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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

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Trading Made Simple

  • #27,721
  • Nov 22, 2013 1:03pm Nov 22, 2013 1:03pm
Quoting LFN
{quote} So you dont use this scripts anymore? Draw_Lines Sell EP SL TP v3.ex4 Draw_Lines Buy EP SL TP v3.ex4 "calculate the initial stop loss using ATR(10), drag and drop on the chart" Link to post 22364: http://www.forexfactory.com/showthre...58#post6843058 The Chandelier Exit looks interesting. But there is so many versions on that site.

Yes, I am still using those basic scripts because I trade with the percent risk model.
The R-Multiple levels help me manage my trade exits too and I don't measure my trade results in pips but in terms of R.

There Chandelier Exit will help you stay in the trend run the longest. You need to decide what ATR factor is your tolerance.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #27,722
  • Nov 22, 2013 1:09pm Nov 22, 2013 1:09pm
Quoting santos23
can someone tell me what sign the TDI gives to get out of the trade? thank you, its the only problem i have right now..when to get out.

what timeframe do you trade?

read those post by the OP eelfranz. He mentioned how he trade with entry and exit using the TDI. You have to understand what type of trader the OP is to understand why he uses the TDI entry and exits.

your question is really on Exit Management and you can google this topic and find plenty of online resources which you must learn and then adopt in your trading business.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #27,723
  • Nov 22, 2013 1:12pm Nov 22, 2013 1:12pm
Quoting emmanuel7788
{quote} what timeframe do you trade? read those post by the OP eelfranz. He mentioned how he trade with entry and exit using the TDI. You have to understand what type of trader the OP is to understand why he uses the TDI entry and exits. your question is really on Exit Management and you can google this topic and find plenty of online resources which you must learn and then adopt in your trading business.
4H TF..i emulate the same thing he did, but i forgot what page he talks about exits..thats why im asking again. lol
YOUR MOTHERS ASS
  • #27,724
  • Nov 22, 2013 1:44pm Nov 22, 2013 1:44pm
Quoting santos23
{quote} 4H TF..i emulate the same thing he did, but i forgot what page he talks about exits..thats why im asking again. lol
Entries and Exits

Page One ... Post#6
here quick link: http://www.forexfactory.com/showthre...17#post4569617

You still have not fgured out what type of trader eelfranz was trading the H4 the way he did. He made it so simple.
Until you do, you won't know how to stay in the market and "Let Profit Run" to maximise profit.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #27,725
  • Nov 22, 2013 2:12pm Nov 22, 2013 2:12pm
EJ still rising with 2 hours to go before NY closes for this week.

no resistance in sight, so we have another 200 pips to set a new monthly high.

will this happen? anybody's guess.

only exit management will get you that far as the market goes.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #27,726
  • Nov 22, 2013 2:19pm Nov 22, 2013 2:19pm
Quoting emmanuel7788
{quote} Yes, I am still using those basic scripts because I trade with the percent risk model. The R-Multiple levels help me manage my trade exits too and I don't measure my trade results in pips but in terms of R. There Chandelier Exit will help you stay in the trend run the longest. You need to decide what ATR factor is your tolerance.
Which of the Chandelier Exit indicators are the one to use? Is it the ChandelierExit.mq4 ?
http://forex-indicators.net/volatili...handelier-exit

I guess I eventually can figure out how to use both Chandelier Exit and the R-Multiple level script together.
  • #27,727
  • Nov 22, 2013 2:27pm Nov 22, 2013 2:27pm
Quoting LFN
{quote} Which of the Chandelier Exit indicators are the one to use? Is it the ChandelierExit.mq4 ? http://forex-indicators.net/volatili...handelier-exit I guess I eventually can figure out how to use both Chandelier Exit and the R-Multiple level script together.
yes, that's the one named.

I set to ATR(10) and Multiplier 2 times. That gives a good visual where the volatility is and help me stay longer in the trade when the trend breaks out.

edit : add chart example

Attached Image (click to enlarge)
Click to Enlarge Name: EJ example Chandelier Exit R Multiple.png Size: 32 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #27,728
  • Nov 22, 2013 4:05pm Nov 22, 2013 4:05pm
Quoting Agk007
{quote} How is the MTF TDI indicator working for you? i like the idea of seeing the H4 TDI on the 1H TF.
I really like it, I like it so much I wouldn't dream now of going into a trade on the H1 now unless the H4 tdi is at least turning regardless of the price action showing on H1. If the H4 isnt looking like its turning, the H1 trade is likely to fail or at least be a more choppy trade.
  • #27,729
  • Nov 22, 2013 5:16pm Nov 22, 2013 5:16pm
Quoting emmanuel7788
{quote} yes, that's the one named. I set to ATR(10) and Multiplier 2 times. That gives a good visual where the volatility is and help me stay longer in the trade when the trend breaks out. edit : add chart example {image}
re the volatility is and help me stay longer in the trade when the trend breaks out. edit : add chart example {image}[/quote]

Thanks again. Is both of them working on all time frames without changing settings?
Looks like Chandelier is very good at keeping the trades going in trend when you can supervise the charts. And the r multiple level is best when you can't watch the charts?
  • #27,730
  • Nov 22, 2013 6:02pm Nov 22, 2013 6:02pm
Quoting Phx62
I traded the EJ only this week. Below is my H1 chart for the week. ......... Since it is Friday, I left the 50 pip TP, which was hit.{image}
Hi Phx62,

thanks a lot for sharing your thoughts and descriptions of these very impressive trades.

