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Trading Made Simple

  • #20,221
  • Jun 3, 2013 11:47am Jun 3, 2013 11:47am
Quoting G.Grillz
thanks emmanuel7788 for your ur feed back , also can anybody tell me why are we using period separator in this system, which only gives broker times ?? just was checking previous charts and i was wondering its existence . btw i mean (ctrl + y). although this system is quite easy an straight forward but if you are a noob you should know that basic forex things will take from you awhile b4 you can say this method is easy, for me i have been studing japanese candlesticks b4 i came here one year ago and sometimes i really have to go back for it once...
HA candle itself only shows the strength of the candle. But with studying candlestick pattern, we can recognize continuation and reversal pattern that will take HA candle another extra candle to show. It also let us confirm our analysis.
Daniel
  • #20,222
  • Jun 3, 2013 1:06pm Jun 3, 2013 1:06pm
Quoting irishtoffy
{quote} Hi Phx62, I have been reading your pdf documents, some great info in them so thanks! When reading PA what are you looking for apart from Double Tops/Double Bottoms/Hanging Man/Hammer/Inside Bar..do you look for or know any others that I should also look for? Do you look at Bullish/Bearish Engulfing? Cheers Paul
When reading Price Action, I look for all of the patterns you mentioned, including BEEB and BUEB. My favorite pattern is the ones I circled on the last chart I posted....the pullback reversal candle pattern with the TDI moving out of overbought or oversold areas and taken during times when market volume is high....like LO or the overlap of London & NY sessions.
  • #20,223
  • Jun 3, 2013 4:56pm Jun 3, 2013 4:56pm
Quoting Phx62
{quote} When reading Price Action, I look for all of the patterns you mentioned, including BEEB and BUEB. My favorite pattern is the ones I circled on the last chart I posted....the pullback reversal candle pattern with the TDI moving out of overbought or oversold areas and taken during times when market volume is high....like LO or the overlap of London & NY sessions.
Hello Phx 62, when you refer to the pullback reversal candle pattern, are you only talking about 1 pullback candle or do you mean the pullback candle followed by a doji? I also noticed that several of the pullback candle patterns you posted were inside bar formations as well, is that part of the pattern as well?

Thank you
  • #20,224
  • Jun 3, 2013 7:12pm Jun 3, 2013 7:12pm
Quoting emmanuel7788
Hi Everyone, Here is something for your weekend reading: But remember priority is still time for your spouse/partner, children, friends and neighbours, .... trading is best kept after this order. Enjoy! {image}

this book is $395 on amazon , man i cant thank you enough bt really thank you
  • #20,225
  • Jun 3, 2013 7:18pm Jun 3, 2013 7:18pm
Quoting emmanuel7788
{quote} You need to know a few common PA Candlsticks - Inside Bar (IB) , Bullish/ Bearish Engulfing Bars(BUEB/BEEB) , Bullish / Bearish Outside Bars (BUOB/BEOB) , Double Bars High Lower Close (DBHLC) and Double Bars Low and Higher Close (DBLHC) Please learn and apply all these and you will know why Phx62 is so succesfful with H1 trading. Trade Well folks. EMMANUEL {image}
emmanuel your gonna kill me with this .... i though as market technician you can choose btw analyzing bar patterns or candlestick patterns bt use both in the same time
  • #20,226
  • Jun 3, 2013 7:50pm Jun 3, 2013 7:50pm
Hi Phx62,

I noticed on the last chart you posted (post #20159) that you are now trading, in addition to E/U, the E/J and A/U pairs. Have you dedicated an inordinate number of hours studying the PA behavior of these pairs as you did E/U? Is it possible, because of your experience, you have honed your trading skills to the point that you may look at any currency pair during the LO and trade the right PA supported by the TDI cross?

Thanks for all that you contribute to this thread,
GB
  • #20,227
  • Jun 3, 2013 11:02pm Jun 3, 2013 11:02pm
Quoting G.Grillz
{quote} emmanuel your gonna kill me with this .... i though as market technician you can choose btw analyzing bar patterns or candlestick patterns bt use both in the same time

bar patterns and candlestick pattern are the same. its only difference is how it looks like.
Daniel
  • #20,228
  • Jun 3, 2013 11:49pm Jun 3, 2013 11:49pm
Hi ,

I also wanted to take a look at those bar patterns, but can't seem to find them anywhere in my downloaded material from this thread. Am i missing them, or should i look them up somewhere else ?

