X-Man's Super Simple System | Page 376 | 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

  • #7,501
  • Jun 7, 2012 5:18am Jun 7, 2012 5:18am
I see a possible sell setup coming up on the h4, hit the channel 3 times and bounced off, TDI above 68 and starting to bend downwards. Will wait and see what happens after all this red news.
Attached Image (click to enlarge)
Click to Enlarge Name: au h4.gif Size: 22 KB
  • #7,502
  • Jun 7, 2012 5:32am Jun 7, 2012 5:32am
Quoting cajun
I see a possible sell setup coming up on the h4, hit the channel 3 times and bounced off, TDI above 68 and starting to bend downwards. Will wait and see what happens after all this red news.
It looks like AU is stalling / turning on most pairs ... I've gone long on EURAUD based on a TDI cross ... it's against the inner channel and longer term trend so may be risky ... we shall see.
1 pip at a time ... if the entries are strong, the rest will follow ...
  • #7,503
  • Jun 7, 2012 6:01am Jun 7, 2012 6:01am
Quoting antantnz
I'm going with the Bullish Inside Bar?
yup, that caught my eyes.

as Vantage pointed out, the D close yesterday was vry bullish, so I expect to see follow through up, but I first look for a rectracement to 38% and 50%. But that did not happen, but stop around 23% and Asian session low.

So all these I thought is good enough with the H1 IB to jump in BUY with 50pips initial SL. I see the breakout top fib-r 127% 1.262 or DR1 is good.

Now must watch and manage till NYO.

When Bernanke start to talk nonsence, I msut watch more closely, see if I can protect some pips before he starts his speech.

Trade Well.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #7,504
  • Jun 7, 2012 7:38am Jun 7, 2012 7:38am
hi emma,

some nice pips you bag in after your entry, can i ask you with regards like major news that comes out like right now the unemployment claims of US which is better than expected, does it imply in the sense that EU will fall coz of better US news or will it rise coz of the risk on sentiments as feeling market will be doing better?

Does the news of a country matter or is it just a good news or bad news that matters?

Also do u all close off your trades prior to major news or just continue to let it run if u are still in a winning postition?
  • #7,505
  • Jun 7, 2012 8:02am Jun 7, 2012 8:02am
Quoting Fxaddicts
hi emma,

some nice pips you bag in after your entry, can i ask you with regards like major news that comes out like right now the unemployment claims of US which is better than expected, does it imply in the sense that EU will fall coz of better US news or will it rise coz of the risk on sentiments as feeling market will be doing better?

Does the news of a country matter or is it just a good news or bad news that matters?

Also do u all close off your trades prior to major news or just continue to let it run if u are still in a winning postition?...
If it's RED news then if i am in profit i will definitely take my profit and run, if i am losing then i will decide how much i want to lose, if don't want to close the trade then i will probably move my SL to try and give enough room for in case the new goes against me.
After the big news and it settles then more than likely it will reverse back, so if it goes against you and you have enough SL chances are it will head back your way. Everyone has different strategies on this issue.
  • #7,506
  • Jun 7, 2012 8:11am Jun 7, 2012 8:11am
Quoting Fxaddicts
hi emma,

some nice pips you bag in after your entry, can i ask you with regards like major news that comes out like right now the unemployment claims of US which is better than expected, does it imply in the sense that EU will fall coz of better US news or will it rise coz of the risk on sentiments as feeling market will be doing better?

Does the news of a country matter or is it just a good news or bad news that matters?

Also do u all close off your trades prior to major news or just continue to let it run if u are still in a winning postition?...

Hi Fxaddicts

I just manage to TP1 with 30pips and now BE the remaining trade.

News trading is my NOT speciliaty. I just trade based on chart data I see and manage the downside of my trades.

I read some other forum where traders trade news with a lot of statistical analysis but I never got down to digest everything they write.

How market react to news is more speculative in very short term. What really moves the market is macroeconomics. Spot forex is just a part of the whole market.

Q: Do I close all my trades before major news?
A: No.
I simply protect what I can following my trade management rules. That depends on where my profit positions are and I will protect using a percentage of that floating profit and how much I am willing to give up.

Dr Van Tharp said: To maximise proift, one must be willing to give 50% of what the market gave.
How to have a trade management method which support " Cut losses short, and let profit run".
Easy to say, but how to do?

Regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #7,507
  • Jun 7, 2012 8:14am Jun 7, 2012 8:14am
Hi ALL,

Just got a PM today from X-Man.
He is obviously doing well and trading extremely well with much bigger account using S3.
I am sure he will hit his S$million pot real soon.
That's great news from our teacher.

Regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #7,508
  • Jun 7, 2012 8:38am Jun 7, 2012 8:38am
Hi Emma..

Glad to hear that our teacher was doing well with his huge account. I wish he could post few charts about his winning trade to keep us learn. Will be kindly appreciate.

Br
  • #7,509
  • Jun 7, 2012 9:55am Jun 7, 2012 9:55am
Quoting Jemblem
Hi Emma..

Glad to hear that our teacher was doing well with his huge account. I wish he could post few charts about his winning trade to keep us learn. Will be kindly appreciate.

Br

Hi Jemblem

You must wait for the Return of X-Man.

Meantime, how is your trading using S3?
Why not post some of your trade charts and let the members here share their comments.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #7,510
  • Jun 7, 2012 10:37am Jun 7, 2012 10:37am
Quoting emmanuel7788
Hi Jemblem

You must wait for the Return of X-Man.

Meantime, how is your trading using S3?
Why not post some of your trade charts and let the members here share their comments.

regards,
Could be a long wait

As well as posting your own trades, I would suggest that you review X-Man's posts on how he trades - nothing has changed in the approach.

Lots of great posts on here with a ton of information it you are hungry enough.
"To live with Passion, it takes Courage and Grace to survive"
  • #7,511
  • Jun 7, 2012 11:39am Jun 7, 2012 11:39am
Quoting emmanuel7788

Dr Van Tharp said: To maximise proift, one must be willing to give 50% of what the market gave.
How to have a trade management method which support " Cut losses short, and let profit run".
Easy to say, but how to do?

Regards,
Do some backtesting on demo and you will surprised with your findings. I always used to wonder why the heck my demo always outperform my live account by miles despite taking the same trades. The clue was that in demo I was riding the whole trend without any fear of losing whereas in live account I used to get nervous when profit starts balooning up and close my positions too early with a fear that market will reverse.

No doubt many times, market will reverse and eat up all the profitable trades in progress but in the long run it pays off to sit tight when a trader is on the right side.

Just my two cents.
Forex is boring but profitable with patience and discipline
  • #7,512
  • Jun 7, 2012 11:59am Jun 7, 2012 11:59am
Quoting prftablefool
Do some backtesting on demo and you will surprised with your findings. I always used to wonder why the heck my demo always outperform my live account by miles despite taking the same trades. The clue was that in demo I was riding the whole trend without any fear of losing whereas in live account I used to get nervous when profit starts balooning up and close my positions too early with a fear that market will reverse.

No doubt many times, market will reverse and eat up all the profitable trades in progress but in the long run it pays off to...
Agreed - the difference between demo and live is huge and introduces real emotions such as fear of loss, security, greed, etc.

Once you achieve consistency with the demo, and in my opinion that should be based on the ratioo of pips won to pips lost, then you have a basis for going live.

Trade with $100 per entry - that'll be enough to get your emotions running and test whether you are ready for live trading. Trading with pennies is almost a waste of time and in my opinion is as useful as the demo account - great for proving the approach, but doesn't really get the emotions running - ask me how I know that - there needs to be skin in the game before you'll take it seriously.
"To live with Passion, it takes Courage and Grace to survive"
  • #7,513
  • Jun 7, 2012 1:42pm Jun 7, 2012 1:42pm
Quoting Britpip7
Agreed - the difference between demo and live is huge and introduces real emotions such as fear of loss, security, greed, etc.

Once you achieve consistency with the demo, and in my opinion that should be based on the ratioo of pips won to pips lost, then you have a basis for going live.

Trade with $100 per entry - that'll be enough to get your emotions running and test whether you are ready for live trading. Trading with pennies is almost a waste of time and in my opinion is as useful as the demo account - great for proving the approach, but...
I 100% agree with you in regards to emotions, therefore one should try to detach himself from the dollar aspect of trading. I know its very hard and painful but after a long time now I am getting used to of trading live by hiding the P&L while concentrating solely on the trade setup itself.

It is an altogether a different experience.
Forex is boring but profitable with patience and discipline
  • #7,514
  • Jun 7, 2012 6:03pm Jun 7, 2012 6:03pm
Have got so caught up in this post and while really enjoying it I was wondering if so many people trade this method does this have a negative effect on the system as a whole or? I would love to hear any ones thoughts on this.

