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Trading Made Simple

  • #6,721
  • Jun 30, 2011 4:45pm Jun 30, 2011 4:45pm
Major contribution by all. Thanks to all for posting charts and questions. And to those that answer them. Fabulous thread here. As newbie I can't wait to contribute. But as I write, I am at work.
Did you know the profiteers like their money green?
  • #6,722
  • Jun 30, 2011 4:48pm Jun 30, 2011 4:48pm
From what I understand, when the blue candle appeared, watch the TDI -- did it bounce? Be ready to exit the trade, and yet, be mindful of the bounce that occurred, and stay the course! This comes with experience in chart and trend analysis, I am told.
hope that helps
Leona

Quoting Rcwso
Below is a GU 4hr chart with the trade some were talking about earlier today. I am in short on a test that I am doing for my own knowledge. But I have the following questions.

First of all, I totally understand that going short is going into a major support spot and may not be the best choice right now.

1. Candle 1 and Candle 2 were both valid entry candles according to the rules. Not counting the major support as a rule but as a guideline and good forex basic to trade or not trade.
2. Candle 3 then turned BLUE. Should you get out at that...
  • #6,723
  • Jun 30, 2011 4:54pm Jun 30, 2011 4:54pm
I believe bigE has suggested that the more conservative traders are the ones who wait for the candle to close above/below the MA to enter trades. Granted, you may lose some pips, and yet, a more definite trade is determined. Nothing wrong with being conservative until you feel more comfortable. A pip of profit is a pip of profit, imho -- money management is key.
hope that helps
Leona

Quoting Britpip7
What are the general thoughts on letting the set up candle close above the MA and then taking the second candle - still not at ease with taking the first candle for trades on H4 - guess that's down to trading styles!

Just moved to Interbank FX and their time frames are currently on GMT so although the day bar sets at 5pm, the 4 hour bars should be the same as MB Trading.

Not much action from last night - only traded the g/j short and got my sl too close - next!
  • #6,724
  • Jun 30, 2011 4:56pm Jun 30, 2011 4:56pm
Quoting 2scoops
You would have exited before the blue, as soon as you see the TDI flatten or hook over on the formation of the next candle you should be out. Why would you get back in on the red and potentially make the same mistake again. You'd be trading back into the same support area again.

Sorry if I sound harsh but please download one of the summary PDFs (paper clip icon - hide images - search for the summary documents).
You don't sound harsh. I have all of that information and have read and re-read those as well as this thread. I am just trying to learn the minor details/art of this system. Sometimes the best way for me to learn is to read the info, then ask questions based on my understanding. It may sound like I have not read the info based on some of the questions but I am trying to get to point I can understand with other info/insight.

Just to be clear, I understand the support that is involved in this trade. I am trying to give an example of a trade, not considering the support, and see what should be done or not done with the candles that are appearing. So, I am trying to see, with the given candles and colors, NOT COUNTING THE SUPPORT, what we should do.

So no offense or harshness taken here. Just here to learn and see what others would do.

Any insight?

Thanks.
  • #6,725
  • Jun 30, 2011 5:02pm Jun 30, 2011 5:02pm
Quoting freebeans
Posted a chart to help explain. I dont want to modify this chart to much because a lot of work went into creating these charts.
Hi Freebeans
I have the trend indicator on my charts and was also wanting to get rid of information at top left, got fed up and decided to remove the indicator, but when I did that only the information was removed and the lines stayed on my charts, have been there several days now with the lines only as I wanted. Try it on a chart that you are not using, also I removed the two outer lines as they are stop loss lines
Hope it helps
Regards
  • #6,726
  • Jun 30, 2011 5:37pm Jun 30, 2011 5:37pm
@ Leonaforex

Agreed - no real issues with being conservative. The key is to have a trading plan that you can stick to and be able to show positive results.

Only a month into this so far but am showing a net profit of over 600 pips with running 2 to 5 trades per night if the set ups work.

I will post some charts of me next trades for critique.

I am following Big E's MM outlines and they seem to work for me.
"To live with Passion, it takes Courage and Grace to survive"
  • #6,727
  • Jun 30, 2011 5:38pm Jun 30, 2011 5:38pm
Potential audusd short trade looming in 2 1/2 hours. Chinese PMI report due at 11am Sydney time which coincides with a new 4hr candle on my platform, this news release could have a big impact on aud pairs if it is out of the expected range.
Attached Image (click to enlarge)
Click to Enlarge Name: au.gif Size: 25 KB
  • #6,728
  • Jun 30, 2011 5:44pm Jun 30, 2011 5:44pm
Hey folks... been watching this thread for a while.. love all the contributions. I am working off the 4 hr and am also watching the AUDUSD for a potential Short.... Little concerned about going into a Friday... will watch it closely.



