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Trading Made Simple

  • #29,281
  • Jan 15, 2014 11:21pm Jan 15, 2014 11:21pm
Quoting lastingwell
{quote} My internet connection died a few times overnight, back on a couple of minutes ago to find it had taken profit....just {image} {image}

Just in case anybody is wondering where the top trendline comes from, its from the H4 chart.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpymh4.png Size: 26 KB
  • #29,282
  • Edited Jan 16, 2014 5:09am Jan 15, 2014 11:58pm | Edited Jan 16, 2014 5:09am
Quoting paytheman
Hello All,I discovered this thread about two weeks purely by accident. I was saddened to learn that the originator of this thread, eelfranz, has passed away. I wanted to thank him for all the great work and countless hours he has devoted to this thread. I am sure he would be happy knowing the impact he has had on so many and how great this thread continues to be. In a way, this thread is a testament to him and should keep going strong to honor him.In his first post, eelfranz{image} strongly recommended all newcomers to read the entire thread (I...
Hi paytheman,

Good post to remind us to read the thread where all frequently asked questions have been answered.
I am sure Eric's spirit lives on in this thread.

I am pleased that I have helped you learn along the way. There is a lot more to trading than this TMS which is a simple yet effective trend trading method. TMS will remain as the core technical method and I want that everyone sees this and work on to develop TMS into a personalised system using a proven money management and also learn to manage one's trading psychology being a trader.

About trading sideways market type, first we need to have the skills to see and anticipate a potential sideways market. There are different school of thoughts on this. Some forex coaches will dispute and argue, but the market has its own behaviour. Everyone is right until the market prove them wrong.

How do I see potential sideways market?
The market moves in waves and will trade within a certain price range. Trending market will always break out of that range but most often the market will trade within a certain range. We need to know that range. This is what my team had done and tested last year and that his led us to TMS-II.

Usually after a major price move, for e.g. a strong trending move, market will rest before the next phase. The rest phase is what some call consolidation.
I use the Wide Range Bar as a first sign of an abnormal price behaviour. This WRB will usually follow with an Inside Bar. The after that, if we see more smaller price bars 2 to 3 bars, that will qualify as a Master Candle. This will be a confirmed market consolidation until we see a breakout of the MC High or Low. Such MC usually will occur at some price level where there is previous price action in history. This is where I would look at historical price swing levels to support my technical analysis approach. This approach is not a holy grail but it works well when we adopt a consistent approach in doing analysis and then tackle the market using a money management game. We all need the mental fitness to trade this way.

In your chart posted, that was a UJ H1 chart. You will see a H4 MC much earlier before that narrow range sideways market you highlighted. There was a historical level 104.85 where the market rallied from 102.50 and stalled around 104.85. There is also 104.25 as support from way back. Look at D and H4 to have a bigger picture. Now we have price near this 104.50 region again, so I want to see support before I go long on UJ.

There are two kinds of sideways market - one is narrowed range and the other the wide range. The narrow ranged sideways will be difficult to trade with TMS 4H. Where else the wide range sideways market type is still tradeable using TMS 4H swing.

Hope this logical as I try to explain.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #29,283
  • Jan 16, 2014 12:04am Jan 16, 2014 12:04am
Quoting emmanuel7788
AU and GA both hit 5R targets as planned: {image} {image} "Plan your trades, trade you plan" that's a common forex coach saying, and keep telling me for years.

So your 20 pip JSL on AU wasn't taken out yesterday?
  • #29,284
  • Jan 16, 2014 12:24am Jan 16, 2014 12:24am
Quoting emmanuel7788
{quote} plateau: Some 4H swing setups will fail. I accept that. We may be selling into a support. Knowing where support and resistance will help us pick only the high probability setups and when we adopted a proven money management and risk management, we will eventually win with better R:R trades. For EURNZD, we need to watch how this MN candle will close. If it will close below 1.6295, this is a historical level. For screenshots, I use SnagIt version 9. It's not free. go to www.techsmith.com There are other...
Yup, i can accept that some 4h swings will fail as well. Or else we'll be looking at a holy grail ha. Question regarding this (no not the holy grail). Do you personally think that trading the 4h swings is the best way to minimize losses? in other words, do you prefer 4h compared to other timeframes?

