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Trading Made Simple system follower - Thanks to eelfranz 9 replies

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Trading Made Simple

  • #60,861
  • Sep 26, 2015 3:44am Sep 26, 2015 3:44am
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.
SL 20 pips TP 20 pips will not work when you trade H1 timeframe and above. Not for the currency majors and definitely not for the EUR and GBP crosses.
It may work for EURGBP.

But if you trade M15 and M5, that very 20pips SL/TP will work for the majors but not the EUR and GBP crosses and also not GBPJPY.

Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP H1 volatility.png Size: 14 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #60,862
  • Edited 4:11am Sep 26, 2015 3:58am | Edited 4:11am
Quoting DaveWebb
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
Hi,

I saw your post at the time of your trade but did not want to post my comment immediately because I did not want my comments to influence how you manage that trade. Every trade setup has risks. It is up to us how we see those risks and decide whether to trade or not.
I made some comments on your posted chart below.

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD H1 POMO.png Size: 425 KB


Trading the H4 chart timeframe, we look to trade the weekly swing and usually try target 60% of the average weekly range of the currency pair. We may not find many H4 swing trade in the majors, but when we include more currency pairs in our watchlist, we should be able to get about 3 to 5 good trades every week. I have up to 12 pairs in my watchlist. If you include also setups in the D1 charts, this should also add some trade opportunities on weekly basis.

Next week will see good opportunity for this pair and pick a 4H swing trade.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #60,863
  • Sep 26, 2015 5:18am Sep 26, 2015 5:18am
I can't thank you enough, Emmanuel! That really is a great help.
I'm trading 8 pairs at the moment, and I'm going to spend time this weekend studying and preparing my charts for next weeks trading. You've pointed out a few things that I hadn't taken into consideration, so hopefully that will show in next weeks results!

Thanks once again! Have a good weekend.

Dave
  • #60,864
  • Sep 26, 2015 5:54am Sep 26, 2015 5:54am
Quoting emmanuel7788
{quote} Hi, I saw your post at the time of your trade but did not want to post my comment immediately because I did not want my comments to influence how you manage that trade. Every trade setup has risks. It is up to us how we see those risks and decide whether to trade or not. I made some comments on your posted chart below. {image} Trading the H4 chart timeframe, we look to trade the weekly swing and usually try target 60% of the average weekly range of the currency pair. We may not find many H4 swing trade in the majors, but when we include...
3 to 5 good trades every week? wow
i have up to 6 pairs in my watchlist is that enough for 2-4 good trades mr emm?

anyway, thanks for the explanation, great explanation like always
Take What You Can , Give Nothing Back
  • #60,865
  • Sep 26, 2015 6:27am Sep 26, 2015 6:27am
Be objective when assessing risk, and look at everything with very simple downside vs. upside . Ideally you would be looking at getting yourself into a situation with very little and limited downside risk, but with huge upside potential, and repeating it time after time.

Step outside yourself and assess your current situation and assess risk objectively, and work towards that situation where subjective risk is analyzed objective.

Look at the DAX going off RN, EMA's or DOL, with divergence and TDI crosses during high volume London Session.

Enjoy your weekend.

Attached Image (click to enlarge)
Click to Enlarge Name: dax London.png Size: 85 KB
Best regards, Zef
  • #60,866
  • Sep 26, 2015 8:08am Sep 26, 2015 8:08am
Quoting emmanuel7788
{quote} SL 20 pips TP 20 pips will not work when you trade H1 timeframe and above. Not for the currency majors and definitely not for the EUR and GBP crosses. It may work for EURGBP. But if you trade M15 and M5, that very 20pips SL/TP will work for the majors but not the EUR and GBP crosses and also not GBPJPY. {image}
For now i only trade (EURUSD/USDJPY/EURGBP/GBPUSD/AUDUSD/USDCAD) what is the proper SL and TP?
  • #60,867
  • Sep 26, 2015 2:44pm Sep 26, 2015 2:44pm
Hey Emmanuel,

I was wondering where you sourced the chart in post 60,861 about hourly volatility in pips. Would love to find those for all currencies.

