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  • #22,281
  • Jul 23, 2013 8:10am Jul 23, 2013 8:10am
Your SL should be 70pips less than your entry price. So, that gives you SL 1.3110. No need really to look at the 4hr. I would just look at a Daily if i were you.

Enjoy FREE money
Be the dragon master...
  • #22,282
  • Jul 23, 2013 8:21am Jul 23, 2013 8:21am
Hey,
Took this trade today, but failed :


Best regards,
FX94
Attached Image (click to enlarge)
Click to Enlarge Name: another fail.png Size: 27 KB
  • #22,283
  • Jul 23, 2013 8:23am Jul 23, 2013 8:23am
Quoting mastersm
Your SL should be 70pips less than your entry price. So, that gives you SL 1.3110. No need really to look at the 4hr. I would just look at a Daily if i were you. Enjoy FREE money
Hello masterm, I am just wondering, is anything peculiar about 70 pip sl. and 30 pips tp.?
  • #22,284
  • Jul 23, 2013 8:25am Jul 23, 2013 8:25am
Quoting Fx94
Hey, Took this trade today, but failed : Best regards, FX94 {image}
Hi Fx94 did you go long or short ?
  • #22,285
  • Jul 23, 2013 8:27am Jul 23, 2013 8:27am
Quoting dalytec
{quote} Hi Fx94 did you go long or short ?
Okay I think I can see your chart. You went short and I think that must during the news or some moment before. I think you should have waited for the news to take effect in the market before taking any decision.
  • #22,286
  • Jul 23, 2013 8:31am Jul 23, 2013 8:31am
Fx94,

You needed to look at the Daily to gage the strongest direction of the trend. Many times if you go against the trend you get striked out of trades too quick.
Attached Image (click to enlarge)
Click to Enlarge Name: sample1.jpg Size: 306 KB
Be the dragon master...
  • #22,287
  • Jul 23, 2013 8:32am Jul 23, 2013 8:32am
I know about the news, but Big E said in the posts that he considers just the red news on FF calendar. So i am trying to trade like him.
  • #22,288
  • Jul 23, 2013 8:34am Jul 23, 2013 8:34am
Quoting mastersm
Your SL should be 70pips less than your entry price. So, that gives you SL 1.3110. No need really to look at the 4hr. I would just look at a Daily if i were you. Enjoy FREE money
ok, you said :
EP 1.3810
TP 1.3210 (+30pips)
SL 1.3110 (-70pips)

No need to look at H4 TDI

But look at Daily?
What exactly do I look for in Daily?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #22,289
  • Jul 23, 2013 8:36am Jul 23, 2013 8:36am
Quoting dalytec
{quote} Hello masterm, I am just wondering, is anything peculiar about 70 pip sl. and 30 pips tp.?
30pips maybe to close. Most often you get spikes in Fx and that may kick you out of the trade sooner. 70pips is a more realistic SL. Some traders go to as high as 100pips SL. Depending on your experience. At the end of the day you make up your mind about how much can you afford to lose if things went against you.

Good luck all.
Be the dragon master...
  • #22,290
  • Edited 11:35am Jul 23, 2013 8:41am | Edited 11:35am
Quoting Fx94
Hey, Took this trade today, but failed : Best regards, FX94 {image}
Hello Sir!
I took the same trade, but I entered earlier.
TDI cross was very significant, but then it went back upwards.
I am still in this trade, but looks like it was CT trade and the main trend is up, market will show us.

Wish you nice day!

