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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

  • #30,621
  • Feb 10, 2014 3:43pm Feb 10, 2014 3:43pm
Quoting mary4x
{quote} Britpip, would you please pm me with info on Rick? If so, thanks.
here you go - http://www.protradenetwork.com/

also on youtube

also check out his posts on this forum - dcginc
"To live with Passion, it takes Courage and Grace to survive"
  • #30,622
  • Feb 10, 2014 3:50pm Feb 10, 2014 3:50pm
Quoting olly93
Hi traders. I'm new to FF and have just recently started trading this strategy on the 4 hour time frame. Can someone please give me some advice on the best time to trade and which pairs are the best to trade. Eelfranz recommended looking at the 4hr tf 2 hours before the LO and also 2 hours after, but it doesn't seem logical to me to enter before the london open. Also which pairs are best to trade at this time? It also doesn't seem logical to me to trade a pair such as AUSUSD during the LO time. I greatly appreciate any advice anyone can give me....
Hi olly,

Each of the three major market sessions - Tokyo, London and US, each has 9 hours duration and they share overlap trading hours.
You will see 9 H1 candles per session but 2 full H4 candle per each of these sessions. Think about this.
You plan you trading hours to be your business hours and also to consider your lifestyle.

When trading H4, you can start with the USD majors and with more experience you can add on more pairs like the EUR and GBP crosses.

Or you can trade simple and strictly follow eelfranz way and use a broker with GMT+2 and you will have the same H4 candle like eelfranz.

Trade Well.

EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #30,623
  • Edited 5:15pm Feb 10, 2014 5:02pm | Edited 5:15pm
Quoting adamjhdavis
Evening all (UK anyway), It seemed to be a quiet day today looking back over the London and New York sessions. I was wondering how many of us have set rules for every single trade we enter or do you vary it from trade to trade! I have found my results have gone from strength to strength when I follow a set plan and try and make my trading as unemotional as possible. Just thought whilst the market was quiet we could share some ideas on ROE. I have very much adapted a style similar to PHX62 and reading the last few hundred threads many others have...
Hi Adam,

For me, my rules for intraday H1 trading and 4H swing trading are different. My trade plan for these are different. I dont have different rules for every trade,
The rules in itself must cater for varying market condition especially when we are already in the market and when we have to make decisions on whether to add on more positions and when we plan our exits.

Rules are not inscribed in stone, so there are times we need to make some discretionary decisions and this don't come easy to break our own rules. It is easy to follow and break our own rules than to trade with someone else rules especially when we do not know how and why those rules were formaulated in the first place.

The way to achieve consistency in trading results is to have a set of tested rules which is an integral part of the trading system.

How traders detach themselves emotionally from the market especially when they have open trades to manage is difficult thing to do. Some rules can help in this area, for example, when we follow a mechanical trade management strategy. There are different exit strategies and some can be difficult for some traders to adopt them because of the human emotions involved when we deal with money.

Setting ROE (or ROI) is about the money management strategy and that must be SMART to the trading system we develop. Each trading system can generate a number of trades in a defined time period, for example, the number of trades per year. I use target of 10% ROE profit cycle with 20 trading days instead of calendar month because in some weeks the market type is just not suitable for 4H swing trading. There are situations of 2 to 3 weeks without any 4H trades opportunities. The objective is to reach 10% ROE in a shorter time instead of 20 trading days and managing the drawdowns during each cycle.

Regards,

EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #30,624
  • Feb 10, 2014 5:37pm Feb 10, 2014 5:37pm
New to MT4 trading platform:

Go to this thread in Platform Tech and learn some of the tips and tricks,

MT4 navigational tips and techniques

http://www.forexfactory.com/showthread.php?t=67529

Many thanks to FF member hanover
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #30,625
  • Feb 10, 2014 5:45pm Feb 10, 2014 5:45pm
Thanks, Britpip. I'll go there.
  • #30,626
  • Feb 10, 2014 6:49pm Feb 10, 2014 6:49pm
AUD/JPY H1 - Long

Entered long here after the AUD news release. Candle is above the blue EMA dragon, TDI had a nice pullback, TDI crossed.


Sidenote: AUD/USD might hit 0.90000 today.
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Take what the market gives you.
  • #30,627
  • Feb 10, 2014 8:08pm Feb 10, 2014 8:08pm
AUD/USD - 4H Chart

Lots of potential in this one

Keep your eyes on it guys !!
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Take what the market gives you.
  • #30,628
  • Feb 10, 2014 9:55pm Feb 10, 2014 9:55pm
Quoting shellsnail
{quote} possible, or this? my view is, if it's 50-50 then don't trade; it's usually right to follow the daily trend, until it isn't. consolidation + counter-trend breakout is one of those scenarios in which trend trades should wait. {image} {image}
Still too early to short aud/usd. wait for 0.91
Build good relationships with others.
  • #30,629
  • Edited 10:15pm Feb 10, 2014 10:04pm | Edited 10:15pm
Video Trading Journal:

I want to share a tip to record your trading in a movie file for later review.

http://www.forexfactory.com/showthre...99#post6500099

I recently started using MTF mini chart Emmanuel suggested. Because I am a part time trader and cannot monitor chart frequently, I want to review the chart for the day by playing the recorded video when I come home. I record one frame per every 10 seconds to reduce the file size. (This is enough for 1H+ traders). I prefer Microsoft Video for Compressor and 1 frame/sec for Playback rate. The recorded AVI file size for 24 hours is around 1.1 GB (when 17 inch monitor used). I use Mac and when I open this AVI in QuickTime it converts this to MOV format, and its size again reduces by 1/10. By doing this you can collect years of back data in a single HD, and may help you learn trading time efficiently.

