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  • #10,381
  • Feb 21, 2013 1:46am Feb 21, 2013 1:46am
Quoting Phx62
Yes, I do have some losing trades but I seldom let them run to my SL.....when I misread a setup and price goes against me within the first 20 pips or so of a trade, I will exit with a small loss.....some of my trades end at break even......on the EU pair, when price reached +21 pips my EA will move the SL to BE if I am not monitoring the trade, so sometimes I get nothing on a trade but that is better than a loss.....as I learn to only take the best setups, my losses become less and less frequent.....
RE: Your question on the 50 pip trade today.....I...
1. 200EMA - retrace: which 200EMA are we talking here? 1H or 4H.
2. Phx62: I read in one of your earlier post that you talk about daily and 4H support - how do you draw these lines?

Thanks !!
  • #10,382
  • Edited 3:04am Feb 21, 2013 2:13am | Edited 3:04am
Phx62, few questions if you wouldn't mind:

2013.02.19 EU H1 trade:
What made you confident to take that long? PA was awful that day. Was it because lack of downside movement after such bearish engulfing candle?

2013.03.20 EU H1 trade:
Divergence and really nice sloping green TDI line. EMA200 was just under your entry price. Did you take the trade with a plan, that if the price will resist going below EMA you would close the trade at BE? Or was there something else behind that made you nearly sure it will drop?


It is one of these rare situations that you trade something else than EJ/EU . Is it because choppy PA or do you intend to trade AU/GU more frequent? Would you recommend me- a novice trader- to pay attention to other pairs aswell?

Gratulations for fabulous trades. Every time something "big", I do know that you already take your profits off the table, even though I stood flat.

Thankyou for your support,
M.



EDIT:
Phx62,

As far as I know, you do use fixed SL. On EU it used to be 50 pips, 40 in December. How do you calculate it? Is it some % value of ATR(14)?
Remember I'm a newbie!
  • #10,383
  • Feb 21, 2013 5:43am Feb 21, 2013 5:43am
Quoting tonny47
any reason you wouldnt consider longs on eujpy this morning?
This is what I saw that morning as I fired up my platform. I was not convinced either way and wanted to see a confirmed move in one direction or the other before taking a trade. The red arrows pin point what I was looking at. Why were you convinced it would go long??
Attached Image (click to enlarge)
Click to Enlarge Name: answer.png Size: 30 KB
Cut your Losers short and let your Winners run.
  • #10,384
  • Feb 21, 2013 5:54am Feb 21, 2013 5:54am
Quoting otiose
1. 200EMA - retrace: which 200EMA are we talking here? 1H or 4H. What time frame was he trading on?
2. Phx62: I read in one of your earlier post that you talk about daily and 4H support - how do you draw these lines? Are you serious??? Click on the Horizontal line tool and then click on the chart (Daily TF) then change to 4 hr chart and repeat then change to your trading TF.

Thanks !!
.
Cut your Losers short and let your Winners run.
  • #10,385
  • Feb 21, 2013 6:49am Feb 21, 2013 6:49am
Daily Trendline break, but day not finished yet. ABCD 100% completed. Carefull here with shorts. Watch the news.
Attached Image (click to enlarge)
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Cut your Losers short and let your Winners run.
  • #10,386
  • Feb 21, 2013 6:50am Feb 21, 2013 6:50am
dear Mr/Mrs Phx62

I like your trading system that you show with your template..
i'm new trader...i like x-man system, can you share to me your indicator n how to instal n setting indicator that you use it in your template
(i'm sory for my english)
thank's befor for your goodness

best regard
  • #10,387
  • Feb 21, 2013 9:41am Feb 21, 2013 9:41am
Just wanted to share a you-tube video that I received, its not Forex related, sorry for that, but just a reminder that if we put the believe and the hard work to be what we want to be then its achievable


http://m.youtube.com/#/watch?v=qX9FS...%3DqX9FSZJu448
I Have Learned to Take Some Losses to Make Profits
  • #10,388
  • Feb 21, 2013 9:57am Feb 21, 2013 9:57am
Quoting TheScorpS
Just wanted to share a you-tube video that I received, its not Forex related, sorry for that, but just a reminder that if we put the believe and the hard work to be what we want to be then its achievable


http://m.youtube.com/#/watch?v=qX9FS...%3DqX9FSZJu448

Great video thx for sharing!
  • #10,389
  • Feb 21, 2013 10:55am Feb 21, 2013 10:55am
Took two trades today. Entered both on momentum after news release on the continuation of the downtrend.

Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2013-02-21 at 6.44.52 PM.png Size: 32 KB
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2013-02-21 at 6.45.19 PM.png Size: 31 KB
  • #10,390
  • Feb 21, 2013 2:56pm Feb 21, 2013 2:56pm
Quoting TheScorpS
Just wanted to share a you-tube video that I received, its not Forex related, sorry for that, but just a reminder that if we put the believe and the hard work to be what we want to be then its achievable


http://m.youtube.com/#/watch?v=qX9FS...%3DqX9FSZJu448
Nice one ScorpS. it has been my motto for years

Amazing story and shows that if you believe in your abilities, you just never know where it can take you.
"To live with Passion, it takes Courage and Grace to survive"
  • #10,391
  • Feb 21, 2013 5:06pm Feb 21, 2013 5:06pm
Right Timing and signal candles are the keys to this system.
I am more afraid of 100 sheep led by a lion than 100 lions led by a sheep!
  • #10,392
  • Feb 21, 2013 5:10pm Feb 21, 2013 5:10pm
Quoting dee50
This is what I saw that morning as I fired up my platform. I was not convinced either way and wanted to see a confirmed move in one direction or the other before taking a trade. The red arrows pin point what I was looking at. Why were you convinced it would go long??
i meant 20 february there was a cross of tdi up at about london open, candle changed colour, supported by ema 200.
  • #10,393
  • Feb 21, 2013 5:55pm Feb 21, 2013 5:55pm
Quoting mierzyk
Phx62, few questions if you wouldn't mind:

2013.02.19 EU H1 trade:
What made you confident to take that long? PA was awful that day. Was it because lack of downside movement after such bearish engulfing candle?

2013.03.20 EU H1 trade:
Divergence and really nice sloping green TDI line. EMA200 was just under your entry price. Did you take the trade with a plan, that if the price will resist going below EMA you would close the trade at BE? Or was there something else behind that made you nearly sure it will drop?


It is one of these rare situations...
2013.02.19 EU H1 trade:
That trade was just a standard TMS trade.....price had tested the 800EMA (for newbies....that is also the H4 200EMA) 8 or 9 times.....the NYO candle went long and broke the high of the previous red candle.....TDI green crossed over red and yellow and the 50 line indicating strong movement long.....once price broke thru the 800 and my stop was locked in to BE, I just rode it for 40 pips......I only set the TP at 40 due to the location of the untested 200 EMA.....it did break through that one also but I was already out of the trade.

2013.03.20 EU H1 trade:
EMA's, S&R lines, fibs, divergence, indicators are all just tools in our trading toolbox.....one can never be 100% sure about where price will go.....so we analyse what we see and read the indicators and tools but PRICE ACTION is KING....I saw the London session opening with two candles with long wicks on both ends indicating indecision....I saw the entry candle turn red and pull below the previous candle......I saw a strong move down on the TDI out of the overbought area with green below red and yellow and red about to cross yellow.....I saw that 4 previous candles had failed to pull higher than the 1.3430 area telling me that the high of the London session and probably the day had already been set.....I saw the divergence you referred to.....all of those were enough for me to enter the trade.....I was also aware of the proximity of the 200EMA and the yellow resistance area but that was not enough to keep me out of the trade....I set my TP above the 800EMA and it was hit....and yes, I would have manually exited the trade at BE if it had pulled back....

Would you recommend me- a novice trader- to pay attention to other pairs aswell?
Yes, I would recommend that all novice traders concentrate on one pair until you have learned how price action operates with that pair....I spent years studying and demo trading the EU and over a year trading it live before looking at other pairs......I since have taken the time to learn about the EJ and am working on the AU and GU pairs. A trader can make a very good living just trading one pair, once they learn to control their emotions and manage their money properly.....

