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Trading is as simple as ABCD

  • #4,421
  • Mar 12, 2015 6:47am Mar 12, 2015 6:47am
Quoting Vantage
{quote} Also a look at D chart shows theres lots of body candle closes in this area for gbpaud with 1 big wick down. That can obviously be a problem but there have been no strong pushes up. Can be completely wrong but still expecting some more downside.

It all makes perfect sense but just confuses me and puts me in two minds then I'm buggered can't hit the trigger anymore so I prefer to trade whats in my face get to BE quickly and see how I get on. Riding by the seat of my pants I guess but theres some order in there somewhere... I think..

Anyway this EURJPY looks good to go 3rd time missed two earlier entries yet again, really must listen out for those alarms gotta be the way for me..

This was my kind of entry in and at BE in the same candle, just love that...no stress..
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Feel the Fear and do it anyway!!!
  • #4,422
  • Mar 12, 2015 6:58am Mar 12, 2015 6:58am
Took 7 struggling around yesterdays close , I need to be getting in just after the turn these entries are all too late and leave me juggling for a nice exit for Orphans all the time. Don't get me wrong I love my little orphans just prefer the slightly more cuddly ones say 25 pips plus...

I'm gonna get on with some work now so will just listen out for alerts when my FSMA changes slope...

Catch you later...
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Feel the Fear and do it anyway!!!
  • #4,423
  • Mar 12, 2015 8:16am Mar 12, 2015 8:16am
Quoting simitch
Hi guys, i've another stupid problem... I wanted to try the new method by clive with the 120fsma but the indicator i found in this thread, i don't know why, don't work... How it's possible? I see the indicator in the MT4 platform but if i put it in the chart nothing happens
I've done myself sorry for the disturbance
  • #4,424
  • Mar 12, 2015 10:34am Mar 12, 2015 10:34am
Bit slow this afternoon ..but heres the one, now for the two...
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Feel the Fear and do it anyway!!!
  • #4,425
  • Mar 13, 2015 2:28am Mar 13, 2015 2:28am
Quoting clivepackham
{quote}... so I prefer to trade whats in my face get to BE quickly and see how I get on....
... this was my kind of entry in and at BE in the same candle, just love that...no stress.. {image}
Use The Force, Clive, use The Force.

As a former World Champion Mover-of-My-Stop-to-Breakeven-Too-Sooner (& I'm still quite good at it), I feel qualified to comment : you have to expect a retest of your entry and therefore fully accept your initial risk. There have been several 100+ trades off the LO almost every week in recent months & with your great entry method, you could be getting at least a couple each week.

I enjoy checking out Mr V's blog from time to time : he's getting them, as I expect you have seen. What he & I have in common is that we both also monitor & trade longer timeframes : this helps to get out of the short-termism, where +25 seems like a great trade. It is a great trade if you are Divergence - this has always been his style (until this week, that is) - but you seem to be less clear on what your goals are than awhile back.

Get your head right & your objectives crystal clear & it will all come good.

Thanks for a great thread.
  • #4,426
  • Mar 13, 2015 7:50am Mar 13, 2015 7:50am
got in GA, see how it goes
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  • #4,427
  • Mar 13, 2015 10:19am Mar 13, 2015 10:19am
Quoting henryloving
got in GA, see how it goes {image} {image}

Great trade Henry...

Come on then? don't keep us in suspense? How much did you get of that 70 plus pip move???

Did you see that great level it was hanging on before it dropped? Ideal to put your stop behind as you did....

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Good to see you post a winner, keep it going Henry....
Feel the Fear and do it anyway!!!
  • #4,428
  • Mar 13, 2015 10:39am Mar 13, 2015 10:39am
Been out on appointments all day today so no chance to trade but just looking back at Henrys chart and I saw a couple of OLd One Twos that worked really well, GBPAUD seems to lend itself to this strategy quite well....
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Feel the Fear and do it anyway!!!
  • #4,429
  • Mar 13, 2015 10:58am Mar 13, 2015 10:58am
Quoting jtrade
{quote} Use The Force, Clive, use The Force. As a former World Champion Mover-of-My-Stop-to-Breakeven-Too-Sooner (& I'm still quite good at it), I feel qualified to comment : you have to expect a retest of your entry and therefore fully accept your initial risk. There have been several 100+ trades off the LO almost every week in recent months & with your great entry method, you could be getting at least a couple each week. I enjoy checking out Mr V's blog from time to time : he's getting them, as I expect you have seen. What he & I have in common...

Hi Jtrade

Hows the trading???

Yes I hear what you're saying and quite a few guys are saying the same thing, yourself, Mr V. and my dear old mentor Martin to mention just a few....

So are you saying leave the initial stop alone and just hold a bit longer, maybe move to BE after a retest of my entry basically the 2nd pullback?? Yes I think that makes sense and I guess you're saying only trade like this if I have confirmation from a higher time frame in the direction of my trade..

