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  • Post #7,501
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  • Jun 7, 2012 6:18am Jun 7, 2012 6:18am
  •  cajun
  • | Joined Aug 2011 | Status: Member | 182 Posts
I see a possible sell setup coming up on the h4, hit the channel 3 times and bounced off, TDI above 68 and starting to bend downwards. Will wait and see what happens after all this red news.
Attached Image (click to enlarge)
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Size: 22 KB
 
 
  • Post #7,502
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  • Jun 7, 2012 6:32am Jun 7, 2012 6:32am
  •  antantnz
  • | Joined Jul 2011 | Status: Member | 305 Posts
Quoting cajun
Disliked
I see a possible sell setup coming up on the h4, hit the channel 3 times and bounced off, TDI above 68 and starting to bend downwards. Will wait and see what happens after all this red news.
Ignored
It looks like AU is stalling / turning on most pairs ... I've gone long on EURAUD based on a TDI cross ... it's against the inner channel and longer term trend so may be risky ... we shall see.
1 pip at a time ... if the entries are strong, the rest will follow ...
 
 
  • Post #7,503
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  • Jun 7, 2012 7:01am Jun 7, 2012 7:01am
  •  emmanuel7788
  • Joined Nov 2008 | Status: Member | 36,529 Posts | Online Now
Quoting antantnz
Disliked
I'm going with the Bullish Inside Bar?
Ignored
yup, that caught my eyes.

as Vantage pointed out, the D close yesterday was vry bullish, so I expect to see follow through up, but I first look for a rectracement to 38% and 50%. But that did not happen, but stop around 23% and Asian session low.

So all these I thought is good enough with the H1 IB to jump in BUY with 50pips initial SL. I see the breakout top fib-r 127% 1.262 or DR1 is good.

Now must watch and manage till NYO.

When Bernanke start to talk nonsence, I msut watch more closely, see if I can protect some pips before he starts his speech.

Trade Well.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
 
 
  • Post #7,504
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  • Jun 7, 2012 8:38am Jun 7, 2012 8:38am
  •  Fxaddicts
  • | Joined Feb 2012 | Status: Member | 36 Posts
hi emma,

some nice pips you bag in after your entry, can i ask you with regards like major news that comes out like right now the unemployment claims of US which is better than expected, does it imply in the sense that EU will fall coz of better US news or will it rise coz of the risk on sentiments as feeling market will be doing better?

Does the news of a country matter or is it just a good news or bad news that matters?

Also do u all close off your trades prior to major news or just continue to let it run if u are still in a winning postition?
 
 
  • Post #7,505
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  • Jun 7, 2012 9:02am Jun 7, 2012 9:02am
  •  cajun
  • | Joined Aug 2011 | Status: Member | 182 Posts
Quoting Fxaddicts
Disliked
hi emma,

some nice pips you bag in after your entry, can i ask you with regards like major news that comes out like right now the unemployment claims of US which is better than expected, does it imply in the sense that EU will fall coz of better US news or will it rise coz of the risk on sentiments as feeling market will be doing better?

Does the news of a country matter or is it just a good news or bad news that matters?

Also do u all close off your trades prior to major news or just continue to let it run if u are still in a winning postition?...
Ignored
If it's RED news then if i am in profit i will definitely take my profit and run, if i am losing then i will decide how much i want to lose, if don't want to close the trade then i will probably move my SL to try and give enough room for in case the new goes against me.
After the big news and it settles then more than likely it will reverse back, so if it goes against you and you have enough SL chances are it will head back your way. Everyone has different strategies on this issue.
 
 
  • Post #7,506
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  • Jun 7, 2012 9:11am Jun 7, 2012 9:11am
  •  emmanuel7788
  • Joined Nov 2008 | Status: Member | 36,529 Posts | Online Now
Quoting Fxaddicts
Disliked
hi emma,

some nice pips you bag in after your entry, can i ask you with regards like major news that comes out like right now the unemployment claims of US which is better than expected, does it imply in the sense that EU will fall coz of better US news or will it rise coz of the risk on sentiments as feeling market will be doing better?

Does the news of a country matter or is it just a good news or bad news that matters?

