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  • #4,821
  • Feb 16, 2012 4:21pm Feb 16, 2012 4:21pm
Quoting Phx62
When I got to my computer to trade the LO and watched PA for a while:
1. I found that the Asian session had already moved down over 100 pips. 2. PA was sitting right on the 1.300 line and consolidating.
3. There was no cross of the TDI yet.
Based on that information I opted not to enter a trade and went back to bed. This morning I was able to catch the long trade after it pulled back up through the 1.300 and the TDI crossed over. This happened just before I left for work and I just closed that trade at the 200 EMA line for +136 pips. A very...
Well done mate great job....
  • #4,822
  • Feb 16, 2012 5:54pm Feb 16, 2012 5:54pm
wow, great, i have testing this trading system, and yeah,, i have addicting result. I mean it, hope there will be some EA master to compile this one, LoL
  • #4,823
  • Feb 16, 2012 6:04pm Feb 16, 2012 6:04pm
1. I live in Nigeria, our time is GMT+1, can you pls help me out based on ou time when each of the sesions starts and ends-Asian, London and US?

2. Have the rules for the S3 EURUSD on 1hour changed? May be I did not know the prper timing related to my location.

3. How can I manually and corectly draw support and resistance? I have been taught diffrent ways but none of them works based on your analysis today.

4. How to I draw fib correctly? Is 50% retracement an idea take profit level?

Finsight,

No such thing as a stupid question, Finsight.

Jasonnevis shared a Forex Market Time Converter yesterday. Here's the link:

http://forex.timezoneconverter.com/

Just adjust it to your time zone. To get you started, the London session opens at 8AM GMT which would be 9AM for your local time (GMT +1).

The rules for X-Man's 1 hr S3 system were updated recently. X-Man posted the updated rules in the first post.

When it comes to drawing support & resistance, I keep it simple. I just look for price levels where price has bounced or turned around. I also have the "Support & Resistance (Barry)" indicator attached to my 1 hr chart.

X-Man closed out his trade at the 50% retracement level because he saw price had encountered resistance previously and was also just below the daily pivot point.

Hope my answers help.
Pip Bull
  • #4,824
  • Feb 16, 2012 6:59pm Feb 16, 2012 6:59pm
Let me first say that this thread is great and your system has proven to be rather profitable, thank you for continued efforts.

Might I ask why you changed the basis of TMS from a TDI based system to become the S3 being a TDI confirmed system? Not that there is anything wrong with S3 just trying to understand the logic which is not clear in the thread.

Thanks in advance.
  • #4,825
  • Feb 16, 2012 8:39pm Feb 16, 2012 8:39pm
Quoting Phx62
I would not enter a short following that 200 pip move down until I got serious confirmation that the trend would continue...
Hi Phx62,

Could you elaborate a bit on what you consider to be serious confirmation in the case above? Thanks.
  • #4,826
  • Feb 16, 2012 10:21pm Feb 16, 2012 10:21pm
Something that I have been trying to learn for quite some time now is the patience factor... Even when you have to be quick for scalping, you have to be patient and realize that you have "make a case" to enter a trade or exit a trade. There have to be reasons to do what you do. Usually there's more than one for any action to be taken. Kind of like saying this reason plus this reaon leads me to this conclusion and this conclusion leads me to take action. These reasons should make up your trading plan. Once in a while I encounter the situations like we had today during london session. When I am looking so closely at the PA and feel like I need to get an "early entry" so that I can come out with any pips. This feeling causes me to get in prematurely. Sort of like an addict and his trigger. Then when I take the hit I have to return to my trading plan by taking a step back and saying "Hey, this is just a slightly drifting directionless market. I am not going to make any pips by making any trades now." Then I waited for my setup and made some pips. Always return to the trading plan. I am now going to read and reread my trading plan everytime I sit down for a trading session..

LL
"IN CASH WE TRUST"
  • #4,827
  • Feb 16, 2012 10:57pm Feb 16, 2012 10:57pm
Quoting Cun
Hi Phx62,

Could you elaborate a bit on what you consider to be serious confirmation in the case above? Thanks.
Just the fundamentals of trading Forex.....there would have to be a retracement at least back to the .382 fib following that 200 pip move and then a good cross down of the TDI following consolidation and possibly a pullback candle. Even with an entry there, I would need to monitor and be prepared to close the trade quickly unless the 1.300 line was broken and probably even a break of the low of the original move. From there, I would be looking at the next resistance area.
  • #4,828
  • Feb 17, 2012 12:00am Feb 17, 2012 12:00am
Quoting jasonnevis
Thanks, that makes perfect sense. I was wondering why you said upto 3% risk. Not a constant 3% risk per trade.

