X-Man's Super Simple System | Page 536 | 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

  • #10,701
  • Mar 12, 2013 12:15am Mar 12, 2013 12:15am
Has the london market opened?
  • #10,702
  • Mar 12, 2013 12:18am Mar 12, 2013 12:18am
Quoting tenmilewalk
Has the london market opened?
FF shows you the various market sessions.
You must know every market open and close.
This explains why prices move.
Attached Image
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #10,703
  • Mar 12, 2013 12:36am Mar 12, 2013 12:36am
Quoting Pervis
EJ trade, take after break two previous candle
hi pervis , we took the same trade, can you give me your skype id? for me is : kehbson

thanks
  • #10,704
  • Mar 12, 2013 12:52am Mar 12, 2013 12:52am
Quoting davson90
hi pervis , we took the same trade, can you give me your skype id? for me is : kehbson

thanks
Hi davson90,

Just add you into list
  • #10,705
  • Mar 12, 2013 3:57am Mar 12, 2013 3:57am
To those guys who are using this method with H4 timeframe, I have a simple yet confusing question.

Do you guys use GMT+2/GMT+3 timezone or just default GMT+0 timezone for charting in H4? Because both will give you different PA and analysis.

Different brokers have different timezones. IBFX and FXCM use GMT+0 and I see they have different PA with FXPro or some other brokers. What do you guys use for charting?

well i have been trading using standard GMT+2/GMT+3 timezone but when I backtested for the past 3 years chart I find the default GMT timezone is also profitable and at some points even more consistent. That's why im confused.
  • #10,706
  • Mar 12, 2013 4:03am Mar 12, 2013 4:03am
Quoting Pervis
EJ trade, take after break two previous candle
yeah, so did you wait for the blue candle to close and then new candle open and enter on the break ?

Thanks
I Have Learned to Take Some Losses to Make Profits
  • #10,707
  • Mar 12, 2013 4:13am Mar 12, 2013 4:13am
Quoting rsg10z
To those guys who are using this method with H4 timeframe, I have a simple yet confusing question.

Do you guys use GMT+2/GMT+3 timezone or just default GMT+0 timezone for charting in H4? Because both will give you different PA and analysis.

Different brokers have different timezones. IBFX and FXCM use GMT+0 and I see they have different PA with FXPro or some other brokers. What do you guys use for charting?

well i have been trading using standard GMT+2/GMT+3 timezone but when I backtested for the past 3 years chart I find the default GMT timezone...
Hi rsg,

There is not correct or wrong answer for this one. There have been many discussions on whch H4 is the correct one. I am afraid there is no correct H4 candle as different broker have different server time so the H-hour period is differet because of different day start time.
I use a lot Price Action using candlestick patterns on H1, H4 and D for example, and I use GMT000 as start of day for all my charts. Hence my H4 will be different from others using GMT+1,+2 and +3 server time.

It is about consistency in trading so I stick to GMT00 as start of day for all my analysis and looking for setups.

Hope this help explain.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #10,708
  • Mar 12, 2013 4:26am Mar 12, 2013 4:26am
ok thank you very much
  • #10,709
  • Mar 12, 2013 5:15am Mar 12, 2013 5:15am
Caught a nice trade on EUR/JPY. TDI had already crossed just before Tokyo open and was thinking I was late entering but went my way and was able to capture 120 pips. Exited at pullback from semaphore star and TDI was hooking.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy12032013.JPG Size: 61 KB
We're all just one trade away from humility.
  • #10,710
  • Mar 12, 2013 6:08am Mar 12, 2013 6:08am
Hello,

Can anyone share the synergy indicator that shows the open/close of each bar.
Thanks
Dragon Rider
  • #10,711
  • Mar 12, 2013 6:53am Mar 12, 2013 6:53am
Quoting Drewas
Caught a nice trade on EUR/JPY. TDI had already crossed just before Tokyo open and was thinking I was late entering but went my way and was able to capture 120 pips. Exited at pullback from semaphore star and TDI was hooking.
Cool , keep going and I see you are doing well trading , can you share you trading experience and what was the turn move into your trading carrier

Cause I feel like back testing is showing me the way

Thanks and wish you more
I Have Learned to Take Some Losses to Make Profits
  • #10,712
  • Mar 12, 2013 6:56am Mar 12, 2013 6:56am
Hey guys, any advice appreciated. Thank you emmanuel for answering the questions

