X-Man's Super Simple System | Page 322 | 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

  • #6,421
  • Mar 9, 2012 10:01am Mar 9, 2012 10:01am
Quoting firsttimer
Trades taken today:

Position still open
AUD/USD= -40pips
EUR/NZD= +60pips

Closed
USD/CAD= -30pips
nzd/usd= +30pips
AUD/USD= +30pips

So so day.
USD/CAD suprisingly weak comapred to USD/CHF today.
AUD/USD relatively strong compared to EUR and GBP at the moment.
  • #6,422
  • Mar 9, 2012 10:03am Mar 9, 2012 10:03am
Quoting firsttimer
Trades taken today:

Position still open
AUD/USD= -40pips
EUR/NZD= +60pips

Closed
USD/CAD= -30pips
nzd/usd= +30pips
AUD/USD= +30pips

So so day.
Many would argue that any points on a Friday, especially NFP day is really positive. I got out of all my trades just before NFP for + 15pips. Had I stayed in for NFP I could have got +150 net. But I'm happy because I traded my strategy and I made money! Have a great weekend all
  • #6,423
  • Mar 9, 2012 10:47am Mar 9, 2012 10:47am
Quoting firsttimer
Trades taken today:

Position still open
AUD/USD= -40pips
EUR/NZD= +60pips

Closed
USD/CAD= -30pips
nzd/usd= +30pips
AUD/USD= +30pips

So so day.
Firsttimer,

I fail to see why you think you trades today are so so. You have a net positive day of +50 pips. If you are following Xman's target of 1,000 pip per month you are right on track, read his first post.

If it is so so because you win rate today is 60% still not bad. To put it in perspective George Soros only wins about 30% of the time and was able to damn near bankrupt The Bank of England.
  • #6,424
  • Mar 9, 2012 11:44am Mar 9, 2012 11:44am
Closed 15% at +90 pips.

Not a bad run for a Friday.

So from start of Trade.

SL = 15
TP = 120

+30 close 50%
+60 close 25%
+90 close 15%

10% remaining is being trailed behind candle high.
Attached Image
  • #6,425
  • Mar 9, 2012 12:44pm Mar 9, 2012 12:44pm
Been demo trading since Oct 2011 and am taking a break from trading to allow my head to cool down....have been trying to trade the S3 and H4 but for some reason I start to do well then I throw all my rules out of the window and ..yep...start to loose.

Now before anyone chips in with ' stick to you rules' I am finding it soooo very difficult to do it...I'll get a new demo account and start off all well and good and then for reasons unknown to me...it'll all go pear shape...

I have read Trading in the zone and yes it all makes so much sense but as soon as I start to do well I appear to have a inbult self destruct...

Anyone have the same...
  • #6,426
  • Mar 9, 2012 1:20pm Mar 9, 2012 1:20pm
Quoting pylofm
Been demo trading since Oct 2011 and am taking a break from trading to allow my head to cool down....have been trying to trade the S3 and H4 but for some reason I start to do well then I throw all my rules out of the window and ..yep...start to loose.

Now before anyone chips in with ' stick to you rules' I am finding it soooo very difficult to do it...I'll get a new demo account and start off all well and good and then for reasons unknown to me...it'll all go pear shape...

I have read Trading in the zone and yes it all makes so much sense but...
Yes, I had the problem of getting overconfident and bending (or breaking) my rules. I would do well at first, then increase my leverage because I wanted larger profits. I would also start to take every trade set up that I saw (or thought I saw) because I did not want to miss out on those large profits. I of course ended up getting huge drawdowns on my account. All I can say is try to focus on how much you can lose rather than win. Also write down your rules as a check list. If you can't check off every rule for a trade set up then don't take it. I know what it's like to always want to be in a trade, it's like you are missing out if you are not in one. A check list might help with behavior modification, I don't know. I just got sick of losing money so I quit my risky habits cold turkey.
  • #6,427
  • Mar 9, 2012 1:40pm Mar 9, 2012 1:40pm
Quoting pylofm
Been demo trading since Oct 2011 and am taking a break from trading to allow my head to cool down....have been trying to trade the S3 and H4 but for some reason I start to do well then I throw all my rules out of the window and ..yep...start to loose.

