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  • #3,961
  • Feb 7, 2012 11:28am Feb 7, 2012 11:28am
Quoting hale-mary
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...

HM,

Buying into Resistance ,
and
Selling into Support
are both common mistakes traders make all the time.

You are also generous with your initial Stop Loss.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #3,962
  • Feb 7, 2012 11:31am Feb 7, 2012 11:31am
Quoting emmanuel7788
HM,

Buying into Resistance ,
and
Selling into Support
are both common mistakes traders make all the time.

You are also generous with your initial Stop Loss.
My initial TP and SL are always that much then I adjust.
  • #3,963
  • Feb 7, 2012 11:35am Feb 7, 2012 11:35am
Quoting hale-mary
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.
HM,

Back to some basics of PA trading:

A break of a HIGH must be suported by some kind of PA pattern.

Never chase a Long candle, wait for a retrace and get a better entry price. That long bar break is only to confirm that you have a breakout. ...not an entry point.

With recent long bars, how do you decide on your initial Stop Loss?
Last swing low if probably too much to give you a good position size.

rgds,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #3,964
  • Feb 7, 2012 11:45am Feb 7, 2012 11:45am
Quoting Phx62
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, base 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...
2 words to describe:

IMMACULATELY CONSISTENT!

congrats!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #3,965
  • Feb 7, 2012 11:50am Feb 7, 2012 11:50am
Quoting Phx62
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, base 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...
That is just awesome! I would consider myself successful to have one third of your daily result! You are a true inspiration that this level of consistency can be achieved, thank you!
thrax
  • #3,966
  • Feb 7, 2012 11:50am Feb 7, 2012 11:50am
Quoting hale-mary
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...
Personally i wouldnt enter that late because there was a high resistance area , so no. But i would feel more comfortable if i entered early.
X-man the legendary conqueror of markets
  • #3,967
  • Edited 12:04pm Feb 7, 2012 11:52am | Edited 12:04pm
Quoting Phx62
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, base 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....
Hi Phx62
First of all I want to say I'm reading everything you post with great interest and I think you man do a great job trading.I started doing that last week and I think I've missed just a few posts from your posting history

One question.
Today I would have traded(was very busy and didnt have time to trade...I'm a casual atm afterall) long the London open candle session with aprox 60 pips till resistance with your usual 50/50 SL/TP.Where Im wrong ?
Thanks!

Sarm


Edit: the resistance was at a lower pip target than 60 (around 30 pips). Might that have been the problem ?
  • #3,968
  • Feb 7, 2012 11:58am Feb 7, 2012 11:58am
Quoting Phx62
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, base 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...
Now thats a lovely trade.

wash , rinse , dry , repeat
wash , rinse , dry , repeat
wash , rinse , dry , repeat
wash , rinse , dry , repeat
wash , rinse , dry , repeat


thats the circle of the trading life. BE consistent guys
If you guys keep doing the same thing over and over everyday then you too can maximize profits and minimize losses.

LOL and you get people coming here telling us this system will fail. How can it fail if you do the same thing everyday?

The market keep repeating itself over and over
X-man the legendary conqueror of markets
  • #3,969
  • Feb 7, 2012 12:08pm Feb 7, 2012 12:08pm
I have got to say that I have always wanted to trade this method successfully but couldn't put it all together, but was intrigued by Phx62 posts. This past weekend, I went over everyone of his posts on this great thread. I made notes and poured myself over his posted charts and trades and things started to make more sense. I think it should be required reading for all and a pdf of all his posts would be a great addition to this awesome thread. Thank you Phx62 and please continue posting your charts and trades. Much respect and happy pipping.
Trading can't be taught but it can be learned
  • #3,970
  • Edited 12:23pm Feb 7, 2012 12:12pm | Edited 12:23pm
I want to make an observation about TDI...

If the red line from TDI(volatility or w/e it is) is flat and not too steep the green cross is short lived and we might often see a retrace of the PA.
  • #3,971
  • Feb 7, 2012 12:16pm Feb 7, 2012 12:16pm
Quoting Pipsninja
I have got to say that I have always wanted to trade this method successfully but couldn't put it all together, but was intrigued by Phx62 posts. This past weekend, I went over everyone of his posts on this great thread. I made notes and poured myself over his posted charts and trades and things started to make more sense. I think it should be required reading for all and a pdf of all his posts would be a great addition to this awesome thread. Thank you Phx62 and please continue to post your charts and trades. Much respect and happy pipping.
I would also recommend reading all of PHX62's post in the trading made simple thread.
Thats where it started
X-man the legendary conqueror of markets
  • #3,972
  • Feb 7, 2012 12:33pm Feb 7, 2012 12:33pm
Quoting sarmatius
Hi Phx62
First of all I want to say I'm reading everything you post with great interest and I think you man do a great job trading.I started doing that last week and I think I've missed just a few posts from your posting history

One question.
Today I would have traded(was very busy and didnt have time to trade...I'm a casual atm afterall) long the London open candle session with aprox 60 pips till resistance with your usual 50/50 SL/TP.Where Im wrong ?
Thanks!

