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Trading Made Simple

  • #60,841
  • Sep 25, 2015 8:23am Sep 25, 2015 8:23am
Quoting DaveWebb
Hi All, I've just joined up but have been lurking for some time. I have probably read about 20k posts on this thread now and I'm now starting to trade this strategy live. I've had mixed results, but I can see that most of the failed trades have been my fault. I have just entered this trade on the EUR/AUD H1. Long @ 1.59225 I took the trade just after the second candle opened. Now on some previous trades I have done this and been bumped out on the S/L. On H4 trades I tend to use a 30 pip S/L and on H1 trades I have used a 20 pip s/l, however I do...
really looking forward to your trade outcome

Quoting omonisha
{quote} Remember hsn100 it's friday and we are approaching to a key level Trade safe {image}
whats with friday?
Take What You Can , Give Nothing Back
  • #60,842
  • Sep 25, 2015 8:28am Sep 25, 2015 8:28am
Quoting DaveWebb
Hi All, I've just joined up but have been lurking for some time. I have probably read about 20k posts on this thread now and I'm now starting to trade this strategy live. I've had mixed results, but I can see that most of the failed trades have been my fault. I have just entered this trade on the EUR/AUD H1. Long @ 1.59225 I took the trade just after the second candle opened. Now on some previous trades I have done this and been bumped out on the S/L. On H4 trades I tend to use a 30 pip S/L and on H1 trades I have used a 20 pip s/l, however I do...

I rerally have only one good advice:
Don t start too early with going live!

What makes every strategy working is the experience and patience .
Going live too early can destroy the experience , what is the fundament for a successful trading.
I can strongly recomment to train much on the simulator.. later demo until you re stable and then go live for sure.
Your account will grow and not melt then ..
Have a nice weekend
Guido
Risiko birgt immer auch die Chance.
  • #60,843
  • Sep 25, 2015 8:39am Sep 25, 2015 8:39am
Quoting catalin_eros
{quote} I see your entry was far from the second candle. It worked well, no doubt, but is it advisable (even with the explanations you posted)?
Hi catalin,
Yes technically you are right. However, years of screen time with this pair and TMS has shown me that if you get a pull back (almost a doji) such as the APB 2 before my entry (a 'no trade' APB) and providing the next APB (setup) has momentum you can start counting from the 'no trade' APB. In this case the entry was news and momentum driven more than pure TMS.
Hope that makes sense.
Cheers
Never argue with a fool; onlookers may not be able to tell the difference.
  • #60,844
  • Edited Sep 26, 2015 7:49am Sep 25, 2015 8:53am | Edited Sep 26, 2015 7:49am
{quote} whats with friday?[/quote]

Hi Donquixote! Many traders closed their positions on friday's owing to weekend. As a consequence, market looses the momentum, i personally like momentum and volatility, either i'm a buyer or a seller. I'm not recommending anything here, that's just my own preference. It's good to do a lot of practice, practice and practice and do whatever is good and what can bring all the grist to the mill.

