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Trading Made Simple

  • #13,641
  • Nov 19, 2011 12:23pm Nov 19, 2011 12:23pm
u 'll like it.
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  • #13,642
  • Nov 19, 2011 12:52pm Nov 19, 2011 12:52pm
Quoting zortan
What about if the bar reverses before it's closed?

It seems very few actually use the original rules anymore, it doesn't surprise me, I think the original claims were a bit exagerated.
A "bounce" trade is a part of the original rules....perhaps you should go back and read the thread from the beginning....Big E talks about how to take a bounce trade.....He also talks about what he does when a bar reverses on him....that should be part of every trading plan.....knowing what YOU will do in any situation....."what do I do when a bar reverses on me for 5 pips, 10 pips, 20 pips or more?"....."do I wait for it to hit my SL or do I get out sooner?"......the market moves and reverses regularly....the successful traders learn how to read PA (price action) and have a plan for reversals when they happen.....go back and read Big E's posts.....there is lots of information there that can be incorporated into anyone's trading plan.....check it out....
  • #13,643
  • Nov 19, 2011 1:07pm Nov 19, 2011 1:07pm
I find it funny that people wanna come in here and argue.Are we here to make pips or what? This system is simple.Ive been trading forex for maybe two or three months and im starting to win consistently now.

I have a demo and a real account.On my real acount i just about won all the money back i lost and on my practice account the 50,000 i started with is now 65,000 and counting in less than two months.This system works

All i did was read the whole entire school of pipsology ,this thread and a few books on trading.I admit i didnt read the whole entire thread but i read a lot of it.The main thing i did do was read all the posts of the main guys and look at all their attachments.

All the answers are in here.Lets not act like little kids.Lets keep it about the system
  • #13,644
  • Edited 4:31pm Nov 19, 2011 4:10pm | Edited 4:31pm
Quoting Simr
Hi.. The last couple of days if one took a trade on the USD/CAD(short), AUD/USD ( long) , USD/CHF (short) one would have been stopped out at the end of the 2nd candle. Meaning I entered , color of bar good , angle good , stochs good , xover done , but on completion of the 2nd candle trade went against me.

Did anyone else face the same issue?

I also re collect reading somewhere that there is a skype group during the London Session. Does anyone here know hw we could join up there?
Hi SimR,

Could you please provide more details of the timeframe you're trading on, and which times you're trading, and preferably screenshots, and then we can be of more help.

The reason I say this is because each of USD/CAD(short), AUD/USD ( long) , USD/CHF (short) would have made you approx 100 pips on Friday if you'd taken them on the H1 / M30 / M15 - AUD/USD and USD/CHF from the London open and USDCAD from about 10am London time.
1 pip at a time ... if the entries are strong, the rest will follow ...
  • #13,645
  • Nov 20, 2011 12:03am Nov 20, 2011 12:03am
Hi Antantnz ,

Thanks for your reply. Well i was doing the 4H time frame London Open , didnt want to try lower time frames since Big E had mentioned 4H. I have seen trades move in lower time frames but just wanted to stick to the rules for starters.


Guess will catch lower time frames and ride them to longer ones

Quoting antantnz
Hi SimR,

Could you please provide more details of the timeframe you're trading on, and which times you're trading, and preferably screenshots, and then we can be of more help.

The reason I say this is because each of USD/CAD(short), AUD/USD ( long) , USD/CHF (short) would have made you approx 100 pips on Friday if you'd taken them on the H1 / M30 / M15 - AUD/USD and USD/CHF from the London open and USDCAD from about 10am London time.
  • #13,646
  • Nov 20, 2011 12:10am Nov 20, 2011 12:10am
OK people I have opened a group in skype called "TMS".

My handle is sim_wad.

People who would like to share their experience with us newbies , pls do join in. We could be netted in at all times as convenient to each person.

Look forward to seeing you all there.

Quoting hutrader
Why don't we open a live skype room or so?
  • #13,647
  • Nov 20, 2011 12:36am Nov 20, 2011 12:36am
Quoting Simr
Hi Antantnz ,

Thanks for your reply. Well i was doing the 4H time frame London Open , didnt want to try lower time frames since Big E had mentioned 4H. I have seen trades move in lower time frames but just wanted to stick to the rules for starters.


