H1 is a killer and the candle is strong long ... follow the money.
Don t forget, itīs countertrend!
Daily, weekly and monthly are against you.
Stay tuned
Guido
Risiko birgt immer auch die Chance.
1
- #80,761
- Jul 12, 2017 5:00am Jul 12, 2017 5:00am
- Joined Jun 2013 | Status: Membership Rewarded | 3,206 Posts
Risiko birgt immer auch die Chance.
- #80,764
- Jul 12, 2017 6:24am Jul 12, 2017 6:24am
- Joined Sep 2016 | Status: Inactive | 1,531 Posts
USDCAD H1 short? {image}
If it is going up why bothering yourself with "predicting" the turn
and by the way UC has a daily mothercandle a few days back and red news in a few hours
- #80,765
- Jul 12, 2017 7:07am Jul 12, 2017 7:07am
- Joined Nov 2008 | Status: Trader | 50,185 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #80,766
- Jul 12, 2017 7:53am Jul 12, 2017 7:53am
- Joined Nov 2008 | Status: Trader | 50,185 Posts
TMS Monitor H4 close If you look at the last H4 close 25minutes ago, 3 pairs show steep TDI slope NSDUSD USDJPY EURJPY With these information, you go to your chart and look if there is a H4 setup good enough for you to take a trade. {image}
All 3 pairs made money...
in 2 candles.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #80,767
- Jul 12, 2017 8:35am Jul 12, 2017 8:35am
- Joined Sep 2015 | Status: ob-la-di, ob-la-da, life goes on... | 4,499 Posts
Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
- #80,769
- Jul 12, 2017 11:22am Jul 12, 2017 11:22am
- Joined Jan 2015 | Status: Never underestimate value of an pip | 4,677 Posts
Power of monthly signals
- #80,771
- Jul 12, 2017 1:05pm Jul 12, 2017 1:05pm
- Joined Sep 2016 | Status: Inactive | 1,531 Posts
{image}
almost two weeks test strategy with me/me {image}
- #80,775
- Edited 6:13pm Jul 12, 2017 6:02pm | Edited 6:13pm
- Joined Nov 2008 | Status: Trader | 50,185 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #80,776
- Jul 12, 2017 7:07pm Jul 12, 2017 7:07pm
- Joined Nov 2008 | Status: Trader | 50,185 Posts
Trading Psychology - Five Guiding Principles
Take some time and work on this aspect of you as the trader. The technical part using TMS as the trading method is the smallest part of the three M's - Method, Money Management, and Mind. After more than 5 years trading live with TMS 5-Method, I think it is less that 5%. Money Management strategy is a key part when we want to generate positive cash flow to supplement our day jobs income. We need to achieve a consistent positive cash flow like in most businesses. It must be a consistent regular monthly cash flow which is far more important to be keep business sustainable. In this forex trading business, avoid holding on to losing positions for too many days and weeks which has damaging impact your cashflow which can have negative impact on your trading psychology. Look at your trading results performance in short cycles. I look at every 20-trading days as one cycle and set a SMART
target like 5% to 10% per 20-trading days cycle. One of your goal what I consider as KPI (Key Performance Indicator) is to achieve say 10% in less than 20-trading days. If you can reach a KPI of 10% in 12 trading days, this is a major milestone and you will start the next cycle. A losing cycle is when you have not achieve that 10% and had to cut loss which is limited to maximum 10%. The ultimate goal is to be able to achieve more winning cycles (less than 20 trading days) in one calendar year and not more than 40% losing cycles.
If you still have not reach the goals you set for yourself and could not maintain the consistency in your trading results, it is not the trading Method in question. You need to work on the other two Ms. The biggest third M is your Mind ... what I call mental fitness being a trader.
Read this article.
Five Guiding Principles of Trading Psychology
Take some time and work on this aspect of you as the trader. The technical part using TMS as the trading method is the smallest part of the three M's - Method, Money Management, and Mind. After more than 5 years trading live with TMS 5-Method, I think it is less that 5%. Money Management strategy is a key part when we want to generate positive cash flow to supplement our day jobs income. We need to achieve a consistent positive cash flow like in most businesses. It must be a consistent regular monthly cash flow which is far more important to be keep business sustainable. In this forex trading business, avoid holding on to losing positions for too many days and weeks which has damaging impact your cashflow which can have negative impact on your trading psychology. Look at your trading results performance in short cycles. I look at every 20-trading days as one cycle and set a SMART
target like 5% to 10% per 20-trading days cycle. One of your goal what I consider as KPI (Key Performance Indicator) is to achieve say 10% in less than 20-trading days. If you can reach a KPI of 10% in 12 trading days, this is a major milestone and you will start the next cycle. A losing cycle is when you have not achieve that 10% and had to cut loss which is limited to maximum 10%. The ultimate goal is to be able to achieve more winning cycles (less than 20 trading days) in one calendar year and not more than 40% losing cycles. If you still have not reach the goals you set for yourself and could not maintain the consistency in your trading results, it is not the trading Method in question. You need to work on the other two Ms. The biggest third M is your Mind ... what I call mental fitness being a trader.
