Trading Made Simple | Page 963 | 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

  • #19,241
  • May 15, 2013 2:36am May 15, 2013 2:36am
Quoting Greenb
Took short on EU 1h chart reasoning: price broke the earlier day range {image}
http://www.forexfactory.com/attachme...1&d=1368601358

that is not a good technical reason for this trade.

did you see Monday is an Inside Bar of Friday? ...

yesterday was a nice H4 Inside bar from during the Asian session and when LO that pullbacl candle, so that is a good H1 day trade and flows into today with that Day IB breakout..

Someone ask me about PA ... this is one example of PA trading using Candlestick reading in higher TF H4 and D.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,242
  • May 15, 2013 2:37am May 15, 2013 2:37am
Hi Guys,
I use the TMS system but with a few added indicators and I only trade 4H & D1 time frames.
1) Trend Lines or Channel Lines
2) Support & Resistance
3) Zig Zag Indicator
4) Stochastic ( settings are ) 5,3,3

I mainly set my TP just under or above the resistance level and I always search for the best trending pair.
Pictured is my current trade for tonight the USD/JPY.
Also I ALWAYS look for a pair that is Over Bought or Over Sold.

Hope this helps ! :-)
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpyh4.png Size: 40 KB
  • #19,243
  • May 15, 2013 2:39am May 15, 2013 2:39am
Quoting tenmilewalk
quiet today eur.jpy strong support at 131.55

EJ ... is not quiet.

did you see that last H1 candle ...spinning to create fear !
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,244
  • May 15, 2013 2:42am May 15, 2013 2:42am
Quoting emmanuel7788
{quote} Yes, with just one method like TMS, you can create several systems out of it. 1) you can scalp using M15 2) you can do intraday using H1 3) you can do short term swing using H4 4) you can do position trading using W and D. All one need is to learn these required skills to read charts and see these - PriceAction Trend Multi-Time Frame Momentum Support andResistance Continuation Volatility Market Strength Range Timing All these above is only the tip of the iceberg....10% of what is needed to be successful in trading TMS. THE WORK - what...
Hi emmanuel,


Please feel free to correct me in any way.
THE WORK that you mention that needs to be done and completed, is for us to spend at least 10,000 hours of chart/screen time before we can become very proficient at trading.
Only then we would have have honed our skills and keep repeating our successes - Keep trading in the Zone.


regards


Steve
  • #19,245
  • May 15, 2013 2:43am May 15, 2013 2:43am
For some reason my Trend Lines didn't come out on the pic...sorry !
  • #19,246
  • May 15, 2013 2:44am May 15, 2013 2:44am
Quoting emmanuel7788
{quote} EG W - consolidation after the last rally D - bias is up H4 - rising channel H1 - sideway after Monday push up. you have S&R .8480 .. that is important. this week PA pullback from RN .8500 and also Prev W Fib 127% Now, to be buyer, I wait to buy at the next HL. all it needs now if for some stimulus (like some major event in the UK or EZ) to make that POP! {image}
OK..I wasn't sure how far back you were looking for the trend on the longer TF charts. In the D chart below I added a trendline (Pink) which makes me see it as down bias? But from what I understand by you, in the longer TF youre only looking at the more recent candles (Green trendline). Is that correct?
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbpdaily.png Size: 34 KB
  • #19,247
  • May 15, 2013 2:44am May 15, 2013 2:44am
Quoting emmanuel7788
{quote} EJ ... is not quiet. did you see that last H1 candle ...spinning to create fear !
whoops. i meant to say indecision
  • #19,248
  • May 15, 2013 2:52am May 15, 2013 2:52am
The EUR/GBP on the Daily has a Down Trend Channel and I would SELL on this pair right now.
  • #19,249
  • May 15, 2013 2:54am May 15, 2013 2:54am
Quoting tenmilewalk
{quote} whoops. i meant to say indecision
who has that kind of market power to drive xxxJPY higher for so many months?

how many George Soros are there in this industry?

