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Another simple system - Time-Frame 15

  • #19,661
  • Feb 7, 2013 3:15am Feb 7, 2013 3:15am
power of pin bar
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Persian Gulf forever
  • #19,662
  • Feb 7, 2013 3:23am Feb 7, 2013 3:23am
Robin

I'm sure you know by now that losing 135 pips on 10 trades in one day should never happen.... So I'll skip that lecture.

Find out what emotion is behind your poor trades. Fear, excitement, revenge, etc..... Once you can target it, you can work on fixing it.
What is any ocean but a multitude of drops?
  • #19,663
  • Feb 7, 2013 3:31am Feb 7, 2013 3:31am
LE1TIME FRAME 15

Learning #4 MOVING AVERAGES

ok here it is, all the info about moving averages

LE1's system is based upon the DAILY 10SMA, and to lesser extent the 4HOUR 10MA. These are seen as important direction guides that banks etc use.
Given broadly 24 hour fx mkts, the DAIL Y 10MA on a 4 hour chart would be 60MA (10*(24/4)).
On a one hour chart it would be a 240MA (4* (60)
On 15mn chart it would be 960MA (240*4)

However, the way charts are set up on packages like MT4 when you have set a 240 MA on the one hour and then you manually change the timeframe to 15 min it would still show a 240MA (not the 960) so....
LE1 in his great wisdom kept it simple and used the samee MAs on all the four time frames..
800, 200, 50, 10MA

The 800 and 200 are used to determine direction (up/down/flat, and also identify opportunities. For example if you see a DAILY pin bounce up of key support then you have an idea mkt might go UP

The HOURLY is used to determine the setup, is it setting up or not, if not, or if flat, stand aside and wait for setup

If there is a potential setup then look to the 15 min for entry triggers.
LE1 always said that five minutes when you first sit down at PC and look at daily and 4 hourly you know waht you are going to do that day
The Relationship between the MAs is also key. PLEASE read LE1 early pages for detail on this.
Basically look to the 200 for direction. If 50MA is BELOW 200MA then look only for shorts, If above then look for LONGS (unless the 800MA is just above)
Do NOT trade when price is BETWEEN all the MAS (this will cut out quite a lot of trades) Asnewbries you need to focus on only the best high probability trades. Try and get all the MAs to line up and then enter with S/R support and confluence of other measures
Anything between he MAs is counter trade. DO NOT countertrade!!

Ideally when price breaks up above 50 MA and the retests MA or Support which holds. Buy on the close of the 15 Min candle after bounces up after retesting a brakout.

The setups do occur frequently . Here is one from just an hour ago!!! Look at the S/R beneath, strong, price breaks up and retests 50MA, all PAs are in alignmnet , niceee !!!!!
This is not swing trading. LE1 took only 10-25 pips approx


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  • #19,664
  • Feb 7, 2013 4:39am Feb 7, 2013 4:39am
Quoting peetee09
LE1TIME FRAME 15

Learning #4 MOVING AVERAGES

ok here it is, all the info about moving averages

LE1's system is based upon the DAILY 10SMA, and to lesser extent the 4HOUR 10MA. These are seen as important direction guides that banks etc use.
[font="Calibri"][size=3]Given broadly 24...
Hi Peetee09,

This is meaningful for me brothers

Thanks
  • #19,665
  • Feb 7, 2013 4:57am Feb 7, 2013 4:57am
Quoting peetee09
LE1TIME FRAME 15

Learning #4MOVING AVERAGES

ok here it is, all the info about moving averages

LE1's system is based upon the DAILY 10SMA,

Isn't it exponential, not simple (as in your statement) moving averages (just as all the rest MAs are exponential). ?
Thank you.
  • #19,666
  • Feb 7, 2013 5:00am Feb 7, 2013 5:00am
Sorry, yes, they are all exponential MA
P

Quoting MidnightRun
Isn't it exponential, not simple (as in your statement) moving averages (just as all the rest MAs are exponential). ?
Thank you.
  • #19,667
  • Feb 7, 2013 5:23am Feb 7, 2013 5:23am
Quoting fxrobinhhood
To my dummy view, setups are somewhat repeated or systematic behavior which can be soptted if we act systematically.
i don't know what you are trying to imply on this...

but, i'm just gonna give you a friendly hint.

being systematical isn't going to help you in this business...

they change it every single time, many variations. why do you think eas don't work? machine trading,... they are systematic... yet they fail. think about that.
  • #19,668
  • Feb 7, 2013 5:23am Feb 7, 2013 5:23am
Quoting fxrobinhhood
.
3rd day I lost abit becuz of lack of dicipline. I knew it.
4rd day I went wild and started killing my account, losing 135 pips in 1 day. (statement attached)
That is what happens.
I know I am sounding boring. I ve been moaning and posting my losses instead of charts based on LE1 method.
This is my last accout before taking a break so my last chance.
Great pips to you. Hope other newbies learn from advices you give me.
Dear Fxrobinhhood,

I understand your pain and upset. It's also my painful recurently. But please do not give up. Take a break after a loosing streak is a very good habit. Time is magic it will help you to recover.

I think you could search some basic training charts from LE1, then print out and comparing with your potential setup before jumping in. You can have a look at my post 16230 for reference if you like.

Please stay calm. God bless you.

Ps. re-read every posts from Arjun will help you not only the correct setup but also the psychology. The whole thread is itself the best forex book I've ever read so far.
Accept as it is being!
  • #19,669
  • Feb 7, 2013 5:27am Feb 7, 2013 5:27am
Quoting Vnfx
Dear Fxrobinhhood,

I understand your pain and upset. It's also my painful recurently. But please do not give up. Take a break after a loosing streak is a very good habit. Time is magic it will help you to recover.

