Trading Made Simple | Page 966 | 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

  • #19,301
  • May 15, 2013 10:22pm May 15, 2013 10:22pm
Quoting emmanuel7788
{quote} {quote} Hi Prominent88, I think the use of English language do pose a problem with our understanding. But the word 'Reformasi' you know very well. right? LOL Trading rules are different from Entry and Exist rules. Do not confuse these. Anyway,general trading rules are simply: 1) I shall trade the 4H period following the market sessions - Tokyo open GMT000, Tokyo mid-session GMT0400, London open GMT0800, NY open GMT1200, London close GMT1600. 2) I shall trade only the following currency pairs - AU, EU, GU, AJ and EJ (as example) 3) I only...
Hi Emmanuel7788,

Yes, the word 'Reformasi' become very famous recently, haha.

Where can I get the info for the different market sessions open and close time? Is it this has effects in our trades?

What should I do in the Big Picture Planning, weekly trade plan and daily trade plan? Is it this related to Trend Line or market trend?

Thank you and appreciate for your advice.

Regards,
Prominent88
  • #19,302
  • May 15, 2013 10:43pm May 15, 2013 10:43pm
Hi Emmanuel,
following your planning sugestion

" Everyday, when we start our trading day,
1) Look at the Weekly chart and the last week' candle. Take note of the W candle OHLC. Pay attention to the Upper and Lower wicks.

2) If the W candle is bullish, then our bias is UP.... we look to Buy only.

3) Now switch to and look at the Day chart, look at the 5 - D candles which formed the previous Week candle. Study closely which of D candles formed the W candle Upper wick. "

I need some little clarification, you know newsbies are very uncertain..... So, we have W candle , which determine market direction, , ... we are using for this purpose Bars/Candlestick (not APB/HA), am I right?

We have pay attention to the wicks
What if we have W bullish bar, and wick on a Top is 50% of the body, have we to look on D candle for today direction for trading?? Is the same with W Doji or close to Doji what direction do we have to take? Or avoid the market?

Patiently waiting for you to defeat your hunger....
JacekPreserve Precious Capital
  • #19,303
  • May 15, 2013 10:46pm May 15, 2013 10:46pm
Please here is a core of Big picture palning abstract... hope this help somebody
Attached File(s)
File Type: pdf Big Picture planning.pdf   889 KB | 1,568 downloads
JacekPreserve Precious Capital
  • #19,304
  • May 15, 2013 11:20pm May 15, 2013 11:20pm
Good Morning,
Doing my preparations for today I saw this oppurtunity and I'm short now AUDUSD. weekly is down, daily trend id down and PA breaks out a ranging zone on the H4.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audusd.h1.png Size: 63 KB
Click to Enlarge Name: audusd2.h4.png Size: 19 KB
  • #19,305
  • May 15, 2013 11:30pm May 15, 2013 11:30pm
Quoting Jackub
Hi Emmanuel, following your planning sugestion " Everyday, when we start our trading day, 1) Look at the Weekly chart and the last week' candle. Take note of the W candle OHLC. Pay attention to the Upper and Lower wicks. 2) If the W candle is bullish, then our bias is UP.... we look to Buy only. 3) Now switch to and look at the Day chart, look at the 5 - D candles which formed the previous Week candle. Study closely which of D candles formed the W candle Upper wick. " I need some little clarification, you know newsbies are very uncertain........

Hi folks,

Now that I have my tummy filled with wood fired Italian pizza and vino, I am ready to answer some important questions first.

For all my discussion I only mentioned price candlestick which I refer mainly to the real price Bars or Japanese Candlesticks CS

Only when I switch o H4 chart and when I talk about TMS, then I would use specifically the APB/HA. But remember, I based all my trade entries using the price bars becasue I want to see the real price Open High Low and Close aka OHLC.
I have always the APB/HA in background of my price bars and I know if it is TMS TDI cross APB/HA candle #1 and #2.

All my Big Picture planning is done using real price bars/CS.

Now, to Jackub' question on W price bars with long upper wick about 50% of the body, you have to ask yourself, what are the D candles like to make that W long upper wick?
When there is a long upper wick in a Weekly CS, it is very likely to see a consolidation and/orreversal type of CS pattern like for example Insdie Bar, Double Inside Bar , or a 3-bar reversal D CS pattern, DBHLC, Bearish Engulfging CS, etc.

Now go to AU weekly chart and look at a few example of W candles with long upper wicks;
26.02.2012, ... 09.09.2012, and 07.04.2013,
those W candles have long upper wick but not 50% or the body. Go to D chart and see what those D candles look like.

I use the W and D candlestick to form a bias for trade decision. It is not to determine the market trend. Sometimes the Weekly trend is UP but market makes a string correction so we can pick a good 4H trade in the Wekly correction. The weekly range is what I look at to pick a good trade which can give me a 2R trade result purely based on weekly traded range.

Hope I am clear so far. If not, please poke me.

Good Trading today.

*** Market is pro-USD, don't ask me why, that is what I see in overall USD pairs.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,306
  • May 15, 2013 11:34pm May 15, 2013 11:34pm
CAD/JPY...
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpyweekly.png Size: 28 KB


Attached Image (click to enlarge)
Click to Enlarge Name: cadjpydaily.png Size: 29 KB


Attached Image (click to enlarge)
Click to Enlarge Name: cadjpyh4.png Size: 28 KB


waiting.......
JacekPreserve Precious Capital
  • #19,307
  • May 15, 2013 11:37pm May 15, 2013 11:37pm
Quoting Pipsmurfer
Good Morning, Doing my preparations for today I saw this oppurtunity and I'm short now AUDUSD. weekly is down, daily trend id down and PA breaks out a ranging zone on the H4. {image} {image}

Pipsmurfer, good morning, I am watching this also and I also noticed a Bearish Englulfing on the two previous H4 bars. But I am not sure about the weekly SR on 0.98230, which it seems already reached. Let's see how it develops.

Any other comments appreciated.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 23 KB
  • #19,308
  • May 15, 2013 11:39pm May 15, 2013 11:39pm
Quoting Pipsmurfer
Good Morning, Doing my preparations for today I saw this oppurtunity and I'm short now AUDUSD. weekly is down, daily trend id down and PA breaks out a ranging zone on the H4. {image} {image}
shorting aussie is good idea.
first it started with China reported slower growth, then came rate reduced to 2.75%, then G7 summit sent out chaos signal, Japan flooded the market cheap Yen and Aso said we don't talk about market at end of G7 meeting, ... and Canberra Tuesday' budget release, ... these send aussie down ... heading to 0.9600...MN demand zone there.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,309
  • May 15, 2013 11:45pm May 15, 2013 11:45pm
Quoting gegeorge
{quote} Pipsmurfer, good morning, I am watching this also and I also noticed a Bearish Englulfing on the two previous H4 bars. But I am not sure about the weekly SR on 0.98230, which it seems already reached. Let's see how it develops. Any other comments appreciated. {image}
Gegeorge, I see no problem, look at the Weekly I've attached,
Attached Image (click to enlarge)
Click to Enlarge Name: audusd.weekly.png Size: 55 KB
  • #19,310
  • May 15, 2013 11:45pm May 15, 2013 11:45pm
Quoting Jackub
Please here is a core of Big picture palning abstract... hope this help somebody {image}
Hi Jackub,

Thanks for your sharing of this PDF file.

Will read through this info.

Regards,
Prominent88
  • #19,311
  • May 15, 2013 11:49pm May 15, 2013 11:49pm
Emmanuel,

Its nice and clear now, I just need to be sure, thank you very much .
Concerning ". It is not to determine the market trend." of course I can not determine market direction (so pity ), only can determine direction of action will take...!! this is just my language problem .....
JacekPreserve Precious Capital
  • #19,312
  • May 15, 2013 11:51pm May 15, 2013 11:51pm
Quoting Prominent88
{quote} Hi Jackub, Thanks for your sharing of this PDF file. Will read through this info. Regards, Prominent88
Let me redirect your thanks to Emmanuel and dcginc...
JacekPreserve Precious Capital
  • #19,313
  • May 15, 2013 11:59pm May 15, 2013 11:59pm
Quoting Prominent88
{quote} Hi Emmanuel7788, Yes, the word 'Reformasi' become very famous recently, haha. Where can I get the info for the different market sessions open and close time? Is it this has effects in our trades? What should I do in the Big Picture Planning, weekly trade plan and daily trade plan? Is it this related to Trend Line or market trend? Thank you and appreciate for your advice. Regards, Prominent88

Prominent88,

You can see the market seesion at the bottom of your Forex Factory first page. Look at the section "Sessions".
You should see Sydney/Tokyo/Londo/New York.
Money flow from market to market. So when market opens and closes, money flows along. But then spot forex is 24 hours, so why do the different market sessions matter? There is correlation between stock,futures, options, forex market. Which one is leading which, nobody knows for sure. Some experts make all kinds of statements like stock market lead forex, etc. But all we know is that the market needs lot of liquidity money to function. When stock market is bullish, many people rush in to buy stocks, where do the money come from? Borrowings... borrow lots of money with low interest rate and change them to USD and buy stocks. So demand for USD goes up, right? maybe right and maybe wrong.

