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Trading Made Simple

  • #19,561
  • May 21, 2013 4:06pm May 21, 2013 4:06pm
As I review recent posts in this thread, I find many charts with a multitude of multicolored lines, arrows and indicators on them and many comments about how unsure the traders are to enter trades. There are always reasons NOT to take a trade and one can always find reasons to take a trade. It appears that many thread patricipants have "analysis paralysis" in making decisions about whether or not to enter. In my opinion, much of the SIMPLE has been recently overlooked on this thread.....Big E reiterated over and over that trading must be kept simple......thus the name of this thread.

Due to an overall ranging market, I decided to scalp a few pips during the Asian session on the AU. That trade netted 50 pips and reversed, giving an entry signal long, so I entered.....and again.....and again....and again. I didn't have to check the Monthly, Weekly or any other chart to enter. I did have a H1 chart open next to my M15 trading chart, showing S/R lines, etc. The 200 EMA was also a concern but I entered anyway and monitored the trades to see if they would break through that EMA. Price action and TDI crosses coming out of overbought or oversold areas were all I needed to net 210 pips for the day. Was I lucky? To a certain extent....yes. Was I prepared to exit the trades if they reversed.....absolutely. I would have taken whatever the market was willing to give up. I am not recommending that anyone without some trading experience, trade the M15 charts but if you look back at where Big E started....he traded the 15 minute charts and even started the Craig Harris thread about trading M15. He then graduated to the H1 and finally to the H4 because he did not want to stay up all night at his age and monitor trades. If you look back at his posts, he kept his charts simple and his trading simple. I, for one, think we would all be better off by simplifying our charts and doing the same.

Attached Image (click to enlarge)
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  • #19,562
  • May 21, 2013 5:41pm May 21, 2013 5:41pm
Quoting emmanuel7788
EU week 21 H4 setup 21 May NYO Is this s good setup ? it is APB/HA candle#2, close below 5EMA, TSI crossed down. what are the risks? {image}
http://www.forexfactory.com/attachme...1&d=1369142020

thank you everyone who took time and made your post reply to this trade setup question.

when to trade and when not to trade is an important question to ask.... TIMING.

since we all follow London session,we saw how GU ran down but whn we look at the other USD majors - AU, EU, UChfd, UCad, NU ...these pairs did not move much depsite GU went down 80pips when NYO.
Look at EURGBP, ...EUR strengthen against GBP due mainly to GBP weakness as market eacts to the weak data release out of the UK.

Now back to the EU H4 chart posted:
yes, there was TDI cross down just when NYO,
yes the APB?Ha show candle #2,
not to mention that the Stoch (8,3,3) also confirmed whcih I did not show on my chart.

The 'anwser' is that we must pick only the A+++ H4 trade setups using Price Action at Support and Resistance PASR. One look at the real price bar OHLC on that APB/HA candle#2, there was not DownThrust. Where are the Support and Resistance?

PA trapped between two RN 1.2900 and 1.2850, should be indication for you to do down to lower TF like H1 and look for intraday condition.

Remember, we trade 4H swing and that does not mean we do not have bother with intraday conditions. We want intraday conditions also to agree with 4H swing when we make our entry. We want to see momentum to push price after our entry and market not to threathen our initial SL. When market threathens our initial SL, we tend to panic and close our trades in panic and not giving our trade enough time room to breathe.

Remember about TIMING, that means a lot of things when I often said about TIMING.
The first hour opening of NY is important since we enter into the overlap trading hours of London and new York.

Trading Made Simple has been really made simple by Big E. But why many of us cannot make it ? My simple answer is we all start at TMS, we did not start trading lower TF using Craig Stochastics 5-Method and we do not have that amount of experience like Big E. We also do not have that discipline like Big E and do not share the same lifestyle to trade 4H periods. The psychological profile (what I call mental fitness) are very different and cannot be taught. It can be trained and that will many many hours...may be 3000hours at least.

Hope this help some of you on the EU trade decision. It is simple but ain't easy.

regards
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,563
  • May 21, 2013 6:00pm May 21, 2013 6:00pm
Quoting Amirsaid
http://charts.mql5.com/1/605/nzdusd-...l-services.png hai manuel 7788 and friends is it ok
Amirsaid,

Thanks for posting and participating in this TMS thread discussion.

