X-Man's Super Simple System | Page 187 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Super Simple System for Scalping 180 replies

Please suggest a simple & effective Method/System of "Trading System" Forum to newbie 182 replies

Super Simple System 314 replies

Another great Breakout GBP/JPY System (Dachel's Simple system) 62 replies

X-Man's super simple system 4 hour method 1 reply

Attachments: X-Man's Super Simple System
Exit Attachments

X-Man's Super Simple System

  • #3,721
  • Feb 3, 2012 6:45pm Feb 3, 2012 6:45pm
So this is a test chart to see whether people can understand my entries and exits I post.X-man, Let me know if it is good enough so I can post more.

So here the trade. SL is above the candle marked with a down arrow. Entry is when the candle appeared to break the resistance area or what some might call the 1 2 3 pattern. I entered. Price moved down 25 to 30 pips. At that time I moved my SL to BE and got hit. Only to see it go down more. I recall phx62 mentioning he moved his SL to BE everytime price moved this much.

TP was 50 pips. But here is the thing. I am somewhat nerous with the TP as I am not sure it will hit. As in not sure HOW to watch for levels of penetration or stalling. What is a strong level. What signals to let the trade run.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.jpg Size: 127 KB
  • #3,722
  • Feb 3, 2012 7:02pm Feb 3, 2012 7:02pm
@hale-mary:
I am not X-Man or phx62, but I would set my TP in this case to the level, where you can see the support-line in form of the green dots/ diamonds. When price approaches this TP, you could think of moving your TP to the next support-level, setting the SL to BE and monitor the trade closely.
  • #3,723
  • Feb 3, 2012 7:26pm Feb 3, 2012 7:26pm
Quoting hale-mary
Its more of a TP problem....when to get out. As i think I am getting the hang of entries. But I wont say anything yet, The BE is necessary as the trades would end up in a loss. BE is better than a loss. I just hate getting BE when I know I can get a profit. I can post trades when I make a profit as well, but it does not make sense unless I am consistent.

Hi HM,
I read all the posts and replies relating to this subject and just want to come back to this post you made above.
First, I am glad that you are getting better with entries and your confidence is showing more recently. That is a positive sign, and I am happy to read this in your post.

I think I see the 'problem' (if I may call it) you have now and this is very common with many new traders learning to trade the market whether it is equity, forex, futures, etc. I have been there before and I've gotten wiser.

If you can send me those trades you did this week, or for that matter, any trade which you want me to look at in detail.
I need to know only the date and time of :
- trade entry i.e. entry price (EP) and initial Stop Loss (SL)
- exit(s)

You can PM me or use this thread so that more can benefit from it.

Have a good weekend,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #3,724
  • Feb 3, 2012 7:57pm Feb 3, 2012 7:57pm
Hi S3 traders,

Your weekend exercise is to study the attached chart. For those who know this, then next week should be good trading week. If you are new to this, please first try to learn on your own what is shown on the attached chart, then ask questions when you do not have the answers.

One frequent question traders asked is always "how can we know that the market will continue in our trade direction ....."
The Answer is always: " We do not know".

Trading this S3 system/method is ... we need to see Price Action >Momentum >Strength.

X-Man’s S3 is still a very much a technical method and I must say it is a good one. To make this into a trading system requires each one to work on his/her own. To build a trading system is itself is another huge topic on its own to discuss and work on. This is outside the scope of this thread/forum. Just to be clear at this point, a trading system which I am referring to is not a trading robot or EA whatsoever . Let’s get that right about what I meant.

Many new traders still have not develop their individual edge in trading this system. We all learn from the trade examples shared by more experienced traders like Phx62. But to be honest, we can never be like him. One reason is that we all do not have the same brain/mind. Our mind drives us – our discipline, our psychology, .... The so called winning edge is unique to each one and is something we each have to develop when we are trading this S3 or any system.

But we can be prepared for that with a good trade management method.

We all must always enter into a trade with a plan.
There are a few things you must know before and when you enter a trade.
You must always have one entry price and two(2) exit prices.
1. Your Entry Price (EP)
2. Your Initial Stop Loss (SL) this is your first exit price!
3. Your Target Profit (TP) this is your FINAL exit price.

...in between your EP and FINAL TP can be several exits.

Q. Do you trade single entry/single exit or single entry/multiple exits?
Q. Do you trade multiple entries/multple exits?
Q. When to and How to scale-out postions?
Q. When to and How to scale-in positions?


