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Trading Made Simple

  • #11,501
  • Sep 14, 2011 4:47am Sep 14, 2011 4:47am
Risky against the general (daily, weekly) trend I think... good luck though
  • #11,502
  • Sep 14, 2011 4:53am Sep 14, 2011 4:53am
Quoting Ichinose
around post 4887
TDI under 50 buy is better. But there is no rule that it must not sell under 50.
If I find under 50 buy or over 50 sell,I will bet more than usually.
Thank you.

Crossing the 50 line is a sign of momentum/strength in the given direction, bearish/bullish bias. I only use this rule when trading the 30 min chart during London / NY session. I make sure that the 1hr TDI/Stoch also agrees with trade before entry. This is only for 20 - 40 pip scalps.

With the 4hr, it would be quite late to wait for the 50 cross, but if it occurred during the 1st or 2nd candle then I would have more confidence in taking that trade. I trade the 4hr exactly as BIG E suggests.
  • #11,503
  • Sep 14, 2011 5:09am Sep 14, 2011 5:09am
Quoting dcginc
piprac

Here is the post . . .

Higher time frame confirmation . . .

Traders . . .

[size=3][font=Calibri]When I sit down to trade, I make a decision as to whether or not I will be a buyer or a seller for each pair. Before placing any trades, I look at the direction of the higher time frame as it relates to my trading time frame. I do this so that I make sure I am on the “right side” of the market. This quick top down analysis helps me anticipate signals on...
Sound explanation that mate, to be honest that’s the way I now trade, I had some good runs on 4hr (trading 0.50 lots) but I’d much rather trade 1HR Charts, using 15M for entry and exit. I took a nice short trade on the EURO yesterday as I left for work (as that’s the only pair I will trade) 8am UK Time, and then just waited for the 15M to turn so I could exit which took around 2 hours. I also trade 2 Full lots (sometimes 3) so 30-50 pips is plenty for a days work, but will always enter back into a pair if it turns and I see another good signal (as the Euro often does)….Then again ive spent 3 days sitting on my hands not even taking a trade waiting for a good set up.

Just looking forward to my current IT contract to finish Sep 30th so I can spend a good amount of time doing this full time for a month or so and post charts up ect
  • #11,504
  • Sep 14, 2011 5:30am Sep 14, 2011 5:30am
After constantly getting stopped out yesterday, I'm happy to say things have turned around again.

I got up earlier this morning to trade first 4hr candle before the London open (for the first time). I took 4 trades of which 3 were profitable. Very happy indeed, especially because I did this all 100% to BIG E's rules and they worked for the better. I also checked Daily charts for market bias, direction, momentum. then looked at nearest S/R, calculated risk, set stop below swing l/h and put a modest TP.

I closed all of them out this morning, most in split lots.

Trades:
Eu/Au +50pips
Au/Y +23 pips (50%), +13 pips (50%)
E/$ -23 pips
Au/$ +34pips (50%), +23pips (50%)
  • #11,505
  • Sep 14, 2011 5:50am Sep 14, 2011 5:50am
Quoting prftablefool
I am not an expert by any means however, in my opinion most of us do fail to recongnize S&R and PPZ. For instance, the probability of USDCAD to go North was very low keeping in view that price has been rejected at this level many times since December 2010. I have attached a daily and 4HR which clearly shows that the area around parity is a like a thick wall and I believe one should not be surprised if a short trade failed around this area with a weak TDI cross.

Just my opinion worth two cents.

P.S. It appears to be an opportunity to go long...

Price hit the TP at FTA.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH4.png Size: 50 KB
Forex is boring but profitable with patience and discipline
  • #11,506
  • Sep 14, 2011 5:58am Sep 14, 2011 5:58am
Quoting twenty155
After constantly getting stopped out yesterday, I'm happy to say things have turned around again.

I got up earlier this morning to trade first 4hr candle before the London open (for the first time). I took 4 trades of which 3 were profitable. Very happy indeed, especially because I did this all 100% to BIG E's rules and they worked for the better. I also checked Daily charts for market bias, direction, momentum. then looked at nearest S/R, calculated risk, set stop below swing l/h and put a modest TP.

I closed all of them out this morning,...
U think 4H is easier than 1H?