Just a few quick comments:

1) Not that I am am impolite and rude, but you NZD charts looks terrible with so many colours and indicators from other systems. This will affect decicion making looking at soemmany things and to consider them all.

2) You traded all NZD related pairs. There is a danger in over-trading and over exposed. If market goes agints NZD, most if not all you trades will be affected all at same time. Plan carefully which pair to trade. Pick only the higher probability one and pass over the others.

3) If you are new to spot forex trading, my recommendation is stick to the major pairs AU, EU, GU, UChf, UCad and NU. The crosses are diffcult to trade for inexperienced trades and the spread not attractive.

4) JPY pairs are good to trade as they are very volatile. You need to pick entry carefully and do position sizing, or else it can break your tradmg account much quicker than you know.

5) Do not trade a basket of currency pairs. TMS is not build for basket trading. Just one trade at the time on 4H, take profit and run is one way to make money on regularly basis.

6) If you want to trade like an investor, there are other ways and not TMS.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,564
  • May 21, 2013 6:02pm May 21, 2013 6:02pm
Quoting Phx62
As I review recent posts in this thread, I find many charts with a multitude of multicolored lines, arrows and indicators on them and many comments about how unsure the traders are to enter trades. There are always reasons NOT to take a trade and one can always find reasons to take a trade. It appears that many thread patricipants have "analysis paralysis" in making decisions about whether or not to enter. In my opinion, much of the SIMPLE has been recently overlooked on this thread.....Big E reiterated over and over that trading must be kept...

Phx62,

Thank you for this timely post and reminding us again and again.

I hope many will read this post and pick up the finer points in trading simple.

Regards,
EMMANUEL.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,565
  • May 21, 2013 6:06pm May 21, 2013 6:06pm
Quoting Blueman1887
{quote} Hi Emmanuel I considered this trade but passed because : - didn't like the look of the candles, size, long wicks - thought the TDI crossed too far below the 50 Just didn't think it was an A+++ set up Regards Blueman

Blueman,

Thnanks for posting this reply to my trade question.

I also did not like that candle when iut did not close with DownThrust.

I do not use the TDI 50 line for 4H trade decision.
On 4H , I don't see it usefulness but perhaps for those who love trading in the fastlane like M15, then it is of some good use as filter to stay in lane.

Regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,566
  • May 21, 2013 6:12pm May 21, 2013 6:12pm
Quoting Dutchy_2012
{quote} Hi Emmanuel, First post in this thread, been following for a while.. I did not take this trade. didn't like the cross, not steep enough. plus I don't take trades towards the MBL. plus see how close the MBL is towards the bottom. Don't use the volatility bands, so I can't really comment on those. If you like patterns it seems that it just finished ABC(D?) Plus, look at the weekly close, At least for me to much no no's.. Btw, really appreciate what your guys doing here.
Dutchy,

Thanks for this post in reply to my EU trade setup question.

Good points made. But MBL is not use in 4H swing trading. It is a filter some traders use in lower TF. On H4, we will lose some good opportunities when we use MBL as filter.

Regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,567
  • May 21, 2013 6:17pm May 21, 2013 6:17pm
Quoting Jackub
{quote} {image} red line its support was in last week weekly -127% ext... can sill hold...

Jackub,

That was last week Fib127%. So less weight for that.

What bothered me for intraday trading was Monday' bullish candle and today PA was sitiing on Prev D Fib50% 1.2861 and RN 1.2850 which is good for intraday trading... to buy. This is against my Plan A for 4H Sell.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,568
  • May 21, 2013 6:20pm May 21, 2013 6:20pm
Quoting Aj1
Emms Looking at my chart, there is Monthly S/R at 1.2815, the red line on my chart. Also there is Weekly S/R at 1.2848, the purple line on the chart. I know I am posting my analysis after the event, just wanted to see if these were the considerations you were taking into account. Aj1 {image}

Aj1,

Good point with S&R on your chart.
Since you have S&R on your charts, and you trade with your own rules and doing it consistently will be good discipline to develop into a good habit.