Sarm
There was no TDI cross at the open of the London session.....the cross had already occurred on the candle before (during the Asian session). If you had traded the TDI cross at the open of that candle (just before the LO), you could have gotten the 60+ pips TP. Once that candle completed, I would need to see a break of the high of that candle at the LO to enter long. Chasing a trade seldom works out. You must follow the rules of your own trading plan to succeed.
  • #3,973
  • Feb 7, 2012 12:37pm Feb 7, 2012 12:37pm
Phx62- 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, base 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

Traders,

Like you, I admire the consistency and profitability of Ph62's methodology and trades. He really rocks!

I have underlined several areas in his post that I find the most valuable.

Please notice his ongoing engagement and analysis of the market while in an open position.

This is the advantage of laser focus and a thorough understanding of price movement.

Also notice he only trades one pair.

The emphasis here is that with this type of discipline, concentration and commitment, a great living can be made from one pair!
As always, well done Phx62!

All the best.

dcginc
  • #3,974
  • Feb 7, 2012 1:10pm Feb 7, 2012 1:10pm
Don't want to sound rude boss but on my chart the cross is way after the Frankfurt Open candle...idk
Also wasnt the TMS rule to enter at the beginning of the 1st or 2nd candle after the cross?
Attached Image (click to enlarge)
Click to Enlarge Name: LO_07.02.2012.jpg Size: 131 KB
  • #3,975
  • Feb 7, 2012 1:13pm Feb 7, 2012 1:13pm
Quoting dcginc
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
Hi dcginc, do you have any references to this concensus that I could read through? Recently I was wondering why the 200ema is the chosen number.

Thanks
  • #3,976
  • Feb 7, 2012 1:13pm Feb 7, 2012 1:13pm
X-Man, Dcginc, emmanuel and others.....thank you for your kind words. I have been able to find a measure of success learning the skills of trading forex from good folks like yourselves, along with eelfranz, Dean Malone, Money Duck and others. Without input from all of you, I am certain I would still be losing money or completely out of trading. Sure, I have put in a lot of hours into study and learning but without the kind hearted sharing and guidance from you I would probably still be lost in the "get rich systems" and "$97 holy grails". The learning continues everyday because trading forex is an ongoing process and ever changing. Hopefully, my posts will help someone else on the road to success. Thanks to each of you for what you have so kindly shared in posts, blogs and private messages. Bottom line.....if I can do it, so can any of the rest of the people reading the threads and blogs of the people I mentioned....just learn from these people and you can become successful at trading forex.
  • #3,977
  • Feb 7, 2012 2:03pm Feb 7, 2012 2:03pm
My fault, looks like the TAN portion of this i-Session (using it since past friday) includes the Frankfurt open too.
I stand correct.
But still would have entered on the frankfurt open after that TDI cross.
  • #3,978
  • Feb 7, 2012 2:09pm Feb 7, 2012 2:09pm
Quoting sarmatius
My fault, looks like the TAN portion of this i-Session (using it since past friday) includes the Frankfurt open too.
I stand correct.
But still would have entered on the frankfurt open after that TDI cross.
That would have been a good entry as soon as that candle opened and the TDI showed a cross...... AT THE BEGINNING of that candle.....could have netted 60+ pips. Technically, the first two blue candles would serve as set-up candles, even though they were doji's. If that setup had occurred during London, I would have taken it also.
  • #3,979
  • Feb 7, 2012 2:28pm Feb 7, 2012 2:28pm
Having a fresh memory of your past postings (have read them in the last few days), I remember you used to trade Frankfurt open sometimes, not only on M15 but on H1 too.And I tried to copy that
Thanks for your insight and answers btw
  • #3,980
  • Feb 7, 2012 2:34pm Feb 7, 2012 2:34pm
Quoting Phx62
X-Man, Dcginc, emmanuel and others.....thank you for your kind words. I have been able to find a measure of success learning the skills of trading forex from good folks like yourselves, along with eelfranz, Dean Malone, Money Duck and others...
Much respect for your achivements trader!
I was starting to believe retail forex a scam, but then I found this thread and people like X-man, emmanuel and you.
I'm still at my beginning, a child walking through the grownups in awe, but now I know one day I'll make it.
This is comforting.
I'm not afraid of hard work, I accomplished much in other areas by mere force of will. I know there's a way somwhere, as difficult as it may be, you proved me it can be done.
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