Hi,
Getting a good trade entry is hardwork and requries patience.
You should avoid M15 noise when you manage your trade.
Give your trade time to work.
Now I see I exited to early, need to start practise "walkaway" approach
- #4,882
- Feb 17, 2012 8:44am Feb 17, 2012 8:44am
I guess it is always good to look at currency correlations, as it can change the way you trade.
If you take a similar trade on 2 pairs which have a strong positive correlation you are inevitably doubling your exposure/risk to the market, (as well as your reward of course). But then if your entering 2 simlar trades on 2 pairs which have a strong negative (go opposite directions) correlation you could be canceling out your potential wins.
Although I dont look much into currency correlations, I do occasionally check http://www.forexticket.co.uk/en/tools/01-01-correlation
If you take a similar trade on 2 pairs which have a strong positive correlation you are inevitably doubling your exposure/risk to the market, (as well as your reward of course). But then if your entering 2 simlar trades on 2 pairs which have a strong negative (go opposite directions) correlation you could be canceling out your potential wins.
Although I dont look much into currency correlations, I do occasionally check http://www.forexticket.co.uk/en/tools/01-01-correlation
- #4,883
- Feb 17, 2012 8:50am Feb 17, 2012 8:50am
- Joined Nov 2008 | Status: Trader | 50,193 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #4,886
- Feb 17, 2012 9:18am Feb 17, 2012 9:18am
- Joined Nov 2008 | Status: Trader | 50,193 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #4,888
- Feb 17, 2012 9:37am Feb 17, 2012 9:37am
- Joined Nov 2008 | Status: Trader | 50,193 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #4,890
- Feb 17, 2012 10:01am Feb 17, 2012 10:01am
- Joined Mar 2007 | Status: Trader | 7,195 Posts
Attached are my trades for the week.
6 trades
All profitable...no losers
Today, I entered following the break of the 200 EMA and closed it at the H4 trendline for +35......could have gotten the +50 but got busy and took what I could.
Very impressive indeed, all the more so because its 6 trades only. I've been doing this a while and still can over trade.
- #4,892
- Feb 17, 2012 10:16am Feb 17, 2012 10:16am
Attached are my trades for the week.
6 trades
It reasures me however that I do need to just be patient and wait for those nice setups to come along!
Good Job
- #4,895
- Feb 17, 2012 11:26am Feb 17, 2012 11:26am
Thanks, Phx62. I just want to confirm my understanding that it's really a bit more risky than the normal S3 rules
That trade was taken on PA alone and based on the break of the 200 EMA after PA tested it three times. It finally broke through, so I took the trade. If it had retraced to 25 or 30 pips, I would have taken the loss. It was a risky trade because I had no other confirmation except the consolidation of the Asian & London sessions....I expected a break one way or the other.
The difference between trading the S3 method and the TMS method is that on the S3, we look first at Price Action...on the TMS method, we trade based on TDI crossovers.....when you...
- #4,897
- Edited 2:24pm Feb 17, 2012 11:47am | Edited 2:24pm
Took 4 trades today as I thought I was observing correctly. Everything completely wrong.
trade 1- first trade noticed the break above the 200 EMA but waited to see if it was strong and cleared the white resistance level. Entered long at 1.3166. Had stoploss in place. Tdi crossed as well.
Then saw the next candle struggle to move. Held my position. The red candle that formed had a TDI cross and was below the 200 EMA. Also saw the TDI was at the 68 level. I noticed hidden bearsh divergence as well.
trade 2- So I thought this is the fake out and entered short at 1.3129 Stoploss was at the High of 1.3168 . Stoploss got triggered. So I watch that candle as it seemed to have strong momentum upwards. Wanted to see a clean break of it before entering
trade 3- Had a nice break at 1.3175. So I entered. I held it for 2 more candles. I saw the wick that formed but did not want to click out just because a pin formed. I had the 4 hour trendline and the resistance level and yesterdays high on my chart. waited until the open of the candle after the pin bar candle to see if it would move up. It did not and turned red followed by a TDI cross.
That signaled to me that EU was going to fall and I just got whipsawed the entire day. Again i had TDI cross from the 68 as well as a pinbar and rejection from yesterdays high.
I have pinpointed this problem area I am having. IF PA is not smooth (we never know if it is going to be smooth) I get nicely whipped here and there.
The only reason I entered and exited was that I thought I may have missed something in the other trade and thought I was reading PA correctly. Something I am missing from interepreting PA correctly. When I backtest many many days. So far it has been days like these where I am have trouble determining what is going on.
I am always going with the attitude "this makes sense enter"
Yes, setting a 50 pip TP with 50 pip loss is good. And would have worked out in this case. but why wait that long to determine if you are wrong when you can see it.(dont take that last sentence as haphazard trading) There is something that I am NOT seeing. These days should not be tough with correct observation.
End of the week all profits wiped out and some more due to today....This keeps happening every week. But the days are random when they occur. I need to figure out what I am doing wrong. I just cant see it as it is happening. Now after everything is said an done I know what happened
trade 1- first trade noticed the break above the 200 EMA but waited to see if it was strong and cleared the white resistance level. Entered long at 1.3166. Had stoploss in place. Tdi crossed as well.
Then saw the next candle struggle to move. Held my position. The red candle that formed had a TDI cross and was below the 200 EMA. Also saw the TDI was at the 68 level. I noticed hidden bearsh divergence as well.
trade 2- So I thought this is the fake out and entered short at 1.3129 Stoploss was at the High of 1.3168 . Stoploss got triggered. So I watch that candle as it seemed to have strong momentum upwards. Wanted to see a clean break of it before entering
trade 3- Had a nice break at 1.3175. So I entered. I held it for 2 more candles. I saw the wick that formed but did not want to click out just because a pin formed. I had the 4 hour trendline and the resistance level and yesterdays high on my chart. waited until the open of the candle after the pin bar candle to see if it would move up. It did not and turned red followed by a TDI cross.
That signaled to me that EU was going to fall and I just got whipsawed the entire day. Again i had TDI cross from the 68 as well as a pinbar and rejection from yesterdays high.
I have pinpointed this problem area I am having. IF PA is not smooth (we never know if it is going to be smooth) I get nicely whipped here and there.
The only reason I entered and exited was that I thought I may have missed something in the other trade and thought I was reading PA correctly. Something I am missing from interepreting PA correctly. When I backtest many many days. So far it has been days like these where I am have trouble determining what is going on.
I am always going with the attitude "this makes sense enter"
Yes, setting a 50 pip TP with 50 pip loss is good. And would have worked out in this case. but why wait that long to determine if you are wrong when you can see it.(dont take that last sentence as haphazard trading) There is something that I am NOT seeing. These days should not be tough with correct observation.
End of the week all profits wiped out and some more due to today....This keeps happening every week. But the days are random when they occur. I need to figure out what I am doing wrong. I just cant see it as it is happening. Now after everything is said an done I know what happened
