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TMS for M30 charts

  • #17,261
  • Nov 12, 2017 6:41am Nov 12, 2017 6:41am
There's a set up on AJ M30 for Monday Asian open...
Attached Image (click to enlarge)
Click to Enlarge Name: 12.11.17 AUDJPYM30 div + hd off SR Zoomed in.png Size: 78 KB
Appreciation is the key to wealth and happiness
  • #17,262
  • Nov 12, 2017 10:02am Nov 12, 2017 10:02am
Quoting likica
There's a set up on AJ M30 for Monday Asian open... {image}
Hey, Likica thanks for the heads up, I am already in that trade off of the 4 hr and suffering a little drawdown, nice to see that it is likely to work out.

About a month ago you gave me some advice on avoiding chasing trades, mad dog trades as I call them.

Well, I followed your advice and took the time to really notice what I was doing and discovered that I was beating myself up unnecessarily.

In a good market with decent swings I am a genius, unfortunately in the typical narrow range NY session, not so much and in real time I have no way of knowing if it is going to be narrow range day or not.

Trading the NY session the market really teaches you to trade badly the ranges are so narrow and often the session ranges right into some of the Asian session is taken up by one news spike candle, often in the session, there are two or more candles that cover the entire day's range. so in order to get a1:1 R: R ratio, you need to jump in early or you never reach TP, and often if you do jump in early the signal turns out to be an invalid signal. So between a rock and a hard place. So I have stopped trading the 30 min chart for the NY session, just not doable for me.

Moved out to the 4hr charts and that is much less stressful and gives me ample time to consider all aspects of a trade. Unfortunately, the past week has been flat and choppy, euro range for the entire week only 124 pips, AU only 74 pips, tough to get a trade in that narrrow a range.

So I will persevere with patience, once again thanks for all of your hard work on this thread.

Green pips to you

Keith
  • #17,263
  • Nov 12, 2017 7:57pm Nov 12, 2017 7:57pm
Quoting kminler
{quote} Hey, Likica thanks for the heads up, I am already in that trade off of the 4 hr and suffering a little drawdown, nice to see that it is likely to work out. About a month ago you gave me some advice on avoiding chasing trades, mad dog trades as I call them. Well, I followed your advice and took the time to really notice what I was doing and discovered that I was beating myself up unnecessarily. In a good market with decent swings I am a genius, unfortunately in the typical narrow range NY session, not so much and in real time I have no way...
G'day to you and traders,

It's good to hear your progress, Keith, whether on M30 or H4, as long as you are being consistent with what you do and have time to reflex and review.

Just from what you observed and from my experience, moving toward end of the year, I would not expect big moves nor like to trade H4.

People who trade from H4 saying that trading on that TF give them less stress or stress free, but I found it s not the case for me. If the trade you were in going against you 50 pips and you traded 1 or 2 or 5 or 10 full standard lot(s) , you would feel stressed regardless time frame. ( I don't talk about people trading mini or micro lots here as they are just playing or practising).

Treat your trading as your business and be well prepared and be proactive, importantly, remember to look left but get your mind right,,,, hehehe...

Happy trading!
L
Appreciation is the key to wealth and happiness
  • #17,264
  • Nov 13, 2017 8:24am Nov 13, 2017 8:24am
Quoting likica
{quote} G'day to you and traders, It's good to hear your progress, Keith, whether on M30 or H4, as long as you are being consistent with what you do and have time to reflex and review. Just from what you observed and from my experience, moving toward end of the year, I would not expect big moves nor like to trade H4. People who trade from H4 saying that trading on that TF give them less stress or stress free, but I found it s not the case for me. If the trade you were in going against you 50 pips and you traded 1 or 2 or 5 or 10 full standard lot(s)...
Hey Likica

I agree about trading the 4 hour, that is a desperate attempt on my part to get around narrow ranges during the NY session, I hate the 4 hr, but if NY is going to have 30+ pip session ranges I have no choice, I plan to move back to 30 minute if/ when ranges expand.

I find it less stressful since my risk doesn't change just adjust my lot size, and on the 4 hour, I don't have to worry about getting stopped out by minor news spikes caused by Trump saying something stupid and the tanking USD. I do find it odd to have such large TP levels, given how hard it was to reach TP on the 30 seems even more difficult on the 4 hour.

The big advantage is that the 4 hour gives me more time to enter and I am sometimes using limit orders to get better prices since on a 4 hour there are usually pullbacks.

Still, my preference would be the 30, really hate holding trades overnight, and also there are a lot fewer trades per week so less opportunity to grow the account.