As far as I know, you do use fixed SL. On EU it used to be 50 pips, 40 in December. How do you calculate it? Is it some % value of ATR(14)?
My SL and TP are based on a percentage of the current Average Daily Range for the pair I am trading.....that is a part of my written trading plan..
  • #10,394
  • Feb 21, 2013 5:57pm Feb 21, 2013 5:57pm
Quoting ashx
Took two trades today. Entered both on momentum after news release on the continuation of the downtrend.

Attachment Attachment
I entered the same 2 trades, in about the same spots, with the same results.....nice going ashx.....
  • #10,395
  • Feb 21, 2013 6:01pm Feb 21, 2013 6:01pm
Quoting enda
dear Mr/Mrs Phx62

I like your trading system that you show with your template..
i'm new trader...i like x-man system, can you share to me your indicator n how to instal n setting indicator that you use it in your template
(i'm sory for my english)
thank's befor for your goodness

best regard
You will find all the information you need about how I trade and how I set up my charts in the posts I have made on this thread.....do a little due diligence and search and learn......also check out babypips.com....it will give you a good foundation for trading.....my charts and indicators will NOT make you a good trader......you have to create a plan that works for you........
Good luck to you........
  • #10,396
  • Feb 21, 2013 8:25pm Feb 21, 2013 8:25pm
Quoting dee50
.
On item 2: You mean that the line in question is just the low and high of the bar of the Daily and H4 ?
  • #10,397
  • Feb 21, 2013 9:21pm Feb 21, 2013 9:21pm
Quoting ashx
Took two trades today. Entered both on momentum after news release on the continuation of the downtrend.

Attachment Attachment
Dear ashx,

This is my first post at FF,
On yesterday 2nd LO candle (first candle after white dotted line) clear pullback...

Pl explain why you do not take that trade....

At the same time....
I would like to requst all Senior members, Pl share your bad trades as well as good trades as I think we have to learn a lot from them tooo....
80% effort, 20% luck
  • #10,398
  • Feb 21, 2013 10:31pm Feb 21, 2013 10:31pm
Quoting KOS-fx
Dear ashx,
......

At the same time....
I would like to requst all Senior members, Pl share your bad trades as well as good trades as I think we have to learn a lot from them tooo....
Hi KOS,

I heard this one too many times here in FF.

First you should learn this S3 EU H1 method and start trading with demo account. Do a 100 trades and review the results. Do post-mortem of every trade - both winners and losers, learn from every one of your own trades. At the same time, you follow this thread and study those trades posted by members here. This is a more complete and better way to learn and experience this all by yourself.

Trade Well.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #10,399
  • Feb 22, 2013 2:14am Feb 22, 2013 2:14am
Hi Phx,

I don't know if there's a higher praise one can receive on this thread - than to be in the same exact trades as Phx62 ! I've been learning from the Master. Thank you so much for the work you do here. And please keep it up !

Hi KOS-fx, and welcome.

The candle you're referring to (on EURUSD, I presume) - did not occur on LO. The white dotted line - is 5AM GMT, and the candle occurred on 6AM GMT, way before LO. You can see the London session as a green box in my charts.
As per my trading plan, I do not take trades prior to LO. There tend to be fakes on Frankfurt open so I prefer to stay out until LO. Another good reason would be that there were red news impacting EUR due at 8.00, 8.30, 9.00 GMT. Usually I do not trade red news, or if I do - I prefer to see PA determine the direction first, as I did yesterday. And a third reason is the trend - there was a strong downtrend on H4 and H1 - and from what I saw in the PA - I thought it would continue in the direction of the trend.
Hope you'll find these points helpful.

Many pips to you all.
  • #10,400
  • Feb 22, 2013 2:26am Feb 22, 2013 2:26am
I've been practicing this system for a week now and so far im its going very well on my demo account. In one more week I will decide whether or not im ready to trade with real money.

BTW: I've noticed that not many of you trade with 4h charts and instead with 1h charts. Is there any significant benefit to that ? 4h charts look more simpler to trade with from what I have experienced.
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