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

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Trading Made Simple

Quoting FxLapozi
GBPJPY 4H Hi guys, I entered 2 GBPJPY trades earlier.... 1st trade: Entered once the 2nd bar cross the EMA and TDI crossing. SL at previous high. 2nd trade: Entered once the 3rd bar which is on retracement ended up closing below EMA again. Switched to APB to check and confirm the bar colour. APB still red colour despite having long wick. 1st trade: +18 now. 2nd trade: +40 now... Looking to close both trades soon and enjoy my weekend happily... Would appreciate any good or bad comments! {image}
When you are convinced that the H4 candle which trigger the TDI cross, you wait for a Fib38/50 retracement of that H4 trigger candle and enter on lower TF like M15 and you get a good entry price with small initial SL...
Attached Image (click to enlarge)
Click to Enlarge Name: GJ H4 Fib38-50 entry.png Size: 29 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting emmanuel7788
{quote} When you are convinced that the H4 candle which trigger the TDI cross, you wait for a Fib38/50 retracement of that H4 trigger candle and enter on lower TF like M15 and you get a good entry price with small initial SL... {image}
I normally draw fibo on daily chart to confirm the general direction. May I ask why draw and enter at 15m TF?
Quoting FxLapozi
{quote} I normally draw fibo on daily chart to confirm the general direction. May I ask why draw and enter at 15m TF?

I draw the Fib on that H4 trigger candle to show where the Fib38/50 retracement range is..
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Hello Fellow TMS Traders,

I have been thinking lately about this topic and wanted to get your opinion. What if I offered to open up a live chat room for us to collaborate and share trading ideas in real time? I strongly believe if we come together in real time we can gather ideas faster.

This is of course not encouraging you to refrain from posting in the thread. Please let me know what you all think, if there's enough interest i'll setup a jabber server over the weekend and share the access info for my fellow TMS traders.
Quoting emmanuel7788
{quote} I draw the Fib on that H4 trigger candle to show where the Fib38/50 retracement range is..
I see. Thanks emmanuel! How's ur week so far? All green?
Quoting FxLapozi
{quote} I see. Thanks emmanuel! How's ur week so far? All green?
Never all 100% green. It is how many nett R's total that matter more and the Expectancy.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting Uk1
I'm sorry if this has been asked a million times before, Its not a new question I'm sure, (feel free to tell me I havent done my homework), but if I'm manually back testing my different TMS entries / exits in the simplest manner possible (F12 key on MT4?) for statistical purposes, and I want to add a criteria say taking trades in the momentum of the weekly / monthly PA / EMA, whats the easiest way of checking this? I find it extremely time consuming having to flick to a weekly chart from the daily / 4 hourly, then work out which weekly bar my signal...
Anyone??? Will give me some work to do over the weekend..... Any response greatly / kindly appreciated.
Quoting TheScorpS
Trades of the week, have a look at my trades and help me improve in whatever you see if there are improvements Took 6 trades, 4 winners, 1 BE and a looser Thanks and good luck in trading everybody {image} {image}
Hi

please post your screenshots with a bigger TDI window otherwise we cannot see easily the crosses and the position/angle of each TDI line.
also mark a vertical line in your entry candle.

This will help us to provide you with some comments.

overall, I think you are doing great!
Quote
Can you tell me what time the course will start? I live in Amsterdam (The Netherlands).

2pm your time.

dcginc
Quoting Uk1
{quote} Anyone??? Will give me some work to do over the weekend..... Any response greatly / kindly appreciated.
One solution may be four instances of metatrader, one for each time frame that you are working with. That will allow you to keep each time frame still as you check.
Quoting Uk1
I'm sorry if this has been asked a million times before, Its not a new question I'm sure, (feel free to tell me I havent done my homework), but if I'm manually back testing my different TMS entries / exits in the simplest manner possible (F12 key on MT4?) for statistical purposes, and I want to add a criteria say taking trades in the momentum of the weekly / monthly PA / EMA, whats the easiest way of checking this? I find it extremely time consuming having to flick to a weekly chart from the daily / 4 hourly, then work out which weekly bar my signal...

You could try having the equivalent to the 10ema on the chart you're watching, it will then give you an idea how the other timeframes are looking, for instance on H4 the 10ema for the daily would be the 60ema, that way you can tell if you're above it or below it which will give you an idea of trend on the other timeframe. As emmanuelle has pointed out, the 10ema is the median line of the PAC so will give you a good idea.

You could also try using the mtf-tms indicators here: http://www.forexfactory.com/showthread.php?t=294501
Quoting munirpt
Little scalp on AU 1H {image}
Hi Munirpt - can I cinfirm what moving averages you are using and what their settings are?

Thanks!
Without vision, the people will perish.
Quoting bythepound
{quote} Hi Munirpt - can I cinfirm what moving averages you are using and what their settings are? Thanks!
I use 10 ,50 and 200 ema as reference points
Quoting Uk1
{quote} Anyone??? Will give me some work to do over the weekend..... Any response greatly / kindly appreciated.

Uk1,

You sound like you are very keen to learn to trade... that's very good.
Start working on a structure how you want to develop yourself to be a trader. It is like going to university where there is a already a curriculum and we just follow till we graduate.
First there is babypips School of Pipsology where traders will learn the basics of forex trading. I assume you completed that.

