Further supporting this is the fact this most recent up move pulled back and respected, almost to the pip, the 61.8 Fib level.
If you cant really see on this chart let me know and I can redo -
Will be interesting to see what will happen at at 1.27750 ish level as there has been two bounces from there today.
Hello all, I've been reading the TMS system by Eelfranz and love it because of its simplicity. I've traded demo trading it and now want to go live. Does anyone know which broker Eelfranz used?
babypips.com has a new fresh look
if you have read all his posts and written your own notes, then you would have known.
Post#1 clearly stated that use FXDD for a demo, make a guess which broker he used for his live trading.
seriously, all new traders coming to this thread being attracted to the thread title "Trading Made Simple" must do the following:
Pick one of these three options:
Option #1: Go to this post link, read and follow that post.
Option #2: Go to this post link, download and read those two pdfs files.
Option #3: Click and read One, Two and Three
the market will teach you that trading isn't simple, neither it is easy.
Thank you, I missed the reference to fxdd when reading it through
What is a good EA / script that can be used to stack orders in the same direction as the original position? Cave Manager can only manage one open position. Plus I would prefer an EA so it can be used on one chart to control all trades. Steve Hopwood's EA's can hedge losers using martingale but I'm mainly needing the ability to scale in to increase profitability. Please send me PM with ideas, thanks traders.
Try these scripts for average up positions.
You may need to make your own customization to suit your own money management. Good if you know how to make simple coding changes.
You also need other scripts to manage SLs and TPs of all orders if you do not have a trade manager EA to do the job.
You do not have to average down if you do not want to. But average down do have its advantage when trading TMS higher timesframes setups like H4 and D1.
Using a basket trade manager can make trade management easier and less time at your computer.
I agree. The old format was much easier after I got used to navigating through it.
Now the new layout looks strange and unfamiliar. Thanks to abundance of web tools and plugins.
But the contents remains the same.
Anyway, new traders must spend time studying there and have good basic knowledge.
It looks like we are having a PAC D1 sell setup on XAUUSD. PA got rejected from those historical levels 1283 and 1293. Last time when PA was rejected from those levels it moved quite well. PA looks good to me, D1 we have confirmed swing high, W1 we have a BEEB which also looks like a Pin bar. Yes we have a nearby choppy area around 1263. In fact when I see a setup THERE IS ALWAYS A SUPPORT OR RESISTANCE nearby, but I hope to see PA repeats itself this time again.
Thanks for your comments,
I am going to give this a miss until I see opportunity to buy again.
Seshwaan is right. I was following the election results and the major announcements on Friday UK times. Also the timing of the NY opening.
At the hour of my post, the price did not seem to settle down with very low tick volume despite the price fell sharply.
what is your view on nzdusd next week?
Next week 24 and following week 25 looking to long EURUSD and ERJPY pairs.... probably until the June month end.
Listen to the market what it tell us and not listen to anyone including me....
I am still bullish with NZD. Friday was some profit taking as price move down briefly which tempted short term sellers to jumped in and sell.
With open buy positions held over the weekend, I have my protective SL below last Wednesday low. Since Friday did not make a higher high, I could not move my SL.
If Monday makes a higher high, then I can possibly move my SL to below last Thursday low. Not very much, only 15 pips higher.
Not to chase after NZDUSD next week, but safer trade next week would be to sell GBPNZD.
Trade Well, be safe and always trade with SL.
EURGBP Week 24
I know some traders sold EG at those levels 0.8500and 0.8525. Some build their sell positions as the market trended upwards.
If they survived last Friday spike up, where did they place their final stop loss to save their trading account?
That spike made a new high for 2017.
Look at Weekly, TMS traders were buying above the PAC for 3 weeks.
Look at D1 below, was there any sell setup according to TMS and the add-on use of the PAC?
No selling until we see a strong reversal. Until then, it is buy only but with caution for major correction.
Follow the Dominant trend which is the Weekly and the major correction of the 2016 trend is perhaps over.
So be prepared for some sideways movements as Brexit negotiations starts and will take dominance until 2019.
EURUSD Week 24
Are you among the traders who were chasing after that price gap to be closed?
Does it looks like it is going to happen any time soon? 300 to 400 pips drawdown, how do you deal with such huge big move against your many small positions?
Look at Weekly, there is an Inside Bar last week's W1. Is this an opportunity? Buy of Sell?
Filter D1 transaction loss
Go W1 Find Candle Settings, SR, PAC Location
thanks for your answer
Had to re-enter this morning.. Opened with a 30 pip gap down, pretty sure this was a stop hunt and it worked on me at least.
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