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Another simple system - Time-Frame 15

  • #1,541
  • May 13, 2012 3:45am May 13, 2012 3:45am
Quoting loveevery1
mate...it is not as easy as it sounds.give it 2 years minimum with 100% work.how would you spot a reversal ?...if thats easy then everyone would be billionaires mate.if we are talking about 5 pips TP then what about SL ?

Trust me this is not easy...this is gentle advise from your brother from another side of the world.dont take me wrong
Thank you, brother. I am learning your method. I am so owe you thanks. I am listening.

By the way, about stop lost. In fact I dont use SL. I always monitoring my monitor, click my mouse whenever I need it. But I use TP. Give me your suggestions.
i am a beginner, so one pair is enough
  • #1,542
  • Edited 6:23am May 13, 2012 3:48am | Edited 6:23am
Quoting Assange
Thank You for a very good & valid question. ) Please don't ask indy coz I'm amazed with lot of request from new traders who believe Indy will improved their trading.

Let me illustrate the bigger picture for trading sucessfully.

First Chart (au), normally posted in this Forum to help new traders to get the feel and understand of the price movement. In fact, there is TWO CT trades which is not VALID marked with thick Green line.I've made some explation notes in the Chart as an answer. Hope it clarify things.

Now for Bonus answer :

When...
Hi, Assange, Who do you mean by Arjun? Am I missed someone in that name?
i am a beginner, so one pair is enough
  • #1,543
  • May 13, 2012 4:19am May 13, 2012 4:19am
Quoting culik_gpl
Hi, Assange, Who do you mean by Arjung? Am I missed someone in that name?
Thats what my parents named when i was born..my friend lol
Let all the living things live blissfully
  • #1,544
  • May 13, 2012 4:19am May 13, 2012 4:19am
Hey Guys,


Lovee:
Thanks for giving us all these insights into how to look at HTF through "your eyes". 3rd may and 2nd April wouold have been fantastic trades by Lovee's first setup. (as we call it in the chat room )

It sad to hear you're leaving soon. I'm certain you have much more knowledge to pass onto us. Hope you won't leave your sheeps without a shepherd. not yet


Pat:
I agree with you that everyone looks at the trades in a different way. That's what makes us human . Your contribution to this thread is highly appreciated. Hope you will keep up this good work.

To answer you last post: I will attach my chart so you can see how it looks on mine. I don't understand why they differ but Im not gonna dig into that.

The trade took place in an Asian session with traditionally low volatility and position was left open going to the LO (not advisable). On my chart I can also see a divergence and resistance area around 102 so I would be expecting a jump up gong to London session. However, I have no experience with this pair and a little experience with forex in general so I'm sure I'm missing something.

Cheers,

Elin
Attached Image (click to enlarge)
Click to Enlarge Name: EJ pat.jpg Size: 230 KB
  • #1,545
  • May 13, 2012 4:27am May 13, 2012 4:27am
Quoting loveevery1
Thats what my parents named when i was born..my friend lol
  • #1,546
  • May 13, 2012 4:28am May 13, 2012 4:28am
Quoting culik_gpl
Thank you, brother. I am learning your method. I am so owe you thanks. I am listening.

By the way, about stop lost. In fact I dont use SL. I always monitoring my monitor, click my mouse whenever I need it. But I use TP. Give me your suggestions.
I know few folks of mine dont use SL.they say it works for them,but remember the price could go up several hundred pips in a second.i think it was last year september..usdchf went several hundread pips in minute when the government implemented minimum exchange for chf.if im not mistaken.a blow like that could wipe your entire account.my friend whom i mentioned before lost his account.It was not news remember.SL is safe...if ur still not comfortable place bigger SL of 50 pips..even if anything happens.you can play around with the TP
Let all the living things live blissfully
  • #1,547
  • Edited 5:00am May 13, 2012 4:58am | Edited 5:00am
Quoting loveevery1
I know few folks of mine dont use SL.they say it works for them,but remember the price could go up several hundred pips in a second.i think it was last year september..usdchf went several hundread pips in minute when the government implemented minimum exchange for chf.if im not mistaken.a blow like that could wipe your entire account.my friend whom i mentioned before lost his account.It was not news remember.SL is safe...if ur still not comfortable place bigger SL of 50 pips..even if anything happens.you can play around with the TP
The price often move reverse to our analysis. It reaches SL whereas we still sure that our analysis is right. Thats why I dont like SL. But what you say is reasonable, SL infact save us from MC when the market really out of our prediction, as your story says. SL at -50 maybe not so easy to reach when the price reverse to our prediction at the beginning. I agree with you.

