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X-Man's Super Simple System

  • #6,861
  • Mar 27, 2012 2:08pm Mar 27, 2012 2:08pm
Quoting Phx62
The rules of my trading plan (based on the TMS system) call for entries to be on the 1st or 2nd candle following a change in color of the APB candles. When I enter on the 1st candle it is usually because there has been a pullback on the previous candle, even if that candle did not change color. There are times I make an aggressive entry before the TDI actually makes the crossover but that is based on PA and/or S&R.....making those decisions are based on many hours of chart time.

Today I made 3 small trades on the M15....all on TDI crosses at the...
Phx62: First time poster here. I am curious as I know you are working on your 15 min. system. Do you trade the 15 min TF only when there is no impact news. Also besides standard Forex analysis is there anything you particularly look at before you pull the trigger. My success on the big E and X man system has been sporadic at best because of spikes taking me out of decent set ups so I am now looking to use it on the 15 min TF. Any help you can lend would be greatly appreciate. Wish I was in the Valley of the Sun playing golf. Thanks Eddievee aka Chi Town Eddie
  • #6,862
  • Mar 27, 2012 3:46pm Mar 27, 2012 3:46pm
Quoting eddievee
Phx62: First time poster here. I am curious as I know you are working on your 15 min. system. Do you trade the 15 min TF only when there is no impact news. Also besides standard Forex analysis is there anything you particularly look at before you pull the trigger. My success on the big E and X man system has been sporadic at best because of spikes taking me out of decent set ups so I am now looking to use it on the 15 min TF. Any help you can lend would be greatly appreciate. Wish I was in the Valley of the Sun playing golf. Thanks Eddievee aka...
Your right...the weather now is perfect for playing golf or watching spring training games or whatever you like......
I spent a lot of time going from system to system, trying to find something that would help me become successful trading Forex. Finally, I decided to take Big E's (and others) advice and concentrate on one simple system. That worked for me...I focused on trading one pair on one time frame (EU H1) and learned all I could about that pair and time frame. As I learned, I developed a trading plan that, when applied, works on a consistant basis. Then the only thing left to do was enter only trades that met ALL the criteria and manage the lot sizes.
Right now, I am trying to figure out how to enter on the M15 or M5 chart and monitor on the H1 for a few more pips....still working on that. As you suggested, in the past I have only traded the M15 when there was little or no news and the pair was ranging. Part of being successful is getting out without big losses when PA reverses on you.
  • #6,863
  • Mar 27, 2012 6:10pm Mar 27, 2012 6:10pm
Quoting emmanuel7788
Good trade mate!
I don't see major resistance on the way up. Perhaps some hesitation between 87.30 and 87.56 ...profit taking by some short term traders.
Aussie on the rise again with CNY fiscal support

Thanks mate.

To be honest I avoid day to day news like plague as I believe I will never be able to match the fire power of big institutions and players who have access to such information way before traders like us. Nonethless, I try to keep a bird's eyeview of general economic situation of a country/zone.

You must have noticed that these day to day economic news have very short term impact - probably ranging from an hour to two days and after that price continue to go into the same direction where it was before the news. Nonetheless such news will definitely impact traders who trade short TF as sudden spikes of 10 - 50 pips in a minute can hit SL or TP.

I just recently started demoing this sytem to assess whether I can make something out of it without disturbing my daily routine. In the meantime, I will continue taking live trades on a higher TFs based on a different system.
Forex is boring but profitable with patience and discipline
  • #6,864
  • Mar 28, 2012 12:26am Mar 28, 2012 12:26am
I have a question regarding the S3 H4 swing trading entry points

 

  1. When looking for entries, do we looking to trade off the bounces of the daily channel or trade of the volatility bands and EMAs?

  • #6,865
  • Edited 2:23am Mar 28, 2012 2:03am | Edited 2:23am
Quoting Phx62
Your right...the weather now is perfect for playing golf or watching spring training games or whatever you like......
I spent a lot of time going from system to system, trying to find something that would help me become successful trading Forex. Finally, I decided to take Big E's (and others) advice and concentrate on one simple system. That worked for me...I focused on trading one pair on one time frame (EU H1) and learned all I could about that pair and time frame. As I learned, I developed a trading plan that, when applied, works on a consistant...
Hi Phx,

Do you mind explaining in detail how you minimise your losses when price action reverses on you?

- Do you watch each bar constantly?
- Do you just check it at the end of the hour?
- How do you give your trade room to breath if you are exiting at the first sign of reversal?
- How can you have a 50 pip or swing high or low stop but at the same time exit early with only a few pips loss (this can't be achieved)?

