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  • #18,201
  • Apr 25, 2013 11:55am Apr 25, 2013 11:55am
My first 2 entry with this technique....entries - obvious reasons...stops - top of the pivots, TP...still considering...

Welcome any and all critique...please
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  • #18,202
  • Apr 25, 2013 12:07pm Apr 25, 2013 12:07pm
Quoting driven18
Emmanual, good points on TP, however some of us still working other jobs/business and got to make our living here, in forex land....so we must find a middle ground as it relates to TP's when we are not watching... Let's say there are 30 4H bars each week ...what if we take ATR 30 on 4H and use it as final PT, do you think it can be a good compromise?
there are 2 points here:

1) trade management on H4 is easy, we want to see each H4 candle close above or below the R-levels, then move our protective stop. To do this, I use the R-Multiple method. This is a proven method for both stock and spot forex markets traded. For traders with day jobs, you can automate trade management using an EA.

2) using the H4 ATR(30), well this average 4-hour range is good for intraday trading TP planning. An intraday trade should be closed within 4 to 6 hours, within a same session and seldom held into the following market session.
The ATR(30) for H4 can be used for weekly short swing trading if you take multiples of that, say 5xH4-ATR(30) as the final TP. You can missed the maximum run of a trend or a breakout type situations. But statiscally it will fall short of the ATR(100) weeks.
But you need all these ATR data for analysis and comparison.

Regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,203
  • Apr 25, 2013 12:17pm Apr 25, 2013 12:17pm
Emmanual, R-Multiple levels...do you use 1X, 2X, etc..of the difference between H and L of the bar of entry?....or, can you expand on how you use R levels for 4H ST and PT...
  • #18,204
  • Apr 25, 2013 12:23pm Apr 25, 2013 12:23pm
Quoting driven18
My first 2 entry with this technique....entries - obvious reasons...stops - top of the pivots, TP...still considering... Welcome any and all critique...please {image} {image}

1) Your top chart is UChf 4H. That enry if made at candle#1 is good. Initial SL is about 40pips (R) last swing high. But the market type is up trending if you look at D chart, one strong D rally. It is too early for bearish reversal despite we see consolidation formed with double H4 inside bars at the top.
So at that time of your entry, it is trading the correction, so I normally scale out part of my trade at 1R and BE remaining. Add later when reversal is confirmed with PA.

2) EU 4H be patient and do not chase after an exceptional long candle after a news release. Let market settle down. If that long candle is in the direction of the trend of the moment, I will wait for a pullback Fibr30/50 entry. But this long candle is reaction after the news release.
So... standing aside is a better decision.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,205
  • Apr 25, 2013 12:28pm Apr 25, 2013 12:28pm
Quoting driven18
Emmanual, R-Multiple levels...do you use 1X, 2X, etc..of the difference between H and L of the bar of entry?....or, can you expand on how you use R levels for 4H ST and PT...

R is your Risk the initial Stop Loss. With that initial SL in pips, you calculate your trade size.

for basic introduction to R and R-Multiple, watch this video by Dr Van Tharp.

Inserted Video
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,206
  • Apr 25, 2013 12:38pm Apr 25, 2013 12:38pm
Emmanuel,

do you move your full position as each R level is reached?
or
do you use partial positions and get out partially with each R is reached?
  • #18,207
  • Apr 25, 2013 1:01pm Apr 25, 2013 1:01pm
Quoting driven18
Emmanuel, do you move your full position as each R level is reached? or do you use partial positions and get out partially with each R is reached?
I use Multiple Entries / Multiple Exits (ME/ME) money management.

I will exit some positions at TP1 +1R
then move PS for the remaining positions according to the PA and the R-multiple levels. Add-on positions with banked in profits as PA progress when there is CONTINUATION setups.

If I do Single Entry/Multiple Exits (SE/ME)- This is good for Intraday trading. Usualy 2% risk, exit 1% at TP1+ BE, remaining left to run.
I will exit 60% of my position at +1R, BE remaining and manage to TP2, TP3 and so on till final TP (TP5 x5R).
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,208
  • Apr 25, 2013 1:01pm Apr 25, 2013 1:01pm
Hey guys any advice appreciated
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London P/L:-150
New York P/L: NA
Daily total:-150

London P/L:450
New York P/L:-60

Aggregate Trades: 112
Aggregate P/L: 390
  • #18,209
  • Apr 25, 2013 1:06pm Apr 25, 2013 1:06pm
Quoting tenmilewalk
Hey guys any advice appreciated {image}{image}{image}{image}{image}{image}{image} London P/L: -150 New York P/L: NA Daily total: -150 London P/L: 450 New York P/L: -60 Aggregate Trades: 112 Aggregate P/L: 390

Over trading will shorten your career as a trader.... Dont say I did not warn you.

Learn to pick A+++ trades and use smart money management to make the money and aim for higher Expectancy in your trading.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,210
  • Apr 25, 2013 1:18pm Apr 25, 2013 1:18pm
Quoting emmanuel7788
{quote} Over trading will shorten your career as a trader.... Dont say I did not warn you. Learn to pick A+++ trades and use smart money management to make the money and aim for higher Expectancy in your trading.
Thank you emmanuel for warning me.

The two trades for the eur.usd and usd.chf was because I was trying to chase losses. Even though there was a cross and a bar, I knew that it was one of those long apb you were talking about and I was chasing the market.
  • #18,211
  • Apr 25, 2013 1:23pm Apr 25, 2013 1:23pm
Quoting emmanuel7788
{quote} Hi, Very good points made by Harlem. I just want to add the following: 1. H4 trading is considered as short swing trading. It take 2 to 4 days to run within a week. Usually, I would prefer to close my H4 trades by NY close on Friday and not hold over the weekend. But that depends on situation , for example how much profit banked in and how much protected before NY close. Also look at calendar events on the weekend and see if there are key events, meetings, etc. It is better to closed all trades with profits and avoid weekend price gaps....
Thanks for the great insights emmanuel.
I am intrigued to see how different traders think and apply their knowledge in trading with TMS.
I will be looking forward to your Big Picture this weekend!
  • #18,212
  • Apr 25, 2013 1:28pm Apr 25, 2013 1:28pm
Quoting tenmilewalk
{quote} Thank you emmanuel for warning me. The two trades for the eur.usd and usd.chf was because I was trying to chase losses. Even though there was a cross and a bar, I knew that it was one of those long apb you were talking about and I was chasing the market.

Now the matter get more serious. You chase losses...revenge trades will damage your trading account faster than you think.

Only A+++ trades + higher R trades + high Expectancy will help build your trading account rapidly. It will also recover your account drawdowns quicker when you work the SMART way.

Note: SMART is acronym and has nothing to do with the word meaning smart.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,213
  • Apr 25, 2013 1:31pm Apr 25, 2013 1:31pm
Quoting emmanuel7788
{quote} Now the matter get more serious. You chase losses...revenge trades will damage your trading account faster than you think. Only A+++ trades + higher R trades + high Expectnacy will help build your trading account rapidly. It will also recover your account drawdowns quicker when your work the SMART way. Note: SMART is acronym and has nothing to do with the word meaning smart.
Yes emmanuel.

I always remind myself to look at braekouts, psych numbers, fibs. But everytime I see 2-3 apb in a row and a cross, I consider that an entry and forget and disregard the other criteria.
  • #18,214
  • Apr 25, 2013 1:37pm Apr 25, 2013 1:37pm
Quoting tenmilewalk
{quote} Yes emmanuel. I always remind myself to look at braekouts, psych numbers, fibs. But everytime I see 2-3 apb in a row and a cross, I consider that an entry and forget and disregard the other criteria.
Hi tenmilewalk,

You could write a checklist of things you might want to check before you enter a trade.
I actually did that while I was learning and it helped me gain the discipline to check before entering.
Eventually it will become second nature the more you do it as it becomes a habit.