Good, advise look left and get your mind right. One thing I am working on is not getting attached to bad outcomes, always found it really maddening to get stopped out by One pip or miss TP by one pip, now I try and just let it go.

thanks again, I'll keep you and any others interested updated on my journey.

cheers

Keith
  • #17,265
  • Nov 13, 2017 9:29am Nov 13, 2017 9:29am
good start to the week +60
Attached Image (click to enlarge)
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  • #17,266
  • Nov 13, 2017 12:10pm Nov 13, 2017 12:10pm
EA buy +50
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Success means going from failure to failure without loss of enthusiasm
  • #17,267
  • Nov 13, 2017 6:54pm Nov 13, 2017 6:54pm
EUR/AUD is reaching S/R, no sign of reversal yet (no divergence) .
Attached Image (click to enlarge)
Click to Enlarge Name: 14.11.17 EURAUDM30 reaching SR.png Size: 111 KB
Appreciation is the key to wealth and happiness
  • #17,268
  • Nov 13, 2017 8:30pm Nov 13, 2017 8:30pm
GBP/NZD reached R..., but bears are not there yet (TDI & STOC @overbought).
Attached Image (click to enlarge)
Click to Enlarge Name: 14.11.17 GBPNZDM30 reached R.png Size: 86 KB
Appreciation is the key to wealth and happiness
  • #17,269
  • Nov 14, 2017 5:53am Nov 14, 2017 5:53am
Quoting likica
GBP/NZD reached R..., but bears are not there yet (TDI & STOC @overbought). {image}
Lk which tf do you pay most attention to if overbought? so if overbought in say h4 but not on h1 and 30 would you be cautious not to take trade?
  • #17,270
  • Edited 6:46am Nov 14, 2017 6:32am | Edited 6:46am
Quoting Scrambleguy
{quote} Lk which tf do you pay most attention to if overbought? so if overbought in say h4 but not on h1 and 30 would you be cautious not to take trade?
I m trading from M30, so all my attention are on M30, zoom your chart in and out to see any major S/R, I don't look at indicators on H4 for my entries but M30.
Tips for the day: if the pair you are paying attention to currently at overbought/oversold, change your focus to its relatives instead, as you might be able to get in the ealy ride, while waiting for that pair to be ready for your entry.
Appreciation is the key to wealth and happiness
  • #17,271
  • Nov 14, 2017 6:49am Nov 14, 2017 6:49am
Quoting likica
{quote} I m trading from M30, so all my attention are on M30, zoom your chart in and out to see any major S/R, I don't look at indicators on H4 for my entries but M30. Tips for the day: if the pair you are paying attention to currently at overbought/oversold, change your focus to its relatives instead, as you might be able to get in the ealy ride, while waiting for that pair to be ready for your entry.
thank you; great advice
  • #17,272
  • Nov 14, 2017 7:23am Nov 14, 2017 7:23am
Quoting likica
GBP/NZD reached R..., but bears are not there yet (TDI & STOC @overbought). {image}

So nice to watch a professional stalking a trade, and informative. thanks!

Keith
  • #17,273
  • Edited 1:20pm Nov 15, 2017 10:33am | Edited 1:20pm
hello likica,

Would you have taken a buy on the usd?

bullish argument
break down trend line,
bullish divergence
Tdi and sto above 50
200ema leave some margin

but

downtrend (lower low )
dol (blue line ) resistance and yesterday low

could you enlighten me?

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  • #17,274
  • Nov 16, 2017 9:00am Nov 16, 2017 9:00am
Quoting thomi
hello likica, Would you have taken a buy on the usd? bullish argument break down trend line, bullish divergence Tdi and sto above 50 200ema leave some margin but downtrend (lower low ) dol (blue line ) resistance and yesterday low could you enlighten me? {image}
Hi Thomi,
I was not avail until now.
Always ask yourself these questions:
- 1st: S/R (location)
- 2nd: price and indicator

From your chart, I would not get in a buy as I could not see if any S/R, and for a trade against trend and against DOL,
Appreciation is the key to wealth and happiness
  • #17,275
  • Nov 16, 2017 9:10am Nov 16, 2017 9:10am
I m in GN short off BRN + S/R + DIV with BEOB
Attached Image (click to enlarge)
Click to Enlarge Name: 16.11.17 GBPNZDM30 div off BRN R76.4F.png Size: 82 KB
Appreciation is the key to wealth and happiness
  • #17,276
  • Nov 16, 2017 9:27am Nov 16, 2017 9:27am
EU took a turn off S/R with double divergence
Attached Image (click to enlarge)
Click to Enlarge Name: 15-16.11.17 EURUSDM30 DIV off SR OB +.png Size: 53 KB
Appreciation is the key to wealth and happiness
  • #17,277
  • Nov 16, 2017 11:54am Nov 16, 2017 11:54am
Quoting likica
EU took a turn off S/R with double divergence {image}
I am surprised you entered a trade at that time there were 4 red news events on the USD, fortunately, they were USD positive and that drove the euro down.
do you have a strategy for entering trades around these types of news events? In general, I avoid them too much noise, and of course miss many trading opportunities.

cheers

Keith
  • #17,278
  • Nov 17, 2017 4:18am Nov 17, 2017 4:18am
hello likica,

May I ask you how are your lines represented by the red arrows?
Is it you who drew them?
And what UT do you use to draw them?

Attached Image (click to enlarge)
Click to Enlarge Name: 2017-11-17_11h11_56.png Size: 418 KB
  • #17,279
  • Nov 17, 2017 4:42am Nov 17, 2017 4:42am
Quoting thomi
hello likica, May I ask you how are your lines represented by the red arrows? Is it you who drew them? And what UT do you use to draw them? {image}
They are the weekly fibonnaci pivots drawn by the Auto-Pivot_plotter indicator you should find in the first post.
Success means going from failure to failure without loss of enthusiasm
  • #17,280
  • Nov 17, 2017 4:51am Nov 17, 2017 4:51am
Quoting lisat
{quote}They are the weekly fibonnaci pivots drawn by the Auto-Pivot_plotter indicator you should find in the first post.

Thanks lisat :-)
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