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Monitor for 'Trading Made Simple' system 565 replies

Trading Made Simple the right way, and other trading lessons 334 replies

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MTF Indicators for the 'Trading Made Simple' system 241 replies

Trading Made Simple system follower - Thanks to eelfranz 9 replies

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Trading Made Simple

  • #11,261
  • Sep 8, 2011 10:15am Sep 8, 2011 10:15am
Quoting cdt
Hi, I need advice from traders who are successfully using this system. If I want to set a standard SL & TP for the respective timeframe - H4, H1 & M15, what would be the best?

Thanks in advance.
EDIT - Piprac and Fxsurf beat me to it, my answer is much the same

no such thing as a standard anything FX unfortunately, i use H4 charts and my SL is always behind the last swing, could be 40 pips could be 240 pips, some use 2 X ATR, again could be any number of pips. The only constant is the process by which we calculate our SL and TP. Eelfranz and Dcginc have given you two options, but they nor i can tell you what works for you.

you have to back test both options, work out which one you trust and run with that.
  • #11,262
  • Sep 8, 2011 10:37am Sep 8, 2011 10:37am
There is no such thing as a standard stop, Most newbies blow their accounts
because they look for standard stops and set their SL too tight.
You must realize that PA breathes before going in your direction.
This week I did a study on how much PA breathes on a 4H TF, all my trades went 25-35 pips in the other direction before it could go in my direction and gave me over 60pips.
Today one trade showed me it went down 75pips before it went my way.
So you have to adapt tp PA but NEVER keep moving you SL, hoping for your trade to turn around.
Stick to your a system that work for you.
For this system the SL Big E explained where is an appropriate place to set SL
Read the thread if you want to learn there's no shortcuts.
X-man the legendary conqueror of markets
  • #11,263
  • Sep 8, 2011 10:39am Sep 8, 2011 10:39am
Quoting NZ Chris
I can tell you what happened...... Easy really,


SH*T HAPPENED. Unfortunately that is the Forex market for you. Keep your stops tight and your account safe and move on to the next.

NEXT !!!!!!!!
Ditto mate, its not been the best week for me, I only really trade the Euro, and its been a nightmare this week, but last week was a dream.

somtimes you loose and you think youve done somthing wrong, some trades just dont work out. Im waiting for the Euro to bottom out end of the week and hopfully it'll start to move up next week. Just hard when your indis are saying BUY BUY BUY and news is telling you the Euro is going to bomb down futher.

Your gotta love the old 4X
  • #11,264
  • Sep 8, 2011 10:43am Sep 8, 2011 10:43am
Quoting X-Man
There is no such thing as a standard stop, Most newbies blow their accounts
because they look for standard stops and set their SL too tight.
You must realize that PA breathes before going in your direction.
This week I did a study on how much PA breathes on a 4H TF, all my trades went 25-35 pips in the other direction before it could go in my direction and gave me over 60pips.
Today one trade showed me it went down 75pips before it went my way.
So you have to adapt tp PA but NEVER keep moving you SL, hoping for your trade to turn around.
Stick...
totally aggree

ive had trades £1000 in the red, and then 12 hours later there a £2000 in the black by just letting those trades breath and follow there path, if you not happy about the SL then use a small lot size
  • #11,265
  • Sep 8, 2011 10:46am Sep 8, 2011 10:46am
It's my buddy who told me about the forex told me. Keep in mind during each trade "how much you're willing to lose". That's a lesson that stays in my mind each trade.
  • #11,266
  • Sep 8, 2011 10:50am Sep 8, 2011 10:50am
First off, thanks to Eelfranz and others for sharing. Otherwise us newbies would still be roaming around in the dark searching for salvation .

I shorted two hours ago on the EUR/USD at 1,4003.
Unfortunately I missed the start of the candle by half an hour:
I got in at 15:30 instead of 15:00. This cost me nearly 50 pips, since at 15:00 EUR/USD was at 1,4046 .
Let's just say that it's all part of the learning experience.

However, I was wondering if my thought process was any good:

- Around 12:00 I noticed green converging on red. Also stochs were pointing downwards.
- Secondly, PA was reaching a low point from way back in July. This corresponded with TDI being close to 32. However I figured there still was some room left for shorting.
- I thought by myself: at 15:00 when the next candle opens I expect green to have crossed over red. Then I'll pull the trigger.

I realize I'm probably not trading at the recommended trading hours.
Could any of you guys still go over my steps and provide me with some feedback? Thanks in advance .
Attached Image (click to enlarge)
Click to Enlarge Name: First demo trade Trading Made Simple.png Size: 70 KB
Financial independence is what I live for
  • #11,267
  • Sep 8, 2011 10:55am Sep 8, 2011 10:55am
Closed early due to personal distractions while trading anyway +22.1 on EU. Charts depicts entry and exit. Oh forgot, also live trade with FXCM. BTW candle colors in the background are 1 hr candles. Just shows the smaller t/f price action in the larger 1 hr t/f.

