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Trading Made Simple system follower - Thanks to eelfranz 9 replies

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  • #13,881
  • Nov 30, 2011 2:38am Nov 30, 2011 2:38am
[quote=Phx62;5179083]In answer to your comments, attached is a chart for the three trades I took this morning.

Excellent and thanks.

I still use Tradestation so my HA bars are sometimes a little different
  • #13,882
  • Nov 30, 2011 2:58am Nov 30, 2011 2:58am
I would like to join in and thank Phx62 for his explanations and charts detailing his trades. Extremely helpful to learners like me and others.
  • #13,883
  • Nov 30, 2011 3:20am Nov 30, 2011 3:20am
Quoting mikiantony
Thnk you that helps.

Do you enter without a TDI cross (Just a color change and breach of high of previous candle) Otherwise on my chart this morning the sharp reversal long would have peaked before a cross. Be interested to see how you handled this morning

regards
While trading it with the TDI crossing on the open bar is the more aggressive entry (so you will gain more pips when it goes onside and quicker) you will also get bounced out a lot more with, with the bar closing the TDI moving away - see it on a hindsight chart and say - there was no cross there and the bar wasn't the right colour (actually at the time there was a cross and the bar WAS the right colour, it only has to move a pip to change!)
I prefer to wait for the bar to close, gauge the momentum, then see how and where the new bar opens, then consider entering - yes this a post-momentum, more conservative entry and often will get you in, if you enter straight away, right where price is (if you believe Stochastics...) is due to pull-back from. You have 2 choices. Enter there and then or drop to a lower timeframe for a pullback entry (not part of this systems rules but it's something you can do to get a better price etc). The current bar, if you use bar analysis is a lie until that bar closes. If you look at the good entry candles w.r.t HA/APB and compare them to candlesticks, hopefully you'll notice they are usually momentum bars - i.e. BEOB, BUOB.

http://i1236.photobucket.com/albums/...unrgguy/ex.gif
  • #13,884
  • Nov 30, 2011 4:21am Nov 30, 2011 4:21am
Hey everyone. I've been reading quite a bit on this thread and it seems fairly newbie friendly. I've recently started trading live after lots of demo success and I'm sad to say I've been doing horribly. I don't know if it's my nerves or bad luck, but I've lost over $300 in two days. Is this method safe for those of us new to the game or is it reserved for the more advanced players? Thanks!
  • #13,885
  • Nov 30, 2011 7:28am Nov 30, 2011 7:28am
Hello All,

This is my first post here; in fact, I recently joined FF just so I could interact on this thread. I just wanted to say a big Thank You to Eelfranz for opening my eyes to this method. I'm up over 400 pips this week on two days of trading. This method definitely takes the stress out of trading.
  • #13,886
  • Nov 30, 2011 7:40am Nov 30, 2011 7:40am
It is insane..
Anyone knows what just happened?
Nevermind...
The AUDUSD pair is a lovely one
  • #13,887
  • Nov 30, 2011 7:45am Nov 30, 2011 7:45am
Quoting tex_pn
It is insane..
Anyone knows what just happened?
Nevermind...
The AUDUSD pair is a lovely one
NEWS!!!
  • #13,888
  • Nov 30, 2011 7:51am Nov 30, 2011 7:51am
Quoting tex_pn
It is insane..
Anyone knows what just happened?
Nevermind...
The AUDUSD pair is a lovely one


The Fed -- along with central banks of the eurozone, England, Japan, Switzerland and Canada -- announced a coordinated plan to lower prices on dollar liquidity swaps beginning on December 5, and extending these swap arrangements to February 1, 2013.

The effort is meant to "ease strains in financial markets," the Federal Reserve said in a press release.

Meanwhile, the People's Bank of China also announced a plan to increase liquidity Wednesday by lowering its reserve requirement ratio for financial institutions by half a percentage point.

U.S. stock futures surged after the announcement and European markets rose sharply.
It Is Well With My Soul..(Amen)
  • #13,889
  • Nov 30, 2011 8:58am Nov 30, 2011 8:58am
Quoting tex_pn
It is insane..
Anyone knows what just happened?
Nevermind...
The AUDUSD pair is a lovely one
So is the EUR/AUD
  • #13,890
  • Edited 4:47pm Nov 30, 2011 9:55am | Edited 4:47pm
I'm not quite interested in pairs that fail to move a lot of pips in a given period of time. Beside that I have huge spread on euraud.

L.E. I prefer 2 pairs or maximum 3 to monitor at the same time, because i discovered that if i have more than that i usually end by not seeing good entry points on so many charts.
  • #13,891
  • Edited 10:25am Nov 30, 2011 10:02am | Edited 10:25am
So I am going to attempt to post a chart of a GU entry I took this morning. To figure out if my analysis was correct or if I got lucky.

Please dont look at it and say nice entry, good job, and all of that other baloney praises because you can see what actually occurred to the right of it. (I see this way too often)

When I looked at it this morning I entered as the candled formed. Problem is the candle is over 80 pips. As it formed I entered as soon as the TDI gave a cross. At that time the candle was 50- 60 pips. So I was worried a pullback might occur. Now with the method, when we enter are we paying attention to the size of the candle in this way (If the candle moves this much to wait for the pullback even though, we had a valid signal in my opinion)

I thought the move might not have any steam left in it since the swing low to the top of that candle was a bout 100 pips. I might be over thinking this.
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  • #13,892
  • Nov 30, 2011 10:20am Nov 30, 2011 10:20am
Quoting tex_pn
I'm not quite interested in pairs that fail to move a lot of pips in a given period of time. Beside that I have huge spread on euraud.

