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Trading Made Simple

  • #18,721
  • May 5, 2013 9:43am May 5, 2013 9:43am
ok, we have Big Picture planning done for EU.

you can now continue and practice the steps 1 to 5.

After this, you should work out your TMS 4H Trade Plan for EU next.

Talk later when NY open in about 8 hours...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,722
  • May 5, 2013 12:38pm May 5, 2013 12:38pm
emmanuel,

any indicator used to show S&R and PSAR ? if so can you upload it por favor !
  • #18,723
  • May 5, 2013 12:55pm May 5, 2013 12:55pm
Here is my first attempt at doing the Big Picture eurjpy
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpymonthlyweekend 1.png Size: 68 KB
Click to Enlarge Name: eurjpyweeklyweekend 2.png Size: 47 KB
Click to Enlarge Name: eurjpyh4.weekend.png Size: 75 KB
  • #18,724
  • May 5, 2013 1:11pm May 5, 2013 1:11pm
Hello,

I am new to the system.

Can someone post the latest templates for the system.

I think you guys are doing a great job need to be part of it.

Regards,
Mukesh.
  • #18,725
  • May 5, 2013 5:38pm May 5, 2013 5:38pm
Quoting mukeshk
Hello, I am new to the system. Can someone post the latest templates for the system. I think you guys are doing a great job need to be part of it. Regards, Mukesh.

mukeshk,

First, welcome to this TMS trading family and have a enjoyable learning journey.

I assume you have read the first 50 pages of this thread. use those indciators and template posted there.
Do you know how to post a chart and let us here have a look to see if you have the TMS chart setup correctly.
Thank you.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,726
  • May 5, 2013 5:55pm May 5, 2013 5:55pm
Quoting redfan
Here is my first attempt at doing the Big Picture eurjpy {image} {image} {image}

Hi redfan

Thank you for sharing your EJ Big Picture.

I had several posts made on EJ and market type last week.

The current wave is a little too steep for a rising channel for market to continue without a correction. But we just wait and see how each day will play out.

I see EJ breaking out ot the Contracting Triangle market type and will likely continue in a wider range consolidation like an Expanding Triangle wave pattern...until the next trend move.


Trade Well.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EJ Market Types 1-5-2013 9-05-13 AM.png Size: 91 KB
Click to Enlarge Name: EJ week 19 H4 view market type 6-5-2013 6-42-52 AM.png Size: 65 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,727
  • May 5, 2013 6:05pm May 5, 2013 6:05pm
Quoting rxJano
emmanuel, any indicator used to show S&R and PSAR ? if so can you upload it por favor !

rxJano,

For historical S&R on MN and W1 I do those manually as described above posts on Big Picture.

For D and W . I use the Fib tool and draw the previous D and W fibo levels.

PASR is an acronym for Price Action at Support and Resistance. PA is a very wide topic.
For me, PA I use Candlestick pattern to look for potential trade setups and in combination with TMS 4H setups.
I use only a few CS patterns - IB, DIB, Pop Gun, DBLHC, DBHLC, BUOB, BEOB. From my experience trading TMS, these are sufficient to get into the market on breakouts and continuation of a trending move.

To learn CS patterns, go to this website:
http://thepatternsite.com/CandleEntry.html

You can also search for Steve Nison materials.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,728
  • May 5, 2013 6:43pm May 5, 2013 6:43pm
Doing my usual post mortem of previous week charts, here is this example of why we must look for only A+++ trades setups.

This CHFJPY looks like a good 4H TMS setup with TDI cross, APB changed colour candle #1 and #2, Stoch confirms, ...
but PA and historical S&R, and the use higher TF BIAS with Previous Price Action (PPA) and TDI/Price Divergence will clearly show you why this is a high risk trade.

Do your own back-testing and studies and make out all the high probability setups and use them for future trading.
Attached Image (click to enlarge)
Click to Enlarge Name: CHFJPY H4 setup failure example 6-5-2013 7-32-10 AM.png Size: 79 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,729
  • Edited 8:22pm May 5, 2013 6:53pm | Edited 8:22pm
Quoting NineKayeLTD
{quote} Emmanuel, This is the first time I've come across someone who trades similarly to a system I have developed. I hope you manage to finalise your TP and SL because I'm yet to find anything more reliable and simple to implement. NineKaye

Hi NineKaye,

Well, its good know that we trade in similar way.
I am sure you agree with me that to make money from the market, we must be in the market.
Trading is after all about Entry and Exits.

As Dr Van Tharp puts it: <quote>

“There are many different classifications of exits other than your initial stop loss. These include exits that produce a loss but reduce your initial risk, exits that maximize profits, and exits that keep you from giving back too much money, and psychological exits.”

