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Trading Made Simple

  • #37,681
  • May 20, 2014 5:15pm May 20, 2014 5:15pm
Quoting shellsnail
{quote} yes, but why have a take profit of 70 pips if one doesn't expect it to be hit?
You never know whats going to happen?
  • #37,682
  • May 20, 2014 5:16pm May 20, 2014 5:16pm
Quoting lastingwell
{quote}You never know whats going to happen?
Why not 100 pips or 132 or 400 pips though? One can use the same justification you gave.

i..e I set my take profit at X pips even though I don't expect it to be hit but you never know what's going to happen.

Clearly contradictory; hence if we check the premises, since it's true that one never knows what is going to happen, it must be untrue that one doesn't expect the tp to be hit..

clearly by setting it at 70 pip he expects it to be hit sufficiently often to justify not setting it at any other number, and hence my question was phrased to ask about that... with the constrained volatility, how does he make 5 trades per week each expecting to make 70 pips - why not have a volatility adjusted TP instead or does he make consecutive trades in the same direction keeping previous ones open; what if he gets opposing signals when his previous trades are still open etc...
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  • #37,683
  • May 20, 2014 5:19pm May 20, 2014 5:19pm
Quoting shellsnail
{quote} Why not 100 pips or 132 or 400 pips though? One can use the same justification you gave. i..e I set my take profit at X pips even though I don't expect it to be hit but you never know what's going to happen.
Of course you can and only he knows the answer to that, I always set my take profit at 100 pips but I do as he does and if I dont like the trade I come out well before that, other times it will run on to the 100. Why 100? Its a nice round number
  • #37,684
  • May 20, 2014 5:31pm May 20, 2014 5:31pm
Quoting shellsnail
{quote} Why not 100 pips or 132 or 400 pips though? One can use the same justification you gave. i..e I set my take profit at X pips even though I don't expect it to be hit but you never know what's going to happen. Clearly contradictory; hence if we check the premises, since it's true that one never knows what is going to happen, it must be untrue that one doesn't expect the tp to be hit.. clearly by setting it at 70 pip he expects it to be hit sufficiently often to justify not setting it at any other number, and hence my question was phrased to...
Just re read the post till ya understand it!!
  • #37,685
  • May 20, 2014 5:44pm May 20, 2014 5:44pm
Quoting shellsnail
{quote} yes, but why have a take profit of 70 pips if one doesn't expect it to be hit?
I guess reading comprehension is a past art. Good luck trading, however that may be.
  • #37,686
  • May 20, 2014 5:54pm May 20, 2014 5:54pm
Quoting dforant1
{quote} I guess reading comprehension is a past art. Good luck trading, however that may be.
it's okay if you don't want to give more specifics; was just curious. thanks for sharing anyway.
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  • #37,687
  • May 20, 2014 6:21pm May 20, 2014 6:21pm
Quoting dforant1
{quote} I trade one pair, EU. 2am till 10am EST H1. Generally I need 80 100 pips per week, but average aprox., 130pips. I control my profits with Lot size. Anything over 80 pips I bank for London Bank closes, vacations, etc. I cheat a lot by using the TDI green line prior to the cross as long as it is a strong angle and candle color. 15Pip stop loss. 70Pip TP. I use the break even Capital Protection option with Cave Manager. I also set the MT4 alerts halfway through to TP and SL. If I don't like the trade I get out. 5 minutes before each hour I...
I want to Thank You for saying it is ok to trade 1 pair... If you have any more suggestions please share them with me ...

Again Thank You
  • #37,688
  • May 20, 2014 6:31pm May 20, 2014 6:31pm
Quoting dforant1
{quote} I trade one pair, EU. 2am till 10am EST H1. Generally I need 80 100 pips per week, but average aprox., 130pips. I control my profits with Lot size. Anything over 80 pips I bank for London Bank closes, vacations, etc. I cheat a lot by using the TDI green line prior to the cross as long as it is a strong angle and candle color. 15Pip stop loss. 70Pip TP. I use the break even Capital Protection option with Cave Manager. I also set the MT4 alerts halfway through to TP and SL. If I don't like the trade I get out. 5 minutes before each hour I...
would really like to see you trade. R:R =1:5 with 15pips sl and tp75pips on H1 chart. I have not met anyone who can trade like you.
the cautious seldom err....C
  • #37,689
  • May 20, 2014 7:01pm May 20, 2014 7:01pm
Quoting emmanuel7788
EURAUD trade update shown using H1 chart to see where the Trailing Stop TS is behind the APB candle. {image} Time for me to hit the sack. Way pass my bedtime and need to be up when ASX open. Goodnight folks!
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD week21 19May H4 trade update2.png Size: 30 KB



EURAUD week21 trade closed.
Trailing using H1 APB was rather tight when price approach the 60% of weekly range.
Now it run up and maybe it will hit 100% of the weekly range when there is a strong trending market type.
We shall see where it will go. Scalping in the lower timeframe may get us back into this trending pair.
Buy the retracement or any price pull back.

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD week21 19May H4 trade closed.png Size: 39 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #37,690
  • May 20, 2014 7:23pm May 20, 2014 7:23pm
Quoting akwunomy
{quote} Hi Emmanuel When you said, "I think this trade will be the one for this month." I take it that your perspective on Euro/Usd is Bullish. But looking at the bigger picture which you are a fan of...I came to the understanding that E/U wont be able to make a smooth uptrend above 1.3950/4000 psychological level. Looking at previous 2 weeks bearish candle...that should give us a concern to first consider the set up on daily now as a consolidation of a downtrend and measure it first with Fib retracement. That will help us to contain an surprise...

