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Trading Made Simple

  • #19,661
  • May 23, 2013 7:56am May 23, 2013 7:56am
Quoting gegeorge
And here? {image}
I was also watching this one GeGeorge, USDCAD I do not trade at the moment. I have eight currencies on my screen. If I can't make it with those I must look for another occupation. 5 min until next H1 Bar and mine next H4 bar
  • #19,662
  • May 23, 2013 8:01am May 23, 2013 8:01am
Quoting emmanuel7788
{quote} thewriter30, Well, looks like nobody is interested to any skype room idea.I have my own Live Trading Room with my own team.So I don't have time for a bigger group of people here. I post here hoping to keep the TMS familiy spirit alive and help some people. Overall, looking at the number of people posting and sharing here, there isn't a lot of interest in TMS anyway. Thanks for posting this skype room idea. regards,EMMANUEL
Spot on! Well I tried!
You do a good job btw... So, live trading room? US? Aussie? can you give me the details?
  • #19,663
  • May 23, 2013 8:03am May 23, 2013 8:03am
I'm short Gold on the H1
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  • #19,664
  • May 23, 2013 8:12am May 23, 2013 8:12am
Quoting emmanuel7788
{quote} thanks for sharing your trades thrax. when trading H4, we must always look at the Weekly OHLC and know the weekly traded range. This will help us in project our TPs and also know where the CONTINUATION of the trend will go to. Some weeks will be narrower range and therefore we trade according to the Weekly Price Action as the Primary Trend and wait for the breakout of the previous week' high or low and target the Prev W Fib 127% and 161%. When we see that the previous week range is wider than the average, then the breakout will not be that...
Emms

I understand looking at the Weekly Hi/Lo to project our TPs. However what are we looking for in the Open/Close of the Weekly candle?
And is this the same for the Daily candle.

Aj1
  • #19,665
  • May 23, 2013 8:32am May 23, 2013 8:32am
Quoting emmanuel7788
{quote}
10 things to know, to learn, to practice and to master... to reach the stage of Unconscious Competence.

Price Action
Trend
Multi-Time Frame
Momentum
Support and Resistance
Continuation
Volatility...

Thanks you, Emmanuel
Very happy... + 250pip on GU trade
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  • #19,666
  • May 23, 2013 8:57am May 23, 2013 8:57am
Quoting emmanuel7788
{quote} Prominent88, that is not a ATR window...just a piece artwork I use to explain things on my charts posted here. when you do your business plan, you need to keep records of all traded ranges of the currency pairs you want to trade and use the data for your trade planning.
Hi Emmanuel, how do you find out the trading range for each day? So that I can keep a record of it. I have the ATR but, is the only way to do this by manually backtesting or is there an indicator to use?

I had a bad week this week..-50 pips
Thanks
  • #19,667
  • May 23, 2013 9:06am May 23, 2013 9:06am
Quoting Pervis
{quote} Thanks you, EmmanuelVery happy... + 250pip on GU trade {image}

WOW! 250pips...

I am very happy when I see traders make 250pips in one price swing. Welcome to 4H swing trading in one week effort.

Now I want some of this ...champagne...
Attached Image
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,668
  • May 23, 2013 9:15am May 23, 2013 9:15am
Does anybody see anything wrong with taking this short trade on GU? With SL and TP ATRx2
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  • #19,669
  • May 23, 2013 9:16am May 23, 2013 9:16am
Quoting irishtoffy
{quote}Hi Emmanuel, how do you find out the trading range for each day? So that I can keep a record of it. I have the ATR but, is the only way to do this by manually backtesting or is there an indicator to use? I had a bad week this week..-50 pipsThanks
there are several way to get the ATR in MT4.

use the MT4 data window

I see some posts here with session box showing pips range, that can be use too.

-50pips? post your chart and we shall see how to help you win this back next week...
Attached Image
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,670
  • May 23, 2013 9:20am May 23, 2013 9:20am
Quoting irishtoffy
Does anybody see anything wrong with taking this short trade on GU? With SL and TP ATRx2 {image}
See no momentum, second candle has wicks both sides, and this are quite big wicks...
JacekPreserve Precious Capital
  • #19,671
  • May 23, 2013 9:23am May 23, 2013 9:23am
Quoting Aj1
{quote} Emms I understand looking at the Weekly Hi/Lo to project our TPs. However what are we looking for in the Open/Close of the Weekly candle?And is this the same for the Daily candle. Aj1
the previous week OHLC are the natural support and resistance, they are there for sure not need to use any indicator.

when market moves, price must break either of the previous week' Open or the Close unless market is in very narrow range than price becomes trapped within the Open and Close, right. Seldom happens.

the same when we trade lower TF and use the Day OHLC..
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,672
  • May 23, 2013 9:25am May 23, 2013 9:25am
Quoting irishtoffy
Does anybody see anything wrong with taking this short trade on GU? With SL and TP ATRx2 {image}
why do you use the price line chart ?

switch to Bar chart and you can see the OHLC of every bar on the APB/HA..

you want to look for price strength and momentum, therefore you need to see a Upthurst or Downthrust bar for entry.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,673
  • May 23, 2013 9:34am May 23, 2013 9:34am
Quoting emmanuel7788
{quote} WOW! 250pips...I am very happy when I see traders make 250pips in one price swing. Welcome to 4H swing trading in one week effort. Now I want some of this ...champagne... {image}
Cheer, we were here to follow your post, try to catch your experience, and we follow everywhere you go
  • #19,674
  • May 23, 2013 9:34am May 23, 2013 9:34am
Quoting emmanuel7788
{quote} the previous week OHLC are the natural support and resistance, they are there for sure not need to use any indicator. when market moves, price must break either of the previous week' Open or the Close unless market is in very narrow range than price becomes trapped within the Open and Close, right. Seldom happens. the same when we trade lower TF and use the Day OHLC..
Thank you Emms. I shall implement this into my trading strat.

Aj1
  • #19,675
  • May 23, 2013 9:38am May 23, 2013 9:38am
Quoting emmanuel7788
{quote} why do you use the price line chart ? switch to Bar chart and you can see the OHLC of every bar on the APB/HA.. you want to look for price strength and momentum, therefore you need to see a Upthurst or Downthrust bar for entry.
OK..so were looking for a much bigger candle body before we enter and small or no wicks? Which should indicate more momentum behind the movement?
  • #19,676
  • May 23, 2013 9:43am May 23, 2013 9:43am
Quoting yurij
GBPUSD & EURUSD - looks like good setting in case of H4 close above EMA(5) shift 2

yurij,

did you take those trade setups?

post your charts please.

thanks.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,677
  • May 23, 2013 9:53am May 23, 2013 9:53am
Quoting irishtoffy
{quote} OK..so were looking for a much bigger candle body before we enter and small or no wicks? Which should indicate more momentum behind the movement?

see chart below for explanation of DownThrust bar
... small wick is important
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #19,678
  • May 23, 2013 9:56am May 23, 2013 9:56am
Thinking of going short on EU H1. What do you think?
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  • #19,679
  • May 23, 2013 10:00am May 23, 2013 10:00am
Quoting emmanuel7788
{quote} see chart below for explanation of DownThrust bar... small wick is important {image}
I took the trade before i read your replies before! Now that there is a good downthrust bar should i keep in the trade with the aim of hitting TP? Or should I get out now?
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  • #19,680
  • May 23, 2013 10:02am May 23, 2013 10:02am
UP Thrust Bar example:

Here is one example where there is a very good UP thrust bar and in this situation you can enter when this candle#1 closes before TDI cross.
Or enter during candle#2 before it closes.
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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