it was high up there.. I took it anyway!
  • #10,186
  • Aug 17, 2011 7:13am Aug 17, 2011 7:13am
Thanks for everyones input....IT just goes to show why the same method traded by and known to every trader will never have any effect on the market...we all have our own reasoning to be on the side of the trades we take....and as you can see there is always others with their own valid and strong reasons for being on the other side of that trade.....even using the same method.
THis is why this system or any good method for that matter is not solely about the tdi or any indicator...If you had sat on the hourly and taken all the red/green crosses on the majors since London opened you probably would have been slaughtered and a few of those big stop losses we have hit, this is not about an indicator........its about forex assessment....and you cant teach that.
  • #10,187
  • Aug 17, 2011 7:50am Aug 17, 2011 7:50am
Strong angle on TDI.

Stay away from small candles.

Stay away from long wicks.

Look left before jumping in.

Check other time frames and trends first.

Print out page 1 rules etc, and have by your side.

Patience.

Get wheelbarrow.

Personal trading is now improving.

Thankyou and goodnight.
'Fail to plan, plan to fail'
  • #10,188
  • Aug 17, 2011 8:18am Aug 17, 2011 8:18am
Quoting Vantage
Hi Dean
No trades for me this am, a little disappointed I didn't buy eur or ej but never mind. It was UK MPC minutes this am and that can be a bit of a mess. Add in chf central bank and yes that can cause a few problems.
I took the E/U long which I just closed for 65 pips. Prior to that it had crossed south but it was straight into previous resistance / now support and also it was really just a continuation of a previous moved down which had stalled. Either way glad not to have taken it as it spiked and would have meant a loss. The long looked a whole lot better and was in rhythm with the 4H.

Could have held the long for a bit more probably. The 1H is now ticking over but the 4H still looks OK. However there is a fairly large resistance around 4500.
  • #10,189
  • Aug 17, 2011 8:20am Aug 17, 2011 8:20am
This is usually the kind of situation I like when it starts forming.
Attached Image
  • #10,190
  • Aug 17, 2011 8:32am Aug 17, 2011 8:32am
Quoting brettboz
I took the E/U long which I just closed for 65 pips. Prior to that it had crossed south but it was straight into previous resistance / now support and also it was really just a continuation of a previous moved down which had stalled. Either way glad not to have taken it as it spiked and would have meant a loss. The long looked a whole lot better and was in rhythm with the 4H.

Could have held the long for a bit more probably. The 1H is now ticking over but the 4H still looks OK. However there is a fairly large resistance around 4500.
Very nice trade, kicking myself I missed that but surprise surprise we can come back tomorrow. Eur has done 5 day atr so prob stall here perhaps setting up for typical london close mini reversal twt. I'll just write this miss off, number 4954 on the list of missed op's!

I agree 4500 and just above could be tough areas, and there are a couple more resistance areas before a strong one at 4700.
  • #10,191
  • Edited 10:00am Aug 17, 2011 8:58am | Edited 10:00am
Hi!

I have a lot of work (meetings, reports, calls) then, i post my entries up to now

Monday
USDCHF SRT@0,78468 Entry: 4H TDI Cross DOWN Exit: flat TDI @0,780140 45 pips Obs: FXCM Chart - 8AM (GMT-4) Candle

Tuesday
GBPJPY LNG@125,805 Entry: D1 TDI Cross UP Exit: Pair lost strength and entry was against the D1 trend @126,3240 52 pips Obs: FXCM Chart - 8PM (GMT-4) Candle (enter on D1 Chart)
EURJPY LNG@110,995 Entry: D1 TDI Cross UP Exit: Waiting for signal or NY session close Obs: FXCM Chart - 8PM (GMT-4) Candle (enter on D1 Chart)
EURJPY LNG@110,686 Entry: H4 TDI Cross UP Exit: Waiting for signal or NY session close Obs: FXCM Chart - 12AM (GMT-4) Candle
NZDUSD LNG@0,83563 Entry: 4H TDI Cross DOWN Exit: Waiting for signal or NY session close Obs: FXCM Chart - 8AM (GMT-4) Candle

Today
GBPUSD LNG@1,64887 Entry: 4H TDI Cross UP Exit: Waiting for signal or NY session close Obs: FXCM Chart - 8AM (GMT-4) Candle
USDCHF SRT@0,78609 Entry: 4H TDI Cross DOWN Exit: Waiting for signal or NY session close Obs: FXCM Chart - 8AM (GMT-4) Candle
USDCAD SRT@0,97992 Entry: 4H TDI Cross DOWN Exit: Waiting for signal or NY session close Obs: FXCM Chart - 8AM (GMT-4) Candle
AUDJPY LNG@80,807 Entry: TDI Cross UP Exit: Waiting for signal or NY session close Obs: FXCM Chart - 8AM (GMT-4) Candle

Here is the last entry (AUDJPY), TDI crossed up, the trend is bearish however, the PA broke the last high of this week and we can make some pips.

