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Trading Made Simple

  • #40,261
  • Aug 9, 2014 7:17am Aug 9, 2014 7:17am
Quoting likica
{quote} Hi Zhanghuo, I have learnt a lot from others in this thread and stumbled up and down in trading from my creative trading style . Here is what I found that might help you to have a better view (see attachment with my note and marks on the chart). By the way, I don't read slope numbers, only trade what I see from the look at my charts. I believe other experienced traders have more to share or you just study their charts and learn from them. Hope it helps. P.S: this is my trading style only and it has helped me. I appreciate Britpip, Lastingwell...
hi, likica, forgot to ask in my last post: now I am more clearer on your entry rules, but what about take-profit/exit levels? I would really appreciate it if you could talk about how you take profit based on the entry criteria in your post above, if possible. THX very much! Good trading!
  • #40,262
  • Aug 9, 2014 8:41am Aug 9, 2014 8:41am
Quoting zhangshuo
{quote} hi, likica, forgot to ask in my last post: now I am more clearer on your entry rules, but what about take-profit/exit levels? I would really appreciate it if you could talk about how you take profit based on the entry criteria in your post above, if possible. THX very much! Good trading!
I normally enter trade with my PT/SL =ATR(7) x 2 or @prev low/high. However, I have habit of exiting my trades when tdi turn and cross the opposite my trade's direction ( e.g. if I was in a long and I saw TDI started to turn down and crossed each other or when I saw 2 consecutive red candles appeared I exited my trade, vice versa with my shorts.). I found that staying in with the trades to get more pips is the most challenging task in Fx trading that I have not mastered it yet where I am able to do it with Futures (by the way, I have been in Futures trading a lot longer than in Fx).
If you follow Britpip's and Lastingwell's posts, I believe you will learn a lot from their charts for entries and exits,

Here is Big E's rules that I still re read and applied:

Entry:
At the opening of the second candle I enter a market order.

Exit:
Is the last candle weak... no momentum to speak of... I exit
If the green line is starting to go flat or hooking over."
Attached File(s)
File Type: pdf BigE comments (1).pdf   415 KB | 873 downloads
Appreciation is the key to wealth and happiness
  • #40,263
  • Aug 9, 2014 11:41am Aug 9, 2014 11:41am
Quoting likica
{quote} I normally enter trade with my PT/SL =ATR(7) x 2 or @prev low/high. However, I have habit of exiting my trades when tdi turn and cross the opposite my trade's direction ( e.g. if I was in a long and I saw TDI started to turn down and crossed each other or when I saw 2 consecutive red candles appeared I exited my trade, vice versa with my shorts.). I found that staying in with the trades to get more pips is the most challenging task in Fx trading that I have not mastered it yet where I am able to do it with Futures (by the way, I have been...
Likica,

Wonderful - Simplest posting ever to summarize the message that Big E was trying to get across, especially when trading H4 and lower

This approach to exits will save you hundreds of pips over the year
"To live with Passion, it takes Courage and Grace to survive"
  • #40,264
  • Aug 9, 2014 12:54pm Aug 9, 2014 12:54pm
Quoting kiranizzle
I've been trading using the TDI for the past 3 months or so and have found it to be a very direct and profitable strategy. However, during the month of July and the first week of august I feel my trading has become slightly more difficult interms of catching big moves or correct entries. I have been told that generally trading dries up during July through September, and after reading the PDFs of PHX62, it's does sem there is a lack of volatility during vacation periods. I just wanted to know if anyone else is finding it more difficult, and if so,...
I have done some testing back for July on EU H1 2013 as I remember, I deleted the file or I would share that with you, it actually gave good pips in that month, what I think is its rather mid December to mid January that the liquidity decreases due to holidays
I Have Learned to Take Some Losses to Make Profits
  • #40,265
  • Aug 9, 2014 1:40pm Aug 9, 2014 1:40pm
I have seen a lot of discussions on low volatility over the past few weeks and from trading just the day charts, here's what happened on the some of the pairs I focus on - these are all from July - August 2014 - the # of candles shows that these are all longer term trades with positions open over several weekends.

If you were trading all of these pairs at the same time, your account and your nerves would have seen up to 38 open positions, so probably not practical - but very possible on one or two pairs simultaneously.

