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  • #20,481
  • Jun 11, 2013 1:19pm Jun 11, 2013 1:19pm
Quoting Greenb
{quote} Phx62, i do have a question. Like tonight when EJ moved strongly, there is a time when within an hour the price move 50-70 pips in 1 direction. This case happen to me tonight where i have SL at BE with 60pips in unrealized profit, when it suddenly moved up to 120-130 in unrealized profit. What would be better solution to keep some of those pips safe in pocket but still let the trade enough room to breathe? I know that we can use trailing stop or just manually increased SL. But to what point?
When I monitor the trade and price has move 20 pips or so, I drag the SL to the top of the current candle + the spread. I have never had a trade that is moving well (like the ones today) come back and hit my SL. Personally, I won't let a trade retrace more than 20 pips against me without exiting. Protect your profit where you can.
I also will sometimes close a portion of the trade if it looks like it is going to reverse on me and let the rest run or hit the SL (which is usually in profit already).
  • #20,482
  • Jun 11, 2013 1:36pm Jun 11, 2013 1:36pm
Quoting Phx62
Three great opportunities to trade today.... EU H1....price ran down after entry for less than 1 hour and 20 minutes.....missed my TP by 3 pips....manually closed for 178 pips. Trade was taken on a break below the 200 EMA on the 2nd candle after LO and a bounce of the TDI. TDI green and red were both below the 50 line and the yellow was also pointing down. Price moved relatively quickly with little retracement so I adjusted my TP 3 times to 200 pips which almost got hit. AU H1......pullback bar toward the end of the NY session.....consolidation...
Hello Phx62. Inspiring as usual. I am a little bit confused about the pullback candle you mentioned in the AU h1. I couldnt find where it was. Are you referring to the Doji's and hammers prior to your First entry? Also for the eur.jpy trade, I made that trade as well (break of daily low and 200. But I noticed there were several candles that tested the break of 200ema. What made you decide to enter on that particular candle?

Thank you

* Sorry about that. I got the order you described the trades for the AUD.USD mixed up Does that mean even thought the Pullback candle had a little wick at the top, it would still be considered a pullback candle?
  • #20,483
  • Jun 11, 2013 2:27pm Jun 11, 2013 2:27pm
Quoting Fx94
Hey Traders, What do you think about my 4 trades I took today. Unfortunately I lost some money, but i am still convinced about the TMS System. Do you have some educational material for consolidation situations in forex ? Best regards, FX94 {image} {image} {image} {image}
AUDNZD,

i think you missed the entry point. shouldn't it be the candle before your entry? even that is still candle no3. TMS rule 4H TF is to enter only on candle 1 or 2. I attached my AUDNZD chart down below. the right way if your monitoring it is to enter on the 1st candle right after it goes lower than the wick of the candle before it. The problem with your trade however..if you are looking at the 4h tf, last week itself..the pair move a dismal 100 pips total..So either dont trade this and find a pair with more volatility, or plan to do a longer term position.

EDIT: if you looks to the left, you can for the last 6 weeks this pair has not move much and even in down trend, it moves 100-150 pisp max in a week. not an ideal 4h TF pair

EURCAD

Good trade, i have no idea why you got out there when the candle is not even closed yet. especially since you are trading with the trend.

EURCHF

Sure the TDI line goes flat, but that candle is an IB, And if you are trading the 4h TF, you have to learn to let the trade breathe. it was only a -10 pips tops on that candle. Surely if you are trading 4H TF you have the capital to weather more than that. My SL on 4H TF is 50 pips. Matter of fact my AU trade this morning was -37 pips at its tops before going back my way 6-7 hours later. Closed it for +50 pips.

USDCHF

Again, did you pull out before the close of the candle? You have to learn how to let the trade "breathe" 4H TF, you dont immediately goes in profit the moment you enter candle. most times price retrace up 10-20 pips before going back to original direction. 10-20 pips SL is definitely not enough room for 4H TF trade.

Hope these helps

P.S Find a pair of currency that are trending or have more volatility. Also stop using the more exotic pairs, the spread will kill your profit, if you are new to trading, i suggest the major currency such as UJ EU GU. These pairs are much easier to learn and they have small spread and most time they trend or are in very wide range.
Attached Image (click to enlarge)
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Daniel
  • #20,484
  • Jun 11, 2013 4:58pm Jun 11, 2013 4:58pm
Quoting tenmilewalk
{quote} Hello Phx62. Inspiring as usual. I am a little bit confused about the pullback candle you mentioned in the AU h1. I couldnt find where it was. Are you referring to the Doji's and hammers prior to your First entry? Also for the eur.jpy trade, I made that trade as well (break of daily low and 200. But I noticed there were several candles that tested the break of 200ema. What made you decide to enter on that particular candle? Thank you * Sorry about that. I got the order you described the trades for the AUD.USD mixed up Does that mean even...

