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Trading Made Simple

  • #21,361
  • Jul 3, 2013 7:56pm Jul 3, 2013 7:56pm
Quoting Phx62
{quote} I do not use that indicator to enter or not enter any trades. It is simply an indicator based on moving averages and the dots change colors based on crossovers of the MA's. I only look at it to get an overall picture of what each time frame is doing when analyzing my charts in preparation for trading at the beginning of my trading session. I never base any H1 trades off that indicator. I do use the highs and lows from each time period to help with those decisions.....I have the Monthly, Weekly, Daily and H4 highs and lows on my chart and...
Thank you very much Sir. Now it's crystal clear to me. Have nice Independence Day holiday!
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #21,362
  • Jul 3, 2013 8:17pm Jul 3, 2013 8:17pm
Quoting emmanuel7788
EU 3 Jul: I would be surprise if EU continue down without a correction ... {image}
yesterday was a BEEB breakout early when LO. ...then came the huge pullack to the previous D1 Fib50% for a nice D1 entry for sellers trading the D chart TF.
Fib38/50 entry is one of my favourite entry method both in H4 and D TF.
I alwsy emophasize on getting a better entry price and do not chase after the market. Use position building when getting into the market and never average down to losing postions.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EU 3 Jul pre-LO 3-7-2013 1-13-33 PM.png Size: 46 KB
Click to Enlarge Name: EU week 27 BEEB and Fib38-50 4-7-2013 8-57-38 AM.png Size: 41 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,363
  • Jul 3, 2013 8:28pm Jul 3, 2013 8:28pm
Quoting mike1349
{quote} I already read that.I will read it again though. Thanks for MM advice.I try to do it. I have 5 month to achieve and fire my boss or go to work again

Mike,
take your time on this one... your junior will grow up and one day, you will impart your skills to a 10 year old trader.
It took me 9 long years until that month Dec 2007 when I finally fired my boss and went on a long vacation.
there is plenty to learn and develop to achieve trading mastery... you need to go though the various stages and finally reach the level of unconscious competence.
Patience is one key to be successful as a trader.

