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  • #10,201
  • Feb 8, 2013 11:15am Feb 8, 2013 11:15am
Here is another way of looking at the weekly. This time there are no Heiken Ashi (synergy) bars to hide the PA, so the last bar is almost a bearish engulfing ( technically speaking it is not).

Shoktrader. You are a little loose with your patterns, the attached should help.

Every One. Do you think that the analysis of the weekly chart makes it clearer as to what you should be looking for in your Intra Day Trading?? or should we be considering some thing else?
Attached Image (click to enlarge)
Click to Enlarge Name: WKLY.png Size: 39 KB
Cut your Losers short and let your Winners run.
  • #10,202
  • Feb 8, 2013 1:14pm Feb 8, 2013 1:14pm
Quoting Phx62
It was taken on a continuation of the trend of the previous candles and a break of the 200.....I was also monitoring the trade at LO because Fridays are a day when fake out candles happen at LO.....today it happened on EU but not EJ until after the move down.
In back testing I found that Price Action often times when it reaches the 50 EMA following first or second candle after a TDI cross, often times PA breaks through the 50 EMA

Today when you took the trade after it reached the 200 EMA, I know we are in a down trend following yesterday big down move, but how can I take a trade when it reaches the 200 EMA, is it when it breaks below even though a candle is still forming and did not close yet bellow EMA 200?
I Have Learned to Take Some Losses to Make Profits
  • #10,203
  • Feb 8, 2013 1:41pm Feb 8, 2013 1:41pm
Quoting TheScorpS
In back testing I found that Price Action often times when it reaches the 50 EMA following first or second candle after a TDI cross, often times PA breaks through the 50 EMA

Today when you took the trade after it reached the 200 EMA, I know we are in a down trend following yesterday big down move, but how can I take a trade when it reaches the 200 EMA, is it when it breaks below even though a candle is still forming and did not close yet bellow EMA 200?
Time of day, market volume and candle patterns affect the decision to enter on a break of the EMA...if volume is low, then I would need a close below and usually a retest of the EMA to enter a trade.....in this case, the break occurred about half an hour before LO, so I knew there would be some price movment, the 1st red candle of the move was strong and had broken the Asian low, the next candle was an inside bar but when the entry candle broke below the 2 previous candles and then the EMA, I had enough to enter the trade.......
  • #10,204
  • Feb 9, 2013 4:05am Feb 9, 2013 4:05am
Quoting Phx62
Just closed my 2nd trade of the day on EJ.....1st trade taken on break of the 200 EMA and the 2nd on a change of candle color following a pull back from a double bottom.....done for the week.
Dear Phx62:

Could you tell me the name of the indicator on your charts which shows the ADR ,5d ,10D,20D ,it's very helpful, thanks.
  • #10,205
  • Feb 9, 2013 7:23am Feb 9, 2013 7:23am
Quoting jimmysh
Dear Phx62:

Could you tell me the name of the indicator on your charts which shows the ADR ,5d ,10D,20D ,it's very helpful, thanks.
Phx62 Thank so much for system.What of X-man?
I am more afraid of 100 sheep led by a lion than 100 lions led by a sheep!
  • #10,206
  • Feb 9, 2013 1:19pm Feb 9, 2013 1:19pm
Quoting jimmysh
Dear Phx62:

Could you tell me the name of the indicator on your charts which shows the ADR ,5d ,10D,20D ,it's very helpful, thanks.
I think it's basically the xADR indicator that you can find on the forum.

Cheers
  • #10,207
  • Feb 11, 2013 12:47am Feb 11, 2013 12:47am
Hi All,
Just a question for Phx62, where can I get that indicator on the top left of yr screen showing price, pair being traded, spread etc?
  • #10,208
  • Feb 11, 2013 4:06am Feb 11, 2013 4:06am
Quoting JayS45
Hi All,
Just a question for Phx62, where can I get that indicator on the top left of yr screen showing price, pair being traded, spread etc?
It's the SonicR Panel. You can find it in the Attachments of this Thread. If i remember correctly it was posted by XMan himself.

Cheers
  • #10,209
  • Feb 11, 2013 4:07am Feb 11, 2013 4:07am
Hello there,

I took the EURJPY H1 trade. PA brokeout from the asian range. Monday opening H1 candle went down and reversed- some minor sign of bull strength. The trade candle is LO candle. FO candle has gone south and reversed.

