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Trading Made Simple

  • #10,641
  • Edited 1:11am Aug 26, 2011 12:51am | Edited 1:11am
Quoting XxLessoxX
@stinhk,
Im glad to see there were a couple of answers to your question already, and let me start off my reply saying that the finding/seeing/targeting of S/R is most definitely part of this system. You'll find it under the "forex basics" curriculum....
Brilliant post. Great education for people new to using S/R and for others who are already familiar, it's always useful to have this kind of stuff reinforced.

Quoting antantnz
... but to my way of thinking, the most recent S / R should have the most impact...
Also true and well worth stating.

The first levels I look at on the chart at the start of the trading day are yesterday's high and low. (By yesterday, I mean New York midnight to midnight). Also, check to see if these co-incide with a big number, or previous S/R. Again and again, I see price reacting strongly to these key levels.
  • #10,642
  • Aug 26, 2011 12:58am Aug 26, 2011 12:58am
Hey stinhk,
u can use this indicator that has been made for supply/demand zones like sam seiden preaches, if u wanna go down that path.

Quoting stinhk
Many thanks, I will take a look.
Attached File(s)
File Type: mq4 II_SupDem.mq4   29 KB | 714 downloads
  • #10,643
  • Edited 1:10am Aug 26, 2011 1:09am | Edited 1:10am
Quoting DaveUK
Hi there

Yes, should really have put more than a few words that don't help anybody. Apologies and happy to expand a little.

Firstly yes, this was taken off the 1hr. The way the markets have been this week, I'm really looking for short term trades. Almost scalping. If I can get in on a big move, great. But more looking to find shorter-term trades that allow fairly tight stop-losses. So 1hr for signal, 15min for entry point...
Hey,

Thanks for that.

So I have taken this long after the TDI cross on 4H GBPUSD,

There seems to have been more movement after your move, I think there might finally be some blood in this pair again.

TDI cross, Stoch up, at support, open of London, I think this satisfies the rules.

Up for discussion but Im in.

Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: gpuusd.gif Size: 25 KB
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  • #10,644
  • Edited 2:50am Aug 26, 2011 1:19am | Edited 2:50am
Quoting Loooit
Hey,

Thanks for that.

So I have taken this long after the TDI cross on 4H GBPUSD,

There seems to have been more movement after your move, I think there might finally be some blood in this pair again.

TDI cross, Stoch up, at support, open of London, I think this satisfies the rules.

Up for discussion but Im in.

Cheers
Difficult to see candle shape/size on that chart. Might be worth zooming in once. The signals are there for sure but I'm really wary of London opening fakeouts at the moment. Plus I don't really like the look of the 1hr. Also it's Friday and weird things happen on Fridays! Watching it though and hoping it works out.
  • #10,645
  • Aug 26, 2011 1:26am Aug 26, 2011 1:26am
Quoting Phx62
Thank you for your comments on the screenshot I posted.
If you go back in this thread or the previous CH thread and look at some of Big E's screenshots (post 6628, post 7106, post 9312 & several others), you will see that the ideal entry usually occurs AFTER the set-up candle (the first candle to change color) CLOSES. When the second candle of the same color begins to form, I look to see if the TDI green has crossed over the red. If, so, entry is made immediately AT THE BEGINNING of the second candle. If the price action is slow, I may wait a couple...
Hi Phx62. I will start to look at the charts the way you do. Thanks for the help.
  • #10,646
  • Aug 26, 2011 1:27am Aug 26, 2011 1:27am
Quoting lehmann
Hey stinhk,
u can use this indicator that has been made for supply/demand zones like sam seiden preaches, if u wanna go down that path.
Thanks. That might help me get my eye-in.
  • #10,647
  • Aug 26, 2011 1:31am Aug 26, 2011 1:31am
Quoting DaveUK
Difficult to see candle shape/size on that chart. Might be worth zooming out once. The signals are there for sure but I'm really wary of London opening fakeouts at the moment. Plus I don't really like the look of the 1hr. Also it's Friday and weird things happen on Fridays! Watching it though and hoping it works out.
Well...