Big Picture planning is to give an overview of the currency pair we trade. I know some people say doing Big Picture fo intraday and scapling is an overkill. Yes, I agree with them too. But I trade mainly 4H swing and some longer term postions which can last for few weeks. So my Big Picture is to give me the bigger picture of the longer time duration and where price may go to.
Big Picture also show me where the MN and W histrical prices levels were once before. Market has the habit to remember historcial price levels.
Thise histrocial price levels are S&R and can be effcectively use to look for CONFLUENCE with more recent S&R in the prevailing market trading levels. Market tends to react when near S&R. Why? Fear and Greed of the market participants.

Sorry for this long winded story.

Good Trading!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,314
  • May 16, 2013 12:08am May 16, 2013 12:08am
Quoting Greenb
Hi Emmanuel, can you please look over my prep work and see if i have done it properly? EU is on a downtrend at the moment both in daily and weekly support at 1.2860 1.2839-40 1.2748 1.2480 resistance at 1.2936 1.29950-1.3 RN accordingly i should look for a short. At the moment, price hit and rebounded a little bit from 23.6 fib line but it is still Tokyo trading hour. Depending on the movement of the price, it may goes up beyond 23.6 most likely to 1.29 for a fakeout before coming back down again in which i should pay close attention to 1.2839-40...
http://www.forexfactory.com/attachme...1&d=1368670804

Greenb,

I see you have some MN and W S&R similar to what I have too.

But market is pre-USD, and current chart is showing us bearish followin last week candle.

Last night PA stopped at Fib127% 1.2865

Now PA still shwo down flow and I am still downward bias to the next BRN 1.2800 and 1.277 Prev W Fib 161% is pretty good target too.
I exited my trade after NY close. So I have no open trade for this EU now.

Focus on managing AU to ride down instead. Added some postions this week in a 400pips ride now.

Trade Well!

P/S I am UTC-8 hours.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,315
  • May 16, 2013 12:18am May 16, 2013 12:18am
Quoting emmanuel7788
{quote} {image} Greenb, I see you have some MN and W S&R similar to what I have too. But market is pre-USD, and current chart is showing us bearish followin last week candle. Last night PA stopped at Fib127% 1.2865 Now PA still shwo down flow and I am still downward bias to the next BRN 1.2800 and 1.277 Prev W Fib 161% is pretty good target too. I exited my trade after NY close. So I have no open trade for this EU now. Focus on managing AU to ride down...
thx for the help. i am actually going to be monitoring EU EJ and AU 4h tf tonight. new 4h candle start in 1h42m so going to cat nap till then.

btw, greetings from Vancouver
Daniel
  • #19,316
  • May 16, 2013 12:29am May 16, 2013 12:29am
Hi Folks,

just to share with you all my AU trade done using D chart TF.
Trade still running with 2R 2% banked in.
Remaining protected at 2R and added new postions this week to ride down.

Edit: Please don't take it that I am boasting and showing off this trade. I just want you to know that to trade for a living, you must spend many hours to follow the market and stalk the currency pair day after day. You can't expect to open your chart and say there is my signal and pull the trigger.
This is what Big Picture planning is all about and listening on the ground what happens in the economy DownUnder. You must hjave a plan when to trade and what to trade. You need to know the risk of every trade taken and know how to mitigate those risks with proven money management and trade management.
Attached Image (click to enlarge)
Click to Enlarge Name: AU May trades update16-5-2013 3-15-12 PM.png Size: 50 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,317
  • May 16, 2013 12:37am May 16, 2013 12:37am
Quoting Greenb
{quote} thx for the help. i am actually going to be monitoring EU EJ and AU 4h tf tonight. new 4h candle start in 1h42m so going to cat nap till then. btw, greetings from Vancouver

Good you mention EJ.

Now that USD is strong and EU get a beating. When this beating stops, EJ move again ... UPwards only from my point of view.

I don't sell EJ until I see a W close lower than 2 previous W low.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,318
  • May 16, 2013 12:41am May 16, 2013 12:41am
What do you think about GU today?
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 22 KB
  • #19,319
  • May 16, 2013 12:44am May 16, 2013 12:44am
EJ time for Long or wait?
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 21 KB
  • #19,320
  • May 16, 2013 1:03am May 16, 2013 1:03am
Quoting gegeorge
What do you think about GU today? {image}

GU still look good to sell...
you see that huge H4 'mother bar' to your left?

watch carefully the PA for the next 2 weeks ( 19 to 31)_ till May month end. We may be trading into the May MN candle lower shadow/wick.
know what I mean?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
246 traders viewing now