Well done.

Thank you.

Regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,569
  • May 21, 2013 6:22pm May 21, 2013 6:22pm
Quoting Pervis
{quote} Hello Emmanuel, can you share me your opinion about the risks on this trade? For me, I see the S/R close below? Is it right?

Pervis,

Next time, please post a chart. It will say more. OK?

Thanks

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,570
  • May 21, 2013 6:25pm May 21, 2013 6:25pm
Quoting Fame of me
{quote} It looks not good, and, for me its no setup. Diffrent broker, diffrent signals {image}

Fame of me,

I like this one "Different broker, different signals..'
This is one good reason why we put less weight on and relying on indicator signals when we should all be trading just the price.
That is why 'Price Action is King' as many traders will say.

Thanks.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,571
  • May 21, 2013 6:30pm May 21, 2013 6:30pm
Quoting pawpaw1000
{quote} Hi Emmanuel, I also had this trade but closed it for 50 pips as I see dollar being overbought... That said, here are some of my current trades entered off H1... {image} {image} {image} Only one bothering me at the moment is USDCHF. Sorry I haven't been posting but in South Africa on holiday and posting all trades and analysis to my twitter... Happy hunting :-)

pawpaw,

very good H1 trades you got there.

UCHf will play out well, no worries as you have you capital protected with SL. right?

just grab some intraday pips and run away.

Enjoy your holidays in SA.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,572
  • May 21, 2013 6:37pm May 21, 2013 6:37pm
Phx62,

Thank you for reminding all of us the foundation of Big E's trading philosophy...simple is best with minimal indicators. Big E had enormous success during his years of trading TMS, and I feel very fortunate to have read his teachings and friendly advice when he was with us. He was truly an unselfish and loving man, and sincerely sought success for each of us in our trading endeavors.

Thanks again Phx62 for your commitment to continue this thread as Big E would desire. Would be great to hear from other great supporters of Big E...just to name a couple: Snarlyjack and BritPip7.

Thanks again,
GB
  • #19,573
  • Edited 6:53pm May 21, 2013 6:42pm | Edited 6:53pm
Quoting Fx94
Hi, I´m back in the Forum. Had some other work to do, but now i can concentrate on the forex market. @emmanuel: Without checking the thread here, i realized a good opportunity to trade the GU today. Like your trade in post 19545 i traded the GBP / USD short. Then i was afraid because the green RSI line touched the 32 line. I made 1.24€ by investing 10.00 €. I was to impatient in this trade, because i could make over 50 pips - just by waiting and sitting in front of my pc. I checked out the educational material on compassfx.com. The...

Fx94,


GU is news trading today but it played out well according to my Plan A. We still have another week to go before this Monthly candle closes. We maybe trading into the May MN shadow if you know what I mean.

TMS is an off-spring of Dean Malone' Synergy which he sells and provide training. When I use the term 'off-spring' I know many traders will hate me for doing so.

Big E himself did mentioned that DM trading is conservative. Therefore I see TMS as less conservative or perhaps a little aggressive. Price Action is one step ahead of the DM use of Price Action Channel PAC. The PAC has its good uses in ranging market pick the breakouts and in trending market to ride the trend. The compasfx website has many good tuturial videos on the TDI and the PAC. As matter of fact, the PAc is effective in M15 scalping if one has enough experience trading in the fastlane.

To trade TMS, there is no harm to place the PAC in backround as a kind of learning wheels to see the price volatility movements. must do not rely on that for entries. I rely on Price Bar OHLC for entries to see PA.

Hope this help. Look forward to see you posting more often in this thread.


regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,574
  • May 21, 2013 8:21pm May 21, 2013 8:21pm
Quoting Phx62
As I review recent posts in this thread, I find many charts with a multitude of multicolored lines, arrows and indicators on them and many comments about how unsure the traders are to enter trades. There are always reasons NOT to take a trade and one can always find reasons to take a trade. It appears that many thread patricipants have "analysis paralysis" in making decisions about whether or not to enter. In my opinion, much of the SIMPLE has been recently overlooked on this thread.....Big E reiterated over and over that trading must be kept...
Thank you so much for your words.
I appreciate it
  • #19,575
  • May 21, 2013 9:12pm May 21, 2013 9:12pm
Quoting Phx62
As I review recent posts in this thread, I find many charts with a multitude of multicolored lines, arrows and indicators on them and many comments about how unsure the traders are to enter trades. There are always reasons NOT to take a trade and one can always find reasons to take a trade. It appears that many thread patricipants have "analysis paralysis" in making decisions about whether or not to enter. In my opinion, much of the SIMPLE has been recently overlooked on this thread.....Big E reiterated over and over that trading must be kept...