I see where you are coming from.

The 1H and 4H are not agreeing.

Every time I look there seem to be more rules.

Weird things tend to happen on Fridays as you said.

I seem to be able always find a reason to enter. But then at other times reasons not to enter. sometimes even on the same chart...

Trying to stick to the basics of this method, maybe this week was not the best for it...
Attached Image (click to enlarge)
Click to Enlarge Name: gpuusd.gif Size: 18 KB
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  • #10,648
  • Aug 26, 2011 1:44am Aug 26, 2011 1:44am
Hey Loooit, all depending on what u trade ofcourse, but i think that until Mr. Bernanke speaks it will just be some swing trading forth and back, not much going on really. people will wait for B to hear whether or not he will produce some more dollars or not on that fine little machine he has.....But anyway Fridays tent to be off in my world because of the sometimes more irrational moves and behaviours that happen on a friday.
  • #10,649
  • Edited 2:49am Aug 26, 2011 1:59am | Edited 2:49am
Quoting Loooit
Every time I look there seem to be more rules.
Yes, it can seem like that. Particularly since different people use this system in different ways. Some check longer timeframes, some shorter, some ignore them altogether etc etc.

It's possibly a good idea (presuming you're trading demo and getting to grips with the system) to put a simple strategy together and stick to it (emphasis on simple). So, let's say, you see 4hr signal. (At this point I would check shorter timeframes to see move is still running... and you might also check day chart to see it ties up, but that's up to you.) Then check no obvious recent support or resistance levels (including big numbers) are near. If not, enter, placing stop loss at a set point and setting profit targets.

Then record each trade and note how it went. Don't worry about losses... they're all part of the game and will help you refine your system.

It's all about keeping it simple.

By the way, you've zoomed in too much on your chart now. It should look like the one below. This is important because it impacts on ther TDI angle you see. Ignore red horizontal line, forgot to remove it.

chartexample.jpg
Attached Image (click to enlarge)
Click to Enlarge Name: chartexample.jpg Size: 237 KB
  • #10,650
  • Aug 26, 2011 2:05am Aug 26, 2011 2:05am
do a lot of 5m too. sometimes when i see a signal on this system i wait for a retrace and enter the 5m signal. u have to be ready to loose opportunities if u do this. i remember i posted one of these lately.

green pips

Quoting Flamegs23
Want time frame do you trade at?
dreams do come true.
  • #10,651
  • Aug 26, 2011 2:17am Aug 26, 2011 2:17am
that it's not weather it's old or new (talking about supply / demand here) its how strong it is. and strong is "measured" as to what time frame is used to identify it. a S/D found on a 4h chart is stronger that one found on a 15m chart.
dreams do come true.
  • #10,652
  • Aug 26, 2011 3:46am Aug 26, 2011 3:46am
any of you guys taking the short signal on EU 1h?

(i'm not. at least yet )
dreams do come true.
  • #10,653
  • Aug 26, 2011 4:03am Aug 26, 2011 4:03am
Quoting wannaberich
any of you guys taking the short signal on EU 1h?

(i'm not. at least yet )
No. EU has been stuck between close resistance and support (the very same support and resistance I have been banging on about all week) for a few days. Its still very tight and there is not enough room to trade the swings (at least not off an hourly chart). Until there is a decisive move I won't take any trades.
  • #10,654
  • Aug 26, 2011 4:12am Aug 26, 2011 4:12am
rather loose an opportunity than loose money

Quoting brettboz
No. EU has been stuck between close resistance and support (the very same support and resistance I have been banging on about all week) for a few days. Its still very tight and there is not enough room to trade the swings (at least not off an hourly chart). Until there is a decisive move I won't take any trades.
dreams do come true.
  • #10,655
  • Aug 26, 2011 5:02am Aug 26, 2011 5:02am
So once again another week is (almost) over ... time to reflect ...

I imagine I'm not the only one who's found this week trying, with a number of the pairs moving in relatively narrow bands. This forum seems to have quietened down a lot too - not many people raving about their pips this week, so I'm guessing they've been struggling too ... (Or maybe they're just all in that skype room? Who knows).