Guess will catch lower time frames and ride them to longer ones
Generally the system works quite well on the lower time frames, but it's entirely about finding what works for you ... For me, 4h doesn't work too well with my time zone, hence my focus on the lower ones ... but my impression is that 4h is generally more of a sure bet than the lower ones
1 pip at a time ... if the entries are strong, the rest will follow ...
  • #13,648
  • Nov 20, 2011 1:54am Nov 20, 2011 1:54am
Quoting antantnz
Generally the system works quite well on the lower time frames, but it's entirely about finding what works for you ... For me, 4h doesn't work too well with my time zone, hence my focus on the lower ones ... but my impression is that 4h is generally more of a sure bet than the lower ones
Try to combine your EMA 5 with EMA 2 or EMA 3 just to see a clearer directions.

It will work on all TF.
  • #13,649
  • Nov 20, 2011 7:43am Nov 20, 2011 7:43am
Hi. X-man

I`m new here but really interested in TMS

Please add me to the skype trading room, my skype id: luxivo

Thanks
  • #13,650
  • Nov 20, 2011 2:28pm Nov 20, 2011 2:28pm
There is a TMS group already started by someone on here, alot of people joined but it never really took off, it was also called TMS.
  • #13,651
  • Nov 20, 2011 4:32pm Nov 20, 2011 4:32pm
Quoting Phx62
Another nice move up on the EU since the Frankfurt Open.....helped along by some news....moved the 50 pip TP to 100 which got hit.....a very good week! TMS works...just follow the simple rules and don't try to outsmart the market. Base all your decisions on PA confirmed by the TDI and you can be successful!
Hello Phx62.
Thank you for your excellent posts. You have provided many "aha" moments for me.
I'd like to ask you about your trade after the Frankfurt open on Friday. From your chart, I'm assuming you entered at about 1.3500 around 0730 GMT when price cleared the high of the previous hour. Price then went up to 1.3532 and back to 1.3481. It would appear that you either stayed in during these fluctuations, not moving your stop to be, or you re-entered when price came back up through 1.3500.
I, and I'm sure a few others, would like to know your thinking during this trade. Would you be so kind to educate us?
Thanks,
Kan
Thanks for your help, warmth and straight talking Heather.
  • #13,652
  • Nov 20, 2011 8:23pm Nov 20, 2011 8:23pm
I know it is way too early to trade, still 4.5 hours to Frankfurt open, but I have to go out; did anyone take the GBP-USD sell?
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It takes a lot for me to IGNORE you, but you can try.
  • #13,653
  • Nov 20, 2011 8:41pm Nov 20, 2011 8:41pm
1. TDI pierced the blue bars at yellow vertical line.
2. TDI crossed over red at green vertical line - current bar.

I was tempted to take the trade because it is coming back from a blue line piercing and the previous 2 bars have very small or non-existent lower wicks. Yellow bar also shows price coming very close and almost rebounding from 60 EMA (purple line). However, price never came close to the lower SHI channel.

Questions:

1. Should this trade be taken? I'd think yes. Its in the direction of the trend and met the criteria mentioned above. Probably won't be a big pip maker, but you got a whole half of the SHI channel to go.

2. If the answer is yes, when do you take the trade? Now, when the TDI just crossed or wait for this bar to close to ensure the TDI doesn't close back below the red line? I'd luv suggestions on this one. Personally, I am inclined to take it now.

Thank you in advance for your personal opinions on what you think should be done.
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  • #13,654
  • Nov 20, 2011 9:13pm Nov 20, 2011 9:13pm
Looking for price action to move this below current H1 support levels
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"To live with Passion, it takes Courage and Grace to survive"
  • #13,655
  • Nov 20, 2011 9:38pm Nov 20, 2011 9:38pm
AU looks promising with the caveat that tdi is getting close to 32 level - lots of downward pressure.

