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Trading Made Simple

  • #5,841
  • Jun 20, 2011 8:39pm Jun 20, 2011 8:39pm
Quoting freebeans
Called my broker and they wouldnt confirm or deny. Actually just spoke to after hours support. Anyone know their reason for this.

Freebeans
"As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011. "
My favorite crochet hook is size J. It's a J-Hook!
  • #5,842
  • Jun 20, 2011 9:23pm Jun 20, 2011 9:23pm
[quote=dean;4709755]
Quoting hawaii5000
Mate I understand where you are coming from, and I have the same thoughts at times. I am not a great believer in moving averages, but where support/resistance and trendlines come intto it along with round numbers I am. Technical analysis was explained to me as mass psychology.....everybody looks at them so they become self fulfilling prophecies if you like....the only reason they really exist is becasue we all look at them, therefore you are forced to take them into account when you enter a trade....its just a matter of...
Yeah - I think when you take a few hits, you start questioning things. I am beginning to think the mass psychology argument is flawed though. We are all looking at the same lines, but we are still not trading full-time. I am busy shorting the Aussie at the moment - hopefully I will re-emerge in a better frame of mind. Onwards and upwards.
  • #5,843
  • Jun 20, 2011 9:50pm Jun 20, 2011 9:50pm
[quote=hawaii5000;4709836]
Quoting dean

Yeah - I think when you take a few hits, you start questioning things. I am beginning to think the mass psychology argument is flawed though. We are all looking at the same lines, but we are still not trading full-time. I am busy shorting the Aussie at the moment - hopefully I will re-emerge in a better frame of mind. Onwards and upwards.
My understanding is....you are trying to look at and determine how strong the actual price action is....trying to work out if it will break that resistance or not.....I reckon it just takes constant learning and screen time. It CAN be difficult though....you look at your screen and there are so many different S/R levels and round numbers and pivots etc that you can pretty much talk yourself out of every trade. I guess that is where you have to recognise how strong PA is and go for it.
The PA right now on the A/U is a perfect example....I am also short. I know it is due to the monetry policy minutes but that candle formation is the PA that breaks resistance levels.
  • #5,844
  • Jun 20, 2011 10:07pm Jun 20, 2011 10:07pm
Good evening everyone. Is anyone else watching the AUDJPY 4H?
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy0620.gif Size: 35 KB
  • #5,845
  • Jun 20, 2011 10:17pm Jun 20, 2011 10:17pm
Quoting dean
you entered on the third candle....the candle was tiny, and you entered directly into support if you look just to the left.

Third candle entry is no good, agreed. 3rd candle was tiny, how woud you know that until close??
  • #5,846
  • Jun 20, 2011 10:27pm Jun 20, 2011 10:27pm
I trade the H4 charts, so i move one time frame up (D1) and mark previous swings as S/R i also mark big round numbers. I dont worry about previous day hi and low, just look at daily chart and see how many inside bars you can find. I dont like pivot points or fibs, they seem to be abitrary to me, as someone else already pointed out, they dont git hit more times than they do.

Go ahead and mark all round numbers, majour swings, previous day high and low, fib levels, daily, weekly, monthly pivots on your chart, then see if you can find a trade bigger than 10 pips.

pick 1 or 2 of the above that work for you, but not all of them
  • #5,847
  • Jun 20, 2011 10:41pm Jun 20, 2011 10:41pm
Quoting 33drifter
I trade the H4 charts, so i move one time frame up (D1) and mark previous swings as S/R i also mark big round numbers. I dont worry about previous day hi and low, just look at daily chart and see how many inside bars you can find. I dont like pivot points or fibs, they seem to be abitrary to me, as someone else already pointed out, they dont git hit more times than they do.

Go ahead and mark all round numbers, majour swings, previous day high and low, fib levels, daily, weekly, monthly pivots on your chart, then see if you can find a trade bigger...
Ok just a bit of info for everyone (including myself) that can get bogged down in s/r levels etc etc.
I have been reading some of BigE's other posts that led him to creating this method of trading and I came upon something that gives me a little more comfort when looking for this stuff.
He does NOT go up a time frame....to find important s/r levels he simply looks to the left at the closest swing up or down and any significant levels (round numbers) You can get an indicator (which he suggested earlier) which highlights your chart round numbers. If you want to give yourself added confidence you click DOWN one chart and if the tdi on that chart is headed in the same direction as the chart you are trading, you have a much higher chance of success.
So what I plan to do is....and this is MY take....I will spot a setup.....click up a chart to determine overall trend.....then click down a chart to confirm the tdi matches, check and MAJOR lines of s/r and round numbers nearby on my trading chart and if it all fits...go for it.
  • #5,848
  • Jun 20, 2011 10:45pm Jun 20, 2011 10:45pm
Quoting dean
So what I plan to do is....and this is MY take....I will spot a setup.....click up a chart to determine overall trend.....then click down a chart to confirm the tdi matches, check and MAJOR lines of s/r and round numbers nearby on my trading chart and if it all fits...go for it.
Sounds like a plan to me!
  • #5,849
  • Jun 20, 2011 10:46pm Jun 20, 2011 10:46pm
Just a quick reminder to everyone that BigE prefers to trade during 10 pm-6.00 am Pacific Time. This way we avoid ranging times.
  • #5,850
  • Jun 20, 2011 10:51pm Jun 20, 2011 10:51pm
Quoting Rigby1127
Good evening everyone. Is anyone else watching the AUDJPY 4H?
Attachment
Your setup was so amazing.Pls can you teach me how you set it up how you make use of it,mostly your TMS TDI.Thnx. Mecherine.
  • #5,851
  • Jun 20, 2011 10:51pm Jun 20, 2011 10:51pm
Quoting roterio
I opened this short for similar set ups in 4-5 pairs yesterday. nothing wrong with the set up. but they all stopped out. and I gave my all 300 pips profit last week in a single trade.
1. What was TOD? Time Of Day? I see a vertical line, if that is midnight, this is very slow time to be trading, price gets pushed around

