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Trading Made Simple

  • #31,541
  • Feb 28, 2014 6:37am Feb 28, 2014 6:37am
Quoting Bullet
{quote} Maybe you could go over some of that thread so shore up your understanding of PA and S/R.
Those PDF's also cemented this learn one pair idea for me. Trading so far seems to be as complicated or as simple as one chooses; I'd rather go with the latter and then add as I go along.

It might seem like a hassle but I just scroll backwards and move forward one candle at a time with F12 then treat everything else exactly like a real trade (minus screenshots). Whenever I feel like trading and there are no signals in the market, I backtest. This has also helped me from overtrading my account.

Thanks for the demo/live advice, seems like a popular choice.
  • #31,542
  • Feb 28, 2014 7:03am Feb 28, 2014 7:03am
Quoting emmanuel7788
{quote} Could please let me know your entry rules in detail. It will helpful if you can explain in detail with charts. Answer: Read all the 463 posts by our late OP eelfranz aka Big E and also you can download some of the pdfs of his posts and comments. Use the forum paperclip function, see pic below. Post #261 is very important and you must read again and again. {image} Q1) How long it took to reach the success rate? Answer: It is not about time to reach success rate. Success is neither a target objective nor a destination in a trading journey....
As expected, I received answer from one of the most responsive person in this thread. Thanks. Right now, I am not at my laptop, can’t post my charts.

I will explain in detail with chart later on:
My trading rules are:

1) Most comfortable when price make a
HH-HL, LL-LH and green crosses red happens. A+ trade.
HH-HL, LL-LH and green crosses the red & yellow happens. A++ trade.
HH-HL, LL-LH and green crosses red,yellow & above 50 happens. A+++ trade.
2) When the cross happens at 12-2 or 4-6 angle.
3) When the cross occur the HA candle should change the color.


I am bad at:

1) For 4H period -> How much should be my TP & SL. I know it depends on the trade setup. But, I am still confused.
2) Sometimes, I think entered the trade too early or late.
3) Sometimes, I see the setup and afraid to take the trade. Because, in the past some trades hit the stop loss and the price later moved in the direction of my setup.
4) I miss most of the volatility because my EST and working hours. I would like you to suggest the best way to figure it out how to monitor the trade. Because of my work, I may miss the EST 4H -> 7:00, 11:00, 15:00 candle. I will try to look at the charts, whenever possible. How to trade during this trading hours?

I will be seriously demo trade from next month. Please give your valuable inputs to success.
Which pairs do you want me to concentrate? I usually watch EU, EA, EJ, GJ. Do you want me to narrow it down to 1 pair? I may not have time to do the Big picture planning if I have too many pairs.
If go for Live trading, I would like to start with $1000 with 2% risk. Keeping this amount in my mind, I would like to do the demo trading. So, how many mini lots should I trade?

I will come back with charts in details during weekend.
  • #31,543
  • Feb 28, 2014 7:22am Feb 28, 2014 7:22am
Hi,

I have coded the Average Price Bars Indicator for MT5 for anyone who needs it. I just took the default included MT5 Heiken Ashi and added one line extra which alters the close slightly, got it from Xaphods post in this thread. I also include an updated TDI for MT5 as I had set the max min and its better not to do this as MT works it out.
Attached File(s)
File Type: mq5 TDI.mq5   6 KB | 358 downloads
File Type: mq5 AveragePriceBars.mq5   3 KB | 390 downloads
File Type: mqh Statistics.mqh   28 KB | 394 downloads
  • #31,544
  • Feb 28, 2014 7:47am Feb 28, 2014 7:47am
Quoting Bullet
{quote} I agree, I find demo almost useless it's not at all like live trading, when you trade live you are psychologically involved in the market. Take 10% of your go live account and trade that then slowly add once you are profitable.
Quoting fhm
Hi everyone, I really enjoy trading so I've decided to invest quite a bit of time in this business. I'm about at page 500 in this mega thread
The "demo-possibility" is a good way to learn your system, the plattform and not at least the behaviour of your broker in special situations (i.e spreads, SL-fishing).

Nothing is as real as real money - but to simulate the psychological pressure of trading a real account on a demo plattform, just produce a kind of simulated responsibility for your results and the adherence of you trading plan. Define the plan, define an achievable profit target i.e. for the next 2 month based on your backtests and discuss this with a good friend/partner (must have know-how of forex).
Report him/her regularly about your efforts, where you stick to your plan and where and why not. The issue, that you'll come one week and must say "I have a loosing week because of I was to lazy to stick to my plan" - gives a little pressure.

