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  • #3,941
  • Feb 7, 2012 5:41am Feb 7, 2012 5:41am
Quoting Dr_Zulu
I can't see this setup... Just a mere TDI crossing, but we need more than that to enter a trade.
Some expert on this?
It was a TDI cross along with strong blue candles at the time.
  • #3,942
  • Feb 7, 2012 5:44am Feb 7, 2012 5:44am
Quoting Dr_Zulu
I can't see this setup... Just a mere TDI crossing, but we need more than that to enter a trade.
Some expert on this?
do yourself a favour, cover the candle part of your chart, look for a nice steep crossing of the TDI, its not just a mere crossing anymore, look at the candles when they cross steeply, they move nicely in the direction majority of the time.
Keep It Simple Stupid
  • #3,943
  • Feb 7, 2012 5:53am Feb 7, 2012 5:53am
PA has been bouncing around the S&R levels for the past few days so at the moment im trading the bounces within these levels. sooner or later there will have to be a break for PA to start trending again.
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X-man the legendary conqueror of markets
  • #3,944
  • Feb 7, 2012 6:27am Feb 7, 2012 6:27am
Well my blood pressure could only take so much this trading trading day.

I was in a little later that you X-Man.

In at 1.31230
out at 1.30982

About 25 pips.

Time for bed.

Good luck everyone.
  • #3,945
  • Edited 7:34am Feb 7, 2012 7:07am | Edited 7:34am
Hoping New York gives me a reason for destroying my sleeping pattern.

Edit: And it did, 30 pips almost immediately.
  • #3,946
  • Feb 7, 2012 7:51am Feb 7, 2012 7:51am
My TP1 hit for 35 pips
I moved SL to BE and TP2 was taken out at BE.

The current candle ran for more than 60 pips.
X-man the legendary conqueror of markets
  • #3,947
  • Feb 7, 2012 7:51am Feb 7, 2012 7:51am
Quoting Forexsaurus
This is starting to get exceedingly frustrating. It seems like the EUR only wants to move 15-20 pips in one direction before reversing again, either making me cut my profits or take a big loss. Losing too much here, I think my winrate is around 30% even with what seems like perfect setups.
its choppy. up and down trends only move up to average of 50pips during up move or down move before reversing.

And the reverse takes out almost all of the preceding trend within 1 or 2 candles. i usually let the trend run (without TP) but nowadays, TPs are a must.

Im losing quite abit with the TMS system these few days. 20 to 30% win rate like you, Forexsaurus.
  • #3,948
  • Feb 7, 2012 7:55am Feb 7, 2012 7:55am
Was in a buy for about 5 1/2 hours, just closed on the last spike up for +40. Again, i gave my trade breathing room and it paid off, wasn't looking very good at one time but i hung in there. Will sit out till after Bernanke and see what happens.
  • #3,949
  • Feb 7, 2012 8:11am Feb 7, 2012 8:11am
Guys here was another potential setup that 1 couldve taken.

I was busy doing something else thats why i missed that.
I knew that there would be a bounce off the 200EMA if there wasnt any clean break.
Couldve made an easy 30pips.

But when you miss a trade remember there will always be other potentials
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X-man the legendary conqueror of markets
  • #3,950
  • Edited 10:26am Feb 7, 2012 8:28am | Edited 10:26am
X-man and Phx62,

Was wondering if a break of the level highlighted would have qualified as an entry long for you on the closed candle with the red arrow OR would you ignore it since the candle is 80+ pips? TDI crossed on the open of the next candle.
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  • #3,951
  • Feb 7, 2012 8:30am Feb 7, 2012 8:30am
Quoting X-Man
Guys here was another potential setup that 1 couldve taken.

I was busy doing something else thats why i missed that.
I knew that there would be a bounce off the 200EMA if there wasnt any clean break.
Couldve made an easy 30pips.

But when you miss a trade remember there will always be other potentials
X-man, what lets you KNOW that there would be a bounce on the 200 ema? I couldnt tell I could only see stalling.
  • #3,952
  • Feb 7, 2012 8:44am Feb 7, 2012 8:44am
Why not a retracement from the current pt since there is resistant around 1.31925+
  • #3,953
  • Feb 7, 2012 8:45am Feb 7, 2012 8:45am
Quoting trzcinek
Emmanuel, Thanks for your great advises and your recent pdf which is a nice learning material. Would you mind to share with us your written setup conditions which would give us a good idea how it should look like ? Thanks.
Hi Trzcinek,
sorry for not replying sooner...having a busy day.
the h-m trade review week05 pdf file show a few common setup conditions in week05 which is a ranging market condition.

