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  • #22,641
  • Jul 31, 2013 10:20am Jul 31, 2013 10:20am
any advice appreciated
two trades this week so far.

First trade taken because of ranging price around daily low. Entered at attempt at reversal. SL

Second trade taken on pullback candle formation. LO closes above pullback. Trendline break attempted. SL
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  • #22,642
  • Jul 31, 2013 11:22am Jul 31, 2013 11:22am
Quoting emmanuel7788
{quote} GU week 31 trade closed: The last JSL got hit as price pullback after news. Closed with total 242pips {image}
Hi Emmanuel,
What is your JSL for GU? Do you have different numbers for different pairs?
Thanks
Failure, is a wonderful teacher!
  • #22,643
  • Jul 31, 2013 11:32am Jul 31, 2013 11:32am
Took this trade today, reached + 40 pips in my favor but didn't know how to manage well, actually price reached ADR low but I didn't add SM ADR indicator so I was not sure that price had reached adr low, trade closed with be +1 pip
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I Have Learned to Take Some Losses to Make Profits
  • #22,644
  • Jul 31, 2013 2:15pm Jul 31, 2013 2:15pm
Quoting emmanuel7788
{quote} draw a horizontal line where the week open is... see the price action.
argh!!! i can see that Ser Emmanuel. it's bullish from the weekly. no wonder i lost the trade. you've opened my eyes to something interesting
thanks boss
i am the lord that giveth thee power to create wealth.
  • #22,645
  • Jul 31, 2013 3:11pm Jul 31, 2013 3:11pm
I have seen this PA signal over and over again, forgot it for sometime, and then this week it was all over the place again, PA every candle makes a high low than previous candle , until reach a swing high, then the setup candle close below with change of candle color

Have you noticed this signal and what you call it? I am trying to find repetitive pattern and try to learn from them and add them as rules so that whenever this pattern is repeated in the future , I have my rules setup it to trade it, please TMS have a look at the chart and let me know how to trade it or is it valid so that I can add it to TMS candle formation rules

Thank You
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I Have Learned to Take Some Losses to Make Profits
  • #22,646
  • Jul 31, 2013 3:25pm Jul 31, 2013 3:25pm
Three EJ H1 trades today...first at the beginning of hour 3 of London following a pullback from the trend-line and a TDI cross. Price did not reach 50 pip TP.....closed manually on a pullback. The second trade taken following the US GDP and Employment news releases and a cross of the TDI...green over red, yellow and the 50 line....TP hit. Trade three was a scalp trade following the London close and a pullback candle formation with TDI sloping down but not yet crossed over.....TP set for 40 but price pulled back....closed manually.
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  • #22,647
  • Jul 31, 2013 3:59pm Jul 31, 2013 3:59pm
Quoting emmanuel7788
{quote} answers on my chart posed below. the more inportants task for you is to spot the trade setups and entry candle. use the two Buy and Sell scripts to show you where the SL should be using ATR. {image}
Thanks for the answer. Now I know that the JSL is and how it works, but do you jump the SL to BE, R1, R2.... by hand or by EA ?
I am trying to find good entry setups with this method:

a) H4 trading: 1 hour after LO appears a new H4 candle at my broker (GMT +0 time) and if this is the first or second candle after a TDI cross i enter. The previous candle also has to close above the yellow 5ema.

b) H1 trading: Here i know PA is king, so i printed out the posts of PHX62 and i am studying them. I recognized that pullback candles are good opportunities for entries. Also the break of the high / low of the Asian session is a good entry point. But the TDI cross should be probably. Perhaps it would be a good idea to make a summary of the entry conditions for H1 trading like pullback candles etc. ?

Thank you for the 2 scripts, i installed them. I see a pattern which i can change, so i see when my TP1 = my SL. I also see TP2, TP3 etc. Does this works with the ATR ?

Perhaps you didn´t understand my question. When should i take 30 pips , 50 pips or even 70 pips at H1 / H4 trading. Often i see trade exits with different amount of pips. Should be my amount of pips for SL equal to my amount of pips for TP? So here would be a R:R of 1:1 ?