For me that was a good experience as I started some years ago, next to trade on a small real account, which you could slowly increase (perhaps your profits do this for you) and I do this this very day when I try something new, until I am familiar with.
fxFox (all times in my charts are GMT+1)
  • #31,545
  • Feb 28, 2014 8:37am Feb 28, 2014 8:37am
Quoting fhm
Hi everyone, I really enjoy trading so I've decided to invest quite a bit of time in this business. I'm about at page 500 in this mega thread and almost all my questions have been answered throughout ( most to
Hello fhm,
Another perspective:
1. Look at the Endeavor Trends Report that Phx62 referred to recently. The "big boys" and the news move the market.
2. Read Emmanuel's posts on classifying the market into trending, wide range and narrow range. GJ is in a c.150 pip range, EJ a c.200 pip range and EU, EA and ECad are still trending.
3. pick a pair or pairs that have a greater ADR14 than EU's current measly amount. GJ, EJ, EA and ECad are between 106 and 141. With EU in its current state, you could wait hours for 20 pips.
I suggest picking a pair that is trending or in a wide range (easier to trade H1), and which has an ADR14 over 100.
Regards reading the thread, I suggest two tracks:
A. the current stuff from, say, the start of the year.
B. continuing from page 500.
Kan
Thanks for your help, warmth and straight talking Heather.
  • #31,546
  • Feb 28, 2014 9:51am Feb 28, 2014 9:51am
Another good week using TMS principles while continuing to test using channels for profit targets. Entered the week using the gray channel as a guide until it was broken following the 73 pip trade. Price formed a new channel (blue) that was good until today when price broke the center line of the channel. Next week if price reverses at the top channel line, it could make for some good targets going short.
First trade of the week was entered a little early based on the PCRF at the top of the gray channel center line. Made a second entry when price hesitated and set a high for the London session. Tuesday, consolidating market...one BE trade at LO. The rest are TMS trades with channel lines as targets. Still working on how to move profit target when price breaks out of the channel. Good trading to all.
Attached Image (click to enlarge)
Click to Enlarge Name: 2014.2.28 ea h1 week (channels).png Size: 112 KB
  • #31,547
  • Feb 28, 2014 9:52am Feb 28, 2014 9:52am
Quoting emmanuel7788
{quote} Hi TheScorps, very nice one. consolidation with double inside bars was the alert I got at CONFLUENCE of Prev W Low, Prev D Fib 161% and BRN 139.00
Many thanks Emanuel
I Have Learned to Take Some Losses to Make Profits
  • #31,548
  • Feb 28, 2014 10:34am Feb 28, 2014 10:34am
Thank you so much, Phx62. Your charts are very much productive learning resources.
Have a nice weekend.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #31,549
  • Feb 28, 2014 10:35am Feb 28, 2014 10:35am
Quoting TheScorpS
{quote} Many thanks Emanuel

Hi Phx62 Great looking chart with targets to hit I wonder could you share which channel indicator have you settled on .
I read in an earlier post you were still trying to find a suitable choice.


many thanks forfac
  • #31,550
  • Feb 28, 2014 10:40am Feb 28, 2014 10:40am
Amazing week as usual Phx! Thanks for sharing!

I have a question about your +69 trade. It looks like you entered on a pull back from double top and London high. What was your criteria to enter mid candle? Did you look for entry on M15? Or were you monitoring if the pull back was more than certain amount of pips (25 in this case?) Did you ever set stoploss to BE during that trade?
Everything you can imagine, is real - Pablo Picasso
  • #31,551
  • Feb 28, 2014 10:53am Feb 28, 2014 10:53am
Quoting forfac
{quote} Hi Phx62 Great looking chart with targets to hit I wonder could you share which channel indicator have you settled on . I read in an earlier post you were still trying to find a suitable choice. many thanks forfac
I am still drawing some by hand and also using the method Bizzzle posted here http://www.forexfactory.com/showthre...85#post7301085 . The gray channel was drawn by hand, the blue is the Fibonocci indicator.
  • #31,552
  • Feb 28, 2014 11:06am Feb 28, 2014 11:06am
Quoting Direwolf
Amazing week as usual Phx! Thanks for sharing! I have a question about your +69 trade. It looks like you entered on a pull back from double top and London high. What was your criteria to enter mid candle? Did you look for entry on M15? Or were you monitoring if the pull back was more than certain amount of pips (25 in this case?) Did you ever set stoploss to BE during that trade?
That trade was based on the rejection of price at the channel center line, with a strong pullback from that line. It was also LO which often reverses from the Frankfurt candle (in fact, I got to the charts just as the LO candle opened and watched it pull back quickly). Yes, the SL is changed as trades progress but it is done by the EA settings. The red line is just the original SL I set at the beginning of the trade. In this case, the SL for the +69 trade was moved to BE before the +42 trade was entered, keeping the risk at a minimum.
  • #31,553
  • Feb 28, 2014 11:16am Feb 28, 2014 11:16am
Quoting Phx62
{quote} I am still drawing some by hand and also using the method Bizzzle posted here http://www.forexfactory.com/showthre...85#post7301085 . The gray channel was drawn by hand, the blue is the Fibonocci indicator.
Thx Phx62 for clarifying


