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Trading Made Simple

  • #3,421
  • May 22, 2011 1:46am May 22, 2011 1:46am
I am using 1hr time frame,I am targetting 20-30 pips in a single trade.

keeping eye on daily time frame means looking at support and resistance level at daily chart.
Trade responsiblypatience is the key/Swing trader
  • #3,422
  • May 22, 2011 1:55am May 22, 2011 1:55am
Quoting ken911
Quite a nice idea. Could be useful, but its a pity we cant have an additional Fib Tool, just for this. Shame to have to use the built in Fib tool, because it is useful sometimes. Thanks for the good idea.
You can make a template for that.
  • #3,423
  • May 22, 2011 1:59am May 22, 2011 1:59am
Quoting ken911
Hi Dean. If you change the extension (of the file name) of the template from .tpl to .txt, then it will open in Notepad, and you can edit it. Then when you are finished, change it back to .tpl. Dont worry about the warning you get saying ........it may become unusable etc. Hope it helps.
Just want to say that is a most helpful piece of information!!
The fact that the text doesn't mean a thing to me is neither here nor there. Access is the King!!
Thanke Ken11
  • #3,424
  • May 22, 2011 3:35am May 22, 2011 3:35am
I've been doing some work this weekend to identify where most TMS method setups fail.

1, Trading in consolidation (avoid flat lines small candles)
2, Ignoring trend (including ignoring trend lines and strong areas of support and resistance)
3, Trading on weak setup candles (see below).
4, Ignoring the core TMS rules (trading late after the cross, TDI angle incorrect or no stochastic agreement etc)

On the subject of setup candles this is my take on it:

We judge the strength of the setup candle by measuring the size of its "real body":

Real body is less than 10 pips = weak (avoid)

is 10-20 pips = medium (trade)

is 20 pips plus = strong (trade)

Also were cautious of trading smaller candles with long upper and lower wicks.
  • #3,425
  • May 22, 2011 4:14am May 22, 2011 4:14am
Quoting 2scoops
We judge the strength of the setup candle by measuring the size of its "real body":

Real body is less than 10 pips = weak (avoid)

is 10-20 pips = medium (trade)

is 20 pips plus = strong (trade)

Also were cautious of trading smaller candles with long upper and lower wicks.
Hi 2scoops' because differences of TF and pairs , I think the "real body" is at least half of the candle size. IMO
  • #3,426
  • May 22, 2011 4:18am May 22, 2011 4:18am
Quoting olegy
Hi 2scoops' because differences of TF and pairs , I think the "real body" is at least half of the candle size. IMO
Yes your right, my example was for the 1HR charts. Needs adjusting of course for different timeframes. Good point too about the real body size in proportion to the candle size.
  • #3,427
  • May 22, 2011 4:53am May 22, 2011 4:53am
How does the momentum look right now (12-2, 4-6)

Hi, Big E, or anyone, can explain to me regarding the momentum (12-2, 4-6)? thanks.
  • #3,428
  • May 22, 2011 4:56am May 22, 2011 4:56am
Quoting 2scoops
I've been doing some work this weekend to identify where most TMS method setups fail.

1, Trading in consolidation (avoid flat lines small candles)
2, Ignoring trend (including ignoring trend lines and strong areas of support and resistance)
3, Trading on weak setup candles (see below).
4, Ignoring the core TMS rules (trading late after the cross, TDI angle incorrect or no stochastic agreement etc)

On the subject of setup candles this is my take on it:

We judge the strength of the setup candle by measuring the size of its "real body":

Real...
Thanks for your analysis 2scoops. I would definitely say body of HA has to be 15 pips minimum to trade.
  • #3,429
  • May 22, 2011 5:01am May 22, 2011 5:01am
4HR timeframe i'd say:

Setup candle under 30 pips = Weak
30-60 pips = Medium
60+ pips = Strong
  • #3,430
  • May 22, 2011 5:02am May 22, 2011 5:02am
Quoting sleewc
How does the momentum look right now (12-2, 4-6)

Hi, Big E, or anyone, can explain to me regarding the momentum (12-2, 4-6)? thanks.
its a clock wise direction for buy and sell respectively...
Trade responsiblypatience is the key/Swing trader
  • #3,431
  • May 22, 2011 5:03am May 22, 2011 5:03am
I think one area that this forum hasn't touched upon much yet is what news events should stop you from trading. One of the reasons for using the higher TF and take profit levels in this strategy was so that news doesn't affect it as much...meaning we would be trading through most news assumably. But which do we hold fire on?

By the way, just want to share my favourite trading tool. Simple sup/res alert levels, but with moveable horizontal lines instead of having to set individual alarms. Helpful in almost any strategy you use.
Attached File(s)
File Type: mq4 #SR_AlertSystem.mq4   3 KB | 1,617 downloads
  • #3,432
  • May 22, 2011 5:06am May 22, 2011 5:06am
Quoting 2scoops
I've been doing some work this weekend to identify where most TMS method setups fail.