Regards,
Rico

EDIT: SL got hit, chart attached below, will anybody be so kind and point out my mistakes? I would really appreciate that, thank you in advance.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 23-July-2013 (-35,-30 pips).jpg Size: 222 KB
  • #22,291
  • Jul 23, 2013 8:43am Jul 23, 2013 8:43am
Quoting emmanuel7788
{quote} ok, you said : EP 1.3810 TP 1.3210 (+30pips) SL 1.3110 (-70pips) No need to look at H4 TDI But look at Daily? What exactly do I look for in Daily?
There are no signs that you should consider taking a SELL trades. Look at the screenshot below:
Attached Image (click to enlarge)
Click to Enlarge Name: sample2.jpg Size: 352 KB
Be the dragon master...
  • #22,292
  • Jul 23, 2013 8:48am Jul 23, 2013 8:48am
Quoting mastersm
{quote} 30pips maybe to close. Most often you get spikes in Fx and that may kick you out of the trade sooner. 70pips is a more realistic SL. Some traders go to as high as 100pips SL. Depending on your experience. At the end of the day you make up your mind about how much can you afford to lose if things went against you. Good luck all.
I used to trade like this before and used to be profitable but I later realized how dangerous it is when it is used as the basis of making profit in the market. You know risking about 50 pips for just 10 pips, it's like risking a hundred buck to get 10. Some day the market may change lead to a discouraging result. well I am saying this based on the strategy I was using by then. I might not tell you may have a better strategy to trade this idea. And I am urging you to please share it if you do have.
  • #22,293
  • Jul 23, 2013 8:56am Jul 23, 2013 8:56am
Quoting mastersm
{quote} There are no signs that you should consider taking a SELL trades. Look at the screenshot below: {image}
ok, so you use TDI cross on Daily to decide buy or sell for this trade.
the last D1 TDI cross up was 9 days ago on your chart.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #22,294
  • Jul 23, 2013 9:03am Jul 23, 2013 9:03am
Quoting emmanuel7788
{quote} ok, so you use TDI cross on Daily to decide buy or sell for this trade. the last D1 TDI cross up was 9 days ago on your chart.
From my observation mastersm doesn't seem to be referring to the TDI crossing on his chart rather a kind of chart pattern. It is apparent that trading the trend on a higher time frame becomes easier for some traders among whom I think mastersm belong. The fact is point he is trying to stress no seems to have deciphered in this thread. And so we're urging him please explain better to if it's worth giving much consideration
  • #22,295
  • Jul 23, 2013 9:07am Jul 23, 2013 9:07am
Traders,

Do some work before entering any kind of trade. There's a lot to be learned from the screenshot below. Notice that when the price is above or starts to go above the
50 EMA, that's when you should consider bullish trades. And when the price start going below or is below the 50 EMA you may consider taking Bearish trades. Pay attention to the Vertical line as the TDi confirms what direction to take as the Green crosses the Red.

So, look at the Daily, 4hr and use the 1hr to determine your entry position.

Cheers for now.
Attached Image (click to enlarge)
Click to Enlarge Name: sample3.jpg Size: 378 KB
Be the dragon master...
  • #22,296
  • Jul 23, 2013 9:28am Jul 23, 2013 9:28am
Personally I would not have considered Selling at at this signal. In my head i would have known this is just a PullBack or Market testing.

Dalytec is correct. Eelfranz is also 100% correct if you read all his threads.

Stay away from smaller time frames.
Attached Image (click to enlarge)
Click to Enlarge Name: sample4.jpg Size: 350 KB
Be the dragon master...
  • #22,297
  • Jul 23, 2013 9:28am Jul 23, 2013 9:28am
Quoting mastersm
Traders, Do some work before entering any kind of trade. There's a lot to be learned from the screenshot below. Notice that when the price is above or starts to go above the 50 EMA, that's when you should consider bullish trades. And when the price start going below or is below the 50 EMA you may consider taking Bearish trades. Pay attention to the Vertical line as the TDi confirms what direction to take as the Green crosses the Red. So, look at the Daily, 4hr and use the 1hr to determine your entry position. Cheers for now. {image}
If I get you right. You mean I should consider the current market price in relationship to the 50 EMA in order to determine the direction to go for the day am i right?
  • #22,298
  • Jul 23, 2013 9:35am Jul 23, 2013 9:35am
If I may ask mastersm, using the 50 EMA and the higher time frame to determine each execution how viable is it? Does it give allowance to trading everyday? I guess you understand what I mean.
  • #22,299
  • Jul 23, 2013 9:39am Jul 23, 2013 9:39am
It's up you if you want to use. I use it together with the TDi and consider bigger time frames to determine my entries. It's up to you to decide... If you don't like it, it's okay. You want to give it a try, that's still okay.
Be the dragon master...
  • #22,300
  • Jul 23, 2013 9:44am Jul 23, 2013 9:44am
I get you Dalytec.

But you do not want to spend a whole 24hrs fixing your eyes on the screen.

OH by the way... Those who took my advise to trade eurusd Buying at 1.3180 have just made profit at 30pips as I predicted. My day is done. I will look for another trade tomorrow. 30 pips only.

Cheers everyone
Be the dragon master...
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