I try 1H today but end up lossing almost 70% of the orders. I think tommorow i'll go back to 4H method and will vow to myself not to look at the chart untill another candle appear....by the way, this morning i didnt see any entry ( the 1st 4h candle u re talking about) maybe i did something not correct?......
  • #11,507
  • Sep 14, 2011 6:07am Sep 14, 2011 6:07am
this still my best system that i've got
[IMG]http://www.forexfactory.com/data:image/gif,GIF89a%12%00%12%00%B3%00%00%FF%FF%FF%F7%F7%EF%CC%CC%CC%BD%BE%BD%99%99%99ZYZRUR%00%00%00%FE%01%02%00%00%00%00%00%00%00%00%00%00%00%00%00%00%00%00%00%00%00%00%00%21%F9%04%04%14%00%FF%00%2C%00%00%00%00%12%00%12%00%00%04X0%C8I%2B%1D8%EB%3D%E4%00%60%28%8A%85%17%0AG*%8C%40%19%7C%00J%08%C4%B1%92%26z%C76%FE%02%07%C2%89v%F0%7Dz%C3b%C8u%14%82V5%23o%A7%13%19L%BCY-%25%7D%A6l%DF%D0%F5%C7%02%85%5B%D82%90%CBT%87%D8i7%88Y%A8%DB%EFx%8B%DE%12%01%00%3B[/IMG]
  • #11,508
  • Sep 14, 2011 6:28am Sep 14, 2011 6:28am
Quoting juliant
Risky against the general (daily, weekly) trend I think... good luck though
good for 45 pips =)

anyone getting into the euro based off the daily?

below is 4hr and daily
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  • #11,509
  • Sep 14, 2011 6:35am Sep 14, 2011 6:35am
Quoting fufighter
U think 4H is easier than 1H?

I try 1H today but end up lossing almost 70% of the orders. I think tommorow i'll go back to 4H method and will vow to myself not to look at the chart untill another candle appear....by the way, this morning i didnt see any entry ( the 1st 4h candle u re talking about) maybe i did something not correct?......
Personally, Im only trading the Hourly and making decent pips. I watch the EUR/USD mostly, but also GBP/USD and AUD/USD (the three Amigos). I keep a couple more on tabs that I rarely get to because I ususally end up finding trades off my three and won't have more than 2-3 open trades going. I trade 2am (EST) thru Noon (EST) and ONLY check at the top of the hour.
Here's a nice winner from overnight on the EUR/USD. This is exactly what I am looking for.
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  • #11,510
  • Sep 14, 2011 6:44am Sep 14, 2011 6:44am
DyeKid --- Well done, pips is what counts
  • #11,511
  • Sep 14, 2011 6:47am Sep 14, 2011 6:47am
Quoting FXSurf
Personally, Im only trading the Hourly and making decent pips. I watch the EUR/USD mostly, but also GBP/USD and AUD/USD (the three Amigos). I keep a couple more on tabs that I rarely get to because I ususally end up finding trades off my three and won't have more than 2-3 open trades going. I trade 2am (EST) thru Noon (EST) and ONLY check at the top of the hour.
Here's a nice winner from overnight on the EUR/USD. This is exactly what I am looking for.
I have read here that one should avoid "wicky" candles but your trade sure provided the exception to the rule. Nice going. p
  • #11,512
  • Sep 14, 2011 6:49am Sep 14, 2011 6:49am
Quoting fufighter
U think 4H is easier than 1H?

I try 1H today but end up lossing almost 70% of the orders. I think tommorow i'll go back to 4H method and will vow to myself not to look at the chart untill another candle appear....by the way, this morning i didnt see any entry ( the 1st 4h candle u re talking about) maybe i did something not correct?......

Hi fufighter, here's the 3 winning trades I took on 4hr. All meet Big E criteria, one is a little risky due to being at the 32 area, but I made sure I exited early on that. BTW 4hr candle appears at 5am gmt. My exit strategy is pants and needs work.

1hr or 4hr, it really depends on the person and how they like to trade. I dont believe its possible to say what works for one person will work for everyone. I trade 30min (with 50 line cross on TDI) Lon/NY, and 4hr London exactly as BIG E suggests. Thats it. I love shorter time periods and have no intention of giving up on them, the risk reward is far more healthy, 2:1 and 3:1 is quite common for me on 30min trades.
Attached Image(s) (click to enlarge)
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  • #11,513
  • Sep 14, 2011 6:52am Sep 14, 2011 6:52am
3rd 4h trade
Attached Image (click to enlarge)
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  • #11,514
  • Sep 14, 2011 7:19am Sep 14, 2011 7:19am
Quoting twenty155
Hi fufighter, here's the 3 winning trades I took on 4hr. All meet Big E criteria, one is a little risky due to being at the 32 area, but I made sure I exited early on that. BTW 4hr candle appears at 5am gmt. My exit strategy is pants and needs work.