Now before anyone chips in with ' stick to you rules' I am finding it soooo very difficult to do it...I'll get a new demo account and start off all well and good and then for reasons unknown to me...it'll all go pear shape...

I have read Trading in the zone and yes it all makes so much sense...
Hi Pylofm, at the end of the day demo trading is not the real thing and as there is no consequence to losing the lot in a few mad flutters you can be forgiven for letting rip, we all have (and I still do occasionally!). The key is that you get a feel for spotting the setups, placing the trade and understanding your exits. Somehow you have got to find a way to remove emotion from the process and Yes stick to the plan! Consistency, consistency, consistency! Perhaps find a conscience if you can't rely on your own? Lol. Find someone to buddy up with and agree to only place a trade once you have explained the logic to them. This will force you to articulate your thoughts and confirm the strength of each trade.

Eventually you will have to decide to use real money and that will help keep you sober and disciplined for a bit or at least until you start winning (when the green mist descends and you start believing that this is easy rather than simple and that you are a natural trader!). It seems to me that by only paper trading until now you have shown a level of discipline that not many have! I would suggest that you have probably learnt all you can from demo trading by now. But only you can decide if this is for you. Time to dip your toe. Money management is everything from then on. Good Luck.
  • #6,428
  • Mar 10, 2012 2:47am Mar 10, 2012 2:47am
any screenshot on how you doing (entry and exit , profit or losses ) for this week? any update would be nice.
this was mine. not that good trade.
total only +32 profit .
done 10 trades this week

+25 pip
-6 pip
-17pip
-5pip
+1 pip
+16pip
-40 pip
+6pip
+1pip
+50 pip
Attached Image (click to enlarge)
Click to Enlarge Name: 3-9march_trade.jpg Size: 141 KB
  • #6,429
  • Mar 10, 2012 6:54pm Mar 10, 2012 6:54pm
Coming back to take a look at the chart posted on Mar 6, I also noted another pattern which seems to override the Convergence.

Can this be the Gartley pattern!

Let's have your view.
Attached Image (click to enlarge)
Click to Enlarge Name: 2012-03-06 H4 EURUSD-gartley.jpg Size: 144 KB
  • #6,430
  • Edited 8:09pm Mar 10, 2012 7:47pm | Edited 8:09pm
I noticed this amazing thread goes quiet outside the recommended trading hours. This method personally has moved my trading to a new level! Having tried all the indicators, robots, courses, almost everything! I can't see how anything beyond this trading method (Price Action Analysis and TDI) can be better.

On the web I have found that experienced traders consistently post market analysis using market structure based around fibonnaci, trend, support lines and price action and very little indicator heavy analysis. There must be a reason for this, and that is, it is a profitable way of trading.

Thanks to a combination of X-Man and BigE for refining TMS. What I think would make this trading system even greater would be to introduce market structure analysis as part of this trading during the hours outside the London / NY trading zone so traders are prepared for the day ahead.

So while we all wait for LO/NY Open lets post our chart analysis for the next day so we can all gain experience and learn from each other.

Here are two great resources I use as reference:

http://chart.ly/symbols/EURUSD
http://www.fx360.com/techAnalysis/Index.aspx

Here is my analysis to the start of the coming week.

1) Weekly chart showing we have completed a retracement to the 50 fib level and heading down on the C - D leg. Chart also shows a head and shoulder pattern.

2) The 4H chart shows the big Friday move. I've put in a fib which shows a 61.8 retracement which shows a confluence with the HL trend line heading down. The green line shows my expectation of what the market will do early next week. Price has also hit a double bottom which is a strong historical resistance area so it may retrace further up past the longer green line. My expectation is for price action to head further down as shown in the Weekly chart.

