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Trading Made Simple

  • #10,581
  • Aug 24, 2011 9:01am Aug 24, 2011 9:01am
i do not think too much, i longed 4450 that is what h4 telling me,
see u up
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  • #10,582
  • Aug 24, 2011 9:10am Aug 24, 2011 9:10am
The USD/CHF was on my watchlist at 9am. Didn't enter simply because the TDI had not crossed. Look at it now. That TDI is the Deity.
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  • #10,583
  • Aug 24, 2011 10:08am Aug 24, 2011 10:08am
Quoting FXSurf
Thanks Dean, you are so right. In his PDF dcginc posts : "3-5 trades per week are plenty for me. 6-10 is a busy week. You can make a great living with just a few good trades a week..." I found that quote very inspiring and strive to learn how to trade this way.
Hello, I don't believe in counting how many trades I have done and passing on great setups because I have reached my "limit" of the week.

I do however strongly suggest not over-trading. I only trade one pair since many years ago (EUR/USD). As you can see from my recent posts I monitor this pair to the point where I am comfortable knowing where support and resistance are and I am comfortable trading this. I have tried other pairs in the past but I don't have the time or see the point in diversifying.

It is important only to trade the setups you understand and feel highly confident about. Keep away from everything else.

Today has been a great example. Indeed right now E/U price is moving down away from resistance which I had mentioned earlier in the day (the 4465 area). But its late in the London session (I only trade this session) and there is still support underneath which needs to be broken. Im keeping out. It looks very tempting but I have to control that temptation. I don't need to make this trade, there is something about it I don't like (also right near my end of trading session) and I (unlike others) don't like leaving trades open over night. I don't need to so I won't do it (unless I am 200+ pips up and price shows no sign of slowing).
  • #10,584
  • Aug 24, 2011 10:29am Aug 24, 2011 10:29am
Brettboz, I agree. Will not pass on a good setup. Just liked the reasurance that a few good ones can have the ability to fill the coffers just fine. But give me a number of great setups and I'll take 'em...
  • #10,585
  • Aug 24, 2011 10:34am Aug 24, 2011 10:34am
8 hrs of heat and still in this H4 short
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  • #10,586
  • Aug 24, 2011 10:43am Aug 24, 2011 10:43am
brettboz
Quote
Hello, I don't believe in counting how many trades I have done and passing on great setups because I have reached my "limit" of the week.

To be clear, I am not suggesting that you limit anything but your exposure to risk. If your account is large enough, take every setup you can. The danger is that it can be troublesome to manage more than your own comfortable number of open positions at any one time. Your account must be large enough to handle the subsequent draw downs and margin requirements. If your and account and your psyche can handle it – by all means . . .

However, it is impossible to all trade set ups unless you limit yourself to a few or one pair as you have done. In that case, with no diversification, you can trade every set up on one pair.

No one is counting. I am simply stating the average number of trades I take per week to make a good living trading. For most of the traders on this thread, and I assume most are not pro traders, they should realize that fewer, better trades will lead to greater profitability – as you also suggest. The only “limit” is the amount of setups that occur during the trading session(s) we attend.
  • #10,587
  • Aug 24, 2011 10:53am Aug 24, 2011 10:53am
Quoting dean
Well done mate.....
Thanks Dean... that was a very nice post and very much appreciated.

Well, just got back to see I missed GBPUSD's move of the day. Short on 4hr (Central Euro Time broker). Broke previous low and would be about +50 so far. Never mind... there'll be plenty more!
  • #10,588
  • Aug 24, 2011 11:02am Aug 24, 2011 11:02am
Quoting DaveUK
Thanks Dean... that was a very nice post and very much appreciated.

Well, just got back to see I missed GBPUSD's move of the day. Short on 4hr (Central Euro Time broker). Broke previous low and would be about +50 so far. Never mind... there'll be plenty more!
Yes but in saying that mate I was looking at in on the hourly chart when I got the signal and the candle just didnt look like gettting through the resistance along 1.6450 if you have a look.....it obvioulsy did, but it put me off
  • #10,589
  • Aug 24, 2011 11:09am Aug 24, 2011 11:09am
Quoting dean
Yes but in saying that mate I was looking at in on the hourly chart when I got the signal and the candle just didnt look like gettting through the resistance along 1.6450 if you have a look.....it obvioulsy did, but it put me off
Oh absolutely. I wouldn't have taken that on the 1hr either. It looked as if it was just bouncing off the sides of its trading range. The time to hit it I think would have been when it clearly broke the previous low at about 1.6420. That coincided with the recent 4hr candle on my chart. My problem earlier was concentrating too much on the narrow trading range of the 1hr and looking for breakout of that. Should have looked at the bigger picture (the 4hr) and said 'ah.. now THAT'S the range'.

EDIT: also, I think I said when I took the trade something like 'I'm not sure this has got much mileage.' I'm sure dcginc would respond with something like 'Well why the hell are you trading it then?' !!! Overtrading demons rearing their ugly heads again.
  • #10,590
  • Aug 24, 2011 11:30am Aug 24, 2011 11:30am
Quoting huhpapa
2nd trade tried on M5 and its so simple and cool
And I thought below H1 was nogo area on this board.