Have a nice weekend,
Regards,
Winners Never Quit, Quitters Never Win
  • #60,845
  • Edited Sep 26, 2015 7:50am Sep 25, 2015 9:01am | Edited Sep 26, 2015 7:50am
Quoting DaveWebb
Hi All, I've just joined up......Now on some previous trades I have done this and been bumped out on the S/L. On H4 trades I tend to use a 30 pip S/L and on H1 trades I have used a 20 pip s/l.... {image}
Hi DaveWebb! You're welcome. As far as your 30 pip S/L for H4 and 20 pip S/L for H1 trades, i doubt that you'll be able to get good results on consistent basis. Your s/l is too tight for both H4 and H1. I afraid you'll be stopped out most of the times.
Regards,
Winners Never Quit, Quitters Never Win
  • #60,846
  • Sep 25, 2015 9:02am Sep 25, 2015 9:02am
Quoting DaveWebb
Hi All, I've just joined up but have been lurking for some time. I have probably read about 20k posts on this thread now and I'm now starting to trade this strategy live. I've had mixed results, but I can see that most of the failed trades have been my fault. I have just entered this trade on the EUR/AUD H1. Long @ 1.59225 I took the trade just after the second candle opened. Now on some previous trades I have done this and been bumped out on the S/L. On H4 trades I tend to use a 30 pip S/L and on H1 trades I have used a 20 pip s/l, however I do...
Hi DaveWebb,
Welcome to TMS.
For S/L it will depend on the pair. For example on H1 with good momentum you can get away with 25 pips. However, GBP pairs may need at least 30 pips. For H4 trades you'll need to at least double this figure.
For exit signals stay with you trading TF and use the simple 'when green hooks or flattens' signal. Once you gain a bit more experience there are other strategies to look at. I see you are using the Synergy_Pro MTF which also gives you an exit signal.
Again as you are starting out I would recommend that you set your TP to 20-30 pips to gain confidence and understanding. Being too greedy is something that ruins more new traders than anything else apart from over trading.
As far as your trade goes you might want to add the Daily_Open_Line and the BN Levels v1.02 which are in the paperclip. You'll see that your trade was straight into the DOL which can act as S/R.
Take things slowly and ask questions and you'll soon get there.
cheers
Never argue with a fool; onlookers may not be able to tell the difference.
  • #60,847
  • Sep 25, 2015 9:04am Sep 25, 2015 9:04am
Quoting Donquixote
{quote} really looking forward to your trade outcome {quote} whats with friday?
In the UK it is known as POETS day. P**s Off Early Tomorrows Saturday
Never argue with a fool; onlookers may not be able to tell the difference.
  • #60,848
  • Sep 25, 2015 9:08am Sep 25, 2015 9:08am
Quoting emmanuel7788
{quote} Do your friend a favour and give him/her these: {image} RSI: The Complete Guide Post#27,110 by John Hayden and these books. {image} {image} {image} {image}
Hi Manny..How are you?,I want to thank you for these books,very nice of you ,finding time to help us somehow..
Happy Trading.....
  • #60,849
  • Sep 25, 2015 9:14am Sep 25, 2015 9:14am
Quoting Donquixote
{quote} really looking forward to your trade outcome {quote} whats with friday?
Well as you can see from the chart below, that trade was fairly short lived, resulting in 0 pips.

In another trade on USD/JPY. Chart attached again.


Thanks for the advice guys. I have been on a Demo account for months now and have been turning a profit.
I have just been reading about the DOL on the M30 thread, and it's going in!

Cheers,

Dave
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURAUDH1.png Size: 49 KB
Click to Enlarge Name: USDJPYH1.png Size: 49 KB
  • #60,850
  • Sep 25, 2015 9:26am Sep 25, 2015 9:26am
Quoting omonisha
{quote} Remember hsn100 it's friday and we are approaching to a key level Trade safe {image}
Very nice O.,rev.key at 1.5570
  • #60,851
  • Sep 25, 2015 9:59am Sep 25, 2015 9:59am
Quoting Lookleft
{quote} Hi catalin, Yes technically you are right. However, years of screen time with this pair and TMS has shown me that if you get a pull back (almost a doji) such as the APB 2 before my entry (a 'no trade' APB) and providing the next APB (setup) has momentum you can start counting from the 'no trade' APB. In this case the entry was news and momentum driven more than pure TMS. Hope that makes sense. Cheers
Yep, it sure does. Thanks, Lookleft!
  • #60,852
  • Sep 25, 2015 10:58am Sep 25, 2015 10:58am
[quote=DaveWebb;8509332]{quote} Well as you can see from the chart below, that trade was fairly short lived, resulting in 0 pips. In another trade on USD/JPY. Chart attached again. Thanks for the advice guys. I have been on a Demo account for months now and have been turning a profit. I have just been reading about the DOL on the M30 thread, and it's going in! Cheers, Dave {image} {image}.
whats your mistake?
Take What You Can , Give Nothing Back
  • #60,853
  • Sep 25, 2015 11:06am Sep 25, 2015 11:06am
[quote=Donquixote;8509543]
Quoting DaveWebb
{quote} Well as you can see from the chart below, that trade was fairly short lived, resulting in 0 pips. In another trade on USD/JPY. Chart attached again. Thanks for the advice guys. I have been on a Demo account for months now and have been turning a profit. I have just been reading about the DOL on the M30 thread, and it's going in! Cheers, Dave {image} {image}. whats your mistake?

