Trading Made Simple | Page 2138 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

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

Attachments: Trading Made Simple
Exit Attachments

Trading Made Simple

  • #42,741
  • Oct 25, 2014 7:02am Oct 25, 2014 7:02am
Quoting TheScorpS
{quote} Hi Do you mind explaining how that one goes, ie how do you trade the inside bar or whats you preferred inside bar trading? any ideas
Hi ScorpeS

My favorite IB when it occurs with the trend. Price hesitates, paused, pullback. Breakout with the trend is the strategy. I always look for this. Even on a key S/R area IB forms indicating a reversal. If i miss a trend IB can give the opportunity to ride on.
Sad i'm not trying to understand PA
  • #42,742
  • Oct 25, 2014 8:45am Oct 25, 2014 8:45am
Quoting omonisha
{quote} Hi ScorpeS My favorite IB when it occurs with the trend. Price hesitates, paused, pullback. Breakout with the trend is the strategy. I always look for this. Even on a key S/R area IB forms indicating a reversal. If i miss a trend IB can give the opportunity to ride on.
Thanks a lot, will study some charts and see this formation
I Have Learned to Take Some Losses to Make Profits
  • #42,743
  • Oct 25, 2014 10:13am Oct 25, 2014 10:13am
Quoting TheScorpS
{quote} Thanks a lot, will study some charts and see this formation
Here is a chart. I am no saying it will go up. But we can see candle forms and can plan. Confluence is there. If we draw a fib on D1 we can see it is trying to come out from the 61.8.
Attached Image (click to enlarge)
Click to Enlarge Name: 2014-10-25_21-03-51USDCAD_Analysis.png Size: 61 KB
Sad i'm not trying to understand PA
  • #42,744
  • Oct 25, 2014 10:24am Oct 25, 2014 10:24am
Quoting omonisha
{quote} Here is a chart. I am no saying it will go up. But we can see candle forms and can plan. Confluence is there. If we draw a fib on D1 we can see it is trying to come out from the 61.8. {image}
Be that as it may, I see an ABCD with the CD leg being bigger than the AB leg on the weekly chart which calls for a corrective move as it makes the market overbought. What's more the last two weeks failed to close above the 1.12800 level. The daily shows reluctance for further moves to the upside and the retrace just may go deeper. On the fundamental side, dollar is way overbought and it's hurting the economy, it rallied mostly on the FED's hawkish talks of a rate hike which seem less likely (see Bullard speech). Meanwhile BOC is slightly more hawkish, which made the cad appreciate a bit. It may take some consolidating around this level, or a correction in price to the downside on the USDCAD, but I'm not favoring a further move up for the time being.
  • #42,745
  • Oct 25, 2014 1:21pm Oct 25, 2014 1:21pm
Quoting WDays
{quote} Be that as it may, I see an ABCD with the CD leg being bigger than the AB leg on the weekly chart which calls for a corrective move as it makes the market overbought. What's more the last two weeks failed to close above the 1.12800 level. The daily shows reluctance for further moves to the upside and the retrace just may go deeper. On the fundamental side, dollar is way overbought and it's hurting the economy, it rallied mostly on the FED's hawkish talks of a rate hike which seem less likely (see Bullard speech). Meanwhile BOC is slightly...
Thanks a lot WDays Excelent share
Sad i'm not trying to understand PA
  • #42,746
  • Oct 26, 2014 1:13am Oct 26, 2014 1:13am
Quoting omonisha
{quote} Here is a chart. I am no saying it will go up. But we can see candle forms and can plan. Confluence is there. If we draw a fib on D1 we can see it is trying to come out from the 61.8. {image}
Thanks for the chart, that adds something to trading IB in general, I had an idea about the second chart, ie the inside bar followed by a pullback only you confirm it, now that represents an inside bar on higher time frame, which is totally new to me, thanks for the tips
I Have Learned to Take Some Losses to Make Profits
  • #42,747
  • Oct 26, 2014 2:56am Oct 26, 2014 2:56am
Quoting omonisha
{quote} Here is a chart. I am no saying it will go up. But we can see candle forms and can plan. Confluence is there. If we draw a fib on D1 we can see it is trying to come out from the 61.8. {image}
box was a hand drawing?
  • #42,748
  • Oct 26, 2014 3:58am Oct 26, 2014 3:58am
Quoting faststare08
{quote} box was a hand drawing?
That's S/R Indicator