Regards!
Attached Image (click to enlarge)
Click to Enlarge Name: AJ_17-08-2011 9-49-36.jpg Size: 138 KB
"Don't pretend that things will change, if you always do the same" A.E.
  • #10,192
  • Aug 17, 2011 8:59am Aug 17, 2011 8:59am
Quoting FX-Trader
All the info you seek is in the thread - granted it's become huge so I would recommend you hit the attachments button in the upper right, choose hide images and start reading all the PDF's and Word docs you find.
This was good advice for anyone new to this method - such as myself. I found the PDF's insightful in many ways - Thank You.
The ENTRY criteria is laid out very solid, over and over.
After that it seems that we are encouraged to create Stops either just beyond the nearby HH or/ LL..?
Limit orders seem to be optional, Big-E prefering not to use them, but rather waiting for TDI to show when to close out or/ when that session simply comes to an end..?
My take-away was that it's OK to take profits or set stops where you feel comfortable as a trader, but that the entry criteria is unbending. I hope that I am seeing this is correctly. Any insights welcome!
  • #10,193
  • Aug 17, 2011 9:58am Aug 17, 2011 9:58am
Quoting FXSurf
This was good advice for anyone new to this method - such as myself. I found the PDF's insightful in many ways - Thank You.
The ENTRY criteria is laid out very solid, over and over.
After that it seems that we are encouraged to create Stops either just beyond the nearby HH or/ LL..?
Limit orders seem to be optional, Big-E prefering not to use them, but rather waiting for TDI to show when to close out or/ when that session simply comes to an end..?
My take-away was that it's OK to take profits or set stops where you feel comfortable...
New traders should be using the entry criteria this way, this will build confidence and discipline at the same time. Obviously as a new trader you should still be in demo mode, therefore you have an option to tweak your exit strategy with no real risk. I would say start with big Es recomends.
  • #10,194
  • Aug 17, 2011 10:13am Aug 17, 2011 10:13am
At the moment, i try this.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdH1_17_08_2011.JPG Size: 115 KB
  • #10,195
  • Aug 17, 2011 10:31am Aug 17, 2011 10:31am
Just got in on this a few minutes ago. Seems like all time frames are trending up so we'll see.

I know it looks like I entered late after 1st or 2nd, but I was in this trade earlier and got out at resistance.
So I re-entered on breakthrough.
Attached Image (click to enlarge)
Click to Enlarge Name: SCRN GBP-CAD copy.jpg Size: 212 KB
  • #10,196
  • Aug 17, 2011 10:46am Aug 17, 2011 10:46am
Quoting imperatorfr
At the moment, i try this.
I looked into taking that at 4452. Didn't take it because end of London session and I prefer to keep out going into Asian session. 4420 could be a support area keep an eye on that level.
  • #10,197
  • Aug 17, 2011 11:44am Aug 17, 2011 11:44am
Quoting spyderman
Just got in on this a few minutes ago. Seems like all time frames are trending up so we'll see.

I know it looks like I entered late after 1st or 2nd, but I was in this trade earlier and got out at resistance.
So I re-entered on breakthrough.
wow...6.2 points of spread...twice (entry+re-entry=12.4pips in the toilet)....I have yet to trade on these types of exotic pairs mainly due to those spreads...which broker is that?
  • #10,198
  • Aug 17, 2011 11:52am Aug 17, 2011 11:52am
Following the theme of a difficult trading session from last night - 1 up and 1 down.

Entered the eu on the H1 with SL and TP @ 2XATR (60pips) - got spiked to the SL so ended @ -61

Entered the gu on a pending order set above the H4/Day fractal (not part of TMS but if the fractal was broken the TDI would have bounced - my theory anyway). SL and TP @ 2XATR (300pips) and closed this morning - don't ask why - I was intending to move SL to B/E +5 but my fingers didn't listen to the brain and closed the position - go figure - ended @ +67 so a grande total of +6 for the night.

As I write this - the strategy of moving the SL to B/E + 5 would have a current position of +100. Such is life
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu h1 overnight.gif Size: 22 KB
Click to Enlarge Name: gu h4 overnight.gif Size: 24 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #10,199
  • Aug 17, 2011 11:54am Aug 17, 2011 11:54am
Hi LESSO. do you remember me? i would like to know your charts whit lessoline, and how you take your entries and exit, can you send me that? thank´s a lot.
  • #10,200
  • Aug 17, 2011 12:05pm Aug 17, 2011 12:05pm
Quoting XxLessoxX
wow...6.2 points of spread...twice (entry+re-entry=12.4pips in the toilet)....I have yet to trade on these types of exotic pairs mainly due to those spreads...which broker is that?

Yeah, I hear ya...not the best pair. My broker is MB Trading.

I got 39 pips out of the first trade and I'm up 24 on the second with a SL in profit so we'll see how it goes.
83 traders viewing now, 1 is registered:
Girelli