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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

  • #11,561
  • Sep 15, 2011 6:48am Sep 15, 2011 6:48am
Quoting keeper81
I am looking at the watchdog indicator and understand it, except for the "Current HA ?/?/?" what is this telling me about Heiken Ashi candles?

Thank you.
On the watchdog the HA has 3 sets of numbers, the first is the pips in the body, second is the pips on the upper wick and the third is the pips on lower wick, I hope that I have that right.

Beat me to it
  • #11,562
  • Sep 15, 2011 6:51am Sep 15, 2011 6:51am
Quoting ivanhoekg
This indi was made by Plamendp, so look in the thread for his posts and you will find explanation in details, and up to date version of the indicator (I had and still have problems with overlapping of labels and am not using it. ).
I had the same problem, the reason is because you load a template. You need to load the Watchdog as a fresh version on each chart and then you will not have problem.
  • #11,563
  • Sep 15, 2011 7:05am Sep 15, 2011 7:05am
Quoting Krypty
I had the same problem, the reason is because you load a template. You need to load the Watchdog as a fresh version on each chart and then you will not have problem.
Will try , because the indi looks great and plamen is a great guy.
Thanx
  • #11,564
  • Sep 15, 2011 7:45am Sep 15, 2011 7:45am
I reluctantly entered this trade overnight. Second candle close was way up there, but I went for it anyway. Stop set at -30, Profit +60...
An hour later, I manually closed for +15 (why???) The trade would have run to my +60 as planned. I gotta stop doing that!
P.S. The one on to the far left was the night before. Very similar setup.
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  • #11,565
  • Sep 15, 2011 7:47am Sep 15, 2011 7:47am
Quoting fufighter
Anyone long on G/J? TDI just come up from 32 and nice cross.

I didnt get in though, the trend look very dangerous to go long.

I missed out on that, and it turned out pretty well.

Waiting $ for news to clear.
  • #11,566
  • Sep 15, 2011 8:24am Sep 15, 2011 8:24am
Quoting gallenl
I see what you mean. I will certainly start paying attention to the weekly and monthly time frames. I do remember in the material for the post that checking other tfs is important. But happens if the daily agrees with the weekly yet the monthly is opposite? The method is simple but honing it takes patience....thanks for reply
It's been said every larger trend starts with the smaller time frame trend, thus the need to monitor if it's a pullback or start of a new trend. In this case it looks like your call was a good one as it's continued a nice move overnight. Hope you got some pips out of it.
  • #11,567
  • Sep 15, 2011 8:24am Sep 15, 2011 8:24am
Quoting twenty155
I missed out on that, and it turned out pretty well.

Waiting $ for news to clear.
Like i said, i think it against the trend so i didnt took it. Arrrgggghhhhhh.
  • #11,568
  • Sep 15, 2011 8:49am Sep 15, 2011 8:49am
Quoting FXSurf
I reluctantly entered this trade overnight. Second candle close was way up there, but I went for it anyway. Stop set at -30, Profit +60...
An hour later, I manually closed for +15 (why???) The trade would have run to my +60 as planned. I gotta stop doing that!
P.S. The one on to the far left was the night before. Very similar setup.
I lost count of the amount of times I've manually closed a trade early for a few pips profit or loss thinking the trade was going against me, for it to then move and hit my original limit! I'm sure we're not alone here either!

I was making a classic trading error. Now though, once I set my TP and SL I don't touch the trade no matter what happens until one of them are hit. If the TDI crosses back - I leave it. If there's news - I leave it. If an elephant flies past my window - I leave it! (One exception I do have is if the TP/SL are not hit by Friday afternoon, I'll manually close).

Having this simple rule has really helped with my bottom line...
  • #11,569
  • Sep 15, 2011 8:57am Sep 15, 2011 8:57am
Thanks eelfranz.
This is a great trading system.
  • #11,570
  • Sep 15, 2011 8:59am Sep 15, 2011 8:59am
With regards to the 'watchdog' is the slope being above 4.5 (or some say 4) only relevant on a cross?
  • #11,571
  • Sep 15, 2011 9:05am Sep 15, 2011 9:05am
Quoting FXSurf
I reluctantly entered this trade overnight. Second candle close was way up there, but I went for it anyway. Stop set at -30, Profit +60...
An hour later, I manually closed for +15 (why???) The trade would have run to my +60 as planned. I gotta stop doing that!
P.S. The one on to the far left was the night before. Very similar setup.
I do the same thing somtimes, some of the best trades are when I've set my TP and SL and walked away, 80% of the time they will come back in profit
  • #11,572
  • Sep 15, 2011 9:52am Sep 15, 2011 9:52am
Quoting mogulmedia
I lost count of the amount of times I've manually closed a trade early for a few pips profit or loss thinking the trade was going against me, for it to then move and hit my original limit! I'm sure we're not alone here either!

I was making a classic trading error. Now though, once I set my TP and SL I don't touch the trade no matter what happens until one of them are hit. If the TDI crosses back - I leave it. If there's news - I leave it. If an elephant flies past my window - I leave it! (One exception I do have is if the TP/SL are not...
That was great, and good advice. My personal plan is to just stay in the thing until SL or TP are hit (as you said) or/ I get a color change at the CLOSE of a candle. But it does keep me involved...then my big brain (Ha!) wants to step in and "help". Next thing I know I'm watching it run without me.
  • #11,573
  • Sep 15, 2011 9:55am Sep 15, 2011 9:55am
Quoting dcginc
piprac

Here is the post . . .

[size=3]Higher time frame confirmation . . .

Traders . . .