who created this Yen tsunami? go back to 2012....
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,250
  • May 15, 2013 2:58am May 15, 2013 2:58am
Quoting emmanuel7788
TMS success and failure: Just catching up reading the previous days posts. It did not surprise me as there are some traders who learned to trade TMS successfully. Yet there are some who traded TMS and say it does not work for them. There are bountiful of reasons and many experienced traders here in Forex Factory can easily point them out to you. For those who still have yet to make TMS into your own trading system, it is time for you to ask yourself this question: What have I not done to make TMS in my own trading system? TMS method shared here...
Emmanuel,
I have been following this thread for a while now and am learning.
With trading, i have my good days and my not so good,
I am trying hard to make TMS a winning system.
Emmanuel, your contributions are helping me see things with a bit more clarity.
You asked the question for everyone, and i am letting you know that i am prepared and committed to do the WORK that is required
for me to become successful in trading. No matter how many hours it will take.


Thank you
Steve.
  • #19,251
  • May 15, 2013 2:59am May 15, 2013 2:59am
Quoting irishtoffy
{quote} OK..I wasn't sure how far back you were looking for the trend on the longer TF charts. In the D chart below I added a trendline (Pink) which makes me see it as down bias? But from what I understand by you, in the longer TF youre only looking at the more recent candles (Green trendline). Is that correct? {image}

when we are trading 4H - I just look at W and D .
MN is to see where the nearby S&R are which I will consider...

remember this pic below, we trade the Primary Trend.

every day I look at the previous week candle and the previous day candle and I will then decide to be buyer or seller.
Attached Image
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,252
  • May 15, 2013 3:08am May 15, 2013 3:08am
Quoting emmanuel7788
{quote} who has that kind of market power to drive xxxJPY higher for so many months? how many George Soros are there in this industry? who created this Yen tsunami? go back to 2012....
sorry, you lost me. the dojis are forming because of market power?
  • #19,253
  • May 15, 2013 3:15am May 15, 2013 3:15am
Quoting itrade44
{quote} Hi emmanuel, Please feel free to correct me in any way. THE WORK that you mention that needs to be done and completed, is for us to spend at least 10,000 hours of chart/screen time before we can become very proficient at trading. Only then we would have have honed our skills and keep repeating our successes - Keep trading in the Zone. regards Steve

Greatness isn't Born. it is Grown...

when I wrote THE WORK, I am not referring to spending 10,000 hours in practice.
THE WORK is about transformation. It is about our beliefs. It is our beliefs which hinders our progress and our success.

To become proficient in trading TMS, we don't need to spend 10,000 hours....at least not yet. To attain Trading Mastery, yes we need 10,000 hours of practice. This is my belief. I am my own example. Therefore I believe that my belief is true. When my belief is no longer true, I will need to do the turnaround.

where did 10,000 hours idea come from?
maybe this video will provide an answer.

Inserted Video



Good Trading folks.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,254
  • May 15, 2013 3:16am May 15, 2013 3:16am
Quoting emmanuel7788
{quote} THE WORK - what is this? Until you done and completed THE WORK, you will not make that transformation which will take you forwards and achieve Financial Freedom.
For me it means changing myself.

Knowing your personal weaknesses:

1) Superficiality and Fear. The trader is fearful when his analysis is poor. Both of them have the same starting point: Laziness. All these three are strongly related. I don't want to offer more details, because I can turn this point into a novel.

2) Overtrading and revenge trading. This is the result of point 1), and this happens when you say you know enough to succeed. (In fact you never know enough). According to me they come from trader's insecurity, and it is purely impulsive trading. Overtrading is something like a vice, like a circle you can not leave. Obviously the trader move to smaller TF's and he start losing sharply.

What is worth to be mentioned regarding point 1) and 2): insecurity, superficiality, laziness, fear is a life style. It covers all the fields of trader's life.

3) Discipline, resilience and hard work are the cure of all two points from above and is something I work on. In its simplest way it can be reduced to NURTURE vs NATURE.

