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Trading Made Simple

  • #48,161
  • Jan 2, 2015 6:12pm Jan 2, 2015 6:12pm
My first trade of the New Year. GBCHF has been trading in a 1500 pip range since Feb 2012. It has reached the top of that range, and so was looking for a short trade.

When PA showed rejection of the Big RN and previous Res, TDI Daily and 4hr showed a good angle cross down, I took the trade, but did drop down to the 1hr chart for this one.
Straight away, it went slightly negative, and hung there. I was hoping for a positive move before the GB news, in order to get my stop to BE, but it didnt happen. Luckily the news took the trade the right way for me, and hit my TP of 100pips.
Could have easily gone the other way for a loss had the news been positive for the GBP.

Have been trading the pair up and down for a year now, and will continue to do so as long as the range is intact.

Well done everyone, and look forward to good trading this year.
Attached Image (click to enlarge)
Click to Enlarge Name: GBCHF.png Size: 27 KB
  • #48,162
  • Jan 2, 2015 8:03pm Jan 2, 2015 8:03pm
Quoting griffinssoul
{quote} Thanks emmanuel7788 & SJ for all your posts on MM - something that i wanted to start to sort out in the NY. I guess MM is such a personal thing to sort out and fit into your trading plan. The way i see it is we have senior traders with various and diverse MM strategies - this is good news for us noobs The idea is simply to attached yourself to the trader who you can easily identify with and form a MM plan supported by their mentor-ship. For me this is Phx62 (see paperclip for his journal examples) - i say this because his approach feels...
Nice post there buddy, been following the same idea for long time now, yes you can trade the way Phx62 trades, possible hell yea, but takes time and experience, good luck and hope the goal isnt far
I Have Learned to Take Some Losses to Make Profits
  • #48,163
  • Jan 2, 2015 8:06pm Jan 2, 2015 8:06pm
Quoting Ballistical
{quote} Hi Adikashyap, I've been looking back over my EA H1 trades for the past three months. I've been focusing on London Open and applying Phx62's simple 50 pip TP and 50 pip emergency SL on demo. Over the past three months I have never had a winning trade drawdown more than 20 pips! For that reason I am too looking at moving towards a 25 pip SL and 50 pip TP approach effectively allowing me to double my Risk:Reward. Again, thanks for sharing! Ballistical
Most successful H1 trades, will not DD into 25 pips territory , you can try ur DD on successful trades, most likely within 10 pips DD, test it
I Have Learned to Take Some Losses to Make Profits
  • #48,164
  • Jan 2, 2015 10:26pm Jan 2, 2015 10:26pm
Quoting likica
{quote} my recent post#48,068 about EU signal on M30 where my white arrow, wait for 1st red candle (APB) to complete then enter at open of next red APB. You can apply this entry rule to whichever time frame you prefer for your entries (I prefer to enter on M30). You can read 'BigE full.pdf' file from paper clip on top right of this thread or would like to learn more how other seniors who have mastered the method and currently active like Snarlyjack, Emmanuel7788, Lastingwell, TheScorpS,... Good Luck Msis {image}

Thank you so much will start grinding!
There is no spoon....
  • #48,165
  • Jan 2, 2015 10:40pm Jan 2, 2015 10:40pm
Quoting Ballistical
{quote} Hi Adikashyap, I've been looking back over my EA H1 trades for the past three months. I've been focusing on London Open and applying Phx62's simple 50 pip TP and 50 pip emergency SL on demo. Over the past three months I have never had a winning trade drawdown more than 20 pips! For that reason I am too looking at moving towards a 25 pip SL and 50 pip TP approach effectively allowing me to double my Risk:Reward. Ballistical
Right ....
Now ... try Scaling In / Add Position to this 1:2 R2R Strategy ... Thanks Emmanuel for this ...
Supposing, you trade a pair, which can move 50+ pips ... Once the 1st trade is +25, BE this trade and open one more trade (preferably with same lot as the first one) and have 25 pip SL ... In effect, again you are risking 25 pip ... once both hit the TP, your R2R becomes 1:4 ....
Yesterday, I traded GBPCHF with same strategy for an awesome result ....
I entered 1 standard lot (10$ a pip) with 25 pip SL and 100 pip TP (just above 1H 200 EMA). Once the trade was 25+, moved it to BE and opened one more standard lot with same TP (above 1H EMA) and usual 25 pip SL. As my first trade was already @ BE, my risk was again 25 pips. I kept doing this for next 75 pip movement.
Check the total pips ...
1. First trade (1 lot) - 100 pips (100 pip movement)
2. Second trade (2 lots) - 150 pips (75 pip movement)
3. Third trade (3 lots) - 150 pips (50 pip movement)
4. Fourth trade (4 lots) - 100 pips (25 pip movement)
Total - 500 pips (on 10$ a pip) ........ On a 10,000$ account ... That is almost 50% .... and what about the R2R ???????? Mind blowing 1:20 ...
One can argue, this was the best time ... So what if it was worse ... I should have lost the first 25 pips ... 250$ ... Which I was willing to loose. ... Cost of doing business..
Apart from the technical nitty gritty ... Phx62 posts helped me to find and evolve myself as a trader ...
Now, every time I take a trade, I accept that I might loose 250$ ... Once I started accepting this ... Trading became less stressful, more enjoyable ...
I can open a trade and walk away ... learnt this from SJ ....
Emmanuel, Phx62, SJ, Lastingwell, TSS, MrAussiefx are all God sent ..... Big E will be really proud of these and more ....... thanks guys ...
  • #48,166
  • Jan 2, 2015 10:58pm Jan 2, 2015 10:58pm
Got this 1 right on the button...a good trade I should say...good cross with the trend on 4hr and daily confirmation...also the guppy, demand zone and 200MA for support..time to exit???

