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Trading Made Simple

  • #21,901
  • Jul 16, 2013 8:22am Jul 16, 2013 8:22am
Quoting emmanuel7788
{quote} I don't specifically write down those skills in descriptive form. If you are new to trading, babypips.com is a good place to learn. You can see how the skills are used in the trade charts I posted.
Ok Thx Emmanuel,

I have done the babypips school. I'll just scroll down your postings.
  • #21,902
  • Jul 16, 2013 8:22am Jul 16, 2013 8:22am
Quoting Direwolf
Seems like I still need a lot more practice. My very first live account started $1,000 2 weeks ago. Discovered this thread when my balance was down to $100. And now it's $21, not enough for even a micro trade. So back to demo it is. I'm really excited to practice more into TMS!
Yup,demo is a good approach too. But when you have confident in your trading plan and skills,you should first fund a small account(like 100$ or so) and trade micro lot. With that,you can not only live trading with your plan that you developed but also learn to manage emotion and you don't have to suffer much loss even if that account is blow up (which is not something that we hope for). Hang in there and good luck!
  • #21,903
  • Jul 16, 2013 8:50am Jul 16, 2013 8:50am
Quoting emmanuel7788
{quote} you don't have to do that. what you can do is select Bar Chart to show Foregorund Chart. This will place the real price bar on top of the APB. Using a contrast colour will allow you to see the real price bar OHLC.
Thank you, I'll try that but my 75 year old eyes ain't what they used to be so the 2 screens may be permanent. BUT I will try your suggestion. p. (Any ideas how to get Oanda's charts to post here? I have a nice H4 short going for the US/Cad, TP/1 already hit.)
  • #21,904
  • Jul 16, 2013 9:12am Jul 16, 2013 9:12am
watching dbl top on EJ h4 with Div on TDI.
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Failure, is a wonderful teacher!
  • #21,905
  • Jul 16, 2013 10:23am Jul 16, 2013 10:23am
One trade today on EJ H1 on a break back below last weeks high and TDI green crossing red and below yellow......entry about 40 minutes following LO confirmed by a pullback candle on the M15 chart. Take note of how many times price has tried and failed to break above last weeks high.....lots of hours and still no confirmed breakthrough......
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  • #21,906
  • Jul 16, 2013 10:38am Jul 16, 2013 10:38am
Quoting mike1349
watching dbl top on EJ h4 with Div on TDI. {image}
Hi Mike,

Looks like we have an ascending triangle forming as well, with the bottom trend line of the triangle sitting around the weekly Pivot!

Emmanuel, any thoughts on this one?
  • #21,907
  • Jul 16, 2013 12:50pm Jul 16, 2013 12:50pm
Quoting Erol
{quote} Hi Mike, Looks like we have an ascending triangle forming as well, with the bottom trend line of the triangle sitting around the weekly Pivot! Emmanuel, any thoughts on this one?

EJ:

This month EJ has to decide if it want to close above May' close 130.55.... RN play. June was a struggle to move higher and it stalled.
In 2 weeks time it will be clearer how Japan export fare and 1stHalf2013 GDP will be known.

Until I see EJ beakouts and start trending again, best thing to do is trade lower TF. Use PAC trading in M5 and M15, you can get 30 to 40 pips easily during the day. Keep eye on the first 5Hours of Tokyo session and trade the breakout move using PAC.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,908
  • Edited 6:22pm Jul 16, 2013 6:03pm | Edited 6:22pm
Trading Psychology - Five Guiding Principles

Take some time and work on this aspect of you as the trader. The technical part using TMS as the trading method is the smallest part of the three M's - Method, Money Management, and Mind. - less than 10 percent.

if you still have not reach the goals you set for yourself and could not maintain the consistency in your trading results, it is not the Method in question. You need to work on the other two Ms. This biggest third M is your Mind ... what I call mental fitness being a trader.

Read this article.
Attached File(s)
File Type: pdf Five Guiding Principles of Trading Psychology.pdf   19 KB | 1,546 downloads
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,909
  • Jul 16, 2013 6:12pm Jul 16, 2013 6:12pm
Quoting frenetic
{quote}
. Believe me,greed and fear are not a good friend in long term. 1 more thing,emmanuel shared it on this thread 2 weeks ago but I think it's deserved to be mentioned again. Mark Douglas - Mind Over Market. I think you will find a lot of information is that interview. Wish you all the best.
This video was fantastic too. Mark Douglas is author of "Trading in the zone".I really like his video

thanks guys
Failure, is a wonderful teacher!
  • #21,910
  • Jul 16, 2013 6:30pm Jul 16, 2013 6:30pm
You know the TMS technical setups.
You know the Rules for Entry and Exit.
You spot the trade setups on your charts.

Do you still have problem to pull the trigger?

If you do, please make a post here and share your thought why you did not pull the trigger. Also post your chart and write someting on what you see. Never mind if you think your English language is not good. We all share the common language when we use our charts.

Regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,911
  • Jul 16, 2013 7:31pm Jul 16, 2013 7:31pm
Quoting mike1349
watching dbl top on EJ h4 with Div on TDI. {image}

When looking at possible divergence be careful of seeing what you want to see rather that what is actually there. You should always draw divergence from peak to peak on the indicator and the same bars on the chart, if you do that with your example, you will see there is no divergence there: http://www.babypips.com/school/9-rul...vergences.html
  • #21,912
  • Jul 16, 2013 8:30pm Jul 16, 2013 8:30pm
Quoting frenetic
{quote} Yup,demo is a good approach too. But when you have confident in your trading plan and skills,you should first fund a small account(like 100$ or so) and trade micro lot. With that,you can not only live trading with your plan that you developed but also learn to manage emotion and you don't have to suffer much loss even if that account is blow up (which is not something that we hope for). Hang in there and good luck!

Thanks frenetic. Reading a lot of post I think I agree I should train on real micro account.
I think I used the wrong word earlier, I was trading a mini account, not a micro. My mistake.

What does LO stand for?
Everything you can imagine, is real - Pablo Picasso
  • #21,913
  • Jul 16, 2013 8:58pm Jul 16, 2013 8:58pm
Quoting Direwolf
{quote} Thanks frenetic. Reading a lot of post I think I agree I should train on real micro account. I think I used the wrong word earlier, I was trading a mini account, not a micro. My mistake. What does LO stand for?
If you are referring to the members in this thread,LO is London Open. It's when the London market open each day.
  • #21,914
  • Jul 16, 2013 9:12pm Jul 16, 2013 9:12pm
Quoting Direwolf
{quote} Thanks frenetic. Reading a lot of post I think I agree I should train on real micro account. I think I used the wrong word earlier, I was trading a mini account, not a micro. My mistake. What does LO stand for?
If your broker allows it, transfer your remaining $21 to a micro account and trade with that.
  • #21,915
  • Jul 16, 2013 9:38pm Jul 16, 2013 9:38pm
Everyone always says "Trade with the Banks", this link allows me to do just that each day, it has the banks S&R which i simply place on my chart each day as its updated and 99.9% of the time its right.

http://danskeanalyse.danskebank.dk/a...icalUpdate.pdf

The second link is there forecasts, write ups ect, which are always a great read.

http://www.danskebank.com/en-uk/ci/P.../research.aspx
  • #21,916
  • Jul 16, 2013 10:07pm Jul 16, 2013 10:07pm
Quoting frenetic
{quote} If you are referring to the members in this thread,LO is London Open. It's when the London market open each day.
Have to keep track of what is happening & when, Google for forex4noobs for this free clock
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It takes a lot for me to IGNORE you, but you can try.
  • #21,917
  • Jul 16, 2013 10:11pm Jul 16, 2013 10:11pm
for all other time related issues / questions, go to timeanddate.com and setup a free world clock

Note: Reykjavik is on GMT every day of the year
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It takes a lot for me to IGNORE you, but you can try.
  • #21,918
  • Jul 16, 2013 10:15pm Jul 16, 2013 10:15pm
In the interest of being open and honest with my trading, this is my last nights EJ loser.
Took this EJ sell just before 1800 my time. (gmt +10 hrs)
I entered as the 1 hr dashboard indicator was bearish ,the lower time frame with HA and CS were also bearish.
T1 was 20 pips as the TDR for the 1 hour was 25.
The T1 was missed on 2 candles by 1 pip.
I don't sit at the computer to watch the trade, but come back to it everyone 5 mins or so. This viewing showed anything from +17 pips to -12 pips.
At the second red candle, at -12 pips I looked at the lower time frames and saw the market changing to bullish. I thought about closing the trade at that time. As it turns out I should have. I stayed in because my brain let the foolish part take over and said the trade might just come back in my favour. By the time I had the logical part working again it was to late.
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  • #21,919
  • Jul 16, 2013 11:11pm Jul 16, 2013 11:11pm
Quoting rob Miller
In the interest of being open and honest with my trading, this is my last nights EJ loser. Took this EJ sell just before 1800 my time. (gmt +10 hrs) I entered as the 1 hr dashboard indicator was bearish ,the lower time frame with HA and CS were also bearish. T1 was 20 pips as the TDR for the 1 hour was 25. The T1 was missed on 2 candles by 1 pip. I don't sit at the computer to watch the trade, but come back to it everyone 5 mins or so. This viewing showed anything from +17 pips to -12 pips. At the second red candle, at -12 pips I looked at the lower...

Hi rob,

First thing I want to clarify is that dashboard on your chart. I made that 10EMA dashboard for the LE1 M15 thread. It is meant to show the price close above or below the 10EMA in the respective timeframe. Do not use that as trend indication.

Second thing:
You enter after that very long H1 candle ~ +60pips. Should you want to jump in after a strong candle, best thing is to wait for a 50% retracement for an entry.

EJ has been ranging in H4 and Monday rally was short lived. Now it is back to sideway, so the better way to trade this EJ is use lower TF M15 to scalp with the PAC method.

regards,
EMMANUEL
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #21,920
  • Jul 16, 2013 11:29pm Jul 16, 2013 11:29pm
Dashboard for TMS trading:

If you want to have a dashboard on your chart to help you make trading decision, just let me know your specifications what you want the dashboard to show you and how you will use that to make a trade decision.

I am in the mood to take on some MT4 programming when I get some good ideas from TMS traders.

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