Any reason why you don't adjust the contract size based on stop loss size from setup swing high or low so that it is a fixed 3 % per trade? Or is this just your method you have stuck with till now.
Its just something I have stuck until now and I dont calcuate my 3% everyday.
I calculate it once per month or every 2 weeks then I stick with that lot size for the month or the 2 weeks.
So when my capital gets bigger within the month or 2 weeks im in fact risking less than 3% overall.
Its a good method to stick by and im always satisfied with my results.

X-man the legendary conqueror of markets
  • #4,829
  • Feb 17, 2012 12:02am Feb 17, 2012 12:02am
Quoting Finsight
I m very very sorry for these questions they may sound elementary but I m still having challenges with them over the years. These are the questions:

1. I live in Nigeria, our time is GMT+1, can you pls help me out based on ou time when each of the sesions starts and ends-Asian, London and US?

2. Have the rules for the S3 EURUSD on 1hour changed? May be I did not know the prper timing related to my location.

3. How can I manually and corectly draw support and resistance? I have been taught diffrent ways but none of them works based on your analysis...
You are struggling with the basics of trading.
I would like you to go to babypips.com and study that.
When you know the basics then i would like you to come to my thread again. Dont rush just take your time and absorb the knowledge
X-man the legendary conqueror of markets
  • #4,830
  • Feb 17, 2012 12:08am Feb 17, 2012 12:08am
[quote=littlebunny;5393128]
Quoting X-Man
Well its very easy , i calculate my 3% risk . . .quote]

Wow; thanks. That's the first time anybody has explained that clearly enough that I can understand it. Now when my account size changes I won't have to ask my husband how many lots I can trade, I can figure it out myself. So there!
No problem , im glad i could help.
I graduated in auditing and accounting so Money management and Mitigating risk are all second nature to me.
When i chose to trade forex full time my parents thought they wasted all that fees for nothing LOL but now they seeing my talent they not saying a thing i can see them only smiling
X-man the legendary conqueror of markets
  • #4,831
  • Feb 17, 2012 12:09am Feb 17, 2012 12:09am
Quoting hale-mary
Phx62,

when would you look to enter a continuation move. Because sometimes the TDI has already crossed and price can break mini support and resistance areas to continue down.

For example, I was thinking this trade would have been valid since price broke the low created by the three small candles prior to the entry candle with the red arrow. We had TDI cross as well. I possibly would have taken the trade had I been awake at that time.

the trouble I have reading PA is that sometimes price can continue to drift in one direction slowly then...
Hi hale-mary,

Firstly, congrats on sticking with this system, I see you continue to grow.

I know Phx has already replied, but I just thought I'd add my 2c ...

I know how frustrating it can be when you see a big move has happened, and is continuing on strongly and you feel that you want to enter as a "continuation" trade ...

But this game is all about risk, and such moves are very high risk. I don't know if you ever read the old TMS thread, but in that Big E was always very clear - if you waited until the 3rd candle or later to enter, it was already too late. This was based on years of experience and backtesting that a decent signal usually lasted at least 3 or 4 candles - i.e. if you entered on the 3rd candle, it might just about be time for the direction to change.

One of the hardest things to do in this game when you're learning it is to stay out of the market. You want to trade, you want to make money, so you're anxious to hit the trigger ... but as has been said, money in your bank is better than money in someone else's bank.

Finally, it comes down to the rules of the system - whether it's your system that you've backtested, or someone else's. The rules of this - X's - system aren't about entering on the 5th red candle to try and catch a continuation ... they're about entering on the 1st or 2nd, at the start of a swing. Therefore, please don't even consider entering on a 5th red candle - never ever ever ever. No matter how many $ you THINK you may be missing out on by not entering, because the balance of probabilities is that you'll lose on such entries.

Please note, I'm not trying to be critical here, just trying to help.
1 pip at a time ... if the entries are strong, the rest will follow ...
  • #4,832
  • Feb 17, 2012 12:16am Feb 17, 2012 12:16am
X

These days I do not post alot - to long in this game.

But I do read alot and what I see here is absolute
BRILLIANCE.

If I only had a level head like you when I was your age I would have been a billionair long ago.

One thing I have learned on FF is that people like you who share will always be blessed.

Keep on doing what you are doing and you will be blessed.

  • #4,833
  • Feb 17, 2012 12:19am Feb 17, 2012 12:19am
Quoting Phx62
1. A break back above the 1.3000 line.
2. A cross of the TDI green over red.
3. Also a cross of TDI green over yellow.
4. The setup candle had very long wicks and a small body.
5. A break of the high of the red setup candle by the first blue candle.
6. The TDI moving up from the 32 line.
You are a brilliant teacher sir.

  • #4,834
  • Feb 17, 2012 12:28am Feb 17, 2012 12:28am
Quoting rim47
Let me first say that this thread is great and your system has proven to be rather profitable, thank you for continued efforts.

