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Another simple system - Time-Frame 15

  • #26,661
  • Jan 24, 2016 4:46am Jan 24, 2016 4:46am
Hi! Rob,
I trade mainly the 15 min and hourly time frame..I don't trade the weekly and monthly..I only trade the daily after a strong and prolonged trend and feel that a retracement is due .I will look for pinbars,bullish or bearish engulfing candles,swing highs/lows for a 50,61.8 or 78.6 fib retracement..I might add entries along the way using the 15 min time frame depending on my mood...very ordinary and nothing special and pray hard
the cautious seldom err....C
  • #26,662
  • Jan 24, 2016 5:05am Jan 24, 2016 5:05am
here is a daily chart of US oil...there was a morning star pattern which was confirmed the next day(Friday) with a bullish candle...as I do not have professional training I am guessing the next target would be 34 and if that is taken then 38 would be possible...in anticipation of this happening I cannot but be confident that my E/cad and U/cad will move south
Attached Image (click to enlarge)
Click to Enlarge Name: USOil D1 (01-24-2016 1857).png Size: 48 KB
the cautious seldom err....C
  • #26,663
  • Jan 24, 2016 5:18am Jan 24, 2016 5:18am
Quoting Pipsninja
{quote} {quote} There are 2 main reasons a semi-active poster stops posting: 1.) Blows up his account 2.) Is making his pips quietly Please choose only one of the above options by typing 1 or 2 and I will reveal the real answer to you on Sunday.

LOL...

is only one answer, i mean 2

that is, answer 2??? confusing??

can only be 1 of the 2, but is 2, not 1.
  • #26,664
  • Jan 24, 2016 5:29am Jan 24, 2016 5:29am
Quoting Helee
{quote} LOL... is only one answer, i mean 2 that is, answer 2??? confusing?? can only be 1 of the 2, but is 2, not 1.
you can be playful now, Helee..when market opens make sure you get your up and down in the correct sequence..buddy, how about some posts from you
the cautious seldom err....C
  • #26,665
  • Jan 24, 2016 9:19am Jan 24, 2016 9:19am
Quoting Pipsalon
{quote} Happy to see you I think you scalped a lot of 2's already. So my answer is: 2
Thanks

Quoting pips29
{quote} welcome ninja,.. you are among the best when you are scalping using the moving averages and there is no way you will blow an account and 2 is an easy yes
Thanks mate, your trading is very inspiring

Quoting Helee
{quote} LOL... is only one answer, i mean 2 that is, answer 2??? confusing?? can only be 1 of the 2, but is 2, not 1.
Thanks, superb answer
Trading can't be taught but it can be learned
  • #26,666
  • Edited 11:33am Jan 24, 2016 9:35am | Edited 11:33am
The real answer is that I stopped trading for the year 2015 right before Christmas and my plan was not to trade until January 18th, 2016. Early January 2016, I noticed that due to the China mess and low Oil prices, currencies are making some nice moves so I started to trade just the London session as of January 6th, 2016 and then went full speed starting January 18th, 2016.

It has been the most rewarding month ever for my Equity Growth trading account and I am hoping that you all are capitalizing on these nice moves. Here is my equity curve for 2016, I may continue putting it up as the year goes on.

Happy Pipping,
Attached Image (click to enlarge)
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Trading can't be taught but it can be learned
  • #26,667
  • Jan 24, 2016 9:52am Jan 24, 2016 9:52am
Quoting Pipsninja
The real answer is that I stopped trading right before Christmas. Early January 2016 noticed that due to the China mess and low Oil prices, currencies are making some nice moves, so started to trade just the London session as of January 6th 2016 and then went full speed starting January 18th 2016. It has been the most rewarding month ever for my trading account and I am hoping that you all are capitalizing on these nice moves. Here is my equity curve for 2016, I may continue putting it up as the year goes on. Happy Pipping {image}
Woow that balance looks awesome Hope to see some examples from your trades...I learn a lot from them.
In december I already thought that I mastered Forex. But january is not a good month for me so far. My balance is back at the point where I started at.
It's due to jumping into bad setups too fast and doubting the good setups. I think this is part of a beginning trader. I learned a lot from it though and hope to get more consistent in the future.

