Trading is as simple as ABCD

When I changed from trading the Lower Time frames to the 1Hr my profitability increased 10 fold even though I was only getting 1 or 2 trades per day. I could see the S&R levels much easier and ever since I take profits at those levels, regardless of what TF I am entering on. The other aspect was that although I followed the price on the 1hr I took my entries on the 15min, so what I am doing now is no different except that instead of 20 - 30 pip stop losses I now use a 7 -12 pip stop loss maximum which is largely irrelevant because I move to B/E @ 5 -7 pips so unless I totally screw up the entry I know that I am pretty much safe. I have had to change things a little because of the increased spread, EU spread averaged about 0.5 - 0.7 where as e.g GBPCAD fluctuates between 2.5 - 3.00.

Plain M5 with HA but only because I did not have time to set up a Renko, now I trade exclusively Renkos or as clive likes to call them HaRenkos. I have no problem trading them, I started my trading career on the 1min chart fairly soon after I moved to tick charts because I thought that faster was better, I traded the 82 tick chart for a couple of years so I am used to seeing the equivalent of a formula 1 car accelerating across the screen and getting ahead of it to enter. back then I was Reactive now I am proactive and I Plan to Trade a completely different ball game.

Still have to smile when I see your name....

Talking of spreads have you seen this broker FxPro advert to the left as I type advertising fixed low spreads plus a gauranteed zero balance if another CHF nightmare unfolds.

If the adverts gone heres their link.... http://www.fxpro.co.uk/promo/choose-...2014&source=13

Looks very interesting at first glance....

i guess.in a nutshell.dee50....everyone is interested.in your chart.and your method.perhaps you.could post your method along with charts templates.and indicators.and let everyone see ....maybe it could spark a discussion to see thw differences between yours and clives method and a few ideas come.of.it....but at.least pls post chart templates and indicators

++++++++++++++++++++++++++++++++
Oh My! It must have something to do with History. History is loaded by pair, each time you scroll backwards.
You can contact me on Skype if you still have problems.
I probably should have called it "Maintenance", that way not only could you save Face, but also feel confident & Macho...

My daily job keeps me from trading London session. Usually I can only trade the first 3 hours of NY session. I have been struggling to make profits in NY session. I consulted Mr. V about this question and got some good advice.

The good thing is I am able to watch both London and NY session this week as we have vacation here. My observation is London session does give far more opportunities than first 3 hours in NY session. There are some pairs in London session that will trend well and give you good entry usually As Mr. V and Mr. C showed, they were able to grab lots of pips. for example, GN at Feb. 16, EJ at Feb. 17, GBP cross pairs at Feb. 18, GBP pairs at Feb. 19, GJ at Feb. 20.

However there were very few good moves in first 3 hours in NY session this week. I did not trade 3 days out of 5. In another 2 days, I made 2 trades but none of them succeeded, both stop out.

Anyone shares same feeling with me? I am keen to know you guys experience in first half of NY session.

My NY trades were listed as below. Welcome comment.

Feb. 16 NY session, EJ trade , this is not a good trade, as bank holiday in USA and EJ was not in Top 4 in TTindy.


Feb. 17, NY session, GN trade, seems to me a good trade but stop out.

Nice layout henry...

is it done by template ??? Is it something you.can share with the group?

Hi Henry

Looks like you were very close to a couple of good trades there and looking at the charts I'm not too sure how you lost, maybe just a bit too tight on your stops??? I'm tending to use a 20 pip emergency stop then close it out if price breaks the last support or resistance level. I think in both cases you would of been fine applying that simple guideline. I try to get my stops up and above/below last support or resistance level usually about 15 to 20 pips away from entry. Thats quite key I think to get our stops behind some good support or resistance. Basically only take CCI signals at Key levels and so get your stop above/below that key level.

Looking first at the EURJPY trade, the first observation is you said its not in top 4 of TTindy well enough said I'm not going to repeat the same old message, strongest trenders only. But that aside the setup looks good nice AB move down and nice CCI signal too however the Key level is just above you at nearer to the 135.25 level so if you had either waited for price to come up to it and signal great or if you take the slightly earlier signal as you did then be prepared to put your stop up above the key level. As you can see doing that would have kept you safe. Also noted your MA doesn't look quite the same as mine , is it a smoothed???



To be honest a good ABCD move just look to get your stop behind a key level is my only comment but another time it would of been fine. The main point maybe the not being in Top 4 as a little later EURJPY obviously would of been and look at the entries just a couple of hours later when its trending down strongly...you were so close to grabbing this move just a touch early...