Generally speaking, I took the trade mainly on breakout of Asian range and widening spread of green/red. Can you assess this trade from your standpoint please?

http://img40.imageshack.us/img40/78/ej20131102.jpg

Kind regards,
M.
Remember I'm a newbie!
  • #10,210
  • Feb 11, 2013 4:13am Feb 11, 2013 4:13am
Long Eur/Jpy 4hr.
Attached Image (click to enlarge)
Click to Enlarge Name: ej1.PNG Size: 89 KB
  • #10,211
  • Feb 11, 2013 6:45am Feb 11, 2013 6:45am
hello phx62
question:

Please see my last post for year explaination of my exit on this trade ......
To answer your question, I set my TP and SL based on the Average Daily Range of the pair .... after much study and testing, I am comfortable setting TP and SL at Roughly 40% to 50% on the current ADR .. right now .... with the ADR running at 90 to 100 pips, I enter all my U.S. H1 trades with a 40 pip TP and 40 pip SL has. When the ADR was in the 110 to 120 range, I would enter with a 50 pip TP and 50 pip SL. When I see candles with long wicks on the bottom no (long trades) I sometimes move my TP to 80 pips or 100 and wait for a pullback and / or a candle close to red (long trades) while the EA moves the SL approx 3 pips behind the previous candle Following the close of a candle ..... or if there is not strong consolidation, I let it run to the new TP. If I had beens patient enough today, it Would have come very close to hitting the 100 pip TP.
Hope this helps ....

Where can I get the code for SL Xpips stop moving behind the previous candle after the close of a candle ?
  • #10,212
  • Feb 11, 2013 8:40am Feb 11, 2013 8:40am
Quoting thomi
hello phx62
question:

Please see my last post for year explaination of my exit on this trade ......
To answer your question, I set my TP and SL based on the Average Daily Range of the pair .... after much study and testing, I am comfortable setting TP and SL at Roughly 40% to 50% on the current ADR .. right now .... with the ADR running at 90 to 100 pips, I enter all my U.S. H1 trades with a 40 pip TP and 40 pip SL has. When the ADR was in the 110 to 120 range, I would enter with a 50 pip TP and 50 pip SL. When I see candles with long wicks on...
See post #8609......answers to all of your questions have been posted throughout the thread several times.....maybe you should spend some time and study the thread.....
  • #10,213
  • Edited 9:03am Feb 11, 2013 8:45am | Edited 9:03am
Quoting mierzyk
Hello there,

I took the EURJPY H1 trade. PA brokeout from the asian range. Monday opening H1 candle went down and reversed- some minor sign of bull strength. The trade candle is LO candle. FO candle has gone south and reversed.

Generally speaking, I took the trade mainly on breakout of Asian range and widening spread of green/red. Can you assess this trade from your standpoint please?

http://img40.imageshack.us/img40/78/ej20131102.jpg

Kind regards,
M.
I took the same trade as you except I stayed with it longer.....I was aware of the 200H1 and 200M15 EMA, but price only hesitated for about 30 minutes and then broke through.....no candles on the H1 or the M15 changed color, so I stayed in until TP was hit......
Attached Image (click to enlarge)
Click to Enlarge Name: 2013.2.11 ej h1.gif Size: 37 KB
  • #10,214
  • Feb 11, 2013 9:14am Feb 11, 2013 9:14am
Quoting Phx62
I took the same trade as you except I stayed with it longer.....I was aware of the 200H1 and 200M15 EMA, but price only hesitated for about 30 minutes and then broke through.....no candles on the H1 or the M15 changed color, so I stayed in until TP was hit......
Thanks for posting your trade today

I'm learning more and more everyday

On the EUR/JPY trade you took, I wanted to enter that trade almost at your entry point, but I was already on a long EUR/USD trade which did not move much, closed it for +20 pips or so I did not want to open another trade

There were 2 blue candles prior London Open , I think at Frankfurt Open, why those 2 bluish candles were not candidate for entry ? cause there was even a cross of TDI

Thanks
I Have Learned to Take Some Losses to Make Profits
  • #10,215
  • Feb 11, 2013 9:32am Feb 11, 2013 9:32am
Quoting TheScorpS
Thanks for posting your trade today

I'm learning more and more everyday

On the EUR/JPY trade you took, I wanted to enter that trade almost at your entry point, but I was already on a long EUR/USD trade which did not move much, closed it for +20 pips or so I did not want to open another trade

There were 2 blue candles prior London Open , I think at Frankfurt Open, why those 2 bluish candles were not candidate for entry ? cause there was even a cross of TDI

