Trading Made Simple | Page 2752 | 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

  • #55,021
  • Mar 18, 2015 9:32am Mar 18, 2015 9:32am
Did anybody compare Exit strategies, like set and forget and trailing stop loss? i wonder which one results in more profit, i am going to compare them over the next few weeks, unless somebody knows the result already?

Of course, I exit manually as soon as the tdi crosses again.
  • #55,022
  • Edited 12:48pm Mar 18, 2015 9:58am | Edited 12:48pm
Quoting emmanuel7788
{quote} I kept my yesterday' positions protected above the last H4 Master Candle and waited for today's breakout. We have a Day IB breakout potential I mentioned yesterday. {image}
Hi Emmanuel / or anyone with some advice

GJ H1 Trades
I made two entries prior to LO from the M30 chart. The first one as the M30 candle closed below PAC and the second one 10 pips lower as price broke the Asian mini TL at LO. My SL was at top of Asian channel at 179.20.
I took the entries prior to LO, knowing this was higher risk, but the TDI cross and move below 50 and MBL outweighed my concerns. Price move down to Yesterday's Low (about 45 pips from my first entry). I knew there was high impact GBP news at 11:30 GMT and considered exiting, but didn't. I should have exited then, but exited later as price pulled back for a small profit. Another reason for exiting was that I had to go out for about three hours. Later price made a great move down, which I missed.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY,H1_2015-03-18_1.jpg Size: 220 KB


One thing that messes up my thinking quite often is how the perspective of the charts change as the price moves.
When I was considering whether to exit my trades or not, price seemed guite extended when it reached Y Low. (See the above image). As price was moving, the pullback bar on M30 was almost as large as the initial move down and the visual image was a strong factor in my decision to close the trades.

In the next image (below), the whole perspective has changed and the bar before and at LO seem quite small in relation to the rest of the move during London morning. The whole perspective of the chart changes.

How does one keep the price in perspective and not be spooked in making premature exits as I did?
Edit: By perspective, I mean the chart scaling. While the candles are forming, they look large and its easy to think that price is reversing or becoming over-extended. After the move, the chart scaling adjusts and everything then looks more in perspective and the reversal you thought was happening, shows up as just a small retracement. Compare my two charts to see what i mean.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY,H1_2015-03-18_2.jpg Size: 196 KB


Thanks in advance.
Axiom
  • #55,023
  • Mar 18, 2015 10:10am Mar 18, 2015 10:10am
I'm on H4, and I'm missing all these great moves, they happen too fast for H4... so frustrating. Managed to made a couple of trades though, not very good trades.
Had to be me. Someone else might have gotten it wrong.
  • #55,024
  • Mar 18, 2015 10:45am Mar 18, 2015 10:45am
Here is one of my rare daily entries
Dax D1

The Crossed ,MBL is nicely overbought , time for a retrace in this chart .
First candle colour changed ,longer wicks on the last 2 bars on top , what marks a weakness in direction long .
Short Im in
Guido
Attached Image (click to enlarge)
Click to Enlarge Name: GER30Daily.png 18.3..png Size: 41 KB
Risiko birgt immer auch die Chance.
  • #55,025
  • Mar 18, 2015 12:12pm Mar 18, 2015 12:12pm
Quoting Axiom
{quote} Hi Emmanuel / or anyone with some advice GJ H1 Trades I made two entries prior to LO from the M30 chart. The first one as the M30 candle closed below PAC and the second one 10 pips lower as price broke the Asian mini TL at LO. My SL was at top of Asian channel at 179.20. I took the entries prior to LO, knowing this was higher risk, but the TDI cross and move below 50 and MBL outweighed my concerns. Price move down to Yesterday's Low (about 45 pips from my first entry). I knew there was high impact GBP news at 11:30 GMT and considered exiting,...
Hi Axiom,

My humble thoughts on your question.

On the H1 chart the candle you entered on is heading straight for Yesterdays Low and a RN 178.5. Also the is an area of support if you look left
The way I see it you have a couple of options.
1. Wait until price breaks below the support areas and enter.
2. Drop down to the M15 and enter as price breaks below the Asian Low. With your SL above Asian High you would have been safe if a little nervous

Another tip with GJ is to look at GU and UJ and if they are going in your direction it is a good sign

cheers
Never argue with a fool; onlookers may not be able to tell the difference.
  • #55,026
  • Mar 18, 2015 12:26pm Mar 18, 2015 12:26pm
Quoting Phx62
{quote} Caught part of it on the M15 following GBP news releases. I'm still testing emannuel's settings on the CaveManager EA. The trail stop took me out earlier than I would have manually exited on the second part but both lots were still in profit. The good news is I was asleep and not monitoring the trade at the open of every new candle.{image}
I took the same trade but on the break of FO M15 and H1 bar below the pennant, why not taking the trade there Phx62? Thanks for adding ur daily trades these days

