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Trading Made Simple the right way, and other trading lessons 334 replies

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Trading Made Simple

  • #49,121
  • Edited 6:46am Jan 8, 2015 5:55am | Edited 6:46am
Quoting redcloudxlll
{quote} Hi Emmanuel, I noticed you user the Master Candle, do you go and take trades on the 4th and 5th candle? I read on the forums that you can start looking at at trades after 4 candles form to create the master candle. Then you start looking for your break out bar. b1 b2 b3, once it breaks out you take profits. How do you trade it and what do you look forward too? Also I found this indicator. let me know if it's something I can use or just focus on looking at the charts and spotting my own Master candle setup. Thank you.

Hi redcloudxll,

That Master Candle MC indicator helps to look at history charts to see where those MC occur and use that for back-testing study purpose.

In realtime, that MC indicator will alert you when the 4th candle closes and confirms the 1st Candle as the Master candle.

MC is just a simple way to identify market consolidation and these usually occur at some price level, can be historical support and resistance, BRN, other type of S&R used by other traders.
Look at EURAUD D chart, the D pullback candle appeared at 1.5200 where there were also historicl price swing before if we seethem on the MN and W! charts.
The consolidation seen using the MC occur around BRN1.5000 . The breakou was quite clear and the TDI is in favour of the breakout.

One of my trading rule is never to chase after huge Wide Range Bar WRB candles around S&R, this because we can be caught in the next candle being the first Inside Bar. This is the 1st warning of a potential MC, and we wait for the 3rd and 4th candles to confirm the MC.
Some breakouts will fail, therefore we should not enter breakout trades using full risk. Build up positions slowly and gradually when the trend is established.

A quick summary -
- focus on higher TF and look for S&R
- MC trading works best in D1 and H4, also H1.
- use money management strategy which mitigates risks.
- use MC in combination with other bar patterns like Bullish and Bearish Engulfing Bars, Bullish and Bearish Outside Bars. These will help in picking out the higher probability trade setups.

Hope this explains.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #49,122
  • Jan 8, 2015 6:02am Jan 8, 2015 6:02am
interest rates still at 0.5%
Intelligence is the ability to adapt to change. Stephen Hawking
  • #49,123
  • Jan 8, 2015 6:06am Jan 8, 2015 6:06am
Quoting redcloudxlll
{quote} Makes sense. Thank you. do you see the upcoming news weakening the EA even more?
I read economic reports and both the euro and aussie fundamentals are not rosy. That is now a matter which currency is weaker and not a matter of strength.
It is the big boys game and we simply trade the technicals we see on our charts. Whatever happens and it shows on our charts, we being technical traders just focus on the system we trade with.
News causes market reaction and volatility in intraday charts trading. Higher up on D and W timeframes, we are buffered using larger stops and money management strategy.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #49,124
  • Jan 8, 2015 6:12am Jan 8, 2015 6:12am
Quoting huatboyz
{quote} Price is going against me..

Did your H4 close with TDI cross down? H1 is difficult to trade when market is narrow ranged.

On H1, it traded above its Day Open yesterday and also today.
TDI MBL rising closing into the PL and TSL,VB is narrowing.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #49,125
  • Jan 8, 2015 6:22am Jan 8, 2015 6:22am
Quoting nods80
interest rates still at 0.5%
BoE can't hold this rate for much longer. Matter of time that must be lower to compete.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #49,126
  • Jan 8, 2015 6:30am Jan 8, 2015 6:30am
Quoting likica
{quote} it 'kissed' me out for +50green
It shared the love. 55+
Intelligence is the ability to adapt to change. Stephen Hawking
  • #49,127
  • Jan 8, 2015 6:31am Jan 8, 2015 6:31am
Quoting emmanuel7788
{quote} BoE can't hold this rate for much longer. Matter of time that must be lower to compete.
I can't see it rising whilst eurozone is in the current state. GBP not doing as well as the government let on either.
Intelligence is the ability to adapt to change. Stephen Hawking
  • #49,128
  • Jan 8, 2015 7:06am Jan 8, 2015 7:06am
Hi SJ and all the other contributing traders.


I know this is a cliché and has been said many times before but you guys are doing a smashing job and keep up the good work for us newbie’s! Much appreciated this is a top forum with some great people.


SJ I use FXCM and was wondering if you could do me a massive favour and please post me your indicators/template if possible as I cant find any for the FXCM platform on this forum. Also I live in the UK and I know you are in the USA my question is what time or which candle (time GMT or EST) should I be monitoring before the London open.


Big E mentioned that he would set and forget using this system at 10pm pacific time and wake up to some pips, how did he know at that current time which way the market was going (long or short) or am I being think (sorry if I am). I work (and can’t give it up yet, damm it!) and would love to use a set and forget system until I can go full time like you chaps.


I have started at the beginning of Big E’s thread and read quite a bit but I cannot find a PDF/Word instruction/rules documentation to follow this system, has anyone please got one that they can post on here?

Also what are the best currencies to trade that you can please recommend as at the moment I seem to be concentrating on the AUD & NZD crosses as they tend to yield more on a daily basis, I know sometimes its not the size of the ship but the motion of the ocean that counts.


Many thanks for your time and I look forward to contributing to this forum myself.


DMC-12
  • #49,129
  • Edited 7:36am Jan 8, 2015 7:22am | Edited 7:36am
Quoting Dmc-12
Hi SJ and all the other contributing traders. I know this is a cliché and has been said many times before but you guys are doing a smashing job and keep up the good work for us newbie’s! Much appreciated this is a top forum with some great people. SJ I use FXCM and was wondering if you could do me a massive favour and please post me your indicators/template if possible as I cant find any for the FXCM platform on this forum. Also I live in the UK and I know you are in the USA my question is what time or which candle (time GMT or EST) should I be...
Hi Dmc-12

Click on sj's name. you will find all the indicator he uses under the file.

