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

Trading Made Simple system follower - Thanks to eelfranz 9 replies

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Trading Made Simple

  • #26,461
  • Oct 16, 2013 4:04pm Oct 16, 2013 4:04pm
Quoting Phx62
I finally got a minute to post a couple of trades......only two EJ H1 trades so far this week.....both London session trades.{image}
Just when I thought we would have similiar entries.. http://www.forexfactory.com/attachme...5&d=1381926118
Still traded the same setups, so that counts... right?

I hope to learn to stay in the trades longer, but learning patience isn't as easy as learning a set of technical indications that lead to the entry...
  • #26,462
  • Oct 16, 2013 4:32pm Oct 16, 2013 4:32pm
Quoting WDays
{quote} Just when I thought we would have similiar entries.. http://www.forexfactory.com/attachme...5&d=1381926118 Still traded the same setups, so that counts... right? I hope to learn to stay in the trades longer, but learning patience isn't as easy as learning a set of technical indications that lead to the entry...
WD,
What I see on your chart is your entries could be a little earlier, as well, giving you more pips and more room for any drawdown. On your first trade, even a conservative entry would have been made on the same candle you entered, only entry made as price broke below the bottom of the two previous red candles (about 133.40).
On the second trade, a conservative entry would have been just a little earlier. Possibly when price broke above your other resistance line at 133.194.
Exits are tricky when there are large pullbacks but my rule of thumb is if the trade is still in the first 3 candles, I need to see a change of color candle to exit. Otherwise, I stay in the trade for the first 3 candles until it moves to TP or back to BE. As the trade progresses, I then look to exit on pullbacks. The more pips I have gained, the sooner I will exit. During the London session, most of the time trades will move at least 3 candles in one direction.
Over the years, I have learned that entry as early as possible is critical to gaining pips and reaching TP.
Success to you!!!
  • #26,463
  • Oct 16, 2013 4:34pm Oct 16, 2013 4:34pm
Quoting davson90
{quote} how to set ligne ? {image}
I'm not sure what you are asking. The boxes are drawn by the indicator as the session progresses. As each candle forms and ends, new lines are drawn based on the times you set in the indicator, itself.
  • #26,464
  • Oct 16, 2013 5:05pm Oct 16, 2013 5:05pm
Quoting Phx62
{quote} WD, What I see on your chart is your entries could be a little earlier, as well, giving you more pips and more room for any drawdown. On your first trade, even a conservative entry would have been made on the same candle you entered, only entry made as price broke below the bottom of the two previous red candles (about 133.40). On the second trade, a conservative entry would have been just a little earlier. Possibly when price broke above your other resistance line at 133.194. Exits are tricky when there are large pullbacks but my rule of...
Thank you for your input once more. I know what you mean about my first trade, I wasn't sure if I wanted to enter, then I entered based on a small M15 pullback, it was a late entry indeed. As far as the second trade goes, I felt EJ was rangebound (the two hourly inside bars seemed to confirm), I entered following a break of the IBs but my spread is pretty high and the entry itself came a little higher up than intended.

As for the exits, I noticed I keep exiting on the second candle, which I should stop doing truth be told, but I have had bad experiences with wrongly placed TPs that get missed by very little and price moves a great distance from the TP... I still have that newbie panic, I've only been trading for an year now...
  • #26,465
  • Oct 16, 2013 5:08pm Oct 16, 2013 5:08pm
Two recent Trade ets ups On the GBP/USD

Both made a bout 10 pips before hitting my trailing stop.

Increased my success rate so far as well by useing the guppy adverages. I dont use them to make a decsion only to confirm the TDI and make sure the trades with the trend.
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  • #26,466
  • Oct 16, 2013 5:10pm Oct 16, 2013 5:10pm
Everyone,

I'am getting some e-mails on how can I make this simplier.

On the guppy, if you take all the moving averages off
except for the:

5 ema (close) blue
60 ema (close) red

You have exactly the same thing.

