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Another simple system - Time-Frame 15

  • #18,081
  • Dec 20, 2012 3:00pm Dec 20, 2012 3:00pm
Quoting stevepatt
Hi Fxrobinhood,

Try concentrating on one pair wait for the pull back to the 10 EMA and then look for inside candles or outside candles to continue with the trend, to start with go for 1R return until you gain confidence. Look for entries where you can get your SL behind the 10 EMA but have no more than a 10 pip SL. Look back in history to see where this approach would work so you know what to look for going forward.

I know it's difficult with so many different opinions coming at you but you need to find what works for YOU, that's the big break...
Great Advice all-round... Thanks Steve, Fxrobinhood, This a great summary of much of what I've learnt in this thread -And it really Works!
  • #18,082
  • Dec 20, 2012 3:48pm Dec 20, 2012 3:48pm
hello

can anyone explain what is adr ?
and how to trade adr settings ...?
  • #18,083
  • Dec 20, 2012 4:26pm Dec 20, 2012 4:26pm
Quoting Surfer
Nice, fast, high R:R long on EJ.

+46. May go higher but happy to exit there after fast move.
I saw that trade surfer, almost took it but break out was at a US red news. Do you think it was ok to do that? Someone in this thread compared trading the news to a coin toss... It could easily have gone south as a reaction to EU news response... Just me thinking aloud.
  • #18,084
  • Dec 20, 2012 4:26pm Dec 20, 2012 4:26pm
Quoting Xhale12
I see most of the new people here asking why trades went wrong are simply ignoring the bigger picture. I recommend everyone new to this system first start with a blank chart. Forget the 10 ema, forget adr, forget round numbers, just look at price. Mark off support and resistance + trendlines, evaluate PA on the HTF's, etc.... Once you've done all this, then add your MA's and other indi's back on. The 10ema is simply used for FURTHER confirmation. It should not be taken as confirmation in and of itself. Taking trades just because price hits the 10,...
Superb post Xhale12!
  • #18,085
  • Dec 20, 2012 4:46pm Dec 20, 2012 4:46pm
Quoting Surfer
Nice, fast, high R:R long on EJ.

+46. May go higher but happy to exit there after fast move.
nice trade. you know how to get the most out of this market. sth I must learn.
  • #18,086
  • Dec 20, 2012 4:53pm Dec 20, 2012 4:53pm
Quoting nocanda
I saw that trade surfer, almost took it but break out was at a US red news. Do you think it was ok to do that? Someone in this thread compared trading the news to a coin toss... It could easily have gone south as a reaction to EU news response... Just me thinking aloud.
Good question.
If it went south I would have been stopped out for -10.
It went north and my reward:risk ratio was initially nearly 5:1 and better than this once I tightened my stop after the first green bar.

If the odds were 50% I would happily take this trade 1000 times.

Three things to consider.

1. When you are back testing your rules, do you consider the news that came out during those sessions? I bet you don't.
2. Have you noticed that breakouts following news often continue in the direction of the existing trend?
3. Should you trade just prior to NFP or interest rate announcements?

I would like to hear the opinions of our members who make a living from FOREX.
Do you avoid all 'red' news or just the real biggies?
Depends on timeframe of course. Let's say for your 15 min entries.
  • #18,087
  • Dec 20, 2012 5:06pm Dec 20, 2012 5:06pm
Quoting Surfer
I look for logical places to take profits.

Where might price struggle to penetrate?
- Previous support/resistance - the more recent the more relevant.
- Round numbers (very common for me)
- Supply/Demand zones.
- ADR if it is reasonable - don't get too greedy.

If I get a strong bar in the direction of my trade very soon after entry - usually the entry bar or the next bar, I will move my stop a couple of pips under/over this bar. So I will tighten my stop but NEVER loosen it.

I like to get my stop to BE once I see a retrace or a test of my...
Dear surfer

Thanks so much for yr detailed explanation. very instructive.
I have learned some new lessons.
Where to enter. to focus.
not to move the sl before the first retracement.
You get most out of teh market.
Today I had two trades eu and gu.
I let it run during choppy pulbacks but finally it started to go north. The price moved quickly cuz of news.
again I hold too long.
That's where I do not know what to do. Usually it reversed all against me or ended BE.
I could have taken 55 - 70 pips (35+28). I had the chance 3 times but unfortunately I didn't take it.
I couldnt decide. It reveresed against me.
soon the pips were lost.
fortunately this time I had learned sth. I had moved teh sl. I got 20 +12.
I lost some but not all. That was much better. better to have a little than going empty handed.

