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Another simple system - Time-Frame 15

  • #21,461
  • Jun 14, 2013 9:09am Jun 14, 2013 9:09am
Jackub

I'm struggling to see the rationale behind your very nice GU trade today, wouldyou mind explaining it to me please. Thanks

mixed day for me today, 3 trades 2wins once loss, but 2 pips slippage on the aussie loser
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Getting there, slowly but surely...
  • #21,462
  • Jun 14, 2013 9:13am Jun 14, 2013 9:13am
Quoting Jackub
Time for weekend... EU 32 pips ... was waiting whole day for this.... {image} Have nice weekend fellows...
again Jackub, really nice trade, but what is the rationale? you opened a long trade from below the MA'swhile TDI was trending downwards. You seem to have a knack of picking them, so credit to you, but I just can't figure out how
Getting there, slowly but surely...
  • #21,463
  • Jun 14, 2013 9:25am Jun 14, 2013 9:25am
Quoting Edlich
Jackub I'm struggling to see the rationale behind your very nice GU trade today, wouldyou mind explaining it to me please. Thanks mixed day for me today, 3 trades 2wins once loss, but 2 pips slippage on the aussie loser {image} {image} {image}
Hi, I am strugling too, dont be worry.....

GU trade
take look again on my M15 chart.......
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same time on H4 strong bearsih divergency.....
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I expecting price will fall, and fortunately was right,
I am sure Jordfx would have taken this earlier on higher S/R
JacekPreserve Precious Capital
  • #21,464
  • Jun 14, 2013 9:34am Jun 14, 2013 9:34am
better than before.
so happy for that!
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  • #21,465
  • Jun 14, 2013 9:35am Jun 14, 2013 9:35am
Quoting Jackub
{quote} Hi, I am strugling too, dont be worry..... GU trade take look again on my M15 chart.......
Are you saying you took it, because it had tried and failed to break through 1.5715-20 multiple times in the asian session, when it failed again, with a (weakish) pinbar just before the FO, you took that as your entry.

Great trade, but from a technical point and as someone who's only just getting back into this trading method after straying for a while, my entry (if i were taking trades before LO) would have been the next candle, on the FO, when it closed below the 10MA and green TDI cross yellow. 15 pip draw down, but good for a TP at the 200MA for +25.

Would appreciate your thoughts. Cheers
Getting there, slowly but surely...
  • #21,466
  • Edited Jun 15, 2013 1:58am Jun 14, 2013 9:54am | Edited Jun 15, 2013 1:58am
Quoting Edlich
{quote} again Jackub, really nice trade, but what is the rationale? you opened a long trade from below the MA'swhile TDI was trending downwards. You seem to have a knack of picking them, so credit to you, but I just can't figure out how
Edlich, I am presenting charts with tardes most of the winning ones, but I do mistakes as every one does!!
I am showing trdes based on ARJUN methhod and others , based on PA, structure of price ( at least have such hope!), S/R... then I am looking for exhaustion not for cross, some times even I am not looking on TDI at all...
EU... take a look on M15 zoomed out to see what price is doing last five days...?

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regulary bouncing from a 200EMA, and later breaking it but going back, strong uptrend... so decided be buyer, didnot expect it will be so hard but finnaly worked out. Was bit scary , cos it looks like Euro is going to fall much stronger then expected.... anyway w played for correction...
As price broke my S/R was waiting for moment where price will go up... thats it...

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I have been told number of times TDI is just confirmation what price is doing, and if you know what price is doing you do not need indicators.... this was main idea of LE1... the LE1 rules have to lead us to develop chart reading skill ... I am still on beginning of this road .....
Anythig you would like to ask, I will answer with plesure, only if my own knowledge allows me to...
JacekPreserve Precious Capital
  • #21,467
  • Jun 14, 2013 10:08am Jun 14, 2013 10:08am
Jackub

Thanks for taking the time to explain. Unfortunately my day job doesn't allow me the time to analyse charts with S/R and Fibo's etc, I need simplicity, so for now I'm sticking to the 10MA crosses, with TDI confirmation, mostly in the direction of the trend unless there's plenty of room back to the 200MA for a CT. I still manage to get that wrong too often.

Maybe a few months of trading like this if i can get some consistency I'll be ready to take the TDI stabilisers off

Thanks again
Getting there, slowly but surely...
  • #21,468
  • Jun 14, 2013 10:14am Jun 14, 2013 10:14am
Quoting Edlich
{quote} Are you saying you took it, because it had tried and failed to break through 1.5715-20 multiple times in the asian session, when it failed again, with a (weakish) pinbar just before the FO, you took that as your entry.
This entry have nothing common with FO/LO, only with price structure on H4 where divergence appears, the only thing I was worring about was where enter a move down which just began, red candle breaking my S/R was confirmation... the pin bar was showing direction of price next candle already red was continuing move, breaking S/R..
JacekPreserve Precious Capital
  • #21,469
  • Jun 14, 2013 10:20am Jun 14, 2013 10:20am
Quoting Edlich
Jackub Thanks for taking the time to explain. Unfortunately my day job doesn't allow me the time to analyse charts with S/R and Fibo's etc, I need simplicity, so for now I'm sticking to the 10MA crosses, with TDI confirmation, mostly in the direction of the trend unless there's plenty of room back to the 200MA for a CT. I still manage to get that wrong too often. Maybe a few months of trading like this if i can get some consistency I'll be ready to take the TDI stabilisers off Thanks again
I am spending lot of time with charts and still feel sometimes like baby, every single day I am making mistakes, and when finally do something right and nice I am happy like a child...
Still far way to consistency.....
Have nice weekend
JacekPreserve Precious Capital
  • #21,470
  • Jun 14, 2013 10:23am Jun 14, 2013 10:23am
Jackup, the Divergence in H4 is clear now, but for me at present the way you trade is too discretionary, I need much more screentime before I can start taking trades like that.

