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TMS for M30 charts

  • #17,321
  • Dec 4, 2017 8:13pm Dec 4, 2017 8:13pm
Hi,

I am planning to take a trade on GBPUSD, but as I zoom out on the D trend realised it is reaching its resistance?

Am I seeing this resistance line correctly?
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-d1-oanda-division7.png Size: 54 KB
  • #17,322
  • Dec 4, 2017 8:16pm Dec 4, 2017 8:16pm
Quoting Sajidhelp
{quote} thank you very much ,lisat your post is very inspiring & it gave me a big motivation i will be very grateful to you , if you upload a screen shot of your entries (price & date)
This is the easiest way for me to show the trades rather than repeating some that are already there, you should be able to work it out from there. All times are GMT +2. 1 loss in there and a few breakeven or smaller trades as well.
Attached Image (click to enlarge)
Click to Enlarge Name: nov trades.png Size: 48 KB
Success means going from failure to failure without loss of enthusiasm
  • #17,323
  • Dec 4, 2017 8:42pm Dec 4, 2017 8:42pm
Quoting birdnest
Hi, I am planning to take a trade on GBPUSD, but as I zoom out on the D trend realised it is reaching its resistance? Am I seeing this resistance line correctly? {image}
you have the R line correct, only one question is: are you trading on D1 or M30? where are your entry and target if there is a set up for a long on M30? if you are entering on D1 then no space for buying.
Appreciation is the key to wealth and happiness
  • #17,324
  • Dec 4, 2017 10:36pm Dec 4, 2017 10:36pm
Quoting likica
{quote} you have the R line correct, only one question is: are you trading on D1 or M30? where are your entry and target if there is a set up for a long on M30? if you are entering on D1 then no space for buying.
I actually am planning to trade on Day. I am watching to see a breakout of a PA above the resistance line as I see a bullish trend moving forward on the W and M. Not too sure if I sounded right?
  • #17,325
  • Dec 4, 2017 10:49pm Dec 4, 2017 10:49pm
Quoting birdnest
{quote} I actually am planning to trade on Day. I am watching to see a breakout of a PA above the resistance line as I see a bullish trend moving forward on the W and M. Not too sure if I sounded right?
would you be willing to sit with DD 100 pips or more? why not consider taking buys or building positions on smaller time frame like M30 while seeing a bullish trend on higher timeframes D1 W1 M1? there re more pips to collect while waiting
Attached Image (click to enlarge)
Click to Enlarge Name: 5.12.17 GBPUSDM30 waiting for buy.png Size: 86 KB
Appreciation is the key to wealth and happiness
  • #17,326
  • Dec 4, 2017 11:45pm Dec 4, 2017 11:45pm
Quoting likica
{quote} would you be willing to sit with DD 100 pips or more? why not consider taking buys or building positions on smaller time frame like M30 while seeing a bullish trend on higher timeframes D1 W1 M1? there re more pips to collect while waiting {image}

Ah yesss, I would love to! haha.

But it seems to be ranging in that big M30 candle?
  • #17,327
  • Dec 4, 2017 11:57pm Dec 4, 2017 11:57pm
Quoting birdnest
{quote} Ah yesss, I would love to! haha. But it seems to be ranging in that big M30 candle?
yeah, and only could take what it offered within that big H4. I bet someone was waiting to take a breakout of that big green APB and was sitting with big DD
Attached Image (click to enlarge)
Click to Enlarge Name: 5.12.17 GU H4 M30.png Size: 78 KB
Appreciation is the key to wealth and happiness
  • #17,328
  • Dec 5, 2017 4:49am Dec 5, 2017 4:49am
Quoting likica
{quote} would you be willing to sit with DD 100 pips or more? why not consider taking buys or building positions on smaller time frame like M30 while seeing a bullish trend on higher timeframes D1 W1 M1? there re more pips to collect while waiting {image}
Hi Likica,