I am learning quickly cuz of the feedback from the members of our family.
all the best to you and all.
  • #18,088
  • Dec 20, 2012 5:24pm Dec 20, 2012 5:24pm
Quoting fxrobinhhood
nice trade. you know how to get the most out of this market. sth I must learn.
Thanks. I have had a good week and it has been very 'part time' as I am on holiday with my family.

I have already mentioned that I first started trading over 10 years ago. I have many chart hours under my belt but it has mostly been stocks and futures. I still have a lot to learn about forex trading. Traders are well advised to leave their egos at the door . . .
I have spent countless hours reading books, articles, threads, newsletters, watching trading videos etc over the years. Have to 'unlearn' most of it

There is so much great information here. A new trader coming here has access to all of the tools they need and just needs to try some of these tools and find what works for them. Money management and psychology are the two biggest obstacles after that.
Don't spend any money on courses, chat rooms etc. I have asked several vendors for audited trading statements and they can never provide them. They are marketers and educators, not traders.

I still have not settled on all of my rules. My trading plan is not set in stone yet. I will continue trading my demo account until I complete those tasks.

Don't be in a hurry. Don't risk your money until you are organised, have a plan, have an edge and know what your edge is, know your tools etc. Start small and expect to lose at first.
  • #18,089
  • Dec 20, 2012 5:31pm Dec 20, 2012 5:31pm
Quoting angel_forex
hello

can anyone explain what is adr ?
and how to trade adr settings ...?
Sorry to be obtuse but search for ADR in this thread. Google "ADR trading".
Do your homework first. All the answers are here.
One answer you will find if you look is that you should not be worrying about ADR at this stage of your learning.
  • #18,090
  • Dec 20, 2012 5:42pm Dec 20, 2012 5:42pm
hello guys, i am using a trend following system consisting of many indicators (histo macs, rbi,imi, dow pattern and many more) . Most of the time i make really good entries , but the problem is my exit plan always falls short. Can some one give me some suggestions as to when to exit the trade , should i depend on candle stick price action or should i depend on over bought and over sold signals with indicators?
  • #18,091
  • Dec 20, 2012 7:37pm Dec 20, 2012 7:37pm
Quoting abuelneef
hello guys, i am using a trend following system consisting of many indicators (histo macs, rbi,imi, dow pattern and many more) . Most of the time i make really good entries , but the problem is my exit plan always falls short. Can some one give me some suggestions as to when to exit the trade , should i depend on candle stick price action or should i depend on over bought and over sold signals with indicators?
Sup/res, supply/demand, mad, and etc.... Many ways to skin a cat. You just need to find what's comfortable and practice.
  • #18,092
  • Dec 20, 2012 7:51pm Dec 20, 2012 7:51pm
Quoting pkimnyc
Sup/res, supply/demand, mad, and etc.... Many ways to skin a cat. You just need to find what's comfortable and practice.
Hi Everyone,

I'am not trading until next year, just catching up reading whenevere I get network connection.

I LIKE this... 'many ways to skin a cat'. Please don't skin my Garfield.

SEASON'S GREETINGS!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,093
  • Dec 20, 2012 7:54pm Dec 20, 2012 7:54pm
  •  Mr C
  • Joined Mar 2012 | Status: Knowledge is "potential" power | 439 Posts
Quoting abuelneef
hello guys, i am using a trend following system consisting of many indicators (histo macs, rbi,imi, dow pattern and many more) . Most of the time i make really good entries , but the problem is my exit plan always falls short. Can some one give me some suggestions as to when to exit the trade , should i depend on candle stick price action or should i depend on over bought and over sold signals with indicators?
When entering a trade you should already know what you will do as it progresses know where you will protect your profits where you intend to exit and place SL, then as you go, you adapt and fine tune.
Failing to plan is planning to fail, (American Pie)
Paul,
Attached Image (click to enlarge)
Click to Enlarge Name: exit+2.jpg Size: 113 KB
Of all the things I've lost I miss my mind the most .
  • #18,094
  • Dec 20, 2012 8:02pm Dec 20, 2012 8:02pm
Quoting abuelneef
hello guys, i am using a trend following system consisting of many indicators (histo macs, rbi,imi, dow pattern and many more) . Most of the time i make really good entries , but the problem is my exit plan always falls short. Can some one give me some suggestions as to when to exit the trade , should i depend on candle stick price action or should i depend on over bought and over sold signals with indicators?
This is a trade management question. Specifically, this is about how to manage trade exits.

You will exit your trade(s) when your protective stop(s) get taken by the market.

When you do your trading plan, you need to think of what you need to do to achieve this "Let Profits Run".