... to be continued /-

have a good one!
Attached Image (click to enlarge)
Click to Enlarge Name: Trade Mangement using R-multiple.png Size: 62 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #3,725
  • Feb 4, 2012 12:08am Feb 4, 2012 12:08am
i have been studying x-mans s3 system for a while now , also TA and baby pips, on a 10 year old borrowed laptop , which locks up if i try to have too many pages open at once , so i know its not powerfull enough . i have learned quite a lot on my friends old computer , but now i'm ready to buy one , hoping to start trading soon , but dont really know
what power, ram ,hard drive etc. is needed for trading .
i dont want to buy something underpowered - but also i dont want to pay top of the range price for more than i need .
soooo-its a tough call for me , learning how to use a computer and forex trading at the same time (oohh my brain aches !!).
any help or guidance on this would be greatly appreciated.
pippin good luck to all
ROB
  • #3,726
  • Feb 4, 2012 12:34am Feb 4, 2012 12:34am
Quoting robuk
i have been studying x-mans s3 system for a while now , also TA and baby pips, on a 10 year old borrowed laptop , which locks up if i try to have too many pages open at once , so i know its not powerfull enough . i have learned quite a lot on my friends old computer , but now i'm ready to buy one , hoping to start trading soon , but dont really know
what power, ram ,hard drive etc. is needed for trading .
i dont want to buy something underpowered - but also i dont want to pay top of the range price for more than i need .
soooo-its a tough call...
Dear ROB,

I empathise with your predicament. But this thread is not a place to ask such a question. However, I believe you deserve every help you need.

So this is the basic PC configuartion you need as a good start and would last you another 5 good years. Buy a PC laptop/notebook so that you can also travel with it. You need a big monitor size to see a lot more details of you charts.

Go down to Bangkok central and you will find many stores with great weekend sales/promotion.

Processor
2nd generation Intel Core™ i3-2350M processor (2.30 GHz, 1333, 3M cache)
Operating System
Genuine Windows 7 Home Premium SP1 64bit (English)
Display
15.6" HD WLED True-Life (1366x768)
Memory2
4GB3 DDR3 SDRAM at 1333MHz
Hard Drive
320GB2 hard drive (5400RPM)
Video Card
Intel HD Graphics 3000
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #3,727
  • Feb 4, 2012 1:04am Feb 4, 2012 1:04am
Quoting robuk
i have been studying x-mans s3 system for a while now , also TA and baby pips, on a 10 year old borrowed laptop , which locks up if i try to have too many pages open at once , so i know its not powerfull enough . i have learned quite a lot on my friends old computer , but now i'm ready to buy one , hoping to start trading soon , but dont really know
what power, ram ,hard drive etc. is needed for trading .
i dont want to buy something underpowered - but also i dont want to pay top of the range price for more than i need .
soooo-its a tough call...
any current model Dell laptop
"To live with Passion, it takes Courage and Grace to survive"
  • #3,728
  • Feb 4, 2012 1:22am Feb 4, 2012 1:22am
Quoting robuk
i have been studying x-mans s3 system for a while now , also TA and baby pips, on a 10 year old borrowed laptop , which locks up if i try to have too many pages open at once , so i know its not powerfull enough . i have learned quite a lot on my friends old computer , but now i'm ready to buy one , hoping to start trading soon , but dont really know
what power, ram ,hard drive etc. is needed for trading .
i dont want to buy something underpowered - but also i dont want to pay top of the range price for more than i need .
soooo-its a tough call...
10 Year old computer thats ancient.
Technology is just something a person can never keep up with. you buy the latest model today and tomorrow something better is out.

Well i guess im a blessed trader because my brother is the I.T expert so anything regarding that I let him do the job.
You dont need the latest computer . You just need a good processor with about 4gig ram and a huge screen. This is to allow you to have many programs and pages up at once without stalling your PC

My bro built my computer, we never buy ready made off the shelf PCs. When you buy all the parts and put it together yourself it costs below half the price.

Having a huge screen is a must. I have a 24" wide monitor. This allows me to view charts and indicators nicely.
The monitor should be 19" or bigger nothing smaller than that.

My next step is connecting 3 more monitors. LOL im going pro
X-man the legendary conqueror of markets
  • #3,729
  • Feb 4, 2012 1:52am Feb 4, 2012 1:52am
Quoting X-Man
[color=Blue][size=3]10 Year old computer thats ancient.
Technology is just something a person can never keep up with. you buy the latest model today and tomorrow something better is out.

Well i guess im a blessed trader because my brother is the I.T expert so anything regarding that I let him do the job.
You dont need the latest computer . You just need a good processor with about 4gig ram and a huge screen. This is to allow you to have many programs and pages up at once without stalling your PC

My bro built my computer, we never buy ready...
10 Year old computer thats ancient. - Think it's called an abacus and these are still in use today!

Just buying a new hard drive for my poor old laptop
Attached Images
"To live with Passion, it takes Courage and Grace to survive"
  • #3,730
  • Feb 4, 2012 2:19am Feb 4, 2012 2:19am
Quoting emmanuel7788
Dear ROB,

I empathise with your predicament. But this thread is not a place to ask such a question. However, I believe you deserve every help you need.

So this is the basic PC configuartion you need as a good start and would last you another 5 good years. Buy a PC laptop/notebook so that you can also travel with it. You need a big monitor size to see a lot more details of you charts.

Go down to Bangkok central and you will find many stores with great weekend sales/promotion.

