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Trading Made Simple

  • #18,701
  • May 5, 2013 1:31am May 5, 2013 1:31am
Quoting Harlem
I agree that its a very debatable matter... I guess it is up to the trader's risk to participate or not.
Exactly.
MT4/MT5 EAs/Indicators/Alerts coder
  • #18,702
  • May 5, 2013 4:56am May 5, 2013 4:56am
Rise and shine New Yorkers.... we are about to start a new trading week soon.

Can someome tell me why New York is call the Big Apple.

I asked a New York resident last night and he does not know.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,703
  • May 5, 2013 4:59am May 5, 2013 4:59am
Quoting emmanuel7788
Rise and shine New Yorkers.... we are about to start a new trading week soon. Can someome tell me why New York is call the Big Apple. I asked a New York resident last night and he does not know.


http://gonyc.about.com/cs/atozinde1/a/bigapple.htm
  • #18,704
  • May 5, 2013 5:18am May 5, 2013 5:18am
Quoting rxJano
I have been on and off with many different systems, especially this one. Many failed me but im going back to this one. This weekend i will be analyzing the charts to figure out the TP for every entry I make. So far from what I have analyzed, not every entry will give you 4 straight bullish/bearish bars or more on a entry after TDI crosses. So far it looks like best get 30-50 pip TP every time you enter a trade after TDI crosses. BUT before a TDI crosses on 4H chart...ALWAYS check the 1H charts if it is heading toward the direction TDI is telling...
I just started reading to catch up with all you guys posting over Saturday.

This one by rxJano is interesting.

1) Note, not every TDI cross is a good 4H setup. You must pick the A+++ type setups with Price Action at Support and Resistance (PASR).

2) A+++ PASR setups will run for 3 to 8 APB/HA candles. You must do your own back-testing to convince yourself of this. Big E mentioned this in his posts and I did my own back-tetsing and I am convinced that Big E is correct 80% of the time.

3) 30 - 50 pips run, that depends on which currency pair you are looking at. EURGBP run 30 to 50 pips will give your more money that EURUSD of GBPUSD 30 to 50 pips. All the currency pairs have different traded rande daily and weekly. Know this and study this. This is an important data for your weekly trade planning.

4) When trading 4H, always check the Weekly bias and the Daily bias first. For example, if the Daily bias is bullish with previous day two strong Green candles, look at PA and if there is H4 TDI cross down, that setup is more risky. ..because it is against the D bias.
***TIMING is also very important whether that H4 countrend trend setup is a good one or merely due to market session closin time and profit taking wil cause price to retrace.

***You don't actually do down to H1 for such a higher TF reconcilation.

***Use H1 if you want to get a better entry price when you see the H4 TMS candle#1 or candle#2. You use H1 to catch a retracement entry of the H4 candle. .. for example a fib 38/50% entry.

***H1 will also show you if there is momentum for entry in the H4 direction.

*** H1 will show you if there is thrust in the H4 candle as it approach its closing. Remember there are 4xH1 candle to form a H4 candle. If the H1 candles are mix of red and green, it is not good sign of good H4 candle.

Always use multi-timeframe anlysis and reconcile with the next higher TF.

Trade Well folks.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,705
  • May 5, 2013 5:28am May 5, 2013 5:28am
Quoting rxJano
{quote} I personally love having a SHI Shannel up. {image}

TMS 4H traders:
Be careful using this SHI Channel.

I used this in X-Man S3 4H method, after 30 trades, I stopped using it. You cannot use that SHI channel without learning about PASR.
How the SHI Channel draw the channel remains a mystery and why it sometimes re-draw (re-paints) when new swing high or lows is made.
Learn to identify the market type to trade and use the channeling method.

Dont' say I did not warn you people.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,706
  • May 5, 2013 5:38am May 5, 2013 5:38am
Quoting irishtoffy
Here is my first attempt at doing the Big Picture. Is there anything I missed out that I should have included in the charts? {image} {image} {image} {image}
Hi irishtoffy,

Thanks for sharing your EURUSD Big Picture.

I have not started to update my Big Picture yet, still waiting for London 19:00, when my UK buddies will start doing together.