See if this helps you...

sj
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  • #26,467
  • Oct 16, 2013 5:16pm Oct 16, 2013 5:16pm
Quoting snarlyjack
Everyone, I'am getting some e-mails on how can I make this simplier. On the guppy, if you take all the moving averages off except for the: 5 ema (close) blue 60 ema (close) red You have exactly the same thing. See if this helps you... sj {image}
Well not quite, because you cant see compression and spread

What I used to do in order to have a cleaner chart was 12;30;60 - the 30 and 60 mas show you the distance/compression or lack thereof/ while the 12 shows you a summary of the ST group.
  • #26,468
  • Oct 16, 2013 5:24pm Oct 16, 2013 5:24pm
SJ, what of 5, 15 same color, 30, 60 same color in order to capture the boundaries of both the long and short terms respectively?
  • #26,469
  • Oct 16, 2013 5:30pm Oct 16, 2013 5:30pm
Quoting snarlyjack
Everyone, I'am getting some e-mails on how can I make this simplier. On the guppy, if you take all the moving averages off except for the: 5 ema (close) blue 60 ema (close) red You have exactly the same thing. See if this helps you... sj {image}

I mean, like this
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  • #26,470
  • Oct 16, 2013 5:31pm Oct 16, 2013 5:31pm
WDays & meo plus,

I agree with you...

Personally I like the guppy's because they show compression & spread & trend.

I'am a visual type guy (what can I say).

I was just trying to make it easier for people who want it really simple.

Suggestion are welcome!

sj
  • #26,471
  • Oct 16, 2013 5:38pm Oct 16, 2013 5:38pm
Quoting snarlyjack
WDays & meo plus, I agree with you... Personally I like the guppy's because they show compression & spread & trend. I'am a visual type guy (what can I say). I was just trying to make it easier for people who want it really simple. Suggestion are welcome! sj
Visual and simple/clean
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  • #26,472
  • Oct 16, 2013 5:44pm Oct 16, 2013 5:44pm
Kanderpro,

Your welcome, you deserve it!!!

And, I totality agree with you and couldn't have said it better myself.

Eelfranz progressed from (1) Stochastics secrets with RedTrader, (2) Craig Harris, stochastics,
(3) The 5 method, (4) TMS. I don't think Eelfranz would have a problem with
the evolution of the system at all. In fact I would dare say he would want the system
to evolve.

Their are many ways to skin this cat...You just have to find the "way" that works for you!

sj
  • #26,473
  • Oct 16, 2013 6:06pm Oct 16, 2013 6:06pm
WDays and meo_plus,

I accept what you say re the guppy MAs.

I, like some traders, have the 50ema on my H1 chart because it approximates to the 200ema on the 15m. I also have the 10ema from the time I was learning from Loveeveryone's thread.

Had I realised I had a simplified (but limited) guppy on my chart, I might well have stayed in the trade we discussed earlier today where you hit your TP, WDays. Then again, perhaps I wouldn't have...... I think I need a fourth eye.

Kan
Thanks for your help, warmth and straight talking Heather.
  • #26,474
  • Oct 16, 2013 6:09pm Oct 16, 2013 6:09pm
Hey SJ Thanks for the voucher! Very kind!!
  • #26,475
  • Oct 16, 2013 8:55pm Oct 16, 2013 8:55pm
Regarding profit taking:

I have a pretty simple strategy that works for me within my psychological parameters...

First, I hate to lose ANY money so I am very cautious with my entries and quickly pull my stop loss to a zero level, usually when i am up about 5-10 pips. My entries are quite accurate now..I use 4 hr and 1 hour charts to decide when an entry is imminent and then go to the 5 minute charts and occasionally even to 1 minute charts to refine the exact spot i think the entry will work quickly for profits. I have a tight stop of 10 pip plus my spread. I cut a trade IF it does not progress quickly into profits.

Then, when my trade is positive 15 pips, i take my first profit from one lot, (seems like many moves, even retracements are at least 15 pips).

I let the other lots run with a breakeven stop, and then find the first fib in the 5 min chart that seems to be around 30-40 pips from the entry, and i take my next lot out for profit in that area (i usually pull back 3-5 pip from the fib), so usually get another 25 or so pips there.