Day chart showing good trend
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"To live with Passion, it takes Courage and Grace to survive"
  • #13,656
  • Nov 20, 2011 10:05pm Nov 20, 2011 10:05pm
Bounce trade? Bounced from red TDI and bottom SHI channel...
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  • #13,657
  • Nov 20, 2011 10:17pm Nov 20, 2011 10:17pm
Quoting Kanderpro
Hello Phx62.
Thank you for your excellent posts. You have provided many "aha" moments for me.
I'd like to ask you about your trade after the Frankfurt open on Friday. From your chart, I'm assuming you entered at about 1.3500 around 0730 GMT when price cleared the high of the previous hour. Price then went up to 1.3532 and back to 1.3481. It would appear that you either stayed in during these fluctuations, not moving your stop to be, or you re-entered when price came back up through 1.3500.
I, and I'm sure a few others, would like to know your...
Your assumptions are pretty much spot on. I entered the trade as the candle cleared the high of the first blue candle at 1.3496. When that first blue candle closed, the TDI green had bounced off the red confirming an entry. I waited to make sure there was no reversal (Frankfurt does that sometimes) and I entered with my normal 50 pip TP and emergency 50 pip SL. The price did retrace about 15 pips....if it had pulled back 20 to 25 I would have exited and re-entered. One of the things I have had to overcome is failing to give trades "room to breathe". Many times in my earlier trading, I would get out too soon and then watch PA continue, like it did here. As PA got close to my 50 pip TP, I moved my SL to BE and moved my TP to 100 pips because of the long blue candle and there was at least another 60 to 70 pips to go before the Average Daily Range for the day was met. PA again retraced but since my SL was already at BE, I let it run. This time it went to the TP. One thing I have learned about the London session is that most of the time the high and the low of the day are set during that session, meaning there are lots of big moves with small retracements.
  • #13,658
  • Nov 21, 2011 1:51am Nov 21, 2011 1:51am
FXforver you are right on what you saying, but to scalp you need lots of screen time where you do back testing and watch how PA moves .
Another tip is that you can use the SHI channel to scalp, You just scalp the PA bounces off the channel.
Well theres so many ways to trading you just have to master and stick to 1 system that will make you a successful trader.

Forexidiot on my TDI i dont see any piercing of the blue bands and PA is too far from the botton of the channel so i dont feel comfortable taking this trade.
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X-man the legendary conqueror of markets
  • #13,659
  • Nov 21, 2011 2:17am Nov 21, 2011 2:17am
Hey guys

I'm still holding my trade that i took on friday. PA went to retest the top of the channel, I kept my sl just above that channel so since we in a downtrend my SL is highly unlikely to hit, but remember that channels, trendlines , S&R etc. dont always hold sometimes it does breakthrough and hit SL. Imagine if all that held then we would always get perfect trades , there wont be a need for SL and everyone would be billionaires .

Notice where i set my TP , if im in a downtrend ill set it at that low swing and vice versa for an uptrend.
For E/A that i took lastweek notice my TP again , its the red horizontal line
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X-man the legendary conqueror of markets
  • #13,660
  • Edited 5:03am Nov 21, 2011 4:47am | Edited 5:03am
Quoting X-Man
Hey guys

I'm still holding my trade that i took on friday. PA went to retest the top of the channel, I kept my sl just above that channel so since we in a downtrend my SL is highly unlikely to hit, but remember that channels, trendlines , S&R etc. dont always hold sometimes it does breakthrough and hit SL. Imagine if all that held then we would always get perfect trades , there wont be a need for SL and everyone would be billionaires .

Notice where i set my TP , if im in a downtrend ill set it at that low swing and vice versa for an uptrend.
For...
Hi X-Man, first of all I would like to thank you, I've read all of your posts more than once, and I always learn something new from them.

Watching your last post, I notice a strong retraction in the TDI at the EUR/CAD graph (illustrated in the attachment), according to the rules you should have exit there. You always trust in your Sl at the top of the channel and let the trade run until the SL/TP get hit?

http://img257.imageshack.us/img257/8431/lastweek.jpg
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