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Simple Money Making Method

  • #2,061
  • Nov 19, 2012 4:18am Nov 19, 2012 4:18am
Hi,

Totally understand how you feel. Started the week chasing trades, spent the rest of the week re-reading this thread.Let the signals come to you.
Like FX-Pro says you don't have to trade every night.

cheers
Ymmit
  • #2,062
  • Nov 19, 2012 5:08am Nov 19, 2012 5:08am
Quoting burnzmeister
Ditto mate. My lessons have been learnt! Although there will no doubt be more to learn, the hard way

I really think that taking a look at the daily charts helps with this method. If you only trade in the direction of the daily momentum on your H1 chart it will filter out a lot of false signals IMHO. Also, taking the 12, 72 and 200 EMAs on the daily TF into account will give you a good idea of how far potential H1 moves will go.

I understand your fondness of fibs. Let me know how you get on with them.

All the best,

burnzmeister
yeah i understand that as well i was keeping an eye on the weekly as well, but trading live and when you see a bull spike when trying to go bearish can throw a noob like me into panic. keep the posts coming this is my last week for exams then ill start posting all my trade entries
  • #2,063
  • Nov 19, 2012 5:57am Nov 19, 2012 5:57am
Quoting burnzmeister
Ditto mate. My lessons have been learnt! Although there will no doubt be more to learn, the hard way

I really think that taking a look at the daily charts helps with this method. If you only trade in the direction of the daily momentum on your H1 chart it will filter out a lot of false signals IMHO. Also, taking the 12, 72 and 200 EMAs on the daily TF into account will give you a good idea of how far potential H1 moves will go.

I understand your fondness of fibs. Let me know how you get on with them.

All the best,

burnzmeister
Hi burnzmeister & other folks here...

You are absolutely right.... its very important to take a glance on higher time frame before getting into a trade... but you should be calculative on that... meaning... daily & 1 Hr is too far time frames to make a decision... rather look for 1:4 time frame, in our case.. a 4H time frame will give a better picture to trade 1H chart..., but it does not mean to neglect daily/weekly.... because we are not just trend traders, we also trade Supply/Demand... keep the daily/weekly/monthly to mark major supply demand zones... & 4h for our trend trades....

hope this makes sense...

Cheers,
FX-Pro
  • #2,064
  • Nov 19, 2012 6:27am Nov 19, 2012 6:27am
Quoting FX-Pro

hope this makes sense...

Cheers,
FX-Pro
Perfect sense, as always FX-Pro
Most people have the will to win, few have the will to prepare to win
  • #2,065
  • Nov 19, 2012 6:33am Nov 19, 2012 6:33am
Quoting ymmit
Hi,

Totally understand how you feel. Started the week chasing trades, spent the rest of the week re-reading this thread.Let the signals come to you.
Like FX-Pro says you don't have to trade every night.

cheers
Ymmit
Right -My Concept is very simple... I trade only if i see something very obvious... if not why to risk our money... just wait for the next A++ trades... because in this business it is important to make money, but more important not to lose money.

Cheers,
FX-Pro
  • #2,066
  • Nov 19, 2012 7:16am Nov 19, 2012 7:16am
Quoting marcio_friss
GU - Entry

Hi people!

See this entry on GU-H1. Fibo + Trend Line + Signal. Lets see!
Looks like your trade is +ve now...
  • #2,067
  • Nov 19, 2012 7:31am Nov 19, 2012 7:31am
Quoting FX-Pro
Looks like your trade is +ve now...
Hi FX-Pro
I am one of the follower of your thread and practicing the method. This is my first post. Thanks for your generous contribution and your simple method.
I have also taken the GU trade at 1.5899. MY SL is 5925 & TP is 5875. Its more than 5 hr. But still ranging. Please comment about the trade.
  • #2,068
  • Nov 19, 2012 8:02am Nov 19, 2012 8:02am
Was anyone else tempted to go long on the Euro? I didn't in the end. Didn't look like a perfect setup...
Most people have the will to win, few have the will to prepare to win
  • #2,069
  • Nov 19, 2012 8:08am Nov 19, 2012 8:08am
Quoting godwin2002
Hi FX-Pro
I am one of the follower of your thread and practicing the method. This is my first post. Thanks for your generous contribution and your simple method.
I have also taken the GU trade at 1.5899. MY SL is 5925 & TP is 5875. Its more than 5 hr. But still ranging. Please comment about the trade.
Welcome to the thread godwin....

Keep your chart simple & clean.... follow the candle patterns.... & see how the price reacts at supply/demand, MAs & RNs.... these are the key levels for us to enter the trades....

About the G/U Trigger... I saw this but dint enter because of the RN 1.5900, for me it looks like the price is on the support of 1.5900 as i mentioned on the below chart... so i'm not confident on this entry... its not my A++... IMO

Cheers,
FX-Pro
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  • #2,070
  • Nov 19, 2012 8:17am Nov 19, 2012 8:17am
Quoting burnzmeister
Was anyone else tempted to go long on the Euro? I didn't in the end. Didn't look like a perfect setup...
Lack of momentum, never mind... just wait for the next setup...