As for money and risk management, got any guides/pdfs etc that you can recommend on this topic? that you personally use and implement?

Do you also use any indicators for S&R, historical levels etc?

I actually checked out Jing and it's still available
Gonna use that from now
  • #29,285
  • Jan 16, 2014 12:44am Jan 16, 2014 12:44am
Quoting zelenko
{quote} you are very very fantastic thank you veryyyyyyyyyyyyyyyyy much small favor : is there is an illustration to the setting if not it's not a problem

zelenko:

Not sure I understood your request fully.

But that indicator was developed by Xaphod and it plot the various cross condition on the chart.
1 - the TDI PL cross the TSL
2 = the TDI PL cross the MBL.

see example below.

Attached Image (click to enlarge)
Click to Enlarge Name: xTDI arrow.png Size: 43 KB


WARNING! If your simply trade every TDI arrow cross, you are bound to lose all your hard earned money.


regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #29,286
  • Jan 16, 2014 1:03am Jan 16, 2014 1:03am
Quoting lastingwell
{quote} So your 20 pip JSL on AU wasn't taken out yesterday?

I shall leave you guessing because you did not do your homework post#29,094 in realtime live market analysis and practice.

Those traders who are in my live trading room know realtime trade management.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #29,287
  • Jan 16, 2014 1:09am Jan 16, 2014 1:09am
Quoting emmanuel7788
{quote} I shall leave you guessing because you did not do your homework post#29,094 in realtime live market analysis and practice. Those traders who are in my live trading room know realtime trade management.
I didn't need to do any homework because I wasn't trading as you were, and I doubt I ever would, I was referring to the post you made yesterday morning here: http://www.forexfactory.com/showthre...44#post7213344 where you said you had a JSL of 20 pips set on that trade, thats all!
  • #29,288
  • Jan 16, 2014 1:09am Jan 16, 2014 1:09am
Trade Exit Management ... "Let Profits Run"

"If you want to maximise profits, you must be prepared to give up 50% of what the market gave you"


Quote:

Dr. Tharp is the author of : Super Trader, Trade Your Way to Financial Freedom, the New York Times Bestseller, Safe Strategies for Financial Freedom, and Financial Freedom Through Electronic Day Trading.


What I learn from doing System development under Dr Tharp:

Traders need to have composure while trading and that is a very good attribute as a trader. We need to have clarity in our minds when we manage our trades.
Exit management is one of the key to maximise profits in all trading.
Trade management require us to manage our exits at different stages of the market movement. Easy to say, but not an easy thing to do.
Some choose to do it in a mechanical way either by trailing my stops, others use the PAC on H4 and also by trailing in protecting a percentage of the market move.
Knowing the market type and the price behaviour is important. This will help us when deciding which exit management method to use for our trades. In sideway market, I prefer to scale-out and wait for the next breakout.
In different market type, price tends to pause or may retrace at support and resistance levels. What ever we use to determine support and resistance is a matter of trader’s choice. What is important is to apply that consistently.
When price pauses at S&R levels, we have a few options:
Scale -out some positions with profits and hold remaining positions and later look for add back when there is continuation setups.
Simply hold and manage our trade stops.
Scale-in on retracement when there is banked-in profits.

3 recommended books to read:


by Dr Van Tharp


Trading Beyond the Matrix


Super Trader,


Trade Your Way to Financial Freedom


Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #29,289
  • Jan 16, 2014 1:15am Jan 16, 2014 1:15am
Quoting lastingwell
{quote} I didn't need to do any homework because I wasn't trading as you were, and I doubt I ever would, I was referring to the post you made yesterday morning here: http://www.forexfactory.com/showthre...44#post7213344 where you said you had a JSL of 20 pips set on that trade, thats all!
I too doubt you can trade like me.

Doug Zalessky #7 (see attached)
Attached File(s)
File Type: pdf Doug Zalessky 25 points Mantra.pdf   122 KB | 1,282 downloads
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #29,290
  • Jan 16, 2014 1:27am Jan 16, 2014 1:27am
Quoting Agk007
Entered long on EU. trade based on BUEB and price failing to break below support area. Also TDI crossed with good angle and entered on 2nd blue APB. TP set to recent resistance level and SL placed on recent support level. Lets see how this goes when i check it in 4 hours. night all!{image}{image}

Hi Agk007,

Don't want to scare you now. The 4H setup was good, support near 1.3600. But now got to manage and test mental strength.

