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Trading Made Simple

  • #18,421
  • Apr 29, 2013 9:39pm Apr 29, 2013 9:39pm
Watching NZDUSD, seems to fail on monthly resistance (if i found the good one !).

Attached Image (click to enlarge)
Click to Enlarge Name: nzdusdh4.png Size: 34 KB
  • #18,422
  • Apr 29, 2013 9:56pm Apr 29, 2013 9:56pm
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}
W99,

there are different ways to manage trades.
It depends on how you utilise your risk % in this trade and also if you trade with -

Trading is all about Entry and Exits. It is an ART form hence it can be perfected with inspiration and lots with practice, practice, practice

SE/SE
SE/ME
ME/SE
or
ME/ME

what are all these SEs and MEs?

Please read the attached 2 pages pdf.

R and R-Multiple management work in all the above entry / exits methods.

Tell me which method you use.

Trade Well.
Attached File(s)
File Type: pdf Entry and Exits ebook pages.pdf   144 KB | 2,213 downloads
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,423
  • Apr 29, 2013 10:06pm Apr 29, 2013 10:06pm
Quoting raster
Watching NZDUSD, seems to fail on monthly resistance (if i found the good one !). {image}
last week 17 rally retraced shallow to 38%. Now PA paused at CONFLUENCE of Prev W high and RN 0.8550
W and D still show bullishness and no sign of H4 turnaround.
Next target is Fib127% 0.8617 and BRN 0.8600, If failiure, then we may be in for intraday correction.
Remember TOK_5H is 24 pips range, so I will look for this breakout.

We may see 0.8800 this week or next month ...only day away.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,424
  • Apr 29, 2013 10:17pm Apr 29, 2013 10:17pm
How to draw Historical Support and Resistance?

I use a very school method using the close prices and not the high- low prices.
On the Monthly and Weekly charts, switch to Line Chart and you will see the swing points of close prices. Draw the horizontal lines at each of the swing points. Then switch back to Candlestick Chart or Bar chart, and you will see these lines at the close prices.
Why close/open prices? Well these are the prices where both buyers and sellers agreed at that close/open of that trading period.

Use different colours to represent MN and W.

there are lessons at babypips.com

http://www.babypips.com/school/support-and-resistance.html

Regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,425
  • Apr 29, 2013 10:28pm Apr 29, 2013 10:28pm
Quoting emmanuel7788
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. {image}
http://www.forexfactory.com/attachme...1&d=1367279789

Here is my trade update showing how I manage this trade before frankie.
1% in my bag, 2 % protected and is a free trade.
Attached Image (click to enlarge)
Click to Enlarge Name: UUchf week 18 H4 trade update 30-4-2013 1-20-21 PM.png Size: 80 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,426
  • Apr 29, 2013 10:29pm Apr 29, 2013 10:29pm
Thanks Emmanuel for those tips. I Have to find the post on TOK_5H. I will try the method with line chart to drax S/R.
  • #18,427
  • Apr 29, 2013 10:33pm Apr 29, 2013 10:33pm
Stopped out with loss as I panicked (fear ) and moved my SL.

I have much to learn, I need to remove myself from the trade.....
Attached Image (click to enlarge)
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  • #18,428
  • Apr 29, 2013 10:35pm Apr 29, 2013 10:35pm
Quoting emmanuel7788
{quote} W99, there are different ways to manage trades. It depends on how you utilise your risk % in this trade and also if you trade with - Trading is all about Entry and Exits. It is an ART form hence it can be perfected with inspiration and lots with practice, practice, practice SE/SE SE/ME ME/SE or ME/ME what are all these SEs and MEs? Please read the attached 2 pages pdf. R and R-Multiple management work in all the above entry / exits methods. Tell me which method you use. Trade Well. {image}
Thanks as always Emmanuel.....will read....
  • #18,429
  • Apr 29, 2013 10:45pm Apr 29, 2013 10:45pm
Quoting raster
Thanks Emmanuel for those tips. I Have to find the post on TOK_5H. I will try the method with line chart to drax S/R.

For NZDUSD, the higher TF MN S&R has little impact this week. Kiwi is in "untested waters".... making new highs...

