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Trading Made Simple

  • #21,201
  • Jun 28, 2013 7:08am Jun 28, 2013 7:08am
any advice appreciated

Pullback candle formed near daily high set at beginning of day. Noticed that aud.usd had lots of pullback entries lately. Entered short.
Attached Image (click to enlarge)
Click to Enlarge Name: jun 28 aud.usd.h1 trade.png Size: 54 KB
  • #21,202
  • Jun 28, 2013 8:20am Jun 28, 2013 8:20am
Quoting tenmilewalk
any advice appreciated Pullback candle formed near daily high set at beginning of day. Noticed that aud.usd had lots of pullback entries lately. Entered short. {image}
Nice trade, tenmile
  • #21,203
  • Jun 28, 2013 8:30am Jun 28, 2013 8:30am
Two EJ H1 trades today....first one entered on a break of yesterdays high and a cross of the TDI.....the TDI was headed into the overbought zone but I entered anyway because of the nice uptrend of the past two days with no sign of consolidation.....moved TP to 100 due to strong move up but price stopped just short of my TP.....I decided to exit manually since I was going to catch a couple hours of sleep and did not want to lose a lot of pips...second trade was taken based also on the up trend following the pre London retracement....no TDI cross......barely hit TP.
Attached Image (click to enlarge)
Click to Enlarge Name: 2013.6.28 ej h1.png Size: 48 KB
  • #21,204
  • Jun 28, 2013 9:00am Jun 28, 2013 9:00am
Quoting Phx62
Two EJ H1 trades today....first one entered on a break of yesterdays high and a cross of the TDI.....the TDI was headed into the overbought zone but I entered anyway because of the nice uptrend of the past two days with no sign of consolidation.....
Again, thank you so much for your chart. I also took the second one with slightly early exit at RN. Last evening, EU was choppy and I lost about 30 pips before I made up 40 pips at late NY session with EJ and AU. Making a slow but constant progress! Thanks.
Ah, I also made a AU short but got out too early with 25 pips. I was tired and wanted close the week early. AU was great today.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #21,205
  • Jun 28, 2013 9:07am Jun 28, 2013 9:07am
Quoting bigpips
Hi Emmanuel and others, Hope you are all well. I am on the road for a couple of weeks so can only read and learn.. Thanks too everyone posting! I am reading all.. Stay focused and trade well! {quote}

Hi bigpips,

You stay safe on the road. Look forward to see you posting soon.

Be Blessed.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,206
  • Jun 28, 2013 10:13am Jun 28, 2013 10:13am
Quoting emmanuel7788
{quote} hi abuziyad, Yes, day chart trading works very well. We can trade monthly positions with D chart. Conservative and safe way to trade using the Price Action Channel and learn to surf along the PAC. You will find enough trades per month with a 2% risk per trade and build up positions gradually. You will find a 2% risk per trade results into 5-6 % returns per month/avarage 20 trading days, when you develop the skills to build up positions. {image}

Can you give more detail about trading with PAC on D charts?
Do you mean 5-6% on every pair or in a multiple pairs?
What pairs do you recommend ?
  • #21,207
  • Jun 28, 2013 11:01am Jun 28, 2013 11:01am
Hello TMS warriors ( Like the new nickname ! )

I'm back, had my last exam yesterday, so this morning I started 'trading' again.
One trade for the day and ..... a loser ofcourse

It was a GU trade. Trend was bearish but was aiming for a decent little retrace. Price had pulled back / was stopped at the weekly support. TDI coming from oversold. Candle was blue (but turned red at the end). Angle was 2 o'clock.
See attached chart for visuals.

Risked 2% but exited at - 0.65%. Best call of the day !

Lessons learned : Better angle maybe ? The candle before my entry looked like there was some indecision.
Attached Image (click to enlarge)
Click to Enlarge Name: GBP.jpg Size: 144 KB
Don’t ever let someone tell you that you can’t do something.
  • #21,208
  • Jun 28, 2013 3:03pm Jun 28, 2013 3:03pm
Quoting Armacom
Hello TMS warriors ( Like the new nickname ! ) I'm back, had my last exam yesterday, so this morning I started 'trading' again. One trade for the day and ..... a loser ofcourse It was a GU trade. Trend was bearish but was aiming for a decent little retrace. Price had pulled back / was stopped at the weekly support. TDI coming from oversold. Candle was blue (but turned red at the end). Angle was 2 o'clock. See attached chart for visuals. Risked 2% but exited at - 0.65%. Best call of the day ! Lessons learned : Better angle maybe...