Thanks for the help !
  • #20,229
  • Jun 3, 2013 11:53pm Jun 3, 2013 11:53pm
Quoting Vladbold
Hi , I also wanted to take a look at those bar patterns, but can't seem to find them anywhere in my downloaded material from this thread. Am i missing them, or should i look them up somewhere else ? Thanks for the help !

http://www.babypips.com/school/japan...eat-sheet.html
Daniel
  • #20,230
  • Jun 4, 2013 12:00am Jun 4, 2013 12:00am
Quoting gbmcgee
Hi Phx62, I noticed on the last chart you posted (post #20159) that you are now trading, in addition to E/U, the E/J and A/U pairs. Have you dedicated an inordinate number of hours studying the PA behavior of these pairs as you did E/U? Is it possible, because of your experience, you have honed your trading skills to the point that you may look at any currency pair during the LO and trade the right PA supported by the TDI cross? Thanks for all that you contribute to this thread, GB
Yes....I have dedicated many hours of back-testing and forward-testing to learn the behavior of these three pairs....in some ways they are similar but they each have unique properties. When deciding which pair to trade, I consider this information along with looking for the highest ADR for each pair and looking at the candles of each pair....if one has fewer or no wicks on both ends, I try to trade that pair. Also, AU and some EJ can be traded during the Asian session, depending on news releases, S/R areas, and if the ADR is above 115 or 120 for the pair. I also look for occasional scalps during the Asian. As I have stated before, my prime trading time is the first 3 hours of London.....that is when there is usually the most volume, the bigger moves and the most pips to gather.....and I still look for the high or low of the day to be set during the first few hours of London, followed by a reversal that sometimes will continue for 7 or 8 hours. If all that fails, I look at NY after the first hour is over (no much whipsaw during the first hour).
Success to you gbmcgee.......
  • #20,231
  • Jun 4, 2013 12:16am Jun 4, 2013 12:16am
Quoting tenmilewalk
{quote} Hello Phx 62, when you refer to the pullback reversal candle pattern, are you only talking about 1 pullback candle or do you mean the pullback candle followed by a doji? I also noticed that several of the pullback candle patterns you posted were inside bar formations as well, is that part of the pattern as well? Thank you
In my opinion, a Pullback Candle Pattern includes three or four candles, usually the candle before the pullback candle and the one or two candles after the pullback candle. To qualify, the candle before the pullback candle and the one following must have a HL than the pullback candle and at least the first candle must also have a HH (when price has been moving down and is reversing to an uptrend). The longer the wick on the pullback candle, usually the better reversal. The third or fourth candle must also make a HH over the pullback bar. As you pointed out, the third candle can be an inside bar.......you just need to do some study and testing.......these setups are very profitable when pulling out of an overbought or oversold area on the TDI (and of course a cross of the TDI and a change of color of the third or fourth candle in the pattern).
Good luck to you tenmilewalk........
  • #20,232
  • Jun 4, 2013 1:22am Jun 4, 2013 1:22am
Quoting Phx62
{quote} In my opinion, a Pullback Candle Pattern includes three or four candles, usually the candle before the pullback candle and the one or two candles after the pullback candle. To qualify, the candle before the pullback candle and the one following must have a HL than the pullback candle and at least the first candle must also have a HH (when price has been moving down and is reversing to an uptrend). The longer the wick on the pullback candle, usually the better reversal. The third or fourth candle must also make a HH over the pullback bar....
Thank you phx 62. Never considered looking at the candle before pullback.Always thought pullback consisted of pullback and inside bar formation at most
  • #20,233
  • Jun 4, 2013 1:51am Jun 4, 2013 1:51am
Double bottom with pullback candle. Entered after price broke pullback candle high. However, traded near london close.

By the way, does anyone know how to draw short lines on mt4?
Attached Image (click to enlarge)
Click to Enlarge Name: june 6 eur.jpy.h1.png Size: 64 KB
  • #20,234
  • Jun 4, 2013 2:13am Jun 4, 2013 2:13am
Quoting tenmilewalk
Double bottom with pullback candle. Entered after price broke pullback candle high. However, traded near london close. By the way, does anyone know how to draw short lines on mt4? {image}

tenmilewalk,

Not simple just to see double bottom and pullback candle then pull the trigger. I suggest you study Steve Nison candlestick stduy material posted here post #20,125 . You need to zoom out to see the history ... before that double bottom to increase your winning probability.

Spend more time to see the candlestick patterns on live charts and deteremine what the market sentiments is , then make trade decisions.
There are actually two books written by Steve Nison but the attachment in post 20,125 give a condensed study reference which is quite sufficient introduction. To learn price action trading, I recommend to read one of his 2 books.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #20,235
  • Jun 4, 2013 2:23am Jun 4, 2013 2:23am
Quoting G.Grillz
{quote} emmanuel your gonna kill me with this .... i though as market technician you can choose btw analyzing bar patterns or candlestick patterns bt use both in the same time

G.Grillz,

yes, I will surely kill you when I see you. Watch out when I in your neighbourhood.

Seriously, when I started learning TMS year back, I read every of Big E posts and those he reply to members questions. I learn from another member name 'dean' and he uses the real price bars for his entries and he uses the APB to manage his trades. I find that is a good method.

