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  • #5,441
  • Feb 24, 2012 5:02am Feb 24, 2012 5:02am
Quoting cajun
I'm in this trade, TDI cross and blue candle cross, not to sure about this trade as it has been hanging for a while, looked like a good setup when i got in, any comments.
Seems like you are going against a very strong downtrend. but your take profit is reasonable. lets see how it goes....
  • #5,442
  • Feb 24, 2012 5:07am Feb 24, 2012 5:07am
Good morning everyone! (even though it's evening here)

X-Man, I have few questions would like to ask you.

1. What is "monitor the price action" mean? Is it mean that I have to stay in front of my monitor and see the price action tick by tick? Or I just have to come back to monitor again for the next hour (Assuming that I'm trading on 1 Hr TF)

2. Do you actually back test 1 Hr TF strategy manually? Mean use F12 to move to the next bar and so on? Or you use the trade simulator which using the the strategy tester?

Thanks and appreciate for help!
  • #5,443
  • Feb 24, 2012 5:14am Feb 24, 2012 5:14am
Quoting only20gp
Seems like you are going against a very strong downtrend. but your take profit is reasonable. lets see how it goes....
I agree on the downtrend, hoping for a retracement as it has touched support 4 times and could not penetrate, still not looking good as i am -19 ATM. Will let it play out a while and see what happens, my SL is below support, not sure if enough below but it has not reached that level yet, we'll see.
  • #5,444
  • Feb 24, 2012 6:01am Feb 24, 2012 6:01am
Hello X-Man,

Firstly, deep sincere thanks to you, Big E, BritPip and all other experienced traders on all the four TMS related Forums. You guys are providing a tremendous service to the Trading community, helping new (and some long-suffering) traders see the light, get inspired, re-invigorated, and gain real easy to follow practical knowledge and guidance to become successful traders.

One simple question on S3-H1 method.

This morning, price has been hovering just under 1.3400 itching to go upward. Last six H1 candles have been blue. So, in order to continue its upward thrust during this London session, we will most likely, not get a pull back (red) candle soon.

So, is there any way that we can still take a Long trade at this time in order to get get some pips from the current upward movement?

Thanks and regards.
  • #5,445
  • Feb 24, 2012 6:04am Feb 24, 2012 6:04am
Quoting leong_87
Good morning everyone! (even though it's evening here)

X-Man, I have few questions would like to ask you.

1. What is "monitor the price action" mean? Is it mean that I have to stay in front of my monitor and see the price action tick by tick? Or I just have to come back to monitor again for the next hour (Assuming that I'm trading on 1 Hr TF)

2. Do you actually back test 1 Hr TF strategy manually? Mean use F12 to move to the next bar and so on? Or you use the trade simulator which using the the strategy tester?

Thanks and appreciate for help!...
monitoring PA means look at a naked chart and noticing whats going on. Like where is a strong S&R areas , are we in uptrend or downtrend? is PA making lower highs or higher lows etc? is there a 123 pattern? is there an inside bar?
Are there any divergances? etc etc etc.

Thats how you monitor PA. then after that i will trade in that direction when i have a signal on my indicator .
we dont monitor tick by tick , that would be a nightmare


yes i back test manually using the F12 key. This will allow you to gain the confidence in your system
X-man the legendary conqueror of markets
  • #5,446
  • Feb 24, 2012 6:05am Feb 24, 2012 6:05am
I've seen a lot of talk about BE and partial take profit scenarios. I am having great success with this system. But I'm still not sure about what best money management to use and maximising my profit and reducing risk. So I have come up with two scenarios. I'm hoping traders who have been using this system for a while to comment and what works best for you and why?

So far this is what I am testing:

TP=Takeprofit, SL=StopLoss, PC=Partial Close.