London Close

London P/L:-80
New York P/L:

Daily total-3

Aggregate Trades: 22
Aggregate P/L: 128
Attached Image(s) (click to enlarge)
Click to Enlarge Name: mar 12 london close eur.usd.h1.png Size: 61 KB
Click to Enlarge Name: mar 12 london close eur.jpy.h1.png Size: 48 KB
Click to Enlarge Name: mar 12 london close gbp.usd.h1.png Size: 54 KB
Click to Enlarge Name: mar 12 london close usd.chf.h1.png Size: 61 KB
  • #10,713
  • Mar 12, 2013 7:21am Mar 12, 2013 7:21am
My 12 pips daily dose is reached

Notes on the chart

I have one question that is running through my mind heavily today

I heard that experienced traders (CONTROL RISK)

What does it really in real world mean and how have you planted it into your trading and how do you deal with it when price action starts to draw down ?
Attached Image (click to enlarge)
Click to Enlarge Name: 3-12-2013 5-07-22 PM_winner.jpg Size: 300 KB
I Have Learned to Take Some Losses to Make Profits
  • #10,714
  • Mar 12, 2013 7:44am Mar 12, 2013 7:44am
TheScorpS
Quote
I heard that experienced traders (CONTROL RISK) What does it really in real world mean and how have you planted it into your trading and how do you deal with it when price action starts to draw down?

I'll give you my definitions . . .

Risk Management is mitigating risk in a open position, also referred to as Trade Management - letting the market swing while still protecting profits and avoiding a catastrohic loss.

Money Managment is looking at your overall account equity and its relationship to your postion sizing and number of trades. The number of strategies here could warrant another post entirely. (Fixed Percentage, Fixed Ratio, and other incremental methods to increase and decrease trades and lot sizes as equity fluctuates.)

Back to Risk Management . . . I have found, especially with new and struggling traders, you must back test to be prepared for the average drawdowns that occur with your trading system on your trading time frame. Knowing this will relieve you of much of the anxiety of a drawdown because you expect it. Risk/Trade Management is trusting your system data, knowing where price is most likely to stall or reverse (S/R) and taking profits accordingly.

The next step is to use a two trade system that satisifies both fear and greed. Set profit targets based on a percentage of Daily ATR, Trading Time Frame ATR or what ever you use. Take profits on trade 1 at a shorter target to satisfy your fear - money is now in the bank. Set stops to break even for trade 2 once trade 1 target is attained. Now you can relax because trade 2 is free and can take advantage of continuation.

This may seem over simplified, but psychologically it works and I have used it to train even the most nervous traders.

This skill takes gathering data on your trade system, studying price action, trading in a demo account or small live account so you can forward test your performance vs. your data, and diligence in following your trade plan. That is really how pros control risk and avoid the worry of a drawdown. They have determined their risk before the trade is entered, so unless thier stops are hit, why waste a minute worrying about a draw down? Target 1 attained, stops to breakeven on trade 2 . . . over and over again. Practice and repetition. There is no subsititute.
  • #10,715
  • Mar 12, 2013 9:35am Mar 12, 2013 9:35am
Yes u are right cbin.... I think in forex is mm and mental most important thing.. I see on your site how u trade it look very easy for trained eyes yes ..... Mostly trade complicated i think .... Fear and greed is the biggest problem in forex i think .... Some friends from me trade only head and shoulders setup and are profitable over month...im not a expert but read it ever and ever again to safe in my brain :-) sorry for bad english u can give some samples cbin protrader? About your idea
  • #10,716
  • Mar 12, 2013 9:41am Mar 12, 2013 9:41am
Quoting dcginc
TheScorpS

I'll give you my definitions . . .

Risk Management is mitigating risk in a open position, also referred to as Trade Management - letting the market swing while still protecting profits and avoiding a catastrohic loss.

