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Trading Made Simple

  • #8,941
  • Jul 28, 2011 8:09am Jul 28, 2011 8:09am
Quoting aud
I think that's a good point. Many here are saying to check a higher T/F before trading. But I'm more interested in what's happening on the T/F I'm trading and check a lower T/F to enter for the reasons you gave. After all it's impossible for the 4hr to go up whilst the 15m is going down

As I understand these candles you can not tell where the price was when a candle opened, only if it reversed past 50% of the previous candles body.

However whilst this can be handy to know, the previous candle does not necessarily show where the price was...
The other thing I find handly about drilling down to the 15 or 5 minute chart is....I tend to find often when I get my entry signal I would be entering directly on a pullback.....so the lowere charts can help you enter at the right time.
TO be honest.....for me.....and I dont know if I am understanding this all correctly.....and please anybody feel free to correct me or explain to me why I should ignore the smaller time frames..............so for me.....lets say we get the ideal signal....the green cross red, angles perfect, etc etc....BUT its on the 5 minute chart.....now lets say its strong....it continues and then you click up to your 15 minute chart....all of a sudden the same signal is there becasue it has carried through from the 5 minute.....PA still strong etc etc, we click up to our 1 hour chart and the signal is there......by now becasue you entered on the 5 minute chart you are probably up 50 odd pips......and so on and so on...problem being that by the time it hits the 4 hour, it may have run out of steam.....I havent tried this but this is how it appears to me in my head....am I wrong.....so why is it better to be just looking at the 1 or 4 hour charts and not at say the 5 minute for a great signal and following it up through the time frames?? and please believe me....I DONT want to be looking at smaller time frames...it sends me crazy but I just cant see how not to....
  • #8,942
  • Jul 28, 2011 8:12am Jul 28, 2011 8:12am
just entered this bounce trade, nice little double top with divergence
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  • #8,943
  • Jul 28, 2011 8:12am Jul 28, 2011 8:12am
Quoting Erebus
Here is how to check & co-ordinate your new 4 H candle time, Europe Open, your timezone, your broker candles, Big E time, etc....

Erebus,
many thanks for your reponse ,to just be on the safer side the eelfranz 10pm, 2am , 6am is equivalent to 6am ,10am and 2pm i.e (Nigeria/london time ) . So the open my chart at 6am , 10 am and close my trades at 2pm my time. Thanks once again

Cometozizo
  • #8,944
  • Jul 28, 2011 8:20am Jul 28, 2011 8:20am
Quoting 33drifter
just entered this bounce trade, nice little double top with divergence
Also took this trade, but a little weary because of the support @ 1012
  • #8,945
  • Jul 28, 2011 8:22am Jul 28, 2011 8:22am
Quoting 33drifter
just entered this bounce trade, nice little double top with divergence
Hey drift.....ok so I see the double top and divergence. Are you not concerned about the daily, weekly AND monthly on a strong uptrend?? (in fact the weekly almost passes as an entry going long).....not being critical mate just curious as to why you are happy to ignore this.
  • #8,946
  • Jul 28, 2011 8:27am Jul 28, 2011 8:27am
Quoting dean
lets say we get the ideal signal....the green cross red, angles perfect, etc etc....BUT its on the 5 minute chart.....now lets say its strong....it continues and then you click up to your 15 minute chart....all of a sudden the same signal is there becasue it has carried through from the 5 minute......
I think people are talking about finding an H4 or H1 signal and then drilling down to the M5 to make sure the trade doesnt spend the first half an hour or so going in the wrong direction. i dont think they monitor the M5 for signals.

for me, im trying to stay away from the lower TFs, and my SL is still going to be behind the last swing on the H4 regardless of a M5 entry so why add extra stress? Im using a set and forget system so i dont care if it went backwards before it went forwards.

Just my opinion.
  • #8,947
  • Jul 28, 2011 8:27am Jul 28, 2011 8:27am
Quoting dean
Hey drift.....ok so I see the double top and divergence. Are you not concerned about the daily, weekly AND monthly on a strong uptrend?? (in fact the weekly almost passes as an entry going long).....not being critical mate just curious as to why you are happy to ignore this.
as you look at daily chart it looks double top.As I look at the charts 15 30 they look downtrend. I think it may come to a reversal.
Your Personal Forex Companion + Forex Program Developer + Forex Mentor
  • #8,948
  • Jul 28, 2011 8:34am Jul 28, 2011 8:34am
Quoting dean
Hey drift.....ok so I see the double top and divergence. Are you not concerned about the daily, weekly AND monthly on a strong uptrend?? (in fact the weekly almost passes as an entry going long).....not being critical mate just curious as to why you are happy to ignore this.

Hey Dean,

Im trying not to look for too many reasons not to trade. double top, divergence, tdi cross, good stoch position and angle, also my one extra rule - cross below yellow line for short. thats enough reasons to get in. if i waited for for absolutley every signal to be right i would never trade.

also my SL is 60 pips and therfore my TP is 60 pips. A 60 pip correction isnt unreasonable after a 500 pip move.
  • #8,949
  • Jul 28, 2011 8:36am Jul 28, 2011 8:36am
Quoting 33drifter
I think people are talking about finding an H4 or H1 signal and then drilling down to the M5 to make sure the trade doesnt spend the first half an hour or so going in the wrong direction. i dont think they monitor the M5 for signals.

for me, im trying to stay away from the lower TFs, and my SL is still going to be behind the last swing on the H4 regardless of a M5 entry so why add extra stress? Im using a set and forget system so i dont care if it went backwards before it went forwards.

Just my opinion.
Your opinion is welcome...I like what you have to say. I am trying to get a set and forget sytem going to...otherwise I tend to just f&^% it up.
BUt you are getting me wrong.....I am actually saying.....doesnt a good signal build up from the smaller time frames?? so why arent we looking there first?? as in....signals on a 5 minute chart if good enough will build up to a good signal on the 4 hour chart, but you have missed many pips by the time you get the 4 hour signal....and other good signals on the smaller frames could run out of steam by the time the 4 hour signal hits but could still be worth some pips.
I am not trying to confuse anyone here...to be honest I would rather stay away from the smaller time frames, but its locked in my head that the actual move begins there, so if anybody can convince me to stay away and why I should..please do so.
  • #8,950
  • Jul 28, 2011 8:38am Jul 28, 2011 8:38am
Quoting 33drifter
Hey Dean,

Im trying not to look for too many reasons not to trade. double top, divergence, tdi cross, good stoch position and angle, also my one extra rule - cross below yellow line for short. thats enough reasons to get in. if i waited for for absolutley every signal to be right i would never trade.

also my SL is 60 pips and therfore my TP is 60 pips. A 60 pip correction isnt unreasonable after a 500 pip move.
Point taken...great answer....I am also in this trade...for the same reasons...just wanted to hear yours. I know big E doesnt really take trend into account.
  • #8,951
  • Jul 28, 2011 8:45am Jul 28, 2011 8:45am
Hi drifter
I took that trade also,
  • #8,952
  • Jul 28, 2011 8:48am Jul 28, 2011 8:48am
Quoting dean
Point taken...great answer....I am also in this trade...for the same reasons...just wanted to hear yours. I know big E doesn't really take trend into account.
Dean and Drift, are we using the yellow also? My TDI just contains red and green.
  • #8,953
  • Jul 28, 2011 8:50am Jul 28, 2011 8:50am
Quoting Fitness09
Dean and Drift, are we using the yellow also? My TDI just contains red and green.
Up to you...BigE doesnt....I dont but I am thinking about it...try it and if it works for you great.
  • #8,954
  • Jul 28, 2011 8:52am Jul 28, 2011 8:52am
BIG US NEWS IN TEN MINUTES for anyone in a US trade
  • #8,955
  • Jul 28, 2011 8:53am Jul 28, 2011 8:53am
Quoting dean
Up to you...BigE doesnt....I dont but I am thinking about it...try it and if it works for you great.
okay, I may add it for more confirmation.
  • #8,956
  • Jul 28, 2011 8:55am Jul 28, 2011 8:55am
Quoting dean
I know big E doesnt really take trend into account.
Can you please explain this a little more? I thought he did not trade against the trend. Or does he take the good signals regardless of trend but still following fx basics like S/R etc?

Please clarify.
  • #8,957
  • Edited 9:18am Jul 28, 2011 8:57am | Edited 9:18am
It all depends on your accuracy, timing, how many minutes you can set and forget or monitor your trade, emotional and understanding purely how lower tf is traded related to higher tf. At times if i enter at the lower tf, i makes me to win more than loss related to my stop loss. THIS MONTH , I HAVE GOTTEN 3:1 TP/SL good trade on 15 minutes. Today , made 100 pips on EU and my entry was on 15 mins using what happened yesterday daily tf as per tms crossing . It always work for me. If i miss it, then i wait for accurate time on 4hr tf. My july ROI is 14% (over 300 pips) just risking around 1% of my account for trading.
SHORTED AUDUSD NOW, MONITORING CLOSELY WITH UPCOMING NEWS
IF AUDUSD DOESNT MOVE WELL IN THE NEXT 6 HOURS, I WILL CLOSE IT, BECAUSE I DONT TRUST THIS PAIR IN RECENT TIMES, ALWAYS FIGHTING WITH PIVOT POINT
Quoting dean
The other thing I find handly about drilling down to the 15 or 5 minute chart is....I tend to find often when I get my entry signal I would be entering directly on a pullback.....so the lowere charts can help you enter at the right time.
TO be honest.....for me.....and I dont know if I am understanding this all correctly.....and please anybody feel free to correct me or explain to me why I should ignore the smaller time frames..............so for me.....lets say we get the ideal signal....the green cross red, angles perfect, etc etc....BUT its...
We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #8,958
  • Jul 28, 2011 9:13am Jul 28, 2011 9:13am
Got out of the AU trade at BE.
  • #8,959
  • Jul 28, 2011 9:14am Jul 28, 2011 9:14am
Quoting dean
doesnt a good signal build up from the smaller time frames?? so why arent we looking there first??
your right, a good move on the H4 or Daily has to start somewhere, but there are so many crosses on the M5, how do you know which one is going to turn in to the H4 signal untill you get there?

This system works on any TF, but do you really want to monitor the M5 all day? What i like about TMS is that it requires only a small time commitment.
  • #8,960
  • Jul 28, 2011 9:15am Jul 28, 2011 9:15am
Quoting Rcwso
Can you please explain this a little more? I thought he did not trade against the trend. Or does he take the good signals regardless of trend but still following fx basics like S/R etc?

Please clarify.
BigE has the confidence to counter trend trade using his forex basics skills.....shich I might add are way better than most of us.
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