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Plan the Trade

  • #4,341
  • Jan 30, 2018 10:19am Jan 30, 2018 10:19am
Quoting The Cableguy
{quote} I know you mean well my friend! To be honest, i've been over-complicating things for years, i mean when you follow the rules look at how simple it really ought to be; {image}
if you noticed those areas are where market balances itself buyers and sellers are in agreement (accumulation phase) then they take off then comeback we get in
  • #4,342
  • Edited 12:26pm Jan 30, 2018 12:09pm | Edited 12:26pm
Hi guys,

I've been trying the TDI method for months now and those trades always turned against me... because the trend changes and you cannot see this in TMS until you find yourself in an ugly losing position. I lost already 2 accounts with it.

THEN I started to read Cableguy's posts and started looking into EW. Very good posts! Finally a great tool to see the trend change and have a good risk-reward strategy! Thanks for making me aware of this method

I must say that I am a total beginner in this Elliot wave theory and I need to learn a lot... I already started to watch some video's on it but there seem to be so much patterns it confuses me. However the method 123 trigger pullback pattern looks understandable.

Where can I best start to learn EW and its setups (lets start step by step) I started reading at page1 but got lost after some pages, it looks a little advanced already for me. I did already learned the very basic 12345-abc patterns on the internet watching some video's. Again it gets easily very technically and confusing, because very different patterns exist

For the method 123 trigger pullback am still trying to find out what exactly the trigger is, and how to enter correctly.

I entered a trade which looked like the right one, EURUSD today. It was very weird as I got a nice H4 TDI buy signal and I went short lol... The trade went against me for a while but then it started to pay off in a straight line. Could you guys guide me on this chart if the pattern was ok and what I possibly could have done better?

I got stopped out because of a little pullback, I was like 40 pips in profit and it went smooth, then I took profit at around 24 pips. Should I have stayed in the trade or not, we will see. (I entered again so thats why the multiple trades). The red arrow on the horizontal line is the initial trade I made (please judge from this one)


Greetz
bunne
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  • #4,343
  • Jan 30, 2018 12:29pm Jan 30, 2018 12:29pm
Bunne you have a 123 at top price took out point 2 and where you have entry is perfect I would not look at 4hr charts because of large stops but you identified it perfectly
  • #4,344
  • Jan 30, 2018 12:31pm Jan 30, 2018 12:31pm
Also if you were up 40 look to grab at least 30
  • #4,345
  • Jan 30, 2018 12:36pm Jan 30, 2018 12:36pm
Thanks! I am still looking for such an automated trailing or jumpstop / protif / partial profit taking EA, do you know a good one?
  • #4,346
  • Jan 30, 2018 12:38pm Jan 30, 2018 12:38pm
I don't use mt4 but you always can drag stop can't you?
  • #4,347
  • Jan 30, 2018 12:44pm Jan 30, 2018 12:44pm
Quoting Divergence
I don't use mt4 but you always can drag stop can't you?
Yes but not at work (my work starts at London open and I go home at close of London).
  • #4,348
  • Jan 30, 2018 12:49pm Jan 30, 2018 12:49pm
Are regular candlesticks ok for this method or is HA/APB better?
  • #4,349
  • Jan 30, 2018 1:05pm Jan 30, 2018 1:05pm
regular candle sticks if you go home at London close is that 10 am ny time? if so trade ny session
  • #4,350
  • Jan 30, 2018 1:17pm Jan 30, 2018 1:17pm
Quoting bunne
Hi guys, I've been trying the TDI method for months now... {image}
Hi bunne,

Exactly as Div says, i think your entry was spot on.

Regarding trailing stops, we usually move stop behind each finished candle, so i appreciate the problems you might encounter being at work and also why you might be reluctant to use a smaller timescale, however, i think you might want to try.

Regarding EW, you might want to spend $10 on an ebook off of Amazon, entitled 'Five waves to Financial Freedom'. there's enough there to get you on your way.

Otherwise, i would just stick with the 123, trigger and pullback method. They don't always come back after trigger, but hey, just wait for the next one. That's why we all like the NQ, cos it has a canny knack of giving)

