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Trading Made Simple

  • #16,801
  • Apr 2, 2013 6:38am Apr 2, 2013 6:38am
Quoting kbp
Normally EU will move 50+ pips in one direction so my TP1 will be 50pips (unless pullback) and TP2 will be unlimited until pullback or close of London. EU was so obvious both today (short, even with m15) and yesterday (long). Anyone shouldn't miss that.
kbp,

good point .. 50pips move. I take note of this.

for my intraday trading on H1, I use M15 to time my entry for that small initial SL of 20pips.
20pips being my R, I place 2 positions of 1% each.
The first pos will exit at +1R and give me my 1%return while I protect the other pos at BE.
I do it this way and it is quite stress free so my main focus in in the setups and the timing my entry in M15.
I use a trade manager EA to manage these trades and I am free to look at other things and write post in this thread. LOL.

Win-rate has been improved using this method of entry and exits.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #16,802
  • Apr 2, 2013 6:39am Apr 2, 2013 6:39am
Here are my trades I just opened... all in profit and 1st trades with TMS. Hoping to contribute to this thread and join the party ;-)

Did pass over some entries on other pairs because of Forex Basics. All trades have been entered on this last bar so no horizontal line to show.

Happy pipping
Attached Image(s) (click to enlarge)
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@pawpaw1000 on Twitter
  • #16,803
  • Apr 2, 2013 6:52am Apr 2, 2013 6:52am
Quoting emmanuel7788
kbp, good point .. 50pips move. I take note of this. for my intraday trading on H1, I use M15 to time my entry for that small initial SL of 20pips. 20pips being my R, I place 2 positions of 1% each. The first pos will exit at +1R and give me my 1%return while I protect the other pos at BE. I do it this way and it is quite stress free so my main focus in in the setups and the timing my entry in M15. I use a trade manager EA to manage these trades and I am free to look at other things and write post in this thread. LOL. Win-rate has been improved...
This is exactly what I do to get away with a small SL and although I find I'm re entering a lot sometimes to catch the 4H time frame it is far less stress and very rewarding pip wise.
  • #16,804
  • Apr 2, 2013 7:00am Apr 2, 2013 7:00am
Quoting Proway
Hi Emmanuel7788, The truth is that the more l read your comments the more l feel remorse about those comments l made. The way you responded showed high level of maturity and discipline. l am really very very sorry. Thanks for understanding.
Hi Proway,

Let the matter pass. No worries!
We focus our time and effort to emit positive energy in this thread.

I am age 59 years old, some folks call me an old fox. I have no time for anger and no place in my heart for hatred.
I take good care for my mind and I remember this Ganhdi quotation below.

You take good care and Trade Well!
Attached Image
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #16,805
  • Edited 7:31am Apr 2, 2013 7:10am | Edited 7:31am
Quoting adamjhdavis
This is exactly what I do to get away with a small SL and although I find I'm re entering a lot sometimes to catch the 4H time frame it is far less stress and very rewarding pip wise.
very good.

I think we need a different money management approach for intraday and for 4H swing trading.
intraday should be straight forward multi-lot entry and multiple exits.

For 4H swing trading, we need to be more careful with our risk management hence the entry method. I see building up positions in 4H swing is much better to get an better average entry price and also to maximise the use of our capital. When we are in profit, we re-invest some of our profit and to get more return from the same initial risk R.

Therefore, we need to have a different money management strategy for intraday and for 4H swing trading.

Like I shared with another member via PM, intraday trading should pay for all our weekly expenses, personal expenses, bills, etc.

Swing trading is for replacement of our monthly salary when you decide to fire your boss and trade fulltime for a living.

Last, we still have Position Trading over longer term weeks / motnhs , this is for wealth creation.

Think about this when you want to trade for a living.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #16,806
  • Apr 2, 2013 7:38am Apr 2, 2013 7:38am
GBPNZD H4 trade update NYO:

We have a falling knife trade but no PA pause for anyone to jump in.

Move my final TP to Prev W Fibr-e 161% ...average week range is 358 to 440 pips...will try ride this to max.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPNZD H4 trade mngt update 2-4-2013 8-32-46 PM.png Size: 48 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #16,807
  • Edited 7:58am Apr 2, 2013 7:47am | Edited 7:58am
Quoting emmanuel7788
GBPNZD H4 trade update NYO: We have a falling knife trade but no PA pause for anyone to jump in. Move my final TP to Prev W Fibr-e 161% ...average week range is 358 to 440 pips...will try ride this to max. {image}

Awesome trade Emmanuel.

I have a question not about this trade but the method generally. I notices that very often you see a lot of TDI crosses. What is your thought process to decide whether or not it is a worthy trade.

Thanks a lot for all your teaching.

Burt
  • #16,808
  • Apr 2, 2013 7:50am Apr 2, 2013 7:50am
Quoting emmanuel7788
very good share by hollowhead, thanks. we all have to understand what risk is and how we can use Position Sizing in our trading. If your risk is 2% for the trade, it does not matter if your technical initial SL is 40 pips or 100 pips. Your risk remains the same at 2%.