  1. Post 42,630

Sad i'm not trying to understand PA
  • #42,749
  • Oct 26, 2014 4:01am Oct 26, 2014 4:01am
Quoting omonisha
{quote} This is the one i am using. I too use Synergy mod. Yes they are little different than real one {file}
thanks.
  • #42,750
  • Oct 26, 2014 5:19am Oct 26, 2014 5:19am
Now that's interesting. We see an IB on APB but not an IB on Candlestick
Attached Image (click to enlarge)
Click to Enlarge Name: 2014-10-26_16-15-43GBPJPY_IB.png Size: 58 KB
Sad i'm not trying to understand PA
  • #42,751
  • Oct 26, 2014 5:19am Oct 26, 2014 5:19am
Does anyone have the .mq4 file for the "TMS 10EMA Dashboard" Indicator?? I want to edit the code but I've only got the .ex4 file.
Learning is all about about asking the right questions!
  • #42,752
  • Edited 2:33pm Oct 26, 2014 1:38pm | Edited 2:33pm
After two very successful weeks trading EA H1 during London, last week I got well and truly beaten! 4 losses and 1 BE....

Monday: Took an aggressive entry short on a break of a PCRF (no TDI cross and no closed red candles). I couldn't monitor the trade and managed to return and exit for a loss at the high of the session, only for price to reverse in my direction.

Tuesday: Long at LO on what looked to me, like a strong entry (2nd blue candle, TDI green crossing red, yellow and 50). Classic LO fakeout.

Wednesday: After adjusting my Cavemanager settings, I put a 3 pip buffer on my BE SL. This 3 pip buffer cost me the trade in this case. Price did go in my direction and would have hit my 50 pip TP had it not been for the buffer.

Thursday: Another classic LO fakeout! Entered on a strong LO candle with TDI green crossing red and yellow, all below 50. LO set the low of the session and from the point trended upwards.

Friday: Once again taken out by the EA on a drawback only for price to continue in the correct direction again.


In short, very disappointing. However, a great week for learning and developing my trade plan. The losses seemed to highlight two main issues with my trades.

1. LO fakeout candles
2. Insufficient "breathing" room for trades.

Without being too hasty, I plan to tweak my strategy slightly. (As highlighted by Phx62 many times) last week the LO candle set the high or low of the session 4 out of the 5 days (80%) presenting an obvious edge. Waiting for a break of the LO candle would have saved me several times this week. Also, having my SL move to BE after price moves 21 pips in my favour with a 3 pip buffer allows price to drawback only 18 pips before taking me out. I'll be removing this buffer for now, and taking the hit of any spread as "the cost of doing business".

Hoping for a more successful week this time round!

Good luck all!
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 46 KB
Focus on the process and the profits will follow
  • #42,753
  • Oct 26, 2014 5:15pm Oct 26, 2014 5:15pm
Quoting Ballistical
After two very successful weeks trading EA H1 during London, last week I got well and truly beaten! 4 losses and 1 BE.... Monday: Took an aggressive entry short on a break of a PCRF (no TDI cross and no closed red candles). I couldn't monitor the trade and managed to return and exit for a loss at the high of the session, only for price to reverse in my direction. Tuesday: Long at LO on what looked to me, like a strong entry (2nd blue candle, TDI green crossing red, yellow and 50). Classic LO fakeout. Wednesday: After adjusting my Cavemanager settings,...
got a question for you Ballistical. On Tuesday, why no switch? as in why get out and not short EA straight away?
Daniel
  • #42,754
  • Oct 26, 2014 5:25pm Oct 26, 2014 5:25pm
Quoting Ballistical
After two very successful weeks trading EA H1 during London, last week I got well and truly beaten! 4 losses and 1 BE.... Monday: Took an aggressive entry short on a break of a PCRF (no TDI cross and no closed red candles). I couldn't monitor the trade and managed to return and exit for a loss at the high of the session, only for price to reverse in my direction. Tuesday: Long at LO on what looked to me, like a strong entry (2nd blue candle, TDI green crossing red, yellow and 50). Classic LO fakeout. Wednesday: After adjusting my Cavemanager settings,...
If you look at Monday and Tuesdays trades, they were both traded the opposite direction to the tdi red line which phx62 also says he watches.
  • #42,755
  • Oct 26, 2014 5:32pm Oct 26, 2014 5:32pm
Quoting omonisha
Now that's interesting. We see an IB on APB but not an IB on Candlestick {image}
Yes , very strange , and perturbing .
  • #42,756
  • Oct 26, 2014 5:54pm Oct 26, 2014 5:54pm
Quoting Ballistical
After two very successful weeks trading EA H1 during London, last week I got well and truly beaten! 4 losses and 1 BE.... Monday: Took an aggressive entry short on a break of a PCRF (no TDI cross and no closed red candles). I couldn't monitor the trade and managed to return and exit for a loss at the high of the session, only for price to reverse in my direction. Tuesday: Long at LO on what looked to me, like a strong entry (2nd blue candle, TDI green crossing red, yellow and 50). Classic LO fakeout. Wednesday: After adjusting my Cavemanager settings,...
Hey dude, I didn't trade EA this week apart from this one trade on thursday that I also got out of with an 18 pipper loss after not locking breakeven before HIN (I was half awake and didn't account for it). I can see how you can be frustrated I had a pretty shitty few weeks before that, with all my trades going to breakeven and continuing in the direction I intended to trade.

