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  • #7,001
  • Apr 5, 2012 5:20am Apr 5, 2012 5:20am
Quoting josh11
Shorted at 1.3150 took 60% off 1.3096 and target is 1.3055.

Thanks em for indicator will hopefully hit ATR low for today

Stops @ BE

Happy Trading guys
Taken of 20% @ 13065 coz EUR/CHF bounce of the 1.20 peg so only leaving 20% for TP

Done for day back to bed I think gud luck all
  • #7,002
  • Apr 5, 2012 5:34am Apr 5, 2012 5:34am
Quoting IenDzi
I want to ask, what was wrong with this trade, that I wouldn't do this again.
The pullback candle bounced from EMA200, I see divergence too, bounce of blue bands, it looked like a good opportunity yo buy. Is it because of higher highs and lower lows forming?
well personally it is a good time to buy. but i see something not right on my view. that is because
1. the price bounce from daily channel and starting to short move.
2. after that long short, there might be a little retracement and gone short again. therefore , personally i would have caution to enter long there. and only seek short opportunity unless there is another confirmation .

i am not an expert. myself only learning forex like 2 months. but thats my opinion.
  • #7,003
  • Apr 5, 2012 7:09am Apr 5, 2012 7:09am
Quoting emmanuel7788
hi thrax,

see attached chart.
thought this will show better instead of writing a description on this.
this H4 trade taken in week 11 with a good setup after pricd bouced off the 1.3000 region and is now being managed and with add-in poeition as it progress.

whether to scale-in or to scale-out is a traders choice according to his/her financial objectives in the system traded. This has to be considered before a trade is taken and not necessarily that every profitable position can follow with scale-in of addition positions.

regards,...
Thank you for the chart, this is very useful!
thrax
  • #7,004
  • Apr 5, 2012 7:13am Apr 5, 2012 7:13am
Quoting IenDzi
I want to ask, what was wrong with this trade, that I wouldn't do this again.
The pullback candle bounced from EMA200, I see divergence too, bounce of blue bands, it looked like a good opportunity yo buy. Is it because of higher highs and lower lows forming?
I think this was a good entry. I entered that trade too and I am still in. I think giving a suffucient room for the price to breathe is very important. I will stay in this trade and will let you know how it develops.

thrax
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_H4_strategy name_20120405151006.gif Size: 27 KB
  • #7,005
  • Apr 5, 2012 7:15am Apr 5, 2012 7:15am
Quoting IenDzi
I want to ask, what was wrong with this trade, that I wouldn't do this again.
The pullback candle bounced from EMA200, I see divergence too, bounce of blue bands, it looked like a good opportunity yo buy. Is it because of higher highs and lower lows forming?
I'm making an assumption here as your 4hr candles differ to mine.

Did you buy on an open candle at 200ema? Personally I wouldn't do that. You can only see if divergence is there on a closed candle. You should be trading the reaction to a level and cannot do that on an open candle (unless you have another method based on a shorter TF). If you are trading open candles you cannot back test a system to see if it will work on a repeatable basis. You just don't know if a 200 ma (or any other level) will hold or fail mid candle.

My better half was selling this morning as is our view for today.
  • #7,006
  • Apr 5, 2012 8:03am Apr 5, 2012 8:03am
Quoting Vantage
I'm making an assumption here as your 4hr candles differ to mine.

Did you buy on an open candle at 200ema? Personally I wouldn't do that. You can only see if divergence is there on a closed candle. You should be trading the reaction to a level and cannot do that on an open candle (unless you have another method based on a shorter TF). If you are trading open candles you cannot back test a system to see if it will work on a repeatable basis. You just don't know if a 200 ma (or any other level) will hold or fail mid candle.

My better half was selling...
No, I bought it after the pullback candle closed.
  • #7,007
  • Apr 5, 2012 8:04am Apr 5, 2012 8:04am
Quoting thrax
I think this was a good entry. I entered that trade too and I am still in. I think giving a suffucient room for the price to breathe is very important. I will stay in this trade and will let you know how it develops.

thrax
But it is against rules. What is your SL?
  • #7,008
  • Apr 5, 2012 9:32am Apr 5, 2012 9:32am
Quoting IenDzi
No, I bought it after the pullback candle closed.
Closed in lower half of candle does that count as a pullback? Also is trend really up?

Daily chart had a classic evening star pattern (pos close, doji, neg close) a few days earlier which suggests down, D chart had a significant TL break lower. You bought on a neg candle and price never moved above candle high to confirm. Y's high and W M 2 held and 1hr had an engulfing neg close (although you were prob in already), sorry never looked like a buy to me.

If your system/back testing says buy then you go with that and say my proven method doesn't work out always. Sorry.

If you are buying a 4hr hl then you need a good positive close to confirm that hl. That didn't happen from my understanding of hl's.
  • #7,009
  • Apr 5, 2012 10:10am Apr 5, 2012 10:10am
Quoting IenDzi
I want to ask, what was wrong with this trade, that I wouldn't do this again.
The pullback candle bounced from EMA200, I see divergence too, bounce of blue bands, it looked like a good opportunity yo buy. Is it because of higher highs and lower lows forming?
i buy at that time because very good opportunity, but if im not mistaken if the synergy bar change colour we should out from the trade.. i took few pips lost, but this rarely happen.. be careful with your risk management..


right now im looking at eur/jyp.. look so tempting for long
  • #7,010
  • Apr 5, 2012 10:31am Apr 5, 2012 10:31am
Quoting IenDzi
But it is against rules. What is your SL?
I hit my SL. I set my SL to the 1.5800 area, so it was according to my rules. I risk 1% at each trade, so I set my volume accordinly.

thrax
  • #7,011
  • Apr 5, 2012 10:40am Apr 5, 2012 10:40am
Quoting thrax
I hit my SL. I set my SL to the 1.5800 area, so it was according to my rules. I risk 1% at each trade, so I set my volume accordinly.

thrax
1%?? ur account must be big.. =D
  • #7,012
  • Apr 5, 2012 11:18am Apr 5, 2012 11:18am
anyone have trailing stop EA?? cuz my broker only allow to trail for 15 pips.. i want tight trailing stop such as 5 pips..
  • #7,013
  • Apr 5, 2012 12:48pm Apr 5, 2012 12:48pm
Quoting capab
1%?? ur account must be big.. =D
I trade on demo account. I think having a low level of risk is key. I do not hurry so I do not have to take high risk and so threatening my account even if it is still a demo account.