Best regards,
FX94
  • #22,648
  • Jul 31, 2013 4:06pm Jul 31, 2013 4:06pm
Quoting Phx62
Three EJ H1 trades today...first at the beginning of hour 3 of London following a pullback from the trend-line and a TDI cross. Price did not reach 50 pip TP.....closed manually on a pullback. The second trade taken following the US GDP and Employment news releases and a cross of the TDI...green over red, yellow and the 50 line....TP hit. Trade three was a scalp trade following the London close and a pullback candle formation with TDI sloping down but not yet crossed over.....TP set for 40 but price pulled back....closed manually.{image}

Hey Phx62,
Very good trades ! Congratulations.
But please tell me how do you insert the green and blue boxes for london session and new york session ?
How many pips has the price to retrace for your exit out of a position ? Do you put every TP for 50 pips ?

Regards,
FX94
  • #22,649
  • Jul 31, 2013 4:52pm Jul 31, 2013 4:52pm
Quoting Phx62
Three EJ H1 trades today...first at the beginning of hour 3 of London following a pullback from the trend-line and a TDI cross. Price did not reach 50 pip TP.....closed manually on a pullback. The second trade taken following the US GDP and Employment news releases and a cross of the TDI...green over red, yellow and the 50 line....TP hit. Trade three was a scalp trade following the London close and a pullback candle formation with TDI sloping down but not yet crossed over.....TP set for 40 but price pulled back....closed manually.{image}
Thanks Phx62
  • #22,650
  • Jul 31, 2013 5:04pm Jul 31, 2013 5:04pm
Quoting mike1349
{quote} Hi Emmanuel, What is your JSL for GU? Do you have different numbers for different pairs? Thanks

JSL for GU was 30pips.

yes, different pairs have different volatility, so stop management is different.

think ATR!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #22,651
  • Jul 31, 2013 5:08pm Jul 31, 2013 5:08pm
Quoting Fx94
{quote} Hey Phx62, Very good trades ! Congratulations. But please tell me how do you insert the green and blue boxes for london session and new york session ? How many pips has the price to retrace for your exit out of a position ? Do you put every TP for 50 pips ? Regards, FX94
Q1. The green and blue boxes on my screen are indicators that I modified to show the open and close, and the high and low, of the London & NY sessions. The original indicators were created by a guy named hapalkos and he posted them in a Box Breakout thread on FF back in 2007. Google his name or look it up on the member list in this forum and you will find them to download. The indicators were called BreakOut_BOX_4_pre-TOKYO_indicator.mq4 and BreakOut_BOX_4_LONDON_OpeningRange_indicator.mq4 . You will have to modify them to the specifications that you want.
Q2. The answer to that question depends on many factors...time of day, market volume, my time schedule, how long I have been in the trade, pending news releases, etc. Sometimes I will exit as Big E used to do....on a retrace of 5 or 6 pips, especially if I am scalping.....other times I may take a drawdown of 20 or 25 pips if the candles are big....mostly that decision is based on my past experience and hours and hours of studying price action and market behavior of any given pair.
Q3. My EA is set to place a 50 pip TP and 50 pip EMERGENCY SL on every entry...I then adjust those numbers as the trade progresses. If I am "scalping", like the last trade today, I moved the TP & SL to 40 pips each.....the TP was not hit so I exited manually on a pullback. I have only hit the 50 pip SL once or twice in the past several years. Usually I will trail the SL a few pips behind the previous candle each time a new candle forms and I will move the TP further away if price is moving quickly and the candles are large with no wicks on the back end. My EA is set to move my SL to BE after 21 pips.
  • #22,652
  • Jul 31, 2013 5:12pm Jul 31, 2013 5:12pm
Quoting Phx62
Three EJ H1 trades today...first at the beginning of hour 3 of London following a pullback from the trend-line and a TDI cross. Price did not reach 50 pip TP.....closed manually on a pullback. The second trade taken following the US GDP and Employment news releases and a cross of the TDI...green over red, yellow and the 50 line....TP hit. Trade three was a scalp trade following the London close and a pullback candle formation with TDI sloping down but not yet crossed over.....TP set for 40 but price pulled back....closed manually.{image}
Thanks for continuing with posting trades that I can leanr a lot and other TMS members , I would like to ask about your second trade , where you draw trend line, actually I thought that there was an earlier entry after the bullish engulfing candle, entry on new candle , but your entry is at a higher price almost top of the trend line?