As your figure, why did you place 3 shorts as Price was stepping up, there was no LH/LL or Trendline Breakout as your rule?
  • #17,329
  • Dec 5, 2017 5:10am Dec 5, 2017 5:10am
Quoting lisat
{quote}This is the easiest way for me to show the trades ....
thanks ,lisat
that's exactly what i needed
  • #17,330
  • Dec 5, 2017 5:40am Dec 5, 2017 5:40am
Quoting cmhoahongxan
{quote} Hi Likica, As your figure, why did you place 3 shorts as Price was stepping up, there was no LH/LL or Trendline Breakout as your rule?
sometimes, I get too excited when price goes near major S/R (if you zoom the chart out or check H4) in this case I was not patient, breaking my rules , that why I had to sit with DD waiting for price to turn around with a proper structure.
Appreciation is the key to wealth and happiness
  • #17,331
  • Dec 5, 2017 5:53am Dec 5, 2017 5:53am
Quoting likica
{quote} sometimes, I get too excited when price goes near major S/R (if you zoom the chart out or check H4) in this case I was not patient, breaking my rules , that why I had to sit with DD waiting for price to turn around with a proper structure.
It's ok. We do get naughty at times
the cautious seldom err....C
  • #17,332
  • Dec 5, 2017 2:01pm Dec 5, 2017 2:01pm
Quoting likica
{quote} are you able to read PA from my AU chart? I am having a problem reading PA from yours. You keeps saying something was wrong, I can't see anything wrong and unlucky,,,.if you don't mind, I suggest you change your words if you want to see something bright...and up! Coming back to AU, You said you would go long but it kepts falling? AU did not fall from what my chart showing. By the way, are you following my trading style? if yes, please make your chart reflecting what has been currently presented in this thread by me. It looks like you try...

Hi again, yes I can read the PA from my chart. Ofcourse having a naked chart with no indicators is always better for price reading, but I can see what's going on in my chart.

I was asking if I did something wrong because the trade failed. I know not every trade can be a winner, if a trader is trading properly and he looses a trade then he is unlucky on that occasion. I wanted to know if I had made an error and that's why the trade failed, or if I had done everything right and was just unlucky. Lisat said my stop was too close but my entry was ok, so now I will put my stop lower towards the bottom of the H4 candle.

Am I following your style, yes ..but also lastingwells too. I still look at this thread [even though I have not posted much lately], I still sometimes saves some of your trades to my folder as well. I remember one of your criticism towards me was that I pay too much attention to indicators, ..well earlier this year I paid £££ to have access to some forex training. No indicator was used so I thought this would be great as I cannot pay attention to indicators if none are there, only median lines and trendlines were used. So I was concentrating on price actions a lot more. When I started looking over some of your old trades in this thread again, it was making a bit more sense to me than before [I think what I learned in the forex course improved my price action reading ability a little bit] ...and I looked over Lastingwells trades again. I had tried trading like that before but failed miserably, but now I was seeing things a bit clearer so I tried it again ...so started trading like that and sometimes for a while like 70% of trades were winning, then it would slip back again to like 50/50 ....but it was still encouraging. I tried your style again, but I was winning more with Lastingwells style, and as I have asked you a lot of questions already I didn't want to bother you with more so I just keep watching your thread trying to learn but don't say much..., then I see lisat is trading using the H4 too ...and I am finding his posts insightful and he is the only person I see trading on FF using the H4 like that since lastingwell's death, and so I decided to ask him some questions as I cannot ask Lastingwell.

oh and in regards to the AU chart, I have placed a green dot where i took my trade [to make things crystal clear] I have also placed a red dot where my stop loss was and later in the day price went through my stop loss, that is why I say I say the trade failed.

Lisat informs me however that my stop was too close, and I have taken that on board
Attached Image (click to enlarge)
Click to Enlarge Name: audusd failed 4th dec2.png Size: 28 KB
  • #17,333
  • Dec 5, 2017 2:07pm Dec 5, 2017 2:07pm
Quoting lisat
{quote}As they say, everything is easy with hindsight, and I don't trade AU very often because of the very low atr but I would have had at least a stop loss below the h4 candle before as it was only around 40 pips away and that was the reason for the hook up of the tdi and because I have the 1hr 62 ema on my chart, (thanks to Lastingwell) would not have taken out a buy just above it I would have waited to see if it bounced which it did. As I say, that's in hindsight so easier Nothing wrong, apart from the stop loss.

thanks for the feedback, much appreciated. I will adjust how I place my stop loss from now on.

I paper traded 2 trades today aud/usd short, and aud/jpy short and both were winners. two more trades currently in progress that I am observing. One of them I would have traded if it were my real account, the other one i'm not sure ...but I am observing them and watching the outcome to perhaps give me some insight into if i should have took them...
  • #17,334
  • Dec 5, 2017 5:39pm Dec 5, 2017 5:39pm
Quoting likica
{quote} yeah, and only could take what it offered within that big H4. I bet someone was waiting to take a breakout of that big green APB and was sitting with big DD {image}

Who?? I dont have much time to trade M30 as my day job is quite intensive, so I can trade as and well for shorter time frames and also focus on the bigger timeframes that give me less stress and more time to decide and analyse the PA and chart patterns.