1, Trading in consolidation (avoid flat lines small candles)
2, Ignoring trend (including ignoring trend lines and strong areas of support and resistance)
3, Trading on weak setup candles (see below).
4, Ignoring the core TMS rules (trading late after the cross, TDI angle incorrect or no stochastic agreement etc)

On the subject of setup candles this is my take on it:

We judge the strength of the setup candle by measuring the size of its "real body":

Real...
Just to clarify, are you talking about the No 1 colour changed candle as being the setup candle at its close, as opposed to the 2nd colour changed candle as it opens, which can sometimes be quite large itself.
Many thanks for your research, and input.
  • #3,433
  • May 22, 2011 5:24am May 22, 2011 5:24am
Incrediblle, thanks.

Been reading this thread for this weekend, up to page 60 now, and very informative, and see a lot of great trading result here, and a lot of great people here. Also, thanks for Big E for the strategy. Will start tomorrow in demo for this strategy, then go live with it.

Thanks.
  • #3,434
  • May 22, 2011 5:34am May 22, 2011 5:34am
Quoting 2scoops
I've been doing some work this weekend to identify where most TMS method setups fail.

1, Trading in consolidation (avoid flat lines small candles)
2, Ignoring trend (including ignoring trend lines and strong areas of support and resistance)
3, Trading on weak setup candles (see below).
4, Ignoring the core TMS rules (trading late after the cross, TDI angle incorrect or no stochastic agreement etc)

On the subject of setup candles this is my take on it:

We judge the strength of the setup candle by measuring the size of its "real body":

Real...



Quoting 2scoops
4HR timeframe i'd say:

Setup candle under 30 pips = Weak
30-60 pips = Medium
60+ pips = Strong


Good Posts 2Scoops Thanks for the Info.
Always Learning
  • #3,435
  • May 22, 2011 5:38am May 22, 2011 5:38am
Quoting Incrediblle
I am all set to go live again now with this method...wish me luck
Good Luck with your Live trading This Week
Always Learning
  • #3,436
  • May 22, 2011 5:55am May 22, 2011 5:55am
Quoting ken911
Just to clarify, are you talking about the No 1 colour changed candle as being the setup candle at its close, as opposed to the 2nd colour changed candle as it opens, which can sometimes be quite large itself.
Many thanks for your research, and input.
The way I see it is the setup candle is where we have a clear cross just after the candle has formed (within the first two candles of the move). I never just trust the cross indicator always check with your crosshairs, often you find crosses on candle 1 were only green touching red (not a clear cross) we can still get in on candle 2 when we see these.

When we get these "touching" crosses on candle 1 often the candle changed colour several times and ended up only crossing right at the end of the candle. We can therefore still enter in on candle 2 as we're technically not late into the move (as long as everything else looks good of course).

Only pass on moves when you see that a clear cross occurred one or more candle(s) earlier.
  • #3,437
  • May 22, 2011 6:11am May 22, 2011 6:11am
Quoting JayTrader
Good Luck with your Live trading This Week
Sure thanks
Trade responsiblypatience is the key/Swing trader
  • #3,438
  • May 22, 2011 6:20am May 22, 2011 6:20am
Quoting 2scoops
I've been doing some work this weekend to identify where most TMS method setups fail.

1, Trading in consolidation (avoid flat lines small candles)
2, Ignoring trend (including ignoring trend lines and strong areas of support and resistance)
3, Trading on weak setup candles (see below).
4, Ignoring the core TMS rules (trading late after the cross, TDI angle incorrect or no stochastic agreement etc)

On the subject of setup candles this is my take on it:

We judge the strength of the setup candle by measuring the size of its "real body":

Real...
Awesome work. Thanks
  • #3,439
  • May 22, 2011 6:34am May 22, 2011 6:34am
Quoting adowland
Don't know if anyone has noticed this problem but when I right click on any chart and press for indicators list the list does not appear and the MT4 programme freezes and I have to go to task manager to get out of it, no matter which version of MT4 I use (I have 3 or 4 for playing around with and one for my live account), so I can't change any of the indicator parameters on the fly. I have re-booted etc, cleared all indicators on a chart and then put up one at random and the same happens, any thoughts is it my system or something to do with the...
Hi Alex,

Your broker (real account) will support it's platform. Try live help if they have it, or document the problem as clearly as possible (even through in some screen captures) and then email them. Tell them it is preventing you initiating lives trades and it's urgent. I am not sure who your broker is, but they should provide support for their platform. On the odd ossasion I have had problems like this, I have done this and have had the problem resolved amost immediately.

Alternatively, you can uninstall all instances of MT (backup our profiles, indicators etc - you can just back up (copy) the entire MT folder in program files if you are not sure) and reinstall. If that does not work, it may indicate either a general computer problem of a problem with your windows user profile. If all other progams are working, it may be your windows user profile. If you are running Windows 7 (this may apply to vista as well), even though you may not realise it, Windows stores some copies of the MT4 files in your profile, even though it appears the files in \program files (x86)\MT\etc. Windows is very cunning under the covers. If so, you can test this out by creating a new windows user (which will create a new profile). Make that user an administrator. Log in with that user and try a clean MT4 install.

Good luck,
daz
  • #3,440
  • May 22, 2011 6:37am May 22, 2011 6:37am
Quoting 2scoops
The way I see it is the setup candle is where we have a clear cross just after the candle has formed (within the first two candles of the move)....
Useful info 2s. Thanks for that.

Did you find anything conclusive about if the setup/trigger candle had crossed/closed over/under the 5ema? Its another area that lacks clarity for me.

Regards
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