Read this article.
Five Guiding Principles of Trading Psychology
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #80,777
- Jul 12, 2017 7:42pm Jul 12, 2017 7:42pm
- Joined Nov 2008 | Status: Trader | 50,185 Posts
{quote} Hi Could you please tell about best way for knowing weekly trend Thanks
Here is an example, USDCAD:
what is the weekly trend this month, starting on Jul 01?
first look at the MN chart, do you see consecutive bars/candles of the last 2 months?
where is the 10EMA or Big E' 5EMA?
Is the price target 1.27059 "predictable" in a weekly downtrend?
Big E never mentioned anything about what is high probability trading. I do not recall if he even used this term "high probability" in his trading.
But when I read his Post#647, there are things which he mentioned that we can learn from and decided on how to pick the best setups which are of "high probability" setups to trade.
1) Look at the short term and long term trends.
This means we trade in the direction of the long term trend.
2) Do not trade when the PA is in or near CONSOLIDATION area, zone, etc.
3) ... ?
4) ... ?
5) ... ?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #80,778
- Jul 12, 2017 8:55pm Jul 12, 2017 8:55pm
- Joined Nov 2008 | Status: Trader | 50,185 Posts
{quote} Price doesnt care really about lines on a chart
I agree...
the market does not care about any price lines we draw on our charts, whether you draw the line manually or using some flawed indicators coded by amateurs.
What is really more important is the market's price action we see with the OHLC of the timeframe we trade. The only price lines we see that are real is the price grid levels which are fixed on all charts. These do not change. You can look the price grids 100pips levels or the 50pips-levels or every 10 pips, 20pips, level. its up to you and the timeframe you chose to trade.
Also, it does not really matter if the Fibonacci retracement 78.6 or 76.4 levels you use is the correct one or is 76.4 more accurate over the 78.6, vice versa.
What most professional traders will tell you is to look at the market' history and the price action at the levels of those common fibonacci retracement levels which many technical analyst use.
To me Fibonacci retracement is an interesting technical study. I am sure Big E did his own study too. I use that for sometime and decided that to keep it simple, I dropped the Fibonacci tool and rely more on seeing the price history and the recent price action around the BRN and RN of the price.
Look the this USDJPY D1 chart example below,
it there a lot of difference if we use 78.6 or 76.4 retracement for technical studies?
I used to like 76.4 because 100-23.6= 76.4. Simple maths.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #80,779
- Jul 13, 2017 12:07am Jul 13, 2017 12:07am
- Joined Nov 2008 | Status: Trader | 50,185 Posts
Hi TMS Folks,
Its 1am NY time, don't lose sleep just because you love trading.
AUDUSD reaching the BRN 0.7700 and also seen with previous price action PPA on the chart below.
No blind selling yet. Where do you want to place your initial SL and do your position sizing?
Still too early to trade any correction, just reaction at the big number.
Weekly trend bias is ranging and to the upside.
Its 1am NY time, don't lose sleep just because you love trading.
AUDUSD reaching the BRN 0.7700 and also seen with previous price action PPA on the chart below.
No blind selling yet. Where do you want to place your initial SL and do your position sizing?
Still too early to trade any correction, just reaction at the big number.
Weekly trend bias is ranging and to the upside.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #80,780
- Jul 13, 2017 12:18am Jul 13, 2017 12:18am
- Joined Nov 2008 | Status: Trader | 50,185 Posts
With a nice trending H4 this week, it has reached 60% of its 52-weeks Average Weekly Trading range.
Most often this is near exhaustion and unless there is further fundamental reason why it should further strengthen against the USD, we should be prepared if market goes into narrow range consolidation.
Most often this is near exhaustion and unless there is further fundamental reason why it should further strengthen against the USD, we should be prepared if market goes into narrow range consolidation.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett