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Trading Made Simple

  • #80,481
  • Jun 30, 2017 5:59am Jun 30, 2017 5:59am
Quoting emmanuel7788
Weekly close and Monthly close. This week we see this Week' candle close and also this Month's close tonight NY session. there are only 3 months this year where we see this the last one was March , and this month June. which is the next calendar month to have W1 and MN close on Friday? is this of any significance in your trading?
not very much for me!
If you know neither the enemy nor yourself, you will fail in every battle!!
  • #80,482
  • Jun 30, 2017 6:13am Jun 30, 2017 6:13am
waiting gold


what do you think?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Снимок.PNG Size: 112 KB
Click to Enlarge Name: Снимок1.PNG Size: 103 KB
If you know neither the enemy nor yourself, you will fail in every battle!!
  • #80,483
  • Jun 30, 2017 6:20am Jun 30, 2017 6:20am
Quoting emmanuel7788
{quote} I love to read those experts analyst 'fundy' talk. but on the technicals side, the minimum number of price bars/candles for a bullish reversal at key support on D1chart timeframeis minimum 3 bar/candles, or 5 is better. on W1, I need only to see 2 bars/candles. when I see any of them, I will post and we all can make money together.
Hi Emm,
I don t get you.

Would you please explain, thx
Guido

Quoting emmanuel7788
Weekly close and Monthly close. This week we see this Week' candle close and also this Month's close tonight NY session. there are only 3 months this year where we see this the last one was March , and this month June. which is the next calendar month to have W1 and MN close on Friday? is this of any significance in your trading?
YES
Risiko birgt immer auch die Chance.
  • #80,484
  • Jun 30, 2017 9:53am Jun 30, 2017 9:53am
Hey guys,

I have been looking in to starting a good money management but would like to have some of your idea.

ty
  • #80,485
  • Jun 30, 2017 2:17pm Jun 30, 2017 2:17pm
Just now closing 4/5 of my position on CADJPY as it reached the BRN/monthlySwingLine. Now leave 1 position open and see how will price go on, decide then to build a new position or not.

here's the trade on H1 to have a better look

Attached Image (click to enlarge)
Click to Enlarge Name: CADJPY.JPG Size: 73 KB


regards
  • #80,486
  • Jun 30, 2017 2:21pm Jun 30, 2017 2:21pm
Hi Emmanuel,
If I am trading only the h1 and h4 chart then should I look at the D1 trend to check if price is going up or down?
  • #80,487
  • Jun 30, 2017 5:09pm Jun 30, 2017 5:09pm
Quoting zonalmarking
Hi Emmanuel, If I am trading only the h1 and h4 chart then should I look at the D1 trend to check if price is going up or down?
If you have some time over the weekend, this post is a good summary from Emm and might answer your question.
https://www.forexfactory.com/showthr...80#post9661780
  • #80,488
  • Jun 30, 2017 8:47pm Jun 30, 2017 8:47pm
Quoting nigpig
{quote} If you have some time over the weekend, this post is a good summary from Emm and might answer your question. https://www.forexfactory.com/showthr...80#post9661780
Thanks nigpig for helping out in the thread.

For all first time visitors to this thread, that link is a good point to start.

or you have three(3) Options below:

But if you are already a seasoned trader in trading price action and support/resistance,

you will probably jump to option #3 below:

Option #1: Go to this post link, read and follow that post.

https://www.forexfactory.com/showthr...80#post9661780

Option #2: Go to this post link, download and read those two pdfs files.

https://www.forexfactory.com/showthr...31#post9656031

Option #3: Click and read One, Two and Three
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #80,489
  • Jun 30, 2017 8:58pm Jun 30, 2017 8:58pm
Quoting zonalmarking
Hi Emmanuel, If I am trading only the h1 and h4 chart then should I look at the D1 trend to check if price is going up or down?
You need to learn what is high probability trading.

I have this book during my study days and now remain on my library shelf as a good reference, "High Probability Trading" by Marcel Link.
In it you will learn how using multi timeframe approach will help increase your winning chances.(chapter 5).

Attached Image
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #80,490
  • Jun 30, 2017 9:07pm Jun 30, 2017 9:07pm
Quoting Jaizy
Hey guys, I have been looking in to starting a good money management but would like to have some of your idea. ty

Hi,

In the post above, that book also covers Money Management.

You may want to read that book too.

What most books do not cover is about account drawdown cycles, the duration (period) of the drawdown in your account and its impact that has on your trading systems and its money management strategy. And also how to recover from drawdown cycles and improving the drawdown cycles.

I read here in FF rookie traders hold on their their trades which are in huge drawdowns and they wait very patiently for weeks even months for the market to turn around to help them make some small profits in $money. When the market do trun around in their favour, they close all profitable trades 100% wins and then leaving the losing ones open for the next opportunity to close in profits.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #80,491
  • Jun 30, 2017 9:09pm Jun 30, 2017 9:09pm
Quoting Deichkind
Just now closing 4/5 of my position on CADJPY as it reached the BRN/monthlySwingLine. Now leave 1 position open and see how will price go on, decide then to build a new position or not. here's the trade on H1 to have a better look {image} regards

Look very much like Big E used to trade in his early days....

Big E on using multiple entries in the CHS thread
Post#2622 , Post#2629 , Post#2771 and Post#2912
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #80,492
  • Jun 30, 2017 9:39pm Jun 30, 2017 9:39pm
Quoting emmanuel7788
{quote} instead of risking 15% to 30% per trade like Big E did, we trade with smaller lots place at different entry levels. also Big E did not like price pullback and he exit his trades very quickly. This is good because his account drawdown are usually very short duration never more than 1 to 2 days from my study of his old posts. It is very important to pick only the best setups like Big E did and we can run our trades into profits with minimal account drawdown duration. JPY pairs went crazy at month end trading this week. my best trade this summer...

