Trading Made Simple | Page 921 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Monitor for 'Trading Made Simple' system 565 replies

Trading Made Simple the right way, and other trading lessons 334 replies

Indicators for the 'Trading Made Simple' system 343 replies

MTF Indicators for the 'Trading Made Simple' system 241 replies

Trading Made Simple system follower - Thanks to eelfranz 9 replies

Attachments: Trading Made Simple
Exit Attachments

Trading Made Simple

  • #18,401
  • Apr 29, 2013 4:48pm Apr 29, 2013 4:48pm
Quoting allisonmagic
this is what your fib should look like. high to low if you are going to measure from 129, you should be on a higher TF {image}
http://www.forexfactory.com/attachme...1&d=1367269670

Hi allisonmagic,
thanks for your post.


I hope you do not mind that I stole your chart and use that to share some thoughs on Price Action at Support & Resistance or in short someone created the acronym PASR.

See attached chart with my comments.

The beauty of all these has been simplified when you use the TMS template with the APB/HA and TDI, and you know what the natural Support and Resistance for H1 TF day trading.

Trade Well.
Attached Image (click to enlarge)
Click to Enlarge Name: EJ H1 post by allisonmagic 30-4-2013 5-12-50 AM.png Size: 161 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,402
  • Apr 29, 2013 4:49pm Apr 29, 2013 4:49pm
wonderful analysis , thank you emmanuel
  • #18,403
  • Apr 29, 2013 4:56pm Apr 29, 2013 4:56pm
Quoting allisonmagic
this is what your fib should look like. high to low if you are going to measure from 129, you should be on a higher TF {image}
Hello allisonmagic. thank you for the tip. i actually did that one a few hours ago as well. For tonight.
  • #18,404
  • Apr 29, 2013 4:56pm Apr 29, 2013 4:56pm
Quoting emmanuel7788
{quote} Hi allisonmagic, thanks for your post. I hope you do not mind that I stole your chart and use that to share some thoughs on Price Action at Support & Resistance or in short someone created the acronym PASR. See attached chart with my comments. The beauty of all these has been simplified when you use the TMS template with the APB/HA and TDI, and you know what the natural Support and Resistance for H1 TF day trading. Trade Well.

well i wouldn't be trading on the 1h .. i trade the 4h.. how would i trade it ? well i would look for a break past resistance, and set an entry +5 above the high and target the 129 area
  • #18,405
  • Apr 29, 2013 5:03pm Apr 29, 2013 5:03pm
just for the hell of it, i'll post a chart.
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.png Size: 56 KB
  • #18,406
  • Apr 29, 2013 5:11pm Apr 29, 2013 5:11pm
Quoting allisonmagic
just for the hell of it, i'll post a chart. {image}
http://www.forexfactory.com/attachme...1&d=1367272980



If anyone is not in a H4 trade, you are already late on TMS candle#4.,,, but you can be too ealry in D.

But there is 128.25 and 128.90 .. . it can be your friend today if you are seller, but buyers will have to fight hard to gain control of these two price levels.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,407
  • Edited 6:07pm Apr 29, 2013 5:25pm | Edited 6:07pm
Quoting snarlyjack
Emmanuel, I like your "PSAR" idea, will you expand on the idea. I've never used the Psar but it looks pretty accurate. Thanks snarlyjack
Hi snarlyjack,

The acronym PSAR was coined by someone here in FF Commercial Content forum.
I studied Price Action trading and the 'proper' use of Support & Resistance here in FF and most of the good threads have been moved to the Commercial Content forum.

After 5 years into this, I just do it a little differently in the way I identify the market type to trade in. There are many different views how traders will look at the market and decribe the market type. But I learn from Big E and make things simple.
I just narrow down to three different market types (there are more from other traders and gurus), and adapt TMS to trade in these three market type.

As a part of my Big Picture planning, I start always with indentifying the histrocial S&R using the higher TFs - Monthly and Weekly. Then when down to the D and H4, I simply use the natural S&R - the OHLC, Fib-r levels, the BRN/RNs.

