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Trading Made Simple

  • #10,401
  • Aug 22, 2011 7:23am Aug 22, 2011 7:23am
Quoting brettboz
OK so 4420 resistance is holding for the moment. Look at the previous 4H candle, it closed at 4419.4. This has some significance in that it has failed to break the resistance and hold above it. Also the 1H looks tired and ready to cross to the south. So a short could be on the cards, support is now at 4370.
Eyeing it too! Let's see where it goes! This is what I see at the moment! Waiting for the cross to short it!

http://i1190.photobucket.com/albums/...deeurusd1h.gif
  • #10,402
  • Aug 22, 2011 7:53am Aug 22, 2011 7:53am
I only trade the 4Hr during the London and entered NZD/USD Long at 5am (EST) for a quick +45 pips. 1am (EST) got my interest, but no cross on TDI yet so I waited for the next update. Jumped in on the open of the 2nd candle. Best looking seup I saw overnight.
I'm thinking that it might not be a terrible idea to close any 4Hr trades at 8am (EST) to avoid potential 8:30 news hazards. Hang out for an hour, then start my Hourly trading on the 9am candles (9am-12noon EST). Anyone have experience with that?
Also, have read and re-read DCGINC's PDF and it is apparent that he stays in his 4Hr trades for up to 60 Hours? It's a great view of how he works this system, but as a newbie I'm wondering about that. I'm understanding that BigE teaches us to close those 4Hr overnight's in the morning. Sup?
  • #10,403
  • Aug 22, 2011 8:20am Aug 22, 2011 8:20am
Enter Long in AUDUSD at 9:00am GTM -3
Attached Image
"Don't pretend that things will change, if you always do the same" A.E.
  • #10,404
  • Aug 22, 2011 8:30am Aug 22, 2011 8:30am
FXSurf
Quote
Also, have read and re-read DCGINC's PDF and it is apparent that he stays in his 4Hr trades for up to 60 Hours?

Although I trade this system, I have said I do not follow Big E’s rules verbatim. On the 4 Hr chart, I swing trade – which is why the long duration. I also scalp on the 1 Hr and 15 min as you can see by my chart posts. You must do what is comfortable for you.

I am perfectly at ease with letting trades stay open for several days on a 4Hr chart – this is part of my swing trading plan and I expect my targets to take a while to be attained.

As a newer trader, I suggest you follow Big E’s rules until you can develop your own plan and trading style.
  • #10,405
  • Aug 22, 2011 8:38am Aug 22, 2011 8:38am
I have not seen Big E post in a while. Is he still active?

I have been trading this in demo on the original 4HR method as outlined by Big E and have had great success. Even the USD CAD last night worked out even though it was only for a few pips.

I had posted earlier but think it got lost about a solid trailing stops EA for MT4. Does anybody have suggestions?

Thanks
  • #10,406
  • Aug 22, 2011 8:48am Aug 22, 2011 8:48am
Dcginc,

Thanks for personal reply. Your PDF is beautiful and I have learned a lot from it. Probably the best take-away was to just look for the best trades and pass on the rest. I will take your advice and trade BigE as is.
I would be elated to capture 100-200 pips weekly and my backtesting shows that this is possible trading the 4Hr London, closing the trades in the morning, then trading the NY Hourly charts from about 9am to Noon (EST) without any further efforts.
I don't think I am comfortable with more than 1-2 trades open any given time, so I am going to limit it to that - the best setups only from the 8 pair portfolio.
Thanks again for your PDF and the sage advice.

FXSurf
  • #10,407
  • Aug 22, 2011 8:48am Aug 22, 2011 8:48am
Good evening Gents. I'm Dan, from Australia.

Following the write up on this for quite some time.

Just checking to see if I have the correct set up.

USDCAD, H1
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  • #10,408
  • Aug 22, 2011 9:05am Aug 22, 2011 9:05am
EU, GU and EJ. holding on AU but should follow soon.

EDIT: 1h
dreams do come true.
  • #10,409
  • Aug 22, 2011 9:07am Aug 22, 2011 9:07am
Took USDCAD long on 1hr.

Nice bounce off previous low + good 1-2-3 pattern on 15m chart. Able to place a tight stop @ 33 pips.

usdcad2208.jpg
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  • #10,410
  • Aug 22, 2011 9:16am Aug 22, 2011 9:16am
took +2 pips in previous long, now went short4410
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  • #10,411
  • Aug 22, 2011 9:36am Aug 22, 2011 9:36am
Sorry, guys, I can't agree with most entries posted today, most pairs aren't exactly trending, at least to my criteria.

A/U is not a sell, at least not well signalized. It's basically pulling back at weekly pivot support. Not to mention H4 has just bounced up. H4 and D1 aren't in agreement so I'd prefer to consider trend is undefined.

U/C, E/U, G/U are in pretty much the same situation as A/U (each with it's own resistance being tested).

