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  • #8,581
  • Jul 21, 2011 6:13am Jul 21, 2011 6:13am
Hi every one, i took this last night in AUD-USD short, at this moment -64 pips, where did i go wrong? wait for coments.
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  • #8,582
  • Jul 21, 2011 6:18am Jul 21, 2011 6:18am
Quoting AlexC
Yes. The first. The entry is where you want these type candles.
A clarification please, would this candle be the first one which gives the signal, or the one where you open the trade which is usually the second candle
Thanks
Indicators always obey Price, not the other way.
  • #8,583
  • Jul 21, 2011 6:34am Jul 21, 2011 6:34am
Quoting sachigi
Hi every one, i took this last night in AUD-USD short, at this moment -64 pips, where did i go wrong? wait for coments.
if you opened it last night youve held it too long and left yourself exposed to the unemployment data releases and tons of euro news which has an affect on the dollar and as such dollar pairs..us news releases have been bad lately causing a lot of volatility in its relative pairs. over night trades are closed at 6am as per Big E. also on those over night trades I tend to move my stops to BE fairly quickly these days due to the choppy nature of the market.
  • #8,584
  • Jul 21, 2011 6:43am Jul 21, 2011 6:43am
Quoting Alianzer
Its Forex... here anything can go wrong.. thers no 100% shots
When i say you can't go wrong, i mean you'd stack the odds in your favour. Less loss & more wins.
  • #8,585
  • Jul 21, 2011 6:47am Jul 21, 2011 6:47am
Quoting sachigi
Hi every one, i took this last night in AUD-USD short, at this moment -64 pips, where did i go wrong? wait for coments.
Not sure if this helps, but it looks to me as though you sold right on top of a line of resistance, and unfortunately the trade bounced off it and reversed.
  • #8,586
  • Jul 21, 2011 6:48am Jul 21, 2011 6:48am
Quoting sachigi
Hi every one, i took this last night in AUD-USD short, at this moment -64 pips, where did i go wrong? wait for coments.
Its the news & the market's breathing. But there, you have a strong resistance. So it is up to you to check if the rules are still obeyed or broken.
  • #8,587
  • Jul 21, 2011 6:52am Jul 21, 2011 6:52am
Quoting maxtrader
A clarification please, would this candle be the first one which gives the signal, or the one where you open the trade which is usually the second candle
Thanks
Both, if they come that way. Those type of candles with flat bottoms longs and flat top shorts with some height to them are strong candles.
  • #8,588
  • Jul 21, 2011 7:04am Jul 21, 2011 7:04am
I'd say TDI was already on the fourth consecutive fake cross, and crossing angle sure wasn't ideal. Get yourself an indicator capable of measuring TDI slope such as TMS Watchdog and trade only if crossing slope is bigger than 4.5 (ideally bigger than 5 or 6, but 4.5 seems ok for H4).

AUD/USD is being watched for long if angle stays >4.5 as it is right now.

One thing I'm doing and seems to be working fine is to turn to M15 before entering the H4 trade and, if it's moving against it, wait for a TDI cross in the right direction. EUR/USD bad signal was avoided by doing so - M15 was heading north when bar closed and hasn't yet indicated anything south oriented.

This seems to be really a great system, but it has major drawdowns. So this entry strategy could compensate a bit and allow for smaller stop losses.

Quoting sachigi
Hi every one, i took this last night in AUD-USD short, at this moment -64 pips, where did i go wrong? wait for coments.
  • #8,589
  • Jul 21, 2011 7:25am Jul 21, 2011 7:25am
Quoting RogerVF
I'd say TDI was already on the fourth consecutive fake cross, and crossing angle sure wasn't ideal. Get yourself an indicator capable of measuring TDI slope such as TMS Watchdog and trade only if crossing slope is bigger than 4.5 (ideally bigger than 5 or 6, but 4.5 seems ok for H4).

AUD/USD is being watched for long if angle stays >4.5 as it is right now.

One thing I'm doing and seems to be working fine is to turn to M15 before entering the H4 trade and, if it's moving against it, wait for a TDI cross in the right direction. EUR/USD bad signal...
this is one of those times where someone has a losing trade and we try to find reasons why it didnt workout and end up putting a bit of blame on the trader in order to avert blame from the common system...i actually saw this signal last night and the tdi angle was good..price bounced off of a good resistance zone, stochs were in confirmation and candle sizes were good....all the forex stuff was there in the technical sense, it was just the volatility created by all the gobs of news that killed this trade (fundamentals)... I respectfully disagree with Roger on this point. I belive that the trade was valid, entry was good, and the only thing not done correctly was not closing it this morning. just a point of caution that there will be losing trades, there just are. if this system were 100 percent you would be reading a billionaires post as i type it from my very own las vegas hotel. Just look for another trade, expect to win and take our losses as they come.
  • #8,590
  • Jul 21, 2011 7:30am Jul 21, 2011 7:30am
Is no one using a stop loss? Read the first posts and see what Big E has to say about both hard and mental stop losses. Being down 50, 60 or 100 pips is unnecessary and foolish with this method of trading.
  • #8,591
  • Jul 21, 2011 7:32am Jul 21, 2011 7:32am
I guess this is one of those bad trades. stopped out on -72pips.