All these are facts from my journey to financial freedom.
  • #19,255
  • May 15, 2013 3:27am May 15, 2013 3:27am
Quoting tenmilewalk
{quote} sorry, you lost me. the dojis are forming because of market power?
we are technical traders.
we read our charts and based our trading on what we see.
those dojis are just someome' creation to show prices open High Low Close is different timframes.
it does not show you the real "who and what move the market"...

we being small retail traders just want to make some money from trading this spot forex market for different reasons.

some trade for a living- pay bills, pay home mortgage, pay children through schools, pay for vacation, etc.

some trade for supplement income to their fulltime jobs and prepare for bad times in case they lose their jobs or they may one day decide an fire their bosses,

some trade like investors to accumulate and build up their wealth,

yet, some others trade for some fun to win as many hundreds and thousand of pips possible and not focus in the real money and risk reward.

so what is the moral of this post?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,256
  • May 15, 2013 3:30am May 15, 2013 3:30am
Quoting emmanuel7788
{quote} we are technical traders. we read our charts and based our trading on what we see. those dojis are just someome' creation to show prices open High Low Close is different timframes. it does not show you the real "who and what move the market"... we being small retail traders just want to make some money from trading this spot forex market for different reasons. some trade for a living- pay bills, pay home mortgage, pay children through schools, pay for vacation, etc. some trade for supplement income to their fulltime jobs and prepare for...
to only trade what we see? I guess that the word "indecision" means trying to predict the market. thats bad. wont use that word again. i thought i was just supposed to not trade if there are a lot of dojis as there is no strong price action
  • #19,257
  • May 15, 2013 3:37am May 15, 2013 3:37am
Sorry guys, in South Africa and can't post here but am posting trades and charts on twitter if anyone is interested:

https://twitter.com/Pawpaw1000
@pawpaw1000 on Twitter
  • #19,258
  • May 15, 2013 3:56am May 15, 2013 3:56am
Quoting itrade44
You asked the question for everyone, and i am letting you know that i am prepared and committed to do the WORK that is required for me to become successful in trading. No matter how many hours it will take. Thank you Steve.
That's the spirit! Keep it up! I haven't heard of anyone who started up trading without experiencing loss first. (and even blow up multiple acc, ranging from 1k to 70k, an uncle of my friend's friend lost house and car to forex, lucky I didn't haha)

Quoting emmanuel7788
All one need is to learn these required skills to read charts and see these -
PriceAction
Trend
Multi-Time Frame
Momentum
Support andResistance
Continuation
Volatility
Market Strength
Range
Timing
All these above is only the tip of the iceberg....10% of what is needed to be successful in trading TMS. THE WORK - what is this? Until you done and completed THE WORK, you will not make that transformation which will take you forwards and achieve Financial Freedom.
personally, I also look and study the indicators we're using. Why does it work, what does the green TDI mean, the TDI angle, why trade when it crosses, why remove/not remove the yellow line etc. (yellow line is super lagging on higher TF but with m15 it's pretty good)

And we'll make the correct decision and know when to apply it correctly during trades.
back... and more dangerous.
  • #19,259
  • May 15, 2013 4:08am May 15, 2013 4:08am
Quoting emmanuel7788
{quote} Greatness isn't Born. it is Grown... when I wrote THE WORK, I am not referring to spending 10,000 hours in practice. THE WORK is about transformation. It is about our beliefs. It is our beliefs which hinders our progress and our success. To become proficient in trading TMS, we don't need to spend 10,000 hours....at least not yet. To attain Trading Mastery, yes we need 10,000 hours of practice. This is my belief. I am my own example. Therefore I believe that my belief is true. When my belief is no longer true, I will need to do the turnaround....

Thank you for the video, watching later to grasp the meaning
I Have Learned to Take Some Losses to Make Profits
  • #19,260
  • May 15, 2013 4:09am May 15, 2013 4:09am
Decided to take this trade Long on GU H4 for these reasons:

1. TDI cross up and below 32
2. Previous candle is a Dodji, on SR level 1.52
3. First candle Up after the above

What do you think?
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 22 KB
62 traders viewing now, 1 is registered:
GanharDinhei