Trading Made Simple | Page 910 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Monitor for 'Trading Made Simple' system 565 replies

Trading Made Simple the right way, and other trading lessons 334 replies

Indicators for the 'Trading Made Simple' system 343 replies

MTF Indicators for the 'Trading Made Simple' system 241 replies

Trading Made Simple system follower - Thanks to eelfranz 9 replies

Attachments: Trading Made Simple
Exit Attachments

Trading Made Simple

  • #18,181
  • Apr 25, 2013 6:26am Apr 25, 2013 6:26am
Quoting usdtrader
{quote} Have you set a take profit target or do you wait for the TDI to flatten out?
I usually go for the closest support but in this case I don't have the support till 93.26 level which is way down. The way the big timeframes are at the moment for this perticular pair, I wont go for that support to take my profit. However I put a 20 to 30 target as my first TP. Then I will use trailing stop.

Here is an update on my chart. I have locked 11 pips in.
Attached Image (click to enlarge)
Click to Enlarge Name: usdchfh4.png Size: 33 KB
  • #18,182
  • Apr 25, 2013 6:51am Apr 25, 2013 6:51am
NY will open in about 10 minutes.
Anyone with a trade done today to share and discuss?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,183
  • Apr 25, 2013 7:08am Apr 25, 2013 7:08am
Quoting emmanuel7788
{quote} {image} Here is my h4 trade update. Took partial profit +32pips. remaining pos protected at BE before LO. {image}
http://www.forexfactory.com/attachme...1&d=1366869028


Here is my EU H4 trade update when NYO.

Note the two H4 IB breakout candles.

Edit: forgot to mention WPv 1.3080 can be show stopper for this trade.
Attached Image (click to enlarge)
Click to Enlarge Name: EU week 17 25 Apr H4 trade update 25-4-2013 8-00-44 PM.png Size: 50 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,184
  • Apr 25, 2013 7:17am Apr 25, 2013 7:17am
EU NYO breakout candle ... nice!

breaking 1.3080 and now BRN 1.3100 ...hmmm! Prev W Fibr 50%
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,185
  • Apr 25, 2013 7:20am Apr 25, 2013 7:20am
Quoting rob Miller
Hi jackub Thanks for the reply. I did look at the 4hr chart a bit later and saw the flat Tdi and wondered about the wisdom of my entry.
http://www.forexfactory.com/attachme...1&d=1366883637

Hi rob,

I suggest you trade on H4 and build up experience and confidence.
You only need to look at your charts once every 4-hour. Based on your local time, I think London and NY open candles will fit your lifestyle easily.
Most opportunities are when LO and NYO.

Question: Why do you use Line chart to show real price? Try using Bar chart, so you can see the actual price open and close on the APB/HA candles.


Regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,186
  • Apr 25, 2013 7:27am Apr 25, 2013 7:27am
Quoting Ozforex13
{quote} I usually go for the closest support but in this case I don't have the support till 93.26 level which is way down. The way the big timeframes are at the moment for this perticular pair, I wont go for that support to take my profit. However I put a 20 to 30 target as my first TP. Then I will use trailing stop. Here is an update on my chart. I have locked 11 pips in. {image}
http://www.forexfactory.com/attachme...1&d=1366889199

Nice trade!

weak data out of the US , will help you with more pips....
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,187
  • Apr 25, 2013 7:37am Apr 25, 2013 7:37am
Quoting emmanuel7788
{quote} {image} Nice trade! weak data out of the US , will help you with more pips....
yeah, thanks. I am not too keen to stay short in this trade as I believe is a pullback. So happy with 20 -30 pips..

I put up the charts so everyone can see the easy TMS set up that show up on the H4 and people should trust this system more when it appears. The big lesson with this system is patience.

Patience is a key
  • #18,188
  • Apr 25, 2013 8:07am Apr 25, 2013 8:07am
Quoting kbp
{quote} Here is the daily high low indicator. You can edit the source directly to set the colour you want on the top of the file. {file} About the long EU trade: {quote} I post earlier , very lucky that price didn't turn into south so closed with 15pips ending of NY session. EU is hard nowaday. I'll need to either learn H4 trading... or learn M15 method to trade H1.... {quote} I'd consider reading page 1, then the best of big E attached by Emmanuel earlier, then learn what TDI is and how Dean used them, then learn some chart patterns, PA, then trade,...
Thanks Kbp for indi and your explanation on fine tunning H1 entry but using M 15
I Have Learned to Take Some Losses to Make Profits
  • #18,189
  • Apr 25, 2013 9:30am Apr 25, 2013 9:30am
Hi Guys,

Can anyone give me a link where I can find the Dean Malone Video on the TDI?

