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Trading Made Simple

  • #11,461
  • Sep 13, 2011 8:48am Sep 13, 2011 8:48am
Yeah I'm prolly sitting out for today. I forgot who told me "it's as important to know when to trade as it is to know when not to trade". I'm not saying that it's impossible to make money right now I'm just saying it's not my cup of tea right now.
  • #11,462
  • Sep 13, 2011 8:52am Sep 13, 2011 8:52am
Quoting twenty155
I was also looking at this, but you want a break of th etrendline, otherwise its better to wait and see if a long trade will form.

good point, i didnt see that, well im in for 1 standard lot, SL and TP set to 75
  • #11,463
  • Sep 13, 2011 9:15am Sep 13, 2011 9:15am
I hate markets like this. Get a nice little signal, by the time you've entered you're aleady going the wrong way. Oh well. Only a little loss, nothing to fret about...........YET !!!!!!!!
Short Euro and remaining that way. That's just the way it is !
  • #11,464
  • Sep 13, 2011 9:40am Sep 13, 2011 9:40am
Took a quick 5m scalp off E/U for +20, when I spotted divergence in the candlestick wicks and the TDI..
Attached Image (click to enlarge)
Click to Enlarge Name: scalp pic.gif Size: 16 KB
  • #11,465
  • Sep 13, 2011 9:51am Sep 13, 2011 9:51am
Quoting BobbyJ
USD/CAD H4 seems interesting

http://img847.imageshack.us/img847/567/63140020.jpg



Update #1: I decided to go long, what do you guys think about that

http://img190.imageshack.us/img190/5246/87317939.jpg
It was a bounce, did you do long?
  • #11,466
  • Sep 13, 2011 11:07am Sep 13, 2011 11:07am
my today steitment

Attached Image (click to enlarge)
Click to Enlarge Name: 103- gbpusd h1 sell.gif Size: 15 KB
  • #11,467
  • Sep 13, 2011 11:32am Sep 13, 2011 11:32am
Quoting twenty155
I was also looking at this, but you want a break of th etrendline, otherwise its better to wait and see if a long trade will form.
I actually am Short USDCAD based on Daily Chart. Nice Signal and Divergence as well. My Stop is just above recent highs.
  • #11,468
  • Sep 13, 2011 1:37pm Sep 13, 2011 1:37pm
Quoting dcginc
Buy EUR/USD 15M 1.3647 ATR = 30
Target 1 = 1 ATR = 1.3677 attained
Target 2 = 3 ATR = 1.3737 BE +5

Edit -Target 2 stopped out at +5
hello dcginc,

may I ask you why in this trade you did not use ATRx2 to set your first tp? If you use ATRx1 does that mean that you also set your sl at ATRx1?
And also, I trade mostly on H1 signals confirmed by H4, but sometimes, especially if trading during the last 2/3 hours of new york session I find that using ATRx 2 is simply unachievable (for example if atr is 35 on my H1 candle, I find it very difficult to cash in 70 pips at this time of the day). Any suggestion?

Thanks
  • #11,469
  • Sep 13, 2011 2:13pm Sep 13, 2011 2:13pm
Quoting dcginc
ivanhoekg

I do use the bias and/or direction of the higher time frames, which is not part of E's rules for trading TMS.

I will elaborate more on this in a upcoming post and perhaps another thread so as not to confuse here.
Please don't start another thread, just keep your post generic and how it might be applied to TMS. I don't like to see the BiogE Rules altered by anyone but applying good trading skills is always appreciated.
  • #11,470
  • Sep 13, 2011 2:42pm Sep 13, 2011 2:42pm
Hey guys, as posted earlier I thought this was a good opportunity to go for a long trade:

http://img190.imageshack.us/img190/5246/87317939.jpg


Unfortunately it ended out like this:

http://img546.imageshack.us/img546/8528/40415412.jpg

What did I miss ? For me it seemed like a good trade but obviously it became a bounce and made me lose 15 pips until S/L.
Was there anything I oversaw what couldve given away that a bounce was likely to occur?
  • #11,471
  • Sep 13, 2011 3:00pm Sep 13, 2011 3:00pm
Quoting BobbyJ
Was there anything I oversaw what could've given away that a bounce was likely to occur?
Actually, you could see it coming. There were already 2 strong moves, there just wasn't any more energy left to move higher. You are already well above the daily average. The markets never keep going forever, no matter how much we would like them to