1hr or 4hr, it really depends on the person and how they like to trade. I dont believe its possible to say what works for one person will work for everyone. I trade 30min (with 50 line cross on TDI) Lon/NY, and 4hr London exactly as BIG E suggests. Thats it. I love shorter time periods and have no intention...
Thank you twenty155 for ur time , I'll try trade only 4H tomorrow.
  • #11,515
  • Sep 14, 2011 7:29am Sep 14, 2011 7:29am
Quoting piprac
I have read here that one should avoid "wicky" candles but your trade sure provided the exception to the rule. Nice going. p
You are right about wicky candles. But if it's the 1st or 2nd color change and has crossed the 5ma (my personal criteria) and the bottom indicators agree...I will jump in. I have seen ugly entries fly and beauty entires fail so if the above all line up, then I'm in.
I like to trade with a Stop Loss/Take Profit at 2x the stop (the S&R indicator I have on the chart simply helps me identify the stop area should be). I am usually looking at about 20 pip stops and 40 pip limits. If half win I'm good, but it's usually better than that.
100++ pips a week and I'm very happy. Overnight I captured over +125 on the E/U & G/U ...the stops were deep, therefor the limits were set higher as a result. I'm trading live and have been enjoying this simple system. Thank You Big-E.
  • #11,516
  • Sep 14, 2011 7:37am Sep 14, 2011 7:37am
Quoting FXSurf
I like to trade with a Stop Loss/Take Profit at 2x the stop
Hi FXSurf, I'm just wondering if you trade the 4h with this exit strategy?

I like small SL, with at least 2:1 risk:reward, that way the laws of averages kick in and your destined to profit. At the moment I trade with massive SL as BIG E suggests, which means my position size is small but I rarely ever get 100+ pips. so its more of a 0.5:1 reward to risk ratio. Although i have never been stopped out ; )
  • #11,517
  • Sep 14, 2011 8:20am Sep 14, 2011 8:20am
Quoting twenty155
Hi FXSurf, I'm just wondering if you trade the 4h with this exit strategy?

I like small SL, with at least 2:1 risk:reward, that way the laws of averages kick in and your destined to profit. At the moment I trade with massive SL as BIG E suggests, which means my position size is small but I rarely ever get 100+ pips. so its more of a 0.5:1 reward to risk ratio. Although i have never been stopped out ; )
Honestly, I'm not trading the 4hr at this time. Kind of for the reason that you stated ; Big stops/Big Limits. It seems (to me) that you really need to be holding the 4hr trades for 1-2 days and I am more of the day-trader type. I like to see a trade work/not work in a few hours and the Hourly gives me just that. But hey, there are those here that are doing very well with the 4hr - even the Daily!
Whatever timeframe you trade, the 1:2 risk/reward is the deal. I got that from the Nial Fuller group, which wasn't a bad way to trade, but again, I like a quicker trade and that was just way too slow for me. You take something away from everything though...it's all good. Also, Mark Douglas (Trading in the Zone) which says you need to think in terms of a larger sample of trades and what the winning probability is for those - how many in 20 work out with your method? With a 1:2 risk/reward, you can lose half and still win! That said, I think it's realistic to say that 1/3 will win, 1/3 will stop out and 1/3 will be break-even or something close. Anything better is just great. Pips are pips. As long as I'm making them, I'm happy.
  • #11,518
  • Sep 14, 2011 8:47am Sep 14, 2011 8:47am
Quoting FXSurf
Honestly, I'm not trading the 4hr at this time. Kind of for the reason that you stated ; Big stops/Big Limits. It seems (to me) that you really need to be holding the 4hr trades for 1-2 days ...
Thanks FXSurf, a fair point. Thats why I will always trade my 30min/1hr BIG E method as well as the 4 hr. The best of both worlds.

I think its time I purchase Trading in the Zone, everyone and their grandma's seem to have read it.
  • #11,519
  • Sep 14, 2011 9:08am Sep 14, 2011 9:08am
Traders . . .

Let me start by saying this post in no way is to get anyone off track. I just came across something in another thread that is extremely valuable and would like to share it with you.

In my previous posts, I have reference NLP its effect on the mindset of traders. I have also mentioned Todd Brown, the leading trainer and expert of trading psychology.

In this thread, Post # 41, this trader has posted the links to a series of 6 free videos on NLP and why most traders fail. I cannot recommend this information enough. These insights into the trading mind are essential for you to understand the limitations of most traders and how to break free from the typical mental trading challenges.

When you get some free time, here is the link to the thread, go to post #41 for the links to the you tube videos. I have no doubt you will find this information highly valuable and enlightening.

http://www.forexfactory.com/showthread.php?t=314326

I know this may seem highly irregular, but this information applies to all trading systems, TMS included.
  • #11,520
  • Sep 14, 2011 9:20am Sep 14, 2011 9:20am
Quoting twenty155
Thanks FXSurf, a fair point. Thats why I will always trade my 30min/1hr BIG E method as well as the 4 hr. The best of both worlds.

I think its time I purchase Trading in the Zone, everyone and their grandma's seem to have read it.
pdf is available in this post
http://www.forexfactory.com/showthre...78#post4803778

regards
wash, rinse, spin . . . repeat
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