Have a look at these entries each one is off of a key level either a 25 level, 100lwma or previous support or resistance so you have somewhere to get your stop behind...Also each pullback is proceeded by a good AB move producing a clear LL just like your entry...

Also you mentioned that just after the NYO didn't seem to be producing the bigger moves, well when that happens quite often the better move comes like this one around the London close when "The Good old London Boys" are closing out at the end of their day...

Ok so close very close to a good trade so to summarize , a stronger move plus get your stop behind a key level or only take CCI turns around Key Levels..

Now lets have a look at your GBPNZD trade...

This time theres no doubt this is a strong trender number 1 in the TTindy and a lovely slope on the 100lwma plus a nice AB push down taking out last low so all good to go on next pullback... Nice CCI signal and you entered, however how did you enter? did you place a pending below the red candle??? If so not sure it would of been hit, unlike the next CCI signal that gives a nice entry taking out the first red candle and taking us in with a pending order below candle. But I understand if you used a market order I've done it many times hitting a nice red candle before it goes too far....

Again place stop above Key Level , I would of probably stuck it up above 1.3075 level right out the way, 25 levels are great levels. Looks to me like you did just that, good stop placement so how did you lose?? Now price moves nearly 20 pips your way so why didn't you move stop to BE?? Especially on GBPNZD which can shoot about like a rocket at times, not unusual to get 10 pip candles regular as clock work.



I'm not sure how you lost on this one??? Did you not go to BE??? Some guys would be screaming "Grab that orphan" too but at least get to BE for sure...

Anyway some nice efforts there my friend of course its easy for me to review and criticise these trades looking back at them isn't it??? Not so easy going forward thats for sure but this is the only way to learn, take a picture of every entry you take including the TTindy and then reveiw all trades winners and losers after the session to see what you can learn. I do that every day just takes 30 mins or so and you can learn so much....

Keep it going Henry you were close so close to two winners instead of two losers...

Steve pmed me about the Renko expert so here you go and the template I use....to produce charts like this..



have fun , let me know how it goes..

Happy Sunday to all.


A few years back I got 2 indies for giving currency strength. Both are relative based on Currencies Daily performance from the time of your brokers opening. One of them is a simple view of all 8 majors, and their current relationship with other 7.

• The 2nd one is displayed as a histogram and shows either, pair displayed using colorized lines, or all eight pairs with different colored lines which confuses me no end.

• What would be great to see is current top pair relationship (as in TTindy) and viewable in the histogram so as to be able to do some backtesting. So I am loading both versions of these indies. The one called "! $ MT4 CURRENCY POWERLINE" is the histogram. The one called "! $ MT4 CURRENCY POWER" is numeric display. If anyone would know how to code this for our purposes, it may be of use.

Thanks,
Darryl

++++++++++++++++++++++++++++++++

Xlnt Clive. Thank You.

What size are the bars?

Hi Darryl

I set them to 3 but I understand theres plenty of guys trading 5 and 10....

Thankyou Clive ! much appreciated as always. Flight cancelled till the am now, so I have the night ahead of me to play !
Cheers. S.

Aider, I just sent you a pm.

Thanks Clive for your very valuable comments. esp. put SL behind key level and "The Good old London Boys" story.

Regarding EJ trade, I put my SL at 135.25, I should it a little above 135.25, but it was a lose anyway as I would manually close it when it close above 100 lwma

Regarding GN trade, it should be a BE trade. I was away from computer so did not manage to move it to BE.

Regarding to lwma, I use ma_in_color indicator with setting 100, 3, maybe I set MA_type incorrectly. what is your setting?

Regarding GN trade entry, I did not use pending order, just enter when I see a good red candle formed. I will try pending order later.

I attached my two lost trades pics.

Thanks, which one do you want(market view or trade chart)? All indicators used can be found in this thread.

i like them all henry

but for everyone in the group,,can i ask you to post all of them?

First trade this morning EA sell. Not featured in TT and selling into resistance (not shown on chart).

I was looking at GA as it broke and retested the earlier range but i was too slow to get in. It gave me another opportunity for entry. AUD weakness on TT (not sure what CADJPY is doing). R1 proved too much and should have probably taken profit after the big wick through and close below R1. Stopped out for 5.

I've been watching this GBPAUD all morning had a couple of nice pullbacks but just never quite worked with work commitments until now, nice pullback to a nice level so in we go and at BE pretty quickly. Now do I hold or grab an Orphan???