Trading Made Simple | Page 531 | 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

  • #10,601
  • Aug 25, 2011 3:18am Aug 25, 2011 3:18am
Im looking at these "hot hands" for today:

Long EURGBP & EURCHF
Short USDCAD & GBPJPY

They are all moving fast today and in a clear trend.
I will wait for 1H+4H+Daily to be in line for a longer TP
I will also look at 15M to get less pips
then i will scalp but only in direction of the longer trend.
  • #10,602
  • Aug 25, 2011 3:29am Aug 25, 2011 3:29am
Quoting lehmann
Why is the daily trend down on the EURUSD?? not in my world
sorry, shorter term on daily, set of lower highs.

but bigger picture up.

which do we trade for 4H according to rules?

always ready to learn something.

cheers
Ask me again when I know what I'm talking about.
  • #10,603
  • Aug 25, 2011 3:49am Aug 25, 2011 3:49am
just sat down. waiting for setups!

will prolly call them here, too if i get the time!

take care
dreams do come true.
  • #10,604
  • Aug 25, 2011 4:09am Aug 25, 2011 4:09am
to get a decent long signal on the GU...
dreams do come true.
  • #10,605
  • Aug 25, 2011 5:24am Aug 25, 2011 5:24am
Quoting Phx62
[font=Calibri][size=3]I have been studying, learning and trading on demo with Big E's "Trading Made Simple" & "5 Method" since he opened the CH Stochastics thread in Dec 2009. I feel very fortunate to have been able to learn these methods from Big E and the other contributors of these two threads and am trading this method on a live account now, since November of last year (after many months of demo trading). Even with some mistakes, my account continues to grow and this week produced the highest yield to date (see screenshot). I usually only...
I want to ask all the experienced traders here, not only Phx62. As I'm interested in learning from profitable traders, I had an exact look at the 5 trades on Phx62's picture and I saw, that only the 3d trade was in accordance with the rules. For me the rule is clear: the signal is a cross green over red, the entry is at the OPEN of the NEXT candle (AFTER THE CROSS), if the entry candle is the first or second candle with new colour. But, Phx62, you entered always, when the TDI started crossing and that, during the forming of the actual candle (and even the stoch was just turning from the opposite in your direction). Except the 3d trade, at the first new colour candle, there never was a TDI cross. I repeatedly had the idea, that in reality, the FX market only has weekly candles, because only once per week the market opens and closes. All the other TF's and candles are arbitrary and not "real". So, I thought, that, if the TDI cross occurs during the SECOND candle with the new colour (not the first!), it is ok to enter that moment - just like Phx62. Big E's reasoning was, that price and TDI cross could reverse during the candle forming. But even after the closed candle, price can reverse. What do you think?
  • #10,606
  • Aug 25, 2011 5:28am Aug 25, 2011 5:28am
Quoting Milton
I want to ask all the experienced traders here, not only Phx62. As I'm interested in learning from profitable traders, I had an exact look at the 5 trades on Phx62's picture and I saw, that only the 3d trade was in accordance with the rules. For me the rule is clear: the signal is a cross green over red, the entry is at the OPEN of the NEXT candle (AFTER THE CROSS), if the entry candle is the first or second candle with new colour. But, Phx62, you entered always, when the TDI started crossing and that, during the forming of the actual candle (and...
This is subjective because it depends on your experience and how aggressive you want to be entering the trade...if the first candle looks good and the tdi has crosseda t a good angle, most dont wait for the second candle....however that would be the conservative and correct approach.
In regards to the reversing even after the tdi has crossed.....of COURSE that can and will happen....but statistically BigE has worked out that 70 or more % of the time it goes your way as long as you have assessed it correctly.
  • #10,607
  • Aug 25, 2011 5:42am Aug 25, 2011 5:42am
Quoting dean
This is subjective because it depends on your experience and how aggressive you want to be entering the trade...if the first candle looks good and the tdi has crosseda t a good angle, most dont wait for the second candle....however that would be the conservative and correct approach.
In regards to the reversing even after the tdi has crossed.....of COURSE that can and will happen....but statistically BigE has worked out that 70 or more % of the time it goes your way as long as you have assessed it correctly.
Thank you for the response, Dean. But, if you look at Phx62's trade, you can see, that 4 out of 5 were simply no trades by a conservative and correct approach, because: no more entry at the 3d candle, as the cross happened only at the 2d candle. But all 5 were successful.
  • #10,608
  • Aug 25, 2011 5:44am Aug 25, 2011 5:44am
Quoting Milton
Thank you for the response, Dean. But, if you look at Phx62's trade, you can see, that 4 out of 5 were simply no trades by a conservative and correct approach, because: no more entry at the 3d candle, as the cross happened only at the 2d candle. But all 5 were successful.
as I said.....its up to you to adapt this method to suit yourself...many here dont follow strictly by the rules.
  • #10,609
  • Aug 25, 2011 5:44am Aug 25, 2011 5:44am
Its all looking pretty wishy washy and sloppy out there guys.....not my idea of comfortable trading
  • #10,610
  • Aug 25, 2011 6:11am Aug 25, 2011 6:11am
(pretty sure that many would disagree but these are my views).