But i am up on
eurgbp:+36
eurjpy:+70
chfjpy:-35
  • #8,592
  • Jul 21, 2011 7:36am Jul 21, 2011 7:36am
Quoting XxLessoxX
this is one of those times where someone has a losing trade and we try to find reasons why it didnt workout and end up putting a bit of blame on the trader in order to avert blame from the common system...i actually saw this signal last night and the tdi angle was good..price bounced off of a good resistance zone, stochs were in confirmation and candle sizes were good....all the forex stuff was there in the technical sense, it was just the volatility created by all the gobs of news that killed this trade (fundamentals)... I respectfully disagree...
You are right. There will be loss trades. The news today got the market freaked-out.
  • #8,593
  • Jul 21, 2011 7:36am Jul 21, 2011 7:36am
Well thankīs all of you, iīm learning an studing a lot, i will take your coments for the next trades, taking a look in the Daily chart the trend is up thatīs why this was a bad trade!!
  • #8,594
  • Jul 21, 2011 7:41am Jul 21, 2011 7:41am
Quoting XxLessoxX
this is one of those times where someone has a losing trade and we try to find reasons why it didnt workout and end up putting a bit of blame on the trader in order to avert blame from the common system...i actually saw this signal last night and the tdi angle was good..price bounced off of a good resistance zone, stochs were in confirmation and candle sizes were good....all the forex stuff was there in the technical sense, it was just the volatility created by all the gobs of news that killed this trade (fundamentals)... I respectfully disagree...
Thank you
XxLessoxX iīm totaly agree whit you!!
  • #8,595
  • Jul 21, 2011 7:56am Jul 21, 2011 7:56am
Nice to hear your opinion, Lesso, thank you for sharing it.

I just don't find it cautious to trust any indicator when it's crossing up and down on consecutive candles. These are trades I tend not to take. I even scripted this in a TS I had a couple of years ago and it backtested pretty well. However, I never actually tested this in FOREX

That's certainly just my opinion too, it's the second week I'm testing TMS, so I'm basically not 100% sure of anything yet.

Quoting XxLessoxX
this is one of those times where someone has a losing trade and we try to find reasons why it didnt workout and end up putting a bit of blame on the trader in order to avert blame from the common system...i actually saw this signal last night and the tdi angle was good..price bounced off of a good resistance zone, stochs were in confirmation and candle sizes were good....all the forex stuff was there in the technical sense, it was just the volatility created by all the gobs of news that killed this trade (fundamentals)... I respectfully disagree...
  • #8,596
  • Jul 21, 2011 8:00am Jul 21, 2011 8:00am
Quoting DayTraderBiH
Good point. I think it would be very usefull to add those important posts to the first page, so people don't ask the same questions over and over again.
Guys, I don't want to be rude, but have you ever read our thread's first post? It says: "Another update by Numb3rs - 4/29 - Pg 48, post 713"

And post 713 contains the link to an excellent PDF book "Trading Made Simple". And this PDF book contains all the information. And if somebody is too lazy to download this PDF book - it is not Big E's fault...
Gentlemen always play by the rules. If they can't, they change the rules.
  • #8,597
  • Edited 8:35am Jul 21, 2011 8:18am | Edited 8:35am
Quoting sachigi
Hi every one, i took this last night in AUD-USD short, at this moment -64 pips, where did i go wrong? wait for coments.
I took it, too, sold at 1.0720.
It was a valid setup:
TDI at 53 with 5 o'clock crossing angle
good 5-6 angle on the Stoch
price 18 pips below 5EMA and 5 o'clock angle on the EMA
#2 HA entry candle had no top wick and only short bottom one
it was near the top of a 250 pip range and appeared to be cycling down yet again.

The only cautions I noted were:
1- price was 20 pips above the 700 handle but the previous 4 swings had gone through it without stalling
2-Stoch was already at 45, down from a high of 90, an almost 50% retracement of the previous 15-90 cycle BUT price had only come back down 55 of 220 pips, barely a 25% move. With my perfect hindsight, this disproportionate Price-Stoch move might have kept me out of the trade, since it often signals that the price move is just a few bars pullback. This filter isn't part of the basic method, though.

It was just a losing trade. They do happen.

JR
  • #8,598
  • Jul 21, 2011 8:28am Jul 21, 2011 8:28am
Quoting JRpips8
I took it, too, sold at 1.0720.
It was a valid setup:
TDI at 53 with 5 o'clock crossing angle
good 5-6 angle on the Stoch
price 18 pips below 5EMA and 5 o'clock angle on the EMA
#2 HA entry candle had no top wick and only short bottom one
it was near the top of a 250 pip range and appeared to be cycling down yet again.

The only cautions I noted were:
1- price was 20 pips above the 700 handle but the previous 4 swings had gone through it without stalling
2-Stoch was already at 45, down from a high of 90, an almost 50% retracement of the previous...
HI JR, yes this use to happen, may be the next trade win!!
  • #8,599
  • Jul 21, 2011 8:58am Jul 21, 2011 8:58am
Wow those are some monster bars on the pairs.
Caused a lot of TDI crosses.... is this the begining of a new trend? or just a random spike?

Think it's worth trying to trade them or just let them be until the EUR summit is over?
  • #8,600
  • Jul 21, 2011 9:23am Jul 21, 2011 9:23am
Quoting Lain
Wow those are some monster bars on the pairs.
Caused a lot of TDI crosses.... is this the begining of a new trend? or just a random spike?

Think it's worth trying to trade them or just let them be until the EUR summit is over?
EU, GU, AU, EJ - the same picture: stoch higher than 80, TDI much higher than 68. If I see a good short setup - I'll trade it.

(Just my 2 cents)
Gentlemen always play by the rules. If they can't, they change the rules.
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