there was no mistake. H1 intraday trading is very tough.
look at the Day chart, what does candlestick/price bar look like?
then look at H4 at that point of his H1 entry, you will see the risks of that H1 trade.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #60,854
  • Sep 25, 2015 11:15am Sep 25, 2015 11:15am
Quoting DaveWebb
{quote} Well as you can see from the chart below, that trade was fairly short lived, resulting in 0 pips. In another trade on USD/JPY. Chart attached again. Thanks for the advice guys. I have been on a Demo account for months now and have been turning a profit. I have just been reading about the DOL on the M30 thread, and it's going in! Cheers, Dave {image} {image}
what is the yellow MA ?
  • #60,855
  • Sep 25, 2015 11:29am Sep 25, 2015 11:29am
Thanks Emmanuel. I have been tracking all of my trades and noting the t/f, and I can see that H1 is the least profitable for me. H4 is looking like the best timeframe, but I must admit it's hard not to over trade when the H4 opportunities are not there! I'm working on that though!

I feel like I've got a reasonable grasp on spotting the H4 entries (and the profits agree), but it's the exits I need to work on. Every day is a school day at the moment though!

Cheers,

Dave
  • #60,856
  • Sep 25, 2015 1:10pm Sep 25, 2015 1:10pm
Quoting NotMe
{quote} what is the yellow MA ?
It's a Simple 5 MA shifted 2, applied to the Typical Price.
  • #60,857
  • Sep 25, 2015 1:23pm Sep 25, 2015 1:23pm
Quoting DaveWebb
{quote} It's a Simple 5 MA shifted 2, applied to the Typical Price.
Thank you
another Q please, what is the proper SL and TP for this strategy? i use SL 20 Pips TP 20 Pips
unfortunately i am a mobile trader i trade on my android device on MT4 so i don't use heineken ashi, only basic indicators and RSI TDI.
  • #60,858
  • Sep 25, 2015 3:05pm Sep 25, 2015 3:05pm
Quoting NotMe
{quote} Thank you another Q please, what is the proper SL and TP for this strategy? i use SL 20 Pips TP 20 Pips unfortunately i am a mobile trader i trade on my android device on MT4 so i don't use heineken ashi, only basic indicators and RSI TDI.
No one in this thread uses "heineken ashi", buddy.
  • #60,859
  • Sep 25, 2015 10:21pm Sep 25, 2015 10:21pm
Quoting DaveWebb
{quote} Well as you can see from the chart below, that trade was fairly short lived, resulting in 0 pips. In another trade on USD/JPY. Chart attached again. Thanks for the advice guys. I have been on a Demo account for months now and have been turning a profit. I have just been reading about the DOL on the M30 thread, and it's going in! Cheers, Dave {image} {image}
Nice charts mate. It's always great to see the original "Trading Made Simple" concepts being followed with the use of the Average Price Bars, TDI and Stochastics 8,3,3 being used. Keep on practicing. You'll be making lots of pips soon.
PS: If you need anything let us know
  • #60,860
  • Sep 26, 2015 1:40am Sep 26, 2015 1:40am
Quoting catalin_eros
{quote} No one in this thread uses "heineken ashi", buddy.
It's the indicator that refreshes the charts that other indicators can't reach.
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