Any thoughts? Other analysis?
Attached Images
  • #6,431
  • Mar 10, 2012 9:55pm Mar 10, 2012 9:55pm
Hi nonfiction, I like the news indy you post in # 6404, page 427.
Where can we get it?
Thanks Hermes
  • #6,432
  • Edited 12:43am Mar 11, 2012 12:17am | Edited 12:43am
Hi Nonfiction, from the weekly chart I have noted two formation of the Gartley Pattern (in general, without going into the Fib details).

If this is correct, then there will be a downward movement in the coming weeks.
Attached Image (click to enlarge)
Click to Enlarge Name: 2012-03-11 W1 EURUSD gartley.jpg Size: 106 KB
  • #6,433
  • Edited 5:19am Mar 11, 2012 4:25am | Edited 5:19am
Quoting nonfiction
I noticed this amazing thread goes quiet outside the recommended trading hours. This method personally has moved my trading to a new level! Having tried all the indicators, robots, courses, almost everything! I can't see how anything beyond this trading method (Price Action Analysis and TDI) can be better.

On the web I have found that experienced traders consistently post market analysis using market structure based around fibonnaci, trend, support lines and price action and very little indicator heavy analysis. There must be a reason for this,...
Did pretty much the same analysis yesterday.
Just wanted to add that, as oscillators are in oversold zone, we may see a retrace with a downside approach of PA to the neckline before the decline.
Anyway PA has to break the 1.31 wall, so I don't want to go short too close to it. I want to go short some 30-40 pips away so I'll be in profit even if PA will not break the .31 support and have a better R:R in the process.
Attached Image (click to enlarge)
Click to Enlarge Name: H&S_eurusd_100312.JPG Size: 78 KB
  • #6,434
  • Mar 11, 2012 12:06pm Mar 11, 2012 12:06pm
Here is the same chart email to me by a friend who has a program to plot the Gartley Pattern.
Attached Image (click to enlarge)
Click to Enlarge Name: 2012-03-12 W1 EURUSD Gartley Indicator #.jpg Size: 68 KB
  • #6,435
  • Mar 11, 2012 12:33pm Mar 11, 2012 12:33pm
Quoting Star178
Here is the same chart email to me by a friend who has a program to plot the Gartley Pattern.
lol. looks complicated
  • #6,436
  • Mar 11, 2012 4:09pm Mar 11, 2012 4:09pm
Hi Hermes, it's part of a suite of indicators that was created by stratman available on his pipware website. He created a great tool of indicators you can buy at a small price. But all of these are freely available in one form or another.

Quoting hermes777
Hi nonfiction, I like the news indy you post in # 6404, page 427.
Where can we get it?
Thanks Hermes
  • #6,437
  • Mar 11, 2012 4:18pm Mar 11, 2012 4:18pm
Good to see the analysis posts. Majority of people have the same conclusions by the looks of things.
  • #6,438
  • Mar 11, 2012 6:02pm Mar 11, 2012 6:02pm
For those Interested, this Ind was being sold by some marketeer for $2k. But with further Investigation I found it freely available on Internet. Hope it helps with your Gartley analysis.

Steve
Attached File(s)
File Type: ex4 ZUP_v75.ex4   280 KB | 506 downloads
  • #6,439
  • Mar 11, 2012 6:09pm Mar 11, 2012 6:09pm
See Attached Chart!! Hate seeing people ripped off needlessly when stuff is free. As Erebus keeps reminding us LOOK!! Research, and Effort is duly rewarded in the Forex game.
Attached Image (click to enlarge)
Click to Enlarge Name: 8.gif Size: 47 KB
  • #6,440
  • Mar 11, 2012 7:03pm Mar 11, 2012 7:03pm
Quoting Steve 56
See Attached Chart!! Hate seeing people ripped off needlessly when stuff is free. As Erebus keeps reminding us LOOK!! Research, and Effort is duly rewarded in the Forex game.
i could'nt agree with you more, of what you've said above

Don't forget Practice + Patience + Persistence = Profits
0 traders viewing now