Here is what my H1 trading chart looks like. Draw the TOK_5H box on your own.
24pips to make on this one will be a breeze to catch when you read the PA well with CSP and the APB/HA.
All the S&R you see are 'natural' S&R use for intraday trading on H1.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD 30 Apr H1 trading 30-4-2013 1-37-38 PM.png Size: 82 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,430
  • Apr 29, 2013 10:51pm Apr 29, 2013 10:51pm
Quoting wizard99
{quote} Thanks as always Emmanuel.....will read....
W99,

Okay.
After reading, plaese study it and work out on paper the impact how this will make when you use SE/ME and ME/ME .
That will make a big difference between two traders trading the same method and one will make more money with the same initial R.
That is the nature of this trading business but many traders do not see how it work yet.
MM will make that difference.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,431
  • Edited 11:14pm Apr 29, 2013 11:01pm | Edited 11:14pm
Quoting wizard99
Stopped out with loss as I panicked (fear ) and moved my SL. I have much to learn, I need to remove myself from the trade..... {image}
http://www.forexfactory.com/attachme...1&d=1367299984

There are many of such market situations.
So SE/ME work well when your initial SL is last swing low.
What can be done is to reduce your risk after trade open.
Exit small portion to help reduce the remaining risk. This mean take some profit at +0.5R. this will reduce the overall risk to 0.5R when you keep the initail SL at -1R and will see market move later.

Always play with the R.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,432
  • Apr 29, 2013 11:12pm Apr 29, 2013 11:12pm
hey there trader;

if their some one whom can make me understand how to read Forex-factory calendar; which is how to read currency impact if it against to their currency or not please need help, thank you
  • #18,433
  • Apr 29, 2013 11:18pm Apr 29, 2013 11:18pm
emmanuel, you think the CB Consumer Confidence report from the fed will have any serious impact on the NZDUSD ?
  • #18,434
  • Apr 29, 2013 11:24pm Apr 29, 2013 11:24pm
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}
http://www.forexfactory.com/attachme...1&d=1367279039

Here is my update before LO.
Reduced my remaining trade risk with partial exit.
Attached Image (click to enlarge)
Click to Enlarge Name: EG week 18 30 Apr H4 trade update 30-4-2013 2-15-57 PM.png Size: 41 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,435
  • Apr 29, 2013 11:28pm Apr 29, 2013 11:28pm
Quoting Jackub
{quote} 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...

Hello Jackub. You are absolutely right. going to make another fib slide. right now. any advice appreciated
  • #18,436
  • Apr 29, 2013 11:32pm Apr 29, 2013 11:32pm
Quoting Jackub
{quote} Hi alisonmamagic, Your fib ret shown is absolutely correct, but it is not what question was about, I am afraid.
thanks, appreciate that.. i know he wasn't asking about that, but i noticed his fib was drawn incorrectly and was commenting on the fact
  • #18,437
  • Apr 29, 2013 11:32pm Apr 29, 2013 11:32pm
Seems that price dropped back to the 127.93 S/R line and went back up again today.

For the fibonacci, price just hit 50% mark.

Cannot tell what this means for now.

Any advice appreciated
Attached Image (click to enlarge)
Click to Enlarge Name: apr 29 eur.jpy.h1.fibonacci(2).png Size: 66 KB
  • #18,438
  • Apr 29, 2013 11:34pm Apr 29, 2013 11:34pm
Quoting allisonmagic
emmanuel, you think the CB Consumer Confidence report from the fed will have any serious impact on the NZDUSD ?

I will not pretend here as if I know so many things.
That CCB release is 5 hours from now. Rule #1 for H1 trading is Do Not trade when near to key tier one news release time.
H4 trading, I will manage open trades and make sure I protect as much as I can.

I will be more concern with the next FOMC interest rate on Thu.
Wed is Bank hoidays in Eurpean reagion.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,439
  • Apr 29, 2013 11:37pm Apr 29, 2013 11:37pm
Quoting Andrew007
hey there trader; if their some one whom can make me understand how to read Forex-factory calendar; which is how to read currency impact if it against to their currency or not please need help, thank you

Have you heard of this name " Henry Liu"?
Google his name...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,440
  • Apr 30, 2013 1:51am Apr 30, 2013 1:51am
What im in now....happy to share the good and the bad....comments welcome....lets see what happens here....
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: EJH1.GIF Size: 30 KB
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