If I will change to live account (only if I will be profitable for at least 6 consecutive months) I will take no higher risk because to be able to trade tomorrow I want to preserve my capital.

But this just my personal approach.
Take care, thrax
  • #7,014
  • Apr 5, 2012 3:33pm Apr 5, 2012 3:33pm
I'm sorry if this has been covered already but I can't seem to find the reason or logic behind the following rule statements in the PDF:

Quoting X-Man
2. We will look at TDI for a break in the blue bands...

10. When TDI below market base line and we in a downtrend
then look for shorts.
Aren't these 2 rules mutually exclusives? How can you be aiming for shorts with a TDI below MBL, while looking for a break in the top blue bands? What am I missing here?

Also, concerning the following point:

Quoting X-Man
8. When PA bounces off the daily channel then the trend changes
direction and will most probably cross the 60EMA, here we
watch out for further resistance or support at the 200EMA.
Let's say we have a bounce off the top of the channel, 60 EMA will be signalling that we are in an uptrend (most likely); so following the rules, you wouldn't be shorting the bounce, since PA is trending above the 60EMA, we would be looking for longs... correct?
  • #7,015
  • Apr 5, 2012 6:09pm Apr 5, 2012 6:09pm
Quoting Jayf19
Aren't these 2 rules mutually exclusives? How can you be aiming for shorts with a TDI below MBL, while looking for a break in the top blue bands? What am I missing here?

...

Let's say we have a bounce off the top of the channel, 60 EMA will be signalling that we are in an uptrend (most likely); so following the rules, you wouldn't be shorting the bounce, since PA is trending above the 60EMA, we would be looking for longs... correct?
I'm new as well, but here's how I interpret these.

First: Yes, they are mutually exclusive. These are guidelines to use the system in different scenarios. ALL of the rules do not have to be met at the same time. The more of them that are met at the same time leads to better probabilities of success. The aiming for shorts with TDI below MBL is an extension of the original TMS method. It helps you avoid "fake out" TDI crosses when trading the crosses between the blue bands.

Second: No, you would short the bounce (with enough other confirming factors). Once PA bounces from the channel, a change in trend direction is likely, and will probably pass through the 60EMA and possibly the 200EMA. So, don't trade any "bounces" up if they occur, as they are most likely just resistance at the EMA. After breaking through the EMAs, PA will then be trending under the 60EMA. It will retrace up from the original short, and then you would look for bounces (which are now shorts) off the 60EMA to continue the downtrend. This cycle generally will continue until the next channel touch, where another reversal is likely.

Hopefully that helps (and makes sense ).
  • #7,016
  • Apr 5, 2012 6:27pm Apr 5, 2012 6:27pm
I hope that some of you caught the down move in EU and GU today. Total of about 200 pips between the 2 of them.

I only trade on the candle close on H4, and there weren't enough confirmations for me at LO, so I entered at the next H4 candle. The levels of probable resistance I mentioned previously were close, so I set TP at 25 pips on EU and GU. Both were hit for +50 pips for the day.

With NFP tomorrow, I'm done for the week. Total of +252 pips this week. I'll take it.
  • #7,017
  • Apr 5, 2012 8:10pm Apr 5, 2012 8:10pm
Quoting thrax
I trade on demo account. I think having a low level of risk is key. I do not hurry so I do not have to take high risk and so threatening my account even if it is still a demo account.

If I will change to live account (only if I will be profitable for at least 6 consecutive months) I will take no higher risk because to be able to trade tomorrow I want to preserve my capital.

But this just my personal approach.
Take care, thrax
i just start using real account, and i take my demo very seriously. hahaha.. i use 2% risk..
agreed with everything you said.. hahahah
  • #7,018
  • Apr 5, 2012 9:35pm Apr 5, 2012 9:35pm
Quoting nGoldenm
I'm new as well, but here's how I interpret these.

First: Yes, they are mutually exclusive. These are guidelines to use the system in different scenarios. ALL of the rules do not have to be met at the same time. The more of them that are met at the same time leads to better probabilities of success. The aiming for shorts with TDI below MBL is an extension of the original TMS method. It helps you avoid "fake out" TDI crosses when trading the crosses between the blue bands.

Second: No, you would short the bounce (with enough other confirming...
Absolutely, thanks a lot
  • #7,019
  • Apr 5, 2012 11:19pm Apr 5, 2012 11:19pm
Quoting capab
anyone have trailing stop EA?? cuz my broker only allow to trail for 15 pips.. i want tight trailing stop such as 5 pips..
Search right here on FF for

"QUIK Trailing"

Works great, easy to set up

It takes a lot for me to IGNORE you, but you can try.
  • #7,020
  • Apr 6, 2012 12:17am Apr 6, 2012 12:17am
guys. anyone got an option of what pair to trade today? it seems most of bank are holiday. but not for usd and jpy.
so is usd/jpy would get volatile because of this?
or all pair would be the same because most of bank are holiday , so in other word , all pair are affected by it?
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