I'm still trying to get familiar with TMS on H1, and so your charts and explanations are very welcome. I am currently more on D1/H4.

On H1 my attempts sometimes result in no so good trades - "first time loosers" (do not get in profit).
As I can see i.e. you didn't take them.
In this case I didn't take them too, because this week I didn't trade on H1, but if I see your chart I think I would have been entered at least in the second yellow arrow trade.

I made a comment/question directly on your chart and attached it here (yellow arrows). Sorry for disfiguring! I hope that's ok for you (was much more easier than describing that in text)

So it would be very interesting to understand what prevented you from entering.

Thanks in advance
Attached Image (click to enlarge)
Click to Enlarge Name: Phx62 2013.11.22 ej h1 week.png Size: 88 KB
fxFox (all times in my charts are GMT+1)
  • #27,731
  • Nov 22, 2013 6:23pm Nov 22, 2013 6:23pm
Quoting Phx62
I traded the EJ only this week. Below is my H1 chart for the week. The first couple of trades were posted earlier in the week. Tuesday NY session made a good move with the help of news. At the open of the Tuesday Asian session, there was a nice pullback reversal candle pattern with the TDI green and red moving out of the overbought area. Entered as a scalp trade and price moved down 40+ pips, so I moved my TP and stayed in it. After moving the SL to BE, I entered another trade on the second candle of London. It moved in my favor about 30 pips but...
Hello Phx62, inspiring as usual. What are the colored horizontal lines purpose? Are they hourly and monthyl resistances? Also, for the trade that met 150 pips(the first one. Short), What made you decide to stay in the trade at BE the entire day even with reversal and stopping your second trade out? Was it because it was a 4hr tf trade?


Thank you
  • #27,732
  • Nov 22, 2013 6:41pm Nov 22, 2013 6:41pm
Quoting emmanuel7788
{quote} To show you MT4 trades on your charts. You can simply drag and drop them from your Account History. see video: https://www.youtube.com/watch?v=jNHDnqKkSqs
Emmanuel,
thank you for posting this. Very useful

  • #27,733
  • Nov 22, 2013 6:51pm Nov 22, 2013 6:51pm
Quoting fxFox.mb
{quote} Hi Phx62, thanks a lot for sharing your thoughts and descriptions of these very impressive trades. I'm still trying to get familiar with TMS on H1, and so your charts and explanations are very welcome. I am currently more on D1/H4. On H1 my attempts sometimes result in no so good trades - "first time loosers" (do not get in profit). As I can see i.e. you didn't take them. In this case I didn't take them too, because this week I didn't trade on H1, but if I see your chart I think I would have been entered at least in the second yellow arrow...
fxFox,
I am not sure why you would take a short trade where you have your 1st yellow arrow....the trend is still going up (which way is the TDI red TS line pointing? up or down?) and price has been moving up since setting the low of the London session.....in fact price had moved up over 80 pips. If you back test or forward test reversals on Euro pairs that have moved more than 60 pips in one direction, you will find that there will be a substantial consolidation before price reverses (unless there is a news event that triggers a reversal). Price did consolidate a little but there was no substantial movement down. In order for me to enter on the candle you indicated, I would have to see price make a solid break below the red candle, just before your yellow arrow. Almost always, there will be a pullback reversal candle pattern before a reversal will occur. That PRCP did occur, as shown in the gray circle.
On your 2nd arrow, the same reasoning applies. There had been a PRCP telling me that price was going to move down.....price did move down and the London session opened and price moved down until the NY session opened. I entered a trade at LO that moved to BE and I was still in the short trade following the PRCP, so I could see no reason to enter long. In order for me to consider a long trade there, I would have to close the short trade and then see price break solidly above the blue setup candle where your arrow is. Also, which direction is the TDI red TS line pointing? Until that line flattens out or changes direction, I would not consider a long trade.
  • #27,734
  • Nov 22, 2013 7:04pm Nov 22, 2013 7:04pm
Quoting tenmilewalk
{quote} Hello Phx62, inspiring as usual. What are the colored horizontal lines purpose? Are they hourly and monthyl resistances? Also, for the trade that met 150 pips(the first one. Short), What made you decide to stay in the trade at BE the entire day even with reversal and stopping your second trade out? Was it because it was a 4hr tf trade? Thank you
Hey tenmile,
Good to hear from you. The gold lines are last months high and low and the purple lines are last weeks high and low....nothing more than reference lines and possible resistance areas.
As far as staying in the short trade, I had gone to work before the NY session opened and got busy with meetings and business. I did not get back to the trade until the second red candle (following NYO). I had set my TP to 150 and SL to +20, so I just let the trade play out, moving my SL down as the trade progressed and I could check it, since I was still at work....sometimes it's better to be lucky, than good. I also checked out the red TS line in the TDI when I did check the trade and it was pointing down every time I checked it. If it had flattened out or any other candle had closed blue, I would have been out.
Regards.....
  • #27,735
  • Nov 22, 2013 7:29pm Nov 22, 2013 7:29pm
Quoting lastingwell
{quote} I really like it, I like it so much I wouldn't dream now of going into a trade on the H1 now unless the H4 tdi is at least turning regardless of the price action showing on H1. If the H4 isnt looking like its turning, the H1 trade is likely to fail or at least be a more choppy trade.
Makes sense. The higher TF's are more likely to prevail over the lower TF's if a move on the H4 is being made. I will try those indicators out and see how they do for me. Thanks!
  • #27,736
  • Nov 22, 2013 8:00pm Nov 22, 2013 8:00pm
Quoting Phx62
I traded the EJ only this week. Below is my H1 chart for the week. The first couple of trades were posted earlier in the week. Tuesday NY session made a good move with the help of news. At the open of the Tuesday Asian session, there was a nice pullback reversal candle pattern with the TDI green and red moving out of the overbought area. Entered as a scalp trade and price moved down 40+ pips, so I moved my TP and stayed in it. After moving the SL to BE, I entered another trade on the second candle of London. It moved in my favor about 30 pips but...
Hi Phx62,

