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Trading Made Simple

  • #29,981
  • Jan 28, 2014 9:30am Jan 28, 2014 9:30am
Thanks to phx62 again, I looked at EA, I hadn't looked at it for quite a long time and it looks like I nearly entered at the same time on the retracement Price came back inside the trendline, retested the other side of the trendline on m5 so went in there, H1 had crossed, and PCRF on H1 also.
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  • #29,982
  • Jan 28, 2014 9:41am Jan 28, 2014 9:41am
haha.... tried the same but on e/nzd, my timing was off and entered late,
after being up 30some pips, I closed the trade with +4 pips, as 200ema on m15 rejected price.
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If you're going through hell, keep going. Winston Churchill
  • #29,983
  • Jan 28, 2014 9:42am Jan 28, 2014 9:42am
Quoting Phx62
A couple more trades on EU/AU H1.....one at LO and the other on a retracement back toward the trendline at NY open. Waiting for a possible short entry off the double top that was just set (need a new red candle and TDI must confirm entry). {image}
very good trades Respect.

Here is one trade i also took. But while you made +50 pips i just made +17 pips. So i know now to take H1 trades when the new candles has another colour and the buy / sell will be on the break of this candle high/low. TDI for confirmation of course.

Phx62, are you monitoring your trades ?

When do you know to exit ? I donīt understand your exits. For example in this trade, can you please tell me why you have exited exactly with +50 pips ? Because of the countertrend situation and your trendline ?

Best regards,

Fx94
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  • #29,984
  • Jan 28, 2014 9:53am Jan 28, 2014 9:53am
Quoting lastingwell
Thanks to phx62 again, I looked at EA, I hadn't looked at it for quite a long time and it looks like I nearly entered at the same time on the retracement Price came back inside the trendline, retested the other side of the trendline on m5 so went in there, H1 had crossed, and PCRF on H1 also. {image} {image}
that was a picture perfect entry, on the M5 chart you had a nice step up on H1 tdi with M5 making a recross right on MBL.
If you're going through hell, keep going. Winston Churchill
  • #29,985
  • Jan 28, 2014 9:56am Jan 28, 2014 9:56am
Quoting Fx94
{quote} very good trades Respect. Here is one trade i also took. But while you made +50 pips i just made +17 pips. So i know now to take H1 trades when the new candles has another colour and the buy / sell will be on the break of this candle high/low. TDI for confirmation of course. Phx62, are you monitoring your trades ? When do you know to exit ? I donīt understand your exits. For example in this trade, can you please tell me why you have exited exactly with +50 pips ? Because of the countertrend situation and your trendline ? Best regards,...

I enter every H1 trade with a 50 pip TP and a 50 pip EMERGENCY SL. I then adjust both as needed. In the case of the last two trades, I monitored both until I was in profit +21 pips, at which time my EA moves the SL to BE. The LO trade is middle of the night for me, so I went back to bed after reaching 21 pips. The NY trade was entered before I left for work...a set and forget trade with no way to lose....the EA had moved the SL to BE. Sometimes, if I have to leave the computer before the trade reaches 21 pips profit, I will adjust the SL to 20 or 30 or behind resistance, just in case.
  • #29,986
  • Jan 28, 2014 9:56am Jan 28, 2014 9:56am
Quoting Fx94
{quote} very good trades Respect. Here is one trade i also took. But while you made +50 pips i just made +17 pips. So i know now to take H1 trades when the new candles has another colour and the buy / sell will be on the break of this candle high/low. TDI for confirmation of course. Phx62, are you monitoring your trades ? When do you know to exit ? I donīt understand your exits. For example in this trade, can you please tell me why you have exited exactly with +50 pips ? Because of the countertrend situation and your trendline ? Best regards,...

If you study how he takes the PCRFs you will likely go in at the same place. This time there were 2 inside bars after the pullback candle instead of just one, phx62 took it at the break of the inside bar. I placed the same take profit as well at +50 because of it being counter trend.
  • #29,987
  • Jan 28, 2014 10:02am Jan 28, 2014 10:02am
Quoting Imi
{quote} that was a picture perfect entry, on the M5 chart you had a nice step up on H1 tdi with M5 making a recross right on MBL.
Thanks Imi got to catch up as I've been busy with other things so haven't had so much time for trading
  • #29,988
  • Jan 28, 2014 11:56am Jan 28, 2014 11:56am
Quoting emmanuel7788
{quote} Hi geomoon, Fib 127% failure is when price fail to push above the Prev D Fib extension 127% and we see a reversal back into the previous day range. To handle the risk with news, I move my initial SL from 50pips (1R) to 25pips (0.5R) before the news release. I place a straddle buy order above the -25pips level for a Plan B trade. {image} regards, EMMANUEL
Thank Emmanuel
  • #29,989
  • Jan 28, 2014 12:25pm Jan 28, 2014 12:25pm
No set ups for me this morning but I did find this which I find VERY useful as I can now put a TDI indy on my android phone MT4 platform allowing me to use this system anywhere and on the go.
Post #8 here: http://www.forexfactory.com/showthread.php?t=294327
Happy Trading.
  • #29,990
  • Jan 28, 2014 4:57pm Jan 28, 2014 4:57pm
Still trying this MTF thing. Open to advice and/or criticism, especially from Lastingwell.

