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Trading Made Simple

  • #12,261
  • Oct 3, 2011 1:30pm Oct 3, 2011 1:30pm
I stay in South Africa so to trade the london session is perfect.

I start of with the london session and end my trading in the london / new york overlap.

I'm a full time trader but when I do take a trade I get busy with other things , to watch a 4H TF is worst than watching paint dry.
X-man the legendary conqueror of markets
  • #12,262
  • Oct 3, 2011 1:46pm Oct 3, 2011 1:46pm
Quoting X-Man
I stay in South Africa so to trade the london session is perfect.

I start of with the london session and end my trading in the london / new york overlap.

I'm a full time trader but when I do take a trade I get busy with other things , to watch a 4H TF is worst than watching paint dry.
What a coincidence, I stay also in the South Africa, I live in the Vaal Triangle. Glad to know here are some fellow ZA guys here.
  • #12,263
  • Oct 3, 2011 2:17pm Oct 3, 2011 2:17pm
I am trading the US and Asian trading sessions. If I am awake real early
in the morning, I will trade the London session as well. I am on the East Coast of the US or EST zone. The trading session does not really matter. What matters in the set up.
  • #12,264
  • Oct 3, 2011 2:28pm Oct 3, 2011 2:28pm
Does anyone in here successfully trade the new york session using this method? I stay on the east coast of the united states so the london session is from 3:00 in the morning to 12:00 noon which would be really tough to trade.
  • #12,265
  • Oct 3, 2011 4:09pm Oct 3, 2011 4:09pm
Nice work Callisto. I've been finding in backtesting that I do better without the stoch too. What is the indicator your using that shows your TP levels once you open a trade? I assume you don't manually enter that once a trade is opened.
Everyone's got a plan until they get punched in the face
  • #12,266
  • Oct 3, 2011 4:35pm Oct 3, 2011 4:35pm
Quoting Callisto
this is best open trade, see my Explorer
One question that I still have trouble answering is how to avoid those "headfake" signals prior to the "good one". Is it just a matter of taking those two earlier signals and having them stop out, or is there some way to "see" that these are not the proper entry locations?
Apologize if I am missing something obvious here, but I am new to this. I have read quite a bit of the earlier posts, but I still struggle with the headfake entries.
Thanks
  • #12,267
  • Oct 3, 2011 4:43pm Oct 3, 2011 4:43pm
Quoting funwithbux
One question that I still have trouble answering is how to avoid those "headfake" signals prior to the "good one". Is it just a matter of taking those two earlier signals and having them stop out, or is there some way to "see" that these are not the proper entry locations?
Apologize if I am missing something obvious here, but I am new to this. I have read quite a bit of the earlier posts, but I still struggle with the headfake entries.
Thanks
My interpretation of that chart: I think by the time those first 2 crosses actually painted on the TDI the downturn would be up to its third candle. Following the rules that would be a no trade. Point of interest though if you'd entered on the second cross and set your stop loss at the previous high you'd still be in the money regardless of it being a 3rd candle entry.
Everyone's got a plan until they get punched in the face
  • #12,268
  • Oct 3, 2011 6:01pm Oct 3, 2011 6:01pm
Quoting funwithbux
One question that I still have trouble answering is how to avoid those "headfake" signals prior to the "good one". Is it just a matter of taking those two earlier signals and having them stop out, or is there some way to "see" that these are not the proper entry locations?
Apologize if I am missing something obvious here, but I am new to this. I have read quite a bit of the earlier posts, but I still struggle with the headfake entries.
Thanks
I had trouble with those so I put in all the synergy indicaters you get less trades but higher strike rate I close the trade when the TDI sarts to turn at over bought or oversold level and only trade daily
with this I am doing quite well
  • #12,269
  • Oct 3, 2011 7:54pm Oct 3, 2011 7:54pm
Quoting Dud45
My interpretation of that chart: I think by the time those first 2 crosses actually painted on the TDI the downturn would be up to its third candle. Following the rules that would be a no trade...
Thanks, I remember reading that now (I guess I read it too fast). There is a lot to digest in the beginning. Thanks for pointing that out.
  • #12,270
  • Oct 3, 2011 7:55pm Oct 3, 2011 7:55pm
Quoting aud
The point of your arithmetic example was to suggest that 10 straight losses at 10% was not so bad.

To find out how bad, do the same maths to work out how many straight wins you need to get to B/E.
Exactly
  • #12,271
  • Oct 3, 2011 8:01pm Oct 3, 2011 8:01pm
Quoting piprac
"The point of your arithmetic example was to suggest that 10 straight losses at 10% was not so bad."