Thanks
With the TDI, you can trade anytime there is a cross and confirmation....I choose to wait until LO most of the time because that is when market volume increases.....sometimes volume for the EJ will increase during the Asian session due to Japan news, so I will trade that session when there is news....but overall I trade the beginning of the London session until I get my pips......
  • #10,216
  • Feb 11, 2013 10:05am Feb 11, 2013 10:05am
Quoting Phx62
With the TDI, you can trade anytime there is a cross and confirmation....I choose to wait until LO most of the time because that is when market volume increases.....sometimes volume for the EJ will increase during the Asian session due to Japan news, so I will trade that session when there is news....but overall I trade the beginning of the London session until I get my pips......
Yeah I found most of the time that when Frankfurt makes a move 1 hour prior London Open often times it will pullback or becomes a weak candle, and then when LO the move would resume with Frankfurt direction, and here most of the time my trade falls into draw-down phase upto - 25 or - 30 pips and then when LO and price move in the direction, I get a chance to exit at break-even or continue with the direction and make pips
I Have Learned to Take Some Losses to Make Profits
  • #10,217
  • Feb 11, 2013 5:27pm Feb 11, 2013 5:27pm
Completed the CD portion of ABCD trade during NY after retracing to the 38 fib......CD leg=AB leg.......this time almost to the pip......Market Harmonics is something every trader needs to learn!!!!! It is a lot of fun watching price go where you expect it to go.......
Attached Image (click to enlarge)
Click to Enlarge Name: 2013.2.11 ej h1.gif Size: 53 KB
  • #10,218
  • Feb 12, 2013 4:53am Feb 12, 2013 4:53am
ABCD. More than just the first four letters of the alphabet. It is also a complete trading method. Just search for ABCD in this forum and you will be mystified by the number of interpretations that come up. But start here for some basics on chart patterns and Harmonics. If you do not think this is relevant to trading this method, then you know best.

http://www.forexfactory.com/showthread.php?t=222441

Some PDFs


This could be a bit confusing for you because we represent the pattern as a means to judging where price will harmonically go, where as the original purpose of this pattern is to identify a turning point where an entry can be made. I have never fully understood why, if we can predict where the market is likely to go we do not trade this pattern in itīs earlier stages of developement? (similar to the 123).?
Attached File(s)
File Type: pdf ADVANCE PATTERNS RULES OF ENGAGEMENT ABCD.pdf   167 KB | 6,921 downloads
File Type: pdf FIBO-ABCD Strategy V1.0.pdf   451 KB | 843 downloads
File Type: pdf Chart pattern ABCD-Bullish(1).pdf   260 KB | 602 downloads
File Type: pdf Chart pattern ABCD-Bearish(1).pdf   263 KB | 656 downloads
Cut your Losers short and let your Winners run.
  • #10,219
  • Feb 12, 2013 5:35am Feb 12, 2013 5:35am
You should all have now potted at least 50 - 60 pips on the EU, it does not come much clearer.

On another subject check out this post. Perfect example of how the same information can be interpreted in different ways in different time frames.


If you are a Bear think like a Bull, if you are a Bull think like a Bear.

http://www.forexfactory.com/showthre...32#post3565732
Cut your Losers short and let your Winners run.
  • #10,220
  • Feb 12, 2013 6:44am Feb 12, 2013 6:44am
dee50,
Can you please be that kind and comment on below PA?

Here is the EUR/USD H1:
http://img708.imageshack.us/img708/833/eu20130212.jpg

LO candle is a pullback candle, indicating some bull strength. Yet, 10:00 GTM candle at any point did not make green cross yellow/MBL. It did cross red, though. Moreover, it may be expected that price would continue in the direction of Asian drop. I stood flat.

10:00 GTM candle ended up being a pullback candle aswell. At the time of opening candle of 11:00, green line clearly was bouncing off the red and pointing down. Same candle tested the high of Asian and reversed (high was just above round number 1.34). At that point I'd go short, but I found EUR/JPY entry better.

I do not apply harmonics yet, nor use fibs for other reasons. I'm just a newbie trader that tries to apply pure TMS methods. The most I learn is from your and Phx62 comments on my lost traders. Please, be that kind and indicate the failuers of above analysis.



Phx62,

What do you think of this EUR/JPY H1 entry?:

http://img850.imageshack.us/img850/4899/ej20131202.jpg


First of all, CT. Third the last candle is LO.

LO candle bounced off the Asian low. Did not go long, because Green never crossed Red. 10:00GTM candle created local double top. I decided to go short, because green seemed to be bouncing from red and both lines already crossed yellow. Besides 126 round number seemd to be a holding. I considered two entries: after breaking of Asian support or right after candle close. Decided on second one, because I found SL too great in case of waiting for breakdown.

Did this trade fail because I did not wait for Asian (and doube bottom) to be broken? Or have I missed other built-in factors that I missed?

Can you tell me please, what fixed SL do you use on EUR/JPY? 50 worked for you on EUR/USD (40-30 during low volatility periods). How is it here?


Phx62, dee50,
Thankyou. A lot. I cannot express how grateful I am for your aid, patience and understanding.
Michał
Remember I'm a newbie!
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