I then move my stop loss to about 10 pip positive so no matter what happens i will pick up more pips from all remaining lots. If I am around and able to monitor the trade, I will pull further profits as indicated with the market moves, using TDI to help me decide if a trend change is occurring and if it is a weak or strong change. Whenever I am in doubt, I take my money. MONEY in the bank is mine. In a trade it is NOT yet mine.

again, my philosophy is that all profit is good, I aim for no losses BUT I accept small losses to protect an entry error, and taking graduated profits is smart. In fact, i often just take the first 15 pips on all my lots since that adds up fast and if i am unsure about the trade progressing, I rather take the money. I feel a little sad if I could have made more pips by leaving a trade BUT I feel worse if i hit my stop so for me, ANY profit is good.
  • #26,476
  • Oct 16, 2013 9:31pm Oct 16, 2013 9:31pm
Quoting snarlyjack
Ryanlum, From what I could see from your charts. You took 4 trades. 3 winners, 1 loss. 75% success level. Your a fairly new trader... trading a new system, to you! Imagine ...what's it's going to be like once you have more experience. I know people who would kill for a system that averaged 75%. I think your doing great!!! sj
thanks snarly jack
  • #26,477
  • Oct 16, 2013 10:39pm Oct 16, 2013 10:39pm
Quoting Phx62
I finally got a minute to post a couple of trades......only two EJ H1 trades so far this week.....both London session trades.{image}
Hello PHX,

I nearly took the same trade with you but I know there are not perfect timing.....
I have a question, I was confusing on Wednesday after the first candle of LO.. I was intended to join into the market after this first LO candle close but LUCKY I was not do it.. Can you give me some reason you was not trade on this scenario?

Thank you!
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  • #26,478
  • Oct 16, 2013 11:19pm Oct 16, 2013 11:19pm
Hello everyone. Have spent the last week reading a lot of the thread post (too many to do the whole lot). Have been implementing the system for the last few days with ok results. I took a long on the eur/jpy this am 4hr ( Australia time) the green turned down so I got out of trade with 20 pip loss. Just wondering if this was a valid trade to go into. ( Screen shot below) I also took a short on the usd/cad as well 4h so far in profit.

I do have time to trade the 1hr, but have been doing the 4hr. What are the general opinions regarding the best time frame to trade.

It's great to see the effort people have put into this thread.
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  • #26,479
  • Oct 16, 2013 11:51pm Oct 16, 2013 11:51pm
Quoting Pervis
{quote} Hello PHX, I nearly took the same trade with you but I know there are not perfect timing..... I have a question, I was confusing on Wednesday after the first candle of LO.. I was intended to join into the market after this first LO candle close but LUCKY I was not do it.. Can you give me some reason you was not trade on this scenario? Thank you! {image}
There a several reasons:
1. Rules of TMS, as outlined by Big E, are that we enter on the 1st or 2nd candle following a TDI cross over and change of candle color. If I were going to enter short, it would have 2 candles before London following the blue pullback candle pattern, a change of candle color and a cross of the TDI. Based on this scenario, there was no short entry around LO. That entry point had occurred two or three candles earlier.
2. I had also marked the AB leg of a possible ABCD pattern and the LO candle retraced to the 50 fib. I entered anyway, expecting the CD leg to complete near my TP.
3. Many times, the first candle of London is a fake out candle.....it will appear to move one direction and then reverse and move 3 to 10 candles the other way.
4. As I have discussed many times, I am looking for the high or low of the London session to be set in the first two or three candles. In this case the 2nd candle moved up 20 pips from the open of that candle and then pulled back but closed higher than the open of the candle, indicating to me that possibly, the low of the session was set by to opening candle.
5. On the open of the 2nd blue candle and a cross of the TDI green over red and over the 50 line, with all above the MBL, I entered long. Price pulled down 7 or 8 pips and then continued long to hit the TP. Once the trade was in profit 21 pips, I let the EA manage the trade and went back to bed. TP was not hit until the second hour of NY.
  • #26,480
  • Oct 17, 2013 12:27am Oct 17, 2013 12:27am
Quoting Phx62
{quote} There a several reasons: 1. Rules of TMS, as outlined by Big E, are that we enter on the 1st or 2nd candle following a TDI cross over and change of candle color. If I were going to enter short, it would have 2 candles before London following the blue pullback candle pattern, a change of candle color and a cross of the TDI. Based on this scenario, there was no short entry around LO. That entry point had occurred two or three candles earlier. 2. I had also marked the AB leg of a possible ABCD pattern and the LO candle retraced to the 50 fib....
Thanks phx62 for the detailed explanation . Your trades and insight are always good. I hope to learn a lot from you
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