Processor
[font=Garamond]2nd generation...
hi emmanuel,
firstly apologies for being off topic , i really did'nt know where to begin , having always being a paper and pen and mental arithmetic man all my life , and all this computer stuff is all new to me.
thanks so much for your advice , this is exactly what i needed to know, and it has really helped me . i'm sure i would have bought the wrong one.
best regards
ROB
  • #3,731
  • Feb 4, 2012 2:22am Feb 4, 2012 2:22am
thanks x-man , britpip and others
what geat guys on this site !!
ROB
  • #3,732
  • Feb 4, 2012 2:32am Feb 4, 2012 2:32am
Quote
TDI must be in 12
to 2 O’clock for long or 6 to 4 O’clock for short when crossing
the red TDI line.

Guys I dont understand by the above said method which is written in the pdf of X-Man’s Super Simple System .. Can anyone xplain in a simple n clear way??
  • #3,733
  • Feb 4, 2012 2:52am Feb 4, 2012 2:52am
I still have computer envy. I have a two year old laptop with a 16 inch screen. Oh, and I think I need glasses now. I guess seeing the screen would help my trading...http://www.forexfactory.com/images/icons/icon6.gif thanks guys!
"IN CASH WE TRUST"
  • #3,734
  • Feb 4, 2012 3:00am Feb 4, 2012 3:00am
Quoting X-Man
10 Year old computer thats ancient.
Technology is just something a person can never keep up with. you buy the latest model today and tomorrow something better is out.

Well i guess im a blessed trader because my brother is the I.T expert so anything regarding that I let him do the job.
[size=3][color=blue]You dont need the latest computer . You just need a good processor with about 4gig ram and a huge screen. This is to allow you to have many...
X-man,

Hmmm 3 monitors...?
Can't beat my big screen. LOL.
Attached Image
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #3,735
  • Feb 4, 2012 3:35am Feb 4, 2012 3:35am
Why I am saying this?
Because I'm a 2 month newbie into forex and in my 1st week of strugling (im not even saying trading) with this system I've made very nice pips.

And it would have been 50 more if I had not prematurely entered short before the NFP yesterday. I knew this was a mistake, but I left the order open on purpose, cause when I get my ass kicked, I remember it.

I've had 7 trades this week. 5 winners and 2 losers.

My strategy is to have a SL of around 25 pips, or lower if I enter closer to the last swing.
My 1st TP is at 25 pips, then I manualy manage the rest to where I think its maxed out. The exception is in a strong move where I wait a bit with the 1st TP.

So here are my profits this week:
1st TP: 21+23+25+25+51
2nd TP: 21+64+3+58+82

The losers are -23 and the NFP -48 (SL got hit 20 pips later because of spike).

Thank you very much for sharing and caring X-man.
When I come to South Africa, because I'll earn a shitload of money using your system, I'll buy you a beer. Or 16 or something
Thoughts are things
  • #3,736
  • Feb 4, 2012 3:56am Feb 4, 2012 3:56am
Quoting LazyLobster
I still have computer envy. I have a two year old laptop with a 16 inch screen. Oh, and I think I need glasses now. I guess seeing the screen would help my trading...http://www.forexfactory.com/images/icons/icon6.gif thanks guys!
Me to. Except, mine is 3 years old.
I'm planing to attach an old 19 inch screen to it now.
Thoughts are things
  • #3,737
  • Feb 4, 2012 4:00am Feb 4, 2012 4:00am
Dear Emmanuel7788,
I'm very interested with your chart where in the main (upper) chart you use Japanese candle (I presume) while in the lower chart you have Synergy Bar (Heiken Ashi ?). Correct me if I'm wrong.
Could you please show how to do it? Is it a customed indicator?

I'm very much appreciated this thread and the X-man team.

Quoting emmanuel7788
Today is Friday, in my time zone, we are all in Happy Hour now. Also right now, after two beers, the gambling mood sets in, so the trading mode is gambling.

If you ask me how to trade such a situation, here is my way.
It's call TLB meaning Trend Line Break. Take the first break when that fails do the trunaround. When this trade is supported by S3 methdology so much the better.

Every trade has a risk. Whether the SL is 50 pips or 100pips, the risk is the same.
If you do not know this and don't agree with this, you should not be trading...
Accept as it is being!
  • #3,738
  • Feb 4, 2012 4:55am Feb 4, 2012 4:55am
Quoting Vnfx
Dear Emmanuel7788,
I'm very interested with your chart where in the main (upper) chart you use Japanese candle (I presume) while in the lower chart you have Synergy Bar (Heiken Ashi ?). Correct me if I'm wrong.
Could you please show how to do it? Is it a customed indicator?

I'm very much appreciated this thread and the X-man team.
Hi,

you will find these and all information in posts #2826 and #2663.
Make sure you read the posts carefully and use the template.

It will be good for you to read every post starting from the very first one. Bookmark those you think are important so that you can always go back for refresher later on.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #3,739
  • Feb 4, 2012 7:18am Feb 4, 2012 7:18am
hello X-man i have Simple Question did you use SL bigger than 50 pip in any trade ?
  • #3,740
  • Feb 4, 2012 7:21am Feb 4, 2012 7:21am
x-man, I have a question, the version of TDI that you are using dosen't update automatically right? you need to change the timeframe correct? If you are aware of this issue what is the reason for not using one of the TDI versions that updates on every tick?
2 traders viewing now