Can i have your template and indicators?
Your help will be much appreciated.

Thanks in advance.
Trade With PDF & Wisdom
  • #27,737
  • Nov 22, 2013 8:33pm Nov 22, 2013 8:33pm
Phx62 you are WONDERFUL trading the 1H charts. I have been analyzing the reason behind your trades and analyzing the charts to figure out the way you look at charts and so far I am able to see it nicely. Cant wait to start trading the 1H charts Monday.

Thanks Phx62!!
Take what the market gives you.
  • #27,738
  • Nov 22, 2013 11:05pm Nov 22, 2013 11:05pm
The reality is that many people wanting to trade spot forex to make money will not make it. Fact is more people will lose their hard-earned money trying to make some from this harsh market. Statistics show that more than 90% of traders lose their money.
Have you asked yourself why?
Something everyone need to sit back and ask yourself.

Trading requires both knowledge and skills.
This Trading Made Simple is indeed a simple trading method so why aren't you making the money you want.
What are you missing?
I read those who post here and I see some members sharing here with potential to make it to be successful traders using TMS.
I also see reading some posts many reasons why certain members posting here will not make it to become profitable traders using TMS.
I don't read post of the many people viewing this thread in silence. Only you know your own trading results.

Have a Good Weekend.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #27,739
  • Nov 22, 2013 11:33pm Nov 22, 2013 11:33pm
Quoting Agk007
{quote} Makes sense. The higher TF's are more likely to prevail over the lower TF's if a move on the H4 is being made. I will try those indicators out and see how they do for me. Thanks!
Triple Screen technique has been shared here before. Just search "Triple Screen" and you will see the posts in this thread.

Not a holy grail, but using a multiple timeframe approach will get you into high probability trade setups and better winning trades.

This favourite pic of mine below. There is a trend in every timeframe, so we must know which trend we want to trade especially when we trade intraday, it can be fast changing and choppy.

Attached Image


To learn about how to adopt Triple Screen technique, read this book by Dr Alexander Elder.
Its in chapter 9 of his book.

But instead of the MACD indicator which he uses, we use the TDI and the APB/HA is all timeframes. Both these work perfect once you grasp the concept of using triple screen and multi timeframe analysis ( MTFA - one of the 10 skills you need).

Attached Image
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #27,740
  • Nov 23, 2013 1:51am Nov 23, 2013 1:51am
Quoting emmanuel7788
{quote} Triple Screen technique has been shared here before. Just search "Triple Screen" and you will see the posts in this thread. Not a holy grail, but using a multiple timeframe approach will get you into high probability trade setups and better winning trades. This favourite pic of mine below. There is a trend in every timeframe, so we must know which trend we want to trade especially when we trade intraday, it can be fast changing and choppy. {image} To learn about how to adopt Triple Screen technique, read this book by Dr Alexander Elder....
I think its a matter of getting comfortable with what you're looking at on the screen. I like the mtf tdi because it alerts me more clearly than looking at different timeframes separately but thats just me and someone else might not like it at all. Because of the "steps" the indicator makes I can somehow see it better when its on the H1 timeframe. As you're always saying "On H1 price action is king, on H4 the tdi is king" Now I have the best of both worlds, looking for price action on H1 while taking note of the H4 tdi.
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