Regards
Dennis
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH4.png Size: 38 KB
  • #48,167
  • Jan 2, 2015 11:09pm Jan 2, 2015 11:09pm
Quoting ababias
{quote} Why my charts are different from your's. My broker is FXCM. Before the new year, your chart looks same as mine. But, now it looks different. {image}
You are right, my GA H1 chart from fxcm and icmarkets (the chart I post earlier) don't look the same (price from fxcm did not have V formation and TDI did not have div like icmarket. I m not sure if we traders can do anything about that. My oil trades have been delivering green pips consistently and fx trades on icmarkets are behaving well too. We use what s available and master what we have

Quoting dennis4u15
Got this 1 right on the button...a good trade I should say...good cross with the trend on 4hr and daily confirmation...also the guppy, demand zone and 200MA for support..time to exit??? Regards Dennis {image}
nice 1, dennis
Appreciation is the key to wealth and happiness
  • #48,168
  • Jan 2, 2015 11:33pm Jan 2, 2015 11:33pm
i try this method for the first time on gold yesterday night, i look for h4 as a compass direction. and use m15 for entry. and for addition draw a horizontal lines for determine support and resistance. look good for me.
  • #48,169
  • Jan 3, 2015 2:59am Jan 3, 2015 2:59am
as first a happy new year to all !
.. I took some days off during the holiday season , not sure yet if I´m back in trading from coming week or one week later .
But it was a nice thing to forget all the charts.. graphs.. lines and numbers..
Hope you all enjoyed the newyears eve and had a gooooooooooooooooooood time .
Risiko birgt immer auch die Chance.
  • #48,170
  • Edited 4:28am Jan 3, 2015 3:57am | Edited 4:28am
Quoting dennis4u15
Got this 1 right on the button...a good trade I should say...good cross with the trend on 4hr and daily confirmation...also the guppy, demand zone and 200MA for support..time to exit??? Regards Dennis {image}
http://www.forexfactory.com/attachme...1&d=1420261139

In a breakout situation, we manage the downside and let the market decide when we exit and maximize our profit... "let profits run".

Do not be too reliant on indicators because we do not know how they were coded and for what specific purposes. Most indicators have its limitations and some have bugs. We should train our eyes and trust our own skills.

When trading H4 chart timeframe, we have plenty of time to analyse our charts and look for trade opportunities. In between the time watching our chart, we have plenty for time for our other important things in life.
Below is my post-mortem of the same chart you posted. Hindsight is 20:20 so we use our 20:20 vision to back-test and develop our '3rd eye' for trading on our charts.
Read comments on chart below. Pay attention to price swings seen using the APB colour change and also those APB with upper and lower wicks.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD week 01 H4 POMO.png Size: 178 KB


regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #48,171
  • Jan 3, 2015 4:36am Jan 3, 2015 4:36am
Quoting emmanuel7788
{quote} {image} In a breakout situation, we manage the downside and let the market decide when we exit and maximize our profit... "let profits run". Do not be too reliant on indicators because we do not know how they were coded and for what specific purposes. Most indicators have its limitations and some have bugs. We should train our eyes and trust our own skills. When trading H4 chart timeframe, we have plenty of time to analyse our charts and look for trade opportunities. In between the time watching our chart, we have plenty for time for our...
Hi emmanuel;

Good to see you keeping up the good work you are doing here.

At the end of the day it comes down to Reading the Music that the Market is Playing.

Too many notes can lead to confusions.
Attached Image (click to enlarge)
Click to Enlarge Name: 3rd Jan 15 USD:CAD D1 Chart.png Size: 94 KB
  • #48,172
  • Jan 3, 2015 5:05am Jan 3, 2015 5:05am
Quoting snarlyjack
{quote} Baidovich, Nice meeting you! From what I understand Dean Malone at CompassFx has a "EA". I would contact him for info. Renko charts I have never used. I hope I have helped you! sj
Thank you bro for the answer
i hope you don't forget me , because the EA is really necessary for since i dont stay against the chart all the day .