regards,
EMMANUEL
Attached Image
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,364
  • Jul 3, 2013 11:21pm Jul 3, 2013 11:21pm
Quoting emmanuel7788
{quote} Mike, take your time on this one... your junior will grow up and one day, you will impart your skills to a 10 year old trader. It took me 9 long years until that month Dec 2007 when I finally fired my boss and went on a long vacation. there is plenty to learn and develop to achieve trading mastery... you need to go though the various stages and finally reach the level of unconscious competence. Patience is one key to be successful as a trader. regards, EMMANUEL {image}
Wise words of wisdom, my friend....very wise indeed. The four levels are very real and once achieved, lead to the level of success that every trader is attempting to reach.....this diagram should be printed and posted on every struggling traders bulletin board so they can see it every day......
  • #21,365
  • Jul 3, 2013 11:49pm Jul 3, 2013 11:49pm
Quoting Phx62
{quote} I draw the monthly and weekly high/low by hand.....there are a couple of H4 and daily indicators posted.....look in the paperclip at the top of the thread......
Just one question if you wouldnt mind. If you were drawing those s/r from scratch now, how far back would you go?
  • #21,366
  • Jul 4, 2013 12:09am Jul 4, 2013 12:09am
Quoting emmanuel7788
{quote} Mike, take your time on this one... your junior will grow up and one day, you will impart your skills to a 10 year old trader. It took me 9 long years until that month Dec 2007 when I finally fired my boss and went on a long vacation. there is plenty to learn and develop to achieve trading mastery... you need to go though the various stages and finally reach the level of unconscious competence. Patience is one key to be successful as a trader. regards, EMMANUEL {image}
Beautiful.
  • #21,367
  • Jul 4, 2013 1:51am Jul 4, 2013 1:51am
Quoting lastingwell
{quote} Just one question if you wouldnt mind. If you were drawing those s/r from scratch now, how far back would you go?
I just draw the last month high and low and the last week high and low. I then open the daily chart and draw lines on all the "sore thumb" spots for the past 8 to 10 months that may be touched by this weeks price action......sore thumbs are areas where price has made a move and then pulled back significantly leaving a defined point in the candle patterns......I don't get too carried away with these lines because they don't always hold....of course if one line or S/R area has several points touching one line, that becomes a significant area of strength to be aware of and should be drawn with a colored or different style of line........
  • #21,368
  • Jul 4, 2013 4:08am Jul 4, 2013 4:08am
A rather quiet LO today. Waiting for the rate announcement in about 2 hours from now.
Overall GBP looks weaker.
Attached Image (click to enlarge)
Click to Enlarge Name: GBP all pairs 4-7-2013 5-03-12 PM.png Size: 101 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,369
  • Jul 4, 2013 5:48am Jul 4, 2013 5:48am
I see there has been a reference to the average price bar channel as used in the Dean Malone strategy. I was just wondering, do average price bars retrace? I mean is it possible for the bar to break the channel and as per rules, enter the trade, only to have the bar trace back into the channel? Of course this can be seen in Japanese candles, but I am unaware in APB. Could anyone share light on this?
  • #21,370
  • Jul 4, 2013 5:57am Jul 4, 2013 5:57am
Quoting kiranizzle
I see there has been a reference to the average price bar channel as used in the Dean Malone strategy. I was just wondering, do average price bars retrace? I mean is it possible for the bar to break the channel and as per rules, enter the trade, only to have the bar trace back into the channel? Of course this can be seen in Japanese candles, but I am unaware in APB. Could anyone share light on this?
Hi kiranizzle,
Until emmanuel gives you the answer maybe I will try to share some thoughts about this:
APB is still an indicator which calculate based on REAL price so in my opinion it's possible for the bar to break PAC and then retrace back. But this is why you should wait for the candle to close so you can enter when the next bar open,this will be a safe entry to enter the market. Just my opinion though,good luck!
  • #21,371
  • Jul 4, 2013 6:28am Jul 4, 2013 6:28am
Quoting emmanuel7788
A rather quiet LO today. Waiting for the rate announcement in about 2 hours from now. Overall GBP looks weaker. {image}
GBP pairs 5 TMS 4H winners ...
how many of you took those 4H setups?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBP all pairs 4-7-2013 5-03-12 PM.png Size: 101 KB
Click to Enlarge Name: GBP all pairs BoE 4-7-2013 7-25-40 PM.png Size: 118 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,372
  • Jul 4, 2013 6:38am Jul 4, 2013 6:38am
Quoting frenetic
{quote} Hi kiranizzle, Until emmanuel gives you the answer maybe I will try to share some thoughts about this: APB is still an indicator which calculate based on REAL price so in my opinion it's possible for the bar to break PAC and then retrace back. But this is why you should wait for the candle to close so you can enter when the next bar open,this will be a safe entry to enter the market. Just my opinion though,good luck!
Frenetic,
You are correct.
There is no need to wait for my answer. Many of you know the basic of technical trading very well.

Always bear in mind that the APB open is always at the 50% of the previous APB candle body i.e. the previous Open and previous Close.
The Close of the new APB candle depends on the actual real price Open High Low Close and is calculated using the following formula:

APB close = {(Open+High+Low+Close)/4 + Close} /2

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,373
  • Jul 4, 2013 6:45am Jul 4, 2013 6:45am
Quoting emmanuel7788
{quote} GBP pairs 5 TMS 4H winners ... how many of you took those 4H setups? {image} {image}
Congrats emmanuel,unfortunately I didn't take any GBP trade. Just too afraid to take trade during news so I didn't earn anything but I didn't lose anything either. Just look for another trade then
  • #21,374
  • Jul 4, 2013 6:57am Jul 4, 2013 6:57am
Quoting emmanuel7788
{quote} GBP pairs 5 TMS 4H winners ... how many of you took those 4H setups? {image} {image}
emmanuel7788,

I have been following this very interesting thread for a while and very much appreciate the work you are putting in to pass on the knowledge of yourself and the late Big E. I hope to be an active participant in the future but find it a little difficult to find time and consistency with a day job and small kids in the house. :-)

However, right now I am looking at the 5 TMS setups you have mentioned and I wonder if you could comment on validity of the GBPCAD, GBPNZD and GBPUSD entries in relation to to the rule of 1st or 2nd candle entry only and / or crossing angle of the lines. . In addition I thought there was a rule of not trading pairs with important news coming out later in the day. Did you take all of these trades yourself? They look great in hindsight, but could you explain a little about your thought process if you took these trades prior to the news? (I did not take any of them.........).