FS
  • #11,472
  • Edited 3:13pm Sep 13, 2011 3:09pm | Edited 3:13pm
hi guys, saw this trade, tell me what you think please

on EUR/USD 15m, saw SHORT. put stop loss at previous high. sold out half of trade at a possible resistance to support line ( flat red line), and kept holding in to catch SHORT on the 1 hour TF.

please let me know what you think? first chart uploading and post. angles looked suitable on 15m (when not so zoomed in).. bit early for angle on 1hr. stop loss still at same place. i thought was suitable.

cheers, mark

p.s maybe a delay on post as newbie to FF

Attached Image (click to enlarge)
Click to Enlarge Name: trading made simple example charts 1 15min.gif Size: 21 KB


Attached Image (click to enlarge)
Click to Enlarge Name: trading made simple example charts 1 1h.gif Size: 20 KB
  • #11,473
  • Sep 13, 2011 3:29pm Sep 13, 2011 3:29pm
Nacho
Quote
may I ask you why in this trade you did not use ATRx2 to set your first tp? If you use ATRx1 does that mean that you also set your sl at ATRx1?

Yes. Market is ranging so I revert to smaller targets. Also, I rarely trade the NY session in the afternoon. Others may disagree, but in my experience, the London overlap of NY has the most volume and greater impulses, so that's where I look for signals on the smaller time frames for scalping.
  • #11,474
  • Sep 13, 2011 3:46pm Sep 13, 2011 3:46pm
piprac
Quote
Please don't start another thread, just keep your post generic and how it might be applied to TMS. I don't like to see the BiogE Rules altered by anyone but applying good trading skills is always appreciated.

Here is the post . . .

Higher time frame confirmation . . .

Traders . . .

When I sit down to trade, I make a decision as to whether or not I will be a buyer or a seller for each pair. Before placing any trades, I look at the direction of the higher time frame as it relates to my trading time frame. I do this so that I make sure I am on the “right side” of the market. This quick top down analysis helps me anticipate signals on my trading time frame and narrows the information I have to assimilate when looking at multiple charts. I actually write down for each pair if I am selling or buying each trading day, so a signal in the opposite direction is ignored. If I get a signal on my trading time frame that contradicts the direction of higher time frame, I simply do not take it. I will miss many impulse moves in the opposite direction and many trades, but I don’t care. It is mitigating risk and being on the right side I am most concerned about.

If my trading time frame is ranging or consolidating, I do not panic as my higher time frame still dictates for me the predominant direction or bias of the market.

For example, a long signal cross occurred on the 1 Hr EUR/USD this morning, I know that now I am looking for longs only on the 15 M. I knew I was “buyer only” this morning before that due to the fact that the 1 Hr EUR/USD crossed above the Market Base Line from below the 32 with bullish divergence during yesterday’s London open = upward bias. (For some reason I cannot post the chart, but take a look and you will see what I am referring to.)

When trading counter trend such as this on a smaller time frame, I confirm divergence and/or candle patterns and crosses on the higher time frame - as in this case on the 1 Hr.

There will be times that the market completely changes direction in the course of the trading day. I just go with the flow and wait for the higher time frame to direct me.

When scalping on the smaller time frames, I am not trying to hit a home run on every trade. I am trying to hit a series of singles that will still equate to scoring plenty of runs.

Note: If anyone feels this post is out of bounds for this thread, please let me know and I will remove it.
  • #11,475
  • Sep 13, 2011 4:02pm Sep 13, 2011 4:02pm
Quoting dcginc
piprac

Here is the post . . .