Market type:
Now we look at EJ H4 - it is in a phase when trading gets more difficult. Narrow range, going into a contracting pattern. This is what most trend traders hates. But TMS lovers have no fear for this. Anyway EJ make very good price swing with good pips range to collect.
Also in such market type, this is where I would use the wave channeling technique to pick the swing highs and lows.
The market type is obvious for EJ, and that trend has ended. So now we wait for the breakout into the next trending phase.

See attached below:
Attached Image (click to enlarge)
Click to Enlarge Name: Elliot Wave Contracting Triangle Patterns.png Size: 29 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,408
  • Apr 29, 2013 6:03pm Apr 29, 2013 6:03pm
EJ week 18 view:

With market going into a contracting triangle, this when we can use the wave channeling technique to catch the price swings.
Use TMS H4.... or
you can trade H1 and use that for entry and manage your trades and see if you can convert that to a H4 trade and manage as a H4 trade.
Or you can trade H4 and use H1 for multiple entries to build up your trade positions gradually with s smaller initial risk.

Trade Well was we are in the last day of April and this Month candle will close at the next NY session close.

Interesting week, as this week straddles two months... Longer term positions traders are watch the MN candle close to make decision...and they will position themselves for all the JPY pairs.

Trade well.


Attached Image (click to enlarge)
Click to Enlarge Name: EJ week 18 H4 channel 30-4-2013 6-44-39 AM.png Size: 87 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,409
  • Apr 29, 2013 6:12pm Apr 29, 2013 6:12pm
Market Types:

Now here is the second market type which is my second favorite.

Exercise: Go to any cuurency pair H4 chart and study the price structure using waves. Post your charts when you have questions.


What is my first favourite market type? ...coming up next!



Attached Image (click to enlarge)
Click to Enlarge Name: Elliot Wave Expanding Triangle.png Size: 10 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,410
  • Apr 29, 2013 6:46pm Apr 29, 2013 6:46pm
EURGBP week 18 29 Apr H4 trade:

Here is my EG trade taken yesterday which fulfills all the TMS entry rules checklist on my chart.
CONFLUENCE of S&R ....
The challenge is 0.8455 now. but a 50% retracement is good.
Attached Image (click to enlarge)
Click to Enlarge Name: EG week 18 29 Apr 30-4-2013 7-38-51 AM.png Size: 78 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,411
  • Apr 29, 2013 6:57pm Apr 29, 2013 6:57pm
UChf week 17 H4 Trade doen on 26 Apr:

Here is my Uchf trade taken last Friday.
This is not a TMS candle#1 nor #2 entry.
It is a CONTINUATION setup entry using PA using the H4 DIB (Double Inside Bar) breakout at S&R after the news event on Friday.
Attached Image (click to enlarge)
Click to Enlarge Name: UChf week 17 26 Apr H4 trade 30-4-2013 7-49-45 AM.png Size: 76 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,412
  • Apr 29, 2013 7:05pm Apr 29, 2013 7:05pm
Quoting itrade44
Good morning emmanuel.It is almost 1.00 am Monday, here in beautiful Melbourne, Australia. I was just doing some weekend backtesting on TMS h4 method and also reading and studying the Forum with all its contributors. I am very privelaged to have the opportunity to be learning so much under your guidance through your priceless contributions. Now you have outdone yourself by posting The Big Picture analysis and the breakdown of the method of how you look at charts and how you trade them. There is alot to grasp and i am trying...
Hi Steve,

yes, it is beautiful Melbourne indeed.
when I back there, you will find me most evenings at Lygon Street...good food, good mix of beautiful people...

Cheers mate!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,413
  • Edited 8:03pm Apr 29, 2013 7:19pm | Edited 8:03pm
Quoting Cfit
Hi emmanuel, thank you for big picture planning example. on MN chart, why are those S/R levels not marked? I have very little experience in forex but if I would mark S/R levels in that chart I would have included those areas. Or have I misunderstood something? {image}
http://www.forexfactory.com/attachme...1&d=1367170898

Cfit,

your are right to highlight those two recent months close as S&R and these will come into play in future.

