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Trading Made Simple the right way, and other trading lessons 324 replies

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Trading Made Simple system follower - Thanks to eelfranz 9 replies

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Trading Made Simple

Quoting lctrader11
Quoting TampaFX
Hello All, First I would like to say thank you to all the regular posters on this thread. I wanted to spend 30 days reviewing it before I made my first post. In fact it is my first post on FF! I have been demo trading Forex on and off for two years. Until I started using the TMS system I would take ME/SE fades for short profits. While it was profitable, the drawdowns were tough, and I feel this is a much better system. I backtested several pairs by hand (simple MBL cross not looking at news, trend,etc.). In the past month
...
Thanks lctrader11! Yes I hope it was not too many question as I do not want it to appear that way. After reviewing the thread for 30 days and doing several trades I started making a list of different questions.
Successful people do what unsuccessful people are not willing to do
Quoting emmanuel7788
{quote} Hi mazibee, Priority #1 now is for you to finish reading those Van Tharp books. When you are done reading, you will start writing your trading business plan. Meantime forget everything else here what you read about ME/ME, ADR-100 days, ATR-52 weeks, etc. and focus on the 5-Method setups in H1, H4 and D1 chart timeframes. Do demo trades in live market for 2 to 3 years and do not limit yourself to just those currency pairs you mentioned. You should have experience in trading the currency majors and the crosses. In doing demo, you will experience...
Extremely thankful Emmanuel.

May GOD ALMIGHTY Bless you.
Another poor week really. Stagnation in the account balance. Took some greedy / aggressive trades that went against me quick.. Will start a new demo account next week (one that doesn't close every other month).

Key point for nxt week is being more selective in my trades.

Great weekend all,
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There were many mistakes made wining trades to losing trades caused by greed and fear and not following my trading plan.
Otherwise it could be another successful week. Try again next week.
Have good weekend!!!!
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Hi Emmanuel


This week i had a basket (ME) UJ long closed in Loss. Please advice where I should have cut the loss in such situation. This is a 4 hr chart but i take decision on daily chart.


Thanks

MK
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Last two weeks Could not much trading due to some other commitments. Whole thing is how and when to cut losses and Smart cut loss .Need to more work on this part when to exit from basked to preserve capital.




And Last two months I put 20K more on 19th May

Thanks Emmanuel and every one for sharing your knowledge.

Thanks

MK
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Quoting mkfx
Hi Emmanuel This week i had a basket (ME) closed in Loss. Please advice where I should have cut the loss in such situation. This is a 4 hr chart but i take decision on daily chart. Thanks MK {image}
Hi Mkfx & Emmanuel,

Mkfx you did not tell us which pair I guess it UJ so I would like to answer this question, forgive me if I am wrong:-
Daily chart - candle closed below 10ema - invalidation for long trade.
4hrs - prices broke below master candle - going for short trade.
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thanks for commenting

yes it was UJ long trade.

i am cofused ehat should i consider 10 ema or close over opposite side PAC on daily chart..

thanks
Quoting mkfx
thanks for commenting yes it was UJ long trade. i am cofused ehat should i consider 10 ema or close over opposite side PAC on daily chart.. thanks

pete.alfa is correct about that trade invalidation on Day chart.

10EMA has nothing to do with TMS 5-Method. You either use the 5EMA, Typical Price, Shift+3 or you opt for the Synergy trading model use of the PAC or the Synergy-Pro_PAC which is a little different.
Which ever you chose to use, you write your own rules based on the one you chose.
But what is more important and should take precedence over the 5EMA or PAC is that you use PASR ( the Price Action at Support and Resistance) which is leading indicator over the use of indicators for trade decisions, both for trade setups and for trade invalidation.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting pete.alfa
{quote} Hi Mkfx & Emmanuel, Mkfx you did not tell us which pair I guess it UJ so I would like to answer this question, forgive me if I am wrong:- Daily chart - candle closed below 10ema - invalidation for long trade. 4hrs - prices broke below master candle - going for short trade. {image}

good stuff...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Hi,

I've found some useful stuff (my opinion). Maybe you can take advantage of it.

