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Trading Made Simple

  • #18,441
  • Apr 30, 2013 3:56am Apr 30, 2013 3:56am
Well...out at BE....on that trade...no worries No loss....
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  • #18,442
  • Apr 30, 2013 4:28am Apr 30, 2013 4:28am
I have to say that I am concerned. The second I opened my 3 trades, market collapsed against me:

AUD/JPY H4
EUR/JPY H4
USD/CHF H4
All opened at 10:00 GMT

M.
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Remember I'm a newbie!
  • #18,443
  • Apr 30, 2013 5:02am Apr 30, 2013 5:02am
Quoting wizard99
Well...out at BE....on that trade...no worries No loss.... {image}
Just a quick tip to make sure it won't happen again, the candles are getting smaller indicating less and less bullish momentum.
When that happens, I usually move SL to 5 pips below the prev candle bottom.
back... and more dangerous.
  • #18,444
  • Apr 30, 2013 5:08am Apr 30, 2013 5:08am
Quoting kbp
{quote} Just a quick tip to make sure it won't happen again, the candles are getting smaller indicating less and less bullish momentum. When that happens, I usually move SL to 5 pips below the prev candle bottom.
Yeah good point...its something Im aware of. The thing is sometimes bringing SL to BE (+2) and letting your position run can be profitable as well. Still testing different strategies....I like the idea of scaling out half and letting rest of position run, etc etc...still working thru the dynamics.

cheers

W99
  • #18,445
  • Apr 30, 2013 5:09am Apr 30, 2013 5:09am
Quoting mierzyk
I have to say that I am concerned. The second I opened my 3 trades, market collapsed against me: AUD/JPY H4 EUR/JPY H4 USD/CHF H4 All opened at 10:00 GMT M. {image} {image} {image}
If your SL isn't hit yet then don't worry.
Very small number of people can pick top/bottom where price will bounce back without going against them first. Don't let that be your bad experience.

I had one againsting me 120pips+ 2 weeks ago or so but finally it turned back and I got profits. It's a wild ride actually, even I'm not new but still felt something when it happened... cant completely kill human emotions.
back... and more dangerous.
  • #18,446
  • Apr 30, 2013 5:11am Apr 30, 2013 5:11am
EJ SL to BE....will wait until Stopped out at BE or Hit MY TP level....
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  • #18,447
  • Apr 30, 2013 5:22am Apr 30, 2013 5:22am
Shorted EUR/JPY at London Open, PA stalled for an hour or so, exited the trade with + 6 pips and only then PA make the move south which could make 40 or 50 pips profit

Learning continues, notes are written on the chart as per my trading journal, would like to informs everybody that PAGE NO 1234 IS COMING

Lets continue making this week a positive week, I'm still on the green side
I Have Learned to Take Some Losses to Make Profits
  • #18,448
  • Apr 30, 2013 5:27am Apr 30, 2013 5:27am
Out...just a few pips shy of target but,,,Ill take it.
Any traders welcome to comment...Ill post good and bad trades....

Thanks

W99
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  • #18,449
  • Apr 30, 2013 5:28am Apr 30, 2013 5:28am
Quoting wizard99
EJ SL to BE....will wait until Stopped out at BE or Hit MY TP level.... {image}
not really... why wait for it to hit BE hehe if price stalls for next 2hrs then just exit... strong support there
I missed the breakout short as usual as was still at work when it happened.
back... and more dangerous.
  • #18,450
  • Apr 30, 2013 5:30am Apr 30, 2013 5:30am
Quoting kbp
{quote} If your SL isn't hit yet then don't worry. Very small number of people can pick top/bottom where price will bounce back without going against them first. Don't let that be your bad experience. I had one againsting me 120pips+ 2 weeks ago or so but finally it turned back and I got profits. It's a wild ride actually, even I'm not new but still felt something when it happened... cant completely kill human emotions.
Thankyou for advice.

I had to open many trades and by mistake didn't double check USD/CHF. This pair didn't give a valid cross, even though I was sure it was a great one just before 10:00 o'clock. PA was super, however, TDI was disqualifying.

I was quite sure of EUR/JPY and AUD/JPY, and I was aware of possible pullback. It was just the USD/CHF that broke my nerves. Eventually I have closed all positions with overall moderate profit. Did not like the emotional approach, but the mistake was made at the start. The penalty is not taking full profits.

TMS is amazing. I made my own trading plan that resulted in more than satysfying profits in last 6 weeks. I had suffered minor loss the previous week, 2 weeks gave me huge profits, 2 weeks moderate ones and one ended with low profit. All thanks to emmanuell, Phx and Big-E . We have free Wed and Fri here in Poland so I'm off for short vacation.

Best luck and talk to you on May 6th!
Cheers,
M.
Remember I'm a newbie!
  • #18,451
  • Apr 30, 2013 5:51am Apr 30, 2013 5:51am
Quoting wizard99
Out...just a few pips shy of target but,,,Ill take it. Any traders welcome to comment...Ill post good and bad trades.... Thanks W99 {image}
You exit is perfect in my newbie dictionary
I Have Learned to Take Some Losses to Make Profits
  • #18,452
  • Apr 30, 2013 6:00am Apr 30, 2013 6:00am
hello All!

could anybody pls help me a BACKTESTING SIMULATION on MT4 platform.
thanks
Enter Signature
  • #18,453
  • Apr 30, 2013 7:28am Apr 30, 2013 7:28am
Quoting wizard99
Well...out at BE....on that trade...no worries No loss.... {image}
Trade Management:

Often we ask ourselves ...

whether to BE or not to BE?

similar thinking process for trade entry .... what is the next higher TF doing?
one look EURGBP D chart and D candle will tell me to expect some retracement, the H4 entry had been early on D.
so with this information, we decide on exit management ...whether to scale out and remain in the market or to full exit or ...

it is not easy decision, but with a pre-thought of plan, it should be easy to decide....
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,454
  • Apr 30, 2013 7:41am Apr 30, 2013 7:41am
Hi everyone,

I have downloaded the indicator from this post

http://www.forexfactory.com/showthre...49#post4569749

and I have also tried the ones from this:

http://www.forexfactory.com/showthre...94#post4573194

They are the suggested indicators from the first post, but my chart looks different than the ones I see posted in the last part of the thread.
There are also fewer lines.