Makes perfect sense of course but only problem is when I've tried it I find the price comes back past my entry and I lose all together, whereas with my moving to BE quickly I protect myself from that and take my profit from initial push as invariably the following pullback knocks me off at BE so out for nowt. Have a look at some 1 minute charts and even on good trenders this second pullback knocks off the vast majority of trades left at BE..

Now maybe the perfect solution is presenting itself with my latest one two strategy where I'm getting in very early on the move with 2 entries. Now how about I take both these entries and take half off on first push, then move stop to a "paper break even" eg say i take 10 pips on half then move stop to -10 pips from entry so allowing my trade to survive the 2nd pullback and retest of entry. If however it keeps going against me I'm out for a nett BE and no loss. If it survives retest then move to BE on 2nd half and add another trade on 2nd pullback and repeat process. Half off on first push ,paper break even stop then if it goes again I have banked a full position and I'm holding a full position till the run ends alah MR V.

What do you reckon, sort of tight risk management with better potential profits, might work very well.....
Feel the Fear and do it anyway!!!
  • #4,430
  • Mar 13, 2015 11:03am Mar 13, 2015 11:03am
hey clive what is your target that's question 1. secondly the simpliest way is just wait till breakout candle closes
  • #4,431
  • Mar 13, 2015 11:22am Mar 13, 2015 11:22am
Quoting Divergence
hey clive what is your target that's question 1. secondly the simpliest way is just wait till breakout candle closes
Hi Harold

My target is to suck out as many pips as the market wants to give me. I'm not a believer in a set target. Sometimes 3 or 4 pips sometimes 50 to 100 just depends how it feels and behaves around each support/resistance level it encounters. Big reaction close out, just a stutter keep holding..I expect bigger rewards because I'm always trading with the strongest trenders.

Not sure I understand what you mean by "just wait till breakout candle closes" what do you mean Harold??? What breakout candle???
Feel the Fear and do it anyway!!!
  • #4,432
  • Mar 13, 2015 11:34am Mar 13, 2015 11:34am
after entry let a candle close. as I think 0f it your using 1 minute charts I use range bars so that works for me. so if you don't know where target is how do you know where stop is. if stop is at last swing then you have parameters so if its 22 when you get up 11 then move stop to be
  • #4,433
  • Mar 13, 2015 12:22pm Mar 13, 2015 12:22pm
Quoting Divergence
after entry let a candle close. as I think 0f it your using 1 minute charts I use range bars so that works for me. so if you don't know where target is how do you know where stop is. if stop is at last swing then you have parameters so if its 22 when you get up 11 then move stop to be

Ok yep I got it...thanks

I see you're using range bars have you heard of our Harenko charts?? I've been playing around with Harenko charts in the background. Harenko Harold is a mixture of Hieken Ashi on Renko bars these are 3 pip bricks.

Nice little entry here...

Attached Image (click to enlarge)
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just a bit of fun on a Friday afternoon...
Feel the Fear and do it anyway!!!
  • #4,434
  • Mar 13, 2015 12:37pm Mar 13, 2015 12:37pm
Hi, Clive,

Trading is becoming more consistent and I have a pretty simple routine, trading "my" variation of lots of other people's stuff, based around the LO purely because that's my morning timeframe and I don't really want to trade the US session any more. I have reintroduced a range bar chart - for many years I used to trade primarily fast tick and range charts - because I have always found that nice Mr Divergence to be full of well thought-out ideas. But I am VERY clear that I do not want to be drawn back to fast chart trading only : at 63, I want to get my golf handicap into single figures, not my range bars , so that's what the afternoons are for, at least in the approaching summer...

Here's the essence of what I'm suggesting to you : stick to your method, don't add anything, strip it down if you see fit. Take a week off making any trades to give yourself a psychological break & review what you are doing. Assuming you have a written Trading Plan, make sure you have written down EXACTLY the key elements of not only your entry setups - the easy part - but your trade management and exits. Be so clear about your exits, that when a trade goes against you, you can instantly see where your exit point must be : if possible on bar Close, rather than intrabar (unless a huge spike of course) - it's amazing how often a bar will blip beyond a swing high or low, take out stops, then fall back into a range.

Also work out where your profit exits are : be decisive, understanding that this is the biggest area of difficulty for most of us and can never be "perfect". Above all, try and develop a mindset that is decisive and not vague - you could include a component like (for example) "Hold at higher t/f SR (define it : H1, pivots, whatever) & unless clear break within x bars, exit half position". We all have to decide what type of trader we are : "Jack of All Trades", pun intended, do NOT succeed at trading.

Harold is a very good example of someone who always has a very simple & precise ruleset - that's a big element of his success.