If you have time, do the practical work I wrote in the pdf.
I feel it is important that every trader must prepare his own trading plan and include the trade setups he look for. It takes time, but the result is worth the effort.

I will try find time to post my charts and you can use those charts and add these to yourown trading plan. This would be a better way in this open forum. There are some material I use which are proprietary information which I cannot share in open forum like FF.
Please the PM.

Regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #3,954
  • Feb 7, 2012 8:50am Feb 7, 2012 8:50am
Quoting hale-mary
X-man, what lets you KNOW that there would be a bounce on the 200 ema? I couldnt tell I could only see stalling.
Look at the latest chart i posted.
See where i wouldve placed entry if i took the trade. Its above that red candle. If you place entry too early you can be faked out.
We dont really know if there would be a bounce straight away thats why you enter once you see the momentum going in the other direction,
Always trade in the direction where theres higher probability.
Thats what trading is all about coz 1 can never be 100% sure about where price is going.
X-man the legendary conqueror of markets
  • #3,955
  • Feb 7, 2012 8:51am Feb 7, 2012 8:51am
For the last several years when traders, both institutional and private equity, were asked which indicator they use and which is the most important in their trading, the consensus has been the 200 EMA or 200 MA.

This is what they are using to determine the most significant market structure as well as change of trend.

So . . . it stands to reason that X-Man will soon be among this awesome group!

All the best.

dcginc
  • #3,956
  • Edited 9:46am Feb 7, 2012 9:16am | Edited 9:46am
70pips thats mine thanks close

1.3233 test ?
  • #3,957
  • Feb 7, 2012 9:44am Feb 7, 2012 9:44am
More or less the same time as yesterday a big move up
  • #3,958
  • Edited 10:32am Feb 7, 2012 9:55am | Edited 10:32am
took two trades today.

First trade occured on the open of the Blue candle after the first red arrow. I thought the move up would continue after the consolidation/rest of that huge blue candle spike. In hindshight. It was a bad entry. What am I missing. 20 pip loss.

Next trade occured on the 2nd red arrow because I saw the price bar close down and TDI cross. Got out for 20 pips. The move down seemed weak. Although I wanted to hold on longer.

SLs and TPs were set at 50 pips intitially.

Sorry X-man, I forgot to ask you as well. Would you have taken the trade I mentioned to PHX62 in a previous post on the break of the resistance level I mentioned. I will edit post as well.
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  • #3,959
  • Feb 7, 2012 9:57am Feb 7, 2012 9:57am
I guess it has been busy day for many of you.
Attached my post-mortem of today's PA.

My trade just close at R2 1.3209.

There was a good PA setup before LO today. A Double Inside Bar 'DIB' setup which had helped some traders catch that first bull candle.

What casued these big moves today is immaterial to technical traders. What is more important is that you have enough setup patterns to lookout for and to trade them consistently. Of course you must have a trading plan in place.

Now you must watch how price moves. It tested the high again.
remember my post, I will buy at 1.3240 for long swing but when will that happen? Must see new trend start!
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #3,960
  • Edited 1:56pm Feb 7, 2012 11:20am | Edited 1:56pm
A very good trading day for me.....
Trade 1 was taken on the TDI cross down, with a 30 pip TP just above the 200 EMA.....if that had been broken, I might have re-entered, based on the strength of PA.
Trade 2 was taken early (before the TDI cross) as PA was rejected at the 200 EMA. I took a chance and opened a standard trade for me with a 50 pip TP & 50 pip SL but as it blew past the first resistance, I moved the SL to BE and the TP to 100, which was right at the H4 trendline....PA stayed strong with little retracement, so I moved the TP to 150. PA did a bit of hesitation at the trendline but then moved up strongly past the trendline, so I locked in 100 pips, right at the trendline, fully expecting PA to reverse and come back to take me out at 100....fortunately it continued to the 150 TP. A very nice move up!!!!
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