Trading Made Simple | Page 964 | 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

  • #19,261
  • Edited 4:57am May 15, 2013 4:25am | Edited 4:57am
Hi Emmanuel,

I am in this for the long haul! Great post to make us think..

In my 'real job' I have to teach people exactly this..that the 10% most people can do and get good at but to become world class, you have to master the other 90%. It's a very hard concept to understand and you have to be very honest with yourself to even have the slightest of chances.
To me this simulates Forex trading and also why so few really become successful.
Cristiansan really gave us the answer "means changing myself". (Great post by the way!) I haven't met many people willing to go through this and therefore not so many are successful.

I am in the process and committed to go the whole way!
TMS is the easy part..
Changing myself is the daily battle...you gotto love it though!



Quoting emmanuel7788
TMS success and failure: Just catching up reading the previous days posts. It did not surprise me as there are some traders who learned to trade TMS successfully. Yet there are some who traded TMS and say it does not work for them. There are bountiful of reasons and many experienced traders here in Forex Factory can easily point them out to you. For those who still have yet to make TMS into your own trading system, it is time for you to ask yourself this question: What have I not done to make TMS in my own trading system? TMS method shared here...
  • #19,262
  • May 15, 2013 4:29am May 15, 2013 4:29am
Quoting gegeorge
Decided to take this trade Long on GU H4 for these reasons: 1. TDI cross up and below 32 2. Previous candle is a Dodji, on SR level 1.52 3. First candle Up after the above What do you think? {image}
Gegeorge, both your MTF indicators are showing downtrend, it is risky for me to take it... you are chasing retracement or even reversal, what I can see on H4 it is IB, IB and OB soemthing like pop gun, maybe will work out
JacekPreserve Precious Capital
  • #19,263
  • May 15, 2013 4:29am May 15, 2013 4:29am
Quoting gegeorge
Decided to take this trade Long on GU H4 for these reasons: 1. TDI cross up and below 32 2. Previous candle is a Dodji, on SR level 1.52 3. First candle Up after the above What do you think? {image}
I did not take this one for couple of reasons (I only list "against" reasons, though there are couple of "for" ones) (remember, I'm a n00b)

- King has his speach in 7 minutes, I don't take this risk
- very strong downtrend on H4, before I run CT in such a PA, i need to see at least double bottom followed by easily recognizable swing lower high
- cross has already occured 1 or 2 bars earlier, besides it is not a steep one
- engulfing doji-> indecision

3 first points disqualify this trade to me, in case of fourth- I might have consider opening position if the top/bottom of the doji would be broken.



Cheers!
M.
Remember I'm a newbie!
  • #19,264
  • May 15, 2013 4:45am May 15, 2013 4:45am
Quoting bigpips
Hi Emmanuel, I am in this for the long haul! Great post to make us think.. In my 'real job' I have to teach people exactly this..that the 10% most people can do and get good at but to become world class, you have to master the other 90%. It's a very hard concept to understand and you have to be very hoest with yourself to even have the slightest of chances. To me this simulates Forex trading and also why so few really become successful. Cristiansan really gave us the answer "means changing myself". (Great post by the way!) I haven't met many...
Thank you Bigpips!... and good luck in your battle!
  • #19,265
  • May 15, 2013 5:25am May 15, 2013 5:25am
Quoting Pervis
{quote} We're on board... let see {image}
http://www.forexfactory.com/attachme...2&d=1368527695

TP hit 100 pip.. wow
Attached Image (click to enlarge)
Click to Enlarge Name: 5-15-2013 5-19-09 PM.jpg Size: 210 KB
  • #19,266
  • May 15, 2013 5:44am May 15, 2013 5:44am
Quoting Pervis
{quote} {image} TP hit 100 pip.. wow {image}
Well done! Better exit than mine! I have chosen to close it at RN 1.29 and take partial profit.
I do expect a pullback due to W&M support from 1.287 and lower 127 Fib ext of previous week. Some divergences apeared on M15 and M30. H1 and H4 not closed yet.
Let's see!
  • #19,267
  • May 15, 2013 5:58am May 15, 2013 5:58am
Quoting cristiansan
{quote} Well done! Better exit than mine! I have chosen to close it at RN 1.29 and take partial profit. I do expect a pullback due to W&M support from 1.287 and lower 127 Fib ext of previous week. Some divergences apeared on M15 and M30. H1 and H4 not closed yet. Let's see!
how about target TP 1.277?

when trading 4H, do not look at M15 and M30 or else it would affect you exit decision.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,268
  • May 15, 2013 6:15am May 15, 2013 6:15am
Quoting emmanuel7788
{quote} how about target TP 1.277? when trading 4H, do not look at M15 and M30 or else it would affect you exit decision.
It sounds realistic. But the knife is falling, and how can I catch it? That confluence I mentioned it is a good place for a pullback or consolidation and then re-enter.
  • #19,269
  • May 15, 2013 6:27am May 15, 2013 6:27am
Quoting cristiansan
{quote} It sounds realistic. But the knife is falling, and how can I catch it? That confluence I mentioned it is a good place for a pullback or consolidation and then re-enter.

