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Another simple system - Time-Frame 15

  • #9,461
  • Oct 12, 2012 12:12pm Oct 12, 2012 12:12pm
Quoting pkimnyc
interesting... price stalled at this level. anyone know why?
broken resistance is support now + 4H 10ema
  • #9,462
  • Oct 12, 2012 12:50pm Oct 12, 2012 12:50pm
enough nonsense from me. have a great weekend everyone.

congrats to everyone profitable this week.

people who had losses, keep practicing. you will get it eventually what to look for.
  • #9,463
  • Oct 12, 2012 1:15pm Oct 12, 2012 1:15pm
I haven't been posting much for a day or two because I find it very hard to post and concentrate on trading.

I also find it distracting trying to keep track of what every one is seeing.

The most reliable PA setups I find are the ones highlighted on the chart below.
It's what works for me and I just keep repeating it, if I don't see this I don't trade.

You want to see a good slope on the 10 EMA, bullish or bearish, then look for a corrective move back to the 10 EMA along with good PA to take a trade in the direction of the established trend.

Just focus on this one thing and don't get distracted by what ever anyone else is posting.

If this isn't what you like to look for then you need to find the kind of setups that work for you and keep looking for just those setups and nothing else.

As traders we must be able to see the trades through our own eyes and not be trying to trade something that isn't natural to us.
Attached Image (click to enlarge)
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  • #9,464
  • Oct 12, 2012 1:37pm Oct 12, 2012 1:37pm
Quoting loveevery1
I knew its on tf5.....other TF wont work as far i know.but do not concentrate.you shouldnt have even opened m5....even to check.bro.
I care for you brother.listen to me,you will blow your account...dont search for new things....there will be a day when you will create even without you wanting to...wait for that day...for now....learn 15mn and above....
found sample hihi


http://www.forexfactory.com/showthre...05#post6075105

image 1 ;-)

http://www.forexfactory.com/attachme...7&d=1349519099

tf15 :-P

stop for today
  • #9,465
  • Oct 12, 2012 1:38pm Oct 12, 2012 1:38pm
Quoting stevepatt
I haven't been posting much for a day or two because I find it very hard to post and concentrate on trading.

I also find it distracting trying to keep track of what every one is seeing.

The most reliable PA setups I find are the ones highlighted on the chart below.
It's what works for me and I just keep repeating it, if I don't see this I don't trade.

You want to see a good slope on the 10 EMA, bullish or bearish, then look for a corrective move back to the 10 EMA along with good PA to take a trade in the direction of the established...
well spoken.

as for trading prime time should be around london open, and ny open. those are the times you want to focus on your charts only. nothing else. we can chat later.
  • #9,466
  • Oct 12, 2012 2:05pm Oct 12, 2012 2:05pm
and i hope no one is taking the trade on that bounce earlier. price is advancing with no volume support = manipulation at best. many trading opportunities next week. don't go into revenge mode and attempt to open positions going into weekend.
  • #9,467
  • Oct 12, 2012 2:12pm Oct 12, 2012 2:12pm
Quoting emmanuel7788
Anyone traded EU divergence when NY open?

Can you post your entry?

Thanks.
Sorry for late reply. I have just seen your request. I took that trade and missed tp only by spread. Now is +15 and i am about to close it. If would have taken the TP, I would have banked 38pps.

If the price would have wanted to continue the upward move and break up the TL, then the bearish engulfing candle would have not been there. At the end of that bar I opened sell position.
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Attached Image
  • #9,468
  • Oct 12, 2012 4:05pm Oct 12, 2012 4:05pm
LE1 spoke about 4h chart trading , can somebody develop, please
  • #9,469
  • Oct 12, 2012 4:08pm Oct 12, 2012 4:08pm
thanks pkymnic for ur indi
  • #9,470
  • Oct 12, 2012 4:17pm Oct 12, 2012 4:17pm
Quoting jeank
thanks pkymnic for ur indi
you're welcome.
  • #9,471
  • Oct 12, 2012 6:20pm Oct 12, 2012 6:20pm
Quoting shawn3245
Can you explain a little more what you mean about that?

Here is what I did wrong today. I looked at the 4h chart before the NYO and saw that the PA was above the 200 and 10 EMA. I also noticed that the PA touched that 10 EMA which I thought would take the PA to the BRN of .3000. The all of that was correct as far as I can tell but I didnt respect the resistance of .2985 and the attempts to get through that. If I did I think that I wouldnt have traded today with the 10 EMA right below that. I bought after the NYO when the price closed above the...
Btw, what happened today at ny session is a text book case double top formation with last push to peak above the previous high slightly to trap breakout traders.
  • #9,472
  • Oct 12, 2012 10:27pm Oct 12, 2012 10:27pm
Quoting loveevery1
Good question....