Suggestion: What you can do this weekend is to think of your own development structure to adopt and work out a timeframe for that. There is no rush to finish so it is good to give yourself at least 2 years committing an average 8 hour per day. There will be milestones to be identified and to reach each of the milestones. in given time during the 2 years.

Consider the Tharp Concepts and its Seven Principles.

In the meantime, you can start with demo trading using this TMS method and this will be a good start to learn to trade the market and feel the market rhythm. TMS will be the core method which you will eventually use in System Development. While you do this, you will also test and rate yourself on those Seven Principles of the Tharp Concept. This check your progress and will keep you on track.

In trading with TMS, you need to be active in this thread. It will help you learn quicker as there will be others here who will share their knowledge and experience. You need to keep an open mind to what others say. Ultimately, you must make your own decision on what to use and what not to use when you develop your own system with TMS.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
TRADING CONSISTENCY

Trading consistency is a common challenge among traders to achieve and maintain.
How many of you folks trading TMS face this challenge(problem)?
Do you feel that it is time you open up and admit this?
Do you believe there is 'light at the end of the tunnel' to your problem?

Post and reply 'YES' to this.
This will help me focus and work on what I will share as we move forward from today.
There is nothing new nor technical things to add to TMS. The basics of the method are all here and have been repeated over and over CONSISTENTLY.

One way to help yourself is to be an active member here and post your thoughts and more important is to post and share your trades with charts.

Have a Good Weekend.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
thanks for the pointers emmanuel

i am trying to trade demo TMS on h4 charts, but also have problems with consistency. i feel that when i have a losing streak i become demoralised and sometimes dont trade for a few days.

i intend to go over your posts about planning trades etc on h4 setups, this is something i have been lacking in, rather just taking h4 TDI crosses that look good on the chart but without any preparation for the overall picture.

blam
Market Types:

We have just witnesses the August month closed few hours ago. It was a difficult month to trade as many traders have also experience this.

So since we saw a Month candle closed, I though we can do a weekend exercise together by looking at clean charts - just switch to Bar Charts and overlay with the APB/HA and the TDI. Include the Price Action Channel aka PAC using two 5 Smoothed Moving Average, one Apply to the High price and the other Apply to the Low price.

Look at the MN and W1 charts like the ones I posted below here.
Sunday 1 Sep, NY will open a new MN candle.

What can you tell about EU by looking at the prices using just these MN and W1 charts?

Post your thoughts and what you see.
We can plan our trades for next month when we can identify the Market Type and plan our 'attack'.
Remember, I always have a Plan A and a Plan B.
Another Plan C is always at hand once we have Plan A and A Plan B worked out.

There is a saying in ancient warfare,
We do not attack where we think the enemy is weakest.
We attack where the enemy think it is strongest.
This is a wisdom we apply in trading TMS ...where is the logic some may ask?

Have a Good Weekend.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EU MN PAC week 36.png Size: 23 KB
Click to Enlarge Name: EU W1 PAC week 36.png Size: 24 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting blamshakk
thanks for the pointers emmanuel i am trying to trade demo TMS on h4 charts, but also have problems with consistency. i feel that when i have a losing streak i become demoralised and sometimes dont trade for a few days. i intend to go over your posts about planning trades etc on h4 setups, this is something i have been lacking in, rather just taking h4 TDI crosses that look good on the chart but without any preparation for the overall picture. blam
Hi blam,

thanks for your prompt reply post.
this will help me focus on some common issues and provide suggestions and answers later.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting Uk1
I'm sorry if this has been asked a million times before, Its not a new question I'm sure, (feel free to tell me I havent done my homework), but if I'm manually back testing my different TMS entries / exits in the simplest manner possible (F12 key on MT4?) for statistical purposes, and I want to add a criteria say taking trades in the momentum of the weekly / monthly PA / EMA, whats the easiest way of checking this? I find it extremely time consuming having to flick to a weekly chart from the daily / 4 hourly, then work out which weekly bar my signal...

Hey there,
If you wanted to see the previous weekly candles on your chart you could use this indicator to overlay them on whatever time frame you want.. Just set the indicator timeframe to 10080 (weekly) or 43200 (monthly) and away you go..
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.armh4.png Size: 104 KB

Josh
Attached File(s)
File Type: mq4 Candle Overlay.mq4   9 KB | 560 downloads
nollej is power..
Quoting emmanuel7788
{quote} Hi gbmcgee, I remember that I owe you this reply but I had a busy week with my own trading team. Here is a chart showing the ADR Pro and my own Average Weekly Range shown. I have been comparing both and come to my conclusion which I adopted for my 4H swing trading. My Average Weekly range is calculated as follows: Average of the Sum of the 52weeks ATR + 104weeks ATR and I use 60% to set my target profit planning when Market type is wdie range sideways. When there is breakout into a trend, target can be set to 100%. These have been back-tested...
Emmanuel, thank you for your time to respond. You are extremely unselfish to provide all of us the guidance and patience that you extend to us in our quest to learn currency trading. I sincerely mean that from my heart, GB
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