-- Scenario 1

TP: 100
SL: 25

+015 - SL:+03, PC:50%
+035 - SL:+10, PC:30%
+050 - SL:+25, PC:10%
+075 - SL:+50
+100 - TP

-- Scenario 2

TP: 50
SL: 25

+25 - SL:+03, PC:50%
+35 - SL:+10, PC:30%
+50 - TP
  • #5,447
  • Feb 24, 2012 6:09am Feb 24, 2012 6:09am
Quoting minortrader
Hello X-Man,

Firstly, deep sincere thanks to you, Big E, BritPip and all other experienced traders on all the four TMS related Forums. You guys are providing a tremendous service to the Trading community, helping new (and some long-suffering) traders see the light, get inspired, re-invigorated, and gain real easy to follow practical knowledge and guidance to become successful traders.

One simple question on S3-H1 method.

This morning, price has been hovering just under 1.3400 itching to go upward. Last six H1 candles have been blue. So,...
Yes the way you wouldve traded this morning is to trade the asian breakout since the asian produced a tight range.

our analysis this morning for E/U was bullish so when you seen an upward breakout you couldve went long there
X-man the legendary conqueror of markets
  • #5,448
  • Feb 24, 2012 6:12am Feb 24, 2012 6:12am
Well i can honestly say this will be my first week of losing since 11/1/11. -86 ATM and my gbp/chf long is fixing to hit SL, knocking on support for the 5th time, so that could be another -50.
Lesson learned, i already know what went wrong this week, i stupidly broke my trade plan by overtrading and trying to predict the market, also because of my busy schedule this week i missed the big moves, but no reason for this and i will re-evaluate my strategy and trade plan over the week end and come back strong, i am a sore loser. I am done for the week.

Good Luck
  • #5,449
  • Feb 24, 2012 6:27am Feb 24, 2012 6:27am
Just need few of such trades in a year and that's it. This baby is running like there is no tomorrow.
Attached Image (click to enlarge)
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Forex is boring but profitable with patience and discipline
  • #5,450
  • Feb 24, 2012 6:36am Feb 24, 2012 6:36am
Quoting X-Man
Yes the way you wouldve traded this morning is to trade the asian breakout since the asian produced a tight range.

our analysis this morning for E/U was bullish so when you seen an upward breakout you couldve went long there
----------------------------------------------------------------

Thanks, X-Man.

Very helpful for future.
  • #5,451
  • Feb 24, 2012 6:39am Feb 24, 2012 6:39am
Quoting prftablefool
Just need few of such trades in a year and that's it. This baby is running like there is no tomorrow.
Well it hit the supply zone and bounce back downward, now it is below resistance, if you are in it good luck, i missed the long upward move as i was still sleeping when it started.
  • #5,452
  • Feb 24, 2012 6:39am Feb 24, 2012 6:39am
Quoting prftablefool
Just need few of such trades in a year and that's it. This baby is running like there is no tomorrow.
Nice one there.
Daily Tfs work well.
its just that as a full time trader i dont have that much patience to sit and watch the daily TF. With higher TFs you up in the air getting a birds eye view of the market i like to get all dirty with the market on the ground (punch for punch)
So far ive been throwing much more punches.LOL


But its a good option for the traders that has a full time job
X-man the legendary conqueror of markets
  • #5,453
  • Feb 24, 2012 6:48am Feb 24, 2012 6:48am
For anyone who trades longer TF's aswell,
If for example you entered a long trade on daily and your TP was at 300 pips (random).
This trade was going fine, so you look at smaller TF's, then you see a short signal on 1Hour TF where you would target 50 pips, would you take this trade aswell?
Or stick to one trade per pair.
  • #5,454
  • Feb 24, 2012 7:08am Feb 24, 2012 7:08am
Quoting robthorp
For anyone who trades longer TF's aswell,
If for example you entered a long trade on daily and your TP was at 300 pips (random).
This trade was going fine, so you look at smaller TF's, then you see a short signal on 1Hour TF where you would target 50 pips, would you take this trade aswell?
Or stick to one trade per pair.
Personally i wouldnt trade that pair.
Like on the 4H chart i dont trade E/U.
I would look for other pairs and setups.
X-man the legendary conqueror of markets
  • #5,455
  • Feb 24, 2012 7:22am Feb 24, 2012 7:22am
What time do your 4hr bars start please, ie what broker(s) do you use?

