Another simple system - Time-Frame 15 | Page 907 | Forex Factory

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Attachments: Another simple system - Time-Frame 15
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Another simple system - Time-Frame 15

  • #18,121
  • Dec 21, 2012 4:30am Dec 21, 2012 4:30am
As a novice I find exits rather tricky. I was wondering if members would mind explaining what ext strategies they use.

Thanks,

John
  • #18,122
  • Dec 21, 2012 4:34am Dec 21, 2012 4:34am
hey Borisviven


What are the rules for your entry
are u not using TDI
I have looked at the M15 chart .i dont see a thing.
Plz can u explain
  • #18,123
  • Dec 21, 2012 4:38am Dec 21, 2012 4:38am
After 3hrs of trading miniscule +8.5pip gain.I am done for this YEAR!
Happy trading everyone.
Happy Christmas and New year.
Just a side-note looking at my volume it becomes obvious that they are large pool of buyers ready to enter the market.I am not convinced of bear movement yet.Trade cautiously in this thin market.
In trading, you have to be defensive and aggressive at the same time
  • #18,124
  • Dec 21, 2012 4:46am Dec 21, 2012 4:46am
really i don't want to confuse anyone here if my posts are not following exactly Master Arjun's rules.
But this thread is based on price action and my trades are also based on it.

IF my posts disturb anyone, please let me know, i will stop...
Thank you

My only purpose is to help other traders, because a lot of traders help me here..

peace
dom
Attached Image
  • #18,125
  • Dec 21, 2012 5:02am Dec 21, 2012 5:02am
AU 15m Chart

I would trade this set up all day long because it's what gives me my EDGE because I know if I keep trading them I will win more than I loose and by aiming for at least a 1:2 Risk:Reward puts things strongly in my favour.

This might continue down to the next 1.0400 RN and if it does I'll look for another set up like the one I've just taken to enter. Just keep repeating it until it gets boring.
Attached Image (click to enlarge)
Click to Enlarge Name: 21st Dec AU 15m Chart.jpg Size: 132 KB
  • #18,126
  • Dec 21, 2012 5:04am Dec 21, 2012 5:04am
Quoting BorisViven
NEWBIE MISTAKE

my plan was a scalp on M5 (looking the market today) with a clear target.
but, because of my greed, i decided, when i was in the trade, to let it run
result : BE hit !!

I still have to learn..

This is to show to the newbies that we have to stick to the rules and follow the plan (good traders here said it millions times) !!!

Peace
dom
ps: really sorry if i disturb anyone with my M5 chart, if it is the case, please forget my post..
You should have taken a partial profit at around +15. Below was the low of Asia and of the previous day so not easy to break.

I've entered pretty much at the same time but took partial profit before BE was hit.
Thoughts are things
  • #18,127
  • Dec 21, 2012 5:07am Dec 21, 2012 5:07am
Quoting stevepatt
AU 15m Chart

I would trade this set up all day long because it's what gives me my EDGE because I know if I keep trading them I will win more than I loose and by aiming for at least a 1:2 Risk:Reward puts things strongly in my favour.

This might continue down to the next 1.0400 RN and if it does I'll look for another set up like the one I've just taken to enter. Just keep repeating it until it gets boring.
Great trade!
Whoever said not to trade this week got it wrong. There have been some very nice, smooth moves.
  • #18,128
  • Dec 21, 2012 5:11am Dec 21, 2012 5:11am
Quoting Winner1245
hey Borisviven


What are the rules for your entry
are u not using TDI
I have looked at the M15 chart .i dont see a thing.
Plz can u explain
Hi winner1245,

The way i see the market this morning, based on price action:

on H1 i saw overlapping candles (pic attached) that's show me a lot of indecision,
so i decided not to trade M15 (that is for trending conditions) but M5.
M5 allow faster entries and exits and it's more safe when I don't know where the price will go...

So, on M5 there was overbought conditions, i just jumped in when the TDI cross with clear target (post 18131).

Vantage, Jord, i know you are here today, please correct me if my way of seeing the market is wrong... thanks

Again folks i don't want to confuse anyone here... my apologies f it's the case

Peace
dom
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD,M5.png Size: 33 KB
Attached Image
  • #18,129
  • Dec 21, 2012 5:14am Dec 21, 2012 5:14am
Hi everyone.