"If you want to maximise profits, you must be prepared to give up 50% of what the market gave you"

- quotes by Dr Van Tharp author of books:

Super Trader,

Trade Your Way to FinancialFreedom

Trading Beyond the Matrix


But there are different methods in the managing trade exits. I prefer to let the market decide on the final TP which often is above +5R when market starts trending.
The downside protection is something which we can consider what would work best for us individually.
I have the R-multiple trade management and also the percentage protection methods.
I have used both methods to manage my swing trades quite effectively. The good things about both these methods can work together and one can switch from one to the other depending on the prevailing market conditions.

Below is an example of a GJ trade done last week and left open over the weekend.

Regards,
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY Trade Management method.png Size: 116 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,730
  • May 5, 2013 8:46pm May 5, 2013 8:46pm
EURNZD week 19 - 6 May D view:

Have you done your Big Picture plan for EURNZD?

What is your Weekly Bias for this week?
what is your Daily Bias for today?

If you want to be buyer,
...where will you buy?
... when will you buy?
Attached Image (click to enlarge)
Click to Enlarge Name: EURNZD week 19 D view 6-5-2013 9-36-04 AM.png Size: 112 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #18,731
  • May 5, 2013 9:20pm May 5, 2013 9:20pm
Quoting emmanuel7788
"If you want to maximise profits, you must be prepared to give up 50% of what the market gave you"

I believe take profits will be the hardest hurdle for any new traders finally coming into profitability.

I am one for an R-Multiple exit strategy because its easy to understand. I tried and failed when it came to trailing stops or even taking partial profits.


Looking at your GBPJPY trade I would have been out a 2R Max most likely 1R like yourself.

Being conservative does hold higher probability for hitting your target. This is a probabilities game after all.

I like your work!
NineKaye
  • #18,732
  • May 5, 2013 10:41pm May 5, 2013 10:41pm
emmanuel7788

i have a question.. why use a 5ma on a 4h TF ?

is this a scalping system ?
  • #18,733
  • May 5, 2013 11:22pm May 5, 2013 11:22pm
Quoting allisonmagic
emmanuel7788 i have a question.. why use a 5ma on a 4h TF ? is this a scalping system ?
can just remove 5EMA as it's from BigE's old system, it's a stronger signal if the close of the candle is below 5EMA anyway.

if want to see H4 trend, I'd suggest 89EMA or 60EMA instead.
back... and more dangerous.
  • #18,734
  • May 6, 2013 12:34am May 6, 2013 12:34am
just realize that its bank holiday for jpy and london tdy
Daniel
  • #18,735
  • May 6, 2013 12:58am May 6, 2013 12:58am
In 2 trades.. missed AUDCAD

GBPAUD - buy.
Might not move too much as UK bank holiday

Attached Image (click to enlarge)
Click to Enlarge Name: gbpaud.png Size: 41 KB


AUDUSD - sell

Attached Image (click to enlarge)
Click to Enlarge Name: audusd.png Size: 39 KB


AUDCAD - one I missed

Attached Image (click to enlarge)
Click to Enlarge Name: audcad.png Size: 36 KB
  • #18,736
  • May 6, 2013 2:01am May 6, 2013 2:01am
Quoting emmanuel7788
ok, we have Big Picture planning done for EU. you can now continue and practice the steps 1 to 5. After this, you should work out your TMS 4H Trade Plan for EU next. Talk later when NY open in about 8 hours...
Emmanuel - that is a truly step by step "How to do a Big Picture Analysis" guide for beginners! Fantastic..a great example to learn off...thanks!

Seems like Ill be practicing again this weekend when I have time to spend doing it!!

Paul
  • #18,737
  • Edited 2:32am May 6, 2013 2:14am | Edited 2:32am
Emmanuel,

Hope you don't get tired of "thank you's" !

It will come back to you tenfold!

Thank you!


Quoting emmanuel7788
ok, we have Big Picture planning done for EU. you can now continue and practice the steps 1 to 5. After this, you should work out your TMS 4H Trade Plan for EU next. Talk later when NY open in about 8 hours...
  • #18,738
  • Edited 3:57am May 6, 2013 3:12am | Edited 3:57am
Update:
Forgot charts..
GBPAUD bit messy as I closed all positions accidentally and re-opened again
GBPAUD: R1 hit for 1%.. rest at BE
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2013-05-06 at 8.54.15 PM.png Size: 34 KB


AUDUSD: R1 hit for 1%.. rest at BE
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2013-05-06 at 8.54.56 PM.png Size: 36 KB




Quoting bigpips
In 2 trades.. missed AUDCAD GBPAUD - buy. Might not move too much as UK bank holiday {image} AUDUSD - sell {image} AUDCAD - one I missed {image}
  • #18,739
  • May 6, 2013 3:46am May 6, 2013 3:46am
Thank you to all the members who have kept this thread going it is much appreciated.

Cheers
lpp
I would like to die on Mars. Just not on impact..... Elon Musk
  • #18,740
  • May 6, 2013 4:10am May 6, 2013 4:10am
Two more positions open:

GBPUSD -

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD 06:05 9PM.png Size: 39 KB


NZDUSD -

Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD 06:05 9PM.png Size: 32 KB
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