Money Managment is looking at your overall account equity and its relationship to your postion sizing and number of trades. The number of strategies here could warrant another post entirely. (Fixed Percentage, Fixed Ratio, and other incremental methods to increase and decrease trades and lot sizes as equity...
Hi Sir

Thank you for taking the time and replying to me though I know you are quit busy running your site , now back to information you mentioned which is valuable for me to take into consideration what back testing data should inform me in trading in relation to control risk ie Trade Management

I need to add more value into ATR and how to probably use it and take advantage of it trading the strategy , I'm still into back testing mode and building my own scratches of Trading Plan until I finalize it into a real one, it will take time and patience, well to me its like writing my recipe that want to be as delicious as possible and then following it every time that I can be consistence producing the same delicious dish again and again and again ...... sorry Sir I like cooking

I have come to really understand the importance of Money Management in building ones equity and how to have an overall look to determine where I can start in relation to probably managing risk and reward in-order to trade in harmony with equity, margin and drawdown , and now I'm even determine to not allowing a loss to be bigger than a winner to trying as much as possible to apply this methodology with putting into consideration not to push on hard cause these things can be grasped with experience and a relaxed peace of mind while trading is emotion wise

Than you again , I will try to grasp and implement what you have mentioned in the way I trade piece by piece
Until then , have a good day and wish you all the best
I Have Learned to Take Some Losses to Make Profits
  • #10,717
  • Mar 12, 2013 3:08pm Mar 12, 2013 3:08pm
Hey guys,

Last week was a good start for me. I was able to adjust my schedule according to the market hours and learn when to take trades according to the TDI alone. This week I will try to finalize a recording format for my trades and set up more selective criteria.

Any advice appreciated
  • #10,718
  • Mar 12, 2013 4:55pm Mar 12, 2013 4:55pm
Quoting tenmilewalk
Hey guys,

Last week was a good start for me. I was able to adjust my schedule according to the market hours and learn when to take trades according to the TDI alone. This week I will try to finalize a recording format for my trades and set up more selective criteria.

Any advice appreciated
Hi,

Having a regular trading schedule is very important. It is a business, so like every business we have regular business hours. This is one discipline traders must have and observe.

This is a H1 method and using Price Action for entry is very important and put more weight over the TDI cross as signal. When TDI cross, and the H1 candle is very large, be careful. Think of how you will get an entry with a better price. DO NOT chase after long candles. It is GREED when we chase after long candles. It is also FEAR not wanting to be left behind. Trade the market sentiments .

One of the skills of trading is patience and take the pullback. Learn also to let it go when you cannot get the entry p[rice you want.

Study the currency pair (e.g. EU) price structure and price behaviour.

Pay attention to the timing of news/data release everyday. These can either help your and your trades or it can do severe damage. What you do depends whether you are in open trades of looking for entries. Protect what the market gave you and do not risk giving back too much. This is always the toughest decisions I am face with everyday.

Overall, I suggest you study those 2 pdfs of Phx62 trades and learn the distinct way he trade EU.

ALL the best going forward.

Trade Well,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #10,719
  • Mar 12, 2013 5:06pm Mar 12, 2013 5:06pm
Hello emmanuel, do you know what post the 2pdfs are on?

thank you for all the advice. I will need to record in my jounral what i am doing wrong and what i should and shouldnt do.
right now for PA i am only looking for pullback candle and a bullish/bearish candle with no wicks and a healthy body. I will need to consider that AND tdi. for the past several trades, I have been entering based on pullback candles alone. I need to put factor in TDI more. I will make sure your advice is not given in vain.
  • #10,720
  • Mar 12, 2013 5:28pm Mar 12, 2013 5:28pm
Quoting tenmilewalk
Hello emmanuel, do you know what post the 2pdfs are on?

thank you for all the advice. I will need to record in my jounral what i am doing wrong and what i should and shouldnt do.
right now for PA i am only looking for pullback candle and a bullish/bearish candle with no wicks and a healthy body. I will need to consider that AND tdi. for the past several trades, I have been entering based on pullback candles alone. I need to put factor in TDI more. I will make sure your advice is not given in vain.
Phx62 pdfs link here. Thanks to FF member hupipko

http://www.forexfactory.com/showthre...44#post6396544
http://www.forexfactory.com/attachme...7&d=1359271837
http://www.forexfactory.com/attachme...8&d=1359272011

IMO, the pullback entry is the best, but you need to have supporting condition to take the pullback bar. This should be one of the 5 types of entry setup for 3 EU H1.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
3 traders viewing now