[size=3]Higher time frame confirmation . . .

Traders . . .

[font=Calibri]When I sit down to trade, I make a decision as to whether or not I will be a buyer or a seller for each pair. Before placing any trades, I look at the direction of the higher time frame as it relates to my trading time frame. I do this so that I make sure I am on the “right side” of the market. This quick top down
Great Post Dcginc. This is valuable info indeed. I have found that when the market is like this, trapped in ranges any method that relies upon 1hr or greater signals is not going to be that effective. Support and resistance, forex basics tend to come to the fore. Sell at the top of the range and buy at the bottom. Like Dcginc do a top down analysis of the trend and trade in that direction. I have been using the 5 min TMS to confirm my trades and find that helps. If signals start to occur on longer time frames then add to a trade but keep the stops tight.

Just my 2 cents worth.
Short Euro and remaining that way. That's just the way it is !
  • #11,476
  • Sep 13, 2011 5:01pm Sep 13, 2011 5:01pm
Quoting Purger
Thanks guys, I've made a few mistakes last night. I'm hoping I don't have to make another deposit to my account to keep it above 1k. Anyway, I really appreciate all the assistance you guys give. None of my friends trade so I have to rely on your guys as my inner circle.
Undercapitalising your account is as dangerous as overcapitalising your trades. The problem with having a small account is...you tend to overtrade badly to try and make that small account into a large one.....it neverr works. You would be better using a micro account until you master your own trading styel and method, and then throw in 5 or 10 grand and only take the very high probability trades with a larger lot size.
Small accounts will make you overtrade and chase your tail when things go wrong.
  • #11,477
  • Sep 13, 2011 5:41pm Sep 13, 2011 5:41pm
Want to thank Dcginc for the recent post. Printed that one off. Wasn't the first and probably won't be the last. You're appreciated bro.
  • #11,478
  • Sep 13, 2011 6:49pm Sep 13, 2011 6:49pm
Quoting dcginc
Traders . . .

[font=Calibri]When I sit down to trade, I make a decision as to whether or not I will be a buyer or a seller for each pair. Before placing any trades, I look at the direction of the higher time frame as it relates to my trading time frame. I do this so that I make sure I am on the “right side” of the market. This quick top down analysis helps me anticipate signals on my trading time frame and narrows the information I have to assimilate...
Good post and good habit. Observing the larger tf direction can keep you out of trouble. It's similar to looking both ways before you step forward and cross the street.
  • #11,479
  • Sep 13, 2011 7:07pm Sep 13, 2011 7:07pm
Quoting dcginc
piprac

Here is the post . . .

Higher time frame confirmation . . .

Traders . . .

[size=3][font=Calibri]When I sit down to trade, I make a decision as to whether or not I will be a buyer or a seller for each pair. Before placing any trades, I look at the direction of the higher time frame as it relates to my trading time frame. I do this so that I make sure I am on the “right side” of the market. This quick top down analysis helps me anticipate signals on...
Some people have asked about daily charts I am trading daily using the rules as per this thread but I also only trade in the direction of a strong weekly trend and it seems to help!!!!
My preferance also is to pick pairs with positive interest
  • #11,480
  • Sep 13, 2011 7:09pm Sep 13, 2011 7:09pm
Quoting BobbyJ
Hey guys, as posted earlier I thought this was a good opportunity to go for a long trade:

http://img190.imageshack.us/img190/5246/87317939.jpg


Unfortunately it ended out like this:

http://img546.imageshack.us/img546/8528/40415412.jpg

What did I miss ? For me it seemed like a good trade but obviously it became a bounce and made me lose 15 pips until S/L.
Was there anything I oversaw what couldve given away that a bounce was likely to occur?
I have no idea either, if it were me i'd have got in the same position you did. Anybody have some suggestion? The 1st HA candle look extreme nice.
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