I traded many years only with price bars and I am moe comfortable using real price bar pattern for setup and entry. The Heiken Ashi is just like visual tool to show what the average price should be sort of thing and ios useful to see the momentum and strength. Some traders trail their stops using the HA.

Anyway, TMS 4H trading is simple if we stick to the basic rules for entry and exits.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #20,236
  • Jun 4, 2013 2:24am Jun 4, 2013 2:24am
Quoting emmanuel7788
{quote} tenmilewalk, Not simple just to see double bottom and pullback candle then pull the trigger. I suggest you study Steve Nison candlestick stduy material posted here post #20,125 . You need to zoom out to see the history ... before that double bottom to increase your winning probability. Spend more time to see the candlestick patterns on live charts and deteremine what the market sentiments is , then make trade decisions. There are actually two books written by Steve...
Hello emmanuel. sorry for the chart being a bit confusing. I actually did enter that trade this morning. It was based on the pullback double bottom and tdi being in oversold zone. It does seem misleading that there are candle sticks after the tp.

Im trying to trade the phx62 way. Even though what he does is extremely hard, it was easier for me to understand. Do you know what history he looks at when he enters those trades? Do you mean daily highs and lows?
  • #20,237
  • Jun 4, 2013 2:27am Jun 4, 2013 2:27am
i'm done for the day (very short day..about 3 hours)
+100 from EJ, and another trade im letting run on AU.

Happy hunting people

Greenb
Daniel
  • #20,238
  • Jun 4, 2013 2:45am Jun 4, 2013 2:45am
Quoting tenmilewalk
{quote} Hello emmanuel. sorry for the chart being a bit confusing. I actually did enter that trade this morning. It was based on the pullback double bottom and tdi being in oversold zone. It does seem misleading that there are candle sticks after the tp. Im trying to trade the phx62 way. Even though what he does is extremely hard, it was easier for me to understand. Do you know what history he looks at when he enters those trades? Do you mean daily highs and lows?
sorry, but I have to say this now:
To trade the Phx62 way, you need to clone his brain into yours.
You do not know that he is a financially independent person and this make a huge psychological difference in how he trades and how another trades.
He EU trades are usually SL 50pips and TP 50pips and he does this becasue he know his entries are very good timed and he has a very high win rate and that justify a R:R 1:1 type os risk management.
But you do need to know how good your entries are to be able to trade his way. How to know? Well that simple - do 100 trades using MT4, and analyse your trades. Then continue to the next 100 trades, then another 100 trades, by the total 300 trades you will get a good picture of how good your entries were and how good you are at managing your trade exits. Only after you have your trade data analysed, you will decide if you can do Single Entry/ Single Exit SE/SE(like Phx62) or it would be better to do Single Entry/Multiple Exits SE/ME (Scale-out) or you can do Multiple Entries / Multiple Exits ME/ME.
The objective in doing this is to determibe a money management method to achieve your financial goals using TMS H1 intraday trading. This is a process in system development.

When I say zoom out and look at history, is to look back at previous prce action on your chart and that will help you deterimine if your setup is one of high probability or not. For intraday trading , if market is trending, then breaking previous day high or low is obvious to continue trending, so this is where the previous Day OHLC comes into play. But then how do we buy low and sell high in a trending market knowing that PA will move above or below previus Day OHLC. Think of retracements entry. Where? That is what PA will show you.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #20,239
  • Jun 4, 2013 2:51am Jun 4, 2013 2:51am
Quoting Greenb
i'm done for the day (very short day..about 3 hours) +100 from EJ, and another trade im letting run on AU. Happy hunting people Greenb

I am sort of done too for today scalping the Yen pairs on M15. Those Redc Bull drink sure help keep me awake for hours. Now need to catch up some lost sleep.

BTW, I just finish coding a "TMS M15 Scalper" to use on our chart to help with M15 scalpers.
If anyone interested to help me test this new 'tool', let me know and I can either post it here or you can PM me with your email.

Looks like this below to scalp the Yen volatile pairs.
Attached Image (click to enlarge)
Click to Enlarge Name: TMS M15 Scalper test.png Size: 52 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #20,240
  • Jun 4, 2013 2:54am Jun 4, 2013 2:54am
Quoting Phx62
{quote} Yes....I have dedicated many hours of back-testing and forward-testing to learn the behavior of these three pairs....in some ways they are similar but they each have unique properties. When deciding which pair to trade, I consider this information along with looking for the highest ADR for each pair and looking at the candles of each pair....if one has fewer or no wicks on both ends, I try to trade that pair. Also, AU and some EJ can be traded during the Asian session, depending on news releases, S/R areas, and if the ADR is above 115 or...
greetings phx62. you are the inspiring. how are you back backtest candles?
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