Now you tell me why we took the first short....and why the second short...on the chart...im only tryin to help dont think im bullying you...i want you to think and answer...just because the owner of the thread says something,,,,we can take it without analysing.....correct?

Why did i short on the first 2 arrows....put all your supporting points...list them..no experienced traders plz....
hi loveevery1...

sorry for the late reply as i was out of town... just now saw your question... we shorted at the first and second arrow because the closing price was nearly same... am i right sir? please correct me if im wrong...
  • #9,473
  • Oct 13, 2012 7:06am Oct 13, 2012 7:06am
This is the whole picture /GU.
Adding another MA wont do any good...............


Quoting zander2034
not had a chance to trade today as my studies come first

my view is enter on candle 5 as the previous candles have broke 10 ema it has then retested and not closed below. my sl would be the opening of candle 1

forexbee07 recommend to add this SMA to improve...........

Quoting forexbee07
we can get the confirmation by trying in 15 min chart if the chart close above OR bellow 34 SMA (HL,HL/2) MA . other rules are same.

See Chart.

Any other idea to share ?
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  • #9,474
  • Oct 13, 2012 8:16am Oct 13, 2012 8:16am
Your Constant Companion

I am your constant companion.
I am your greatest helper or heaviest burden.
I will push you onward or drag you down to failure.
I am completely at your command.
I am managed with care—you must be firm with me. Show me exactly how you want something
done, and after enough lessons, I will do it automatically.
I am the servant of all great people and, alas, of all failures.
Those who are great, I have made great.
Those who are failures, I have made failures.
I am not a machine, though I work with the precision of a machine and the intelligence of a
person. You may run me for profit or run me for ruin—it makes no difference to me.
Take me, train me, and be firm with me, and I will place the world at your feet. Be easy with me
and I will destroy you.
Who am I?
I am habit!
Attached Images
X-man the legendary conqueror of markets
  • #9,475
  • Oct 13, 2012 8:48am Oct 13, 2012 8:48am
Found this nice reading from an website.




If you truly are serious about being a trader then there are seven things that you will have to accept.

 

  1. You will have to accept that over the long term at best only 60% of your trades will be winners. It will be much less with some strategies.
  2. Accept that the key to being a successful trader is having big wins and small losses, not big bets paying off. Big bets can lead quickly to you being out of the game after a string of losses.
  3. Accept that the best traders are also the best risk managers, even the best traders do not have crystal balls so they ALWAYS manage their capital at risk on EVERY trade.
  4. If you want to be a better trader then you need to accept that trading smaller and risking less is a key to your success. Risking 1% to 2% of your capital on any single trade is the first step to winning at trading. Use stops and position sizing to limit your losses and get out when your losses grow to these levels.
  5. You must accept that you will have 10 trading losses in a row a few times each year. The question is what your account will look like when they happen.
  6. You have to accept that you will be wrong, a lot. The sooner you accept you are wrong and change your mind the better off you will be.
  7. If you really want to be a trader then you are going to have to accept the fact that trading is not easy money. It is a profession like any other and requires much work and effort and even years to become proficient. Expect to work for free and pay tuition to the markets through losses until you learn to trade consistently and profitably.

Trading is about math, ego control, risk management, psychology, focus, perseverance, passion, and dedication. If you are missing one, you may not make it. Trade wisely my friends.

  • #9,476
  • Oct 13, 2012 8:52am Oct 13, 2012 8:52am
Quoting Pip26
Found this nice reading from an website.




If you truly are serious about being a trader then there are seven things that you will have to accept.
[list=1][*]You will have to accept that over the long term at best only 60% of your trades will be winners. It will be much less with some strategies. [*]Accept that the key to being a successful trader is having big wins and small losses, not big bets paying off. Big bets can lead quickly to you being out of the game after a string of losses.[*][b]Accept...
very nice post.
  • #9,477
  • Oct 13, 2012 11:54am Oct 13, 2012 11:54am
Quoting Pip26
Found this nice reading from an website.




If you truly are serious about being a trader then there are seven things that you will have to accept. [list=1][*]You will have to accept that over the long term at best only 60% of your trades will be winners. It will be much less with some strategies. [*]Accept that the key to being a successful trader is having big wins and small losses, not big bets paying off. Big bets can lead quickly to you being out of the game after a string of losses.[*][b]Accept that the...