I still have such a long way to go... I dont know how long I can actually be profitable. I am now 3 years counting, but still not....
  • #17,335
  • Dec 6, 2017 1:17am Dec 6, 2017 1:17am
In the interests of disclosure, I got +50 on EJ yesterday and then a bad trade which was -50

For some reason I fell into a bad habit again of holding onto a losing trade in the hope it would turn around....so beware those habits they come back to catch you out! The first vertical line is where I put the trade in which won, the second was a buy which lost, I saw the h4 tdi turn back down did I take it out? Nope. I drew the trendline on there after the trade was finished, if done before I wouldn't have taken it. The 3rd vertical line is where I should definitely have taken it out, price was making lower lows, lower highs, the m30 tdi had turned down and the h4 had closed a bearish engulfing enough reasons for coming out and still I let it go to the stop loss when I should really have not just taken it out, for roughly -23 but got ready to sell. I amaze myself sometimes how I can conveniently forget every rule set for myself. So warning, remember your rules and stick to them
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYSBM30-loss.png Size: 73 KB
Success means going from failure to failure without loss of enthusiasm
  • #17,336
  • Dec 6, 2017 1:48am Dec 6, 2017 1:48am
Quoting lisat
In the interests of disclosure, I got +50 on EJ yesterday and then a bad trade which was -50 For some reason I fell into a bad habit again of holding onto a losing trade in the hope it would turn around....so beware those habits they come back to catch you out! The first vertical line is where I put the trade in which won, the second was a buy which lost, I saw the h4 tdi turn back down did I take it out? Nope. I drew the trendline on there after the trade was finished, if done before I wouldn't have taken it. The 3rd vertical line is...
Hey Lisa,
Thanks for sharing the goods and the bads .That come down to good management if you got out with a small red once you realized it was not a valid signal according to your rules. I guess, you must have had good reasons to get in and to stay until it took you out, if you don't mind to share more.
Appreciation is the key to wealth and happiness
  • #17,337
  • Dec 6, 2017 1:52am Dec 6, 2017 1:52am
Quoting birdnest
{quote} Who?? I dont have much time to trade M30 as my day job is quite intensive, so I can trade as and well for shorter time frames and also focus on the bigger timeframes that give me less stress and more time to decide and analyse the PA and chart patterns. I still have such a long way to go... I dont know how long I can actually be profitable. I am now 3 years counting, but still not....
you do what suits you Birdnest. Keep it up and stick what works for you. If for any reasons it s not working out yet, change your approach, but don't change your method.
Appreciation is the key to wealth and happiness
  • #17,338
  • Dec 6, 2017 2:12am Dec 6, 2017 2:12am
Quoting likica
{quote} Hey Lisa, Thanks for sharing the goods and the bads .That come down to good management if you got out with a small red once you realized it was not a valid signal according to your rules. I guess, you must have had good reasons to get in and to stay until it took you out, if you don't mind to share more.
Not really sure if I am honest Getting in, the h4 was slightly bullish but I hadn't drawn the trendline first (mistake) and if I had I would not have put it in, in the first place. Why I stayed in? Absolutely no idea whatsoever, even after all the warnings
Success means going from failure to failure without loss of enthusiasm
  • #17,339
  • Dec 6, 2017 2:33am Dec 6, 2017 2:33am
Moved within the range (big green candle). GU reached support, it will affect GA move too.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 6.12.17 GBPAUDM30 div s@LO.png Size: 56 KB
Click to Enlarge Name: 6.12.17 GBPAUDM30 div s@LO+.png Size: 58 KB
Appreciation is the key to wealth and happiness
  • #17,340
  • Dec 6, 2017 2:35am Dec 6, 2017 2:35am
Quoting lisat
In the interests of disclosure, I got +50 on EJ yesterday and then a bad trade which was -50 For some reason I fell into a bad habit again of holding onto a losing trade in the hope it would turn around....so beware those habits they come back to catch you out! The first vertical line is where I put the trade in which won, the second was a buy which lost, I saw the h4 tdi turn back down did I take it out? Nope. I drew the trendline on there after the trade was finished, if done before I wouldn't have taken it. The 3rd vertical line is...
If you had paid attention to YH ( Likica has mentioned this before) and also s/r, you would have made another 50 pips going short
the cautious seldom err....C
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