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Trading Made Simple

  • #57,041
  • May 18, 2015 4:09am May 18, 2015 4:09am
Quoting Ballistical
{quote} Hi Pipsta, Thanks for the comments.............................All the best Ballistical
Hi Ballistical! what an informative post.
Winners Never Quit, Quitters Never Win
  • #57,042
  • May 18, 2015 5:22am May 18, 2015 5:22am
missing out on so many pips, why the hell am i so conservative.....it's just unfortunate, seems like i take trades that lose and stay away from winners

I use TDI, DOL, HOL, and MTF stoch 4h at 14,3,3

Trades missed :

tdi and stoch all agree but reason why i didn't take them is because DOL and HOL lines

https://charts.mql5.com/7/863/eurcad...g-point-of.png

https://charts.mql5.com/7/863/cadjpy...g-point-of.png

https://charts.mql5.com/7/863/eurjpy...g-point-of.png
  • #57,043
  • May 18, 2015 6:32am May 18, 2015 6:32am
GBPCAD-H1
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-05-18_19-27-22GBPCAD-H1.png Size: 33 KB
Sad i'm not trying to understand PA
  • #57,044
  • May 18, 2015 7:22am May 18, 2015 7:22am
Quoting omonisha
GBPCAD-H1 {image}
Hi Os! nice and clean like always. Just one question: Before your entry candle, there are about 8-9 candles which are in range, how u determine not to enter during those candles formation?

regards,
Winners Never Quit, Quitters Never Win
  • #57,045
  • May 18, 2015 8:10am May 18, 2015 8:10am
Traded GJ today, took a sell signal at LO, took partial profit at +25 pips, set to BE targeting +100, and then no time to manage, so got stopped out at BE with remaining position

Then got another signal on a triple tops, took it off M5 with and ABCD extended move on M15 hitting fibs 161.8 so lots of confluence as well , ended hitting TP for +40 pips
Attached Image (click to enlarge)
Click to Enlarge Name: GJ_M15.jpg Size: 355 KB
I Have Learned to Take Some Losses to Make Profits
  • #57,046
  • May 18, 2015 8:11am May 18, 2015 8:11am
Quoting omonisha
http://imageshack.website/e/Liw9-SSw3.jpgGBPCAD-H1 {image}
What is your point with the chart? You went Short?
  • #57,047
  • May 18, 2015 8:14am May 18, 2015 8:14am
Quoting hsn100
{quote} Hi Os! nice and clean like always. Just one question: Before your entry candle, there are about 8-9 candles which are in range, how u determine not to enter during those candles formation? regards,
I didn't see anything to enter. All i saw was tiny candle without PA facing S/R how to enter.
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-05-18_21-06-12GBPCAD.png Size: 35 KB
Sad i'm not trying to understand PA
  • #57,048
  • May 18, 2015 8:19am May 18, 2015 8:19am
Quoting omonisha
GBPCAD-H1 {image}
very well executed and managed OS, congrats on this with being Monday
I Have Learned to Take Some Losses to Make Profits
  • #57,049
  • May 18, 2015 8:21am May 18, 2015 8:21am
Quoting JamesBr
{quote} What is your point with the chart? You went Short?
No i went long on the break of the OB.
Sad i'm not trying to understand PA
  • #57,050
  • May 18, 2015 8:25am May 18, 2015 8:25am
Quoting omonisha
GBPCAD-H1 {image}
Nice one OS
Never argue with a fool; onlookers may not be able to tell the difference.
  • #57,051
  • May 18, 2015 8:28am May 18, 2015 8:28am
Quoting shay14
missing out on so many pips, why the hell am i so conservative.....it's just unfortunate, seems like i take trades that lose and stay away from winners I use TDI, DOL, HOL, and MTF stoch 4h at 14,3,3 Trades missed : tdi and stoch all agree but reason why i didn't take them is because DOL and HOL lines {image} {image} {image}
If you are using 2 oscillators AND 2-3 other "yes/no" filters, you'll rarely be in a trade. There's always reasons not to enter. Search for powerful reasons to enter.

Mondays and Fridays are "bad" days unless news is around - at least for me. I've had (and still have) most of my losers on Mondays. Not "bad entry losers", but genuine losers.
Today I had a BE and a SL hit on GA on a A++++ setup which I will outline below. I will take that trade 10 out of 10 times again if it comes out because I know I did everything right. Why did it go against me? I don't know and I don't even care. Because I know that 30% of all my A++++ setups will be LOSERS, I don't even bother to think about them anymore. If I was in that trade, then it means I had all the reasons to be there. And if it went against me, that's it.

Attached Image (click to enlarge)
Click to Enlarge Name: GA SL.png Size: 77 KB
Best regards, Zef
  • #57,052
  • May 18, 2015 8:47am May 18, 2015 8:47am
Quoting ZeF
{quote} If you are using 2 oscillators AND 2-3 other "yes/no" filters, you'll rarely be in a trade. There's always reasons not to enter. Search for powerful reasons to enter. Mondays and Fridays are "bad" days unless news is around - at least for me. I've had (and still have) most of my losers on Mondays. Not "bad entry losers", but genuine losers. Today I had a BE and a SL hit on GA on a A++++ setup which I will outline below. I will take that trade 10 out of 10 times again if it comes out because I know I did everything right. Why did it go against...
Almost exactly the same trade with the same reasons. Entered on break of DO.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 30 KB
Never argue with a fool; onlookers may not be able to tell the difference.
  • #57,053
  • Edited 9:15am May 18, 2015 9:01am | Edited 9:15am
Quoting Lookleft
{quote} Almost exactly the same trade with the same reasons. Entered on break of DO. {image}
That was a good entry.