My second post. I have been following this awesome thread for sometimes but stayed in the sidelines. Trying the setup and strategies work-out for me, but missed the London Open as I live in Toronto within the NY Open. Just want to throw in for the rest of the followers of this thread to ponder upon, a post I copied from another thread on money management that is very relevant of the topic being addressed by pip26 posted above.

Below:

1. Money management
You will find many traders discussing money management here and there. Most discussions start like this, 'So everyone. With this system all you need is good money management. For good money management, you risk 1% of your capital and aim for 2% growth.' Then everyone will nod their heads in approval and applaud each other at this breakthrough.

The above plan for 1% risk for 2% growth is sensible. Not feasible but sensible. First I would like to address the 2% growth. Why stop at 2%? Who is telling you to stop at 2% growth? We all know market has cycles of good trends and cycles of no trend. It is our responsibility to milk every single pip out when there is a trend. You would be risking 1% risk for 100% growth or more. Ofcourse the accuracy will drop dramatically however you are stopping your own growth by setting pre-defined exits. Market moves 2000 pips in one month, you enter 5 times for 2% growth each. Since its a very good trend you add 10% capital growth into your trade balance. And then you bask in the glory because thats an excellent return? Trust me, if the market moved 2000 pips for you in one month and if you banked only 10%, you are not reaching your potential. Period. When I know from my experience that the charts are telling me a good trend I become very aggressive in stacking.

1% risk? Most traders will say, 1% of my capital is $50 so my stop loss is 50pips so my lot size is 0.1 or $1 per pip. Your risk should really be your chance of losing out in the market not a pre-defined loss. You should really be saying, I know I have performed my breakout entry a thousand times and I can see that a 'good' setup is occuring. Hmm... I give myself 20% chance of losing out with loss and 80% success of at least making breakeven. 20%:80% thats 1:4 risk/reward so I will enter. Hmmm... no participation from other traders.. uh oh not a good sign.. hmm.. i will close out now for -15 pip loss.

But, most traders will enter with pre-defined stop loss. They enter with 50 pip stop loss because the average daily range dictates so and considers that breathing space for their position. I would never allow a position to hit 50pips loss if I knew at -3 pips that something is wrong.

Im not implying that only my thoughts are correct but there is a certain degree of pessimistic views traders hold and it gets passed around.

2. Protect your capital
Another common myth thrown around alot. Everyone should be safeguarding their capital reserve. From what? From yourself and your thoughtless, pointless entries at times when you should be watching everyone else. Does traders realize how a good entry also protects their capital? Unfortunately not. Knowing a good setup and bad setup will avoid thoughtless punts, hence protects your capital from any unnecessary losses or drawdowns. Thats how you protect your capital.


Edd
  • #9,478
  • Oct 13, 2012 11:57am Oct 13, 2012 11:57am
Quoting Gibril
This is the whole picture /GU.


Any other idea to share ?

Ok, first of all sorry for my awful photoshop skills.

i wouldn't boil it down to only one entrance opportunity. we can look at it from various angles that try to tell us something in our favor.

i only looked at this chart and didnt consult any other TFs unfortunately cus i cannot access my MT4 from this computer.

this is how i see it:

The upper GREEN line i drew shows that there is someone bigger than us selling and the close of candle 5 if pretty close to that area. i would avoid that imbalanced battle.

see where i drew the lower GREEN line? when price tried to go up and the candle closed right on the green line we can see that there are still some bigger sellers left. however, there is another candle a bit more to the right that is able to close above that green line. this means that a certain amount of unfilled selling orders are now taken out. the trade could now be in our favor.

however, the poorly drawn TRENDLINES are probably the best guide to show us when to cross the street

target would be the upper green line.

SL below the TLs at the most.

1,2 look pretty good to me, even 4 works but don't forget that your SL gets bigger.

maybe a bit peculiar that i just say the majority works? lol

correct me if i'm wrong because i am one of the biggest lovebees on this whole platform.

peace and love to all of you
steph

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  • #9,479
  • Oct 13, 2012 12:00pm Oct 13, 2012 12:00pm
http://www.forex-trading-relief.net/...-Salaries.html
If you're going through hell, keep going. Winston Churchill
  • #9,480
  • Oct 13, 2012 12:51pm Oct 13, 2012 12:51pm
Quoting Art Fx
hi loveevery1...

sorry for the late reply as i was out of town... just now saw your question... we shorted at the first and second arrow because the closing price was nearly same... am i right sir? please correct me if im wrong...
Nope not even close...bro...think put whatever your mind thinks...i mean everything you can think of....
Let all the living things live blissfully
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