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  • #28,601
  • Jan 3, 2014 11:42am Jan 3, 2014 11:42am
For all those still getting to grips with CSP's.....

In order to help progress away from "schematics" attached is a document I had compiled a while ago to help me speed up my understanding of some of the CSP contained in this thread and what to look for this helped me so it might help you.

Cigarguy, in reference to your PM you will find what you are looking for here (at the end).

Once again....to trade TMS proficiently one of the steps is to... "Establish a set of criteria for each setup (i.e when is it valid, when is it an "imposter"), and follow them strictly"

Attached File(s)
File Type: pdf Candlestick Patterns in TMS.pdf   3.7 MB | 8,416 downloads
  • #28,602
  • Jan 3, 2014 1:26pm Jan 3, 2014 1:26pm
Quoting lastingwell
{quote} I don't know if it will help but how I look at it is, is there enough room between where the trade should be taken and the support to be able to move to breakeven if necessary. There was roughly 20 pips which is enough for me to move it so worth taking the chance. Edit: Looking at your trade again, was there not 50 pips you could have taken?
Hi Lastingwell,

Thanks for your comments on my trade entry. I entered the market slightly late and move my SL to BE+4 pips after Marker moved in my direction 21 pips. (Same as phx62 pdf SL). Unfortunately I couldn't watch the trade and it stopped at BE+4. One of the thing I learned from this is during Asian session we should target for 20 to 30 pips only or watch the trade each hour.

Thanks
  • #28,603
  • Jan 3, 2014 1:30pm Jan 3, 2014 1:30pm
Quoting Erol
{quote} Good job WDays, but this reply was intended for the newer traders reading our posts. You and your skype group may be proficient in spotting your 4 setups but for the newer members to understand real charts we need to show them the schematics first, which helps them identify the same setups in the the PHx62 and Emmanuel PDFs posted with real PASR trade examples and then they can properly see what is being posted in the charts on this thread. We all have to start at the basics at some point :-) Great advice to the newer members..."Establish...
Yes of course, but my point was that sometimes those schematics are too "perfect" It's better to simply backtest real charts. Just have a look at the larger movies in the past few months, years... Look at how they all began and figure out what the pattern is each time. This is what helped me, because I kept looking for PA patterns like the ones in all the schematics, eventually it made me see what I want to see, not what's really there. As soon as I started looking at the real thing, how it developped, studying where I could have entered, where the SL can be set, I started doing a little better... I've still got a looong way to go, of course. Then again, everybody is different, everybody has a different learning approach.
  • #28,604
  • Jan 3, 2014 1:34pm Jan 3, 2014 1:34pm
Quoting Robfx90
Hi everyone! These are a really useful pdf's above! Phx62 mentioned the daily high/low is set in the first 2-3 hours of Londond session! Could somebody give me an answer to which pairs refer to? Thanks the answer in advance!
Phx62 mostly trades the EUR/JPY, occasionally the GBP/USD I believe, but I never took it that it was only these pairs that often set the daily high/low in the first 2-3 hours.
  • #28,605
  • Edited 2:10pm Jan 3, 2014 1:52pm | Edited 2:10pm
Quoting WDays
{quote} Yes of course, but my point was that sometimes those schematics are too "perfect" It's better to simply backtest real charts. Just have a look at the larger movies in the past few months, years... Look at how they all began and figure out what the pattern is each time. This is what helped me, because I kept looking for PA patterns like the ones in all the schematics, eventually it made me see what I want to see, not what's really there. As soon as I started looking at the real thing, how it developped, studying where I could have entered,...

Couldn't agree more buddy! Your way ahead of the curve already!

Back-testing is very important but we need to known why we are back-testing and what we want from doing back-testing. For those that are beginning there back-testing journeys a few questions to ask yourself....

1) Are your back-testing to verify the TDI Entry and Exit rules?

2) Are you back testing to determine the frequency and occurrences of the TMS setups?