So you are Arjun, one of Pandawa....
i am a beginner, so one pair is enough
  • #1,548
  • May 13, 2012 5:01am May 13, 2012 5:01am
Quoting Pat Chiko
I wish to illustrate scenario, where Trade fails.

He has done everything to follow the rules, but the trade fails. To avoid confusion, the trader will be me.

1. I opened 15 mins & 60 mins Chart of EA
2. at 0:200 pm I saw slight trendline break in 60 mins chart.(touching)
3. Trendline in 15 mins broken @ 0:100 pm.
4. Green TDI Cross RED @ 01:00 pm on 60 mins Chart. Good sign to Short.
5. Yellow TDi is sloping down on 15 mins. ( good sign to short)
6. Price is hoovering just above 200EMA ( in my mind, this sure...
Hahahah....folks i was expecting some answers to his question,,,,but no one answered.when a question is asked try to answer with whatever you think.its not about right or wrong..just put your comments.be open or you will never learn.

My views: I havent seen the chart.
Psyhological Views
a)NOT ALL SIGNALS WORK:-If all the rules followed then its a trade that dint work.if all the trades work then we will be richest in the world.we can create ROBOs to trade for us.

b) UNWILLINGNESS TO QUIT:-The trader has been holding it for a Long time i think for over 3 hours....it shows his UNWILLINGNESS TO QUIT

C) VERY STUBBORN:- Fixed TP..

D) GREED:- GREED is reponsible for all the problems in this world.
Let all the living things live blissfully
  • #1,549
  • May 13, 2012 5:16am May 13, 2012 5:16am
Quoting culik_gpl
The price often move reverse to our analysis. It reaches SL whereas we still sure that our analysis is right. Thats why I dont like SL. But what you say is reasonable, SL infact save us from MC when the market really out of our prediction, as your story says. SL at -50 maybe not so easy to reach when the price reverse to our prediction at the beginning. I agree with you.

So you are Arjun, one of Pandawa....

Yes one of pandawas...lol

The Price does not know who we are...it moves on its own.it does not know what are predition is..i know how it feels when your stops get hit and the price goes your way after hitting the stop.market will teach you which is safe
Let all the living things live blissfully
  • #1,550
  • May 13, 2012 5:38am May 13, 2012 5:38am
Quoting culik_gpl
The price often move reverse to our analysis. It reaches SL whereas we still sure that our analysis is right. Thats why I dont like SL. But what you say is reasonable, SL infact save us from MC when the market really out of our prediction, as your story says. SL at -50 maybe not so easy to reach when the price reverse to our prediction at the beginning. I agree with you.

So you are Arjun, one of Pandawa....
If read post # 1531 & # 1543, it will definetly answer your concern.

I think you need to read those posts again, to get the feel how SL and TP is set prior you hit the SELL or BUY button.

The example Pat had given with one success trade and the other failed trade.

BUT, look at his technique putting EFFECTIVE SL at appropriate places. All you got to do is to look at the left side of your Chart.

It is better for you to use the strategy based on levels of support or resistance to place a stop loss , You must first define support and resistance on the chart. (look at you left)

If you open a position to rise, will place the stop loss just below the support, but if you open a downward position will place the stop just above the resistance.