** Not wick at top, wick at bottom
  • #20,485
  • Jun 11, 2013 4:59pm Jun 11, 2013 4:59pm
Quoting tenmilewalk
{quote} Hello Phx62. Inspiring as usual. I am a little bit confused about the pullback candle you mentioned in the AU h1. I couldnt find where it was. Are you referring to the Doji's and hammers prior to your First entry? Also for the eur.jpy trade, I made that trade as well (break of daily low and 200. But I noticed there were several candles that tested the break of 200ema. What made you decide to enter on that particular candle? Thank you * Sorry about that. I got the order you described the trades for the AUD.USD mixed up Does that mean even...
Q1....I entered on candle 2 of the London session because it appeared to me that the high of the London session was set by the first candle and price would probably move down from there. Price had bounced off the weekly high (yellow line) during the Asian session and appeared to be starting a downtrend. The first candle of London moved down and then pulled back but once it closed lower than the open of the LO candle and moved below the 200, I entered.
Q2....You are correct, the candle I called a pullback candle really did not qualify.....I was referring to the first red candle following the move up during NY......it had wicks on both ends but when combined with the next 3 consolidation candles.....and a break below them, I took the trade.....not an A+++ trade but it worked out.
  • #20,486
  • Jun 11, 2013 5:00pm Jun 11, 2013 5:00pm
Quoting Phx62
{quote} Q1....I entered on candle 2 of the London session because it appeared to me that the high of the London session was set by the first candle and price would probably move down from there. Price had bounced off the weekly high (yellow line) during the Asian session and appeared to be starting a downtrend. The first candle of London moved down and then pulled back but once it closed lower than the open of the LO candle and moved below the 200, I entered. Q2....You are correct, the candle I called a pullback candle really did not qualify.....I...
Thank you. Many factors to consider
  • #20,487
  • Jun 11, 2013 5:33pm Jun 11, 2013 5:33pm
Which Trading Session
Are you all, in general, trading the London Session or from an hour or so before as per BigE?
If you are trading the AU is there enough volume to trade the Sydney or Asian Session or would you still wait for the hour before London?
I am thinking 4hr time frame?
Can anyone see patterns with trend in those periods?
Cheers
  • #20,488
  • Jun 11, 2013 6:18pm Jun 11, 2013 6:18pm
Quoting andygrope
Which Trading Session Are you all, in general, trading the London Session or from an hour or so before as per BigE? If you are trading the AU is there enough volume to trade the Sydney or Asian Session or would you still wait for the hour before London? I am thinking 4hr time frame? Can anyone see patterns with trend in those periods? Cheers
Good morning Andy,

I trade the market session from Sydney ASX open, the follow Tokyo open and right up till London close at GMT16000.

London market session including Frankfurt (one hour before LO) is known to be the most liquid of the three Tokyo and US sessions.

Big E lived in the US and he traded the NY open for the first few hours. His lifestyle allows him to the the 4H periods and this is exatly how TMS 4H was created and work great when we have the kind of discipline to follow the market every 4-hour period. Note: I am not saying H4 chart here becasue we all have different H4 charts and candles.

If you want to trade 4H, I suggest that you use chart with server time GMT+0, and use this consistently so that you will see those same CS patterns like most people. We trade the price, so you can place your order with any broker not necessarily on MT4 platform. I use IBFX AU and GFT AU, both a regulated by AU local authorities.

If you are trading AUDUSD, just look at the first 2 hours high-low when ASX open, I call this the SYD_2H. If that is narrow range below 20pips, use the high-low SYD_2H and trade the breakout of this range when Tokyo opens. News and events move the Asian session like yesterday. Backtest and you will see how many trades you can get per week in multiple of that SYD_2H range.

SYD_2H is not TMS so I will not post nor discuss here which can complicate things for many London session traders. I 'll PM you on this .

Cheers mate!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #20,489
  • Jun 11, 2013 6:27pm Jun 11, 2013 6:27pm
EU : looks like we have a breakout candle when the currrent 11 Jun D close in about 40 mins.

GU : first breakout of Monday' IB, looking good but still must overcome last week' Thursday high to see a full breakout of the Double IB.

My bias is still bullish but I will be cautious with wide randing condition today.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #20,490
  • Jun 11, 2013 6:30pm Jun 11, 2013 6:30pm
Here are the charts: Nearly 5% gain for the day!
Not 800+ pips like some!! Great trading

AUDJPY - 3% (130pips)

Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPY 11:06.png Size: 39 KB


NZDUSD - just under 2% Total
First position closed for 1%(50pips)
2nd position taken out at just under 1%(40pips)

Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD 11:06.png Size: 39 KB


Quoting bigpips
Hi All, Stayed away from markets end of last week to avoid the news.. 2 Trades today.. On tablet..charts will follow AUDJPY - 3%... TP got hit at 145pip..dropped to quick to move tp further NZDUSD - 1% taken with half position still open. Trade well
  • #20,491
  • Jun 11, 2013 6:33pm Jun 11, 2013 6:33pm
My EU and GU trades doen since Monday.
Note: These are all Multiple Entries / Multiple Exits (ME/ME) trading as market is on consolidation and pending for breakout.
I am holding few open positions to see when the breakout then I will re-position myself as market show the way.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSD Week 24 trade update 12-6-2013 6-35-06 AM.png Size: 48 KB
Click to Enlarge Name: GBPUSD Week 24 trade update 12-6-2013 6-34-58 AM.png Size: 52 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #20,492
  • Jun 11, 2013 7:49pm Jun 11, 2013 7:49pm
Quoting Fx94
Hey Traders, What do you think about my 4 trades I took today. Unfortunately I lost some money, but i am still convinced about the TMS System. Do you have some educational material for consolidation situations in forex ? Best regards, FX94 {image} {image} {image} {image}
Fx94,