The pips are out there, but on the lower time frames there are a lot of false signals.
Attached File(s)
File Type: docx Day Charts - July - August 2014.docx   19 KB | 581 downloads
"To live with Passion, it takes Courage and Grace to survive"
  • #40,266
  • Aug 9, 2014 6:40pm Aug 9, 2014 6:40pm
Quoting likica
{quote} I normally enter trade with my PT/SL =ATR(7) x 2 or @prev low/high.
hi, likica, thx for your detailed reply. But can you explain to me how you use ATR? All I see after plotting ATR on my chart is a line and a value like 0.0007. How do you use them to calculate PT/SL? Thx and sorry for the trouble!

Shuo
  • #40,267
  • Aug 9, 2014 7:28pm Aug 9, 2014 7:28pm
Quoting zhangshuo
{quote} hi, likica, thx for your detailed reply. But can you explain to me how you use ATR? All I see after plotting ATR on my chart is a line and a value like 0.0007. How do you use them to calculate PT/SL? Thx and sorry for the trouble! Shuo
Indicator - ATR Pips UL Corner – color to none - periods 7 – multiplier 1

It will display in the upper left hand corner of your chart and in your data window

use the value to determine your SL. you can multiply te number by 2 or set the multiplier to 2 and use that number as your SL

Look up dcginc and read his posts on using the indicator and then backtest it to death until you are comfortable with it

The indicator is on Post #1 of my thread
"To live with Passion, it takes Courage and Grace to survive"
  • #40,268
  • Aug 10, 2014 7:57am Aug 10, 2014 7:57am
Quoting Britpip7
I have seen a lot of discussions on low volatility over the past few weeks and from trading just the day charts, here's what happened on the some of the pairs I focus on - these are all from July - August 2014 - the # of candles shows that these are all longer term trades with positions open over several weekends. If you were trading all of these pairs at the same time, your account and your nerves would have seen up to 38 open positions, so probably not practical - but very possible on one or two pairs simultaneously. The pips are out there, but...
Hello Britpip7. Can you give us more details about this?
How do you set SL and TP ?
When you enter and when you exit from a trade?
In your example, do you have only 1 trade for every pair?
When do you add-on?
Can you tell us from how long do you trade this method and what is your results?
Give us more details when you have some time please!
  • #40,269
  • Aug 10, 2014 10:35am Aug 10, 2014 10:35am
Many of you may already know my opinion of the talking heads, but this makes for interesting reading with regards to longer term viewpoints and strategies.

If there is a lot of money invested in shorts, then be careful - the news release is just confirming the widely help notion that USD is strong and EU is taking a beating.

there will be retraces and this is when the big guns control the moves. Stick to you trading plans.

http://www.forexfactory.com/news.php?do=news&id=498511
"To live with Passion, it takes Courage and Grace to survive"
  • #40,270
  • Aug 10, 2014 10:52am Aug 10, 2014 10:52am
Things to do at weekends:

Chill out with the cat on the sofa

Listen to music

Watch golf

Drink tea

Read up on how the best traders place trades and exits. this thread has so many resources available that folks do not use. Spend an hour and look through the attachments folders - there are 54 pages of file attachments - look for the PDFs that folks have put together for the following traders / topics

Anything for Big E comments / trades / charts

djcinc

Phx62 study / Phx

MT4 tips

Trading Made Simple

Candle patterns

Read these while doing any of the above weekend activities and then read them again. You will be amazed how simple this trading method really is.
"To live with Passion, it takes Courage and Grace to survive"
  • #40,271
  • Aug 10, 2014 11:08am Aug 10, 2014 11:08am
Post # 10,732 from Big E

You have to adapt this method to your trading personality. If you change it a little and your succesful... go for it.

Just don't add a bunch of indicators
"To live with Passion, it takes Courage and Grace to survive"
  • #40,272
  • Aug 10, 2014 11:21am Aug 10, 2014 11:21am
Master the basics.

Once you trade successfully on the Big E basics, you can add stuff like ATR7 and add-ons, etc, Until that time take everything else off your charts and followthis piece of advise from Big E. An additional though would be if TSL is on a trend run, ignore any RSI crosses against the TSL trend, especially on the higher TFs

Post # 9866

Go to any 1 hr/4hr (or Day) chart, just look at the TDI... now scroll back about 6-12 months. It looks like rolling waves all along the TDI.

So why not get in at the top or bottom of the TDI.. You no that price always returns to it's previous levels.