The proper way to set levels for stop loss is probably a mixture of the two approaches.
It's always good to give some breathing room to the price action, because tight stop will keep eating from your principal amount and lessen your investment power each time. (eg putting 5pips SL)
On the other hand, being too generous towards moves going against you can really wipe out your account in a single blow. (eg putting 50pips SL)

A good practice is to lessen the leverage if needed, use the closest significant technical support or resistance levels as risk thresholds and always set the stop loss to a level that allows you to sleep at night.


Love
Attached Image
We are in control of our destiny but have no control over our fate.
  • #1,551
  • May 13, 2012 5:59am May 13, 2012 5:59am
Quoting Pat Chiko
I wish to illustrate scenario, where Trade fails.

He has done everything to follow the rules, but the trade fails. ...

...Can anyone help me to analyse this trade. I was following all the Rules strictly by the book. Something wrong with this Forex Market & something wrong with this indicator ! Please participate coz by helping me you are actually helping yourself.

Can anyone help me to correct the Market & Indicator. But PLEASE don't correct me, because I follow strictly to the rules and Market & Indicator suck not me.

Thank you...
There is nothing to correct as you followed all the rules. The trade is well planed and executed from entry to exit. It is just a failed trade. But important lesson should be that because one trade or several trades did fail, we shouldn't give up following rules and jump from one strategy to another.

Regards,
Blackeagle
  • #1,552
  • May 13, 2012 6:04am May 13, 2012 6:04am
I was looking at Pats trade example, didnt he short @ the 200ema? & also @ the daily pivot?
These charts are all great for learning, good weekend reading in here,sorry to hear LE1 leaving soon,hope no-one else leaving us!
Julie
  • #1,553
  • May 13, 2012 6:05am May 13, 2012 6:05am
Quoting culik_gpl
Hi, Assange, Who do you mean by Arjung? Am I missed someone in that name?
Arjun - I will describe his personality.

Patience person with love forbearing. Kindness, though, implies a more active expression of love toward God and fellow man. Both of his patience and kindness are bound in the one quality—love. That's why his name is "Loveevery 1".
Kindness is such a rare quality these days that when someone is kind, an easy-going, nurturing personality. .... Arjun has been the best kind of mentor I can imagine.

I assume he look like photo attached.



Attached Image
We are in control of our destiny but have no control over our fate.
  • #1,554
  • May 13, 2012 6:22am May 13, 2012 6:22am
Quoting Assange
If read post # 1531 & # 1543, it will definetly answer your concern.

I think you need to read those posts again, to get the feel how SL and TP is set prior you hit the SELL or BUY button.

The example Pat had given with one success trade and the other failed trade.

[font=Book Antiqua][size=3]BUT, look at his technique putting EFFECTIVE SL at appropriate places....
I am so noobi. I know S&R but I dont use it in my chart analysis. Thanks for remind me. I will definitely pay attention on your words.

Quoting Assange
Arjun - I will describe his personality.

[left][color=#000000]Patience person with love forbearing. Kindness, though, implies a more active expression of love toward God and fellow man. Both of his patience and kindness are bound in the one quality—love. That's why his name is "Loveevery 1".
Kindness is such a rare quality these days that when someone is kind, an easy-going, nurturing personality. .... Arjun has been the best...
Such interesting person must be attractive. Happy to know him
That's way I join this forum, to ask some advices from kind men like you and him.

By de way, sorry for my bad English.
i am a beginner, so one pair is enough
  • #1,555
  • May 13, 2012 6:29am May 13, 2012 6:29am
Quoting Hawki trader
I was looking at Pats trade example, didnt he short @ the 200ema? & also @ the daily pivot?
These charts are all great for learning, good weekend reading in here,sorry to hear LE1 leaving soon,hope no-one else leaving us!
Julie
You are correct. Due to vertical blue line, I can't see the wick of the bar on M15 but the close is certainly above EMA200 and pivot. So it seems trader anticipated the move and traded accordingly at that stage. But, although price might be below them when the bar is still running and it is always preferable to wait for close below EMA 200, at a later stage just before big upside move started, there is an M15 bar closed below pivot and EMA200. So you could take that one after those confirmations (EMA & Pivot) but again it would be a well planned but failed trade, IMO.
  • #1,556
  • May 13, 2012 6:42am May 13, 2012 6:42am
So much input from so many traders who appear to know their stuff - thankyou all. It seems that there is so much information condensed into these posts & charts...... I'll have to go bak and read again
The theme seems to be:

- stick to one indicator and master it, learn it inside out.
- get the chart time to learn how the market moves - PA
- Backtest till you imprint your system into long term memory, condition yourself
- start with lot sizes comfortable to you, and increase gradually?
- be humble in your outlook, not driven by greed, not jsut in trading...

Pat Chiklo, I think im the little guy in the blue jacket in your photo, front & center..... not for long

I hope Lovee isnt leaving too soon, I'm really enjoying being a part of this thread & absorbing the knowledge being shared and hopefully contributing a bit too
The more I learn, the more I realise how little I know...
  • #1,557
  • May 13, 2012 7:35am May 13, 2012 7:35am
Quoting Adsa
So much input from so many traders who appear to know their stuff - thankyou all. It seems that there is so much information condensed into these posts & charts...... I'll have to go bak and read again
The theme seems to be:

- stick to one indicator and master it, learn it inside out.
- get the chart time to learn how the market moves - PA
- Backtest till you imprint your system into long term memory, condition yourself
- start with lot sizes comfortable to you, and increase gradually?
- be humble in your outlook, not driven by greed, not jsut...
Everybody learn, brother. especially me.
As you say: The more I learn, the more I realise how little I know...
i am a beginner, so one pair is enough
  • #1,558
  • May 13, 2012 8:41am May 13, 2012 8:41am
Quoting Assange
[/i]

Sorry for my late reply, coz busy with other things.

How do find the usefulness of Donchian Centreline ? Please share your experience for knowledge in using it.

[i][font=Book Antiqua][size=3]If you really in depth of seeking knowledge want to be sucessful, I suggest please do some research and...

Hi Assange,

Thanks for your advice. I also found that 50 MA is also similar to the yellow base line. Green RSI and the red signal lines are similar to MACD.

I have been doing back testing most of the time and trying to learn the price action. I have learnt a lot from this thread. I have to keep on practicing to overcome my internal psychology of greed & fear. I think very soon I will be able to overcome this psychology barrier as I understand more and more of the price action.

A lot have been discussed about indicators. All indicators are lagging except the price action. Hence our trading decision is based on price action. Indicators are used to confirm the price action.

Cheers
  • #1,559
  • May 13, 2012 9:42am May 13, 2012 9:42am
Quoting Assange
Arjun - I will describe his personality.

[left][color=#000000]Patience person with love forbearing. Kindness, though, implies a more active expression of love toward God and fellow man. Both of his patience and kindness are bound in the one quality—love. That's why his name is "Loveevery 1".
Kindness is such a rare quality these days that when someone is kind, an easy-going, nurturing personality. .... Arjun has been the best...
I dont look all that great assange....just a normal human being with normal emotions.thanks for your kind words may god bless you with all he has got.wish you more pips every year so you can help the needy.Please continue you work and everyone seems to like yours and pats simplicity.keep posting.

And guys if you consider forex as a serious business.please try answering the questions asked.I got few Pms asking me if im going to leave...i will folks but not anytime sooner.when this thread serves its full purpose.i dont belong here anymore.till then i will stick around and do my duty.

please answer the questions asked.thats the only way to learn
Let all the living things live blissfully
  • #1,560
  • May 13, 2012 12:48pm May 13, 2012 12:48pm
I will try to answer Pat's question -

- PA is bullish (HTF confirms that) and also yellow TDI is above 50 mark
so it is safe to look for long entries.

- strong support around 1.2827 which PA couldn't breakthrough

- Trade was taken during Tokyo session which has slow momentum
and low volatility.

These are my thoughts and observations. I may be wrong.
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