For the renko i will put some trades and you will see the power of this system on renko

Sheers .
  • #48,173
  • Jan 3, 2015 5:28am Jan 3, 2015 5:28am
Quoting emmanuel7788
{quote} Hi OuterWest, Your a right. Here in FF, a lot of discussions are in indicators based systems, indicatro trade signals, etc. and very little on other components of a winning trading system. Last week Van Tharp was in Sydney and he conducted another system development workshop. Not sure if anyone here attended his workshop. Anyway, here is a few pages taken out of my system development document of TMS-II. It is on using multi-lot positions to improve trading TMS. I am available if anyone is interested to explore this proven money management...
Very good description on MM, Emmanuel.

I have not thought about 3 different trade (multi-lot) entries in order to be able to grab big swings. So far I used always 2 trades, one with fixed profit target and one with a manual trailing stop. Need to think it through how I can use it on pairs known for big swings.

Thanks,
jkapf
  • #48,174
  • Jan 3, 2015 5:58am Jan 3, 2015 5:58am
Quoting baidovich
{quote} Thank you bro for the answer i hope you don't forget me , because the EA is really necessary for since i dont stay against the chart all the day . For the renko i will put some trades and you will see the power of this system on renko Sheers .
Yep, I have been checking out Renko with HA alongside time charts and they do show some power.

Main advantage they show the movement when its happening and not waiting for time bars to close, howver the main disadvantage is they need monitoring as you dont know when to check timewise. So alerts are necessary or an EA/Strategy unless you are constantly monitoring.

I have played around with brick sizes of 5/8/14/21. The biggest factor for me apart from how clean they look is the appearance of an Inside Bar before a TDI.

I'm not trading at the moment (following the thread to master) and probably will stick to 4hr/Daily when I do but I think it would be remiss to ignore RENKO depending on your trading style.

Renko can be a bit tricky to set up on MT4 but I use Ninja which I find easier.

Cheers & Happy New Year to all.

Alan
  • #48,175
  • Jan 3, 2015 7:37am Jan 3, 2015 7:37am
Quoting adikashyap
{quote} Right .... Now ... try Scaling In / Add Position to this 1:2 R2R Strategy ... Thanks Emmanuel for this ... Supposing, you trade a pair, which can move 50+ pips ... Once the 1st trade is +25, BE this trade and open one more trade (preferably with same lot as the first one) and have 25 pip SL ... In effect, again you are risking 25 pip ... once both hit the TP, your R2R becomes 1:4 .... Yesterday, I traded GBPCHF with same strategy for an awesome result .... I entered 1 standard lot (10$ a pip) with 25 pip SL and 100 pip TP (just above 1H...
Adikashyap,

Great job, Welcome to my world

Keep on trucking...their are more pips laying their to be picked up!

sj
  • #48,176
  • Jan 3, 2015 7:38am Jan 3, 2015 7:38am
Quoting redcloudxlll
{quote} Definitely, looking forward to continuing this success it feels awesome!!
Redcloud,

Good job, their are more pips waiting for you

sj
  • #48,177
  • Jan 3, 2015 7:40am Jan 3, 2015 7:40am
Quoting brandy711
today,jan 2nd,2015,I want to tank everybory that put their time to help us/also my gratitude to PX62,.Emanueel7788, Erol,and so manny others that provide us with ideas,indis,expert,etc.,happy to tell all new traders that Im doing well in trade,thank`s to these guys,so follow Big E instructuion how to trade. bless you well,HAAPPYY TRADEING
Brandy,

Your welcome
Keep on trucking, their are more pips their!

sj
  • #48,178
  • Jan 3, 2015 7:41am Jan 3, 2015 7:41am
Quoting Ballistical
{quote} Hi Adikashyap, I've been looking back over my EA H1 trades for the past three months. I've been focusing on London Open and applying Phx62's simple 50 pip TP and 50 pip emergency SL on demo. Over the past three months I have never had a winning trade drawdown more than 20 pips! For that reason I am too looking at moving towards a 25 pip SL and 50 pip TP approach effectively allowing me to double my Risk:Reward. Again, thanks for sharing! Ballistical
Ballistical,

I think your doing great!
I've enjoyed getting to know you
sj
  • #48,179
  • Jan 3, 2015 7:42am Jan 3, 2015 7:42am
Quoting ken911
My first trade of the New Year. GBCHF has been trading in a 1500 pip range since Feb 2012. It has reached the top of that range, and so was looking for a short trade. When PA showed rejection of the Big RN and previous Res, TDI Daily and 4hr showed a good angle cross down, I took the trade, but did drop down to the 1hr chart for this one. Straight away, it went slightly negative, and hung there. I was hoping for a positive move before the GB news, in order to get my stop to BE, but it didnt happen. Luckily the news took the trade the right way for...
Ken,
That is such a pretty picture
Keep on trucking, pips are laying their for you!
sj
  • #48,180
  • Jan 3, 2015 7:43am Jan 3, 2015 7:43am
Quoting TheScorpS
{quote} Nice post there buddy, been following the same idea for long time now, yes you can trade the way Phx62 trades, possible hell yea, but takes time and experience, good luck and hope the goal isnt far
Scorps,

I think your doing great!
Keep on trucking, good things are happening
sj
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