I think you make a valid point and feel that cutting the losses early is a critical part of trading this system.

Thanks.
  • #6,866
  • Edited 5:38am Mar 28, 2012 3:43am | Edited 5:38am
Quoting 2be
Short on G/U at 1.5942
SL 1.6005
PT1.5660
I shall leave this trade for two/ tree days with trailing stop set at 50 pips once in profit for that amount.
This was my first short entry on G/U. It was a bit premature and with a "catastrophic" SL. Have loaded positions on the short side including the fail attempt to take 1.6000. My last addition was short at 1.5939 this morning and I am adjusting the SL to 1.5960 for all multi entry trade with some positions entered near this failed 1.6000 zone. These short positions are in agreement to what H4 TF is now printing.
I shall keep this trade till Friday unless the zone 1.5660 is reached earlier.
For scalping I am selling tops and taking smaller amount of pips on each deep.
Have had already few nice scalps.
My medium length trade though is well set up.
Have to go to dentist, so I am shaking!!!
Happy trading to all,
2be
Make sure losses are small and profits are bigger!
  • #6,867
  • Mar 28, 2012 6:33am Mar 28, 2012 6:33am
Quoting prftablefool
Took this trade yesterday when closed above the resistance. I think the setup is self explanatory.

Closed the long and went short when price stalled at 61.8 Fib and resistance. Closed the short as well when it reached to the point where I took long as now previous resistance becomes support.
Attached Image (click to enlarge)
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Forex is boring but profitable with patience and discipline
  • #6,868
  • Mar 28, 2012 6:33am Mar 28, 2012 6:33am
Hi people,

My setup to G/U 4H.

Information of Open, TP and SL in the chart.

Tralling Stop: 45 pips

Now: +38 pips

Now I am going to put my s/l to BE@, because red news is near to USD.
Attached Image (click to enlarge)
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  • #6,869
  • Edited 8:30am Mar 28, 2012 8:10am | Edited 8:30am
Quoting 2be
This was my first short entry on G/U. It was a bit premature and with a "catastrophic" SL. Have loaded positions on the short side including the fail attempt to take 1.6000. My last addition was short at 1.5939 this morning and I am adjusting the SL to 1.5960 for all multi entry trade with some positions entered near this failed 1.6000 zone. These short positions are in agreement to what H4 TF is now printing.
I shall keep this trade till Friday unless the zone 1.5660 is reached earlier.
For scalping I am selling tops and taking smaller amount...
Have taken the profit from the trade at 1.5889 ranging from 100pips to 50 pips per trade. Reason being that I cannot trade tomorrow and the pair has done already 87 pips today.
Also US data is over all neutral and with so much Feds funds on the table I am not too sure what the equities will do this afternoon.
My medium bias for the pair is still negative, but I do expect a bounce up before the pair goes down.
If and when I see 1.5925 or higher I shall re-enter short scalp.
Make sure losses are small and profits are bigger!
  • #6,870
  • Mar 28, 2012 8:44am Mar 28, 2012 8:44am
wow. this thread has gone awfully silent for the past few weeks
  • #6,871
  • Mar 28, 2012 8:50am Mar 28, 2012 8:50am
Quoting hale-mary
wow. this thread has gone awfully silent for the past few weeks
When good threads like this go Silent, you know traders are busy putting what they have learnt to action on the markets ie harvesting lots of green pips.

to this systerm.
Born to rule my Economic World and Make a Difference!
  • #6,872
  • Mar 28, 2012 9:11am Mar 28, 2012 9:11am
Quoting thrax
Now I entered AUDUSD H4 short, let's see.
thrax
Exited 90% of the AUDUSD H4 trade at +92 pips(70%) and 120 pips (20%) and let the rest (10%) to run with set SL ensuring 108 pips profit on it.

I have just entered USDCAD H4 short. We will see.

thrax
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDUSD_H4_strategy name_20120328160832.gif Size: 22 KB
Click to Enlarge Name: USDCAD_H4_strategy name_20120328160958.gif Size: 29 KB
  • #6,873
  • Mar 28, 2012 9:18am Mar 28, 2012 9:18am
Quoting thrax
Exited 90% of the AUDUSD H4 trade at +92 pips(70%) and 120 pips (20%) and let the rest (10%) to run with set SL ensuring 108 pips profit on it.

I have just entered USDCAD H4 short. We will see.

thrax

Hello Thrax,
what kind of MA and setting do you have on your chart.........

