100-300 Pips Per Day Any Pair Any Timeframe Using 2 Indicators - page 32
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Success of the Thread & More Trade Set Ups
Hi joe.
Thanks for your sharing. I am reading this thread since the beginning and try to apply the TSU#2 in my trades. Sometimes it goes fine (up to 200 pips a day) and sometimes it goes bad (losing all the trades). As you want to present another TSU can I ask you to share with us the summary of the thread? I'd like to know what ideas and what improvements from this thread you applied in your TSU's so far. Your opinion would help me to tweak my approach so it could be worth going live. Once again thank you for sharing, it put a lot of enthusiasm to me.
Regards, wromek
Hi joe.
Thanks for your sharing. I am reading this thread since the beginning and try to apply the TSU#2 in my trades. Sometimes it goes fine (up to 200 pips a day) and sometimes it goes bad (losing all the trades). As you want to present another TSU can I ask you to share with us the summary of the thread? I'd like to know what ideas and what improvements from this thread you applied in your TSU's so far. Your opinion would help me to tweak my approach so it could be worth going live. Once again thank you for sharing, it put a lot of enthusiasm to me.
Regards, wromekwromek,
I'm glad to hear you have had some success as well as failure. TSU#2 works and it works well. It also has times and days were it might give you false signals. There are things you can look for to make sure you can better the your reason to take the trade.
K.I.S.S is the best thing for us in trading. When you were born you did not run first or walk first you crawled. This principle is the same in every thing in life. To a baby asking them to run would be impossible. Naturally as the baby participates in life it will start to crawl first then walk then in can eventually run.
Trading is no different. Never search for the perfect trade. You will become the perfect failure. Look for the simple trade thing first, then ask can I improve on that simple trade.
TRU#2 is a simple trade. You have participated in it and have begun to crawl. I know your ready to move to walking simple by telling me you have had successful trades as well as failures. You are now asking how do I improve. I commend you for that.
The next thing that could improve your trading has been mentioned on this thread. If you have tried it keep practicing it. If you have not then lets add this to your trading.
Open up 2 more charts. You will have the 1m,5, & 1hr.
I have included a picture I want you to study and go through what I've wrote down so you will be clear to how you can improve from were you are at now.
I've put numbers so you can see the order of what to look for first. I use a pic of start of the 2nd Mac D candle and then the start of the 3rd Mac D candle. I want you to see the clearer the entry the better.
In this example on start of the 2nd 1hr Mac D candle closing was enouph even though the probablily goes down. Start of the 3rd 1hr Mac D candle shows more confusion. You will see were there is still pips to be made on the third candle though. Usually its the opposite. start of the 2rd candle shows confusion 3rd is more committed and shows better clearity.
1-1hr chart shows peak and reversal Mac D second candle that closed after the peak.
2-You move to the 1m,5m & change 1hr to 15m chart. You'll be looking at 3 charts now. What you are going to try to learn is how to read the trade by asking your self the question what do I know about the Mac D and S/R. You will notice when you see a good trade because it will follow the rule of what a good trade will do. If it's not setting up in this time frames in order then you wlll see confusion. It's really that easy. All these indicators tell us is what is going on.
You will use the things learned about when to enter with TSU #1 to determine your entry. By doing this you can improve when to trade, or enter a trade, If you are not seeing a good entry chances are higher that bulls and bears are still fighting and who knows which direction its heading. When it's clear take the trade don't force it even if it might have been a profitable trade. When its not be patient and wait for it to be clear.
1- It's clear enouph to tell you take the trade or 2- It's clear that you don't have an entry and to wait for one. This alone can help keep you out of less loosing trades.
Money Management-
I want you to try this. You will be stopped out alot more but you will find being safe will help you have more pips at the end. You might not have lots of pips but at least you will avoid break even.
Once you have chosen the entry in 15m,5m, then finally 1m chart you are ready for a good movement.
After 20 pips of profit I want you to close 60% of your trade. Were ever you have set your stop loss move it to 20pips.
Start there we will continue money management later.
JS
Hi Joesmoe,
First, its a pretty good system. Great work. Appreciate you sharing.
I am a technical trader and am in the process of writing code to automate this trading and needed specifics so that I can automate it and see the results for myself. I have been using RE and C# programming and have been code a few systems for myself and some worked alright. But this one certainly tempting for coding.
Would you be able to share specifics?
1. How far back in the history do we need to go to find the lines (levels) of resistance and support?The S/R Supports come up after three price bars in each time frame once it's found a high or low. Are you using the 3_level_ZZ?
2. What are the "signal" points for being ready and "position" points, technically speaking? What TSU 1 or 2. Read #1 and #36 Thread. The rules are on those pages.