Wrong. Neither I nor the scalper ever suggested that 10 straight losses wasn't bad, he was showing that you can survive losses however bad they might be. And it was not my suggestion to trade this way either, after 2 straight losses I am out for the day. This "discussion" is over for me as I don't want to start another hissing contest such as we have seen in earlier pages. Good luck all. p
You call losing nearly 70% of your account surviving?? I call it all but a blown account.......as aud said....do the maths to get yourself out of that hole.....but you are right....we should get back on track.
  • #12,272
  • Oct 3, 2011 8:28pm Oct 3, 2011 8:28pm
Quoting Stumpy1
I had trouble with those so I put in all the synergy indicaters you get less trades but higher strike rate I close the trade when the TDI sarts to turn at over bought or oversold level and only trade daily
with this I am doing quite well
Thanks, I have not investigated the Synergy indicators, but I will take a look.
  • #12,273
  • Oct 3, 2011 8:31pm Oct 3, 2011 8:31pm
Quoting Dud45
Nice work Callisto. I've been finding in backtesting that I do better without the stoch too. What is the indicator your using that shows your TP levels once you open a trade? I assume you don't manually enter that once a trade is opened.
I am interested in that as well. I am thinking it might be a modified Fib Extension Indicator. What makes me think that is the dashed red line between the entry and stop loss. Since you can put any comments in and any percent offset I think that would work. Going to try it if don't hear back from Callisto.
  • #12,274
  • Edited 9:04pm Oct 3, 2011 8:53pm | Edited 9:04pm
Quoting kingclarence
Does anyone in here successfully trade the new york session using this method? I stay on the east coast of the united states so the london session is from 3:00 in the morning to 12:00 noon which would be really tough to trade.
There are local folks doing well during the New York session trading the 30 minute chart. Also try starting at 6:00 am central rather than waiting for New York to open at 7:00; I've seen some good runs start then. Disclaimer: I'm not actually qualified to advise, but I'm catching on. Working on courage now; lately I've spotted good trades, been afraid to get in, then watched it go 80-100 pips while I was sitting on the sidelines. Sigh.
My favorite crochet hook is size J. It's a J-Hook!
  • #12,275
  • Oct 3, 2011 9:55pm Oct 3, 2011 9:55pm
Quoting Dud45
Nice work Callisto. I've been finding in backtesting that I do better without the stoch too. What is the indicator your using that shows your TP levels once you open a trade? I assume you don't manually enter that once a trade is opened.
Just the standard Fibonacci Tool included in every MT4... you can input any setting you like, not need to be 0.382 or 0.618 - make it even numbers, 1, 2, 3, or 1.5, 2.5 and you will see what happens.

Also, the text can be anything you want

For price, put " @ %$ "

You can use it at anytime to judge a trade

Now you have all my secrets
OPPORTUNITY IS NOWHERE
  • #12,276
  • Oct 3, 2011 9:56pm Oct 3, 2011 9:56pm
Hi folks:
Congrats to everyone on all the pips. I was wondering if anyone who trades the 4 hr charts knows which broker platform has the new 4 hr candle forming at 3 am est, which I believe is gmt +2? Thanks for your help.

Jim
  • #12,277
  • Oct 3, 2011 11:00pm Oct 3, 2011 11:00pm
At 16:46 CDT I closed 1/2 of the position @ 1.5435 & moved the SL to BE+2. Still in and going for the 2nd day of trading this pr.
Quoting piprac
Last night at 23:00 CDT, new D. time frame, I sold the gbp/usd @ 1.5527. It was the 3rd red candle but the 1st after a TDI cross; I don't recall if this was ever discuss in the rules and the cross is a little weak but the market seems to favor the USD right now. SL @1.5715 and TP @ 1.5327 (I zoomed out and saw an old support area in Oct 2010, the basis for TP).

It has been up and down from the entry with no great movement but lots of time for it to play out. Hope you all have a good trading day, p.
  • #12,278
  • Oct 3, 2011 11:04pm Oct 3, 2011 11:04pm
I regularly trade the EURUSD during the London session on the H1 time frame. Only 1 trade today. There was no TDI cross until the open of the NY session. Entered with my usual 50 pip TP & 50 pip SL. As the trade got close to the 50 TP, I decided to reset the TP to 200 and ride the PA down, since it appeared to be going lower and the past couple of trading days had also been in a downtrend. After the TP passed 50, I moved my SL to the top of the previous candle (almost BE). I continued to do that at the top of each hour until I was taken out with +141 pips. I was at work all day and did not monitor the trade except for a couple of minutes each hour. Worked out well today. Love the simplicity of this system and of course, a good downtrend today. Thanks Big E!!!!
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  • #12,279
  • Oct 3, 2011 11:16pm Oct 3, 2011 11:16pm
Quoting Phx62
I regularly trade the EURUSD during the London session on the H1 time frame. Only 1 trade today. There was no TDI cross until the open of the NY session. Entered with my usual 50 pip TP & 50 pip SL. As the trade got close to the 50 TP, I decided to reset the TP to 200 and ride the PA down, since it appeared to be going lower and the past couple of trading days had also been in a downtrend. After the TP passed 50, I moved my SL to the top of the previous candle (almost BE). I continued to do that at the top of each hour until I was taken out with...
Nicely done - I had a similar trade running from Friday with TP1 and TP2 hit, so nice result and a great start to the week - my entries were on the H4.
"To live with Passion, it takes Courage and Grace to survive"
  • #12,280
  • Oct 3, 2011 11:19pm Oct 3, 2011 11:19pm
Anyone watching this one - it is the 3rd candle - waiting for PA to head south
Attached Image (click to enlarge)
Click to Enlarge Name: eur cad day 10-3.gif Size: 27 KB
"To live with Passion, it takes Courage and Grace to survive"
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