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Monitor for 'Trading Made Simple' system 565 replies

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

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Trading Made Simple

  • #18,541
  • May 2, 2013 4:09am May 2, 2013 4:09am
Quoting emmanuel7788
How to increase your winning rate? {quote} I was there before when my win rate was below 45% for a long period when I started trading. One of my mentor looked at all my trades, all my entries and all my exits... Then the thing he told me to do was simply use multi-lots entry and manage exits differently. This basic idea is also available in babypips school. http://forums.babypips.com/analyst-a...rading-fx.html I usually trade with a 2-lots or 3-lots entry and different exits each lot...
Emmanuel, thanks for the great article.
At the moment this strategy is out of my comfort level, but it is something to build upon.
I will try it on Demo and over time become comfortable with this strategy.


Steve.
  • #18,542
  • May 2, 2013 6:23am May 2, 2013 6:23am
How come everyone is so quiet?

Please do some exercise and back-testing.

Look at your H4 charts for EUR xxx and GBP xxx pairs, count how many 4H trade setups were there and the trades which you had missed.
Most of the 4H setups could have given you 2R trades this week.

Post your charts and lets discuss how each pair could have been traded with proper SL and TPs managed..

No more lessons from me until I see some of you post some charts especially the newbies who started recently.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,543
  • May 2, 2013 6:46am May 2, 2013 6:46am
Quoting terminator12
PHx62 and Emmanualle , Please give me indicator as u got , Dunno called . Like M1 M5 M15 H1 H4 D1 W1 M1 , i cant find it in paperclip , I got arjun 10 EMA and time trend but urs is better , At 02h15 (south Africa) i put short on GPYJPY , Till now its still on short , Worried about Federal Fund Rates and F O M C , Seems to be dovish ? Dont know if exit or not , Malcolm
Try This. You will need to edit it to show only the pairs that you want. Search for it here on FF for details. Or simply go into indicator settings, go to Symbol Settings and delete the pairs you do not want to see. Do this for every chart you want it on.
Attached File(s)
File Type: ex4 TMS Basket v1.00.ex4   30 KB | 392 downloads
Cut your Losers short and let your Winners run.
  • #18,544
  • May 2, 2013 6:48am May 2, 2013 6:48am
Are you informed and ready for the ECB rate statement. Here is an experts view
Attached File(s)
File Type: pdf DanskeDaily.pdf   263 KB | 428 downloads
Cut your Losers short and let your Winners run.
  • #18,545
  • May 2, 2013 7:14am May 2, 2013 7:14am
Gizzledonk
Quote
Also not keep looking at the charts relieves stress wonderfully. I sometimes forget I've even put a trade on, although that could be because I'm getting old and stupid

I respectfully disagree! This is some of the most sage advice I have seen in a long time. Put on your trade and walk away.

Old and stupid . . . I think not! Old and wise I would say!

dcginc
  • #18,546
  • Edited 8:28am May 2, 2013 7:28am | Edited 8:28am
Update of my Short this morning, stopped out at -25 pips,
  • #18,547
  • May 2, 2013 7:46am May 2, 2013 7:46am
Pipsmurfer
Quote
Update of my Short this morning, stopped out at -25 pips,

Just curious . . . not sure why you would be in an open position with ECB and U.S. Employment information forthcoming - two of the most volatile and high impact news events in Forex.

Kudos for having a stop loss in place.

All the best.

dcginc
  • #18,548
  • May 2, 2013 7:53am May 2, 2013 7:53am
Quoting dcginc
Pipsmurfer{quote} Just curious . . . not sure why you would be in an open position with ECB and U.S. Employment information forthcoming - two of the most volatile and high impact news events in Forex. Kudos for having a stop loss in place. All the best. dcginc
This morning it looked like a good trade but it did not develop in the good direction. It was +3 or +4 pips but not more. When it was about 13.00 I should have closed it, Now i have to pay for my dumbniss. Another lesson not to trade on such a day.

Thank you for the reply dcginc
  • #18,549
  • May 2, 2013 7:56am May 2, 2013 7:56am
Pipsmurfer
Quote
Now i have to pay for my dumbniss. Another lesson not to trade on such a day

A lesson I have also learned many, many times!

dcginc
  • #18,550
  • May 2, 2013 8:04am May 2, 2013 8:04am
Quoting emmanuel7788
How come everyone is so quiet? Please do some exercise and back-testing. Look at your H4 charts for EUR xxx and GBP xxx pairs, count how many 4H trade setups were there and the trades which you had missed. Most of the 4H setups could have given you 2R trades this week. Post your charts and lets discuss how each pair could have been traded with proper SL and TPs managed.. No more lessons from me until I see some of you post some charts especially the newbies who started recently.
Hi Emmanuel,

If you are able please comment this EU missed setup. Maybe you able to give some advice how we should manage this situation... red horizontal lines are resistance. If we would enter at open of NYO candle it would give about 100 pips, but it's a swing high and TDI cross is almost at level 68, so no entry at this point. If we will wait for close of NYO candle it's to close to resistance no.2
So how to take pips from this setup on 4H? I think in this place only 1H chart can help to take some pips...