Quoting silversurfer
Potential audusd short trade looming in 2 1/2 hours. Chinese PMI report due at 11am Sydney time which coincides with a new 4hr candle on my platform, this news release could have a big impact on aud pairs if it is out of the expected range.
  • #6,729
  • Jun 30, 2011 5:51pm Jun 30, 2011 5:51pm
Been watching this today - waiting for the HA to cross the MA and then we should be set for a reverse away from the current resistance
Attached Image (click to enlarge)
Click to Enlarge Name: au4h.gif Size: 31 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #6,730
  • Jun 30, 2011 5:52pm Jun 30, 2011 5:52pm
Quoting ceebs
As well captured by BEZ and many others here, this system. if used correctly can be excellent at helping you identify winning trades. Back testing and demo trading however, although very important, does not expose you to the financial and emotional aspects of drawdowns. There are 100's of pips in the market each day but its a different story if you consider that you may have to have 100's of pips at risk to capture all of them.

Big E's recommendation of last swing high/swing low has shown to be very successful but the SLs needed and those which...
I appreciate everyone's contributions to the discussion on drawdown and entries. I like Ceeb's take and I've seen this technique before. I'm like Bez i don't have time for it so I'm going to go with the strict method for now as best I can.
Luck occurs when preparation meets with opportunity.
  • #6,731
  • Jun 30, 2011 6:13pm Jun 30, 2011 6:13pm
I am also watching AUSUSD / EurChf for reversal(short)
and
USDCAD for long



Quoting webicknell
Hey folks... been watching this thread for a while.. love all the contributions. I am working off the 4 hr and am also watching the AUDUSD for a potential Short.... Little concerned about going into a Friday... will watch it closely.
  • #6,732
  • Jun 30, 2011 6:19pm Jun 30, 2011 6:19pm
Quoting 2scoops
The red dots are just telling you the trend line had been broken and pushed up/down. Not sure how you get rid of that text, maybe a coder could help. The trend lines are not part of the BigE method but there just to help you with the forex basics.

On the TDI the first number is the key one its the candle size, the second and third number are the wick sizes. Its used for the alert settings, you can filter out alerts on small candles with this setting. I use H1 10 pip min H4 20 pip minimum. Again this is not part of the TMS system, but I find it...
Thanks scoops thats what I wanted to know. As for the trendlines I love the trendlines I use to draw them manually -this is so much easier.

Freebeans
  • #6,733
  • Jun 30, 2011 6:41pm Jun 30, 2011 6:41pm
Quoting freebeans
Thanks scoops thats what I wanted to know. As for the trendlines I love the trendlines I use to draw them manually -this is so much easier.

Freebeans
USDCAD... well worth watching.... besides 4 hr indicators..on daily.. .618% point and ext 1.38%.. also some volume points would indicate long possie being taken.. on 1 hr and 4 hr charts.. just my opn of course..
  • #6,734
  • Jun 30, 2011 6:43pm Jun 30, 2011 6:43pm
nzd/usd short
eur/chf short
eur/gbp short
aud/jpy short

gbp/aud long


Lots of poosibilities on reversals

waiting for the next candle as always :-)
"To live with Passion, it takes Courage and Grace to survive"
  • #6,735
  • Jun 30, 2011 6:49pm Jun 30, 2011 6:49pm
What about EU Short? I know daily is long right now but 1.4500 area is resistance.
What about UJ Long?

My candle closes in 12 minutes. Just wondering what you thought on those two as well, BritPip.
  • #6,736
  • Jun 30, 2011 6:53pm Jun 30, 2011 6:53pm
eu needs to develop a larger candle on 4H - 1H turned and is now 4 candles in to a reverse

uj is already 3 candles in so I would pass - also no really good angles on tdi
"To live with Passion, it takes Courage and Grace to survive"
  • #6,737
  • Jun 30, 2011 6:56pm Jun 30, 2011 6:56pm
Quoting Britpip7
eu needs to develop a larger candle on 4H - 1H turned and is now 4 candles in to a reverse

uj is already 3 candles in so I would pass - also no really good angles on tdi
Ok, so this is a question that I have. How big a candle are we to look for? Why is that candle not big enough for the EU?

What about the AU short as well?

Then that begs another question about how many trades will someone take when correlated so much like the EU, NU, AU, UC etc? If all have a signal, will you take all? That could mean a very big loss if they correlate and go against.

Just wondering.
  • #6,738
  • Jun 30, 2011 6:58pm Jun 30, 2011 6:58pm
5pm PST is an interesting 4H candle and I do not generally see trades resulting in strong moves. Although there is often a move between 5:30 and 7pm which you can pick up on the 15m charts, the general tendancies are sideways with maybe a slight reverse on the US market moves.

9pm is usually positioning the move for the Euro and GB market opens at 10 pm and 11pm respectively.

Just some observations.
"To live with Passion, it takes Courage and Grace to survive"
  • #6,739
  • Jun 30, 2011 7:02pm Jun 30, 2011 7:02pm
is any one going in on a/u.
  • #6,740
  • Jun 30, 2011 7:03pm Jun 30, 2011 7:03pm
Quoting PreetEnzo
is any one going in on a/u.
i entered this aggresively short earlier i am up 12 pips, come join me
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