Anyway, I have my EU Big Picture which I will update immediately for week 19.


Big Picture planning (Step 1)

The process is I will start looking at the Monthly chart first ( imagione we start from scratch now, first time doing so...)

On MN chart, swicth to Line Chart and draw those lines of every swing points - high points, low points going back to 2008.

Why 2008, that's the year of the finanicial crisis and EU is still int eh retracement of that huge fall in 2008.

After you drawn all the possible horizontal lines, it should look like this below:

Note: I use a dark violet line colour as this will not mix up with other colours on my charts when I switch to other TFs later. For me, Dark Violet means MN support and resistance.

This method is taught in babypips school.
http://www.babypips.com/school/suppo...esistance.html
Attached Image (click to enlarge)
Click to Enlarge Name: Big Picture EURUSD MN Line Chart 5-5-2013 3-28-47 PM.png Size: 53 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,707
  • May 5, 2013 5:46am May 5, 2013 5:46am
Big Picture planning (step 2)

Now after doing the S&R on MN Lione chart,

you can switch the same chart to Candlestick Chart and you will see the actual price candlestick and where those MN lines are actually.

You can now make adjustment if you wish to see the lines more precisely on the MN Open/Close price levels. Otherwsie just accept them as thery are.

I only want to see trhe price Candlestick where the level where the price trend starts, the level of MN retracements...

you will learn to see how support trun into resistance and other times resistance trun into support.

Note I dont consider those MN highs and lows points. But I know where they are.

See chart below:
Attached Image (click to enlarge)
Click to Enlarge Name: Big Picture EURUSD MN Candlestick Chart 5-5-2013 3-29-49 PM.png Size: 52 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,708
  • May 5, 2013 5:52am May 5, 2013 5:52am
Big Picture planning (Step 3)

Now we move on to the Weekly chart timframe.

The same process we do in Weekly chart TF usingb the Line Chart again. This time, we look at the most recent weeks i.e. market traded range around the current price levels.

Draw those S&R lines using the W1 Line Chart.
use another colour for easy recongition later.
I use Dark Orange as colour for Weeekly S&R.

See W1 Line chart below:
Attached Image (click to enlarge)
Click to Enlarge Name: Big Picture EURUSD W1 Line Chart 5-5-2013 3-35-03 PM.png Size: 49 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,709
  • May 5, 2013 5:58am May 5, 2013 5:58am
Big Picture planning (Step 4)

Now switch your chart to show Candlestick Chart.

You can fine tuned and adjust some lines as you wish to.
Now I pay more attention to candles with long wicks (shadows)
If there are cluster of candles with long upper or lower wicks, I will mark these areas as potential support or resistance zones.
If there are no cluster of wicks close by, I will simply keep the horizontal S&R lines for MN and W1.

See chart below:
Attached Image (click to enlarge)
Click to Enlarge Name: Big Picture ERUUSD W1 Candlestick Chart 5-5-2013 3-35-53 PM.png Size: 48 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,710
  • May 5, 2013 6:00am May 5, 2013 6:00am
...

okay, so far everyone following me ...Step 1 to Step 4?


...
poke me if you cannot follow and please post / ask questions.

I take a short pause now ... eat breakfast...yummy time.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,711
  • May 5, 2013 6:02am May 5, 2013 6:02am
Quoting Noel
{quote} http://gonyc.about.com/cs/atozinde1/a/bigapple.htm

thanks Noel,

now I have something to read ... while you people practice and do the steps 1 to 4.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,712
  • May 5, 2013 6:12am May 5, 2013 6:12am
Could someone help me know where I'm going wrong with my chart setup as I cannot swap to line chart to follow you on the big picture.
I have Heiken Ashi loaded on chart as indicator
And the buttons at the top dont really make much difference to the view of the candlesticks,