[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 my trading time frame and narrows...
Great post.
  • #11,574
  • Sep 15, 2011 12:45pm Sep 15, 2011 12:45pm
A great big thank you to Britpip7 for helping me load the TMS Histo indi - he very patiently showed me how this is done in Win7 which I may never get a handle on. Thanks again B. I didn't do well this morning during the NY session, just too much news and Greece again! -23 for the morning & I don't usually trade on Fridays but maybe I'll see something tempting if it falls within the rules tomorrow. p
  • #11,575
  • Sep 15, 2011 12:53pm Sep 15, 2011 12:53pm
Traders . . .

I have received many messages recently containing the question “what do I do?” or "what do I do now?"

This in reference to a trade that is drawn down or a TMS signal that was taken that has reversed direction – and I then I am asked to analyze the particular pair to provide some hope to the inquiring trader that their trade will ultimately go in the original direction they entered. “But I followed the system!” is the typical response. What is lacking here is a belief in the system and/or a complete trading plan.

Building a case to enter the market, or following the rules of a trading system is only part of the whole. That is why we refer to the necessity of a trading plan. The plan, at minimum, should encompass rules for entry, stops(risk) and profit targets. This is obvious in theory, but elusive in practice. If you find yourself asking the question, you have taken incomplete action, have an incomplete plan, or do not have a firm grasp on your own risk tolerance.

The answer I give is always the same – close the trade.

If you have not determined your risk before entering the market, or have doubts once you have, your plan needs adjustment. This fear and anxiety will cripple your ongoing analysis until this worrisome trade is resolved, forcing you to overlook and/or miss other valid opportunities. Take your lumps and move on. Accept the mistake, learn from it, get over it and get back in the saddle – all as quickly as possible.

The same anxiousness applies to closing trades too soon. If this happens frequently, make some adjustments. If you simply do not have the patience, why put repeatedly yourself in a situation you know will put you in that state? Adjust your targets (or trading time frame) to a comfortable level and gradually make increases. Be reasonable though, a 2 pip target is hardly worth the time spent trading or the investment/risk required.

Remember, achieving consistency is a process, not an all or nothing proposition.
  • #11,576
  • Sep 15, 2011 1:18pm Sep 15, 2011 1:18pm
Quoting dcginc
I have received many messages recently containing the question “what do I do?” or "what do I do now?"
Another great post.

I found my equity curve started to go steadily north once I started accepting the risk, setting SL and TP for every trade and believing that anything can happen in the market.

Of course sometimes the old habit kicks in and I tinker with the trades and almost always mess it up. But this is becoming much less than before.

I have just re-read 'Trading in the Zone', a year since reading it the first time. When I read the first time it did not sink in. I thought this mind-set business is BS, all I need is a good system. Reading it again now it makes so much sense.

Thanks again.
  • #11,577
  • Sep 15, 2011 3:31pm Sep 15, 2011 3:31pm
Quoting piprac
A great big thank you to Britpip7 for helping me load the TMS Histo indi - he very patiently showed me how this is done in Win7 which I may never get a handle on. Thanks again B. I didn't do well this morning during the NY session, just too much news and Greece again! -23 for the morning & I don't usually trade on Fridays but maybe I'll see something tempting if it falls within the rules tomorrow. p
No problem - just glad it worked.

Before any of you get ideas - no I am not a Win 7 expert so just thought I would make that one clear - I know enough about computers to really screw it up if I mess with them

Just for interest - there is a thread for TMS indicators started by Xaphod who is a really gifted guy and has done a lot of work perfecting the TMS Osc series of indicators. This is post #1 which should explain a few things for anyone having issues with their TMS Oscillators, etc. He is not taking on any more assignments at this time.

http://www.forexfactory.com/showthre...40#post4619540
"To live with Passion, it takes Courage and Grace to survive"
  • #11,578
  • Sep 15, 2011 3:44pm Sep 15, 2011 3:44pm
Quoting dcginc
If you have not determined your risk before entering the market, or have doubts once you have, your plan needs adjustment.
dcginc, thanks for your posts. Today I start live trading TMS. First entry was wrong (the candle changed colour, stoch change direction...). I closed it +1 pip. Next entry was good. I used your advise 2xATR 1:1. But fearly closed trade +31 and could gain +44.

But it works... Thank you for sharing experience.
  • #11,579
  • Edited 4:13pm Sep 15, 2011 4:03pm | Edited 4:13pm
  •  fivex
  • | Joined Sep 2011 | Status: This is the title that appears | 247 Posts
Quoting dcginc
Traders . . .

I have received many messages recently containing the question “what do I do?” or "what do I do now?"

[font=Calibri][size=3]This in reference to a trade that is drawn down or a TMS signal that was taken that has reversed direction – and I then I am asked to analyze the particular pair to provide some hope to the inquiring trader that their trade will ultimately go in the original direction they entered. “But I followed the system!” is the typical response....
man, I'm so happy your around dcginc. I feel I have learned much more just following this thread and your input for the last few weeks then I had in the past 1.5 years of spinning my wheels trying to find something that worked, and sifting through piles of info just to find 1 or 2 things that would help me to start making some sort of trading plan. You can put out the same info in a clean easy to understand post, so thanks.
And to all you other experienced guys, i also wanted to say thank you for helping us noobs learn the ropes.
  • #11,580
  • Sep 15, 2011 4:43pm Sep 15, 2011 4:43pm
Quoting MeLe
On the watchdog the HA has 3 sets of numbers, the first is the pips in the body, second is the pips on the upper wick and the third is the pips on lower wick, I hope that I have that right.

Beat me to it
anyone have a set number of pips they would consider a "good" body size to enter on?
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