I did not put them up as they S&R, as I would be look more closely at the Weekly OHLC of the weekly when market is trading near to these.

Just one tip, when I do my Big Picture, I look at the market after the 2008 finanicial crisis. That is nearly 5 years ago. It is how current market will recover and trade after the 2008 event which investors and traders are looking more at. . Except for the AUDUSD and AUDJPY, the other currencies are still struggling againsta the USD and JPY. Therefore the monlthy close prices are more significant for longer term position trading. I put more emphasis using the MN close prices for historical S&R and see how they play in the present market condition in the lower Tf trading like D and H4.
Interestingly, most times they play out well.

For H4 and H1 trading, look more at the natural S&R - Prev W and Prev D OHLC, Prev W and Prev D Fib retracement levels, and the BRNs and RNs. It is the CONFLUENCE of these S&R that we look for how price behaves or reacts at these CONFLUENCE areas. Only consistent use of PA will help you pick the setups better and with more ease.

Trade Well.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,414
  • Edited 9:43pm Apr 29, 2013 8:54pm | Edited 9:43pm
Quoting Phx62
I am noticing in this TMS forum that many traders are not performing a proper Top Down Analysis each week. Furthermore, I notice that names like "Big Boss" and other kinds of arbitrary nomenclature are being used and there is a lot of mis-information being shared. For those of you who really want to learn how to perform a proper Top Down Analysis and get a proper view of the markets, please go the this website: www.protradernetwork.com. This is a free teaching website run by a professional trader...
I agree with Phx62 that many traders do not do a proper top down analysis before they start trading every week.
Having a consistent top down approach planning is important as it will help you in being prepared with a trade plan for the week, for each day, for each market session, and for the hours you want to trade in.
I have seen the protrader website and really there is quite a lot of condensed information posted there for free and is good place to start.

For me, after 5 years trading spot forex I am where I am today not because of the last 5 years, but it is a buildup over the past 25 years trading the stock markets.
I learned many things over the last 25 years and now apply those same things in my spot forex trading.
I learned the use of Fibonacci ratios from Larry Pasavento and Joe DiNapoli.
I learned the use of Japanese Candlesticks from Steve Nison.
I learned Elliot Wave from several traders I met during the past years.
I see all these being used in their trading system threads of other FF members shared here in Forex Factory. Whether you believe in harmonics patterns like Gartley, Crab, Butterfly, etc.all these are build using Fibonacci ratios and wave structure.
I see the same what dginc' protrader network is sharing and teaching for free.

But you guys must still do the work. You must learn then Practice, practice, practice.

To me it does not matter what the forex teachers give names in their their lessons. Big Boss is Monthly chart timeframe, Boss is weekly chart timeframe, Worker... etc. It does not matter to me if anyone calls Fibonacci something else they like. What is very important is that traders uses all these they learn and trade with them with CONSISTENCY. It is CONSISTENCY in disciplien which will garantee you trading sucess over loingt term.

The point here I want to make is that TMS traders must do their own analysis and weeky and daily planning. You must have a trade plan ready before you fire up your trading platform. When you have a trading plan ready for the trading session, it is a lot easier to pull the trigger when you see that high probability setups on yourn charts. Your trading plan is only your second step through the door.

TMS is the way to go. But when you add PA + SR + TMS ... you are in business to make money.