Trading, like the search for Enlightenment, is very simple.... just not at all easy. The reason it's so challenging is to do with our psychology, which most people don't want to hear : it's so much easier & enjoyable to develop entry techniques than understand why we fail to follow our rules or make losing judgment calls when we trade live. My friend, 60minuteman, who I don't think hangs out here any more, helped me to simplify most of what I do (method and psychology) : we trade very differently, yet share our ideas which somehow helps us both.

If you like, I'll post a chart of this morning which was quite "difficult" imho, but easy to trade by following my rules... but it will have to be over the weekend as I have a house full of teenage girls (my daughter's friends) for a sleepover... about to open some bubbles (NOT for the teenagers !!).

Have a great weekend, everyone.
  • #4,435
  • Mar 13, 2015 1:21pm Mar 13, 2015 1:21pm
Nicely put jtrade. Clive this might seem obvious but to me its about making money. In order to do that a viable trading method which you have must be in place. The method tells us when to buy and sell thats the eady part. Then the trade management is the key to the mint without it you wont make money. So fixed rule management MUST be observed. Since it is about making money you need a target to hit. If you have no target you will certainly not make money and it becomes guess work. Try a 30 tick target with 20 stop something like that but you get the point. So if thats in place when i get up 13 i can move stop to be. When i get over 20 i lock in somethong
  • #4,436
  • Mar 13, 2015 2:54pm Mar 13, 2015 2:54pm
Quoting jtrade
Hi, Clive, Trading is becoming more consistent and I have a pretty simple routine, trading "my" variation of lots of other people's stuff, based around the LO purely because that's my morning timeframe and I don't really want to trade the US session any more. I have reintroduced a range bar chart - for many years I used to trade primarily fast tick and range charts - because I have always found that nice Mr Divergence to be full of well thought-out ideas. But I am VERY clear that I do not want to be drawn back to fast chart trading only : at 63,...

Great post Jtrade, one of the best on the thread for sure. Its the psychological stuff thats tough for sure. I'm not one for strict rules in life never mind trading but I'm starting to realise thats what I need as I'm getting that message from every successful trader that I know.

Would be great if you posted LO this morning and also your rules would be cool to see, not so much for me to follow but more as an example of what works for you, then I could develop my own.

I stare at charts every night looking for a consistent entry/exit and one thing that is starting to stick out like a sore thumb for me(and yes it is like a sore thumb literally!!) I will show you over the weekend. I'm forming some pretty robust entry rules and forming some firm ideas about exits too. My problem is I'm always looking for that "perfect" entry and "perfect" exit which of course don't exist so we have to accept something that works 70% of the time and that when it works it makes more money than when it fails. Thats the common characteristic of a successful trader, one whose wins are bigger than his losers..

Anyway great post and please do post your LO trades from this morning that would be very helpful...
Feel the Fear and do it anyway!!!
  • #4,437
  • Mar 13, 2015 3:03pm Mar 13, 2015 3:03pm
<p>Clive the only thing we know for sure is how much are you willing to risk. If we dont take the risk we wont have a chance to make money. Let yourself be successful
  • #4,438
  • Mar 13, 2015 3:03pm Mar 13, 2015 3:03pm
Quoting Divergence
Nicely put jtrade. Clive this might seem obvious but to me its about making money. In order to do that a viable trading method which you have must be in place. The method tells us when to buy and sell thats the eady part. Then the trade management is the key to the mint without it you wont make money. So fixed rule management MUST be observed. Since it is about making money you need a target to hit. If you have no target you will certainly not make money and it becomes guess work. Try a 30 tick target with 20 stop something like that but you get...

Another great post from another master of trading...

Like I just said to Jtrade I'm getting the same message from a lot of you guys who know what you're doing, you've found the "Holy Grail" of trading. Simply how to make money trading rather than being right or wrong, just make money, simple as that...Martin is always saying that to me..."How much money do you need to survive?" "Set yourself a target and when you hit it stop" and other such Gems of advice...

I'm starting to realise trading is a probability game, only trade high probability setups and make some rules based on them and stick to them, including a fixed exit routine and don't worry if you leave some on the table as you always will, so get use to it, don't fight it..Also you're gonna have losers all part of trading so accept them too, its all part of the game of trading..

Oh and another thing, you can't catch every move no matter how good you are so let some go..

Yep I've got my strategy more or less tied up , now its the discipline and psychology side to get right and I'm away...
Feel the Fear and do it anyway!!!
  • #4,439
  • Mar 13, 2015 3:09pm Mar 13, 2015 3:09pm
Amen clive. Its time to make money which means taking a risk
  • #4,440
  • Mar 13, 2015 3:25pm Mar 13, 2015 3:25pm
as I think why do I take a risk at all. it goes back to devising a method that viable then backtest my brains out then develop the risk management. by doing this it develops confidence to execute and follow rules and there will be losses that's a given but overall more winners than losers. ask yourself what is my confidence level in what I am doing and if its not a 10 fix it to be a 10
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