Loving the thread and your conttributions!

Best regards,

haff
  • #21,375
  • Jul 4, 2013 7:01am Jul 4, 2013 7:01am
Quoting frenetic
{quote} Congrats emmanuel,unfortunately I didn't take any GBP trade. Just too afraid to take trade during news so I didn't earn anything but I didn't lose anything either. Just look for another trade then
Trading such high impact news like Bank Rate is not easy. but I had a trading plan which I did on Sunday and posted here.
Post#21,215
This time it played out according to my trade plan.
Just want to stress that we must always prepare our trading plan ahead in time and keep following the market everyday.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,376
  • Jul 4, 2013 7:06am Jul 4, 2013 7:06am
Quoting emmanuel7788
{quote} GBP pairs 5 TMS 4H winners ... how many of you took those 4H setups? {image} {image}
I took the GU H4 setup. :-)

Price was below TTF and HTF trend lines, bearish TDI cross happened within the range 32 and 68, bearish HA candle, so I entered. I set my TP very conservatively (again) to the last swing low. It is interesting to recognize the the price reached the Fib 127% level of the previous week.

take care,
thrax
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_H4_strategy name_20130704145850.gif Size: 24 KB
  • #21,377
  • Jul 4, 2013 7:11am Jul 4, 2013 7:11am
Quoting thrax
{quote} I took the GU H4 setup. :-) Price was below TTF and HTF trend lines, bearish TDI cross happened within the range 32 and 68, bearish HA candle, so I entered. I set my TP very conservatively (again) to the last swing low. It is interesting to recognize the the price reached the Fib 127% level of the previous week. take care, thrax {image}
thrax,
... i knew any dedicated 4H trader would have seen those setups and taken them . Good Trade!
I'll PM you on those RET levels on your chart.


regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,378
  • Jul 4, 2013 7:28am Jul 4, 2013 7:28am
Quoting Phx62
{quote} I just draw the last month high and low and the last week high and low. I then open the daily chart and draw lines on all the "sore thumb" spots for the past 8 to 10 months that may be touched by this weeks price action......sore thumbs are areas where price has made a move and then pulled back significantly leaving a defined point in the candle patterns......I don't get too carried away with these lines because they don't always hold....of course if one line or S/R area has several points touching one line, that becomes a significant...

Thats a lot more clear thanks phx for your time
  • #21,379
  • Jul 4, 2013 8:52am Jul 4, 2013 8:52am
Quoting emmanuel7788
{quote} Trading such high impact news like Bank Rate is not easy. but I had a trading plan which I did on Sunday and posted here. Post#21,215 This time it played out according to my trade plan. Just want to stress that we must always prepare our trading plan ahead in time and keep following the market everyday.
Will keep that in mind next time emmanuel
  • #21,380
  • Jul 4, 2013 8:58am Jul 4, 2013 8:58am
Quoting haff
{quote} emmanuel7788, I have been following this very interesting thread for a while and very much appreciate the work you are putting in to pass on the knowledge of yourself and the late Big E. I hope to be an active participant in the future but find it a little difficult to find time and consistency with a day job and small kids in the house. :-) However, right now I am looking at the 5 TMS setups you have mentioned and I wonder if you could comment on validity of the GBPCAD, GBPNZD and GBPUSD entries in relation to to the rule of 1st or 2nd...

Hi haff,
You first post, WELCOME!
The FF moderator had to peruse your post before it shows up so this is delayed reply.
I know it is not easy to trade when you have a fulltime job and the little ones get top priority.

I only trade GU for 4H as i had planned this week. The other GBP pairs were on my radar and see the market direction and i know a few traders here were watching these pairs.
I posted the first chart of 6 pairs 2 hours before the Bank Rate news hoping to get some discussion but there was silence.
Usually on news day, it is recommended not to trade too close to the news release time. But my trade was taken early in the Tokyo session and based on H1 entry.
I usually scale out to take some profit to mitigate any potential loss should the news turn againtst my trade. This way, I reduce my trade risk well before the news release.

Looking at the 6 charts I posted earlier before the news, the 4H setups were already running.

Hope this explains.

regards,
EMMANUEL
Attached Image (click to enlarge)
Click to Enlarge Name: GBP all pairs 4-7-2013 5-03-12 PM.png Size: 101 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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