Also do u all close off your trades prior to major news or just continue to let it run if u are still in a winning postition?...
Ignored

Hi Fxaddicts

I just manage to TP1 with 30pips and now BE the remaining trade.

News trading is my NOT speciliaty. I just trade based on chart data I see and manage the downside of my trades.

I read some other forum where traders trade news with a lot of statistical analysis but I never got down to digest everything they write.

How market react to news is more speculative in very short term. What really moves the market is macroeconomics. Spot forex is just a part of the whole market.

Q: Do I close all my trades before major news?
A: No.
I simply protect what I can following my trade management rules. That depends on where my profit positions are and I will protect using a percentage of that floating profit and how much I am willing to give up.

Dr Van Tharp said: To maximise proift, one must be willing to give 50% of what the market gave.
How to have a trade management method which support " Cut losses short, and let profit run".
Easy to say, but how to do?

Regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
 
 
  • Post #7,507
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  • Jun 7, 2012 9:14am Jun 7, 2012 9:14am
  •  emmanuel7788
  • Joined Nov 2008 | Status: Member | 36,529 Posts | Online Now
Hi ALL,

Just got a PM today from X-Man.
He is obviously doing well and trading extremely well with much bigger account using S3.
I am sure he will hit his S$million pot real soon.
That's great news from our teacher.

Regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
 
 
  • Post #7,508
  • Quote
  • Jun 7, 2012 9:38am Jun 7, 2012 9:38am
  •  Jemblem
  • | Joined Dec 2011 | Status: Member | 11 Posts
Hi Emma..

Glad to hear that our teacher was doing well with his huge account. I wish he could post few charts about his winning trade to keep us learn. Will be kindly appreciate.

Br
 
 
  • Post #7,509
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  • Jun 7, 2012 10:55am Jun 7, 2012 10:55am
  •  emmanuel7788
  • Joined Nov 2008 | Status: Member | 36,529 Posts | Online Now
Quoting Jemblem
Disliked
Hi Emma..

Glad to hear that our teacher was doing well with his huge account. I wish he could post few charts about his winning trade to keep us learn. Will be kindly appreciate.

Br
Ignored

Hi Jemblem

You must wait for the Return of X-Man.

Meantime, how is your trading using S3?
Why not post some of your trade charts and let the members here share their comments.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
 
 
  • Post #7,510
  • Quote
  • Jun 7, 2012 11:37am Jun 7, 2012 11:37am
  •  Britpip7
  • Joined Apr 2011 | Status: "Never Give Up - Never Surrender" | 1,608 Posts
Quoting emmanuel7788
Disliked
Hi Jemblem

You must wait for the Return of X-Man.

Meantime, how is your trading using S3?
Why not post some of your trade charts and let the members here share their comments.

regards,
Ignored
Could be a long wait

As well as posting your own trades, I would suggest that you review X-Man's posts on how he trades - nothing has changed in the approach.

Lots of great posts on here with a ton of information it you are hungry enough.
"To live with Passion, it takes Courage and Grace to survive"
 
 
  • Post #7,511
  • Quote
  • Jun 7, 2012 12:39pm Jun 7, 2012 12:39pm
  •  prftablefool
  • | Joined Mar 2011 | Status: Trend follower | 183 Posts
Quoting emmanuel7788
Disliked

Dr Van Tharp said: To maximise proift, one must be willing to give 50% of what the market gave.
How to have a trade management method which support " Cut losses short, and let profit run".
Easy to say, but how to do?

Regards,
Ignored
Do some backtesting on demo and you will surprised with your findings. I always used to wonder why the heck my demo always outperform my live account by miles despite taking the same trades. The clue was that in demo I was riding the whole trend without any fear of losing whereas in live account I used to get nervous when profit starts balooning up and close my positions too early with a fear that market will reverse.

No doubt many times, market will reverse and eat up all the profitable trades in progress but in the long run it pays off to sit tight when a trader is on the right side.