2. Stop & Reverse is the only thing could have saved you; there is another line cross to the upside; why didn't you trade that?
OPPORTUNITY IS NOWHERE
  • #5,852
  • Jun 20, 2011 10:56pm Jun 20, 2011 10:56pm
Quoting The7
Just a quick reminder to everyone that BigE prefers to trade during 10 pm-6.00 am Pacific Time. This way we avoid ranging times.
Which equates to 8 am to 4 pm LONDON TIME , which is understood easily by all and makes the concept totally unstandable by many!
OPPORTUNITY IS NOWHERE
  • #5,853
  • Jun 20, 2011 11:04pm Jun 20, 2011 11:04pm
Quoting Maverick731
Does anyone have an indicator for Time Until Next Candle?
You can find anything you really need or want right here on FF, if you do a search that is

First Page - New very cool CandleTime and session time Clock indicators @ Forex Factory
OPPORTUNITY IS NOWHERE
  • #5,854
  • Jun 20, 2011 11:40pm Jun 20, 2011 11:40pm
Quoting mecherine
Your setup was so amazing.Pls can you teach me how you set it up how you make use of it,mostly your TMS TDI.Thnx. Mecherine.
I just use the following TMS/TDI that was originally posted earlier in this thread along with a 20 and 50 MA for S/L purposes. The attachment is below. Happy trading!
Attached File(s)
File Type: ex4 @TMS_TDI_Slope.ex4   10 KB | 528 downloads
  • #5,855
  • Jun 20, 2011 11:40pm Jun 20, 2011 11:40pm
Quoting dean
Ok just a bit of info for everyone (including myself) that can get bogged down in s/r levels etc etc.
I have been reading some of BigE's other posts that led him to creating this method of trading and I came upon something that gives me a little more comfort when looking for this stuff.
He does NOT go up a time frame....to find important s/r levels he simply looks to the left at the closest swing up or down and any significant levels (round numbers) You can get an indicator (which he suggested earlier) which highlights your chart round numbers....
Dean can u tell me more on your suggestion on BigE's method of getting round up number for a chart.Which indicator did BigE suggested which can highlight chart round up number.Thnx. mecherine.
  • #5,856
  • Jun 21, 2011 12:59am Jun 21, 2011 12:59am
Quoting mecherine
Dean can u tell me more on your suggestion on BigE's method of getting round up number for a chart.Which indicator did BigE suggested which can highlight chart round up number.Thnx. mecherine.
have a look in the attachments section of this thread. I think it was called grid or round numbers, I cant remember.
Please note this is not an indicator as such guys...its something that BigE offered earlier in the thread and is more about s/r levels. He often alludes to the fact that price nearly always heads towards them. Its just a grid that highlights your big or round numbers, nothing more.
  • #5,857
  • Jun 21, 2011 1:09am Jun 21, 2011 1:09am
Quoting mecherine
Dean can u tell me more on your suggestion on BigE's method of getting round up number for a chart.Which indicator did BigE suggested which can highlight chart round up number.Thnx. mecherine.
Here is one you can try
Attached File(s)
File Type: mq4 PsychLevel.mq4   3 KB | 684 downloads
  • #5,858
  • Jun 21, 2011 1:09am Jun 21, 2011 1:09am
Quoting roterio
I opened this short for similar set ups in 4-5 pairs yesterday. nothing wrong with the set up. but they all stopped out. and I gave my all 300 pips profit last week in a single trade.
Roterio

This is not a check that EEL does, but is not a deviation from the method either. I always do a quick visual on the red TDI angle, specifically to ensure that its not in complete disagreement with me. If the red TDI is not in agreement, I will wait for a better entry or for the next candle close to see if it is now moving in my direction.

Theres no doubt that you will miss some moves, but i have found that in extreme cases (similiar to the chart you show) that the PA has not yet turned in your favour and at a minimum a better entry price is likely.

Worth doing a visual on!

Good luck
  • #5,859
  • Jun 21, 2011 1:31am Jun 21, 2011 1:31am
Quoting Callisto
Which equates to 8 am to 4 pm LONDON TIME , which is understood easily by all and makes the concept totally unstandable by many!
Callisto

EELs trades 10pm to 6am PST, which is 6am to 2 pm london time. Check out his chart on the first post of this forum for clarification.
  • #5,860
  • Jun 21, 2011 1:34am Jun 21, 2011 1:34am
Quoting Rigby1127
Good evening everyone. Is anyone else watching the AUDJPY 4H?
Attachment
Hi Rigby

You're charts (candle formations) are very different to mine. Perhapa they close at different times? I'd suggest checking them against EEls charts. Theres one on the first post of this forum
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