many thanks forfac
  • #31,554
  • Feb 28, 2014 11:19am Feb 28, 2014 11:19am
Thank you for your reply Phx. Much appreciated.
Everything you can imagine, is real - Pablo Picasso
  • #31,555
  • Feb 28, 2014 12:29pm Feb 28, 2014 12:29pm
Hi Gang


Kinda confused here... I use H4 for entry ... i.e check candle every 4 hours...When I see a valid/good H4 setup sometimes the H1 and or M15 is having red candle. H4 is blue but M15 and/or H1 is red..

In this conflicting situation, what should I do?

1) - Wait for the H1 or M15 turn blue? ... but if I pick this option then I am not a H4 trader anymore.
2) - Set Stop loss size bigger than usual.

Suggestions please. Thx
Life Is Good
  • #31,556
  • Feb 28, 2014 12:35pm Feb 28, 2014 12:35pm
Other conflicting situation.

I see a valid/good h4 setup , I then check the H1 and/or M15 time frame. TDI indicates that the H1 and.or M15 is already overbought (the 68 threshold) .. but in H4 it i not overbought yet.

What will you do if you were me?

1) Wait for a pull back before go long?
2) Go long ,ignoring H1 overbought signal completely but set wider sl size.

Thx
Life Is Good
  • #31,557
  • Feb 28, 2014 3:09pm Feb 28, 2014 3:09pm
Quoting Phx62
{quote} That trade was based on the rejection of price at the channel center line, with a strong pullback from that line. It was also LO which often reverses from the Frankfurt candle (in fact, I got to the charts just as the LO candle opened and watched it pull back quickly). Yes, the SL is changed as trades progress but it is done by the EA settings. The red line is just the original SL I set at the beginning of the trade. In this case, the SL for the +69 trade was moved to BE before the +42 trade was entered, keeping the risk at a minimum.
there was also divergence, I very much favour these kind of setups
when PA makes HH, and TDI either double top( like here), or makes LL creating divergence
Attached Image (click to enlarge)
Click to Enlarge Name: Greenshot_2014-02-28_16-04-47eadiv.png Size: 14 KB
If you're going through hell, keep going. Winston Churchill
  • #31,558
  • Feb 28, 2014 5:28pm Feb 28, 2014 5:28pm
Quoting Phx62
Another good week using TMS principles while continuing to test using channels for profit targets. Entered the week using the gray channel as a guide until it was broken following the 73 pip trade. Price formed a new channel (blue) that was good until today when price broke the center line of the channel. Next week if price reverses at the top channel line, it could make for some good targets going short. First trade of the week was entered a little early based on the PCRF at the top of the gray channel center line. Made a second entry when price...
Do you now enter trades based on m15? The first trade has a line at 04:45, which leads me to believe you have dropped to a lower timeframe for an entry near the channel extremity. Only asking because this trade and most recent trades don't look like your usual trades from a few months ago. TDI only crosses on M15 and lower on most of these trades.
  • #31,559
  • Feb 28, 2014 8:22pm Feb 28, 2014 8:22pm
Quoting Imi
{quote} there was also divergence, I very much favour these kind of setups when PA makes HH, and TDI either double top( like here), or makes LL creating divergence {image}
When you look for divergence, you use the green line?

Thanks for sharing.
Everything you can imagine, is real - Pablo Picasso
  • #31,560
  • Feb 28, 2014 9:41pm Feb 28, 2014 9:41pm
Quoting Phx62
Another good week using TMS principles while continuing to test using channels for profit targets. Entered the week using the gray channel as a guide until it was broken following the 73 pip trade. Price formed a new channel (blue) that was good until today when price broke the center line of the channel. Next week if price reverses at the top channel line, it could make for some good targets going short. First trade of the week was entered a little early based on the PCRF at the top of the gray channel center line. Made a second entry when price...
Hi Phx62, it has been a great journey to read all your posts. Just one question, this week you'd showed us EURAUD, why was it? You trade quite a few, why choosing this one?

thanks for all your help.
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