Nelly
  • #18,713
  • May 5, 2013 6:29am May 5, 2013 6:29am
Quoting Nellycopter
Could someone help me know where I'm going wrong with my chart setup as I cannot swap to line chart to follow you on the big picture. I have Heiken Ashi loaded on chart as indicator And the buttons at the top dont really make much difference to the view of the candlesticks, Nelly

see this
Attached Image (click to enlarge)
Click to Enlarge Name: HA indicator properties .png Size: 75 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,714
  • May 5, 2013 6:36am May 5, 2013 6:36am
Quoting emmanuel7788
{quote} TMS 4H traders: Be careful using this SHI Channel. I used this in X-Man S3 4H method, after 30 trades, I stopped using it. You cannot use that SHI channel without learning about PASR. How the SHI Channel draw the channel remains a mystery and why it sometimes re-draw (re-paints) when new swing high or lows is made. Learn to identify the market type to trade and use the channeling method. Dont' say I did not warn you people.
Cant agree more. I removed it off after 2 weeks or so. It keeps redrawing the channel and in fact it's drawing all wrong so better do manually.
(one shall not trade if cannot draw trend/channel by hand)

Anyway... big picture planning... if trading H4, shouldnt we start from weekly chart down to h4? from monthly chart seems overkill and too many lines there
back... and more dangerous.
  • #18,715
  • May 5, 2013 6:42am May 5, 2013 6:42am
Thanks Emmanuel,
I have made the corrections, can I ask which button should be pressed at the top for normal view ?
If I choose any other than line graph, the candles don't look right ..
  • #18,716
  • May 5, 2013 7:12am May 5, 2013 7:12am
Nelly,

there are only three(3) different way to see your chart prices

- Bar
- Candlesticks
- Line

these the MT4 basic like all other trading platforms.

your problem is whether your show the Bar/Candlestic/Line chart in foreground.

I think you have other things on your chart and colours are not well defined to distinguish them .
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,717
  • May 5, 2013 7:15am May 5, 2013 7:15am
Quoting kbp
{quote} Cant agree more. I removed it off after 2 weeks or so. It keeps redrawing the channel and in fact it's drawing all wrong so better do manually. (one shall not trade if cannot draw trend/channel by hand) Anyway... big picture planning... if trading H4, shouldnt we start from weekly chart down to h4? from monthly chart seems overkill and too many lines there

the MN close/open price levels will come good use later when in H4 as support and resistance.
alsop when I look for PA using H4 and D CS patterns, these will appear more clearly near these MN lines.
considering the monthly trade range, there isn't really a lot of lines to play with.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,718
  • Edited 3:13pm May 5, 2013 7:22am | Edited 3:13pm
Big Picture planning (Step 5)

Now here we go to D chart showing the Candlestick.

In the D chart, we can see more clearly the recent days Open / Close candles, I look for prominent Candles Open/Close liek the ones shown in the chart below.
We also look for candles with upper and lower wicks clusters. These are important as I look for CONFLUENCE of S&R lines, especially with those MN and W1 S&R lines.

you need to see which D candles will close the Week and the Month candles.
Attached Image (click to enlarge)
Click to Enlarge Name: Big Picture EURUSD D1 CS Chart 5-5-2013 3-48-47 PM.png Size: 116 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,719
  • May 5, 2013 7:27am May 5, 2013 7:27am
Big Picture planning (Step 6).

Now we switch to the H4 TMS chart timeframe and this is where we will see the APB/HA candles and we will aslo switch the chart to show the original price in price Bar. You should be able to see the price Bar open / close at every APB/HA.

Observe ther PA near those Weekly s&r and those Mn S&R lines.

See chart below.

Pay attention to those S&R lines for next Week 19 trading.
Attached Image (click to enlarge)
Click to Enlarge Name: Big Picture EURUSD H4 TMS chart 5-5-2013 3-55-17 PM.png Size: 144 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,720
  • May 5, 2013 7:33am May 5, 2013 7:33am
Big Picture planning (review week 18).

Now with the above steps done, lets look back to last week 18 and see 4H trade opportunites and how PASR could have played out if we had done this Big Picture on regular basis and use that for our Trade planning.

There were w good 4H trade setups and one was a high risk setup when we did not recomcile with the higher TF.

See if you can spot those 4H trades.
Attached Image (click to enlarge)
Click to Enlarge Name: Big Picture EURUSD H4 TMS chart2 5-5-2013 3-55-17 PM.png Size: 133 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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