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Trading Made Simple

  • #13,061
  • Oct 29, 2011 12:43pm Oct 29, 2011 12:43pm
I read somewhere "Only make decisions based on closed candles" so it doesn't change its mind & go the other way after you get in.
My favorite crochet hook is size J. It's a J-Hook!
  • #13,062
  • Oct 29, 2011 1:22pm Oct 29, 2011 1:22pm
Quoting Oyapoke
Thank you! I asked this question because I think that sometimes you "anticipate" the intersection of TDI. For example 24 to 17 hours Tuesday, and I was wondering on what basis you did (the slope of STOC?)
Best regards

Oyapoke
No, I never "anticipate" the intersection of the TDI. After the first trade on the 24th closed, there was a double bottom on the 13:00 and 14:00 candles and the Stoch was below the 20 line indicating to me that the London session had probably reached it's low for the day. I then began looking for a long trade with TDI and Stoch agreement. Once the 16:00 red candle closed, the TDI green line had crossed over the red line (see where the yellow line intersects the TDI) and the 50 line. I then waited for the 17:00 candle to break past the top of the 16:00 red candle (just to be sure it was going to continue long), checked the stoch for agreement and then entered the trade with my usual 50 pip TP & 50 pip emergency SL. After entering the trade, I went to work. If I had monitored the trade, I may have taken a few more pips. Hope this explains my thought process a little better.
  • #13,063
  • Oct 29, 2011 1:50pm Oct 29, 2011 1:50pm
Quoting Phx62
No, I never "anticipate" the intersection of the TDI. After the first trade on the 24th closed, there was a double bottom on the 13:00 and 14:00 candles and the Stoch was below the 20 line indicating to me that the London session had probably reached it's low for the day. I then began looking for a long trade with TDI and Stoch agreement. Once the 16:00 red candle closed, the TDI green line had crossed over the red line (see where the yellow line intersects the TDI) and the 50 line. I then waited for the 17:00 candle to break past the top of the...
Phx62, thank you for your detailed explanations. I think I understood and it is precious!
Have a nice weekend
Oyapoke
  • #13,064
  • Oct 29, 2011 3:06pm Oct 29, 2011 3:06pm
Quoting MichaelSimon
Hey Oya,
Just a quick note as I have been tackling just that issue myself lately.
A couple weeks ago I started taking trades by anticipating a cross. It was part of a bigger problem really. The urge to always put trades on. When I didnt see a real setup on my tf (usually h4) I would start switching back and forth trying to anticipate when the cross would be from the relation to the lower tf's. This past Monday I trashed that account as it went pretty much to hell (demo) and went back to basics. Working on patience and discipline.
That's mainly...
Michael, Thank you for the advice, but also Phx62 told it did not anticipate!
Have a nice weekend
Oyapoke
  • #13,065
  • Oct 29, 2011 5:47pm Oct 29, 2011 5:47pm
I would like to share a projection/MM spreadsheet for a micro account in which we can see that modest goals can produce very good results when they are achieved consistently.
Now, this is facilitated by the fact that the weekly goal is 64 pips ;-)
There are many ways to make 16 pips 4 times a week, key is to always get them and at least for the first six months limit yourself to the 64 strictly.
One approach would be like trade AFTER the first movements in London session, 9 am GMT following the trend.
Typically R:R is 1:1 as you would run a 16 pip mental stop, killing off the losers early.
TMS works fine, just keep to the 16 pip TP and kill losers EARLY.
Risk is at 5%, (small balance), leverage at 200:1, account leverage approx. at 10:1 throughout.
Hopefully it will help someone out that is even more clueless about MM than myself...LOL
Attached File(s)
File Type: xls Micro_MM.xls   16 KB | 746 downloads
  • #13,066
  • Oct 29, 2011 7:55pm Oct 29, 2011 7:55pm
Phx62, I noticed the trade you entered on the 27th that made you 200 pips I'm assuming you entered that as a bounce trade? or did you have other reasons for entering at that point?
Attached Image
  • #13,067
  • Oct 29, 2011 11:04pm Oct 29, 2011 11:04pm
Hello Friends:

Long time lurker, first time poster. In fact, this thread is the only reason I even signed up. Been doin' Forex for two years now and would like to ask the long runners here a question on their opinions of the stochastics indicator in this system. It has been said that it is more of a reference or confirmation on the TDI. For my own part, I find it redundant and somewhat useless; even to the point of confusing the signal of the TDI. Never been a fan of the indicator so after a little while I took it off and been watchin' the charts with just TDI, Support and Resistance indicator, APB, and TDI Angle indicators. The 5 MA shift I have, but barely look at except how it is interacting with PA and my intended exit...My question is this: Do you guys refer to the stochastics very often or not at all as you gain experience? I have seen in this thread early on that someone else took it off entirely, but they didn't really say why and nobody replied to it as far as I could see. I sincerely look forward to your responses. (not lookin' ta change the system, rather just personlizin' it a bit)
Big E, Your straightforward approach in your posts are refreshing and down to earth. Actually signing up is the biggest complement I can give. Thanks.
"IN CASH WE TRUST"
  • #13,068
  • Oct 30, 2011 2:22am Oct 30, 2011 2:22am
Quoting usdtrader
Phx62, I noticed the trade you entered on the 27th that made you 200 pips I'm assuming you entered that as a bounce trade? or did you have other reasons for entering at that point?
I did enter that trade as a bounce trade but I considered other criteria before entering.
First: I knew the EU had been ranging for 3+ days. When that occurs, there generally is a huge move (long or short) following a breakout of that range (indicated by the orange lines).
Second: The Asian session PA made a very strong move up breaking the top of that range, followed by a small consolidation during the first couple of hours of the London session. I only trade the London session, so did not enter during the Asian, even though there were a couple of strong TDI crossovers.
Third: Based on previous experience and many hours of studying charts, I knew the trend should continue long. I waited for a break of the high of the 1st London candle (indicated by the little white line near the trade entry) and entered as the TDI green separated from the red. Based on these criteria, I was fairly comfortable breaking a couple of the TMS rules....entering on the 4th blue candle, not the 1st or 2nd.....and seeing the Stoch near the top of the range.
I entered with my usual 50 pip TP and 50 pip emergency SL. As PA strengthened (the candles got longer with no wicks at the bottom), I moved my TP to 200 and moved my SL at the close of each candle to 5 pips below that candle, until the TP was hit. If the PA had failed to hit the TP, I would have exited when the first red candle appeared (in this case with 160 pips or so) or been taken out by my trailing SL (150 pips or so).
Hope this explanation makes sense to you. Best of luck to you in your journey to trading success.
  • #13,069
  • Oct 30, 2011 3:47am Oct 30, 2011 3:47am
Quoting funwithbux
113 pages of "summation" bliss! Congrats on what must have taken you quite some time to put together. I know, I have tried it myself.
I am sure there are those who will say there is no substitute for reading the whole forum, but, then they are probably much younger than me and have that sort of time to kill.
I, for one, appreciate this huge effort on your part.
Thanks.
Me TOO! been trying to catch up for months... Maybe I am too analytical... You guys post faster than I can read...... lol
"It always seems impossible until it is done" Nelson Mandela
  • #13,070
  • Oct 30, 2011 6:45am Oct 30, 2011 6:45am
Quoting Phx62
Ranging market most of the week. Results for the week posted in the attached chart.
Hi Phx62.

Excellent again. Thanks.Still trying to match your results.

2 Questions.

Entry on Signal. If price has gone too far at time of entry do you consider setting a limit order to anticipate a Pullback or is it always at market.

The thurs am signal had already moved 100 pips odd by 8am but you still took a trade. Do you ever not take it because the market has gone too far ?

regards

miki
  • #13,071
  • Oct 30, 2011 11:48am Oct 30, 2011 11:48am
Quoting MichaelSimon
Hey Oya,
Just a quick note as I have been tackling just that issue myself lately.
A couple weeks ago I started taking trades by anticipating a cross. It was part of a bigger problem really. The urge to always put trades on. When I didnt see a real setup on my tf (usually h4) I would start switching back and forth trying to anticipate when the cross would be from the relation to the lower tf's. This past Monday I trashed that account as it went pretty much to hell (demo) and went back to basics. Working on patience and discipline.
That's mainly...
Thanks Michael for sharing your experience. I would like to encourage you to maintain the attitude you are currently cultivating of being willing to stop what you are doing when you find yourself frustrated and being willing to discipline yourself to go back to the basics.

I did the same thing myself back in 2004 in a live account and I have never regreted that decision. I began my trading education in 2003 so I was only a year down the road when I began to see my own inner "demons" so to speak. And I knew that traders are truly trained from the inside - out. The mental part of this business is more important than all the understanding we will ever have about indicators and the like.

Trade well and God bless,
Michael
  • #13,072
  • Oct 30, 2011 12:52pm Oct 30, 2011 12:52pm
So did anybody go short?
Attached Image (click to enlarge)
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  • #13,073
  • Oct 30, 2011 1:42pm Oct 30, 2011 1:42pm
Quoting mikiantony
Hi Phx62.

Excellent again. Thanks.Still trying to match your results.

2 Questions.

Entry on Signal. If price has gone too far at time of entry do you consider setting a limit order to anticipate a Pullback or is it always at market.