Forex37
  • #10,591
  • Aug 24, 2011 11:37am Aug 24, 2011 11:37am
Quoting Forex37
And I thought below H1 was nogo area on this board.

Forex37
ops sorry I will not do any less than H1 from now on.
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  • #10,592
  • Aug 24, 2011 11:37am Aug 24, 2011 11:37am
Quoting DaveUK
Oh absolutely. I wouldn't have taken that on the 1hr either. It looked as if it was just bouncing off the sides of its trading range. The time to hit it I think would have been when it clearly broke the previous low at about 1.6420. That coincided with the recent 4hr candle on my chart. My problem earlier was concentrating too much on the narrow trading range of the 1hr and looking for breakout of that. Should have looked at the bigger picture (the 4hr) and said 'ah.. now THAT'S the range'.

EDIT: also, I think I said when I took the trade something...
I was actually going to make a comment along the lines of "are you sure you're not overtrading Dave" but who the hell am I to comment
  • #10,593
  • Aug 24, 2011 7:53pm Aug 24, 2011 7:53pm
I've beenfollowing this thread since the start of CH's method and am thankful for all the help given and especially dcginc picking up the baton and running with it. My question is, you use a ATR stop and don't use the TDI flattening out or turning over to exit a trade. Are there any other major differences from how Big E trades? Thanks for all you've contributed.

Jim
  • #10,594
  • Edited 1:23am Aug 25, 2011 1:22am | Edited 1:23am
Hi folks, I need a little help so please bear with me...

There is one aspect of trading I have long had a particular problem with and that is identifying horizontal areas of support & resistance.

I realise my question is not about this strategy's rules but it is affecting my TMS trading so I thought I would post it here. Apologies in advance if it is not deemed appropriate for this thread.

When I look left on a chart I find I can pick out any number of potential S&R levels based on previous PA - and I find it clouds my judgement when assessing TPs and SLs.

I'm wondering if anyone would share some ideas on how they identify important horizontal S&R. I would also be interested to hear anyone's opinion on why the GBPUSD move in the attached chart (grabbed earlier today - I'm GMT+7) has stalled at this particular level. I would not have identified that area as a potential support (btw I did also check Fibs across a couple of timeframes).

Many thanks
Matt
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  • #10,595
  • Aug 25, 2011 1:23am Aug 25, 2011 1:23am
Quoting DaveUK
Yep you got it. That's exactly how it works.

So let's say your account size is $2000 and your maximum risk per trade is 1.5%. That means if you're trading 0.1 lots = $1 per pip = 30 pips maximum stop loss.

If you wanted your stop loss at 60 pips, you would have to trade .005 (50 cents per pip) lots to maintain that 1.5% risk.

A 44 pip stop loss would mean (gets calculator out) .007 lots.

It's worth having all this on paper so when you come to trade, you can see instantly what your trade value should be for the stop loss you want. So you...
This is exactly what I was looking for. Just opened my live account and want to have 1.5 to 2 % risk per trade. And know that I don`t have to worry about a wipe out in the first couple of trades

Great great stuff guys!!

Thanx again!
  • #10,596
  • Aug 25, 2011 2:45am Aug 25, 2011 2:45am
Anyone seeing any opportunities for this next session?

I am not, the three I am looking at is as follows:

AUDUSD: Flatlining, hasnt done anything for a while and I dont think that will change.

EURUSD: 4H cross up, but daily trend down, 4H just heading into resistance.

GPBUSD: Not yet crossed, but TDI on Daily and 4H not agreeing...

Im keeping myself to only these pairs for now.

If anyone sees anything let us know, Happy to learn if I missed something.

Trying to follow the rules, which sometimes means not trading.

Cheers
Ask me again when I know what I'm talking about.
  • #10,597
  • Aug 25, 2011 2:54am Aug 25, 2011 2:54am
Why is the daily trend down on the EURUSD?? not in my world


Quoting Loooit
Anyone seeing any opportunities for this next session?

I am not, the three I am looking at is as follows:

AUDUSD: Flatlining, hasnt done anything for a while and I dont think that will change.

EURUSD: 4H cross up, but daily trend down, 4H just heading into resistance.

GPBUSD: Not yet crossed, but TDI on Daily and 4H not agreeing...

Im keeping myself to only these pairs for now.

If anyone sees anything let us know, Happy to learn if I missed something.

Trying to follow the rules, which sometimes means not trading.

Cheers
  • #10,598
  • Aug 25, 2011 2:57am Aug 25, 2011 2:57am
I'm in....17 pip SL, 20 TP
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  • #10,599
  • Aug 25, 2011 3:08am Aug 25, 2011 3:08am
Watching USDCHF. 1hr signal just in but the move is stalling. Watching lower timeframes for it to resume downward push. If it does, I'm in.
  • #10,600
  • Aug 25, 2011 3:11am Aug 25, 2011 3:11am
closed at -4 - shitty PA
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