These questions should not be limited to the above....
  • #28,606
  • Jan 3, 2014 2:10pm Jan 3, 2014 2:10pm
HI ALL,

could someone please explain - the master candle in a little more detail ?
it has a setting - ignore wicks ! set to true, yet i see on peoples charts that the master bar includes the wick, is it every inside bar after that it is ignoring the wick and only count in the body , or open close ??
on some of the pdf,s above it advises 3 inside bars and some 4 !! which would be best ???

regards
Nelly
  • #28,607
  • Edited 2:29pm Jan 3, 2014 2:17pm | Edited 2:29pm
Quoting Nellycopter
HI ALL, could someone please explain - the master candle in a little more detail ? it has a setting - ignore wicks ! set to true, yet i see on peoples charts that the master bar includes the wick, is it every inside bar after that it is ignoring the wick and only count in the body , or open close ?? on some of the pdf,s above it advises 3 inside bars and some 4 !! which would be best ??? regards Nelly
A master candle includes the entire japanese candle (not APB) from low to high (or vice versa, if it's a bearish candle), the next candle that is enclosed inside the master candle is what we call the inside bar. A break of an IB setup is taken upon the break of the IB, not the mastercandle, at least if you're agressive. I usually set SL above or below the IB.

Also personally, if the master candle is bullish I'd like it to have a very small or no lower wick at all, and a small or no upper wick if the candle is bearish, it gives me confidence in the setup.
  • #28,608
  • Jan 3, 2014 2:32pm Jan 3, 2014 2:32pm
Quoting budwiser27
Has any one ever tried trading without a stop loss I just watched an excellent video of guy who never uses a stop loss and does not lose a trade, at worst he gets out at break even. What are your thoughts on this type of trading ?
Trading the markets is all about Entry and Exits.
Putting a hard stop loss is an Exit.
Breakeven is also an Exit.
Margin Call is a forced Exit.

When I do grid trading, I use percentage equity protection for Exit instead of placing a hard SL for each individual trade.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,609
  • Jan 3, 2014 2:35pm Jan 3, 2014 2:35pm
here is what i mean -
you can see the open and close of the jap candle yet the MC has the top line at the open but the close is showing as the bottom of the wick.

any ideas ???
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpyh4.png Size: 73 KB
  • #28,610
  • Jan 3, 2014 2:38pm Jan 3, 2014 2:38pm
Quoting Nellycopter
here is what i mean - you can see the open and close of the jap candle yet the MC has the top line at the open but the close is showing as the bottom of the wick. any ideas ??? {image}
Your using OHLC bars with APB overlapped not Japanese candle sticks....
  • #28,611
  • Jan 3, 2014 2:40pm Jan 3, 2014 2:40pm
Quoting Robfx90
Hi everyone! These are a really useful pdf's above! Phx62 mentioned the daily high/low is set in the first 2-3 hours of Londond session! Could somebody give me an answer to which pairs refer to? Thanks the answer in advance!
The LONDON SESSION high or low is often set within the first couple of hours of the London session (not necessarily the daily high or low). I have studied this in depth on the Euro pairs but it also can apply to other pairs. When the high or low are set in those first couple of hours and there is some momentum in the market, then price often moves 8 or more candles in the opposite direction without significant retracement making it possible to pick up some pips.
  • #28,612
  • Jan 3, 2014 2:48pm Jan 3, 2014 2:48pm
Quoting Nellycopter
here is what i mean - you can see the open and close of the jap candle yet the MC has the top line at the open but the close is showing as the bottom of the wick. any ideas ??? {image}
The master candle indicator puts the lines on the high and low of the japanese candle, if you tell it to ignore the wicks then it will put the lines on the high and low of the body without wicks, it doesn't put the line at the open. To see where the japanese candle's high and low is, hover over the candle and look at the status bar.
  • #28,613
  • Jan 3, 2014 2:53pm Jan 3, 2014 2:53pm
Quoting Phx62
{quote} The LONDON SESSION high or low is often set within the first couple of hours of the London session (not necessarily the daily high or low). I have studied this in depth on the Euro pairs but it also can apply to other pairs. When the high or low are set in those first couple of hours and there is some momentum in the market, then price often moves 8 or more candles in the opposite direction without significant retracement making it possible to pick up some pips.
Thank you very much Phx62!
  • #28,614
  • Jan 3, 2014 3:07pm Jan 3, 2014 3:07pm
Quoting Nellycopter
here is what i mean - you can see the open and close of the jap candle yet the MC has the top line at the open but the close is showing as the bottom of the wick. any ideas ??? {image}

Nelly:

Something tells me you have not been reading this thread on regular basis. You missed a few important posts on Master Candle trading examples.

