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Trading Made Simple the right way, and other trading lessons 334 replies

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Trading Made Simple

Quoting Hins
{quote} Hi bonkers, I went long EUR/CAD 1H but closed the trade as price approached daily low, also RSI price line kinda bounces off the upper volatility band. This was a CT trade, based on the obviously oversold condition (TDI hook off a level approx 23.6). Maybe on 4H there is more potential. {image}

Hi Hins,

I also noticed TDI start to hook on the 1hr after I entered (4 hr). I closed out for a small loss but I'm keeping an eye on the 4 hr for a possible re-entry.
Quoting bonkers
Anyone else going long on EUR/CAD? {image}
Myself, I would be timid to long this one until I see some price action headed north. So far we have only the stochastic showing oversold, no cross on TDI, and as I look at the 10 ma indi, I see that H4 and Daily are headed south.

I am pretty conservative in that I like to see red and green close to or above the yellow as well as a couple price bars going my way.
Any advice appreciated

Entered long after a Doji and a blue APB appeared. TDI crossed as well. Entered on what was originally a blue apb candle but price reversed. (-15)
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Quoting tenmilewalk
Any advice appreciated Entered long after a Doji and a blue APB appeared. TDI crossed as well. Entered on what was originally a blue apb candle but price reversed. (-15) {image}
My thinking is that you have to be looking at the higher time frame, if not both higher time frames, ie find the situation that you like on the daily or 240 minute and then work your way to the hourly.

There are some folks in this thread who display their entries with qualifications, perhaps you can study what those folks do and then emulate their style.
Quoting heispark
Today's winner is .......... EU !! EJ H1 chart looks like fish bones. Hopeless.

Yup, after the early week jitters ... finally EU moved with big bang hitting 5 times its TOK_5H range. ....

EJ has 2 disappointing narrow range consolidation after Tuesday' drop.

Today is the last trading day of the week and month. With uncertainty looming, no holding of trades over the weekend should be a right decision.

Good Trading folks.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
EURAUD and EURCAD view 30 August.

On D1 charts, both looks good to SELL only.
But since it is Friday and with current market jitters how shall we mitigate the risks to enter the market today even when we are trading higher TF like D1?

Let's share our thoughts and discuss these pairs going forward. It will be good lessons for everyone trading TMS in all timeframes.

Trade Well folks.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting emmanuel7788
EURAUD and EURCAD view 30 August. On D1 charts, both looks good to SELL only. But since it is Friday and with current market jitters how shall we mitigate the risks to enter the market today even when we are trading higher TF like D1? Let's share our thoughts and discuss these pairs going forward. It will be good lessons for everyone trading TMS in all timeframes. Trade Well folks.
EURAUD (daily)

There is good divergence which indicates that a trend change may be close. There are two red bars following the high. Daily and weekly on the 10ma indicator are pointing north. To my way of thinking, there is not an entry available on this pair until we see a distinct downward move. Our indicator TDI is not really saying much at this time. The current two bar price action on the daily chart may be only a retrace to be followed by another move up as we can see several times in this trend.

Looking at the 4 hour chart. a downtrend has been established, it looks like there is a retrace and with that in mind I have entered a sell stop at the fractal. I am assuming that the TDI indicator will be confirming once price reaches the fractal.
Quoting emmanuel7788
EURAUD and EURCAD view 30 August. On D1 charts, both looks good to SELL only. But since it is Friday and with current market jitters how shall we mitigate the risks to enter the market today even when we are trading higher TF like D1? Let's share our thoughts and discuss these pairs going forward. It will be good lessons for everyone trading TMS in all timeframes. Trade Well folks.

EURCAD (daily)

On this pair we have already established a downtrend and it appears we have a retrace happening and there will be a valid short entry at the fractal (1.3885 approx).

(I entered a sell stop order at 1.38875, thanks for alerting me to this one)
CADCHF

This is what I consider to be a favorite entry.