Request: Anyone please let me know if you know any Mac screen capture util which can capture a frame per more than one second.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #30,630
  • Feb 10, 2014 10:51pm Feb 10, 2014 10:51pm
EJ 1H

Yesterday ADR was small and hopefully we may have a decent movement today....

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Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #30,631
  • Feb 10, 2014 10:52pm Feb 10, 2014 10:52pm
Quoting shellsnail
{quote} Still too early to short aud/usd. wait for 0.91
could you please share your analytical view so that i can improve those areas...

Thanks a lot
Sad i'm not trying to understand PA
  • #30,632
  • Edited 11:11pm Feb 10, 2014 11:01pm | Edited 11:11pm
Omo - AUDUSD has been slowly moving up and very recently broke above big round number 0.90000. You don't want to short right back down into that round number. You want to trade away from these round numbers. Example is the LO candle 2 days ago. Big move up to test 0.90000 and bounce off hard.

So there are many possibilities here... price may move higher and come back down to test 0.90000, or it keeps going up to test 0.91000. We then trade according to the signals we get.

Attached Image
Everything you can imagine, is real - Pablo Picasso
  • #30,633
  • Edited 11:53pm Feb 10, 2014 11:41pm | Edited 11:53pm
Quoting omonisha
{quote} could you please share your analytical view so that i can improve those areas... Thanks a lot
well it's a statistical thing. When price does one of those consolidation + high volume breakout counter-trend, it'll almost always > 80% of the time test the 89EMA on the daily chart eventually before continuing its trend and the weekly chart will enter OB/OS region (Stochastic 7,2,2). from there's it's not clear if price will go up or down but a slight bounce is normal. So i would wait a bit more because this is still clearly strong uptrend; no need to rush it when thing are very uncertain...

I say 0.91 because I am sort of expecting the intermediate trend to change here so price will break above the high of the previous swing low before consolidating again. Why I am expecting a trend change is because of the weekly and monthly chart. We are at 50% zone, and a strong monthly support. The parabolic move to below the support is now looking more and more like a stop-clearing move to absorb remaining liquidity on the pair. This may be a longer term trend change too.

I would plan my trades around such a possibility. (i.e. look for set-ups to short at 0.91, set-ups to long at 0.8954 and set ups to short at the weekly trendline... if i were to trade it)
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Build good relationships with others.
  • #30,634
  • Feb 10, 2014 11:45pm Feb 10, 2014 11:45pm
Closed my AUD/JPY for +54 pips.


Will wait until LO opening and monitor other pairs for another entry.
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Take what the market gives you.
  • #30,635
  • Edited Feb 11, 2014 12:03am Feb 10, 2014 11:47pm | Edited Feb 11, 2014 12:03am
Quoting Tiggrrr
AUD/USD - 4H Chart Lots of potential in this one Keep your eyes on it guys !! {image}
Nice Tiggrrr!

If you use harmonics pattern scanner, there is a H4 potential PRZ in that region.

But I am in a bullish Bat with TDI divergence confirmation since 2 weeks.

That H4 PRZ is in sight but it is in the 9050 and 9150 region.

Sell now, and you will have to build positions and manage the drawdowns.

Trade Well.

EMMANUEL
Attached Image (click to enlarge)
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #30,636
  • Feb 10, 2014 11:55pm Feb 10, 2014 11:55pm
Quoting shellsnail
{quote} Still too early to short aud/usd. wait for 0.91

yes, it is too early to sell.... also it is too late to buy, unless you can catch the tail wind.

stand aside is the better thing to do.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #30,637
  • Feb 10, 2014 11:58pm Feb 10, 2014 11:58pm
Quoting Tiggrrr
Closed my AUD/JPY for +54 pips. Will wait until LO opening and monitor other pairs for another entry. {image}

Nice catch Tiggrrr!

You know the 34EMA wave trading method by Raghee Horner. That work great with TDI.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #30,638
  • Feb 11, 2014 12:01am Feb 11, 2014 12:01am
Quoting heispark
Video Trading Journal: I want to share a tip to record your trading in a movie file for later review. http://www.forexfactory.com/showthre...99#post6500099 I recently started using MTF mini chart Emmanuel suggested. Because I am a part time trader and cannot monitor chart frequently, I want to review the chart for the day by playing the recorded video when I come home. I record one frame per every 10 seconds to reduce the file size. (This is enough for 1H+ traders). I prefer Microsoft Video for Compressor and 1 frame/sec for...

Heispark,

I think Camtasia Studio Mac version should do the work for you.
http://www.techsmith.com/camtasia.html


regards,

EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #30,639
  • Feb 11, 2014 12:49am Feb 11, 2014 12:49am
Quoting emmanuel7788
{quote} Nice catch Tiggrrr! You know the 34EMA wave trading method by Raghee Horner. That work great with TDI.
Thanks man. You and Phx taught me well too
Take what the market gives you.
  • #30,640
  • Edited 1:04am Feb 11, 2014 12:54am | Edited 1:04am
USD/JPY H1 - Entered Long

TDI Green and Red Crossed the yellow. I entered a little too early on the cross of the red going through the yellow...so it is a little risky trade. But bars are above the EMA on H1 so thats one reason I entered long, plus H4 chart TDI is also crossing up, so is the daily chart.
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Take what the market gives you.
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