CHFJPY trades closed this week.

+18,000 pips is by far the best this year with one single currency pair and considering that the floating drawdown was minimal such that it did not lock up my trading capital preventing me in taking other trade opportunities which came along.

Attached Image (click to enlarge)
Click to Enlarge Name: CHFJPY Week 26 18k pips closing.png Size: 45 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #80,493
  • Jul 1, 2017 12:46am Jul 1, 2017 12:46am
Quoting emmanuel7788
{quote} You need to learn what is high probability trading. I have this book during my study days and now remain on my library shelf as a good reference, "High Probability Trading" by Marcel Link. In it you will learn how using multi timeframe approach will help increase your winning chances.(chapter 5). {image}
Thanks Emmanuel,

The link for "High Probability Trading"
  • #80,494
  • Jul 1, 2017 12:53pm Jul 1, 2017 12:53pm
Ty Emmanuel,

I will read the book for sûre.

Meanwhile i Will tarde the daily chart with tms and pac untill i get a good feal for the system and untill i get more experience as à trader. For now is it safe To trade 1% of capital on a set up?
  • #80,495
  • Jul 1, 2017 4:56pm Jul 1, 2017 4:56pm
Quoting emmanuel7788
{quote}I read here in FF rookie traders hold on their their trades which are in huge drawdowns and they wait very patiently for weeks even months for the market to turn around to help them make some small profits in $money. When the market do trun around in their favour, they close all profitable trades 100% wins and then leaving the losing ones open for the next opportunity to close in profits.
Been there, Done that. It doesn't work.
  • #80,496
  • Jul 1, 2017 5:06pm Jul 1, 2017 5:06pm
Quoting emmanuel7788
+18,000 pips is by far the best this year with one single currency pair...{image}
Well done. Amazing trade.
  • #80,497
  • Jul 1, 2017 7:16pm Jul 1, 2017 7:16pm
Quoting jansb000
I have made this little script that will: - Activate all 28 pairs in the Market Watch window - Open a chart for each of the 28 currency pairs I created this for the thread "Low Risk Stress Free Trading" but might be useful for some in this thread as well. Saves a lot of time {file} {file}
Thanks Jans.

very well written script, certainly useful.

If you allow me to, I like to make a few suggestion to your script?

BTW, just read that you are SAP application developer, right?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #80,498
  • Jul 1, 2017 7:29pm Jul 1, 2017 7:29pm
Quoting jansb000
{quote} Well done. Amazing trade.

+18,000 pips is nice isn't it.

that can be done quite easily trading very small lot sizes and closing only the profitable trades.

but do not believe in such bullshit posted in public forums. I can show you all hwo that can be done with both demo and live accounts. I consider that 'arcade gaming'.

I would be happy with just +200pips for that CHFJPY breakout move trading my usual 3 to 5 standard lots by simply scaling in.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #80,499
  • Jul 1, 2017 7:55pm Jul 1, 2017 7:55pm
Quoting Jaizy
Ty Emmanuel, I will read the book for sre. Meanwhile i Will tarde the daily chart with tms and pac untill i get a good feal for the system and untill i get more experience as trader. For now is it safe To trade 1% of capital on a set up?

Hi,

Yes, it is good to start tradinh the D1 chart and learn the mechanical rules for entry and exit.

If you recall this old post by Big E, he started testing trading the D1 chart but he did not post his test results. A few of us did the same tests over the past few years and found that to be profitable. Many are trading the D1 chart both demo and live accounts.
https://www.forexfactory.com/showthr...62#post4803962

Are you clear on the mechanical rules for entry and exit? This is very important.

Money Management:
Q. Is 1% of capital safe?
If my trading capital is $1,000,000,
I deposit 1% or 0.5% each of that into two(2) different brokers account, ($5,000 trading account each broker), I consider this to be quite safe.
The remaining 99% I deposit in banks which will give me compound interest over many years.

When (not if) I lose that 1% trading spot forex market, I still have 99% with me and earning interests from the banks.

Why do you choose to trade spot forex? It is most risky among all the asset classes out there.

Learn which model you want to play - the Lotto model or the Insurance model.

Read this old post:
https://www.forexfactory.com/showthr...77#post9796377


Mastering Risk Management

Inserted Video
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #80,500
  • Jul 1, 2017 8:10pm Jul 1, 2017 8:10pm
Quoting sunnywebpro
{quote} Hi Emmanuel, Could you explain how to use #Fibo Prev Day, Prev Week and BN Levels v1.02? Thanks in advance, sunnywebpro

Hi sunnywebpro,

sorry that I missed your post.

I stopped using those Daily Pivots and Weekly Pivots Fibo retracement levels years ago.

Now I use only BN levels which are basically the price levels - 00 and 50 levels, and look at the previous price action PPA around these levels. Using the PPA will help us see the potential reversal and breakout opportunities using TMS 5-Method for our trade setups.

using the Weekly Pivots, it is only good for trading the 4H swing during the week. Every new week, the Weekly Pivots and S&R levels will be calculated new using the previous week' Open, High, Low and Close prices ( depends on the choice of the pivot formula your chose).

when you trade the D1 chart, I suggest you consider the use the Monthly Pivot instead of the Weekly Pivots.

If you are trading Intraday - H1, M15 and M5 for example, you can use the Daily Pivot formula.

Anyone else have interest to trade with pivots? Let me know and I can share some useful resources. I see many flawed pivot indicator posted here in FF.


Good Trading in the new month folks!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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