Hi Armacom,

Welcome back. I am sure you did well in your final exams when you gave that top priority.

When you want to do scalp a retracement, learn 4H scalping the way Big E does it, first you got to pick a good 4H setup which show some momentum. Get in on a retracement of a momentum candle and grab the follow through of that momentum candle. But you pick the 'wrong' pair GU and wrong timing.

Good attempt anyway and you did the right thing in getting out quickly.

Next week will be good time to recover that small loss.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,209
  • Jun 28, 2013 3:38pm Jun 28, 2013 3:38pm
Quoting Flaviu1981
{quote} Can you give more detail about trading with PAC on D charts? Do you mean 5-6% on every pair or in a multiple pairs? What pairs do you recommend ?

Hi Flaviu,

Here we are talking about short term position trading which usually last 2 to 3 week at most. Best suit traders who do not have time to check their charts every 4-hour period. To generate a 3R trade using 2% initial risk, we must play with multiple entries and multiple exits with proper position building in a trending market type. This rewuires a combination of skills other than techncial chart reading and analysis. The concept is not that complex as many traders think. It require effort to work out the method and all the necessary like money management, trade management, position sizing, etc. with the mindset to 'let profit run' and relatively stress-free trading.

First watch this video on how to swing trade using PAC.
http://www.compassfx.com/video/flash/42709/42709.html

Next week/month we start look for a pairs with potential for postion trading using the PAC and TMS 4H Entries and Exits using the higher timframe HTF D and W charts as the Primary Trend to trade. We will talk about currency pair selection to trade and postion building.

Your weekend exercise is to learn and practice how to draw historical support and resistance using MN and W line charts. I shared this before, and it is not complicated as some may think. To position trade, it is necessary to know where historical S&R for every currency pair. This week is a good example where historical S&R play well for AU, NU and GU pairs which I posted.
Remember we are trading HTF, so those lower TF stuff like Daily Fib and Pivots are not use. We play with historical S&R and BRN, and the monthly traded range.

Have a Great Weekend.

Be Blessed

EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,210
  • Jun 28, 2013 4:03pm Jun 28, 2013 4:03pm
NY trading closed an hour ago.
Here is how all 26 pairs close looks like at a glance.
Attached Image (click to enlarge)
Click to Enlarge Name: TMS 4H monitor NY close 28 Jun.png Size: 35 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,211
  • Edited 8:07am Jun 29, 2013 7:04am | Edited 8:07am
AU week 27 - 1 to 5 July

AU made 2 consecutive month move down. With last week bearish close and Friday close, we wait and see PA for follow through.
There are a few historical support and resistance (see attached) which will be play next week ...

For those who can only trade the Day chart or once daily, you have the option to login and check your charts at any of the 4-hour intervals. the best times are always the London and New York sessions where liquidity is higher.

Trading day chart also mean you can use TMS 4H entry and build up your positions on 4H periods.

4H TMS Exit rules does not mean you have to close all your trades. Exit is trade management which means you can scale out your trades when TMS 4H TDI goes flat. Use multi-lot entry for D chart trading.

Good Trading next week.
Attached File(s)
File Type: pdf AU week 27 planning 29-6-2013 7-29-33 PM.pdf   123 KB | 681 downloads
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,212
  • Jun 30, 2013 12:25am Jun 30, 2013 12:25am
GU review of weeks 25 and 26, and planning for week 27 - 1 to 5 July.

Next week will be an interesting week for GBP with several UK key data releases on Monday, Tuesday, Wednesday and Thursday. Must note that Thursday 4 July is the GBP rate announcemement and that day the US session will be closed due to US bank holidays. And the following day is US NFP on Friday.

It will be wide swings if I have to make a technical guess looking at the charts. Should there be a rebound to the upside, we have the Day PAC in our Big Picture to consider before we see a bullish reversal. But I will be prepared for further move down below those historical S&R.

I will stick to TMS 4H trading but having in the mind the primary trend.

Trade Well.
Attached Image (click to enlarge)
Click to Enlarge Name: GU review and week 27 planning 30-6-2013 9-28-51 AM.png Size: 156 KB
Attached File(s)
File Type: pdf GU review and week 27 planning 30-6-2013 9-28-51 AM.pdf   123 KB | 514 downloads
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,213
  • Jun 30, 2013 6:22am Jun 30, 2013 6:22am
Emmanuel ,

I have a thing to ask you, and i'm kind of embarresed. You posted 2 of Phx62's studies here for us to read, is that correct ? I downloaded the first one , but i searched the thread last night ( in my defence, it was 4:30 AM when i quit trying ) but couldn't find the 2nd study. Can you direct me where i can find it ? Thanks a lot and sorry for bothering !