It is just that I notice it all started Nov 26, 2011 3:19am and now 8/6/2012 I was wondering has it changed enough to be in-viable? I seriously wish to know a sI am starting my journey Monday with Oando and would like to use this method to cut my teeth on so to speak.
  • #7,515
  • Jun 7, 2012 8:20pm Jun 7, 2012 8:20pm
Hi,

This is a H4 trade just after my H1 trade was closed.
The setup is seen on H4 and entries made in H1.
There was a follow through from Wednesday D close, but price did not break the fib-r 127% which is very often follow with a intraday reversal. There is also the daily pivot R1 1.2625 and the RN 1.2600.
I use average price method for this particular H4 trade.

Now the important thing is trade management and scaling in more positions.

Trade Well!
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD Week 23 H4 Trade 7 Jun 8-6-2012 8-44-48 AM.png Size: 48 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #7,516
  • Jun 7, 2012 8:25pm Jun 7, 2012 8:25pm
Quoting i4s
Have got so caught up in this post and while really enjoying it I was wondering if so many people trade this method does this have a negative effect on the system as a whole or? I would love to hear any ones thoughts on this.

It is just that I notice it all started Nov 26, 2011 3:19am and now 8/6/2012 I was wondering has it changed enough to be in-viable? I seriously wish to know a sI am starting my journey Monday with Oando and would like to use this method to cut my teeth on so to speak.
Hi i4s,

I am not sure what you mean by 'negative effect on the system'. Please elaborate on this.

Are you starting live trading with Oanda on Monday? How was your demo trading with this S3 system so far?

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #7,517
  • Jun 7, 2012 9:24pm Jun 7, 2012 9:24pm
Quoting emmanuel7788
Hi i4s,

I am not sure what you mean by 'negative effect on the system'. Please elaborate on this.

Are you starting live trading with Oanda on Monday? How was your demo trading with this S3 system so far?

regards,
Hi emmanuel7788

thanks for reading my post. I am probably not using the correct nomenclature yet but am sure I will get better as time goes on.

What I meant was would the fact that so many people may be setting up to put these trades in place from this system that the forex could somehow adjust so that the trades would be less effective in pip gaining? I know this sounds double dutch but I think I am actually asking is it still worth putting this system into play today and expect some good pips?

On Monday I will be initially back testing the S3 system before actuating it with real money.
  • #7,518
  • Jun 7, 2012 9:57pm Jun 7, 2012 9:57pm
Goodmorning everyone, good to read all the posts first thing when i wake up
  • #7,519
  • Jun 7, 2012 10:07pm Jun 7, 2012 10:07pm
Quoting Fxaddicts
Goodmorning everyone, good to read all the posts first thing when i wake up
Hi,

Good Morning too!

You are a late riser. Miss the early birds entries already.
Now you must wait for the retrun leg.

I try to be at at my computer on the dot when the 4H candle closed. when I am waiting for a good setup. Sometimes, I don't get a full 8 hours sleep when I have open trades to manage becasue I check every 4 hours and move my stops.
It is hard life to be a trader and trade for a living.

Trade Well today... after what Bernanke said last night, market move in favour of USD.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #7,520
  • Jun 7, 2012 10:25pm Jun 7, 2012 10:25pm
Quoting i4s
Hi emmanuel7788

thanks for reading my post. I am probably not using the correct nomenclature yet but am sure I will get better as time goes on.

What I meant was would the fact that so many people may be setting up to put these trades in place from this system that the forex could somehow adjust so that the trades would be less effective in pip gaining? I know this sounds double dutch but I think I am actually asking is it still worth putting this system into play today and expect some good pips?

On Monday I will be initially back testing...

Hi i4s

the forex market is $4trillion as I learn. There are hundreds of thousands traders - retail, commercial and large traders. There are also just as many different systems out there. All these put together will move the market and the price is only what we see.
When we trade S3, we look for price action>trend> momentum>strength
Our entries is based on momentum and that to me means market already started moving and we jump on board with the momentum. Our targets are modest and we manage trades by looking at the strength of the price move. We have simple rules to follow. But we also need lots of experience to know when not to follow the rules and make our own discretionary decisions by looking at chart price movements.
The S3 rules are there, but there are also many unwritten rules which come from trading experience and market knowledge.

I think you will do demo and learn yourself then make that decision whether you can trade profitability using this S3 method. There are already a lot of posts you need to read. But going forward from Monday onwards, you can post your charts and share your thoughts behind each chart you see and your trade decisions. Members on this thread are always willing ro comment and help you here. This is the spirit of what X-Man started and he dedicate this thread to Big E who started the TMS system.

Good Trading!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
5 traders viewing now