I think you could search some basic training charts from LE1, then print out and comparing with your potential setup before jumping in. You can have a look at my post 16230 for reference if you like.

Please stay calm. God bless...
sorry... wrong. not in this business.
  • #19,670
  • Feb 7, 2013 5:35am Feb 7, 2013 5:35am
Quoting pkimnyc
sorry... wrong. not in this business.
No problem mate!
Accept as it is being!
  • #19,671
  • Feb 7, 2013 5:54am Feb 7, 2013 5:54am
EJ. Up 75pips now. Will close some positions if price closes below 10ema. All protective stops at BE +10.
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  • #19,672
  • Feb 7, 2013 6:00am Feb 7, 2013 6:00am
Quoting Vnfx
No problem mate!
works great in love life though...
  • #19,673
  • Feb 7, 2013 6:27am Feb 7, 2013 6:27am
Quoting jordfx
EJ. Up 75pips now. Will close some positions if price closes below 10ema. All protective stops at BE +10.
Those are entries of the Master.
I like your simple chart.
Cheers.
Accept as it is being!
  • #19,674
  • Feb 7, 2013 9:51am Feb 7, 2013 9:51am
Quoting Xhale12
Robin

I'm sure you know by now that losing 135 pips on 10 trades in one day should never happen.... So I'll skip that lecture.

Find out what emotion is behind your poor trades. Fear, excitement, revenge, etc..... Once you can target it, you can work on fixing it.

Agree!

Unless I can find the reason behind this behaviour and solve, no method can help. If if it is the most profitable one and I know it well, I would be able to make profits while I lose control.
  • #19,675
  • Feb 7, 2013 10:03am Feb 7, 2013 10:03am
Quoting pkimnyc
i don't know what you are trying to imply on this...

but, i'm just gonna give you a friendly hint.

being systematical isn't going to help you in this business...

they change it every single time, many variations. why do you think eas don't work? machine trading,... they are systematic... yet they fail. think about that.
My 2c.

I dunno I work on a methodology/systematically whatever you want to call it and as far as I'm concerned the same general scenarios appear on most days. So much so that the general wording of every trade we take (OK well the overwhelming majority) could be copied and pasted from one to the other (slight exaggeration but you get the drift).

Perhaps its coming down to what works for you and what you can see in a chart.
  • #19,676
  • Feb 7, 2013 10:05am Feb 7, 2013 10:05am
EJ moved up to the area of the highs in 1 big 15 min candle this morning then spent 4 hrs going nowhere. D divergence, 1hr engulfing negative close. 15 min lh little/no lower wick in direction of trade. Out at the prev days lows +79.

One thing we need to work on is re-entries when its apparent that it isn't going to reverse.
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  • #19,677
  • Feb 7, 2013 10:26am Feb 7, 2013 10:26am
Quoting Vantage
My 2c.

I dunno I work on a methodology/systematically whatever you want to call it and as far as I'm concerned the same general scenarios appear on most days. So much so that the general wording of every trade we take (OK well the overwhelming majority) could be copied and pasted from one to the other (slight exaggeration but you get the drift).

Perhaps its coming down to what works for you and what you can see in a chart.
here's my 2c.

that's when you understand the underlying concept.

i don't know if the systematical approach that gets spoken here implies merely on "if price is above certain ma then action" or not. just pointing out some downside of blindly following so called "system."
  • #19,678
  • Feb 7, 2013 10:46am Feb 7, 2013 10:46am
Quoting peetee09
LE1TIME FRAME 15

Learning #4MOVING AVERAGES

ok here it is, all the info about moving averages

LE1's system is based upon the DAILY 10SMA, and to lesser extent the 4HOUR 10MA. These are seen as important direction guides that banks etc use.
Given broadly 24 hour fx mkts, the DAIL Y 10MA on a 4 hour chart would be 60MA (10*(24/4)).
[font=Calibri][size=3]On a one hour chart...
Very interesting summary of LE1. I must definitely review the first 300 pages. That's beyond question!
But I will be able to do that with a peace of mind. Perhaps once I'm done either getting control or blowing up and taking a break!
Thanks buddy. very helpful indeed.
  • #19,679
  • Feb 7, 2013 10:53am Feb 7, 2013 10:53am
Quoting pkimnyc
i don't know what you are trying to imply on this...

but, i'm just gonna give you a friendly hint.

being systematical isn't going to help you in this business...

they change it every single time, many variations. why do you think eas don't work? machine trading,... they are systematic... yet they fail. think about that.
Dear pkimnyc

I agee to some extent but

In my dummy view, being systematic is the only way to find the highest probablity in the market. What eas can't do is applying logic and putting the whole picture together.
An ea can be based on MAs alignment but cannnot consider other factors like retracements, confluences and S&D.
  • #19,680
  • Feb 7, 2013 11:03am Feb 7, 2013 11:03am
Quoting Vnfx
Dear Fxrobinhhood,

I understand your pain and upset. It's also my painful recurently. But please do not give up. Take a break after a loosing streak is a very good habit. Time is magic it will help you to recover.

I think you could search some basic training charts from LE1, then print out and comparing with your potential setup before jumping in. You can have a look at my post 16230 for reference if you like.

Please stay calm. God bless you....
Dear Vnfx,

Thanks for reassuring comments.
I definitely need to review all that some time.
It is this sharing and caring milieu of this thread which has kept me here.
Every time I'm at wits, I read LE1 members' hints, advice, and sympathy.

I cannot thank you enough! God bless you all.
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