Still learning everyday.
  • #26,668
  • Edited 11:15am Jan 24, 2016 10:40am | Edited 11:15am
Quoting Pipsalon
{quote} Woow that balance looks awesome Hope to see some examples from your trades...I learn a lot from them. In december I already thought that I mastered Forex. But january is not a good month for me so far. My balance is back at the point where I started at. It's due to jumping into bad setups too fast and doubting the good setups. I think this is part of a beginning trader. I learned a lot from it though and hope to get more consistent in the future. Still learning everyday.
Thanks Pipsalon, as they say prefect practice makes perfect, just trading for the sake of trading won't bring about improvement. Jumping into bad setups will decrease your confidence in the trading system.

The bad thing about FX trading is that due to ranging nature (~70% of the time) a bad setup may turn into a BE or even profit if held on to without SL often but the times that it continues to move against the trader then accounts get damaged beyond repair.

I highly recommend that you start a trading journal if you haven't already and make notes (reasons) before you take a trade and then after you close your trade and then go over your notes at the end of trading day, be as detailed as possible. Even write down your physical, psychological state at the start of your trading session. Do you trade worse when you are tired, sick or had only a few hours of sleep and so on.....? Find your mistakes and work on eliminating them.

I strongly believe that if a trader doesn't start a trading journal then he/she is not serious about trading. A trading journal made a huge difference in my trading.
Trading can't be taught but it can be learned
  • #26,669
  • Edited 12:13pm Jan 24, 2016 10:46am | Edited 12:13pm
I started experimenting with a few other trading systems in the past few months. I was nearly trading the same setups using slightly different methods and indicators

M30 TMS Likica style Trades:
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Trading can't be taught but it can be learned
  • #26,670
  • Edited 11:12am Jan 24, 2016 10:51am | Edited 11:12am
M5 Cigarguy PVSRA style trades:
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Trading can't be taught but it can be learned
  • #26,671
  • Edited 11:41am Jan 24, 2016 10:53am | Edited 11:41am
M5 Rainbow/Cigarguy style trades:
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Trading can't be taught but it can be learned
  • #26,672
  • Jan 24, 2016 10:54am Jan 24, 2016 10:54am
M5 TRD style trading for high R:R
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Trading can't be taught but it can be learned
  • #26,673
  • Edited 12:15pm Jan 24, 2016 11:07am | Edited 12:15pm
It is the same basic pattern taken in areas that have the highest probability of making pips. Once you master this then you can trade this pattern using any other robust trading system, you can learn all about it in this thread for FREE.
Attached Image
Trading can't be taught but it can be learned
  • #26,674
  • Jan 24, 2016 11:09am Jan 24, 2016 11:09am
Quoting Pipsninja
{quote} As they say prefect practice makes perfect, just trading for the sake of trading won't bring about improvement. Jumping into bad setups will decrease your confidence in the trading system. The bad thing about FX trading is that due to ranging nature (~70% of the time) a bad setup may turn into a BE or even profit if held on to without SL often but the times that it continues to move against the traders then accounts get damaged beyond repair. I highly recommend that you start a trading journal if you haven't already and make notes (reasons)...
I did not use a trading journal before. I only saved all images of my trades.
I am making a detailed trading journal in excel now. Thanks for your advice
  • #26,675
  • Edited 4:27am Jan 25, 2016 12:58am | Edited 4:27am
Quoting Pipsalon
{quote} I did not use a trading journal before. I only saved all images of my trades. I am making a detailed trading journal in excel now. Thanks for your advice
You are welcome. It is important to write down in a trading journal not only the technical reasons but also all the emotional things that a trader goes through before trade entry all the way up to closing a trade. You need to treat this trading journal as a Trading/Personal Trading Diary

The benefit of a trading journal is that trading mistakes get recorded/highlighted and once you read your trading journal then those mistakes start to form patterns and they eventually will become bad habits. Now our job as traders is to break those patterns/bad habits and reduce/eliminate those mistakes. It is easy not to start a trading journal because traders claim that they know all their trading weaknesses and will work to improve them later on. The act of taking the time to write down mistakes and then reading them at the end of each trading day and again at the end of each week/month/quarter allows a trader to face his/her trading weaknesses and mistakes (demons) head on.