P.S. I took it on the break and closed it before the retracement
Attached Image (click to enlarge)
Click to Enlarge Name: 2015.3.18.GJ.M15.png Size: 57 KB
I Have Learned to Take Some Losses to Make Profits
  • #55,027
  • Mar 18, 2015 12:31pm Mar 18, 2015 12:31pm
Quoting Lookleft
{quote} Hi Axiom, My humble thoughts on your question. On the H1 chart the candle you entered on is heading straight for Yesterdays Low and a RN 178.5. Also the is an area of support if you look left The way I see it you have a couple of options. 1. Wait until price breaks below the support areas and enter. 2. Drop down to the M15 and enter as price breaks below the Asian Low. With your SL above Asian High you would have been safe if a little nervous Another tip with GJ is to look at GU and UJ and if they are going in your direction it is a good...
Thanks Lookleft.
  • #55,028
  • Edited 5:01pm Mar 18, 2015 1:14pm | Edited 5:01pm
Quoting TheScorpS
{quote} I took the same trade but on the break of FO M15 and H1 bar below the pennant, why not taking the trade there Phx62? Thanks for adding ur daily trades these days P.S. I took it on the break and closed it before the retracement {image}
I normally would take the trade there but I knew GBP had red letter news coming up and I did not want to be stopped out by the whipsaw price movements that occur during news releases.
  • #55,029
  • Edited 4:32pm Mar 18, 2015 3:01pm | Edited 4:32pm
Quoting joynal2u
{quote} May I know why did u enter so early. My chart says entry is a bit latter. Am i right!!! {image}
Sorry for answering so late!

Entry was just couple seconds before this first blue candle close. Green crossed red line and as you can see I do not use yellow line (MBL) and there was a divergence as far as TDI and PA are concerned and double bottom. Moreover I anticipated also double bottom on H4 that is why I set TP so high. In fact it was 70pips higher but I closed it manually. Then price droped a lot but finally hit my TP - of course without me on the board.
Best regards
LS
  • #55,030
  • Mar 18, 2015 7:43pm Mar 18, 2015 7:43pm
Hi, I have 2 questions,
1. There are 2 hours lag bewteen my own computer and work computer on MT4 when I set time frame on H4. how to eliminate this?
2. How to attach a picture? when I press upload from computer it jump to FF homepage . Limit to new member ?
Best regards.
  • #55,031
  • Mar 18, 2015 7:58pm Mar 18, 2015 7:58pm
Hi SB. 2hrs lag?! Sheeshkabab! That is not ok.

Must be one of your computers. Use the computer that does not lag. Is it your internet connection?

Good trading, G.
'Fail to plan, plan to fail'
  • #55,032
  • Mar 18, 2015 8:21pm Mar 18, 2015 8:21pm
Last post for the week.....last trade for the week......more than enough pips and no need to give any back. Going to take a few days off and go to our cabin in the mountains.
Entered EU M15 following the FOMC news releases, once price determined a direction and the platform would accept the trade. Three full lots with TP set for one lot at 50 pips, TP set for lot two at 100 pips and & TP set for lot three at 200 pips with no trailing stop on CaveManager. Moved stops in 50 pip increments, BE after lot 1 TP hit (CaveManager), & manually by 50 pips behind, after TP two was hit.
Attached Image (click to enlarge)
Click to Enlarge Name: 2015.3.18.EU.M15.news.png Size: 52 KB
  • #55,033
  • Mar 18, 2015 8:41pm Mar 18, 2015 8:41pm
Quoting Phx62
Last post for the week.....last trade for the week......more than enough pips and no need to give any back. Going to take a few days off and go to our cabin in the mountains. Entered EU M15 following the FOMC news releases, once price determined a direction and the platform would accept the trade. Three full lots with TP set for one lot at 50 pips, TP set for lot two at 100 pips and & TP set for lot three at 200 pips with no trailing stop on CaveManager. Moved stops in 50 pip increments, BE after lot 1 TP hit (CaveManager), & manually by 50 pips...
Amazing
  • #55,034
  • Mar 18, 2015 8:43pm Mar 18, 2015 8:43pm
Quoting Axiom
{quote} Hi Emmanuel / or anyone with some advice GJ H1 Trades I made two entries prior to LO from the M30 chart. The first one as the M30 candle closed below PAC and the second one 10 pips lower as price broke the Asian mini TL at LO. My SL was at top of Asian channel at 179.20. I took the entries prior to LO, knowing this was higher risk, but the TDI cross and move below 50 and MBL outweighed my concerns. Price move down to Yesterday's Low (about 45 pips from my first entry). I knew there was high impact GBP news at 11:30 GMT and considered exiting,...