Ayour2a
  • #6,874
  • Mar 28, 2012 9:23am Mar 28, 2012 9:23am
Quoting ayour2a
Hello Thrax,
what kind of MA and setting do you have on your chart.........

Ayour2a
The magenta is EMA(200) the dodger blue is EMA(89) both are applied to close price.
  • #6,875
  • Mar 28, 2012 9:37am Mar 28, 2012 9:37am
Quoting thrax
The magenta is EMA(200) the dodger blue is EMA(89) both are applied to close price.
Thanks
  • #6,876
  • Mar 28, 2012 9:50am Mar 28, 2012 9:50am
Quoting sharemaster2
When good threads like this go Silent, you know traders are busy putting what they have learnt to action on the markets ie harvesting lots of green pips.

to this systerm.
You dont know that for sure.
  • #6,877
  • Edited 11:36am Mar 28, 2012 11:35am | Edited 11:36am
Quoting thrax
I have just entered USDCAD H4 short. We will see.

thrax
Stopped out.
Lesson identified: I did not wait the TDI cross confirmation.
Lesson learned: ALWAYS follow your plan (i.e. waiting for TDI cross).

Ready to the next trade.
  • #6,878
  • Mar 28, 2012 1:21pm Mar 28, 2012 1:21pm
Quoting jasonnevis
Hi Phx,

Do you mind explaining in detail how you minimise your losses when price action reverses on you?

- Do you watch each bar constantly?
- Do you just check it at the end of the hour?
- How do you give your trade room to breath if you are exiting at the first sign of reversal?
- How can you have a 50 pip or swing high or low stop but at the same time exit early with only a few pips loss (this can't be achieved)?

I think you make a valid point and feel that cutting the losses early is a critical part of trading this system.

Thanks.
How can you have a 50 pip or swing high or low stop but at the same time exit early with only a few pips loss (this can't be achieved)?
I trade this way almost every day....it can be done. I may exit at any time for a smaller profit or a loss. I enter EU H1 trades with a 50 pip TP and a 50 pip EMERGENCY stop loss. Rarely do I allow the SL to be hit. Unless there is a spike while I am away from my charts or my computer crashes, I will exit when my analysis shows price has run it's course.

Do you mind explaining in detail how you minimise your losses when price action reverses on you?
Look at the last chart I posted (remember these are M15 trades, not the normal H1 trades)....the first trade was a typical London Open reversal.....I allowed my EA to take me out at BE.....
Trade 2.....price moved up 42 pips and pulled back. The next candle tested the previous candle high and failed to break it. Price pulled back again and two candles later, the bar changed color. I waited to see if price would test the high a third time and when it did not, I exited for +19.
Trade 3...I entered immediately on the open of the 2nd red candle. Again, price moved 42 pips down and pulled back. When the next candle changed to blue, I exited for +30 pips, not waiting for a test of the low because the NY session had opened and that session is less predictable.

How do you give your trade room to breath if you are exiting at the first sign of reversal?
Per my trading plan, following entry I give the trade "room to breath" for 20 to 30 pips. If it pulls back further than that, I know my analysis was incorrect and will exit for a loss. On the other hand, when the trade goes into profit 25 or 30 pips, the EA I use will move the SL to BE and trail the trade 5 pips behind each previous candle until I chose to exit manually or let the EA take me out.

Do you watch each bar constantly? Do you just check it at the end of the hour?
When I am looking for a trade set-up, I monitor the chart at the end of each hour during the London session. Once I enter a trade, I usually monitor that trade until it reaches 25 or 30 pips into profit, as described above. At that time I will decide to continue monitoring or walk away from the charts and let the EA manage the trade.

Please understand.....this is the way I have chosen to trade.....other traders like Dcginc and others use S&R, Fibs, and other tools to determine the best TP and SL....set the trade and walk away, letting price either hit the TP or the SL. There is no right or wrong way to do this....you just have to decide what works for you and design your trading strategy around that.
  • #6,879
  • Mar 28, 2012 4:58pm Mar 28, 2012 4:58pm
hi guys, there is so many pages to read, can any one quickly explain when to buy/sell? Because I still don't understand it :/
Or just give me link where to find description. Thanks a lot
  • #6,880
  • Mar 28, 2012 5:04pm Mar 28, 2012 5:04pm
Easy trade. Broke the resistance and hit the TP.
Attached Image (click to enlarge)
Click to Enlarge Name: audcad.gif Size: 25 KB
Forex is boring but profitable with patience and discipline
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