That means that if you catch a move in countertrend you can have a much larger position due to the shorter stop loss? I am talking about S/R here.
  • #16,809
  • Apr 2, 2013 8:05am Apr 2, 2013 8:05am
Quoting Burt59
That means that if you catch a move in countertrend you can have a much larger position due to the shorter stop loss? I am talking about S/R here.
It does.

But for me I try and stay away from countertrend trades (although invariably you're going against one TF trend or another). The greed in me wants to go for it because of the potential reward (as you point out). But bitter experience has taught me that in the long run, I lose and I lose big. I end up chasing loses and revenge trading. I would rather find a trend and let it take me where it wants to go....

It's easier to steer when your floating downstream - the odd touch of the rudder and you avoid the banks, rock etc, you go with the flow.
It's a hell of alot hard to battle up stream, and steer at the same time.
  • #16,810
  • Apr 2, 2013 8:07am Apr 2, 2013 8:07am
Quoting Burt59
Awesome trade Emmanuel. I have a question not about this trade but the method generally. I notices that very often you see a lot of TDI crosses. What is your thought process to decide whether or not it is a worthy trade. Thanks a lot for all your teaching. Burt

Do not take TDI cross when market is in consolidation.... especaiily when the APB candles are small and moving sideway.
When you see such narrow range consolidation, there is opportunity for breakout. Just wait and look at higher TF and plan for the breakout trade like the EURCAD, EURNZD and EURAUD last week and today breakout..
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #16,811
  • Apr 2, 2013 8:07am Apr 2, 2013 8:07am
Quoting emmanuel7788
GBPNZD H4 trade update NYO: We have a falling knife trade but no PA pause for anyone to jump in. Move my final TP to Prev W Fibr-e 161% ...average week range is 358 to 440 pips...will try ride this to max. {image}

  • #16,812
  • Apr 2, 2013 8:12am Apr 2, 2013 8:12am
Hi all , i like to try out this system. where shall i start reading ? from post 1 ?
  • #16,813
  • Apr 2, 2013 8:14am Apr 2, 2013 8:14am
Here is my GU trade today . I was able to pick the top after seeing the resistance entry 1.5230.
+90 now. Breakeven targetting 1.5110
Attached Image (click to enlarge)
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  • #16,814
  • Apr 2, 2013 8:15am Apr 2, 2013 8:15am
Quoting tankokjian
Hi all , i like to try out this system. where shall i start reading ? from post 1 ?

I definitely think it is worth reading. Big E philosophy of trading will probably teach you a lot of things even for experienced traders.
  • #16,815
  • Apr 2, 2013 8:15am Apr 2, 2013 8:15am
Quoting emmanuel7788
{image} ("http://www.forexfactory.com/attachment.php?attachmentid=1161992&d=1364520571") You may recall this post made last week. We are now in week 14. ..something is bound to happen after so many 4-hours of sideway movement. ... wait for it to POP! PATIENCE Edit: add chart {image}
http://www.forexfactory.com/attachme...1&d=1364862555

This is AUDNZD, the APB is narrow range sideway... TDI crossing but we waited for the breakout ...POP happen in H4 so fast, if you did not go down to H1 and waited there, you wont get into the market

back-test this one and see what you learn from it.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #16,816
  • Apr 2, 2013 8:17am Apr 2, 2013 8:17am
Quoting Winner1245
Here is my GU trade today . I was able to pick the top after seeing the resistance entry 1.5230. +90 now. Breakeven targetting 1.5110 {image}

That is exactly what i was talking about with the small SL and possible big reward.

Nice trade Winner.
  • #16,817
  • Apr 2, 2013 8:20am Apr 2, 2013 8:20am
My EU trade is not moving at all.
I will watch it on 4Hr and hold it until its making new lows.
  • #16,818
  • Apr 2, 2013 8:22am Apr 2, 2013 8:22am
Quoting tankokjian
Hi all , i like to try out this system. where shall i start reading ? from post 1 ?
I see you fly the Singapore flag... MAJULAH SINGAPURA! Count on me Singapore!

yes, start reading from post#1.
also read those pdf made by our kind members.

there is no short cut. do it the hardway, it is worth it.

Good Tradind!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #16,819
  • Apr 2, 2013 8:22am Apr 2, 2013 8:22am
Quoting Burt59
That is exactly what i was talking about with the small SL and possible big reward. Nice trade Winner.
Yes . it is with the trend
  • #16,820
  • Apr 2, 2013 8:31am Apr 2, 2013 8:31am
Quoting emmanuel7788
Hi, Here is an example how I manage my EU H1 trade using R-Multiple: {image}
http://www.forexfactory.com/attachme...1&d=1364895020

This trade is running better than I plan.
With H4 TDI cross, I will convert this trade to H4... and see if it will rollover to next day.
Attached Image (click to enlarge)
Click to Enlarge Name: EU 2 Apr H1 trade update 2-4-2013 9-25-40 PM.png Size: 40 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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