+50, it would have been hit earlier but I'm a jackass and I moved the TP further away because I didn't realize what the move was due to.
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  • #29,991
  • Jan 28, 2014 5:04pm Jan 28, 2014 5:04pm
Well that was very unexpected. I put in a trade expecting for it to be a long wait before moving to BE, my broker closes at 10pm gmt for 3 minutes and by the time it reopened it was at +33 I was so shocked, I didn't even move my stop loss! I took the trade because of the master candle on h1 plus the good tdi bounce up, but waited for m5 tdi to look healthier.
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  • #29,992
  • Jan 28, 2014 5:30pm Jan 28, 2014 5:30pm
Quoting WDays
Still trying this MTF thing. Open to advice and/or criticism, especially from Lastingwell. +50, it would have been hit earlier but I'm a jackass and I moved the TP further away because I didn't realize what the move was due to. {image} {image}
I think you can tell by my post below yours that I think it was an excellent trade
  • #29,993
  • Jan 28, 2014 5:33pm Jan 28, 2014 5:33pm
Quoting lastingwell
{quote} I think you can tell by my post below yours that I think it was an excellent trade
Yes, it turns out we took the exact same trade.... it seems you use M5 though, for your entries. I am not sure if I'm pulling the trigger for the right reasons.
  • #29,994
  • Jan 28, 2014 5:44pm Jan 28, 2014 5:44pm
Quoting WDays
{quote} Yes, it turns out we took the exact same trade.... it seems you use M5 though, for your entries. I am not sure if I'm pulling the trigger for the right reasons.
I did go through a time with the mtf way of trading it that I kept seeing things on m5 or m15 and kept wanting to trade those setups instead of concentrating on the h1, but now I look at h1 for the trade and then check the lower timeframe, it stops me from taking trades for the wrong reasons.
  • #29,995
  • Jan 28, 2014 5:44pm Jan 28, 2014 5:44pm
Great catch WD! What a shame that break out happened at 4AM my time.
Everything you can imagine, is real - Pablo Picasso
  • #29,996
  • Jan 28, 2014 5:50pm Jan 28, 2014 5:50pm
Quoting lastingwell
{quote} I did go through a time with the mtf way of trading it that I kept seeing things on m5 or m15 and kept wanting to trade those setups instead of concentrating on the h1, but now I look at h1 for the trade and then check the lower timeframe, it stops me from taking trades for the wrong reasons.
That's what I do. Originally I turned to that setup because an hourly candle had closed above the small bearish trendline. I just used M15 to enter at a better moment.

Quoting Direwolf
Great catch WD! What a shame that break out happened at 4AM my time.
Thanks
  • #29,997
  • Jan 28, 2014 5:55pm Jan 28, 2014 5:55pm
Quoting WDays
{quote} That's what I do. Originally I turned to that setup because an hourly candle had closed above the small bearish trendline. I just used M15 to enter at a better moment. {quote} Thanks
Then you've got nothing to worry about, you're pulling the trigger for the right reasons
  • #29,998
  • Edited 6:34pm Jan 28, 2014 6:11pm | Edited 6:34pm
Well thats me finished with FF for a while, I am going to be too busy with a new project to be able to post and answer all the questions etc., so I wish you all good trading and will be back in around May. Thanks to phx62, bizzle, imi, goochie etc etc for your inspiration.
  • #29,999
  • Jan 28, 2014 6:19pm Jan 28, 2014 6:19pm
GU undecided yesterday but good day range of 92pips. So far this week only traded 133 pips from week open and the average week range is 235pips.
We shall see later today what BoE will do and thereafter in NY we have FOMC which can be the prime mover.

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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #30,000
  • Jan 29, 2014 1:13am Jan 29, 2014 1:13am
GU H1 29 Jan trade:

Buy entry just above the high of the last candle with trendline support below. Also TDI bounce.

News ahead, so will manage risk.

Have a Plan B in case market turn bearish.

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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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