I do not use OB/OS condition for exit decision.

CS PA is good, but I do not use that alone.

I suggest you think of what is your Trade Invalidation when you decide on trade setup and trigger.

Trade Well!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,095
  • Dec 20, 2012 8:20pm Dec 20, 2012 8:20pm
Quoting Wqiang
Hi,

hope someone can lend me a helping hand!

my question is inside the attachment.

thanks and regards,
wqiang

my comments on the attached chart.
Attached Image (click to enlarge)
Click to Enlarge Name: Wqiang 20122012 Eurusd D1.jpg Size: 241 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,096
  • Dec 20, 2012 8:45pm Dec 20, 2012 8:45pm
Quoting Surfer
I look for logical places to take profits.

Where might price struggle to penetrate?
- Previous support/resistance - the more recent the more relevant.
- Round numbers (very common for me)
- Supply/Demand zones.
- ADR if it is reasonable - don't get too greedy.

If I get a strong bar in the direction of my trade very soon after entry - usually the entry bar or the next bar, I will move my stop a couple of pips under/over this bar. So I will tighten my stop but NEVER loosen it.

I like to get my stop to BE once I see a retrace or a test...
Great post, thanks a lot. The pdf you mean maybe this one posted by Davit.
BS Trading.pdf
Find your edge, make your system, stick to it.
  • #18,097
  • Dec 20, 2012 9:40pm Dec 20, 2012 9:40pm
  •  Mr C
  • Joined Mar 2012 | Status: Knowledge is "potential" power | 439 Posts
Quoting abuelneef
hello guys, i am using a trend following system consisting of many indicators (histo macs, rbi,imi, dow pattern and many more) . Most of the time i make really good entries , but the problem is my exit plan always falls short. Can some one give me some suggestions as to when to exit the trade , should i depend on candle stick price action or should i depend on over bought and over sold signals with indicators?
First, I agree about trade invalidation it’s just that if the trade is invalidated you don’t need to worry about exiting or triggers it’s the end of that plan you move on.
Your trade setup’s and triggers seem fine you have good entries so your trade invalidation is good, you have trouble with exits you need to look at previous Highs and Lows practice finding support and resistance areas pivot points also price in relation to MA’s will help.
I’m not a teacher and won’t pretend to be I’m a trader but I had the same problem with exits now I don’t think twice about an early exit there’s always another trade.
Paul,
Of all the things I've lost I miss my mind the most .
  • #18,098
  • Dec 20, 2012 10:27pm Dec 20, 2012 10:27pm
EU Week 51

Here is what I see before today D candle close.
Not trading this week and next week.
Just following the market and to be in the rhythm.

SEASON'S GREETINGS
Attached Image (click to enlarge)
Click to Enlarge Name: EU week 51 21-12-2012 12-14-37 PM.png Size: 45 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,099
  • Dec 20, 2012 10:54pm Dec 20, 2012 10:54pm
Quoting emmanuel7788
EU Week 51

Here is what I see before today D candle close.
Not trading this week and next week.
Just following the market and to be in the rhythm.

SEASON'S GREETINGS
Hi E
Yes D's haven't closed with sell signals yet, we are at day 3 of potential turn. Its holiday season, fiscal cliffs looming, anything can happen.

On a different topic. I said yesterday a pin bar on D in uptrend in terms of our rules = buy or sell good set ups are allowed. Mrs V got a buy but decent sell set ups also presented themselves in the afternoon. She preferred to buy in line with the overall trend, 1 good trade for the day and out. Not picking on him at all but cannot now help but think of the person taking 9 trades in 1 day. Just saying there is a lesson there. Take more than 1 trade a day fine but 9 from a trend method is not right. I feel good entries into trend should be fewer with bigger than 20 pips targets. Take advantage of one of the edges this simple system gives.

I suspect Mrs V will pop into the study and look at some charts as an early day at the office is looking highly unlikely for me today. I don't think she'll trade, freaky Fridays (well Fri mornings anyway) and Asian session has already run a lot, for us 2 items high on the don't like list. But you never know what will happen.

Finally I wish everyone here a wonderful holiday and that we come back safe and profitable next year.

To Loveevery1 what can I say, all the best my friend, should you come back great, if not thanks and stay well.
  • #18,100
  • Dec 20, 2012 11:01pm Dec 20, 2012 11:01pm
Trade was based on Price Action and fib retrace.
GU+32pips
I would of let it run more but we got important news release on GU tonight and did not want to risk losing the gains.
Attached Image (click to enlarge)
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In trading, you have to be defensive and aggressive at the same time
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