It is a Support and Resistance indicator. Virus Free! I checked.

I wanted to attach also a news alert system, however this file was not supported and it was 5,2 Mb.

At your service.
Attached File(s)
File Type: ex4 SR_zones.ex4   74 KB | 348 downloads
File Type: pdf Support and Resistance trading system.pdf   202 KB | 811 downloads
Keep it simple without too many crappy indicators!
Quoting TampaFX
Hello All, First I would like to say thank you to all the regular posters on this thread. I wanted to spend 30 days reviewing it before I made my first post. In fact it is my first post on FF! I have been demo trading Forex on and off for two years. Until I started using the TMS system I would take ME/SE fades for short profits. While it was profitable, the drawdowns were tough, and I feel this is a much better system. I backtested several pairs by hand (simple MBL cross not looking at news, trend,etc.). In the past month I have made 7% and I am...
Quoting lctrader11
Quoting TampaFX
Hello All, First I would like to say thank you to all the regular posters on this thread. I wanted to spend 30 days reviewing it before I made my first post. In fact it is my first post on FF! I have been demo trading Forex on and off for two years. Until I started using the TMS system I would take ME/SE fades for short profits. While it was profitable, the drawdowns were tough, and I feel this is a much better system. I backtested several pairs by hand (simple MBL cross not looking at news, trend,etc.). In the past month
...

Quoting TampaFX
{quote}{quote} Thanks lctrader11! Yes I hope it was not too many question as I do not want it to appear that way. After reviewing the thread for 30 days and doing several trades I started making a list of different questions.

sorry I don't have time during the week to answer every post as I am very busy with my own trading and also building up my stock trading portfolio with a group of traders.

see attached pdf Q&A. It may not answer your question the way you expect but reading some of the old posts should provide you the knowledge which should help you.

I must emphasized that it is very important that every Newbie must read all of Big E' posts and his training charts, take notes and do your demo trading in live market. Post charts with your questions and let other experienced traders help you and share their experience here.
Attached File(s)
File Type: pdf FF questions replies week 22 TampaFX.pdf   322 KB | 3,092 downloads
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Thank you very much for replying to my questions. I hope to return the favor some day!
Successful people do what unsuccessful people are not willing to do
Quoting luvene
Hi, I've found some useful stuff (my opinion). Maybe you can take advantage of it. It is a Support and Resistance indicator. Virus Free! I checked. I wanted to attach also a news alert system, however this file was not supported and it was 5,2 Mb. At your service. {file} {image}
do you have Dropbox etc which can provide public share link?
Good Day Dear Beloved Traders,
And Top of the weekend to you all.
I happened to have entered this AU trade in the running of the week,
I still do not understand why the trade went on a reversal at that points.
Could someone help shed some light into it?
I am thankful in advance.

Regards,
EF
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Motivation is what gets you started. Habit is what keeps you going
Hello everyone ,
sorry , it was a long time from I left this thread , i see that you use a new strategy and i do not understand many things in the thread can anyone give me the principle pages of the new strategy please .
Thank you
Quoting efestus
Good Day Dear Beloved Traders, And Top of the weekend to you all. I happened to have entered this AU trade in the running of the week, I still do not understand why the trade went on a reversal at that points. Could someone help shed some light into it? I am thankful in advance. Regards, EF {image}
Every one looked at the chart differently. Naturally we all will have different views. But what i wanted to learn what was your reason to enter there? Why you add position there? Why cut there? Are you looking at H1 only?

Happy weekend
Sad i'm not trying to understand PA
Quoting ladharimoham
Hello everyone , sorry , it was a long time from I left this thread , i see that you use a new strategy and i do not understand many things in the thread can anyone give me the principle pages of the new strategy please . Thank you
Nothing has changed to this simple and elegant trading method. Some members have added some things to suit their own personal trading style.