Regards,
Arunas
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  • #18,551
  • May 2, 2013 8:35am May 2, 2013 8:35am
A demo trade I took this evening. Foolishly I took it just before 1900 UK time. I jumped the gun and forgot about the news! Is there anything, apart from my itchy finger, you can see wrong with the trade?
SL just below double bottom, the candle was a blue when I took the trade. Should I have waited until close of the first candle, and checked it s colour before entering? The second last candle seemed like a weak APB?

Thanks!
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  • #18,552
  • May 2, 2013 8:39am May 2, 2013 8:39am
Quoting dcginc
Pipsmurfer{quote} Just curious . . . not sure why you would be in an open position with ECB and U.S. Employment information forthcoming - two of the most volatile and high impact news events in Forex. Kudos for having a stop loss in place. All the best. dcginc
But, as usual, the stop loss just a little to tight....
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  • #18,553
  • May 2, 2013 8:47am May 2, 2013 8:47am
Pipsmurfer
Quote
But, as usual, the stop loss just a little to tight....

Look left . . . blue candle and previous swing high. More risk on the stop, but profit target (1:1 or 1:2 risk profile) attained even considering the news.

A good swing trade, but structure rules, so use it.

dcginc
  • #18,554
  • May 2, 2013 9:04am May 2, 2013 9:04am
Entered long EUR/JPY after news at the break of Yesterday high, TDI crossed up. a trend follow entry, PA closed above EMA 200, target was below BRN 129.500

Target was hit for + 50 pips


Better entry was after NEWS candle which is 15 min after news, entry on new hour candle, because I was slept and when I waked up the move already started, so lost half of the move and entered on the break of the high.

Emmanuael and others respected members, please have a look at my trade today and let me know if things were correct, or would you pass on this trade since I was not available to get better entry point, my stop loss was 30.


Thank you
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I Have Learned to Take Some Losses to Make Profits
  • #18,555
  • May 2, 2013 9:08am May 2, 2013 9:08am
Quoting dcginc
Pipsmurfer{quote} Just curious . . . not sure why you would be in an open position with ECB and U.S. Employment information forthcoming - two of the most volatile and high impact news events in Forex. Kudos for having a stop loss in place. All the best. dcginc
I would like to know if i'm doing it correctly or the other way, yesterday and today , I took 2 trades, both winners, but was not able to monitor the trades so I set them and left, I totally understand the risk, is this normal?

Please if possible your thoughts are much appreciated

Thank you
I Have Learned to Take Some Losses to Make Profits
  • #18,556
  • May 2, 2013 9:29am May 2, 2013 9:29am
TDI Draws back,
when the TDI green crosses red and you enter on that candle 1 or 2 - why does it sometimes draw back on itself and become a (not a cross)
how would you know this was coming ??
i see the candle sometimes draws back - and usually i jump out with a loss just to watch green cross red again and go in the original direction....

mmmmm even more learning to be done ...
not in the pub today Emmanuel !!!

nelly..
  • #18,557
  • May 2, 2013 9:40am May 2, 2013 9:40am
Quoting TheScorpS
{quote} I would like to know if i'm doing it correctly or the other way, yesterday and today , I took 2 trades, both winners, but was not able to monitor the trades so I set them and left, I totally understand the risk, is this normal? Please if possible your thoughts are much appreciated Thank you
I think that is different for everybody and part of your style and off course your MM. I've read on an other thread about recovery trades when an trades gets out of hand, but this is off topic so I won't discuss it here. If you want to know about this more you may send me a PM.
  • #18,558
  • May 2, 2013 9:45am May 2, 2013 9:45am
TheScorpsS
Quote
I would like to know if i'm doing it correctly or the other way, yesterday and today , I took 2 trades, both winners, but was not able to monitor the trades so I set them and left, I totally understand the risk, is this normal?

Normal is relative to your trading personality and trading style. The key statement is that you understand the risk. That alone distinguishes you from the majority of struggling traders. That risk acceptance implies you have data and experience to support your decision to enter the market.

The fact that you followed your trade plan and the trades were winners is also enlightening. Nice work.

However, if you consider yourself in intraday trader, you must also incorporate "outside" intraday variables in addition to your trading system rules. - i.e. volatile news. You must also take into account the average duration of your trades so that future news will not effect the outcome of your open position analysis and parameters. Lots to consider during a busy news week.

If what you are doing is working, then it is correct for you.

I have deja vu observing many of the bad trades, missed confluences and even good trades with doubt induced risk settings - that used to be me!

Each trader will have to define for him/herself what the limit of his/her risk aversion will be and apply that to their trading system performance data.

I know this for sure . . . I have learned the hard way to stay out of the market when a major economic statement (ECB) and high impact news (U.S. employment data) are being announced simultaneously - unpredictable and 100+ pip swings in both directions!

All the best.

dcginc
  • #18,559
  • May 2, 2013 9:46am May 2, 2013 9:46am
like this one - two mins ago green had clearly crossed red !!
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  • #18,560
  • May 2, 2013 9:50am May 2, 2013 9:50am
Dcginc,

would you agree with BIG E and avoid all news that has the red marker in FFnews ??
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