Regards,
Cigarguy
Attached Image (click to enlarge)
Click to Enlarge Name: EU chart.png Size: 95 KB
Keep It Simple
  • #11,268
  • Sep 8, 2011 11:17am Sep 8, 2011 11:17am
What a great system! Started to trade the system today, only euro. Three trades, all successfull. Thanks big e!

John

Ps. I'm sure you have noticed: there is a potential signal at 1.3915, going to open long there
  • #11,269
  • Sep 8, 2011 11:40am Sep 8, 2011 11:40am
Quoting JohnRandom
What a great system! Started to trade the system today, only euro. Three trades, all successfull. Thanks big e!

John

Ps. I'm sure you have noticed: there is a potential signal at 1.3915, going to open long there
John, If possible its nice if you would post your charts so everyone could see your trades. That helps everyone, especially the new traders.

Regards,
Cigarguy
Keep It Simple
  • #11,270
  • Sep 8, 2011 12:04pm Sep 8, 2011 12:04pm
Cygarguy, can you post your template and indicators (the MA5 especially) ?
It's a very clean one !

Lh
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  • #11,271
  • Sep 8, 2011 12:08pm Sep 8, 2011 12:08pm
Quoting lhDT
Cygarguy, can you post your template and indicators (the MA5 especially) ?
It's a very clean one !

Lh

I don't use MT4. I use the FXCM's Trading Station II with different indicators. Sorry, but you can find the same MT4 indicators here. Just TDI, stoch, pivots, fib. resistance. There is a bigger candle indicator somewhere in the FF by TRO that is a MT4 indicator that will show the hr and any higher t/f same as mine. I just use that indicator to see the smaller PA within the 1h candles. I mainly trade the system as posted here.

I am trading live, but you can download a Trading Station II demo account and use it as a charting platform with you order entry platform if you wish.

Regards,
Cigarguy
Keep It Simple
  • #11,272
  • Sep 8, 2011 12:16pm Sep 8, 2011 12:16pm
Quoting cigarguy
John, If possible its nice if you would post your charts so everyone could see your trades. That helps everyone, especially the new traders.

Regards,
Cigarguy
I have tried, honestly, to find the thread that explains how to post charts - can anyone help me find it? Many thanks, p.
  • #11,273
  • Sep 8, 2011 12:18pm Sep 8, 2011 12:18pm
Quoting piprac
I have tried, honestly, to find the thread that explains how to post charts - can anyone help me find it? Many thanks, p.
Click on Post Reply and browse to find your saved chart from manage attachments, upload and post.

Regards,
Cigarguy
Keep It Simple
  • #11,274
  • Sep 8, 2011 12:21pm Sep 8, 2011 12:21pm
Quoting Purger
Did you close your CADUSD order fufighter? Mine is still open because it still looks like a good setup. I scalped a bit of the news event earlier with Trichet. Seems like the System worked well on the minute timeframe for the event.
Hi, i ddnt trade C/U my G/C got trailing stop and out around +3 pips. I forgot to remove trailing out , stupid really.

Now just open U/C on 4H.
  • #11,275
  • Sep 8, 2011 12:48pm Sep 8, 2011 12:48pm
Anyone Long on this US/CAD trade?
Attached Image (click to enlarge)
Click to Enlarge Name: scalp pic.gif Size: 18 KB
  • #11,276
  • Sep 8, 2011 1:47pm Sep 8, 2011 1:47pm
Quoting revrobwimb
Anyone Long on this US/CAD trade?
excuse me . your entry is incorrect.

We Enter a trade when green crosses red on the TDI at the beginning of that candle 1 or 2 . If it's candle 3 or more don't enter... find another trade set up.
  • #11,277
  • Sep 8, 2011 1:49pm Sep 8, 2011 1:49pm
please insert pictur of live trading and show entry & exit . thanks.

good luck.
  • #11,278
  • Sep 8, 2011 2:08pm Sep 8, 2011 2:08pm
Quoting revrobwimb
Anyone Long on this US/CAD trade?
Saw this trade but the TDI is too close to the FIFTY point. Would have love to see it closer to the 32 but still may have room to run up a bit. Keep ya eye on it. Good luck!

L
  • #11,279
  • Sep 8, 2011 2:30pm Sep 8, 2011 2:30pm
I screwed up and thought I caught the bottom of the EU move. Lost a bit. I'm beating myself up right now about it. Out of the UC trade as well.
  • #11,280
  • Sep 8, 2011 2:35pm Sep 8, 2011 2:35pm
It's looking to me that the main thing I have to push aside is looking for the bottom of a trend too soon. I promised myself I'd be more reactionary instead of predictive (because in the past trying to predict movements has messed me up). Old habits die hard it seems.
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