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X-Man's Super Simple System

yeah still have em at home
So this week has been going okay, but that leads me to this question. Looking at charts from previous weeks what is the difference between trading the reversals in the Ny session versus getting faked out by a few pullback bars.

Also, jan 6 looked decent for a buy but was really a sell.

Today. I took a trade during the NY session based on basic TMS rules for 40 pips. The EU kept going, but I am not that brilliant so I got out at a resistance area.

The other charts show the EU pulling back and continuing. I know some people will just comment that the trend was down so dont trade up. Well, This week the trend was up and my trades in NY worked out well. Look at phx62 chart yesterday at the NY session and that is exactly the trade i took.

I believe phx62 knows the difference between the a couple of candles setting up for a resumption of the trend and the candles showing a reversal will occur at high probability as i seen him avoid getting faked out plenty of times from his posts.

Knowing the difference would help.

On my charts ignore the arrows...they are zig-zag indy.

the blue rectangles are the areas i have questions about.

Thanks!
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Quoting Phx62
I live in AZ and operate a full time 40 truck delivery business and still manage to trade the London session. I sleep when I can....early in the evening and on weekends.....sometimes I set a trade and let the EA manage it while I go back to bed. It is just a matter of priorities and dedication. However, all my kids are grown so I don't have those responsibilities. I probably couldn't do it if I had kids at home.
I agree with PH, it's all about priorities, dedication and how badly you want it. Iam in ny and work full time but I still manage to get up at 3am for the London session everyday in the hopes of becoming consistently profitable. I don't have kids but my wife thinks its weird that I am up at those hours.

Since your time zone is right in the middle of the night, maybe consider Xmans 4 hr method.
Quoting Phx62
Several reasons.....first, I am always wary of a fake out at the beginning of the London session and second, there is a strong resistance (blue line) that had turned back price on the previous two days. I needed to see that resistance area broken to enter a long trade. As you may have noticed in an earlier post this week, on Tuesday I tried to go long and price was rejected after moving up 20+ pips or so. Third, the pattern of the Asian session the day before was very similar to the pattern today. Once price broke the low of the Asian and the TDI...
Thank you
This answers perfectly my question
Quoting hale-mary
So this week has been going okay, but that leads me to this question. Looking at charts from previous weeks what is the difference between trading the reversals in the Ny session versus getting faked out by a few pullback bars.

Also, jan 6 looked decent for a buy but was really a sell.

Today. I took a trade during the NY session based on basic TMS rules for 40 pips. The EU kept going, but I am not that brilliant so I got out at a resistance area.

The other charts show the EU pulling back and continuing. I know some people will just comment...
HM,
referrinbg to 6 Jan LO, you must notice that the past 12-16 hours had been narrow range which I interpret as consolidation. When price are narrow range for many hours, the H1 TDI becomes tricky. I prefer to look at H4 PA & TDI and also D1 for direction.
After narrow range consolidation especially during the Asian session, breakouts are common and we need to be prepare for breakout in either direction.
Should the first breakout fails, we need to be prepared to take the opposite direction.
This week alone there were two good breakouts using H4 inside bars - monday and wednesday .
Some other trdaers use the break of the fractals for entry whch also works well after narrow range period.
Hope this help.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting milicentfx
Here is my challenge. I live on the west coast of the USA. Due to work responsibilities, I cannot trade London. Any ideas as to how I can make this work for me with those restrictions? Thanks
That's an easy fix =

TRADING MADE SIMPLE

Maximize wins, minimize loss, stay in the game as long as you can
emmanuel7788...any idea why my chart is doing this?
Attached Image
Quoting milicentfx
emmanuel7788...any idea why my chart is doing this?