Look to the left where you will see some previous price action. The move up may be slow also because many believers in 10EMAs - H4, D and W are crowding above and need to overcome these groups of traders.

Trade Well!
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #29,291
  • Jan 16, 2014 1:34am Jan 16, 2014 1:34am
Quoting emmanuel7788
{quote} I too doubt you can trade like me. Doug Zalessky #7 (see attached) {image}
Very touchy
  • #29,292
  • Jan 16, 2014 1:35am Jan 16, 2014 1:35am
Not seeing 4H action in those pairs on my watchlist now.
So I will take a break and drive along the coast and catch some south pacific ocean breeze, then have dinner.

Catch you folks later when NY open.
If you have charts with questions, please post them and I will give you my 2-cents later.

Cheers!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #29,293
  • Jan 16, 2014 3:23am Jan 16, 2014 3:23am
50 pips on GU
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdh1.png Size: 32 KB
JacekPreserve Precious Capital
  • #29,294
  • Jan 16, 2014 5:16am Jan 16, 2014 5:16am
Quoting emmanuel7788
Not seeing 4H action in those pairs on my watchlist now. So I will take a break and drive along the coast and catch some south pacific ocean breeze, then have dinner. Catch you folks later when NY open. If you have charts with questions, please post them and I will give you my 2-cents later. Cheers!
i see some consolidation at 171.15 range here
and just from the price movement, ive been seeing some lower low
no signal yet, but i think this one have some potential.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpyh4.png Size: 88 KB
Daniel
  • #29,295
  • Jan 16, 2014 5:21am Jan 16, 2014 5:21am
Quoting lastingwell
{quote} My internet connection died a few times overnight, back on a couple of minutes ago to find it had taken profit....just {image} {image}
Haha exactly the same, to the pip. I was thinking of you as I was taking it, lol. Nice job
  • #29,296
  • Jan 16, 2014 5:45am Jan 16, 2014 5:45am
Quoting WDays
I wasnt planning on being awake when it happens, but unfortunately I can't sleep and spent the past few hours watching my TP come closer and closer until it got hit. So might as well post it now. {image}
Nice trade mate
Give yourself a chance and trade it like it's layed out...
  • #29,297
  • Jan 16, 2014 5:46am Jan 16, 2014 5:46am
Quoting lastingwell
{quote} My internet connection died a few times overnight, back on a couple of minutes ago to find it had taken profit....just {image} {image}
as always Great trading
Give yourself a chance and trade it like it's layed out...
  • #29,298
  • Jan 16, 2014 6:02am Jan 16, 2014 6:02am
Quoting WDays
{quote} Haha exactly the same, to the pip. I was thinking of you as I was taking it, lol. Nice job

How lucky was that I did think for a little while it was going to be a repeat of yesterday with missing it by a pip
  • #29,299
  • Jan 16, 2014 6:04am Jan 16, 2014 6:04am
Quoting Bizzzle
{quote} as always Great trading

Thanks Bizzle. I'm going to try to be an adult next week and take your lead and trade H4 you're looking at the lower timeframes at the moment so I think its only fair
  • #29,300
  • Jan 16, 2014 6:04am Jan 16, 2014 6:04am
Quoting Greenb
{quote} i see some consolidation at 171.15 range here and just from the price movement, ive been seeing some lower low no signal yet, but i think this one have some potential. {image}
This pair not in my watchlist.
But just a quick view:

Attached Image (click to enlarge)
Click to Enlarge Name: GJ week 03 16 Jan view.png Size: 31 KB


There are no historical MN and W1 swing levels since 2009 which I need to consider.
The recent near term support and resistance are those red colour lines.

I see second day of small range after the 14Jan bull candle. D chart.
The recovery from the last wave down back up to 61.8 level is very strong and with consolidation just below the trend line, this will need some stimulus to break above.
Buy low will be my approach should price move lower before the next data release.
There is D Inside Bar (14jan) which we can trade this IB Breakout. That D IB is also a piercing candle...bulish.
Tomorrow may be the day for the next move.

Trade Well!
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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