Two trades from me on LO.
AU good setup based on the rules - bearish trend on HTF. no near support. good entry
AJ bearish - PA below all ema but 200 ema above 800 ema. bad entry with a big sl. near adr low. luckily managed to get out with + 5 as I moved the sl above previous high and resitance.
I closed both trades manually when they reversed against me more than 7 pips. got the few pips and ran.
What do you think mates?

PS: for the first time I looked at the possible trades of different pairs and applied the rules to AU and AJ which are not my usual pairs.
I totally ignored EU and GU as my usual pair as I couldn't identify a right trend. and it seemed very risky.

Attached Image (click to enlarge)
Click to Enlarge Name: AU+AJ.jpg Size: 226 KB
  • #18,130
  • Dec 21, 2012 5:15am Dec 21, 2012 5:15am
Quoting Quezoy
You should have taken a partial profit at around +15. Below was the low of Asia and of the previous day so not easy to break.

I've entered pretty much at the same time but took partial profit before BE was hit.
hi mate,

I agree with you !
thank you
  • #18,131
  • Dec 21, 2012 5:20am Dec 21, 2012 5:20am
Quoting stevepatt
AU 15m Chart

I would trade this set up all day long because it's what gives me my EDGE because I know if I keep trading them I will win more than I loose and by aiming for at least a 1:2 Risk:Reward puts things strongly in my favour.

This might continue down to the next 1.0400 RN and if it does I'll look for another set up like the one I've just taken to enter. Just keep repeating it until it gets boring.
Hi brother,

i love the way you trade, very clear and safe !
this entry is the same Vantage teach us 2 or 3 days ago

peace
dom
  • #18,132
  • Edited 5:39am Dec 21, 2012 5:30am | Edited 5:39am
Quoting peterporter
Hi ET

Just a small question

You stated that you exit a trade when your protective stop gets hits
Is that something that you will ALWAYS do when exiting i.e. one of the ways of "Letting the Profits Run" as much as possible
To me, it seems a better way of exiting by bringing up the SL close to the price, than just hitting a TP
In a way it is like getting another crack at the whip before the trade ends especially if your winning open trade gets near to a major news announcement
Thanks for all your help everyone here , it is quality reading...

Hi Peter,

I was replying specifically to the member who posted that he uses several indicators for his trade entries. That is why I mentioned about Trade Invalidation.

However, I think you asked a good question on moving SL.
Not sure if we have the same understanding here.
Protective Stop (PS) is the Exit(s) after market have moved above our Entry Price and we have already BE our trade(s).
Let not mix up PS and initial SL.

I have two exit strategies ;

One for intraday trading which I manage using R-multiple method. I posted several examples in this thread.

For swing trading, I manage using 4H TF where I move my PS after each H4 candle closed. At each H4 candle close, I will decide how many percent of the Floating Profits I want to protect. I find this to be more effective in achieving maximum run of a trend.

Alternative, you may also want to consider using the Chandelier Exit method. See link:
http://www.forexstrategiesresources....xit-technique/
This is also an effective method on H4 TF.

Hope this will help.
I am just sharing what I learned over the years. Most things shared here are not my original. I use what I learned and adapt to my own trading. Not trying to teach anything here in this thread.

Regards,
Attached Image (click to enlarge)
Click to Enlarge Name: EU H4 Swing Trailing Stop.png Size: 36 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,133
  • Dec 21, 2012 5:31am Dec 21, 2012 5:31am
Quoting stevepatt
AU 15m Chart

I would trade this set up all day long because it's what gives me my EDGE because I know if I keep trading them I will win more than I loose and by aiming for at least a 1:2 Risk:Reward puts things strongly in my favour.

This might continue down to the next 1.0400 RN and if it does I'll look for another set up like the one I've just taken to enter. Just keep repeating it until it gets boring.
very nice trade, stevepatt.
clean chart + great exit.
I entered almost at the same place but could n't make a good exit.
  • #18,134
  • Dec 21, 2012 5:32am Dec 21, 2012 5:32am
Quoting BorisViven
my yesterday AU
I was confident to let it run because the price formed new LH/LL
I closed on daily 50ema
I think it was risky...perhaps newbie luck ?
Please excuse me if my trades (and explanations) are not very smart but i have not found my exact trading style yet...