You are using black background on your chart.
make sure your properties settings are correctly done.
the width (thickness) of the colours lines must be change.
see attached.
Attached Image (click to enlarge)
Click to Enlarge Name: APB in black setting.gif Size: 20 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
thanks!! I had set the color to none....but you must set them to black as you pointed out
There are many different ways to look for trade setups when London Open.
One of my way is to look for narrow range Asian sessions, usually when the range is less than 50pips. I look for the H4 high low and pin bars.
H4 inside bars are quite frequent during the week in various pairs.
Getting into the right direction is something you need to do using your analytical skills. Support and Resistance is one key and Price Action always take the lead.
What is most important is to be consistent in applying any method. And with smart money management and risk based position sizing, you control your losses. To maximise profit "let profit run", that depends on your Trade Management skills and how you manage your trading psychology.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD week 03 and 04 H4 breakouts.gif Size: 37 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting emmanuel7788
HM,
referrinbg to 6 Jan LO, you must notice that the past 12-16 hours had been narrow range which I interpret as consolidation. When price are narrow range for many hours, the H1 TDI becomes tricky. I prefer to look at H4 PA & TDI and also D1 for direction.
After narrow range consolidation especially during the Asian session, breakouts are common and we need to be prepare for breakout in either direction.
Should the first breakout fails, we need to be prepared to take the opposite direction.
This week alone there were two good breakouts using...
Thanks, that makes sense.
I would like to take this time to talk a little about the psychological aspect of trading. I know that this is a much hyped thing that appears everywhere, but I also think that it is really relevant to those who are struggling. If I have a loosing streak where I go for two days of significant losses. I take the rest of the week off. I literally take a couple days and ignore markets outright. This allows me break time and when I return I can look at my past trades with an open and calm mind and ask if I took my trades according to the plan. If so and it is a reasonable drawdown I take comfort in the knowledge that I know an upswing is just around the corner. If I did not follow the plan, I think to ascertain why... Revenge trading? Getting even with the markets (funny I know) am I chasing the trade? know what triggers your deviation and accept it. Give this inner closure to the situation. Acknowledge it and go on. Do not get negative over it. Feel happy that you have identified it and will know not to engage it in the future. And when you trade next think about how you want to trade... Not about your trigger (this delivers more of the same) focus on what you want, not on the stuff you don't want. With that in mind; try to focus everyday on positive things. Put positive spins on EVERYTHING. Yes everything, you should see the bright side of a plague. This helps your trading and overall outlook on life. Transform your thinking and mindset to help your trading. Next, when you trade and have to get out manually because you made a mistake, or see that the market has turned, etc. DO NOT beat yourself up about it. In fact, feel relief, yes feel totally relieved that you are out of a deal that might have cost you if you would have stayed in. If the market turns again in the direction of your original trade (yes very very frustrating I know, but ignore that sensation) and you have another valid signal, take it and be delighted that you have seen another market opportunity. Learn to live happily in the now in the markets and in life. Train your mind this way and it will improve your trading. Try to positive talk to yourself instead of the negative. Don't say "OH Man! I should have done this or avoided that." Say, I am glad I took action in my own best interest and did something about the situation. Now, look at X-Man's posts, look at PHx62 posts, emanuel, Smokey, Vantage, Vonage. If I am not mistaken, none of them post negative stuff. They are all successful traders. Steve is a new one. Not one negative word in all posts. If there was, I am sure they spun it positive in some way. I am not saying to be unbearably happy all the time, Or ignore the bad stuff that happens, but the more that you focus on it, the more your mind works to find more of what you are thinking about. Your subconsious works this way to find solutions. If your questions are negative and you ask "why is this negative stuff happening to me?" Your mind will find an answer. So instead Focus on the positive, Keep a Positive outlook on your decisions and actions, good or bad. This builds the confidence necessary to keep acting in your best interest which is what trading is all about.
"IN CASH WE TRUST"
Quoting LazyLobster
I would like to take this time to talk a little about the psychological aspect of trading. I know that this is a much hyped thing that appears everywhere, but I also think that it is really relevant to those who are struggling. If I have a loosing streak where I go for two days of significant losses. I take the rest of the week off. I literally take a couple days and ignore markets outright. This allows me break time and when I return I can look at my past trades with an open and calm mind and ask if I took my trades according to the plan. If so...
Extremely well conveyed LL !!

Whether you believe in the "Power of Attraction" or not, take just 10 min. to replay you most recent bad trading day...what dominated your thoughts...were you tired, moody, angry...etc.

I have been all over the map with Forex, and I still occasionally trade when I know I shouldn't...and the results are reflective...your mind HAS to be in the game.

I'm no philosopher, but I strongly suggest you try your best to be mentally ready (positive) for your trading session.

Again...some very good thoughts LL !