Hi Axiom,

Both your entries were good considering that you use the PAC in your entry rule. The Weekly and Daily bias were also in favour of sellers.
Looking at the Asian session range is a good approach and when the Asian range is narrow or small compare to its ADR, the potential for a breakout move is always there as our H1 intraday opportunity.
Also, when we trade H1 intraday, we also keep our eyes on the 4H swing opportunity following the Weekly bias. We knew there were two consecutive bearish weeks following Feb Monthly rally and how H4 tested the BRN 180.00 and drop from that level. Yesterday, it went down to test Jan Open 177.03.... that was my target but missed that before I decide to bailed out before FOMC.
FOMC is a game for smart money, clearing all the sellers stops and then sell high as it 181.00 in a one minute bar.

Trade management decision should be made at the time you decided to take the sell setup. Knowing that you will not be at your computer to manage manually, you can either leave that as a 'set and forget' type of trade or use a trade manager expert advisor to manage your trades.

Chart scaling by default is set to automatic by MT4 and is visually not the best unlike other platforms. There is an option to fix the vertical price scale but it is very troublesome to do for every chart. But using the BN levels give us a good view of the candle movement in pips using the BN levels as a guide.

Hope this help.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,035
  • Mar 18, 2015 8:47pm Mar 18, 2015 8:47pm
GBPJPY trades closed.

Closing the trades after NYO and not having to face the FOMC later while it is my usual bedtime.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY 18 Mar trades closed .jpg Size: 209 KB


Will continue to stalk this pair later today for possible selling.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,036
  • Mar 18, 2015 8:48pm Mar 18, 2015 8:48pm
Hi G,
thanks for reply.
It's not market and price delay, they have same and right price.
My timezone is GMT+8, one of computer have same time on MT4 and computer time, but another have 6 hours lag. So one H4 candle close on 2pm but another will close on 4pm. And there are difference on TDI signals, sometimes one already crossed but another haven't.

Good luck
S.
  • #55,037
  • Mar 18, 2015 9:11pm Mar 18, 2015 9:11pm
Anyone is also watching GBPNZD?



On the day the bearish trend is strong and in the lower TFs,

I am waiting for a price action signal to enter....
  • #55,038
  • Mar 18, 2015 9:17pm Mar 18, 2015 9:17pm
Quoting Bernardi
Did anybody compare Exit strategies, like set and forget and trailing stop loss? i wonder which one results in more profit, i am going to compare them over the next few weeks, unless somebody knows the result already? Of course, I exit manually as soon as the tdi crosses again.

Bernardi,

What about setting target profit(s) as your exit(s)?
Know the average trading range of the timeframe you trade.
Types of exits:
1) Static Exit when SL and/or TP(s) hit.
2) Adaptive Exit when Percentage of ATR reached, R-Multiple reached, etc.
3) Trade Invalidation Exit.
4) Timed Exit, when the trade has exceeded its predetermine duration, no matter the trade result.
5) Psychological Exit.... mental exhaustion of the trader.

'set and forget' works best for 1) Static Exits and also 2) if we know how to.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,039
  • Mar 18, 2015 9:21pm Mar 18, 2015 9:21pm
Quoting birdnest
Anyone is also watching GBPNZD? On the day the bearish trend is strong and in the lower TFs, I am waiting for a price action signal to enter....

my view:

MN is in range, look at Sep 2014 MN bar
W1 is sell bias
D1 is also sell bias...

sell high ...and ... sell lower... do these make sense?

Edit: D1 chart

Attached Image (click to enlarge)
Click to Enlarge Name: GBPNZD D1 chart Big Picture.jpg Size: 362 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,040
  • Mar 18, 2015 9:37pm Mar 18, 2015 9:37pm
Quoting Phx62
Last post for the week.....last trade for the week......more than enough pips and no need to give any back. Going to take a few days off and go to our cabin in the mountains. Entered EU M15 following the FOMC news releases, once price determined a direction and the platform would accept the trade. Three full lots with TP set for one lot at 50 pips, TP set for lot two at 100 pips and & TP set for lot three at 200 pips with no trailing stop on CaveManager. Moved stops in 50 pip increments, BE after lot 1 TP hit (CaveManager), & manually by 50 pips...
very disciplined trader.

Good thing that many of us closed our EU and GU sell positions on 12 Mar.
Some of us in a trading workshop laughed saying we should avoid Friday 13... turned out to be coincidence.
It wasn't Friday 13 that we were thinking, it was something else.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
112 traders viewing now