The thurs am signal had already moved 100 pips odd by 8am but you still took a trade. Do you ever not take it because the market has gone too far ?

regards

miki
1. I seldom trade with pending or limit orders.
2. The Thursday trade was a rare exception and was taken outside the rules of my trading plan. I took that trade based on the criteria I explained in my last post and was fortunate enough to be right this time. I also monitored that trade very closely and was willing to risk a small loss if it went against me. I fully understand that trading outside the rules of a trading plan will only lead to failure and frustration. Successful trading comes from developing your own trading plan and executing it over and over again. You just have to put in the time and work to do that. My plan calls for opening a trade when the rules have been met and it is based on the system presented by Big E in the two threads he graciously shared with us. Thanks, Big E.
  • #13,074
  • Oct 30, 2011 2:44pm Oct 30, 2011 2:44pm
Quoting flyswatter77
Thanks Michael for sharing your experience....
...
Trade well and God bless,
Michael
Hey Michael,
Thanks for sharing and for the encouraging words. I wonder if you will be sticking around now that you're here. I'm sure we would all love to pick the brain of an experienced trader. The more the merrier

@Hutrader: The last bar of the week left a few potential setups, but I wouldnt trust that they will be there when market opens in a couple hours.
I think its best to wait and do our homework when there is some movement. Even the analysis I've been doing on my charts, is all pending and depends on what happens over the w/e.

By the way, anyone plan on trading the Asian session when it starts or do you mostly wait for London open?
I reckon we should probably let things develop for a few hours before doing any trading.
Is it just me that feels like things can get completely changed over the weekend? I wonder...
  • #13,075
  • Oct 30, 2011 3:36pm Oct 30, 2011 3:36pm
Quoting hutrader
So did anybody go short?
Yes i am in this one, hopefully it will continue. I hate these weekend carryovers, maybe i should have taken a small -8 before closing Friday, we'll see if it continues, i will be watching it close.
  • #13,076
  • Oct 30, 2011 3:55pm Oct 30, 2011 3:55pm
Quoting hutrader
So did anybody go short?
Caution - ypur chart is showing higher lows even though TDI is showing a cross south.

You could look at this as a divergence signal but you will need PA to support the signal.

Not sure this helps, but I am sitting out until we get PA.

Cheers
"To live with Passion, it takes Courage and Grace to survive"
  • #13,077
  • Edited 4:29pm Oct 30, 2011 4:15pm | Edited 4:29pm
I went short. PA is nice a red and the h1 is confirming with a strong sell signal.
If it was mid week I would wait to make sure we broke range.
Also - I should have waited for price to drop below 4132 which is the last fractal level.. I would have been less
If I'm lucky I wont pay for my mistake, or maybe if I'm lucky I will pay for my mistake, and learn for next time..
Attached Image (click to enlarge)
Click to Enlarge Name: eu short oct 30.jpg Size: 221 KB


Hope we all have a wonderful and profitable week.
  • #13,078
  • Oct 30, 2011 4:28pm Oct 30, 2011 4:28pm
Now taking off the HA bars and looking at candles I see the red HA was a result of the ~21 pip gap down from the w/e.. and we are actually looking at a bullish candle.. Another rookie mistake..
Well the gap is almost filled. Usually once it's filled we will see price turn back right? Guess we will see..
  • #13,079
  • Oct 30, 2011 5:15pm Oct 30, 2011 5:15pm
Took a 28 pip hit for my bad decision. I guess the bright side is that it's a cheap, yet valuable lesson.
Would have let it ride with sl at last swing but the signs are all against me, confirmed by h1 and I dont want to risk another 85 pips. I can always get back in if there is a new setup.
round 1 - inner demon

I'll do better in round 2
Attached Image (click to enlarge)
Click to Enlarge Name: eu short close oct 30.jpg Size: 105 KB
  • #13,080
  • Oct 30, 2011 5:25pm Oct 30, 2011 5:25pm
Quoting LazyLobster
Hello Friends:

Long time lurker, first time poster. In fact, this thread is the only reason I even signed up. Been doin' Forex for two years now and would like to ask the long runners here a question on their opinions of the stochastics indicator in this system. It has been said that it is more of a reference or confirmation on the TDI. For my own part, I find it redundant and somewhat useless; even to the point of confusing the signal of the TDI. Never been a fan of the indicator so after a little while I took it off and been watchin' the charts...
Hi Lobster,

With regards to Stochastics, I have been using one of the divergence indicators for the lower timeframes - H1 and below. So far I have yet to have a TDI Cross contradicted by the Stoch, but then I am trading on the H4 and Day charts, so probably less false signals.

The TDI does seem to contain the elements needed along with the candles, I a like to follow the RSI and do run with RSI set to 10 in the background.

For the higher timeframes I am still hovering between APB and traditional candles - I am always looking to have PA to confirm the TDI Cross, and the usual issues with S/R and Big Round Numbers.
"To live with Passion, it takes Courage and Grace to survive"
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