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Trading Made Simple

  • #10,201
  • Aug 17, 2011 10:06am Aug 17, 2011 10:06am
Quoting Britpip7
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...
I wish I could wrap my mind around the best s/l for this strategy, especially a trailing s/l.
  • #10,202
  • Aug 17, 2011 10:26am Aug 17, 2011 10:26am
This may not be the case for some people, but I have figured out that I lose a good amount when trying to trade Asia. I used to stay up all night because I am US cst, and try to catchAsia and London open. Lately, I have gone to bed early, and woke up just before US open, and have traded US open with London close. This has worked out a lot better. Just my observation.
  • #10,203
  • Aug 17, 2011 10:31am Aug 17, 2011 10:31am
Quoting sachigi
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.
sorry chief got busy coding the EA and another indicator...will try to get that to you.
  • #10,204
  • Aug 17, 2011 10:37am Aug 17, 2011 10:37am
Quoting spyderman
I wish I could wrap my mind around the best s/l for this strategy, especially a trailing s/l.
Classic example...I was in the gbp/cad at +50...ended up turning around and hitting my stop at +10
  • #10,205
  • Aug 17, 2011 10:46am Aug 17, 2011 10:46am
Interesting possible setup on the gbp/cad H1 going the other way. Hitting resistance on the H4. Any thoughts?
Attached Image (click to enlarge)
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  • #10,206
  • Aug 17, 2011 11:19am Aug 17, 2011 11:19am
Quoting Fitness09
This may not be the case for some people, but I have figured out that I lose a good amount when trying to trade Asia. I used to stay up all night because I am US cst, and try to catchAsia and London open. Lately, I have gone to bed early, and woke up just before US open, and have traded US open with London close. This has worked out a lot better. Just my observation.
Amen to that. I could hardly wait for 5pm Sunday when I could start the Asian session, and the Asian started emptying my acct. So like you I'm up around 5:30-6:00 and checking the news and calendar and waiting for the 7am 4H candle. A lot less stressful and a lot more profitable.
  • #10,207
  • Aug 17, 2011 11:21am Aug 17, 2011 11:21am
Quoting spyderman
Classic example...I was in the gbp/cad at +50...ended up turning around and hitting my stop at +10
I am basing the initial SL on 2XATR for the timeframe that I enter on - or the most recent fractal, whichever is greater.

So for H4 entries this can get up to 200pips or more and with the Day charts - depending on the pair 300+

Usually, once I have clearance of the price bars past my entry point I will go to B/E +5 and then once it passes 1XATR I will run with a TS @ 1XATR and then let it run to the TP target unless the trade stalls or shows reversal patterns.
"To live with Passion, it takes Courage and Grace to survive"
  • #10,208
  • Aug 17, 2011 11:24am Aug 17, 2011 11:24am
Quoting spyderman
Interesting possible setup on the gbp/cad H1 going the other way. Hitting resistance on the H4. Any thoughts?
GBP is rolling on CAD / AUD / USD - still wait for the signals but you are heading into NY close and the void!
"To live with Passion, it takes Courage and Grace to survive"
  • #10,209
  • Aug 17, 2011 1:08pm Aug 17, 2011 1:08pm
Quoting piprac
Amen to that. I could hardly wait for 5pm Sunday when I could start the Asian session, and the Asian started emptying my acct. So like you I'm up around 5:30-6:00 and checking the news and calendar and waiting for the 7am 4H candle. A lot less stressful and a lot more profitable.
I've pretty much quit trading on Sunday's. I would be at the computer looking for any little thing to jump in to. Most of the time, it didn't turn out well. I just can't stay up until 2 or 3am. It's better to just get up at 6:30 and trade during a better session.
  • #10,210
  • Aug 17, 2011 1:17pm Aug 17, 2011 1:17pm
Remember -

STUDY OLD CHART SET UPS SO THEIR EASY TO RECOGNIZE.

Follow the rules.

Trade at the right time of day.

Expect a loss here and there.

Cut losses fast.
Attached Image
  • #10,211
  • Aug 17, 2011 1:34pm Aug 17, 2011 1:34pm
Big E - Good to see you on. Hope that all is well and recovery is on pace!
Read the entire thread BEFORE you ask questions!
  • #10,212
  • Aug 17, 2011 1:43pm Aug 17, 2011 1:43pm
Quoting eelfranz
Remember -

STUDY OLD CHART SET UPS SO THEIR EASY TO RECOGNIZE.

Follow the rules.

Trade at the right time of day.

Expect a loss here and there.