Don't give up!!
  • #18,215
  • Edited 2:06pm Apr 25, 2013 1:40pm | Edited 2:06pm
Quoting tenmilewalk
{quote} Yes emmanuel. I always remind myself to look at braekouts, psych numbers, fibs. But everytime I see 2-3 apb in a row and a cross, I consider that an entry and forget and disregard the other criteria.

ok, you talk about the techncial stuff of trading... these are just tip of the iceberg. The larger part is below and we don't see. It was not the foggy weather which sank the Titanic...human error..yes, maybe ... but still it is that iceberg. How did that larger than known ice berg got that far in that region not known to have that large iceberg? Was that cause by the moon' gravtitional pull which created the extreme high tide and that iceberg floated away further? We never know the true answer. It is like the market we never know the answers.

look into building a system with proven money management and learn how to tame that beast inside you the trader, then you will have the mental fitness to be a consistent profitable trader.
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,216
  • Apr 25, 2013 1:41pm Apr 25, 2013 1:41pm
One more thing emmanuel.

This is the part of trading where I have experienced many times by now. Profit the first batch of trades, then the draw down. Whether it be nature of the strategy, personal judgement (most probable) or careless mistakes, this will be the part where I begin to venture on other strategies. The true test begins here. The first month and a half of results are negligible compared to what I need to do now.
  • #18,217
  • Apr 25, 2013 1:46pm Apr 25, 2013 1:46pm
Quoting Harlem
{quote} Hi tenmilewalk, You could write a checklist of things you might want to check before you enter a trade. I actually did that while I was learning and it helped me gain the discipline to check before entering. Eventually it will become second nature the more you do it as it becomes a habit. Don't give up!!

Yes, excellent idea which I also did for long time.
Now that checklist has bceme my intuition.

Checklist must be short and precise:
1)
2)
3)
4)
5)
anything more than 5 fingers, no way...takes too much time to consider.

I think by now, many know the 1) to 5) I wrote above. LOL.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,218
  • Apr 25, 2013 1:48pm Apr 25, 2013 1:48pm
Quoting Harlem
{quote} Hi tenmilewalk, You could write a checklist of things you might want to check before you enter a trade. I actually did that while I was learning and it helped me gain the discipline to check before entering. Eventually it will become second nature the more you do it as it becomes a habit. Don't give up!!
Hello harlem
I actually did that 2 days ago too! Granted, some of the criteria was actually irrelevant(tdi zone numbers in the middle), but it was still much more robust then entering with 2 red candles and a flick on the tdi.

Even though I dont follow it(huge mistake), my checklist consists of this. Its mostly stuff picked up from the other traders.

Tdi confirmation
5 hour asian session range
Break of Previous h/l candle
Tp or Sl depending on previous candle or 200 ema
Pullback candles
and to a lesser extent: Fibonacci(still not proficient in charting)

adding today to that list would be
Round numbers
Inside bars
double top/bottom

any advice appreciated
  • #18,219
  • Apr 25, 2013 1:50pm Apr 25, 2013 1:50pm
I must have posted too soon, emmanuel recommends 5. I have like 10...
  • #18,220
  • Apr 25, 2013 1:54pm Apr 25, 2013 1:54pm
Quoting tenmilewalk
One more thing emmanuel. This is the part of trading where I have experienced many times by now. Profit the first batch of trades, then the draw down. Whether it be nature of the strategy, personal judgement (most probable) or careless mistakes, this will be the part where I begin to venture on other strategies. The true test begins here. The first month and a half of results are negligible compared to what I need to do now.

TMS 4H trading is a trend trading method using TDI cross for entry and exits. It is not event a system. To be a system you need to build into it a proven money management strategy....then there is trade management, managing the trader's psychology when he is trading this is the most difficult part...(a lot more). putting all these together you will have a SYSTEM and that system will generate X number of R's over a long period of trading and you will know the Expectancy of your SYSTEM, then you will be confident at every point when you pull that triiger, you know how many R's you will make based on the Expcetancy.

my point is there is nothing wrong with the TMS strategy standalone ...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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