On this chart there is already an uptrend shown by the indicator and the price bars. There is range compression and then a breakout and then a fractal appears after a cross or bounce on the indicator. After the retrace I attempt to enter as price passes the fractal, I usually set up a buy stop or sell stop order to do so. And then another stop order as the next fractal appears.

I am a bit reluctant to look for tops and bottoms so I choose to use fractals in an established trend.
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GBPUSD

Here is another 'compression' situation, you can see that there are three bars getting smaller and smaller and the Bollinger Bands on the indicator are really close together....

It will not be many more bars until this thing moves and this pair has some lovely moves regularly.

So I am watching this one very closely as we may have a nice move very soon.
Attached Image
Quoting emmanuel7788
EURAUD and EURCAD view 30 August. On D1 charts, both looks good to SELL only. But since it is Friday and with current market jitters how shall we mitigate the risks to enter the market today even when we are trading higher TF like D1? Let's share our thoughts and discuss these pairs going forward. It will be good lessons for everyone trading TMS in all timeframes. Trade Well folks.
I'm still new to trading forex and this is my second post ever on these forums so feel free to correct me if I'm wrong.

EUR/CAD 4h is slightly bullish but the candles are very week. 1hr is getting ready to turn and go short so it might be a good entry point.

Also keep in mind that there'se EUR news in a few hours. Probably won't affect daily chart much.
does traling stop indicators work when the computer is turned off?
Come tomorrow, I'll wake up new
Quoting tenmilewalk
Any advice appreciated Entered long after a Doji and a blue APB appeared. TDI crossed as well. Entered on what was originally a blue apb candle but price reversed. (-15) {image}
Hello tenmilewalk,
Put the MBL back on your TDI.
We know about the significance of the 68 and 32. The originator of the TDI also put the MBL and the 50 on there - presumably because they too are significant.
Here are some quotes from Phx62 (I don't know if they're exact or if I've edited them down.):
"Each of the TDI lines gives me different clues about price."
"I find that I have better success when the red and green are above the MBL for longs and below it on short trades......I also use the 50 line in much the same way."

Except for distinctive reversal PA when the MBL is near to or beyond the 50, I currently don't enter shorts unless the green is below both the MBL and the 50, or longs unless the green is above both the MBL and the 50. As yet, I haven't noticed/figured out what works when the green is between the MBL and the 50. (Any advice appreciated.) The TDI cross of green and red is the last thing I look at.
As I look back at your long trade, the green on my "TDI Red Green" indicator is below both the MBL and the 50. Just scroll back and count the failures of this circumstance.
Good luck,
Kan
Thanks for your help, warmth and straight talking Heather.
Quoting Kanderpro
{quote} Hello tenmilewalk, Put the MBL back on your TDI. We know about the significance of the 68 and 32. The originator of the TDI also put the MBL and the 50 on there - presumably because they too are significant. Here are some quotes from Phx62 (I don't know if they're exact or if I've edited them down.): "Each of the TDI lines gives me different clues about price." "I find that I have better success when the red and green are above the MBL for longs and below it on short trades......I also use the 50 line in much the same way." I currently...
Good advice. Forgot about the MBL
Quoting tixy
{quote} farhad, Can you please post the indicator that draws the yellow line? I think its a support and resistance

Dear tixy;


The yellow line isn't an indicator ! It is the horizontal line that I change it's color to yellow ( I draw the line my self ) ! just for illustration!

regards
Quoting Kanderpro
{quote} Hello tenmilewalk, Put the MBL back on your TDI. We know about the significance of the 68 and 32. The originator of the TDI also put the MBL and the 50 on there - presumably because they too are significant. Here are some quotes from Phx62 (I don't know if they're exact or if I've edited them down.): "Each of the TDI lines gives me different clues about price.The TDI cross of green and red is the last thing I look at......I also use the 50 line in much the same way." Except for...