You have already got some good feedback fom member Greenb.
Looking at your trades charts, I am sure you can indentify those areas of improvements for yourself especially in the follwing areas:

1) The timing of your entries, when you chase after long price bars with one single entry. Do not simply enter on the candle after the TDI cross is confirm. The market will always retrace and you wait for a better entry price. If you do not want to miss that entry candle, then enter with smaller postion and build up more positions to get an overall lower average entry price to the full risk.

2) Exits using TDI going flat without checking on the price action above on the price chart is not th best way toexit any trade. Yes, the rule says exit when TDI green goes flat or hook over, but we myst use some discretion and look at those learning charts posted by Big E when he mentioned those situations.
In many cases recently TDi goes flat but PA shows consolidation with smaller price bars for a few 4H periods. This consolidation are actually good for the next breakout move, so what do we do as traders?
we protect our trades and do not simply exit...
or we can scale out with some profits and remain in the market with stops protecting our capital.

3) Do not overtrade with too many live trades. Demo is okay and good for practice. As an example I do not commit more that 3 % per currency pair traded. Usually 2% maximm risk per pair. Maximum exposure is 10% when I have open trades in several pairs at any one time. Therefore at any one time I can trade up to 5 pairs maximum. Too many pairs open at the same time make it diffcult to manage and we must take into consideration that some pairs are correlated.

Yesterady I posted links to learn consolidation patterns. Please look for that post above.

Hope this help.

Regards,
EMMANUEL


.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #20,493
  • Jun 11, 2013 8:04pm Jun 11, 2013 8:04pm
Hey,

Would recommend a broker using MT4 platform for someone living in the UK?
  • #20,494
  • Jun 11, 2013 8:17pm Jun 11, 2013 8:17pm
Quoting emmanuel7788
{quote} Good morning Andy, I trade the market session from Sydney ASX open, the follow Tokyo open and right up till London close at GMT16000. London market session including Frankfurt (one hour before LO) is known to be the most liquid of the three Tokyo and US sessions. Big E lived in the US and he traded the NY open for the first few hours. His lifestyle allows him to the the 4H periods and this is exatly how TMS 4H was created and work great when we have the kind of discipline to follow the market every 4-hour period. Note: I am not saying H4...
Thanks for the great advice Emmanuel.
I have been waiting for the Europe session but would like to do something with the Sydney session so your advice is spot on.
I will check out that Sydney open and the ranges.
I have setup with Axitrader in Sydney and they use GMT + 3hrs. which I am told closes the candle with a NY close and no Sunday candle.
But I have the time differences sorted and the zones on my chart.
  • #20,495
  • Jun 11, 2013 10:51pm Jun 11, 2013 10:51pm
EU Asian range is so close today...barely 10 pips. Maybe we should prepare for possible break hey
Attached Image (click to enlarge)
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Daniel
  • #20,496
  • Jun 11, 2013 11:41pm Jun 11, 2013 11:41pm
hi guys,

I just long AJ 2 hours ago when the candle start, but right now i am thinking that i got a bad trade........
i saw the TDI cross and supported by Stoch,

http://www3.picturepush.com/photo/a/...g/13299181.jpg
  • #20,497
  • Jun 12, 2013 12:52am Jun 12, 2013 12:52am
Fake breakout from the ascending triangle. Fibo 61.8 seems to be a strong resistance so far. Failure to break above it, i will be looking for short positions on Eur/usd.
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  • #20,498
  • Jun 12, 2013 12:53am Jun 12, 2013 12:53am
Hi emmanuel7788 Sos thanks ;-)
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  • #20,499
  • Jun 12, 2013 12:56am Jun 12, 2013 12:56am
Quoting Greenb
EU Asian range is so close today...barely 10 pips. Maybe we should prepare for possible break hey {image}
As usual it is quiet before the storm... many bulls stops below to take out before the next move and I am sure may bear limit orders above to trigger.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #20,500
  • Jun 12, 2013 1:06am Jun 12, 2013 1:06am
Quoting pinux76
Hi emmanuel7788 Sos thanks ;-) {image}
hi pinux76,
Take a look at D and W TDI. Market is trending for 2 weeks.
I am trading trading the weekly open and since D TDI is bullish , I can build up my positions gradually during the retracement.
I dont have to wait for TMS 4H setups as I may not have the time to look every 4-hour intervals. Whenever I have time to login and check, I look in lower TF charts like H1 and M15, look for support levels to add-in positions as market move. I don't look for TDI cross in lower TF.
I play with overall average entry price.
The concept in building up positions has been around for long time but few people discuss this in forex trading.

There is a pdf I posted from a book . Download Here
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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