All the best and thanks,

A
  • #60,868
  • Edited 1:44am Sep 27, 2015 1:16am | Edited 1:44am
Quoting NotMe
{quote} For now i only trade (EURUSD/USDJPY/EURGBP/GBPUSD/AUDUSD/USDCAD) what is the proper SL and TP?
There are many things you need to know about trading this 5-Method.

First thing you need to ask if you want to be an aggressive trader like eelfranz aka Big E or you want to start by being conservative.

to be conservative, read his post

http://www.forexfactory.com/showthre...94#post4570294

knowing the Average daily Range ADR and

the Average Weekly Range Weekly ADR

Synergy trading model tutorial Understanding trade Position Sizing

where to place stop loss and take profit {click here}


placing Stop Loss

art of placing SL

about Take Profit

Lots of other tutorial videos {click link}

You need to spend some time to get some proper structured trading education and you will not find that here in Forex Factory.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #60,869
  • Sep 27, 2015 1:22am Sep 27, 2015 1:22am
Quoting Donquixote
{quote} 3 to 5 good trades every week? wow i have up to 6 pairs in my watchlist is that enough for 2-4 good trades mr emm? anyway, thanks for the explanation, great explanation like always

that depends on which 6 pairs you have in your watchlist.

for example if you trade EURUSD then you should not have USDCHF in your watchlist.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #60,870
  • Sep 27, 2015 1:42am Sep 27, 2015 1:42am
12 posts where Big E talked about being aggressive trading style:

http://www.forexfactory.com/showthre...31#post4582731
http://www.forexfactory.com/showthre...21#post4560421
http://www.forexfactory.com/showthre...16#post4553516
http://www.forexfactory.com/showthre...80#post4553380
http://www.forexfactory.com/showthre...51#post4542751
http://www.forexfactory.com/showthre...38#post4521038
http://www.forexfactory.com/showthre...78#post4518478
http://www.forexfactory.com/showthre...04#post4517204
http://www.forexfactory.com/showthre...20#post4441220
http://www.forexfactory.com/showthre...15#post4438715
http://www.forexfactory.com/showthre...22#post4416522
http://www.forexfactory.com/showthre...20#post4411920
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #60,871
  • Sep 27, 2015 2:29am Sep 27, 2015 2:29am
Quoting omonisha
Finding NEMO EURAUD- H4/H1.....The D1 candle has 24 H1 and 6 H4 candle. If we can identify the zone then we know where to look for and what to aim for. Trend counter trend everything is possible. Just need the rules to be met at those area. {image} {image}
EURAUD-H4

Couple of very common clean price action pattern formed last week. They moved from 250 to 500 pips. All is location. If we can identify the zone then we know where to look for and what to aim for.
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-09-27_11-44-18EURAUD-H4_Analysis.png Size: 75 KB
Sad i'm not trying to understand PA
  • #60,872
  • Sep 27, 2015 2:40am Sep 27, 2015 2:40am
Quoting emmanuel7788
12 posts where Big E talked about being aggressive.............
What a wonderful post that is by emmanuel7788....
Winners Never Quit, Quitters Never Win
  • #60,873
  • Sep 27, 2015 3:02am Sep 27, 2015 3:02am
Quoting emmanuel7788
{quote} that depends on which 6 pairs you have in your watchlist. for example if you trade EURUSD then you should not have USDCHF in your watchlist.
i have eurusd , gbpusd, euraud, usdjpy , audusd , usdcad.

