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Trading Made Simple the right way, and other trading lessons 329 replies

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Trading Made Simple

Quoting DayTraderBiH
I closed my position on time and now I'm looking to enter the AUD/JPY again. My sell stop is at 81.40.
Lets see how this works out.
Yeah... I was away AND didn't even have a hint of this. Couldn't do anything. But I guess I'm purely technical for all intents and purposes. Once we start trying to trade fundamentally without some kind of backtest we are only guessing.
Ask me again when I know what I'm talking about.
Quoting NZ Chris
I reckon great big spikes like today are the best advert for trading with the trend. After the spike there were lovely 15 min entries on G/U and E/U marked with the white arrows on the charts below.

I'm only trading minis on my live account but trading 2 minis on each I cashed out 1/2 with 100 pips profit on E/U and 80 pips profit on G/U. Never in drawdown of more than 5 pips (OK slight exageration on the G/U but stress free anyway). Letting 1 mini run on each.

From my limited experience intervention by nations only provide trading opportunities...
Good job Chris. I've only been trading the 4HR and Hourly with this method, but from what I have heard the 15m is also a good timeframe. Thanks for the charts. Do you trade any specific times?
Quoting Loooit
So what do we make of the CHF, Buy every time it hits 1.20?...
haha i like that idea, i hope its that easy, it will be interesting to see what happens first time around. its just a simple case of supply and demand really, they will have to accept what the market is offering, they cant just shut up shop... can they??
Quoting FXSurf
Good job Chris. I've only been trading the 4HR and Hourly with this method, but from what I have heard the 15m is also a good timeframe. Thanks for the charts. Do you trade any specific times?
Arrrrr Gee Thanks

I was reading posts from I think it was Dginc about the 15 min use of TMS. Seems to work quite well, some losses of course. I trade on and off through London mainly when I can get to the PC. Just happened to be looking when the spike went off so kept checking back. Been trying the 4hr charts too but not very confident on that TF. The 4 hr signals were really strong in this case but I had one of those feelings........ Also I tend to be a natural Bear so selling is what I do best... LOL
Short Euro and remaining that way. That's just the way it is !
Just for the record, This is the current effectiveness of this announcement...

5 min chart

Yes I do have Candles in this chart, sometimes gives more effective show of price movement
Attached Image (click to enlarge)
Click to Enlarge Name: eurchf.gif Size: 22 KB
Ask me again when I know what I'm talking about.
Thanks for that Chris. I've started to trade the Hourly instead of 4hr because of the potential drawdowns in stop distance. Im USA so must set the alarm for each hourly update during first half of London session. Seems to work OK so far. Place stops at recent H/L and add a little to Limits (if stop is -20 I will set limit at +25 or/ +30).
I'm looking back at EST (about 6am till noon) and see some nice setups on the 15min, looking at the EUR/USD specifically. I'm looking at doing the same thing with stops/limits and trying to capture 15-25 pips per entry setup. Looks like about 3 to 5 per day on that pair during that time with a better-than-50% win rate. Does that sound about right to you or any members of the thread trading the 15 min???
sell gbpjpy h1

Attached Image (click to enlarge)
Click to Enlarge Name: 77-gbpjpy_h1_sell.png Size: 80 KB
Quoting FXSurf
Thanks for that Chris. I've started to trade the Hourly instead of 4hr because of the potential drawdowns in stop distance. Im USA so must set the alarm for each hourly update during first half of London session. Seems to work OK so far. Place stops at recent H/L and add a little to Limits (if stop is -20 I will set limit at +25 or/ +30).
Yep that's pretty much what I do, I will normally take 1/2 off when I reach +15 to +20 and set the rest to BE+2 and let it run. Seems to work best for me. I am going to try to master the 4hr and daily though, alot less work !!!!!!
Short Euro and remaining that way. That's just the way it is !
Thanks again for that and I'll try working with the two positions, setting one to break even when profit target has been hit. Why not. Looks like it has that chance to run. Wish I had done that overnight on the hourly. As it was, I had a -30stop/+40limit and quickly captured my limit. You never know what this beast might do. Cheers!
Quoting 33drifter
when you say the main trend what exactly do you mean?