Here's some statistics:

In the month of May, on the EA and GA pairs during London Session, there were ONLY 2 valid TMS candles of 60+ pips which switched direction after they ended. On EA on May 8 (a Friday) and on GA on May 6 (moved 45pips still) and today again (a Monday). So two of those "LOSERS" were on Fridays and Mondays. No other 60+ candle during London session ever reversed or consolidated without moving AT LEAST 30-40 pips in the setup direction. On average the following candles moved anywhere between 30 to 250 pips.

Knowing that odds are stacked in our favor, it really depends on us to make it happen, and not the market.

Making backtests like these will build a lot of confidence in your system. You will know that the odds are stacked in your favor if you are disciplined and have a set of valid rules.
Best regards, Zef
  • #57,054
  • May 18, 2015 9:23am May 18, 2015 9:23am
Quoting ZeF
{quote} That was a good entry. Here's some statistics: In the month of May, on the EA and GA pairs during London Session, there were ONLY 2 valid TMS candles of 60+ pips which switched direction after they ended. On EA on May 8 (a Friday) and on GA on May 6 (moved 45pips still) and today again (a Monday). So two of those "LOSERS" were on Fridays and Mondays. No other 60+ candle during London session ever reversed or consolidated without moving AT LEAST 30-40 pips in the setup direction. On average the following candles moved anywhere between 30...
Yep that's about what my back testing has shown which is why I'd take the trade again in similar circumstances. Stuff happens and tomorrow is another day
Never argue with a fool; onlookers may not be able to tell the difference.
  • #57,055
  • May 18, 2015 11:13am May 18, 2015 11:13am
Hello Everyone,

Need help regarding my time zone, im on GMT 8 singapore time ,would like to know the exact time for 10 pacific. Kindly help me on this.

Just for your info,been reading the thread from 1st page really help me a lot.
  • #57,056
  • May 18, 2015 11:53am May 18, 2015 11:53am
Zef, Lookleft,

Check me out on this. 1st WRB low is broken by the second WRB which immediately
nulifies the 1st WRB and sets a new low price to be broken, indicating that a short
will be in effect when the 2nd WRB low is broken.

I think emmanuel would have us move to a 15m chart.
  • #57,057
  • May 18, 2015 12:13pm May 18, 2015 12:13pm
Ballistical, what can I say, thank you so much for shedding so much light on to various areas of your trading. I really appreciate you sharing this. A lot of useful information I can use and learn from.

My main problem seems to be that I always find reasons not to enter a trade, just as you explained. When I'm on demo it seems my reticular activation system find reasons to enter the trade, under stress and on my live account I find my brain to be more anxiety biased and therefore miss out on very good trades.

Keep up the great work, I admire your path and I will make sure to continuously learn on a daily basis.

Thank you again!
Repetition is the Mother of Skill
  • #57,058
  • May 18, 2015 12:45pm May 18, 2015 12:45pm
Would someone please give me directions on how to post a chart
in a reply.

Thank you.
  • #57,059
  • May 18, 2015 12:55pm May 18, 2015 12:55pm
Quoting emmanuel7788
{quote} Hi, You did not mention which timeframe you trade. What you need to know is the volatility of the currency pair. When you trade H1 intraday, you need to know the price volatility of the hours during the day and the range of the day. Here is a good website where you can learn about volatility of most currency pairs. https://www.mataf.net/en/tools/02-01-volatility Below is an example of the EURUSD for the past 52-weeks. {image} This information should be useful to decide what your initial SL should be and comparing the price action...
Hi Emmanuel7788
I've been using ADR set to (30) days to filter range, and after this post I decided to change the values to test and the differences between 10 and 30 are sometimes huge.
How to decide what value use on ADR, and why 52 weeks, is there anything special about this number?
Thanks!
  • #57,060
  • May 18, 2015 1:56pm May 18, 2015 1:56pm
Quoting adikashyap
{quote} Here Hear Hear ... Amazing Buddy ... Take a bow ...
Quoting hsn100
{quote} Hi Ballistical! what an informative post.
Thanks both. Just sharing what others in here have taught me


Quoting theunis
{quote} Thanks for sharing that !!! I have been having a losing streak for two weeks now ... had some good trades but in general more losses than profits ... I have a cash flow deadline ahead and fell into the over trading trap .. ai ja jaai ...just took too many signals that I should not have even considered. Normally I back off from live trading after a 2nd of 3rd loss in a row just to check my basics and get some old chart practice to get my confidence and focus right, but this time I was too clever for that and paid some decent school fees in...
Theunis, don't beat yourself up about some DD. Honestly, it happens to all of us. The important thing is that you've recognized your errors and you're taking action. Re-reading old material and going back through charts is always a constructive activity, regardless of your recent trading results. If you're suffering from over-trading it might be worth deciding on your max. number of trades at the start of the week which will force you to be selective with your setups.


Quoting Pipsta972
Ballistical, what can I say, thank you so much for shedding so much light on to various areas of your trading. I really appreciate you sharing this. A lot of useful information I can use and learn from. My main problem seems to be that I always find reasons not to enter a trade, just as you explained. When I'm on demo it seems my reticular activation system find reasons to enter the trade, under stress and on my live account I find my brain to be more anxiety biased and therefore miss out on very good trades. Keep up the great work, I admire your...
No problem Pipsta, I'm not sure how long you've been trading but I might add that if you're struggling with the transition from demo to live, then its probably worth going back to demo for a bit. I demo traded every day for six months before moving to a live micro account and am pleased to say the transition has not affected my approach. I believe that both Big E and Phx62 demo traded for 6-12 months before going live, although don't quote me on that. James16 teaches at least 3 consecutive, profitable months on demo before moving to a small live account. Something to think about anyway.
Focus on the process and the profits will follow
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