Dear Kanderpro;


TDI cross, is the base of this method and this thread! Are u breaking the rules!?
Although I think that this Thread is going to be a Non simple method Thread, because of many & many other Things to look, not as late Eelfrand said!

But the base of this thread is still TDI Cross!
Quoting farhad10
{quote} Dear Kanderpro; TDI cross, is the base of this method and this thread! Are u breaking the rules!? Although I think that this Thread is going to be a Non simple method Thread, because of many & many other Things to look, not as late Eelfrand said! But the base of this thread is still TDI Cross!
Hello farhad10,
As you say, there are many things to look at. But not too many.
The bar chart showing PA, support and resistance, '00s and '50s, the 200 and 50 emas, Yesterday's H, L and open, the last weekly and monthly H and L is a representation of the movement of price. My response to the phrase "PA is king" used to be "If PA is king, why bother with anything else?" (I didn't succeed with this view.)
But the TDI with the green, red, MBL, 50, 68 and 32 is also a representation of the movement of price.

I am very grateful to Dean Malone, Eelfranz, James16, Jacko, Phx62, X-Man and many others for what they have done and taught me.

Each person's view of the movement of price is individual to them. I work on the principle that I can form relationships between the features of the two representations of the movement of price that are PA and the TDI, and my recent posts demonstrate that. The TDI cross is just one of those features. You will have read in many of Phx62's posts and perhaps X-Man's that the TDI cross "confirms" the trade i.e. in many instances they entered before the cross.

I wish you success.
Kan
Thanks for your help, warmth and straight talking Heather.
Hi Everyone,

First post and have been reading the most of the thread and am very interested in this method. I am a newbie however have been trading on an off for a year or two and mainly using EA's. These are currently working well and slowly building a nice base however its time to bring in the manual trading.

I am in New Zealand so market times are quite different as we are GMT+12hrs here and +13 in our summer. Tokyo opens at 12 midday, 6PM Frankfurt and 7PM London Open all local time. London seems to be the best start by everyones comments and can trade that for 3-4hrs before I have to sleep. After that its lights out untill 6am which is end of NY session.

As I only have a few hours to trade London, I was thinking that I would head towards the 4H charts, looking ahead to daily with 1H chart entry? Thoughts?

Guess im looking for some guidance on what would be the best approach given the trading times I have etc. I have started practising on demo account and from reading back etc have the indi's sorted and trying to keep it fairly simple.

Is a little hard as I see a lot of the major moves seem to happen when I will be sleeping however I'm hoping that the first 3hrs of London open can provide some good set-ups. Hard to monitor trades as I'm asleep so will be looking to place SL & TP and let it run. Of course I can monitor it through the NY close and at work.

The other alternative is to look at the lower time frames and look to scalp a little but seems a lot of work and more risk for smaller gains. Im not opposed to hard work but hey who needs it if you can help it and trade a larger time frame for possibly lower risk and larger gains.

Also if anyone can suggest a way of Demo trading on history data that would be great. I do it when im testing EA's and you can speed up and slow down the charts which I feel would be a great way to learn, next step from just looking at previous charts. Will have a go trying it out tonight however if someone has any suggestions that would be great.

Current chart attached with EUR/JPY Trade

Thanks in Advance
Matt

Anyway any recommendations would be great and look forward to the day I can trade live ....... hopefully soon.
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Hi Folks,

Good discussion going on ... PA is king? ... TDI is king?
Keep the discussion going.

It's Friday evening where I am and people already started to wind down for the weekend.
The weather is nice to sit outside and enjoy some wood fired pizzas and watch the world markets and people passing by.

Good Trading hours ahead of us.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting emmanuel7788
{quote} Yup, seen that too. based on D1 ... tomorrow will be BUY only...??? 98.20

UJ 30 Aug:

Yesterday I posted this in respond to another member' post.

I said UJ is BUY only today so I have been watching it during the Tokyo session. And now the H4 shows TDI cross down.

So can I change my mind now and sell ...98.20
Attached Image (click to enlarge)
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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