If you entered when green crossed the red ... and stayed in until it crossed again ... I believe you would make more pips than you think is possible ...
Attached Image (click to enlarge)
Click to Enlarge Name: tdi crosses.png Size: 55 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #40,273
  • Aug 11, 2014 2:44am Aug 11, 2014 2:44am
Quoting Britpip7
Master the basics. Once you trade successfully on the Big E basics, you can add stuff like ATR7 and add-ons, etc, Until that time take everything else off your charts and followthis piece of advise from Big E. An additional though would be if TSL is on a trend run, ignore any RSI crosses against the TSL trend, especially on the higher TFs Post # 9866 Go to any 1 hr/4hr (or Day) chart, just look at the TDI... now scroll back about 6-12 months. It looks like rolling waves all along the TDI. So why not get in at the top or bottom of the TDI.. You no...
Thanks , very good post, please study this to the depth, and you will see that it really allows you to gain good and avoid fakys signal
I Have Learned to Take Some Losses to Make Profits
  • #40,274
  • Aug 11, 2014 2:58am Aug 11, 2014 2:58am
Dear All,

Pls find below image & advise me this kind of problem can happen or it is a problem of the broker?
I enter a sell trade 1.3399 & set my stop loss as 1.3407
During the NFP news my trade was closed,but the trade closed at 1.3412. I lost more than 5 pip than I expected.
So I want to no this is a normal situation during the news time or this is a problem of my broker.


Your advise is very valuable for me...


Thanks
Helanka
Attached Image (click to enlarge)
Click to Enlarge Name: 2.png Size: 92 KB
Helanka
  • #40,275
  • Aug 11, 2014 4:00am Aug 11, 2014 4:00am
Quoting Helanka
Dear All, Pls find below image & advise me this kind of problem can happen or it is a problem of the broker? I enter a sell trade 1.3399 & set my stop loss as 1.3407 During the NFP news my trade was closed,but the trade closed at 1.3412. I lost more than 5 pip than I expected. So I want to no this is a normal situation during the news time or this is a problem of my broker. Your advise is very valuable for me... Thanks Helanka {image}
It's called slippage, whenever there is no liquidity at the level you are targetting (i.e no buyers at 1.3399), your broker gives you the next best possible level with liquidity, in this case 1.3412. This can happen often during HIN (high impact news), which is why many traders advise you stay put during such releases.
  • #40,276
  • Aug 11, 2014 5:29am Aug 11, 2014 5:29am
Quoting WDays
{quote} It's called slippage, whenever there is no liquidity at the level you are targetting (i.e no buyers at 1.3399), your broker gives you the next best possible level with liquidity, in this case 1.3412. This can happen often during HIN (high impact news), which is why many traders advise you stay put during such releases.
Thanks WDays for your reply.

Helanka
Helanka
  • #40,277
  • Aug 11, 2014 10:34am Aug 11, 2014 10:34am
I've noticed I made an error in my previous post saying "I grabbed that TDI-TFI also" Meant TDI-MTF. sorry bout that

Now if I'm thinking right and just as an example this one wouldn't be touchable according to likica's AAA chart about twenty posts back.
reason being TDI is heading up about 2 oclock but the TDI-MTF is still heading down. Small candle as well that second one. Stoch's also
not committed (though I don't have stochs on this screenshot).
Maybe EURUSD has some more downside, couple of red candles next day or so could confirm that. Watching for my first daily chart trade.
Attached Image (click to enlarge)
Click to Enlarge Name: untouchable.png Size: 25 KB
"You know what needs to be addressed , completely completely reverse that".
  • #40,278
  • Aug 11, 2014 10:47am Aug 11, 2014 10:47am
small part of my EU long still opened
It's good that my ACAD short is in good shape.
Just wanted to know if any in UCAD short setup on H4 which I am also in (sound like i cant' have enough of CAD pair)
Appreciation is the key to wealth and happiness
  • #40,279
  • Aug 11, 2014 10:52am Aug 11, 2014 10:52am
Saw GU stepping up from supply/demand zone, I got in a long and now looking very ugly (did not realize that H4, D1 tdi still playing around 32 zone)
Appreciation is the key to wealth and happiness
  • #40,280
  • Aug 11, 2014 11:32am Aug 11, 2014 11:32am
KMw re post 40286
Where can I get a copy of the TDI-MFT. Just using the TDI has not worked that well for me. Could be this new indicator would help out.
Thanks to anyone who has this indicator and can share. Thanks also to kmw for pointing this difference out for us.
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