Just my two cents.
Forex is boring but profitable with patience and discipline
 
 
  • Post #7,512
  • Quote
  • Jun 7, 2012 12:59pm Jun 7, 2012 12:59pm
  •  Britpip7
  • Joined Apr 2011 | Status: "Never Give Up - Never Surrender" | 1,608 Posts
Quoting prftablefool
Disliked
Do some backtesting on demo and you will surprised with your findings. I always used to wonder why the heck my demo always outperform my live account by miles despite taking the same trades. The clue was that in demo I was riding the whole trend without any fear of losing whereas in live account I used to get nervous when profit starts balooning up and close my positions too early with a fear that market will reverse.

No doubt many times, market will reverse and eat up all the profitable trades in progress but in the long run it pays off to...
Ignored
Agreed - the difference between demo and live is huge and introduces real emotions such as fear of loss, security, greed, etc.

Once you achieve consistency with the demo, and in my opinion that should be based on the ratioo of pips won to pips lost, then you have a basis for going live.

Trade with $100 per entry - that'll be enough to get your emotions running and test whether you are ready for live trading. Trading with pennies is almost a waste of time and in my opinion is as useful as the demo account - great for proving the approach, but doesn't really get the emotions running - ask me how I know that - there needs to be skin in the game before you'll take it seriously.
"To live with Passion, it takes Courage and Grace to survive"
 
 
  • Post #7,513
  • Quote
  • Jun 7, 2012 2:42pm Jun 7, 2012 2:42pm
  •  prftablefool
  • | Joined Mar 2011 | Status: Trend follower | 183 Posts
Quoting Britpip7
Disliked
Agreed - the difference between demo and live is huge and introduces real emotions such as fear of loss, security, greed, etc.

Once you achieve consistency with the demo, and in my opinion that should be based on the ratioo of pips won to pips lost, then you have a basis for going live.

Trade with $100 per entry - that'll be enough to get your emotions running and test whether you are ready for live trading. Trading with pennies is almost a waste of time and in my opinion is as useful as the demo account - great for proving the approach, but...
Ignored
I 100% agree with you in regards to emotions, therefore one should try to detach himself from the dollar aspect of trading. I know its very hard and painful but after a long time now I am getting used to of trading live by hiding the P&L while concentrating solely on the trade setup itself.

It is an altogether a different experience.
Forex is boring but profitable with patience and discipline
 
 
  • Post #7,514
  • Quote
  • Jun 7, 2012 7:03pm Jun 7, 2012 7:03pm
  •  i4s
  • | Joined Jun 2012 | Status: Junior Member | 3 Posts
Have got so caught up in this post and while really enjoying it I was wondering if so many people trade this method does this have a negative effect on the system as a whole or? I would love to hear any ones thoughts on this.

It is just that I notice it all started Nov 26, 2011 3:19am and now 8/6/2012 I was wondering has it changed enough to be in-viable? I seriously wish to know a sI am starting my journey Monday with Oando and would like to use this method to cut my teeth on so to speak.
 
 
  • Post #7,515
  • Quote
  • Jun 7, 2012 9:20pm Jun 7, 2012 9:20pm
  •  emmanuel7788
  • Joined Nov 2008 | Status: Member | 36,529 Posts | Online Now
Hi,

This is a H4 trade just after my H1 trade was closed.
The setup is seen on H4 and entries made in H1.
There was a follow through from Wednesday D close, but price did not break the fib-r 127% which is very often follow with a intraday reversal. There is also the daily pivot R1 1.2625 and the RN 1.2600.
I use average price method for this particular H4 trade.

Now the important thing is trade management and scaling in more positions.

Trade Well!
Attached Image (click to enlarge)
Click to Enlarge

Name: EURUSD Week 23 H4 Trade 7 Jun 8-6-2012 8-44-48 AM.png
Size: 48 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
 
 
  • Post #7,516
  • Quote
  • Jun 7, 2012 9:25pm Jun 7, 2012 9:25pm
  •  emmanuel7788
  • Joined Nov 2008 | Status: Member | 36,529 Posts | Online Now
Quoting i4s
Disliked
Have got so caught up in this post and while really enjoying it I was wondering if so many people trade this method does this have a negative effect on the system as a whole or? I would love to hear any ones thoughts on this.