Awesome. Phx62, what made you decide to trade the AU? I looked at the atr for it and it was only about 20 pips. id you enter in 15min because market was ranging recently?

inspiring as usual. Thanks
  • #19,576
  • May 21, 2013 11:16pm May 21, 2013 11:16pm
Quoting tenmilewalk
{quote} Awesome. Phx62, what made you decide to trade the AU? I looked at the atr for it and it was only about 20 pips. id you enter in 15min because market was ranging recently? inspiring as usual. Thanks
As I stated.....the market was ranging and if I am going to scalp trade, I look for pairs that don't have a lot of candles with wicks at both ends.....the AU met that criteria.....as far as SL and TP, I have my EA set up to automatically place a 50 pip SL and 50 pip TP, then I adjust from there. I did move my SL to just above/below the pullback bars but left my TP at 50. It probably should have been 40 based on 2 times the ATR but I was monitoring every 15 minutes or so and could have exited on a strong pullback.
Green pips to everyone!!!!!!!
  • #19,577
  • May 22, 2013 2:28am May 22, 2013 2:28am
EU 22 May LO:

Look at EU H4 now as LO, I don't see any H4 A+++ setup.
Only possible trading will be intraday on H1 for some pips.

Unless someone sees something different which I missed. Please post.

Trade Well.
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,578
  • May 22, 2013 2:30am May 22, 2013 2:30am
Quoting emmanuel7788
{quote} Amirsaid, Thanks for posting and participating in this TMS thread discussion. Just a few quick comments: 1) Not that I am am impolite and rude, but you NZD charts looks terrible with so many colours and indicators from other systems. This will affect decicion making looking at soemmany things and to consider them all. 2) You traded all NZD related pairs. There is a danger in over-trading and over exposed. If market goes agints NZD, most if not all you trades will be affected all at same time. Plan carefully which pair to trade. Pick only...
Thanks alot for your advising and helping
i´ll retry again but as an investor buy daily chart 4hr and 1 hr
with my humble analysis and if i am not correct way please tell me thanks and have a nice day from spain
  • #19,579
  • May 22, 2013 2:52am May 22, 2013 2:52am
Quoting emmanuel7788
EU 22 May LO: Look at EU H4 now as LO, I don't see any H4 A+++ setup. Only possible trading will be intraday on H1 for some pips. Unless someone sees something different which I missed. Please post. Trade Well. EMMANUEL
Hi Emmanuel,

didnt see anything on 4h tf also. however im in EJ trade for now. though EU certainly has my attention too. Probably wait for a pull back on that hourly candle before going long also.
GJ also looking a bit bull on my 4h tf at the moment. although this candle close in 1h 9 mins. not sure if it will stay nice as we have some news for GBP in 38 mins

Greenb

EDIT: EJ trade is a free trade now, sl at BE+1
Attached Image (click to enlarge)
Click to Enlarge Name: ej 1h22-05-2013.gif Size: 61 KB
Daniel
  • #19,580
  • May 22, 2013 3:10am May 22, 2013 3:10am
Quoting Greenb
{quote} Hi Emmanuel, didnt see anything on 4h tf also. however im in EJ trade for now. though EU certainly has my attention too. Probably wait for a pull back on that hourly candle before going long also. GJ also looking a bit bull on my 4h tf at the moment. although this candle close in 1h 9 mins. not sure if it will stay nice as we have some news for GBP in 38 mins Greenb EDIT: EJ trade is a free trade now, sl at BE+1 {image}

Just hold EJ as long as you can... it will make it up to 135.00 . I am holding my trades until I see a reversal.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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