Hi akwunomy,

I had several 4H trades on EU last 2 weeks and they weren't great, several BE and small losses. Only 2 winners out of total 8 trades.
EU weekly range had narrowed to between 165 and 210 pips and the recent 10 weeks was down to below 145pips range. It is not easy if we look for 150 to 180 pips like in the good old days of 2009 and 2010.

I have the same weekly view like yours. EU is in range and there is resistance or supply in the 1.3900 region and not easy to move higher. You mentioned the psych level 1.4000. that looks tough for EU unless the US side screws up big time. On the low side, I see possible support or supply in the 1.3600 region. So my attempt to to grab the 200 pips swing seeing the D chart TDI is in the Over-Sold 32 level.
I don't trade with single entry at full risk in such market condition, therefore using position building may work out for me.

Trade Well.

regards,

EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #37,691
  • May 20, 2014 7:29pm May 20, 2014 7:29pm
[quote=Kanderpro;7480593]{quote} I wonder what he means by this.[/quote]

Kanderpro:

well, keep on wondering.

you quoted a part of my post and if you want an answer from me, all your need to do is simply ask me directly and you will get my answer.

since you asked openly, then looks like no one else is interested to reply you.

if English is not your first language, then please accept my apology.

have a good trading day.

regards,

EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #37,692
  • May 20, 2014 7:53pm May 20, 2014 7:53pm
Quoting stevepatt
{quote} Hi dforant, I, for one, would love to see how both you and Drewas are doing trading this as per page one. If you can get consistent results trading, as per post one, good for you both I'm sure we could all learn from you. I've read, back through, a lot of the thread and can see the H4 charts, from a few years ago, have changed the daily ADR has changed year on year and the volatility has changed. What worked well then won't necessarily work so well today. If BigE was still with us I'm sure he would have had to adapt his method to keep it's...
I second that - we all need some TMS traders here in this thread so those who want to learn TMS can block out the noise that is non-TMS related appearing in this thread.

toffy
  • #37,693
  • May 20, 2014 8:10pm May 20, 2014 8:10pm
First return trade - EA. +22 pips

left - m15 before entry
middle - H4 @ exit
right - m15 @ exit

Reason of entry was the TDI crossing up on M15, same direction with trend on H1/H4.
TP was 50 pips, it moved 40 my direction before forming quite a large pull back bar so I exit.
Attached Image (click to enlarge)
Click to Enlarge Name: 2014-05-21_0615.png Size: 102 KB
Everything you can imagine, is real - Pablo Picasso
  • #37,694
  • May 20, 2014 8:11pm May 20, 2014 8:11pm
Is Bizzzle still around? Haven't seen him these past few days since I came back.
Everything you can imagine, is real - Pablo Picasso
  • #37,695
  • May 20, 2014 8:59pm May 20, 2014 8:59pm
Quoting Direwolf
Is Bizzzle still around? Haven't seen him these past few days since I came back.
Sawadee Kup! Direwolf, Welcome back. I haven't seen a post from Bizzle in a week or so, I think.
  • #37,696
  • Edited 10:06pm May 20, 2014 9:34pm | Edited 10:06pm
Quoting emmanuel7788
{quote} I picked GBPCAD becasue my Big Picture Plan tells me that is a high probability trade over the EURCAD pair. {image}
Hi Emmanuel,

The pick of GC was it due to it rebounded from its last month low (1.8165)? besides H4's entry point TDI was above MBL supported by PA (BUOB) which was similar to EC.

Thank you,
  • #37,697
  • May 20, 2014 11:26pm May 20, 2014 11:26pm
For the last three weeks I've been trading this strategy almost exactly the same as big E set out on page one and have been having great results. I've made 8 trades in this time and have had 4 good sized wins 3 small wins and 1 breakeven. The only thing I've been doing differently from big E is that I will only sell a cross below the MBL and only buy a cross above the MBL. Everything else is the same. Only enter at the time of day big E states (2 hours before and 2 hours after LO) on the 4H time frame and always close trades when NY is about to open. Back test this way and you will see that it rarely ever loses.
  • #37,698
  • May 20, 2014 11:50pm May 20, 2014 11:50pm
Quoting Direwolf
Is Bizzzle still around? Haven't seen him these past few days since I came back.
He's gone on holiday, I think he'll be back in about 3 weeks and I'm sure he'll tell us all about it when he gets back.
  • #37,699
  • May 20, 2014 11:50pm May 20, 2014 11:50pm
Quoting olly93
For the last three weeks I've been trading this strategy almost exactly the same as big E set out on page one and have been having great results. I've made 8 trades in this time and have had 4 good sized wins 3 small wins and 1 breakeven. The only thing I've been doing differently from big E is that I will only sell a cross below the MBL and only buy a cross above the MBL. Everything else is the same. Only enter at the time of day big E states (2 hours before and 2 hours after LO) on the 4H time frame and always close trades when NY is about to...
Olly, I have been doing the same, but I have also been taking the bounce up(first candle) above MBL and bounce down(first candle) below MBL. Did you also consider bounces or just crosses. Good crosses are getting hard to come by, but good bounces occur almost every other day. Stevepatt also follows same rules i think.
  • #37,700
  • May 21, 2014 12:13am May 21, 2014 12:13am
Quoting sfk2k
{quote} Olly, I have been doing the same, but I have also been taking the bounce up(first candle) above MBL and bounce down(first candle) below MBL. Did you also consider bounces or just crosses. Good crosses are getting hard to come by, but good bounces occur almost every other day. Stevepatt also follows same rules i think.
So far I've only taken one bounce trade because it looked perfect but I usually just look for crosses because I'm trying to be conservative. I'm sure on average bounces would be profitable though. I think big E said bounces will win usually but not as consistently as crosses.
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