How the Fx market works (open and close hours). not an expert here but i believe i have gathered enough as to how it operates and take my conlcusions. there are many good reads here on FF about this. basically i think you not clear as to Broker open hours and forex transactions. these can happen 24 hours a day 365 days a year. brokers on the other hand have their operating hours. this is the reason why many see a GAP on the open of Sunday vs the close of Friday and there really was no GAP; just that their broker opens at a time where there have been already considerable transactions (for instance, Wellington, New Zeland starts operating at 17h00 GMT and my 2 brokers open at 22 and 23h GMT. that's why i use some FX sites to the the spot values on my Sunday afternoons).

on the same not 4h candles are different on my 2 brokers. that's why i don't trade 4h, just cause they look different with different open and closes. same thing with everything that is Daily dependent like Pivots, Camarilla levels, etc.

hourly candles and below, on the other hand, are equal at every place of the world. that's why i like them 1h and below. we are all looking at the same.

(to be continued LOL)

Quoting Milton
I want to ask all the experienced traders here, not only Phx62. As I'm interested in learning from profitable traders, I had an exact look at the 5 trades on Phx62's picture and I saw, that only the 3d trade was in accordance with the rules. For me the rule is clear: the signal is a cross green over red, the entry is at the OPEN of the NEXT candle (AFTER THE CROSS), if the entry candle is the first or second candle with new colour. But, Phx62, you entered always, when the TDI started crossing and that, during the forming of the actual candle (and...
dreams do come true.
  • #10,611
  • Aug 25, 2011 6:19am Aug 25, 2011 6:19am
Spot anything tonight davo???.
  • #10,612
  • Aug 25, 2011 6:31am Aug 25, 2011 6:31am
the rules:

do you really think that one can come to a site, find a system with EXACT rules, apply them and get filthy rich?

i don't.

if you find a system with EXACT rules as to entry and exit please tell me. i will code a bot based on those rules, set it running on a Forex VPS and spend the rest of my days spending the money it generates having 0 troubles or 0 work.

we have some great discretionary traders around. these guys have years of trading. i'm not there (yet LOL). so i need a system. a system that gives me POSSIBLE entry and exit points but which ones to take? well, that my call. that's were we make the difference. the difference between consistently profitable or... not!

there are stages we all hae to go through to get out of the 95% and into the 5%. i am right now at the stage were i believe that a system by itself is not profitable and the trader by it self also is not profitable. Combined? then we're talking.

so don't try to find the exact rules. noone is gonna hand u the holy grail. it's up to u to take the signal during the 1st candle or wait for the close.

again, just my two cents and i know many will disagree completely.

enjoy the journey. it's gonna be fucking hard and long. but in the end it can only taste better if you don't give up!

green pips
dreams do come true.
  • #10,613
  • Aug 25, 2011 6:47am Aug 25, 2011 6:47am
Quoting dean
Spot anything tonight davo???.
Nope. Didn't take the USDCHF short earlier... was waiting for it to break 1.7900, which it didn't.