Trade Well.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,415
  • Apr 29, 2013 9:52pm Apr 29, 2013 9:52pm
Quoting emmanuel7788
{quote} I agree with Phx62 that many traders do not do a proper top down analysis before they start trading every week. Having a consistent top down approach planning is important as it will help you in being prepared with a trade plan for the week, for each day, for each market session, and for the hours you want to trade in. I have seen the protrader website and really there is quite a lot of condensed information posted there for free and is good place to start. For me, after 5 years trading spot forex I am where I am today not because of the...
Emmanuel,
I agree with your assessments. The only thing I would add is that every trader must develop a REPEATABLE trading plan....a process that can be duplicated over and over.....some of us (like Big E) use a very simple plan and others use all kinds of tools to determine where price might go.......it all starts with doing a top down analysis that gives us some direction, then we each have to decide what works for us and then be able to repeat our successes over and over by consistently following the trading plan we develop.
Green pips to all......
  • #18,416
  • Apr 29, 2013 10:27pm Apr 29, 2013 10:27pm
Quoting emmanuel7788
EURGBP week 18 29 Apr H4 trade: Here is my EG trade taken yesterday which fulfills all the TMS entry rules checklist on my chart. CONFLUENCE of S&R .... The challenge is 0.8455 now. but a 50% retracement is good. {image}

Hi Emmanuel,

Looks like I got in at the same time on that EG trade. Ivce moved my SL up to BE now, mainly because I don't want to lose on this trade. Still trying to figure out best way to manage trailing SL etc....

Thx

W99
Attached Image (click to enlarge)
Click to Enlarge Name: EG.GIF Size: 28 KB
  • #18,417
  • Apr 29, 2013 10:30pm Apr 29, 2013 10:30pm
Quoting wizard99
{quote} Hi Emmanuel, Looks like I got in at the same time on that EG trade. Ivce moved my SL up to BE now, mainly because I don't want to lose on this trade. Still trying to figure out best way to manage trailing SL etc.... Thx W99 {image}

here ya go.. this will manage your trail stop. it's very efficient
Attached File(s)
File Type: mq4 Multi purpose trade manager.mq4   113 KB | 538 downloads
File Type: pdf Multi purpose trade manager instructions.pdf   109 KB | 748 downloads
  • #18,418
  • Apr 29, 2013 10:51pm Apr 29, 2013 10:51pm
Quoting boerseun
{quote} Hi Steve, I use the standard MT4 Horizontal Line function and just drag it into the TDI window and the I edit it by changing the line type and colour and in the Parameters tab I enter either 32 or 68. The other indi you are referrring to is not a Daily overlay. Its the BreakOut_BOX_indicator.mq4. Its a trick I learned from Rick from Pro Trader Network. It just shows the different days' bars together.....it just a visual thing. Cheers {image} {file}
Hi boerseun,
thank you for the detailed explanation of how to set up my charts. Also thank you for the session indicator. I will give it a go.
Green pips to you.


Steve.
  • #18,419
  • Apr 29, 2013 10:55pm Apr 29, 2013 10:55pm
Quoting allisonmagic
this is what your fib should look like. high to low if you are going to measure from 129, you should be on a higher TF {image}
Hi alisonmamagic,
Your fib ret shown is absolutely correct, but it is not what question was about, I am afraid.
Our friend was asking about confluence of different fibo levels what happened in the past to try locate zons about high probability of strong support and resistance in near future.
If you make mesures in the past , historical extentions and retracement you can find zones showing in near future stron abilities to stop price run or even revers.
You can coincide fibo retracement, extentions with support resistance, to the zone in case when they are palce close each other...

I understood his question this way...

Attached Image (click to enlarge)
Click to Enlarge Name: ironfx metatrader 4.png Size: 126 KB
JacekPreserve Precious Capital
  • #18,420
  • Apr 29, 2013 11:01pm Apr 29, 2013 11:01pm
Quoting emmanuel7788
{quote} Hi Steve, yes, it is beautiful Melbourne indeed. when I back there, you will find me most evenings at Lygon Street...good food, good mix of beautiful people... Cheers mate!
Hi emmanuel.
Indeed, Lygon Street, Carlton is a very cosmopolitan neighborhood at all times of the day.
It too is one of my favourite hang out places.
Next time you are in town, shoot me an email.


Cheers.


Steve
130 traders viewing now, 1 is registered:
dana29