US PPI data release in about 1 hour ... not a good idea to catch falling knife now.
Wait till this H4 candle closes.
Fib 38/50 entry method.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,270
  • May 15, 2013 6:39am May 15, 2013 6:39am
Quoting biDc
{quote} thanks! {file}

here is done!

you can set the colors and line thickness, type in indicator properties then it wont be changed.
Attached File(s)
File Type: mq4 Traders_Dynamic_Index.mq4   9 KB | 898 downloads
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,271
  • May 15, 2013 6:59am May 15, 2013 6:59am
Quoting emmanuel7788
{quote} {image} Prominent88, First thing you need to do is get rid of the 2 Stochastics on your chart above. For newbies, you can use Stoch (8,3,3) as a confirmation tool. Now you tell me these: 1) what are your trading rules, name any 5 rules you gave yourself. 2) List down 5 entry rules for TMS 4H trading. 3) List down 5 exit rules for TMS 4H trading. Do the above first, then you will see very clearly if that trade is a A+++ trade setup. Regards EMMANUEL...

Quoting Prominent88
{quote} Hi Emmanuel7788, Ok, I will get rid of the 2 stochastics on my chat. Question 1: a. Enter a trade with valid entry b. Exit a trade when see a exit signal c. Set SL for money management d. See S/R level when trade e. See the Trend of the currency Question 2: a. When green cross red b. When green bounces back instead of cross red line Question 3: a. When TDI line go flat b. When TDI line hook back c. When TDI line do a check mark reversal Appreciate for your advice. Prominent88
Hi Prominent88,

I think the use of English language do pose a problem with our understanding.
But the word 'Reformasi' you know very well. right? LOL

Trading rules are different from Entry and Exist rules. Do not confuse these.

Anyway,general trading rules are simply:

1) I shall trade the 4H period following the market sessions - Tokyo open GMT000, Tokyo mid-session GMT0400, London open GMT0800, NY open GMT1200, London close GMT1600.
2) I shall trade only the following currency pairs - AU, EU, GU, AJ and EJ (as example)
3) I only trade when I have done my Big Picture Planning and have my weekly trade plan and daily trade plan done.
4) I shall not expose more than 5 % of my equity balance at any one time. I shall limit my trades to maximum of 2 % for any one currency poair traded.
5) I must avoid opening new trades when there is key data/news release during the 4-hour period. I must wait until the data/news release then only will I look for trade setups.
6) I must not let other people' trade postings/comments affect my own judgement and trade decisions.
7) ...
8) ...
9) ...
10) ...

Trade Entry rules for TMS 4H :
1)
2)
3)
4)
5)

Trade Exit rules:
1)
2)
3)
4)
5)
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,272
  • May 15, 2013 7:22am May 15, 2013 7:22am
simple and very useful
  • #19,273
  • May 15, 2013 8:24am May 15, 2013 8:24am
Great EU 4h chart Pervis, thanks. That really helps.
  • #19,274
  • May 15, 2013 9:24am May 15, 2013 9:24am
Hey GeGeorge, what's the name of the mtf indicator at the bottom of your chart in post 19,263? Thanks.
  • #19,275
  • May 15, 2013 9:27am May 15, 2013 9:27am
Quoting emmanuel7788
{quote} {image} that is not a good technical reason for this trade. did you see Monday is an Inside Bar of Friday? ... yesterday was a nice H4 Inside bar from during the Asian session and when LO that pullbacl candle, so that is a good H1 day trade and flows into today with that Day IB breakout.. Someone ask me about PA ... this is one example of PA trading using Candlestick reading in higher TF H4 and D.
Good morning. Sorry for the late reply Emmanuel.

i actually did not notice that IB. what i do notice though is that it has been trading in small range (that's why the 2 orange line). my reasoning was if price broke out of that orange line, then it should carry a higher probability that the market has chosen which side to go. Also i did not put a sell order right under the line because i know that later on there are news release for EU and i did not want my pending order to be hit by spike.

do you mind putting an arrow on my chart on where the correct entry according to PA is? that way i can re analyze it. thanks

Greenb
Daniel
  • #19,276
  • May 15, 2013 10:00am May 15, 2013 10:00am
Quoting jicssbr
Hey GeGeorge, what's the name of the mtf indicator at the bottom of your chart in post 19,263? Thanks.
Its TMS-Osc Histo 3TF. See attached. It shows trend in the next 3 TF, or you can customize to show what TF you prefer, if you change "Time Frame Auto" to false and set your TF with minutes (ie for M15, input 15 etc).

It helps to get a feeling of higher TF trend.
Attached File(s)
File Type: mq4 TMS-Osc Histo 3TF.mq4   14 KB | 453 downloads
  • #19,277
  • May 15, 2013 10:06am May 15, 2013 10:06am
Super, thanks GeGeorge.
  • #19,278
  • May 15, 2013 11:51am May 15, 2013 11:51am
Emanuel,

Can you please post the latest templates so i can add them to MT4 and be a part of the group.

Thanks in advance.

Regards,
Mukesh
  • #19,279
  • May 15, 2013 11:55am May 15, 2013 11:55am
Quoting emmanuel7788
{quote} {quote} Hi Prominent88, I think the use of English language do pose a problem with our understanding. But the word 'Reformasi' you know very well. right? LOL Trading rules are different from Entry and Exist rules. Do not confuse these. Anyway,general trading rules are simply: 1) I shall trade the 4H period following the market sessions - Tokyo open GMT000, Tokyo mid-session GMT0400, London open GMT0800, NY open GMT1200, London close GMT1600. 2) I shall trade only the following currency pairs - AU, EU, GU, AJ and EJ (as example) 3) I only...
Hi Emmanuel,

Are you Malaysian??!!
  • #19,280
  • May 15, 2013 12:06pm May 15, 2013 12:06pm
Quoting Al1010
{quote} Hi Emmanuel, Are you Malaysian??!!

No, I am not Malaysian. I have many Malaysian friends all over the world. They told me lots about 'reformasi'.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
235 traders viewing now