You may want to start all over a again by following these links below:

Here is a quick introduction/summary to this Trading Made Simple thread:
Trading Made Simple for beginners : Post#52,707
A short history by pioneer member snarlyjack Post#110

Our late OP eelfranz aka Big E spent 6,000 hours: Post#6 and he evolved as a trader and went on and developed two trading methods.
5-Method and 21/233 Method Post#3018, Post#4104,

After months of postings and answering many frequently asked questions FAQs,
eelfranz made the jump to this new Trading Made Simple thread on 26 April 2011... Post#4432

In Post#1, he explained how he traded the H4 chart timeframe and he also trade the H1 chart during the NY session. This suited his lifestyle being retired and the time zone he lived. Sadly he passed away in Oct 2012.

Two very important posts: Post#261 and Post#647, give a simple summary of what this 5-Method is and the basic forex stuff we check before we look for the TDI setups to trade.

TMS 5-Method Basic Rules: Post#53,841
Always check the #1- Price Action first, then #2- TDI Post#3142
Big E wanted us to build this TMS thread together... Post#4,432

The original indicators and template … Post#25

Latest Indicators used by many traders here:
The only two indicators which we use and the most recent versions are:-
the Synergy_Pro_APB which has the Price Action Channel included in it.
the Synergy_Pro_TDI, an updated version which work in realtime market
these are found in the package Synergy_Pro zip : Post#50,241

Recommendations:
Read all of Big E’ posts... 861posts in the Craig Harris Stochastics thread and 463 posts in this TMS thread....and make notes on those training charts he posted. Pay attention whenever he mentioned PA and what you see on his training charts.
Learn the basic stuff about forex trading first. A good place to start is www.babypips.com/school

If you want to trade the way Big E described in Post#1, make sure you use his template , the Synergy HA candles and use that TDI Red Green version all these in Post#25.
Note that the TDI Red Green version repaints all the bars in history so you cannot use this when you do back-testing by scrolling back your charts. The better way is to run this in live market and trade the TMS setups based on what you see without refreshing your charts. When you want to trade with entries on the APB#1 and APB#2 candles, always wait for the price bar/candle to close and use the TDI to confirm the setup.

About the Trader Dynamic Index aka TDI:
It is an indicator using multiple moving average of the RSI data. The RSI is derived from the market real price hence the TDI is always lagging the Price Action. To have as good understaning of the TDI, read this book by John Hayden.
RSI: The Complete Guide Post#27,110 .
Warning: Do Not believe in anyone or website telling you that there is a leading TDI developed.

About lagging indicators:
There is nothing wrong in using a lagging indicator so long as you know how to read the price action and apply just a few simple PA rules and let the TDI confirms the PA when trading this 5-Method.

Read this thread on regular basis and keep up to date with the developments.
If you are overwhelmed (information overload) by the number of posts and the loads of information and variations shared by other traders here, the best thing to do is to stop reading and go back to the basics what Big E mentioned in his 463 posts in this thread and 861 posts in the CHS thread. First you learn, practise and master the 5-Method first before you start add your own tweaks and make a new ‘system’.

TMS 5-Method is the simplest trend trading method here in Forex Factory and it works in all timeframes because there is a trend in every timeframe and we trade the trend of the moment. Give yourself a chance to trade this method and find your own winning edge.

Enjoy!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Hi Emmanuel,

First, thanks for all the information, replies on all kinds of questions and this over and over again. Great job and lots of respect, I can't tell you how much

I am watching this topic now for three weeks, together with the topic of Mehdi, Low risk, stress free. I have read a lot of it and several times. Of course not everything of this topic but the first 30 pages and some important posts you told us. Personally and I am not the only one, almost everybody is going to make it more and more complicated. Because of all the overwhelming information, indicators, different timeframes and many more. You want to try making it even better, right?