GL
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  • #4,351
  • Jan 30, 2018 2:00pm Jan 30, 2018 2:00pm
Quoting Divergence
Bunne you have a 123 at top price took out point 2 and where you have entry is perfect I would not look at 4hr charts because of large stops but you identified it perfectly
Where is point 2 on his chart please H. ?
every Saint has a past. Every Sinner has a Future
  • #4,352
  • Jan 30, 2018 2:03pm Jan 30, 2018 2:03pm
Quoting The Cableguy
{quote} Hi bunne, Exactly as Div says, i think your entry was spot on. Regarding trailing stops, we usually move stop behind each finished candle, so i appreciate the problems you might encounter being at work and also why you might be reluctant to use a smaller timescale, however, i think you might want to try. Regarding EW, you might want to spend $10 on an ebook off of Amazon, entitled 'Five waves to Financial Freedom'. there's enough there to get you on your way. Otherwise, i would just stick with the 123, trigger and pullback method. They don't...
Thanks for the book, I will begin reading it soon. The fibonacci levels you explained in the other group (TMS), from wave 1-3 (100%) and then the 61% starting from end wave 4 was something like wwwwooooowwww really ;-)

I hope skies are going to clear up for me, because the TMS thread is pure gambling if you don't understand the rest of the market, trading is NOT made simple with only those rules. I think BigE had so much trading hours in his head that he could trade blind and "saw" the structures.
  • #4,353
  • Jan 30, 2018 2:09pm Jan 30, 2018 2:09pm
Quoting turnip15
{quote} Where is point 2 on his chart please H. ?
here you go neil
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  • #4,354
  • Jan 30, 2018 2:11pm Jan 30, 2018 2:11pm
Quoting bunne
{quote} Thanks for the book, I will begin reading it soon. The fibonacci levels you explained in the other group (TMS), from wave 1-3 (100%) and then the 61% starting from end wave 4 was something like wwwwooooowwww really ;-) I hope skies are going to clear up for me, because the TMS thread is pure gambling if you don't understand the rest of the market, trading is NOT made simple with only those rules. I think BigE had so much trading hours in his head that he could trade blind and "saw" the structures.
or he wasn't as good as other think though we will never know. for someone to be trading as long as he said to rely on the tdi exclusively well you be the judge
  • #4,355
  • Edited 2:36pm Jan 30, 2018 2:25pm | Edited 2:36pm
Quoting Divergence
{quote} here you go neil {image}
Could you please confirm that the trigger is the lower point (point 2) taken out again lower, is that correct (4th or 8th candle counting from right) ? And then the pullback to the "sellers" point.

Edit: sorry for my untechnical grammar, I probably should say LL and supply zone (I think, correct me if wrong).
  • #4,356
  • Jan 30, 2018 2:45pm Jan 30, 2018 2:45pm
Quoting bunne
{quote} Could you please confirm that the trigger is the lower point (point 2) taken out again lower, is that correct (4th or 8th candle counting from right) ? And then the pullback to the "sellers" point. Edit: sorry for my untechnical grammar, I probably should say LL and supply zone (I think, correct me if wrong).
Correct.

Regarding our posts on the TMS thread, if we've made at least one see the light and save any further time wasted on a crossover method, it was worthwhile...

You'll make on the straights and give it all back (and then some) on the corners.
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  • #4,357
  • Jan 30, 2018 3:04pm Jan 30, 2018 3:04pm
Another short trade, I should have entered a little higher... but a little confused, I have no idea where to place my stoploss. Any rules for this?
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  • #4,358
  • Jan 30, 2018 3:06pm Jan 30, 2018 3:06pm
Quoting bunne
{quote} Could you please confirm that the trigger is the lower point (point 2) taken out again lower, is that correct (4th or 8th candle counting from right) ? And then the pullback to the "sellers" point. Edit: sorry for my untechnical grammar, I probably should say LL and supply zone (I think, correct me if wrong).
yes bunne point 2 taken out
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  • #4,359
  • Jan 30, 2018 3:22pm Jan 30, 2018 3:22pm
Quoting bunne
Another short trade, I should have entered a little higher... but a little confused, I have no idea where to place my stoploss. Any rules for this? {image}
trend is down why did you enter there? where you have red line that would be my entry
  • #4,360
  • Jan 30, 2018 3:27pm Jan 30, 2018 3:27pm
Quoting bunne
Another short trade, I should have entered a little higher... but a little confused, I have no idea where to place my stoploss. Any rules for this? {image}
What you've got is not a great set up, without strong divergence at the top and/or something like EW waves and fibs or a strong Market Profile line, to confirm a top (or maybe prior Supply zone, way over to the left somewhere on a bigger scale) etc etc.

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The way PA has reacted at the top of the previous demand zone, indicates likelihood of trend continuance (not always, nothing is set in stone), simply that the trend has not actually broken yet, despite the 123. As i say, trying to catch the turn is likely to bite you without something else to back it up... (imo)

That's not to say that the trade wont work, of course... the current candle shows indecision, (but it is also out of hours) - probably one that i would rather be getting back into the long trend at the prior demand until we have a LL. In any case, i would be greedier with the entry short, much closer to last Supply, to hope for at least a reaction trade...
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