Thanks for your time and have a nice weekend too.
Getting there, slowly but surely...
  • #21,471
  • Jun 14, 2013 10:27am Jun 14, 2013 10:27am
Quoting Edlich
Jackup, the Divergence in H4 is clear now, but for me at present the way you trade is too discretionary, I need much more screentime before I can start taking trades like that. Thanks for your time and have a nice weekend too.
It looks like only mate...
General rule of every business is buy low, sell high
GL
Jacek
JacekPreserve Precious Capital
  • #21,472
  • Jun 14, 2013 11:59pm Jun 14, 2013 11:59pm
GBP JPY
Two trades, 1- stopped out at -28
2- TP, may be driven by some news.. but there was no major news announcement for JPY at that time... dont know why. Anyway entry was correct I believe, bouncing off 200ema inthe trend direction. +59. Learning.
can someone explain why the first trade went loss?
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  • #21,473
  • Jun 15, 2013 12:04am Jun 15, 2013 12:04am
EJ two trades:

trade 1- entered after pin bar off 10 ema inthe direction of the trend. Went down about 20 pips and then reversed and hit my SL at BE+2.95, good trade anyway?

trade 2 - good entry off 10 and 50ema. Went down about 30 pips and then reversed and hit my SL at BE+7.79. Learning.
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  • #21,474
  • Jun 15, 2013 12:39am Jun 15, 2013 12:39am
Guys....
Two important things about learning forex is:
1. Backtesting
2. Journaling and analysing your trades.

I've designed an excellent way to journal and analyse your trades in a very systematic way. We all know the rules, but we still break it and sometimes makes loss trades. Best way to reduce your mistakes... is journaling and reviewing ur trades in a systematic manner.. EVERY DAY!!!

Im attaching my newly designed jouraling method here. Hope some of you could benefit. Ask me for any clarifications or doubts.
Attached File(s)
File Type: docx Journal.docx   684 KB | 600 downloads
  • #21,475
  • Jun 15, 2013 1:36am Jun 15, 2013 1:36am
Quoting vinforex7
GBP JPY Two trades, 1- stopped out at -28 2- TP, may be driven by some news.. but there was no major news announcement for JPY at that time... dont know why. Anyway entry was correct I believe, bouncing off 200ema inthe trend direction. +59. Learning. can someone explain why the first trade went loss? {image}
Your two ad.........vantages (sorry can't help that one) in trading are trend and support and resistance levels.

Look to the left of your chart at the place where you entered your losing trade. It should be visibly obvious that there has been buying there. When taking those trades you have no way of knowing what the market will do so you need some space between entry and support level to get stop to BE. Its really a coin flip some of those trades will work some won't. If you had say 15 pips between entry and support level to get stop to BE the failed coin flips are BE's and if it runs fine.
  • #21,476
  • Jun 15, 2013 1:53am Jun 15, 2013 1:53am
Quoting vinforex7
GBP JPY Two trades, 1- stopped out at -28 2- TP, may be driven by some news.. but there was no major news announcement for JPY at that time... dont know why. Anyway entry was correct I believe, bouncing off 200ema inthe trend direction. +59. Learning. can someone explain why the first trade went loss? {image}
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previouse candles shows market do not wont have price below this level, to brake this support area you need big momentum
which can bee seen on your second attempt
JacekPreserve Precious Capital
  • #21,477
  • Jun 15, 2013 2:04am Jun 15, 2013 2:04am
Quoting vinforex7
EJ two trades: trade 1- entered after pin bar off 10 ema inthe direction of the trend. Went down about 20 pips and then reversed and hit my SL at BE+2.95, good trade anyway? trade 2 - good entry off 10 and 50ema. Went down about 30 pips and then reversed and hit my SL at BE+7.79. Learning. {image}
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same situation here.... draw line to visualization

my two cents.....
JacekPreserve Precious Capital
  • #21,478
  • Jun 15, 2013 2:10am Jun 15, 2013 2:10am
Quoting Jackub
{quote} {image} previouse candles shows market do not wont have price below this level, to brake this support area you need big momentum which can bee seen on your second attempt
Thanks Jackub... points well noted and adding to my journal. Thanks a lot...!
Nice of U to put in effort to help...!
  • #21,479
  • Jun 15, 2013 2:37am Jun 15, 2013 2:37am
Vantage-- Thank U...! It helps a lot to have a different view about something. A different perspective really hepls.... thank U

Jackup.... Thanks for the illustrations. It makes it easier to read the chart... !
  • #21,480
  • Jun 15, 2013 6:13am Jun 15, 2013 6:13am
Hi guys,

been reading the whole thread until the end of may and started making some trades with a mini account.

The results so far are really encouraging... but the greatest thing is that I feel something deep has changed inside me. On the psychological part, I acquired the patience to wait for the best setups to appear. If there isn't any perfect setup showing, i just don't trade that day. I don't need to be in a trade everyday anymore.

If i miss a setup entry, i just wait patiently till the next setup.

This thread is a real goldmine. I'm now reading it for the second time.

Even if the starter of this thread isn't here anymore, i just thank him very much for everything that has been shared here.

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