Peace
dom
Hi Dom,

I've started to follow Emmanuel advice by marking the OHLC of both the previous day and week on my charts. This gives added confluence to take a trade and also gives good target levels.

If you do that you will notice that yesterdays low coincided with last weeks low point also this would give a good target level for the trade you where in. From there you can see price re-traced to last weeks open level before giving further PA to enter short.

All I'm saying is it's better to exit a trade with profit than let it turn around and take you out at BE or worse. You can then always look for further setups to get back into the market.

I don't know what other traders here think about this approach.
  • #18,135
  • Dec 21, 2012 5:37am Dec 21, 2012 5:37am
Quoting BorisViven
Hi winner1245,

The way i see the market this morning, based on price action:

on H1 i saw overlapping candles (pic attached) that's show me a lot of indecision,
so i decided not to trade M15 (that is for trending conditions) but M5.
M5 allow faster entries and exits and it's more safe when I don't know where the price will go...

So, on M5 there was overbought conditions, i just jumped in when the TDI cross with clear target (post 18131).

Vantage, Jord, i know you are here today, please correct me if my way of seeing the market is wrong......
You're doing well buddy! Keep it up! But the main reason we don't post M5 charts in this thread is out of utmost respect for the author of this thread who specifically and categorically forbade it. You may do your analysis and take entries on such low timeframes, but out of consideration for newbies who WILL be tempted to copy you...DON'T POST THE CHARTS! They'll get eaten by the sharks!
  • #18,136
  • Dec 21, 2012 5:38am Dec 21, 2012 5:38am
Quoting stevepatt
Hi Dom,

I've started to follow Emmanuel advice by marking the OHLC of both the previous day and week on my charts. This gives added confluence to take a trade and also gives good target levels.

If you do that you will notice that yesterdays low coincided with last weeks low point also this would give a good target level for the trade you where in. From there you can see price re-traced to last weeks open level before giving further PA to enter short.

All I'm saying is it's better to exit a trade with profit than let it turn around and take you...
  • #18,137
  • Dec 21, 2012 5:46am Dec 21, 2012 5:46am
Quoting stevepatt
AU 15m Chart

I would trade this set up all day long because it's what gives me my EDGE because I know if I keep trading them I will win more than I loose and by aiming for at least a 1:2 Risk:Reward puts things strongly in my favour.

This might continue down to the next 1.0400 RN and if it does I'll look for another set up like the one I've just taken to enter. Just keep repeating it until it gets boring.
very good set up
  • #18,138
  • Dec 21, 2012 5:54am Dec 21, 2012 5:54am
Quoting jordfx
[b] [font=Arial][size=3]A few winning trades often misleads amateur traders into thinking they are ‘onto something’. But what usually happens is they hit a big winner and then they give it all right back, and usually more. This cycle of winning here and there and then giving all your gains back, works to keep traders in a cycle of gambling in blind hope, and it slowly depletes their accounts until their gone. Humans are wired to fall prey to this trap of randomly distributed rewards. What happens is once we hit a few winners via luck, we sort of...
Good contribution jordfx, I LIKE
Thanks.

Sometimes the SM use huge Bear traps when a mouse trap will do the work.

Remember what I said about only the second mouse will get to the cheese.

Regards,
Attached Image
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,139
  • Edited 6:33am Dec 21, 2012 6:20am | Edited 6:33am
Shorted GU. Initial stop 6pips. TP 40pips @ 1.62. but could close manually before then depending on PA.(RED NEWS IN AN HOUR)

Edit: for newbies...safer entry would be after the break of yesterdays low(Pinbar! nice.). My entries are usually very aggressive because I like my stops nice and tight. lol!
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 28 KB
  • #18,140
  • Dec 21, 2012 6:36am Dec 21, 2012 6:36am
Quoting jordfx
Shorted GU. Initial stop 6pips. TP 40pips @ 1.62. but could close manually before then depending on PA.(RED NEWS IN AN HOUR)
I was just going to post that setup, look at the inside PB screaming out to be traded. I missed it
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