Therefore I started again and with the basic rules of Eelfranz, only on 4h timeframes. Otherwise, if you try to take everything into consideration, there will always be a reason NOT to take a trade. This can produce a lot of stress and keep you from pulling the trigger. I know there will be losses and I accept that, how difficult it might be. The trick is to have more profitable winning trades than losing trades. Maybe I got it wrong but my rules are the following :

- Trading only on 4H, starting at London session preferable (more or less....). Eelfranz started at 10PM Pacific.
- At the opening of a new Bar! No confirmation needed. When green already have been crossing red. For me, no yellow line consideration for opening a trade or 50 line or what....
- Synergy APB candle, the first or second one together with crossing on TDI green/red
- How big is the Reversal Candle? If the candle is very small or very big then I take everything here into consideration. I usually skip over.
- What is the Angle of the crossing green/red? If angle is not significant I skip this trade.
- How close are the last S/R levels from the level of opening a trade?
- Are there any High Impact news coming for the specific pair?

As you can see above, these are already many rules!!! I don't say TOO many but when you making more and more rules it will procedure more stress and keep you from pulling the trigger. You agree?

Of course you can wait for confirmation on the next Bar, maybe a good idea for trading on the 1H timeframe or faster but the original rules of Eelfranz for me are quite clear.

I set my Stoploss usually on the last Swing/High or Swing/Low, most of the time it is around 50 pips and I trade with a mini Lot, hence $ 50 risk for USD as the second currency. I struggle only when I have to go out and accept my loss or take my profit , for me by far the most difficult part of the game. Eelfranz was telling when TDI flattening and he had more rules but when you do you have to watch the charts all the time and that's not what I want, only the last 15 minutes before a new candle is coming.

Eelfranz was also telling that he closed all the trades at 6AM Pacific which is 9AM EST which is opening NewYork. This is what I don't understand.

Maybe you people can give me some comment, especially Emmanuel.

Thank you all and keep up the good work you all and happy trading! I attached an example of my charts on 4H.
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Regards from Holland,
Johan
Keep it simple without too many crappy indicators!
Quoting luvene
Hi Emmanuel, First, thanks for all the information, replies on all kinds of questions and this over and over again. Great job and lots of respect, I can't tell you how much I am watching this topic now for three weeks, together with the topic of Mehdi, Low risk, stress free. I have read a lot of it and several times. Of course not everything of this topic but the first 30 pages and some important posts you told us. Personally and I am not the only one, almost everybody is going to make it more and more complicated. Because of all the...

Bravo on the beginnings of your trade plan. Please don't forget about money management, trading goals, psychology (part of the previous two and all previous steps). As for your question that has to do with USA open and EElfranz closing his open trades.... Lets talk a little about the daily flow of the market. When The new day opens, (this depends on your broker, but in my local EST time its usually 5-8 or just as Tokyo opens. Most traders take their bias on the daily candle. As to why this is would be too long of a post but its true. Long term traders and longer term traders are putting in their orders at this time and the market starts to waken between 8-9pm EST. When London comes up, it will either confirm Asian direction or reverse it, or bounce it. (think double tops and bottoms) If a trend is taken and takes off as is usual during london, the currency typically reaches its weekly ADR or a percentage of it by the time USA comes a long the currency is exhausted and can naturally reverse or it can reverse on the news at 8:30 AM ESt that happens every weekday. This is why EElfranz would exit before USA started.... Because price often reverses due to market exhaustion or news. This is my view anyways. Take a look at price action on any major currency with an accurate session indicator on it and you can see the same sort of ideas. Market sleeps toward the end of the USA session Till overlap between Australia and Tokyo. London usually picks direction and moves currency along especially if it chooses the same direction as previous session. USA reverses on news or exhaustion. Rinse and repeat. There are of course other things that can be said but its a good description for someone relatively new to the forex. Hope it helps

LL
"IN CASH WE TRUST"
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