It is just that I notice it all started Nov 26, 2011 3:19am and now 8/6/2012 I was wondering has it changed enough to be in-viable? I seriously wish to know a sI am starting my journey Monday with Oando and would like to use this method to cut my teeth on so to speak.
Ignored
Hi i4s,

I am not sure what you mean by 'negative effect on the system'. Please elaborate on this.

Are you starting live trading with Oanda on Monday? How was your demo trading with this S3 system so far?

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
 
 
  • Post #7,517
  • Quote
  • Jun 7, 2012 10:24pm Jun 7, 2012 10:24pm
  •  i4s
  • | Joined Jun 2012 | Status: Junior Member | 3 Posts
Quoting emmanuel7788
Disliked
Hi i4s,

I am not sure what you mean by 'negative effect on the system'. Please elaborate on this.

Are you starting live trading with Oanda on Monday? How was your demo trading with this S3 system so far?

regards,
Ignored
Hi emmanuel7788

thanks for reading my post. I am probably not using the correct nomenclature yet but am sure I will get better as time goes on.

What I meant was would the fact that so many people may be setting up to put these trades in place from this system that the forex could somehow adjust so that the trades would be less effective in pip gaining? I know this sounds double dutch but I think I am actually asking is it still worth putting this system into play today and expect some good pips?

On Monday I will be initially back testing the S3 system before actuating it with real money.
 
 
  • Post #7,518
  • Quote
  • Jun 7, 2012 10:57pm Jun 7, 2012 10:57pm
  •  Fxaddicts
  • | Joined Feb 2012 | Status: Member | 36 Posts
Goodmorning everyone, good to read all the posts first thing when i wake up
 
 
  • Post #7,519
  • Quote
  • Jun 7, 2012 11:07pm Jun 7, 2012 11:07pm
  •  emmanuel7788
  • Joined Nov 2008 | Status: Member | 36,529 Posts | Online Now
Quoting Fxaddicts
Disliked
Goodmorning everyone, good to read all the posts first thing when i wake up
Ignored
Hi,

Good Morning too!

You are a late riser. Miss the early birds entries already.
Now you must wait for the retrun leg.

I try to be at at my computer on the dot when the 4H candle closed. when I am waiting for a good setup. Sometimes, I don't get a full 8 hours sleep when I have open trades to manage becasue I check every 4 hours and move my stops.
It is hard life to be a trader and trade for a living.

Trade Well today... after what Bernanke said last night, market move in favour of USD.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
 
 
  • Post #7,520
  • Quote
  • Jun 7, 2012 11:25pm Jun 7, 2012 11:25pm
  •  emmanuel7788
  • Joined Nov 2008 | Status: Member | 36,529 Posts | Online Now
Quoting i4s
Disliked
Hi emmanuel7788

thanks for reading my post. I am probably not using the correct nomenclature yet but am sure I will get better as time goes on.

What I meant was would the fact that so many people may be setting up to put these trades in place from this system that the forex could somehow adjust so that the trades would be less effective in pip gaining? I know this sounds double dutch but I think I am actually asking is it still worth putting this system into play today and expect some good pips?

On Monday I will be initially back testing...
Ignored

Hi i4s

the forex market is $4trillion as I learn. There are hundreds of thousands traders - retail, commercial and large traders. There are also just as many different systems out there. All these put together will move the market and the price is only what we see.
When we trade S3, we look for price action>trend> momentum>strength
Our entries is based on momentum and that to me means market already started moving and we jump on board with the momentum. Our targets are modest and we manage trades by looking at the strength of the price move. We have simple rules to follow. But we also need lots of experience to know when not to follow the rules and make our own discretionary decisions by looking at chart price movements.
The S3 rules are there, but there are also many unwritten rules which come from trading experience and market knowledge.

I think you will do demo and learn yourself then make that decision whether you can trade profitability using this S3 method. There are already a lot of posts you need to read. But going forward from Monday onwards, you can post your charts and share your thoughts behind each chart you see and your trade decisions. Members on this thread are always willing ro comment and help you here. This is the spirit of what X-Man started and he dedicate this thread to Big E who started the TMS system.

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