i would say most CHF crosses have been trending down since 2007 - 2008

True, trends were down in most chf pairs, the trend is not always your friend, what happened today was purely fundamental.
Indicators always obey Price, not the other way.
Quoting DayTraderBiH
I closed my position on time and now I'm looking to enter the AUD/JPY again. My sell stop is at 81.40.
Lets see how this works out.
Sell stop activatet, 80.20 is the target.
lets enjoy the ride
The Mind creates reality.
I noticed in the system documentation that he was on West coast time. The problem is that I'm on the east coast. The European market starts moving at 3AM my time. Needless to say it's hard for me to keep up. What do you guys suggest? The problem is that I still have a job from 8am-5pm so I need to get some sleep for that.
Quoting Purger
I noticed in the system documentation that he was on West coast time. The problem is that I'm on the east coast. The European market starts moving at 3AM my time. Needless to say it's hard for me to keep up. What do you guys suggest? The problem is that I still have a job from 8am-5pm so I need to get some sleep for that.
Purger, I'm on the east coast too and am experimenting with setting an hourly alarm at 3am/4am/5am/6am to catch the hourly moves. Sounds like it would suck, but so far I'm just taking a minute to check, then getting right back to sleep no problem. Got the laptop right next to the bed. After that I'm up for the day and trade until just after the London close. Work from home, so that's convenient.
Hi everyone,

I read all the posts (damn, it was so long but really interesting) !!

I've used that strategy and done some trades on H4 and H1 timeframes.
My question is, how to find to good SL and TP ?
Every time I placed a SL the trade was too early closed and after when I checked to "potential wins I was a bit disappointed.

So how do you find the good ones ?

Thanks for you replay,
Lh

PS : I'm a beginner but with a question like that you probably knew it.
#### Follow me at @LioH_ on Twitter ... ####
Quoting FXSurf
Purger, I'm on the east coast too and am experimenting with setting an hourly alarm at 3am/4am/5am/6am to catch the hourly moves. Sounds like it would suck, but so far I'm just taking a minute to check, then getting right back to sleep no problem. Got the laptop right next to the bed. After that I'm up for the day and trade until just after the London close. Work from home, so that's convenient.
I appreciate it. I just got a new wireless card for an old laptop I have so I can put it next to my bed as well. I missed the USDCHF move by an hour this morning. Sucks.
D:
Quoting Purger
I noticed in the system documentation that he was on West coast time. The problem is that I'm on the east coast. The European market starts moving at 3AM my time. Needless to say it's hard for me to keep up. What do you guys suggest? The problem is that I still have a job from 8am-5pm so I need to get some sleep for that.
My sugestion is that you could trade with daily charts.
Indicators always obey Price, not the other way.
Quoting Purger
I noticed in the system documentation that he was on West coast time. The problem is that I'm on the east coast. The European market starts moving at 3AM my time. Needless to say it's hard for me to keep up. What do you guys suggest? The problem is that I still have a job from 8am-5pm so I need to get some sleep for that.
This should solve your problem: Polyphasic sleep, it's a way of sleeping only 3-4 hours per day instead of the usual 8 hours. It takes time to get used to it, but when you make it a habit you can double or triple your productivity.

http://en.wikipedia.org/wiki/Polyphasic_sleep

http://www.stevepavlina.com/blog/200...yphasic-sleep/

http://www.dustincurtis.com/sleep.html
The Mind creates reality.
Two of my other indicators are showing bulls:

http://img687.imageshack.us/img687/8...st06092011.jpg
http://imageshack.us/photo/my-images...t06092011.jpg/
Quoting Loooit
I do have Candles in this chart, sometimes gives more effective show of price movement
I prefer to see both candles and Synergy_APB. I got several PMs about one of my attachments, so I think I'd better post my template.
Attached File(s)
File Type: tpl TDI-PA.tpl   3 KB | 491 downloads
Gentlemen always play by the rules. If they can't, they change the rules.
Quoting fufighter
The Euro and CHF is recommend to stay away today. I dont think we can use the normal methode with these two currency today.
I should agree, however I made very nice pips trading GBPUSD (both long and short), and later when I took a look at EURUSD I noticed that it moved almost exactly like GBPUSD did.
Gentlemen always play by the rules. If they can't, they change the rules.
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