I like to say that there are 3 types of traders, the Gambler, the Hobby trader and the Professional trader. A Professional trader treats trading as a business. No business will survive by making operating mistakes over and over again. Now what goes into running and operating a business? A lot
Trading can't be taught but it can be learned
  • #26,676
  • Jan 25, 2016 3:36am Jan 25, 2016 3:36am
GU-18
Preview: Break of 15m 200 ema and RN. I waited for a retracement back to the RN. PA was down... Entry close to the RN.
Don't know why this failed, maybe it was just unlucky.
Maybe an experienced trader can review this trade.
Attached Image (click to enlarge)
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  • #26,677
  • Jan 25, 2016 4:10am Jan 25, 2016 4:10am
Quoting Pipsalon
GU-18 Preview: Break of 15m 200 ema and RN. I waited for a retracement back to the RN. PA was down... Entry close to the RN. Don't know why this failed, maybe it was just unlucky. Maybe an experienced trader can review this trade. {image}
When price is between 200 and 800 EMA like this, it is better to trade another pair (LE1 has mentioned it many times)! When price visits 200 EMA for the first time there is a higher probability for it to bounce or hang around then to smash through it. Why? MMs want to stop out long and short traders before moving price again. It is safer that you put your SL above the most recent swing high + a few pips to avoid such stop hunting activities in such a case you would have used a SL of +30.0 pips! What would have been your target? At least you got to look for a trade with a 1:1 R:R.

Advanced tip: If I was to trade this setup as a momentum play setup in order not to miss the possible price smashing through it (could happen) then I would have entered right after break of RN with a SL above the last swing high and then moved SL to BE after being up by X many pips and would have gotten stopped out at BE.
Trading can't be taught but it can be learned
  • #26,678
  • Jan 25, 2016 4:24am Jan 25, 2016 4:24am
Quoting Pipsninja
{quote} When price is between 200 and 800 EMA like this, it is better to trade another pair (LE1 has mentioned it many times)! When price visits 200 EMA for the first time there is a higher probability for it to bounce or hang around then to smash through it. Why? MMs want to stop out long and short traders before moving price again. It is safer that you put your SL above the most recent swing high + a few pips to avoid such stop hunting activities in such a case you would have used a SL of +30.0 pips! What would have been your target? At least...
When I entered price was not between 200ema and 800ema. But you mean that price is still in that zone?
Sometimes I see that happen, just 1 bar that breaks the 200ema but Price go's up above the 200 ema immediately after.
  • #26,679
  • Jan 25, 2016 4:32am Jan 25, 2016 4:32am
Quoting Pipsninja
{quote} When price is between 200 and 800 EMA like this, it is better to trade another pair (LE1 has mentioned it many times)! When price visits 200 EMA for the first time there is a higher probability for it to bounce or hang around then to smash through it. Why? MMs want to stop out long and short traders before moving price again. It is safer that you put your SL above the most recent swing high + a few pips to avoid such stop hunting activities in such a case you would have used a SL of +30.0 pips! What would have been your target? At least...
An example: Here you see price between 200ema(roze) and 800ema(white). There is 1 bullish bar that breaks the 200 ema. After that price immediately go's back into the ranging zone. Is this what you mean pipsninja? There is still no clear break out of the zone, just 1 bar that closes outside of the 200 ema is not valid for a break?

Hopefully my example is clear...because English is not my mother tongue.
Attached Image (click to enlarge)
Click to Enlarge Name: 800ema200ema.PNG Size: 13 KB
  • #26,680
  • Jan 25, 2016 4:36am Jan 25, 2016 4:36am
Quoting Pipsalon
{quote} When I entered price was not between 200ema and 800ema. But you mean that price is still in that zone? Sometimes I see that happen, just 1 bar that breaks the 200ema but Price go's up above the 200 ema immediately after.
The basis setup is, price above 800, 200, 10 EMA you go long and vice versa for a short, master this set up first.

Please don't just read but study LE1 charts and posts. When I look at one of LE1's charts/posts, I try to understand it and then I open my charts and go as far back as many months and try to find those things on my own charts so those things become second nature.
Trading can't be taught but it can be learned
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