Thanks

Adam
  • #18,190
  • Apr 25, 2013 9:34am Apr 25, 2013 9:34am
EU +40 +70 both taken on the 15 minute. Why? Because the 1hr and 4 hr were telling me not to bother getting out of bed. Reasons for entries and exits should be self evident. Do not worry I will not frighten you all too often by posting 15 minute charts, I usuallytake my signals from the 1 hr and enter using the 15 minute or sometimes even the 5 minute, oooohh!

2nd trade was obvious, big Pin Bar on the 1 hr & 4hr + Div at S&R with sales orders sitting at 3090 just below BRN 3100. In other words lots of compelling reasons to go short.
Attached Image (click to enlarge)
Click to Enlarge Name: today.png Size: 42 KB
Cut your Losers short and let your Winners run.
  • #18,191
  • Apr 25, 2013 10:00am Apr 25, 2013 10:00am
Entered long after cross of TDI coming out of oversold area, regular divergence, weekly uptrend , RN 99.000 hold as support area, and break of previous candle, priced move before I enter , waited for a little bit or retracement down to cover at least spread and better entry price, when I got the signal, I initiated the trade.

Exited trade below RN 99.500 for + 20 pips, plus draw-down was minimal not more than - 3 pips

I hope my analysis is correct, please someone correct me if I didn't do well with entry or exit

Thank you
Attached Image (click to enlarge)
Click to Enlarge Name: 4-25-2013_Winner.jpg Size: 313 KB
I Have Learned to Take Some Losses to Make Profits
  • #18,192
  • Apr 25, 2013 10:08am Apr 25, 2013 10:08am
Quoting emmanuel7788
NY will open in about 10 minutes. Anyone with a trade done today to share and discuss?
I'd share my G/U trades for today and yesterday.

GBP/USD H4

2 Entries so far on G/U for this week.

Entry #1: TDI cross with nice angle + reversal formation on price action. +85 pips (T/P 1 + T/P 2)

Entry #2: TDI cross with nice angle + bullish engulfing bar on price action. +100 pips (T/P 1 + T/P 2)

Exits: My exit or T/P strategy is based on ATR(7)x1 for T/P 1 and ATR(7)x2 for T/P 2 which is different from the original TMS rules.
I have been using this strategy for quite some time. So far it is working tremendously well.
I might increase it to ATR(7)x2 and ATR(7)x4. (Learnt this from dcgnic)
I would say this is a very conservative exit or T/P strategy, and I could miss lots of potential pips like the move after entry #2...
I'm also considering letting legs run longer after T/P 1 is hit. Will be implementing this soon.
Ok, back to the trade.

G/U shot up breaking the trendline upon release of positive GDP news today.

One important insight I would like to share with all H4 traders is...

Not all H4 trades will be in profit in 1 trading session. (From experience, most do if you follow the rules of TMS)
Take for example entry #2 on my chart, it took 16 hours for the trade to be in profit.
Why didn't I exit? Price action didn't give me a good reason to exit yet.

I have encountered situations like this many times... and probably you will too.
That is why I emphasize on being confident in our entries.
Don't be too quick to exit because the H4 trade did not go your way initially.
Read price action and understand what it is telling you...

Cheers!

Harlem

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.png Size: 27 KB
  • #18,193
  • Apr 25, 2013 10:20am Apr 25, 2013 10:20am
Quoting adamjhdavis
Hi Guys, Can anyone give me a link where I can find the Dean Malone Video on the TDI? Thanks Adam
all videos are here:

http://www.compassfx.com/video/
JacekPreserve Precious Capital
  • #18,194
  • Apr 25, 2013 10:23am Apr 25, 2013 10:23am
Congrats Emmanuel, you saw the danger right on time, you are a clever wolf and a super trader



Quoting emmanuel7788
EU NYO breakout candle ... nice! breaking 1.3080 and now BRN 1.3100 ...hmmm! Prev W Fibr 50%
  • #18,195
  • Apr 25, 2013 11:14am Apr 25, 2013 11:14am
Harlem, been looking for good solid strategy for TP for awhile....can you talk a little bit about your experinece with ATR and also if you can please point me to the dcgnic pdf(i know one exists)
  • #18,196
  • Edited 11:45am Apr 25, 2013 11:30am | Edited 11:45am
Quoting Harlem
{quote} I'd share my G/U trades for today and yesterday. GBP/USD H4 2 Entries so far on G/U for this week. Entry #1: TDI cross with nice angle + reversal formation on price action. +85 pips (T/P 1 + T/P 2) Entry #2: TDI cross with nice angle + bullish engulfing bar on price action. +100 pips (T/P 1 + T/P 2) Exits: My exit or T/P strategy is based on ATR(7)x1 for T/P 1 and ATR(7)x2 for T/P 2 which is different from the original TMS rules. I have been using this strategy for quite some time. So far it is working tremendously well. I might...
Hi,

Very good points made by Harlem.