I have attached the chart to this post.

Can someone tell me where is the post to download the latest indicators?

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpyh1.png Size: 39 KB
  • #18,455
  • Apr 30, 2013 9:01am Apr 30, 2013 9:01am
Quoting tonegawa
They are the suggested indicators from the first post, but my chart looks different than the ones I see posted in the last part of the thread. There are also fewer lines. I have attached the chart to this post. Can someone tell me where is the post to download the latest indicators? Thanks {image}

Hi

The chart you posted is pretty much the original TMS setup, this is what the system has been based on ever since, other indicators people use are for their own preference only. eg I do not use the Stoch but I do use 2 MA's on the chart.
The system works really well with the setup you've posted, some of the recent additions are to show things like previous day high and low, which is a potential support/resistance indicator, another which is useful is the trend indicator attached.
These are additions to the system for personal preference and will not necessarily increase the number of successful trades!
One of the authors principle objectives was to keep the charts as simple and uncluttered as possible, I occasionally have to remind myself of that and do a bit of 'de-cluttering' the thing works better then.
I've added a couple of other bits which I find useful and which don't clutter the screen up,
Particularly useful I find the round numbers indicator, not only for support and resistance but also I find it helps me guage the speed of movement in the pair. I space the lines at 100 pips.

Good luck and have fun.
Attached File(s)
File Type: mq4 Trend Display.mq4   13 KB | 516 downloads
File Type: mq4 Daily_High_Low .mq4   4 KB | 489 downloads
File Type: mq4 b-clock modified.mq4   2 KB | 457 downloads
File Type: mq4 Round Numbers Beige.mq4   4 KB | 473 downloads
Don't ask me, I have no idea what's going on.
  • #18,456
  • Apr 30, 2013 10:47am Apr 30, 2013 10:47am
Four trades so far this week. This really is Trading Made Simple!!!
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  • #18,457
  • Apr 30, 2013 11:00am Apr 30, 2013 11:00am
Emmanuel,

ill be off to the pub again now...............

nelly
  • #18,458
  • Edited 11:26am Apr 30, 2013 11:10am | Edited 11:26am
Quoting Phx62
Four trades so far this week. This really is Trading Made Simple!!! {image}
Hello Phx62,

I actually wanted to make similar trades as you for today's session. But fear kept me out of the market.


The second trade you took on monday session was the only trade I took. Did you take the trade because there was a double bottom for support and the third strong apb candle confirmed a reversal?

For today's session:

I entered short at a similar price as yours but closed before I could let the trade run.
Did you short because of a breakout of the brevious two candles (confirmation with tdi)

for the second trade, I woke up around 5:00(PST)
did you take the trade to go long because there was a pullback candle along with a breakout of the previous red candle?
Was that also a inside bar breakout?

Any advice appreciated.

edit*(for the long trade this morning, was it also because price tested yesterday's low and did not break through?)
  • #18,459
  • Apr 30, 2013 12:50pm Apr 30, 2013 12:50pm
Quoting tenmilewalk
{quote} Hello Phx62, I actually wanted to make similar trades as you for today's session. But fear kept me out of the market. The second trade you took on monday session was the only trade I took. Did you take the trade because there was a double bottom for support and the third strong apb candle confirmed a reversal? For today's session: I entered short at a similar price as yours but closed before I could let the trade run. Did you short because of a breakout of the brevious two candles (confirmation with tdi) for the second trade, I woke up around...
The 2nd trade on Monday was a continuation trade, based on movement during the Asian session and continuing into the London session. This price action happens fairly often on the first day of the trading week. There was a long wick on the next to the last red candle 6 hours before the LO (the candle where trade 1 was closed), followed by a red inside bar confirming a reversal candle pattern. That indicated to me that the uptrend would probably continue into London, so when I opened my platform at LO, I entered a long trade immediately.

To answer your question, Yes.....Today, the 1st trade was taken on a break of the low of the LO candle which had also created a double bottom with the low of the Frankfurt candle. Once price broke below that double bottom, I was in and once price moved about 15 or 20 pips, I went back to bed. The 50 pip TP was hit.

And again, in answer to your question, Yes....I took the 2nd trade today based on the pullback reversal candle pattern that set the low of the London session....again a long pullback wick followed by a red inside bar and confirmation of the TDI at the open of the 1st blue candle. Price pulled down following the open of that candle, so I waited for price to pull back above the open of that candle before entering. I had to leave for work so I closed the trade for 65 pips. And yes, I always consider the highs and lows of each time frame when trading.

Hope this helps......
  • #18,460
  • Apr 30, 2013 12:55pm Apr 30, 2013 12:55pm
Thank you for the affirmation phx62. I am glad that I have a SOMEwhat similar idea.

By continuation trade, do you mean the momentum(volatility, price movement) and not the trend? I also noticed that all my monday night trades have gone in my favour.
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