Very limited time at the moment cos work's gone busy. So I'm just keeping my eye on my old favourite GBPUSD for its next move. Ignoring other pairs temporarily as I'll just end up rushing into half-trades without looking properly at what's going on. Would be good to get a continuation of the drop but let's see... needs to solidly break 1.6350.
  • #10,614
  • Aug 25, 2011 6:50am Aug 25, 2011 6:50am
Quoting Milton
Thank you for the response, Dean. But, if you look at Phx62's trade, you can see, that 4 out of 5 were simply no trades by a conservative and correct approach, because: no more entry at the 3d candle, as the cross happened only at the 2d candle. But all 5 were successful.
My 2c would be this ...

Part 1 ... The Traditional Logic ...

By taking the aggressive approach, you are likely to get more winning trades, but also more losing trades and probably a number of partial TP trades ...

By taking the conservative approach, you are likely to get less trades overall, however, more of them are likely to be winners (in the ideal world) and the winners are more likely to be full TP trades (hopefully) ...

Therefore, a conservative approach and an aggressive approach could *in theory* have the same overall result, but with a lot less trades and varying levels of stress / screen time ...

The one true thing is this - every losing trade requires an equal winning trade to get you back to even.

Part 2 ... The Mind Bender (that I'm still figuring out) ...

Even Big E has said that if everything looks good, he won't wait for the first candle to close.

If you look at it logically, that "first" candle that you see at the start of the next hour could've been that colour for the last 55 minutes ... or it could've only been that colour for the last 5 minutes, but made a big move. Assuming you aren't zooming down to the 5 min charts (not a rule), you have no way of knowing this or not ...

Therefore only checking your charts each hour, you could be entering based on a candle that has been moving in that direction for anything between 5 minutes and 55 minutes ...

Therefore, in some ways, it's not really any different to entering mid candle - as long as all conditions are met!

And like you point out, even waiting for the hour to pass, price action can still suddenly reverse.

Ok, I think that's my mind blown for the night ... bring back the trending markets, this flattish PA is bugging me!!
1 pip at a time ... if the entries are strong, the rest will follow ...
  • #10,615
  • Aug 25, 2011 7:03am Aug 25, 2011 7:03am
Quoting wannaberich
the rules:

do you really think that one can come to a site, find a system with EXACT rules, apply them and get filthy rich?

i don't.

if you find a system with EXACT rules as to entry and exit please tell me. i will code a bot based on those rules, set it running on a Forex VPS and spend the rest of my days spending the money it generates having 0 troubles or 0 work.

we have some great discretionary traders around. these guys have years of trading. i'm not there (yet LOL). so i need a system. a system that gives me POSSIBLE entry and...
I have a bit of a theory that might add to this.

for beginners it is a good idea to start with a straight forward plan like this one.

When the new trader uses the same system over many trades the trades become more repetitive. But every trade is different, and the new trader needs to resist the urge to change the plan after every trade.

As you gain experience the difference in every trade becomes less and less important, so new trades have less of an affect on the trader wanting to change their trading plan.

Therefore they change their plan on the trends in their trades, not necessarily on each individual trade.

Make sense?

I dont really like to "feel" the trade though. I would love a mechanical plan... Machines do well for a while sometimes, just like flipping a coin maybe...

The night looks pretty messy.
Ask me again when I know what I'm talking about.
  • #10,616
  • Aug 25, 2011 7:23am Aug 25, 2011 7:23am
Maybe i use that word more than i should. even when i say it i always have a logical reason behind it. i should stop using it and refer to whatever is making doubt. "feel" usually means i am seeing things that make me doubt whatever reasoning i had before.

as to the mechanical i think time will take us to a stage where it does become kind of mechanical. i dream of the day i get bored trading. there is so much in your luggage that the market doesn't surprise you anymore. you have been to "all" situation repeatedly that you know what to do: take a loss because the trade as gone rogue, hang on the a trade for far longer than u usually do, whatever.

there were times when i was always excited or nervous while trading. these happen less everyday. i got excited when i made 100 pips. so i got overconfident and that lead to a loss even bigger ("i can't loose this" or "it's still gonna turn" state of mind). now i make 600 pips in a day and that is still good just not something to be all excited about. and nervous: now, when these happen, i know i did something wrong. so i look for the reason why i am nervous. when i did everything "right" i don't get anxious or nervous. if it goes wrong, it's all part of the business.

the day will come when i won't want to trade. it's just work. boring work. yet i'll have to do it to get my bread and butter. i'm am pretty sure i will be consistently profitable then.