3. What are the position management attributes, such as stop loss (if any), trail stop, profit limit etc ... based on earlier trades? You get a set up for EA we can talk about what works best for TP and SL
4. Good times and bad times for trading? Do we have to care about volatility of market and similar factors? Yes there are good and bad times. Once you get your EA we can also talk about the best times to run it.
Thanks again, and I will share my back-testing, demo and live experience with this as I get there. Cheers.
-YaI hope that helped.
JS
Hi Joesmoe!
This is my first post to this Forum .......
I have traded the futures market before, but I am a newbie at trading the forex market. Only been Live trading for 2 Months now. My results are nothing to brag about. I've been losing as much as I am winning. My account is up only slightly. Several dumb mistakes seem to wipe out any gains that I have made. But I am learning from my mistakes and am a better trader for it.
Thank you for sharing these great systems with us! For some reason, I'm making as many bad trades as I am good trades with system #1. I need to demo that one some more. You will need lots of practice.
I've only been using system #2 for 3 days now and the results were mixed the first 2 days. Only because of me, of course. After the #3 top or bottom, I would take the trade as soon as the Macd histogram reached its peak and the next one started lower. But your one post has cleared this up for me. I need to wait until at least 2 Macd histograms have completed lower after it has reached its peak. When the 3rd one starts lower, then go to a lower time frame to help pick an entry position. When I started doing that, then the results were amazing! Only 1 day (on Thursday) of actually doing this right This is great. I put up an example for another trader that explains what you have now been doing. I'm glad you are doing better with your entries.
Now I have a few questions about trade set up #2.
Trailing stops. Do you use them? Or do you just stick with a plan until either your take profit or your stop loss is hit? Trailing stops killed several good trades for me for the first half of Thursday. My take profit was approx. 60 pips, depending on the currency pair I was trading. Each winning trade was between 5 and 15 pips. Each one of those trades would have hit my 60 pip take profit target if I had left out the trailing stop. What I would do is try different money management ideas for your TP. Try taking 15 or 20 pips and sale 60% of your trade. Then move your stop loss to the 15 or 20 pips. Sell the the 40% left at 60pips or more. This is tricky. I don't have a hard and fast rule for stop loss. I do different things on different days. If I had an EA and would have to make a hard and fast rule. I don't have one at the moment.But the last half of Thursday left me very excited about the possibilities for this upcoming week! Once I decided to stick with my plan and prevent my Emotions from interfering with my trades, then the results were soooo much better!
Do you try to have your trades closed out before your broker closes for the weekend? Or it doesn't matter to you if you happen to have a few open trades over the weekend with trade set up #2? Depends on the trade. I try to close them out but you should be fine if you leave a stop loss and take profit before the broker closes.
Do you have any rules that you follow for trading on Holidays? Do you just avoid trading on holidays? I don't trade holidays. If its slow then a trade won't set up. You can still make money on through the holidays. It's just one of the things you would watch. If I had a EA I would not trade on holidays, I would only trade when it is highest probablity.
I am planning on posting my results for next week. Since it will actually be a full week of trading the system the right way. :-)
In 6 Months to a year from now, I am confident that I will be telling you how much you have changed my life!
Thanks for sharing ..........Thanks for the post
JS
wromek,
I'm glad to hear you have had some success as well as failure. TSU#2 works and it works well. It also has times and days were it might give you false signals. There are things you can look for to make sure you can better the your reason to take the trade.
K.I.S.S is the best thing for us in trading. When you were born you did not run first or walk first you crawled. This principle is the same in every thing in life. To a baby asking them to run would be impossible. Naturally as the baby participates in life it will start to crawl first then walk then in can eventually run.
Trading is no different. Never search for the perfect trade. You will become the perfect failure. Look for the simple trade thing first, then ask can I improve on that simple trade.
TRU#2 is a simple trade. You have participated in it and have begun to crawl. I know your ready to move to walking simple by telling me you have had successful trades as well as failures. You are now asking how do I improve. I commend you for that.
The next thing that could improve your trading has been mentioned on this thread. If you have tried it keep practicing it. If you have not then lets add this to your trading.
Open up 2 more charts. You will have the 1m,5, & 1hr.
I have included a picture I want you to study and go through what I've wrote down so you will be clear to how you can improve from were you are at now.
I've put numbers so you can see the order of what to look for first. I use a pic of start of the 2nd Mac D candle and then the start of the 3rd Mac D candle. I want you to see the clearer the entry the better.
In this example on start of the 2nd 1hr Mac D candle closing was enouph even though the probablily goes down. Start of the 3rd 1hr Mac D candle shows more confusion. You will see were there is still pips to be made on the third candle though. Usually its the opposite. start of the 2rd candle shows confusion 3rd is more committed and shows better clearity.
1-1hr chart shows peak and reversal Mac D second candle that closed after the peak.