Always look for an OB or an Engulfing pattern, they are the most powerful & reliable patterns...
  • #2,071
  • Nov 19, 2012 8:21am Nov 19, 2012 8:21am
Can some explain why this would even be considered a short? (perhaps im missing somthing?). I'm seeing price above the 72 MA. Would'nt a price action signal have to break back below the 72ma before considering a trade?
  • #2,072
  • Nov 19, 2012 8:28am Nov 19, 2012 8:28am
Quoting Brixton
Can some explain why this would even be considered a short? (perhaps im missing somthing?). I'm seeing price above the 72 MA. Would'nt a price action signal have to break back below the 72ma before considering a trade?
I guess you are referring to G/U Trigger....

Its a bounce from a 200EMA+ the TL.... & closed below 12EMA (But not below the RN)

anyways, you need not be worried... this is not a typical entry....

just move on & look for a better setup...

Cheers,
FX-Pro
  • #2,073
  • Nov 19, 2012 8:32am Nov 19, 2012 8:32am
cheers
  • #2,074
  • Nov 19, 2012 9:04am Nov 19, 2012 9:04am
Quoting fahadkw
Hi Folks,

I want to read more books, going to buy the following list:

http://g-ecx.images-amazon.com/image...386942464_.gif Trading Price Action Reversals: Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Wiley Trading)
by Al Brooks


http://g-ecx.images-amazon.com/image...386942464_.gif...
why buy when you can access to some free poplar ebooks here
http://www.forexfactory.com/showthre...71#post3883871
Trade As A Sniper
  • #2,075
  • Nov 19, 2012 9:18am Nov 19, 2012 9:18am
Quoting pama.fx
why buy when you can access to some free poplar ebooks here
http://www.forexfactory.com/showthre...71#post3883871
I'm awaiting delivery of Dr Alexander Elder's 'Come into my Trading Room'.

It has somewhat of a cult following among retail traders...

http://www.amazon.co.uk/Come-into-My...3338268&sr=8-1
Most people have the will to win, few have the will to prepare to win
  • #2,076
  • Nov 19, 2012 9:26am Nov 19, 2012 9:26am
Quoting FX-Pro
Lack of momentum, never mind... just wait for the next setup...

Always look for an OB or an Engulfing pattern, they are the most powerful & reliable patterns...
In the magical world of retrospect, this would have turned out to be a nice trade.

However, if I missed this trade a couple of weeks ago I would have been annoyed. Now I'm just glad I didn't lose any money, regardless of the outcome of the would-be trade. As you say Fx-Pro, staying out is also a trade! Now I feel I'm making psychological progress.

Stay sharp people!
Most people have the will to win, few have the will to prepare to win
  • #2,077
  • Nov 19, 2012 9:49am Nov 19, 2012 9:49am
Quoting burnzmeister
In the magical world of retrospect, this would have turned out to be a nice trade.

However, if I missed this trade a couple of weeks ago I would have been annoyed. Now I'm just glad I didn't lose any money, regardless of the outcome of the would-be trade. As you say Fx-Pro, staying out is also a trade! Now I feel I'm making psychological progress.

Stay sharp people!
Good burnzmeister - You wait/lose/win/miss a trade.... just be calm... never get exited when you win or never be sad when you lose/miss a trade...

This is a probability business.... we never know what next.... the point here is the number of winner Vs number of looser.... so lets reduce the losers, then you will see your winners growing automatically...

Just because this one trade turned good, doesn't mean that all the trigger with the same pattern will win....

keep on counting as you see this pattern every time on your chart.... if you see this pattern wins more than losing after considerable number of times... then start trading this pattern.......
  • #2,078
  • Nov 19, 2012 1:11pm Nov 19, 2012 1:11pm
Quoting burnzmeister
Hey xProfessor,

The blue is a 200 EMA, purple is 72 EMA and red is 12 EMA
hi burn bro is it possible to share your ema info /price lebel indi? thanks in advance
Say something meaningful or Silence!!
  • #2,079
  • Nov 19, 2012 1:45pm Nov 19, 2012 1:45pm
Quoting classy
hi burn bro is it possible to share your ema info /price lebel indi? thanks in advance
Hey classy,

I'm not sure I know what you mean? The EMA info in the top left of my posted charts? Well that just shows the current price for each of the EMAs I'm using. My broker, FXCM, displays this info as a default setting, but its quite useless for me. It's really not important for this method I don't think.

Sorry if I've misunderstood your question bro?
Most people have the will to win, few have the will to prepare to win
  • #2,080
  • Edited 11:39pm Nov 19, 2012 10:54pm | Edited 11:39pm
Hi all,
Long GU
GL!
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