The APB does not represent the real price - Open, High, Low and Close.

So with the MC set to High-Low on the real price not the APB, you will see some MC marking on APB body.

EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,615
  • Jan 3, 2014 3:18pm Jan 3, 2014 3:18pm
Quoting emmanuel7788
{quote} {image} price hit 1218.72 yesterday. many GOLD D traders must be happy with an early year-end bonus and X'Mas. now we should be seeing how the price action will be to break lower and aim for that MN support 1180. Trade Well.
Hi ALL:

Picking up from the last time I left off before Xmas, GOLD did make an attempt at 1180.
Now with the past two shorter trading weeks and disrupted market sessions now over, we should get back to the usual full 5 trading days starting next week.

Here are my XAU charts with Historical price levels which I am watching. For those following using candlesticks you will see a potential breakout level and let's keep our ears on fundamentals and should it occur at the right moment, we may reap the next move.

Note: We trade XAU on D1 chart only and H4 is for timing and fine tuned entries using TMS.

Good Trading!
EMMANUEL
Attached Image(s) (click to enlarge)
Click to Enlarge Name: XAU MN week01_2014.png Size: 53 KB
Click to Enlarge Name: XAU W1 week01_2014.png Size: 31 KB
Click to Enlarge Name: XAU D1 week01_2014.png Size: 32 KB
Click to Enlarge Name: XAU H4 week01_2014.png Size: 50 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,616
  • Jan 3, 2014 3:33pm Jan 3, 2014 3:33pm
Hi Emmanuel,
how far back do i need to go ?
or can you tell me what candle setup i need on my charts ?
i am not the best at reading for hours on end, which is probably why i have missed some...

nelly
  • #28,617
  • Jan 3, 2014 3:37pm Jan 3, 2014 3:37pm
i currently have Heiken Ashi bars
chart on foreground off
bar chart

is this wrong setup ??
  • #28,618
  • Jan 3, 2014 4:10pm Jan 3, 2014 4:10pm
Quoting Nellycopter
i currently have Heiken Ashi bars chart on foreground off bar chart is this wrong setup ??

There are a lot of us that use either synergy or heiken ashi bars over the bar chart, this way you can see the real open and close of the japanese candlestick, use whatever you're comfortable with using, try some different setups and see which you prefer.

I've used japanese candlesticks for a long time, but actually prefer my setup with synergy over bar chart. I'm probably in the minority but I don't find they hide the price action compared to candlesticks, I find they confirm the price action, so for instance if I see a pin bar on a japanese candlestick chart, the next synergy/ha candle will change colour when the pin would be confirmed so I actually prefer them to show me more reliable price action, but thats just my opinion.
  • #28,619
  • Jan 3, 2014 4:15pm Jan 3, 2014 4:15pm
thanks Lastingwell,

i am trying to get the master candle imdi working correctly -
or is it ??? and i use it as it - when price breaks the lines ??? even though it doesn't show correctly to the HA candles ??
if you know what i mean ??
  • #28,620
  • Jan 3, 2014 4:22pm Jan 3, 2014 4:22pm
Quoting Nellycopter
thanks Lastingwell, i am trying to get the master candle imdi working correctly - or is it ??? and i use it as it - when price breaks the lines ??? even though it doesn't show correctly to the HA candles ?? if you know what i mean ??

Yes I know what you mean, its working correctly You should look at taking the trade when it breaks the line thats there, that is the real high/low.
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