Edit:- pdf can be found here
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-01-08_19-35-09.png Size: 145 KB
Attached Image
Sad i'm not trying to understand PA
  • #49,130
  • Jan 8, 2015 7:22am Jan 8, 2015 7:22am
Quoting Dmc-12
Hi SJ and all the other contributing traders. I know this is a cliché and has been said many times before but you guys are doing a smashing job and keep up the good work for us newbie’s! Much appreciated this is a top forum with some great people. SJ I use FXCM and was wondering if you could do me a massive favour and please post me your indicators/template if possible as I cant find any for the FXCM platform on this forum. Also I live in the UK and I know you are in the USA my question is what time or which candle (time GMT or EST) should I be...
Hi Dmc-12, welcome to TMS. The is a lot of information & indi's in the paperclip at the top of this page which you will find helpful.
SJ recommended to me a while back to read his posts from mid october to get up to speed with current thinking & charts.

Hope this helps

Ray
  • #49,131
  • Jan 8, 2015 7:30am Jan 8, 2015 7:30am
Quoting omonisha
{quote} Hi Dmc-12 Click on sj's name. you will find all the indicator he uses under the file. {image}
Omonisha many thanks.
  • #49,132
  • Jan 8, 2015 7:30am Jan 8, 2015 7:30am
Quoting fxray
{quote} Hi Dmc-12, welcome to TMS. The is a lot of information & indi's in the paperclip at the top of this page which you will find helpful. SJ recommended to me a while back to read his posts from mid october to get up to speed with current thinking & charts. Hope this helps Ray
fxray thank you.
  • #49,133
  • Jan 8, 2015 7:41am Jan 8, 2015 7:41am
Hi DMC-12,

I am new here also, and I use FXCM. I had to download the MT4 trading platform (it is free on FXCM). I had to go to a Demo account to get it, and I switch between MT4 and the FXCM trading station software to place orders (you may not have to do that, but I didn't want to open another account with them). Once you have MT4 go back through the paper clip on this post and you will find all the indicators you might want. If you need some help on MT4 you can go to CompassFX/Synergy (where Dean Malone has videos explaining MT4 and how he uses the TDI among other indicators).

Good luck, and if you read Snarly Jack's posts from October 2015 till now you will find his methodology
  • #49,134
  • Jan 8, 2015 7:42am Jan 8, 2015 7:42am
I have read that trend changes come on the Daily Chart. Is this true ? And if it is, how much should i wait after the new days start to consider a valid turnover ?

Thank you.
If you want to make God laugh, tell him about your plans. Woody Allen
  • #49,135
  • Jan 8, 2015 7:59am Jan 8, 2015 7:59am
Hi Emmanuel,
Hope you don't mind me asking:
Quoting emmanuel7788
We now have to decide the add-on position when London session opens.
How do you decide when to add? Would this add-on position be a violation of the entry rules, strictly speaking? There is no TDI cross on either timeframe.

Do you go to lower timeframes when adding positions?
  • #49,136
  • Jan 8, 2015 7:59am Jan 8, 2015 7:59am
Quoting shabba
I have read that trend changes come on the Daily Chart. Is this true ? And if it is, how much should i wait after the new days start to consider a valid turnover ? Thank you.
You can read steve's post to get an idea how market structure change's it's bias

  1. Post 48,669

Sad i'm not trying to understand PA
  • #49,137
  • Jan 8, 2015 8:21am Jan 8, 2015 8:21am
Quoting omonisha
{quote} You can read steve's post to get an idea how market structure change's it's bias Post 48,669
Ty

Got a general idea.
If you want to make God laugh, tell him about your plans. Woody Allen
  • #49,138
  • Jan 8, 2015 8:23am Jan 8, 2015 8:23am
Hi DMC-12,

Quoting Dmc-12
SJ I use FXCM and was wondering if you could do me a massive favour and please post me your indicators/template if possible as I cant find any for the FXCM platform on this forum. DMC-12
I am not SJ , but I also use FXCM's Trading Station. I personally find it way more better than MT4.

Here is my template which is based on standard Trading Stations indicators + 2 custom indicators, which are
1. TDI; and
2. MultiTF HA

The rest of the indicators are standard moving averages which can be easily removed.

Hope this helps you and all other fellow TS users
Attached File(s)
File Type: zip TMS_TradingStation.zip   5 KB | 530 downloads
  • #49,139
  • Jan 8, 2015 8:29am Jan 8, 2015 8:29am
Quoting likica
how far can EU go? {image}
Likica,

My favorite chart the eur/usd.
If you look at the weekly, it's getting pretty close
to s/r levels. Was that fun or what
sj
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDWeekly.png Size: 67 KB
  • #49,140
  • Jan 8, 2015 8:35am Jan 8, 2015 8:35am
Quoting cristy1980
{quote} Hi Emmanuel, Unfortunately I was one of those who miss interpreted the signals yesterday, and din't look correctly at graphs, indicators etc etc.... Although, yesterday I found the trend to be strong in D as I got it from the move of TDI, but looking now to the evolution of PA seems that what happened until now was a pull back in the bigger picture, I thought that the down trend will continue, at least will test maybe, again the yesterday low zone (low ADR..), but actually it gone up up up in the direction of bier trend (200EMA). That sell...
Cristy,

Your learning & that is what it's all about
This game is all about discipline...
sj
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