I think in times of trending markets, using this system you can still profit from a number of "less than ideal" entries ... but when the markets are ranging like they have mostly been this week, if your entry criteria isn't ideal you can expect to pay the price, or be hanging around in trades that move very very slowly. Also it seems that any really really good setups have mostly occurred during NY, which is unfortunately when I end up sleeping.

Also in trending markets, using ATR(7) I could profitably get away with setting a SL at 1xATR (and TP at 2x). In these ranging markets I've had to drop the SLs back to 1.5x and even then it appears 2x would have been my saving grace in a couple of trades that went good after I'd been stopped out. This ultimately impacts how profitable the winning trades are too, as with a SL at 1x I can get twice the profit on a winning trade vs when the SL is at 2x (due to the position sizing I do).

I still consider that I'm overtrading too ... the only plus is that by now I have more than enough data and screenshots to analyse the good and the bad.

Nevermind, we live and learn!!

My main things for next week are :

  1. stricter application of entry criteria
  2. will set up a formula in excel to give me some objective analysis before i pull the trigger
  3. no bounce entries ... only cross entries to be taken
  4. from now on my entry candle has to have broken out of the range of the previous candle ... this appears to have been my main undoing this week ... i'm sure to many it's one of the basics, but i think this is where i got busted the most in the ranging market environment - it didn't seem to matter so much in prior weeks


I can't stress enough the absolute gold of taking a screenshot of every single trade entry - it's a fantastic analysis tool, because it shows you the charts as they were when you entered the market.

Ok, that's me over and out!! Have a good weekend folks!

1 pip at a time ... if the entries are strong, the rest will follow ...
  • #10,656
  • Aug 26, 2011 5:12am Aug 26, 2011 5:12am
Quoting DaveUK
Yes, it can seem like that. Particularly since different people use this system in different ways. Some check longer timeframes, some shorter, some ignore them altogether etc etc.

It's possibly a good idea (presuming you're trading demo and getting to grips with the system) to put a simple strategy together and stick to it (emphasis on simple). So, let's say, you see 4hr signal. (At this point I would check shorter timeframes to see move is still running... and you might also check day chart to see it ties up, but that's up to you.) Then check...
Thanks, Yeah trying to keep it simple,

Looking at daily and 4h, then trading the 4 hour.

Just came back home to find my trade a fair bit down, so I closed out as the TDI went and crossed again in the opposite direction...

I am going to make this work, this thing called trading I mean. Thankful for all you guys helping out.

As long as people actually are profitable consistently, which I believe many of you bigger guys are, I am happy to keep trying. I definitely have the drive to do this.

Still only demoing, no point actually losing money for no reason.

The chart below is where I closed out, Hopefully its the right size.

I guess the TDI can cross back even on the best signals, not sure where to put this trade in reference to Big E's most basic 10pm, 2am, 6am trading plan. Is this just the unlucky loss that comes sometimes in regards to those plans?

Does anyone know what happened to Big E?
Attached Image (click to enlarge)
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  • #10,657
  • Aug 26, 2011 5:15am Aug 26, 2011 5:15am
short on EU
Attached Image (click to enlarge)
Click to Enlarge Name: EU.jpg Size: 244 KB
  • #10,658
  • Aug 26, 2011 5:16am Aug 26, 2011 5:16am
On a more positive note,

I am in this other trade but for different reasons. But just checked and the TMS plan is inadvertently followed...

But money on the table is not money in my pocket...
Attached Image (click to enlarge)
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  • #10,659
  • Aug 26, 2011 5:22am Aug 26, 2011 5:22am
could be fireworks or the mountain giving birth to a rat. but dangerous anyway.

hope it turns out good for u.

green pips

(sidelines till helly benny shuts his hole)

Quoting sabams
short on EU
dreams do come true.
  • #10,660
  • Aug 26, 2011 5:34am Aug 26, 2011 5:34am
LOL
dreams do come true.
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