Cut losses fast....
Nice to see you up and posting again - welcome back

Several things that I am working on with the trading plan:

1. Knowing when to cut the losses / accepting that the trade has long passed its original entry signal and is now a "hope" trade

2. Trading less often - (not overtrading)

3. When there are a number of pairs with good set ups, selecting the highest probability

Keep up the great work Big E
"To live with Passion, it takes Courage and Grace to survive"
  • #10,213
  • Aug 17, 2011 2:44pm Aug 17, 2011 2:44pm
Over time I have read and been told that August and the second half of December are usually very bad times to trade. Due to the fact that a lot of institutional traders are vacationing etc, which leads to low volumes and bizarre moves.

I think this can explain some of the wild movements in the forex pairs as of late.
I was looking over some of the 1hr and 4hr charts for some of the pairs and you can notice that before August most of these pairs were moving well with good trends. With the TDI there was some pretty good trades that could have been caught, but if you look at August everything just seems out of whack and I know most of it is probably due to the unsettling markets due to the credit rating news. But I think we should also think about the bad months of August and half of December.
  • #10,214
  • Aug 17, 2011 3:03pm Aug 17, 2011 3:03pm
Hey,

I wanted to say thank you to all the contributors of this thread and especially to BigE. I followed the thread since the beginning and it's simply amazing. The TMS System is so simple (sure ) and effective at the same time.

Great work!
DO or DO NOT ... There is no try.
  • #10,215
  • Aug 17, 2011 4:06pm Aug 17, 2011 4:06pm
Quoting mannai70
the bad months of August .
The candles don't even bounce. The charts are so still sometimes I wonder if my computer is broken.
My favorite crochet hook is size J. It's a J-Hook!
  • #10,216
  • Aug 17, 2011 4:09pm Aug 17, 2011 4:09pm
Greetings Traders. Again, I'm new to this method and clarifying a few points as I demo through - thanks for your patience.

My trading schedule should be as follows according to the method:
1am/4am (east coast time) I'm looking for entries on the 4-Hour. Then at 9am I'm closing any open trades on the 4-Hour. Done with that.
Then I switch to Hourly, and at 9am/10am/11am I am looking for entries on the Hourly. At 12noon (east coast) I close all Hourly trades. Done for the day.
I start on Monday at 1am and finish on Thursday at noon, since I'm not trading Friday (which would include the London sesson earlier).
Four day week - Six chart checks each day (1am/5am/9am/10am/11am/Noon - east coast/ NY time).
Surf Friday

Did I get that right?
  • #10,217
  • Aug 17, 2011 5:33pm Aug 17, 2011 5:33pm
Quoting FXSurf
Greetings Traders. Again, I'm new to this method and clarifying a few points as I demo through - thanks for your patience.

My trading schedule should be as follows according to the method:
1am/4am (east coast time) I'm looking for entries on the 4-Hour. Then at 9am I'm closing any open trades on the 4-Hour. Done with that.
Then I switch to Hourly, and at 9am/10am/11am I am looking for entries on the Hourly. At 12noon (east coast) I close all Hourly trades. Done for the day....
Lol...sounds like a good plan. I believe Big E set up the 4H criteria based on his location...I think it was PST or GMT-8. I imagined he'd trade the 1H during London if he didn't have to stay up all night. If you're time zone is different you may find you want to adjust accordingly.
  • #10,218
  • Aug 17, 2011 5:54pm Aug 17, 2011 5:54pm
Quoting spyderman
Lol...sounds like a good plan. I believe Big E set up the 4H criteria based on his location...I think it was PST or GMT-8. I imagined he'd trade the 1H during London if he didn't have to stay up all night. If you're time zone is different you may find you want to adjust accordingly.
Thanks for that. Yes, I believe our man is PST so that's his fit. I'm here in Florida so the London Session is still the graveyard shift, therefore no Hourly trading for me at that time.
However, I'm completly fine with a check of the charts at 1 and 5am EST. By 9am, Im up and at em. I just wanted to clarify. If so, then those time frames work beautifully...
  • #10,219
  • Aug 17, 2011 9:10pm Aug 17, 2011 9:10pm
Hi traders, just checked my 15 pairs and none good setups found on H4(london time 5am). Lets wait for the london open. today its Thursday so i hope that we gonna have a nice trading day
Good luck for everyone
  • #10,220
  • Aug 17, 2011 10:29pm Aug 17, 2011 10:29pm
Time for another run at eu to see if it finally pulls south from 1.4400
Attached Image (click to enlarge)
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"To live with Passion, it takes Courage and Grace to survive"
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