Might I ask why you changed the basis of TMS from a TDI based system to become the S3 being a TDI confirmed system? Not that there is anything wrong with S3 just trying to understand the logic which is not clear in the thread.

Thanks in advance.
Well if you compare the TMS thread with my thread theres not much change except that we look at what PA is doing first in this thread.
The reason for this is that traders had many pairs open at once and always use to trade the TDI blindly in the TMS thread and not notice what PA is doing. so by this during ranging times they use to get slaughtered and if they went against the trend their trades were short lived.
If you notice there were a few succesful traders on TMS becuase they were traders that also understood the importance of PA .
So this thread trains the trader on firstly concentrating on 1 pair and get a feel for PA.

If you use this strategy of thinking and then go to TMS you will notice that there is no difference at all except that you will know when to trade and what to trade and then if you read the successful traders posts there you will notice they had that same train of thought. While you wondered howcome they always doing it right while you getting it wrong.
So basically this thread is the bridge to take traders to the light.
The rusults that we getting on this thread has proven this and we can see how traders are pippin away like never before.
X-man the legendary conqueror of markets
  • #4,835
  • Feb 17, 2012 12:40am Feb 17, 2012 12:40am
Quoting matlobien
X

These days I do not post alot - to long in this game.

But I do read alot and what I see here is absolute
BRILLIANCE.

If I only had a level head like you when I was your age I would have been a billionair long ago.

One thing I have learned on FF is that people like you who share will always be blessed.

Keep on doing what you are doing and you will be blessed.

Thanks buddy that means a lot to me.
Now you from south africa as well so you understand when you make this much in dollars just from sitting at the PC and at the end of the month when you calculate all that in Rands LOL you earning like the CEOs and partners of companies and if you keep it up for 5 years you will be earning like the president haha.
Every month you can buy yourself an exotic car
The possiblities are unlimited
X-man the legendary conqueror of markets
  • #4,836
  • Edited 1:19am Feb 17, 2012 1:02am | Edited 1:19am
Today i wont be taking any trades. Just want to kick back alil and not look at charts.
Although my analysis for today would be sell as PA is at the 200EMA and would bounce down
But be careful anything can happen.
PA might break the 200EMA so keep your eyes open and be alert.

My weekly report
E/U 1H :
Pips won : 260
pips lost : 0
Total pips : 260

Trades taken on E/U 1H : 5 trades (100% win)

4H charts
Pips won 80
pips lost 0
Total : 80

Trades taken : 1 Trade

Total for the week : 340 pips

Have a nice weekend everyone

X-man the legendary conqueror of markets
  • #4,837
  • Feb 17, 2012 1:09am Feb 17, 2012 1:09am
Quoting X-Man
Im also out .
A nice 65 pips for today.

Today the market tested the traders patience and discipline.
If you have those qualities the market will definitely pay you.
your're a legend . nice one ! Also got in at the right time , but it was'nt cause of patience, I was away from my desk and when I returned at 4pm yesterday ,there she was the short Long trade ...then went for a mountain bike and looked again at 10pm for a great take profit !used Fibs for TP...

My guess today , more upward movement on London open and then a nice move down again ... I'll practice patience and wait for the confirmation

great system !
  • #4,838
  • Feb 17, 2012 1:35am Feb 17, 2012 1:35am
Quoting Phx62
Just the fundamentals of trading Forex.....there would have to be a retracement at least back to the .382 fib following that 200 pip move and then a good cross down of the TDI following consolidation and possibly a pullback candle. Even with an entry there, I would need to monitor and be prepared to close the trade quickly unless the 1.300 line was broken and probably even a break of the low of the original move. From there, I would be looking at the next resistance area.
Thanks Phx62. As always it is informative and insightful.

Another question, is the EMA200 relevant to PA only when the candles are near it, like they are now? I mean when the candles are way above or way below it like yesterday we can in general ignore it?
  • #4,839
  • Feb 17, 2012 1:49am Feb 17, 2012 1:49am
Another useful moving average for the 1H chart is the 89EMA.
I noticed Dcginc using this moving average and many other Professional traders.
Add it to your chart while back testing and notice what it does.
X-man the legendary conqueror of markets
  • #4,840
  • Feb 17, 2012 1:59am Feb 17, 2012 1:59am
Quoting X-Man
Today i wont be taking any trades. Just want to kick back alil and not look at charts.
Although my analysis for today would be sell as PA is at the 200EMA and would bounce down
But be careful anything can happen.
PA might break the 200EMA so keep your eyes open and be alert.

My weekly report
E/U 1H :
Pips won : 260
[size=3][color=blue]pips...

Thanks Xman, another great week! You really are the a market wizard!
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