what happen if trade eurusd and usdchf toghether , i mean usdchf movement is the opposite of the eurusd movement right?
if u buy 1 lot in eurusd then u can sell 1 lot usdchf right? that way u can open 2 lot without making big movement right?
ps:that lot is standart lot
Take What You Can , Give Nothing Back
  • #60,874
  • Sep 27, 2015 4:52am Sep 27, 2015 4:52am
Quoting emmanuel7788
12 posts where Big E talked about being aggressive trading style: http://www.forexfactory.com/showthre...31#post4582731 http://www.forexfactory.com/showthre...21#post4560421 http://www.forexfactory.com/showthre...16#post4553516 http://www.forexfactory.com/showthre...80#post4553380 http://www.forexfactory.com/showthre...51#post4542751 http://www.forexfactory.com/showthre...38#post4521038 http://www.forexfactory.com/showthre...78#post4518478...
What ever happened to the Big E?
  • #60,875
  • Sep 27, 2015 5:06am Sep 27, 2015 5:06am
Quoting timster
{quote} What ever happened to the Big E?
What will happen to all of us: Mors Certa Hora Incerta, Eelfranz died a few years ago. RIP BigE
  • #60,876
  • Edited 6:05am Sep 27, 2015 5:30am | Edited 6:05am
Quoting timster
{quote} What ever happened to the Big E?
Hi,

eelfranz last updated his post#1 in August 2011, after that he was last online in Dec 2011. Despite his age and failing eye sight, he continued to trade and share in Forex factory. Sadly, he passed away after long illness with heart problem.

His last post and words to us: Post#12,912
<quote>
So many new traders... Do not think you can trade with us without reading the thread and taking notes. READ & STUDY.
....

Big E

<unquote>

60K posts to read is a huge challenge for many. But here is a fast track way:

Introduction to Trading Made Simple Post#57,854

many of us are here to continue help build this thread together.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #60,877
  • Sep 27, 2015 5:30am Sep 27, 2015 5:30am
Quoting Forex37
{quote} What will happen to all of us: Mors Certa Hora Incerta, Eelfranz died a few years ago. RIP BigE
So sorry to hear, well done everyone on continuing the thread!
  • #60,878
  • Sep 27, 2015 5:38am Sep 27, 2015 5:38am
Quoting Donquixote
{quote} i have eurusd , gbpusd, euraud, usdjpy , audusd , usdcad. what happen if trade eurusd and usdchf toghether , i mean usdchf movement is the opposite of the eurusd movement right? if u buy 1 lot in eurusd then u can sell 1 lot usdchf right? that way u can open 2 lot without making big movement right? ps:that lot is standart lot
Hi,

Eurusd and UsdChf are highly inversely correlated, i.e when there is buy in Eurusd, high probability it will be sell in UsdChf. If you trade both pairs at the same time, and when one goes wrong you will be wrong in both pairs.

read what Big E said about trading correlated pairs.
http://www.forexfactory.com/showthre...74#post4570374

and ask why did he open Japanese candlestick charts along with his 5-Method templates. What did he use Japanese candlesticks for?

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #60,879
  • Sep 27, 2015 6:36am Sep 27, 2015 6:36am
Quoting emmanuel7788
{quote} Hi, Eurusd and UsdChf are highly inversely correlated, i.e when there is buy in Eurusd, high probability it will be sell in UsdChf. If you trade both pairs at the same time, and when one goes wrong you will be wrong in both pairs. read what Big E said about trading correlated pairs. http://www.forexfactory.com/showthre...74#post4570374 and ask why did he open Japanese candlestick charts along with his 5-Method templates. What did he use Japanese candlesticks for? regards,
i see , thanks.
Take What You Can , Give Nothing Back
  • #60,880
  • Sep 27, 2015 7:35am Sep 27, 2015 7:35am
Quoting omonisha
{quote} EURAUD-H4 Couple of very common clean price action pattern formed last week. They moved from 250 to 500 pips. All is location. If we can identify the zone then we know where to look for and what to aim for. {image}
Hi Omonisha
I really enjoy your clear longer view charts.I often do the same zoom out then zoom in for the kill.
Green pips
In trading, you have to be defensive and aggressive at the same time
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