Many + pips to all!!
Enter Signature
Hi

You'll notice from my attached chart at the top it's got Bar left:5sec(<10%)

Well this doesn't work and appears stuck. Can anyone tell me how to get rid of it or how to get it working please.
Attached Image (click to enlarge)
Click to Enlarge Name: 26-01-2012 2-31-13 PM.jpg Size: 182 KB
Chucky:

Yeah... I made the template and take responsibility for that. I meant to get back and fix that. I promise I will remake the template within' two days time and post it. X-Man will probably move it to first post as well.

X-Man, Would you like to add or subtract anything? The only thing I would humbly suggest is i-sessions which is a session indicator that I have on my charts that visually shows session highs and lows and starts. It helps with breakouts of previous sessions etc. If not no problem I can email or make available the indicator for anyone who wants it as well.

Thanks Smokey. Good to see you again.

LL
"IN CASH WE TRUST"
Quoting LazyLobster
Chucky:

Yeah... I made the template and take responsibility for that. I meant to get back and fix that. I promise I will remake the template within' two days time and post it. X-Man will probably move it to first post as well.

X-Man, Would you like to add or subtract anything? The only thing I would humbly suggest is i-sessions which is a session indicator that I have on my charts that visually shows session highs and lows and starts. It helps with breakouts of previous sessions etc. If not no problem I can email or make available the indicator...

Cheers LL - sorry to drop you in it
Quoting Chuckyisback
Hi

You'll notice from my attached chart at the top it's got Bar left:5sec(<10%)

Well this doesn't work and appears stuck. Can anyone tell me how to get rid of it or how to get it working please.
It could be just a stray OBJECT saved within the original Template?

Press together "Ctrl + B" , then "Ctrl + A" and select Delete

Don't worry, anything on the chart generated by an indicator will re-appear on the next tick, or just change time frames a few times.

Important: now, save the Template over the original.

If the text is generated by an indicator, find the indicator and remove it.

Maximize wins, minimize loss, stay in the game as long as you can
Quoting LazyLobster
I would like to take this time to talk a little about the psychological aspect of trading. I know that this is a much hyped thing that appears everywhere, but I also think that it is really relevant to those who are struggling. If I have a loosing streak where I go for two days of significant losses. I take the rest of the week off. I literally take a couple days and ignore markets outright. This allows me break time and when I return I can look at my past trades with an open and calm mind and ask if I took my trades according to the plan. If so...
LL,
Thanks a lot for writing these down.
Trading itself is simply giving something for something in return. The daily life we live is all about trading. You walk into Starbucks, you give few dollars in exchange for a cup of coffee. That's trading in its simplest form.
So why is it so difficult when we trade the market. We do not trade the market, we trade our belief in the market.
The psychology of trading is the largest part of any person wanting to be successful in trading. Books have been written on this and many forex coaches will tell you 10% being the technical, 30% the money management, and trading psyshology is 60% for one to become successful traders. Everyone wanting to become successful traders must undergo a transformation. It is you who has to make the tranformation. It is a tough and long journey. I have been trading fulltime for 4+ years, and just started my tranformation about a year ago after attending a workshop.

Here is a link for some reading material:

http://www.iitm.com/sm-psychology-of-trading.htm

Good Trading!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting Erebus
It could be just a stray OBJECT saved within the original Template?

Press together "Ctrl + B" , then "Ctrl + A" and select Delete

Don't worry, anything on the chart generated by an indicator will re-appear on the next tick, or just change time frames a few times.

Important: now, save the Template over the original.

If the text is generated by an indicator, find the indicator and remove it.

Great job Erebus.

Time thingy gone... I even remembered to save the template

Do you know of an indicator that I can use to give "time to new bar" by chance ?

Cheers
Quoting LazyLobster
Chucky:

Yeah... I made the template and take responsibility for that. I meant to get back and fix that. I promise I will remake the template within' two days time and post it. X-Man will probably move it to first post as well.

X-Man, Would you like to add or subtract anything? The only thing I would humbly suggest is i-sessions which is a session indicator that I have on my charts that visually shows session highs and lows and starts. It helps with breakouts of previous sessions etc. If not no problem I can email or make available the indicator...
Hey there lazy lobster.
Yeah you could email me the new template with i-sessions.
You can also post the i-sessions indi on this thread.
Thanks for the psychological advice. These issues in trading needs to be addressed.
In this thread and many other threads you see traders that are mastering the system and theres traders thats losing with the system which shows us the physiological is very relevant to successful trading.
X-man the legendary conqueror of markets
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