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Trading Made Simple

  • #12,281
  • Oct 3, 2011 11:43pm Oct 3, 2011 11:43pm
Quoting bigjim1958
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
Hi Jim,

I trade with Go Markets and their server time is GMT + 2. Cant tell you if there is a candle change at 3am EST though as I'm in Aus.

Dud
Everyone's got a plan until they get punched in the face
  • #12,282
  • Oct 4, 2011 12:10am Oct 4, 2011 12:10am
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
Greetings Funwithbuxfizz,

Just for your interest, look up Nial Fuller 'fakey' set ups/trades on you tube. Free info that you may find useful.

Best wishes and sensible trading.

(80 pips up on the Asian session right now, with 3 trades still open with London and New york yet to open)
'Fail to plan, plan to fail'
  • #12,283
  • Oct 4, 2011 3:22am Oct 4, 2011 3:22am
live trading

sell eurusd h1

Attached Image (click to enlarge)
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  • #12,284
  • Oct 4, 2011 3:23am Oct 4, 2011 3:23am
Quoting Callisto
Just the standard Fibonacci Tool included in every MT4...
Thanks Callisto!
Everyone's got a plan until they get punched in the face
  • #12,285
  • Oct 4, 2011 3:31am Oct 4, 2011 3:31am
Quoting amiralifx
live trading

sell eurusd h1

Attachment
I see it.

Good cross and downward trend but big UK news out in minutes and also looking left theres a big support level not far off. Below 50 on the rsi too

Having said that it seems highly likely to continue downwards doesnt it. (famous last words!)
  • #12,286
  • Oct 4, 2011 4:58am Oct 4, 2011 4:58am
Just a reflection.

You know, i'm becoming more relaxed with my trading. I'm trading the daily mostly, and learning to trust the dominant trend. My stop loss has always been a sore point, but now, i give it plenty of room, and as it happens, i have a similar attitude to Big E on that subject, and it's making sense.

120 pips taken so far today, and short on A/U and E/U at the moment in the red, but that's okay. Price always swings back to join the trend. Until the trend changes....
'Fail to plan, plan to fail'
  • #12,287
  • Oct 4, 2011 5:05am Oct 4, 2011 5:05am
Quoting gamekeeper
I see it.

Good cross and downward trend but big UK news out in minutes and also looking left theres a big support level not far off. Below 50 on the rsi too

Having said that it seems highly likely to continue downwards doesnt it. (famous last words!)

Yep, support at 3150 on the E/U. I'm just looking to grab around 50 pips when it heads south.

Good trading to you.
'Fail to plan, plan to fail'
  • #12,288
  • Oct 4, 2011 5:08am Oct 4, 2011 5:08am
Quoting Guitarbloke
Just a reflection.

You know, i'm becoming more relaxed with my trading. I'm trading the daily mostly, and learning to trust the dominant trend. My stop loss has always been a sore point, but now, i give it plenty of room, and as it happens, i have a similar attitude to Big E on that subject, and it's making sense.

120 pips taken so far today, and short on A/U and E/U at the moment in the red, but that's okay. Price always swings back to join the trend. Until the trend changes....
Really well done, very cool pips. I think i recall BigE saying he often doesnt use a SL.

Are you setting take profit levels using ATR?
  • #12,289
  • Edited 5:47am Oct 4, 2011 5:36am | Edited 5:47am
Quoting gamekeeper
Really well done, very cool pips. I think i recall BigE saying he often doesnt use a SL.

Are you setting take profit levels using ATR?
Hey Gamekeeper,

Bare in mind i am a boofhead guitarist off the street and know less and less everyday, particularly about trading. But we pick up a few things along the way i hope.

My TP levels are simple, and based on support/resistance levels, so probably not a good example or textbook stuff. But i'm starting to let a trade run more to get confidence. I just always look left. If i'm away from the screen, i set my stop loss like Big E does. A few pips beyond previous high or low? Correct me if i'm wrong, check E's rules.
I'm yet to look at ATR's, but that makes sense to do so. Lots of demo screen time and studying old chart's, and just getting in there and having a go (on demo) is helping me. I read, read, demo trade, read, demo trade, read, demo trade, and look to absorb and be educated. Of course, live trading will be different, and i look forward to it, but i want confidence in my trading technique before i trade with money. Having said that, i will be trading a micro account shortly, and prepared to lose a couple of bucks. I need confidence and confirmation of my trading strategy firstly. I might sound a bit blase, but Risk reward and money management is a serious business, and we should take it seriously.

EDIT: There are more knowledgable heads around here than me re TP level advice, Gamekeeper. It may've already been covered on the thread somewhere, or on page 1 etc.....

Best wishes. G-bloke.
'Fail to plan, plan to fail'
  • #12,290
  • Oct 4, 2011 5:39am Oct 4, 2011 5:39am
how to make chart screenshoots?
  • #12,291
  • Oct 4, 2011 6:01am Oct 4, 2011 6:01am
Not sure Raa, but are you in a trade?

Welcome.
'Fail to plan, plan to fail'
  • #12,292
  • Oct 4, 2011 6:05am Oct 4, 2011 6:05am
hello.. ty :] yeaaa.. eurgbp 4h long enter - 0.8574
  • #12,293
  • Oct 4, 2011 6:27am Oct 4, 2011 6:27am
Quoting Raa
how to make chart screenshoots?
Right click, " Save As Picture " - " Active Chart (as is) "

Is this how you see it?
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OPPORTUNITY IS NOWHERE
  • #12,294
  • Oct 4, 2011 6:34am Oct 4, 2011 6:34am
ty.. i entered on 2 candle (last blue candle).. looks all good.
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  • #12,295
  • Oct 4, 2011 6:57am Oct 4, 2011 6:57am
Quoting Raa
hello.. ty :] yeaaa.. eurgbp 4h long enter - 0.8574
Okay. Are you trading against the trend? Even though EU/GBP is seeming to range a bit?

Best wishes.
'Fail to plan, plan to fail'
  • #12,296
  • Oct 4, 2011 7:05am Oct 4, 2011 7:05am
you could go to 1 Hour and play it like this, with the trend, whatever your plan and signals tell you to do
Attached Image (click to enlarge)
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OPPORTUNITY IS NOWHERE
  • #12,297
  • Oct 4, 2011 7:07am Oct 4, 2011 7:07am
Nice long setup on the new 4H, 07:00 CDT. I am probably 50/50 trading this pr but the TDI looks very good so I'm in. My gbp/usd still running.
  • #12,298
  • Oct 4, 2011 7:17am Oct 4, 2011 7:17am
Quoting piprac
Nice long setup on the new 4H, 07:00 CDT. I am probably 50/50 trading this pr but the TDI looks very good so I'm in. My gbp/usd still running.
Hi Piprac,

What would be your Take profit? 8700 ish?

Best wishes.
'Fail to plan, plan to fail'
  • #12,299
  • Oct 4, 2011 7:45am Oct 4, 2011 7:45am
Quoting Guitarbloke
Hi Piprac,

What would be your Take profit? 8700 ish?

Best wishes.
No, .8595 which is an intermediate R zone. The ATR for the 4H is only 29 and this pr can be quite choppy so I am not looking for much. The pip value is much higher than the E/$ or G/$. Right now I'm up 10 pips
  • #12,300
  • Oct 4, 2011 8:01am Oct 4, 2011 8:01am
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp entry.jpg Size: 324 KB


Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp close.jpg Size: 307 KB


This is a trade I just closed. The TDI was pointing up to the 1 o'clock position. The 5 minute chart was pulling back. I closed the trade at
8580
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