24/11/2010 13:27:45
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to see an example of a trading system based on indicators you can view a trade plan, rules and a drill to assist in how to learn it...
https://www.micro-trends.co.uk/forum/topic864-sample-gbpusd-trade-plan-for-mt3.aspx
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08/10/2010 20:34:08
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sample templates and workspaces now posted the downloads pages
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07/10/2010 20:12:28
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Start simple - learn to trade by following singals - get some chart time lots of it.
understand the concepts of early confirmations with small candles compared to confirmation after a larrege candle and what it does to your proft oppurtunity.
Look adn learn and abosrb -do not worry about the P&L - this takes time to find a robust approach.
here's my 2P
patience
practice
That is all you need to know... how many practice shots do you think Tiger woods played in his life?
buy or sell on trade setup, entry & exit signals generated by a "free for sim trading" on chart signals indicator or auto trading strategy.Learn & combine advanced methods to obtain consistent profit
Any easy system to learn maybe something like the MT3 HILO Range Trader on a Renko chart...
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15/09/2010 23:10:35
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Combining Range Trading and Trend Trading - MT3 Forex Trader
I thought after my last few posts try to describe some information that might clarify a seemingly opposing technical commentary versus with systems you have to take every trade …that’s true unless you learn how to filter trades – with rules for using discretion.
Can you see the edge?
Shall we trade in from the extremes, from levels of support and resistance or are those levels going to break and fat tail into a sustained trend…
Can you see the trend?
Shall we buy and sell recent highs and lows, or counter trade with a pullback
Can we trade both?
Can we trade in from the edge and still go with the trend?
Confluence
Perhaps there is a time when the stars all align and the moon beam shines through the hole in the pyramid and the whole market constellation is in alignment – that is the time when have the perfect trade….
It does happen quite a bit, you can range trade with the trend, you can trade levels, trend line rejections, trend lines, extremes all at the same time – you just got to break it down into components – master each one in its own right understand what it does..
It is either a Pure Trend Following System or a Mean Reversion System
You can mix them… then you have a hybrid.
How can this information help….
Ok You are range trader – your drawdown occurs when the trend forms or busts through historical levels of support or resistance…
You are not picking the tops and bottoms as such but sometimes you can be so accurate to the novice that is what you are doing – what you are actually doing is trying to enter as near to those points so you can place your technical stop in an insulated position away from any whip sawing market noise and volatility.
http://microtrends-ninjatrader.blogspot.com/2010/09/combining-range-trading-and-trend.html
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06/07/2010 13:56:25
Tom Leeson
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You should learn how to trade support and resistance with the chart naked using historical levels, open high low, close levels. trend lines trend channels, fibonaci numbers. Pivots.
Trends using Mutliple Tiem Frames
Higher Time Frame and Trading Time Frames
Learn how to judge is this a pullback or a trend continuation????
Ok so now find a system that works well on its own.
Now combine with the above
Yearly,Monthly, Weekly levels
Pullbacks with trend etc
Combine signals...learn why a system works and when it works best...
Dont just buy a signal system because it says this is great on the box - forget it
learn to trade first then look and try software to assist you.
MicroTrends Range Trader Trading with Weekly Levels.....
http://www.screencast.com/users/MicroTrends/folders/Jing/media/8340cb5d-233a-46ae-8bdf-29a9a53b4146
Om so these signals the green dot adn green upo triangle occured off the new low..
The new low was solid where the green arrow is why?
check the levels on the left....
DONT FORGET MONEY MANAGEMENT EITHER :-)
edited by tom on 06/07/2010
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MicroTrends tom
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11/12/2009 15:38:23
Tom Leeson
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Using the Discretionary Trading Systems
1. Visual Stats let you home in on what might be the best time frame.
2. Discretion is then required for formulating a simple rules based system.
We need to identify what is a good trade and a bad trade - irrespective of outcome. Good means high probability - Bad = low. If you do this the market will can look like a menu of rated trades - which you have identified. You simply wait for the right pattern and setup. Then follow a pre-determined set of rules.
Every trading system is the same - irrespective of any gloss or technique.
This part is scientific
For EXAMPLE:
If Flat - Wait for Setup
1. Trade Setup - Get ready for Entry (Set Sell mode or Buy mode) 2. Trade Entry - predefined order entry, target and stop placed.
Your task is to define rules for the trade setup.
Trade Setup:
Trading Time Frame (TTF) 5min Chart Price hits the daily resistance level.
Higher Time Frame (HTF) 15 min and 30 min chart - MACD trend is a bearish. The System is in sell mode.
Trade Entry: Scalper fired reversal + rule x,y,z is true Enter Short at signal, stops on, target on.
This part is the ART:
I did not take the trade because I knew xyz was common...or the price action was this and the market trades like this....I moved the stop in early -because of ......I managed the Trade on the HTF but entered on the TTF...
More Science:
Keep a log of your trades and the following points - The entry, price, Stop, Target, Trade P&L What is its daily ATR over the last week, range of movement. (was it worth trading this instrument at this level)
What was the net change. (Is the normal movement already spent on the day you are trading?)
Weekly Pivots, Daily Pivots and the mean effect they have on any signals.
General Comments about how you felt about your internal dialogue - did it feel right?
The rules followed. HTF Trend etc.
Rating: rate the trade between 1 and 5
Now you will have a log of what is working - you might only decide to trade setups rated as 4 and 5 and ignore all else. Identifying and rating the trades is a great thing to do. The Market is now a menu of trades worht taking or leaving
edited by tom on 29/12/2009
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MicroTrends tom
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