JPY pairs' trend seem a bit better defined, but PA is really low and H4 is near to exhaustion.

I'm not trading anything with this kind of setup. Possibly things will change in the next hours, but right now I can't see any 100% nice entry.
  • #10,412
  • Aug 22, 2011 9:54am Aug 22, 2011 9:54am
Quoting Martinius
Eyeing it too! Let's see where it goes! This is what I see at the moment! Waiting for the cross to short it!

http://i1190.photobucket.com/albums/...deeurusd1h.gif
hello, can u tell what indicator u use to show candle duration, and timezones?
and maybe post it.

thank you.
If you want to make God laugh, tell him about your plans. Woody Allen
  • #10,413
  • Aug 22, 2011 10:03am Aug 22, 2011 10:03am
Those were my two trades as well at 10am EST. Nothing on the CAD but just made some quick pips on that EUR drop.
  • #10,414
  • Aug 22, 2011 10:06am Aug 22, 2011 10:06am
After reading Phx62's excellent post (# 10349 on page 690) I took a closer look at what time the high or low normally occurs. I colored my charts from Lond open with an overlap in to US open, and found that most days the high or low of day happens 1-2 hours after the overlapping period. This is really good information from Phx62, and worth taking a closer look at.

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  • #10,415
  • Aug 22, 2011 10:07am Aug 22, 2011 10:07am
Quoting alkenany
took +2 pips in previous long, now went short4410
closed half with +30 pips, moved sl to BE at 4410
  • #10,416
  • Aug 22, 2011 10:14am Aug 22, 2011 10:14am
closed 4 shorts on another system (shorter TF) for 150 pips, 115 for the day so far. can't complain.

got EU, GU and EJ running, at the moment, for roughly 100 pips. expecting some pull back now. unlike last friday this time i will be the smartass and will look to enter AU short on smaller TF pullback to keep with this system (i trade this of the 1h). last friday i did well on NOT expecting the pullback (never did happen) let's see if this is the right decision today.

hapipipin
dreams do come true.
  • #10,417
  • Aug 22, 2011 10:28am Aug 22, 2011 10:28am
for +120. total +270 - 35. can't complain.

exit outside the system rules. london close taking place.

have to leave the pc so i'll take what i've got. line is far from flat but i still expect some pull back and will be reentering if possible. if not... i think markets will be open tomorrow.

green pips Guys
dreams do come true.
  • #10,418
  • Aug 22, 2011 11:37am Aug 22, 2011 11:37am
Quoting wannaberich
for +120. total +270 - 35. can't complain.

exit outside the system rules. london close taking place.

have to leave the pc so i'll take what i've got. line is far from flat but i still expect some pull back and will be reentering if possible. if not... i think markets will be open tomorrow.

green pips Guys

Nice trading, wannaberich
  • #10,419
  • Aug 22, 2011 12:02pm Aug 22, 2011 12:02pm
Quoting RogerVF
I will enter a trade only if:

- No financial indicator in the day's calendar affecting any of the currencies in the pair in the next 2-3hs.
- I will enter trade ANY TIME of the day as long as requirements are fulfilled.
- H1 shows me a sup/res or top/bottom is being denied. A cross in the TDI might be occuring, but a traditional candlestick reversal pattern is already enough. H1's TDI has either reversed and pointing in the trade direction or has gone flat. This is the part where trading instincts count.
- H4 and D1's TDIs are crossed up for...
Hi RogerVF, I am also using the TMS 3 timeframes indicator using H1 as base for entering with good results (about 85% success rate on 35+ trades on demo) but Id like to ask you about the trend thing. You say you enter LONG only when you see a good setup on H1 and H4 & D1 BOTH have the green TDI line above the red (vice-versa for short), is that correct? I usually enter when H4 TDI confirms trend of H1, but usually do not wait for D1 cross, if the green tdi of D1 is flat or not trending against my trade is usually enough for me. Backtesting a bit I noticed that following the rule you say, would mean missing a great deal of opportunities. What do you think? How many trades do you manage to take every week on average?

Thanks
  • #10,420
  • Aug 22, 2011 12:08pm Aug 22, 2011 12:08pm
Quoting Nacho
Hi RogerVF, I am also using the TMS 3 timeframes indicator using H1 as base for entering with good results (about 85% success rate on 35+ trades on demo) but Id like to ask you about the trend thing. You say you enter LONG only when you see a good setup on H1 and H4 & D1 BOTH have the green TDI line above the red (vice-versa for short), is that correct? I usually enter when H4 TDI confirms trend of H1, but usually do not wait for D1 cross, if the green tdi of D1 is flat or not trending against my trade is usually enough for me. Backtesting a bit...
Nacho, I don't think it is possible to backtest using the MTF indicator. It will repaint and give you wrong information. Thats just the nature of MTF indicators, that they repaint and can't be backtested.

Finn
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