Quoting Loooit
I have a bit of a theory that might add to this.

for beginners it is a good idea to start with a straight forward plan like this one.

When the new trader uses the same system over many trades the trades become more repetitive. But every trade is different, and the new trader needs to resist the urge to change the plan after every trade.

As you gain experience the difference in every trade becomes less and less important, so new trades have less of an affect on the trader wanting to change their trading plan.

Therefore they change their...
dreams do come true.
  • #10,617
  • Aug 25, 2011 7:25am Aug 25, 2011 7:25am
Quoting antantnz
My 2c would be this ...

Part 1 ... The Traditional Logic ...

By taking the aggressive approach, you are likely to get more winning trades, but also more losing trades and probably a number of partial TP trades ...

By taking the conservative approach, you are likely to get less trades overall, however, more of them are likely to be winners (in the ideal world) and the winners are more likely to be full TP trades (hopefully) ...

Therefore, a conservative approach and an aggressive approach could *in theory* have the same overall...
Thank you antantnz, dean, wannaberich and Loooit. You all helped me. Perhaps unconsciously, I want a surefire trading method, that will free me of my own work and responsibility.
  • #10,618
  • Aug 25, 2011 7:38am Aug 25, 2011 7:38am
i have a friend that has been trading for a few months. as any newbie i had turned a 500€ account into 2500€ and then lost it all. so he is looking for is path. i set up this system and another one on his PC. i gave these my avail and encouraged him to trade them for the next 6 months.

he wasn't. he was insisting on a reaaaaaaally simple breakout system he came up with. he was having good results with it for the last 3 weeks or so. i told him that it couldn't work: far too simple. he showed me the recent results. i argued
one can toss a coin and get heads 10 times. he wouldn't accept it. so i coded a bot with his strategy. as i thought it lost money consistently.
then i told him to use these 2 systems. and he replied that he didn't believe that anyone would give away a system that worked! i tried to argue that the system by it self was nothing. still he was insisting on variations of his stupidly simple system (asking me to code changes, spending whole afternoons backtesting it manually).

i picked up bits and parts of other systems i have and build one for him. it's worth nothing as it wasn't tested. he'll be doing it from next week on.

this tail is just to illustrate that all of us have "obstacles" in our minds. sometimes (this happened to me) we are not ready to process (Accept) some info at a certain time but we will after we "endure" some change. so, it's a process. hard one.

i am really happy that our input made it through to u.

Green pips


Quoting Milton
Thank you antantnz, dean, wannaberich and Loooit. You all helped me. Perhaps unconsciously, I want a surefire trading method, that will free me of my own work and responsibility.
dreams do come true.
  • #10,619
  • Aug 25, 2011 7:45am Aug 25, 2011 7:45am
Quoting Milton
Thank you antantnz, dean, wannaberich and Loooit. You all helped me. Perhaps unconsciously, I want a surefire trading method, that will free me of my own work and responsibility.
Me too... But everyone who we follow thinking they have that method says it doesn't exist lol... If only it was easier...
Ask me again when I know what I'm talking about.
  • #10,620
  • Aug 25, 2011 8:01am Aug 25, 2011 8:01am
Quoting Phx62
[font=Calibri][size=3]I have been studying, learning and trading on demo with Big E's "Trading Made Simple" & "5 Method" since he opened the CH Stochastics thread in Dec 2009. I feel very fortunate to have been able to learn these methods from Big E and the other contributors of these two threads and am trading this method on a live account now, since November of last year (after many months of demo trading). Even with some mistakes, my account continues to grow and this week produced the highest yield to date (see screenshot). I usually only...

First of all, Thank you for sharing.

Can you please explain why you do not have trading the signals present from 2011.08.18-17.00 and 2011.08.19-12.00.
I can see at least 3 entry signals
thanks in advance
89 traders viewing now