I just want to add the following:

1. H4 trading is considered as short swing trading. It take 2 to 4 days to run within a week. Usually, I would prefer to close my H4 trades by NY close on Friday and not hold over the weekend. But that depends on situation , for example how much profit banked in and how much protected before NY close. Also look at calendar events on the weekend and see if there are key events, meetings, etc. It is better to closed all trades with profits and avoid weekend price gaps.

2. TP planning -
Since we are trading short term swings, I look at the Weekly trading range for planning my final TP. If we look at Harlem' GBPUSD trade, GU has an average weekly range of between 235 and 250 over the last 20 to 100 weeks. When we look at last week traded range, it was 168 pips and the market type was narrow ranging.This week, we follow PA and if market continues to be narrow ranging, then I would safely plan my final TP between 168 and 215 which is the average for the past 5 weeks. But with a market breakout, we should see 250pips as our target. If you look at GU now, it already hit 285pips high.

Now we look at EURNZD, last week made a range of 304 pips. The 20 to 100 weeks average is 350 to 370 pips. Seeing the consolidation box on my chart, the breakout potential is there. That is one of my reason to take that trade early. Measuring from the top of this week high and current low, it is already 378pips traded, exceeding the 370 pips of the 100 weeks average. Is there some more room down? We don't know for sure , so I manage my trade using the APB/HA and carefully trail behind using R-Muiltple. I am sure by tomorrow, I will close this trade before NY close.

The work here is that, we must keep track of all the traded range closely when we plan our H4 short term swing trades. This is serious business to make money. We have work to do and we must do the work. It is not so simple just to get out of bed every 4-hour and look for the TDI cross alone. We must work out our plan and be ready all the time. This is all part of my Big Picture planning we want to do this weekend.

Regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,197
  • Apr 25, 2013 11:35am Apr 25, 2013 11:35am
Quoting okanemici
Congrats Emmanuel, you saw the danger right on time, you are a clever wolf and a super trader {quote}

Thanks Okan.
Actually many people call me an old fox. ... Super Trader ? not yet I still have to complete my project then my professor will read my '3 thesis' and he will approve the title Supper Trader after I show him my 100 trades taken with that '3 thesis' and he wants to see my Expectancy for each thesis. It is very hard work and lots of miles to cover.




You trade well too, wtih good discipline ... my friend.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,198
  • Apr 25, 2013 11:42am Apr 25, 2013 11:42am
Quoting dee50
EU +40 +70 both taken on the 15 minute. Why? Because the 1hr and 4 hr were telling me not to bother getting out of bed. Reasons for entries and exits should be self evident. Do not worry I will not frighten you all too often by posting 15 minute charts, I usuallytake my signals from the 1 hr and enter using the 15 minute or sometimes even the 5 minute, oooohh! 2nd trade was obvious, big Pin Bar on the 1 hr & 4hr + Div at S&R with sales orders sitting at 3090 just below BRN 3100. In other words lots of compelling reasons to go short. {image}

Hi dee50,

Thanks for your nice M15 post. As usual, you are very meticulous and consistent with your M15 trading.
I was telling the folks here trading 4H of a fast trading like F1 driving. You are one of the super fast trader in 15min.

Regards.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,199
  • Apr 25, 2013 11:44am Apr 25, 2013 11:44am
Emmanual, good points on TP, however some of us still working other jobs/business and got to make our living here, in forex land....so we must find a middle ground as it relates to TP's when we are not watching...

Let's say there are 30 4H bars each week ...what if we take ATR 30 on 4H and use it as final PT, do you think it can be a good compromise?
  • #18,200
  • Apr 25, 2013 11:54am Apr 25, 2013 11:54am
Do Not chase after market (long candles)
Attached Image (click to enlarge)
Click to Enlarge Name: EU H4 long candle 26-4-2013 12-49-06 AM.png Size: 49 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
33 traders viewing now