I started reading the last weeks again, trying to learn how you guys read Price Action so well. What did i miss, since people took very nice trades last week, and i ended up at BE.
  • #21,214
  • Jun 30, 2013 6:51am Jun 30, 2013 6:51am
Quoting Vladbold
Emmanuel , I have a thing to ask you, and i'm kind of embarresed. You posted 2 of Phx62's studies here for us to read, is that correct ? I downloaded the first one , but i searched the thread last night ( in my defence, it was 4:30 AM when i quit trying ) but couldn't find the 2nd study. Can you direct me where i can find it ? Thanks a lot and sorry for bothering ! I started reading the last weeks again, trying to learn how you guys read Price Action so well. What did i miss, since people took very nice trades last week, and i ended up at BE. ...
Hi Vladbold,

No problem to post and ask any question. No embarassment when we have hunger for knowledge and have desire to learn.
I may not have all the answers, but I will reply and point you in the right direction.

if you are referring to the pdf, you will find them in the attachments.
Follow ths pic below .. use the paper clip function to get to the thread attachments.

Price Action is a huge topic. Best way is to learn and know a few common candlestick or bar patterns and practice how to spot them on you charts. How to trade them is any thing we all must learn to trade them using TMS method. I focus mainly in higher TF patterns on H4, D and W.

regards,
EMMANUEL
Attached Image (click to enlarge)
Click to Enlarge Name: FF paper clip for attachments.png Size: 97 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,215
  • Jun 30, 2013 8:46am Jun 30, 2013 8:46am
Thanks a lot, mate !

Will study hard today and start a great week tomorrow !
  • #21,216
  • Jun 30, 2013 8:59am Jun 30, 2013 8:59am
Hey guys,

Does anyone else's MT4 not move during the weekend?
Attached Image (click to enlarge)
Click to Enlarge Name: audusdh4.png Size: 39 KB
  • #21,217
  • Jun 30, 2013 10:47am Jun 30, 2013 10:47am
Market is closed during the weekend, that's why MT4 doesn't move. Happens the same to all of us
  • #21,218
  • Jun 30, 2013 6:04pm Jun 30, 2013 6:04pm
Quoting irishtoffy
Hey guys, Does anyone else's MT4 not move during the weekend? {image}
this has nothing to do with MT4 the trading platform.
most brokers do not offer weekend trading when there is no data feed from the banks.
very few brokers allow you to place your orders after market closed on Friday NY...

do you want to place orders after NY closed on Friday afternoon?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,219
  • Jun 30, 2013 6:46pm Jun 30, 2013 6:46pm
Hi Emmanuel I have version of TDI with alerts built in. What are your thoughts? Are the signals accurate?
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpyh4tdivisual.png Size: 47 KB
  • #21,220
  • Jun 30, 2013 7:22pm Jun 30, 2013 7:22pm
Quoting jodwayne
Hi Emmanuel I have version of TDI with alerts built in. What are your thoughts? Are the signals accurate? {image}
Hi jodwayne,

It is important to know who programmed that TDI visual alert and what parameters he used to determine those alerts conditons. It may work under for certain timeframes and under certain market conditions. I am sure those alert generated are accurate according to the parameters coded. Computer software is a great help because it works and work fast too, but it only work according to what the prgrammer coded it to do.

What is more important to me is that I decide which timeframe I want to trade and I decide on the setup conditons which I want to see that will meet my setups and for me to make decision to entert the market.

For me the trade setup condition for scalpin in lower TF like M15/m5 are different for day trading using H1 and very different for swing trading using 4H period. The lower TF are fast and the TDI alert must refelect this and i have my doubt in the way it is coded that it will be suitable for all TFs.

TMS is a combination use of the TDI and the APB/HA plus PA and Supp/Res.
That TDI Visual alert may help to alert you only the TDi condtition but not the others.

To come up with an integrated TMS alert should be more useful and this must again be in the TF the trader wants to trade in.
It is very difficult to code an indicator to be exhaustive enough to cover many price action aspects.
What I do is to have an indciator which to alert me for those PA bar patterns whcih I look for to trade. Then when the bar patterns appears, I look at the other factors for setup for example, the support and resistance which I usually had already drawn on my planning charts. The last part is watching the TDI and APB using multi-timeframe MTF analyse i.e. to recconcile that all 3 TFs agree with my setups.

I have my doubts any single indicator can do all these what i want.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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