Here's my 2 cents, FWIW. First off, you enter a bit too late on some of your trades, might I suggest taking advantage of MOM and taking the trade the first 15 minutes of the LO candle? Also last week I started locking breakeven only after 30 pips in order to avoid price faking me out of my position only to keep going. And finally I slapped on the H4 TDI on there because frankly I always did best when I traded like LW. A higher timeframe TDI is always welcomed to filter out bad setups... As per LW's directions, I take a trade ONLY if there's a step on the H4 TDI or if it has crossed recently. Depending on whether it's a full cross or just H4 TDI lines coming closer, I put in a 50 pip TP or a 100 pip TP. Hope this helps.
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDH1.png Size: 81 KB
  • #42,757
  • Oct 26, 2014 10:35pm Oct 26, 2014 10:35pm
Quoting emmanuel7788
{quote} Next week watch out for those EUR cross pairs and USD majors. Euro under stress test and US FOMC. Kuroda can also play havoc with JPY to booster domestic spending. Also last week of Oct month, and the 3Q corporate performance of the big companies already known and the 3Q GDP data also. Be prepared for market volatility. The priority is to protect your trading capital. October month is usually crazy, ... good and bad things happen in Oct. Trade Safe.
Hi Emmanuel,
You said October month is usualy crazy, how about November?
Thanks.
  • #42,758
  • Oct 26, 2014 11:37pm Oct 26, 2014 11:37pm
LAST WEEK EA TRADE -Total 70pips with 4 BE trades. Last trade went quickly to my TP of 50 pips, so moved my tp to 100 pips but ultimately got out at BE. Need to learn when to stay in and when to stay out.
Attached Image (click to enlarge)
Click to Enlarge Name: 27.10.2014 EURAUD.micH1.png Size: 70 KB



LAST WEEK EJ TRADE- Two trade hits TP of 50 pips. I usually don't keep trade open during week end but last trade was 3 pips away from my BE SL so kept it open with thinking that It would take BE SL. But fortunately it didn't and hit TP with Gap on Monday.

Attached Image (click to enlarge)
Click to Enlarge Name: 27.10.2014 EURJPY.H1.png Size: 53 KB


Total 170 pips
  • #42,759
  • Oct 27, 2014 12:11am Oct 27, 2014 12:11am
Quoting Greenb
{quote} got a question for you Ballistical. On Tuesday, why no switch? as in why get out and not short EA straight away?
Greenb,

In hindsight switching and going short immediately would have given a successful trade. However, I have been fooled many times into closing trades and switching direction during a candle, only to see price reverse again and revert in my original direction.

A short probably would have been a fairly safe bet once the first red candle had closed. However, look how far that first candle dropped... 83 pips! After that movement, I did not expect price to move much further south for the session. For the next two hours price moved slowly upwards, but eventually shot back down at NYO.

Thanks.

Ballistical
Focus on the process and the profits will follow
  • #42,760
  • Oct 27, 2014 12:14am Oct 27, 2014 12:14am
Quoting lastingwell
{quote}If you look at Monday and Tuesdays trades, they were both traded the opposite direction to the tdi red line which phx62 also says he watches.
LW,

An interesting point, and something I had not noticed.

Certainly something I'll be watching this week!

Many thanks!

Ballistical
Focus on the process and the profits will follow
39 traders viewing now