2-You move to the 1m,5m & change 1hr to 15m chart. You'll be looking at 3 charts now. What you are going to try to learn is how to read the trade by asking your self the question what do I know about the Mac D and S/R. You will notice when you see a good trade because it will follow the rule of what a good trade will do. If it's not setting up in this time frames in order then you wlll see confusion. It's really that easy. All these indicators tell us is what is going on.
You will use the things learned about when to enter with TSU #1 to determine your entry. By doing this you can improve when to trade, or enter a trade, If you are not seeing a good entry chances are higher that bulls and bears are still fighting and who knows which direction its heading. When it's clear take the trade don't force it even if it might have been a profitable trade. When its not be patient and wait for it to be clear.
1- It's clear enouph to tell you take the trade or 2- It's clear that you don't have an entry and to wait for one. This alone can help keep you out of less loosing trades.
Money Management-
I want you to try this. You will be stopped out alot more but you will find being safe will help you have more pips at the end. You might not have lots of pips but at least you will avoid break even.
Once you have chosen the entry in 15m,5m, then finally 1m chart you are ready for a good movement.
After 20 pips of profit I want you to close 60% of your trade. Were ever you have set your stop loss move it to 20pips.
Start there we will continue money management later.
JSHi joesmoe,
Thank you for posting these charts and thoroughly explaining the entries using 1H, 15M, 5M & 1M T/F.
I must say I also got a little disillusioned end of last week as I managed about 8 lost trades in a row, which was a bit of a downer after havig quite a lot of good trades the week prior.
They all appeared to form just right, and yes I was looking at the lower T/F charts to help to decide on entry, but I was not looking at them as analytically as you. I have a new lease of life, looking at your charts, and will have another go next week.
Thanking you for making such an effort to explain to us newbies how to go about it, as otherwise many of us might just give up.
Keep up the good work.
Nikolaus
JS,
Can you you post the indicator with the blue and red dots. Thank you
Hi Joe,
first of all thanks a lot for all your hard work and help.
Maybe you could help me with one issue:
How do you set your initial stop loss?
I'm setting my first SL 5 pips below or above the S/R line at the 3 level and I'm also looking that the SL should be outside the bollinger bands(20,2.0).
The problem I'm facing is that sometimes the SL is very large (more than 100 pips) so if I'm stopped out it's a huge loss.
Therefore it would be very helpful for me to know where to place a closer SL. Usually I don't like fixed SL's. I try to go for S/R lines or Bollinger Bands.
Pete
JS, Can you you post the indicator with the blue and red dots. Thank you
torroray,
The indicator is on post #36
JS
Hi Joe,
first of all thanks a lot for all your hard work and help.
Maybe you could help me with one issue:
How do you set your initial stop loss?
I'm setting my first SL 5 pips below or above the S/R line at the 3 level and I'm also looking that the SL should be outside the bollinger bands(20,2.0).
The problem I'm facing is that sometimes the SL is very large (more than 100 pips) so if I'm stopped out it's a huge loss.
Therefore it would be very helpful for me to know where to place a closer SL. Usually I don't like fixed SL's. I try to go for S/R lines or Bollinger Bands.
PetePete,
The best way to do this is what ever your TP is set at make sure your stop loss is 1/3 of that. You should always go for 3 to 1 risk ratio at minimum. So if you have a take profit of 60 then go for 20 stop loss.
Another way would be go to a smaller time frame and see were S/R might be. Like 30m,15m Set it 5pips above that. If they are the same in ever time frame then see if you can make 3 times that in your TP. Look at your Bol bands or S/R or 0.00 Mac D for 300 pip move. You are getting the idea. I love the 5 pips S/R bol bands. That is really smart. Just do some more homework to what is best at the given time of day. Time frame, Maybe look at the Daily and see if it has bounced of S/R or what Mac D looks like. That might help you. Let me know how you do.
JS
Thanks for the answers Joesmoe!
The pictures that you have posted have really cleared things up for me on how to look for a good entry or to wait for a better signal to come along.
I've been learning to be much more patient and trying not to force a trade. That has been my biggest problem so far. Too impatient and jumping into a trade too early. Then I started asking myself a simple question. Is it better to trade many times and lose? Or trade fewer times and win .....
By waiting for a good entry signal like you described in your pictures, that will help me pass on the bad trades that I probably would have taken. Also, it will help me with getting better entries with my winning trades.
I like your Stop Loss ideas as well. What I have been doing is placing my Stop Loss 5 pips above/below the #3 point. But like the previous poster mentioned, that can be a large stop loss of 100 pips or so. My take profit is approx. 60 pips for TSU #2. So it would take 2 winning trades to cancel out 1 losing trade. 3 losing trades to cancel out 1 winning trades does sound much better!
If I use a 3 to 1 ratio, then I can easily double or triple my lot size and still have the same level of risk per trade with 2 or 3 times the reward.
So far, I have been starting out slow. Mini lots of .2 or less. Trying to get rich slow, not go broke fast. :-)
Hope you had a great weekend!