L.E. I prefer 2 pairs or maxim 3 to monitor at the same time, because i discovered that if i have more than that i usually end by not seeing good entry points on so many charts.
I feel you.I monitor a lot of pairs at the same time but i trade the daily charts so its easy.Just check all of them at 5:00pm every day.

Im currently in 4 trades right now
  • #13,893
  • Nov 30, 2011 10:42am Nov 30, 2011 10:42am
Quoting hale-mary
So I am going to attempt to post a chart of a GU entry I took this morning. To figure out if my analysis was correct or if I got lucky.

Please dont look at it and say nice entry, good job, and all of that other baloney praises because you can see what actually occurred to the right of it. (I see this way too often)

When I looked at it this morning I entered as the candled formed. Problem is the candle is over 80 pips. As it formed I entered as soon as the TDI gave a cross. At that time the candle was 50- 60 pips. So I was worried a pullback...
Personally I'd enter on the next candle following the momentum - it opened blue and there's a nice gap from the 5 which is a good indication, too many times I've seen TSD cross and uncross on the 'live candle', price is almost guaranteed to pull back so I'd either go to the lower TF and use that for entry or enter on the close with a larger stop. I know others here are not trading it that way but taking the live bar often whipsaws.
  • #13,894
  • Nov 30, 2011 11:07am Nov 30, 2011 11:07am
Quoting nunrgguy
Personally I'd enter on the next candle following the momentum - it opened blue and there's a nice gap from the 5 which is a good indication, too many times I've seen TSD cross and uncross on the 'live candle', price is almost guaranteed to pull back so I'd either go to the lower TF and use that for entry or enter on the close with a larger stop. I know others here are not trading it that way but taking the live bar often whipsaws.
Okay, I think X-man does something similar. I may have been taking that tiny blue candle into consideration, hence overthink it.
  • #13,895
  • Nov 30, 2011 1:47pm Nov 30, 2011 1:47pm
Eelfranz, I have been following your thread from the start and would like to say thank you sir! The unselfishnes you've shown towards your fellow traders is unbelieveable!! You indeed are a rare person! Thanks again!
Enter Signature
  • #13,896
  • Nov 30, 2011 4:28pm Nov 30, 2011 4:28pm
Hi Eelfranz and other experts on this thread,

I am interested in this system and have been trying it out over the last few weeks using a MT demo account. However, I have not been doing too well and am a bit unsure as to why most of my trades are failing. Please see the following charts for 2 trades made today.

1. I went short on gbpusd at 7am GMT. The trend continued for the next candle (8am) and then reversed at about 11am wiping out the small gain and resulting in a failed trade.

2. I went long on usdchf and a similar thing happened.

I believe it would have been difficult to easily see this reversal only using the 4 hour candles so wonder whether people monitor using shorter time frames. If I had simply left until the 12am candle then both trades would have already failed.

I seem to keep getting caught out with reversals between the 4 hour periods. I am using approximately the same timeframes Eelfranz recommends, i.e. from about 7am GMT, and I am using 4 hour HA candles. I work during the London day so cannot easily monitor and exit trades so I usually set a SL using the high/low of the previous 2 candles and a similar TP.

Any advice would be appreciated. Thanks

Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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  • #13,897
  • Nov 30, 2011 5:13pm Nov 30, 2011 5:13pm
Quoting kingclarence
So is the EUR/AUD

I CONCUR

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It takes a lot for me to IGNORE you, but you can try.
  • #13,898
  • Nov 30, 2011 5:55pm Nov 30, 2011 5:55pm
Quoting hale-mary
So I am going to attempt to post a chart of a GU entry I took this morning. To figure out if my analysis was correct or if I got lucky.

Please don't take it personal or consider criticisim as I am giving my opinion based on what I see or how I trade which may not necessarily be correct. There are many ways to skin the cat and therefore every trader has different approach than another.

Today many people got lucky including myself who were in the trade or jumped in after the news. In a nutshell you have traded the news and was lucky to be on the right side.

In normal circumstances, this setup was worth not more than 50 pips as price was stalling both ways just before the blue bar your marked with arrows (interestingly the range is defined between the two arrows). If your aim was 50 pips you took a good trade based on the bar size.

I don't trade H1 setup and aim more than 50 pips therefore, my entry would have been once price close over and above the downward arrow because now price is having some direction.


P.S. Refer few posts below yours and you will notice the same issue of price turning and reversing right after execution.
Forex is boring but profitable with patience and discipline
  • #13,899
  • Nov 30, 2011 8:35pm Nov 30, 2011 8:35pm
hello guys,

I'm pretty new using this system and I noticed that during news it's harder to trade.

Experienced traders using TMS, do you trade during news?



regards.
let's skype: @elchinoazul
  • #13,900
  • Nov 30, 2011 9:42pm Nov 30, 2011 9:42pm
Quoting Scoobied
Hi Eelfranz and other experts on this thread,

I am interested in this system and have been trying it out over the last few weeks using a MT demo account. However, I have not been doing too well and am a bit unsure as to why most of my trades are failing. Please see the following charts for 2 trades made today.

1. I went short on gbpusd at 7am GMT. The trend continued for the next candle (8am) and then reversed at about 11am wiping out the small gain and resulting in a failed trade.

2. I went long on usdchf and a similar thing happened.

I...
Scoobied,

Revisit your chart setup. You are missing the moving average (MA). The green line plotted across your HA candles is a price line graph not a moving average.

You can turn that price line off by going into chart properties-colors-line graph-none. Then go into your indicators and build yourself the correct MA.

I believe there are plenty of examples within this thread on how to set up your charts.

The yellow line below is a 5MA on a 4hr GU chart with an offset of 2, looks nothing like your green price line. Got it???

Hope that helps,
JD


Attached Image (click to enlarge)
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It's Easy To Get In;.. It's Hard To Get Out
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