I mainly use GKFX, and their bars start at 05.00 09.00 13.00 gmt

Would it better to find a broker where the bars start at 08.00 (London open)?
  • #5,456
  • Feb 24, 2012 7:27am Feb 24, 2012 7:27am
I am in a GBPUSD long trade from 1.56704 currently about 145 pips up. I am trading this on the 4h TF but entered early from a 1h TDI cross as it was sitting at a strong SR area and the 200 EMA on 4h is still showing a bull trend. I do not have a profit target i will keep moving SL and exit on a candle colour change or let the market close the trade by hitting my SL, i really want to let me trades run as much as possible.
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  • #5,457
  • Feb 24, 2012 7:27am Feb 24, 2012 7:27am
Quoting X-Man
Today on E/U i would say that it would be a bullish day since is broke that daily resistance yesterday.
look out for longs today

True that, it was also confirmed.
But right now the price simply screams for a decent retracement or at least at the beginning of the next week.
The TDI green is obscenely over 68 and stoch in overbought area for H1,H4 and daily.
  • #5,458
  • Feb 24, 2012 7:28am Feb 24, 2012 7:28am
Goodmorning X-Man & Crew,

It's about 6:00 a.m. my time. I'am having to readjust
my trading hours as I can't seem to get up at
2:00 a.m. to trade the London open so I'll have to
trade the New York open at 6:00 a.m. my time.

What happened last night?

snarlyjack
  • #5,459
  • Feb 24, 2012 7:32am Feb 24, 2012 7:32am
Quoting robthorp
For anyone who trades longer TF's aswell,
If for example you entered a long trade on daily and your TP was at 300 pips (random).
This trade was going fine, so you look at smaller TF's, then you see a short signal on 1Hour TF where you would target 50 pips, would you take this trade aswell?
Or stick to one trade per pair.
robthorp, i would not enter the short on the 1h TF if was in a long trade on the high TF.
The reason being TREND, for me if i am long on the daily and price has moved my way then if you drop to the 1h the trend must be long. You might have a TDI cross signaling a short trade but the market bias will still be long, if it is not long then your Daily trade would have gone against you.
Hope this makes sense.
Bez
  • #5,460
  • Feb 24, 2012 7:41am Feb 24, 2012 7:41am
Quoting Pip Bull
Hi Emmanuel,
I see a bearish 4 hr engulfing candle and the 1 hr green TDI is ready to cross the red. I'd wait for price to go 5 pips below the low of the 4 hr bearish candle & enter a sell.
Hi PIP Bull,

Thanks for posting your view.
You are right in reading those H4 candle pattern and the H1 TDI signal.

There were several reasons why I posted that NZDUSD setup.
I had open buy positions in AU,EU, GU pairs and managing those trades. I was bullish bias. So I checked the USD strength looking at all USD pairs. Most pairs showed bullish strength. And when I checked NZDUSD, I saw that H1 setup.
I did a quick look at the other TFs.
- Weekly is bullish TDI, PA above the PAC.
- Daily has been ranging for many days, PA within the PAC
- H4 is bullish, both TDI and PA above PAC looks strong.
- the H1 S3 type setup was there and the H4 the bearish engulfing candle looks tempting except for the long upper wick and also the previous candle has long upper wick. Those wicks tell me there is resistance above being tested. It was the weekly pivot. Seeing that USD strength I would not take such a sell setup.

For H1 trade, I prefer to trade in the H4 direction when volatility is moderate.
Counter-trend H1 trade only when I see big H4 candles , those double bars HH / LL type of bars or huge Outside bars, where a retracement of 50% will give some quick pips 30~50pips on H1.

Interesting day.

Regards,


Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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