Pls have a look at the chart you posted earlier, I added some notes regarding entry or safe entry
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I Have Learned to Take Some Losses to Make Profits
  • #22,653
  • Jul 31, 2013 5:27pm Jul 31, 2013 5:27pm
Quoting Fx94
{quote} Thanks for the answer. Now I know that the JSL is and how it works, but do you jump the SL to BE, R1, R2.... by hand or by EA ? I am trying to find good entry setups with this method: a) H4 trading: 1 hour after LO appears a new H4 candle at my broker (GMT +0 time) and if this is the first or second candle after a TDI cross i enter. The previous candle also has to close above the yellow 5ema. b) H1 trading: Here i know PA is king, so i printed out the posts of PHX62 and i am studying them. I recognized that pullback candles are good opportunities...

for 4H swing trading, I always plan my exits according to initial risk R.
at minimum, I must see a potential R:R to be 1:1.5 otherwise I don't take the trade.

fro H1 trading, first you must achieved a with good entry of 55% above. Good entry means your initial SL was not hit immediately. With a minimum 55% good entry trade, I use scale out at TP1 and then let trade run and manage exits to the other TP2, TP3, etc.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #22,654
  • Jul 31, 2013 5:47pm Jul 31, 2013 5:47pm
Hi Emmanuel,

I've been following this thread for quite some time. I have to say your efforts and priceless and I appreciate your work as well as the other group of traders that have helped out.

I'm looking at taking my first position in shorting U/J. TDI has crossed over and also looks as if we are going to be breaking the support.

Pls let me know your thoughts. S/L would be swing high... t/p once I see the hook appear on the green TDI.

Thanks
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  • #22,655
  • Jul 31, 2013 5:51pm Jul 31, 2013 5:51pm
Quoting emmanuel7788
AJ entry : {image}
AJ made a nice 155 pips push down yesterday. With no retracement since D opening, the way down was H-L> LH - LL> LH-LL all the way.
It has exceeded it average 100 weeks range of 260pips.

There were several entry opportunities:
- H4 Fib 38/50 entry
- H1 IB entry
- H1 Double IB entry
- H1 Master Candle entry

hope you all caught those entries.
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #22,656
  • Jul 31, 2013 6:02pm Jul 31, 2013 6:02pm
AJ:

Now practise and train your eyes... its all about Price Action
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #22,657
  • Jul 31, 2013 6:21pm Jul 31, 2013 6:21pm
Quoting emmanuel7788
{quote} JSL for GU was 30pips. yes, different pairs have different volatility, so stop management is different. think ATR!

Thanks... So you run the EA with different Magic Number or you use 1 EA on each pair?
Failure, is a wonderful teacher!
  • #22,658
  • Jul 31, 2013 6:33pm Jul 31, 2013 6:33pm
Quoting mike1349
{quote} Thanks... So you run the EA with different Magic Number or you use 1 EA on each pair?

you must run the MPTM EA on each pair independently. Unless you know how to manipulate around with this Steve Hopwood' monster.

you have the choice to use magic number, comment or ticket number to manage trades.

for single entry trade, I recommend you use magic number.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #22,659
  • Jul 31, 2013 6:37pm Jul 31, 2013 6:37pm
Quoting TheScorpS
{quote} Thanks for continuing with posting trades that I can leanr a lot and other TMS members , I would like to ask about your second trade , where you draw trend line, actually I thought that there was an earlier entry after the bullish engulfing candle, entry on new candle , but your entry is at a higher price almost top of the trend line? Pls have a look at the chart you posted earlier, I added some notes regarding entry or safe entry {image}
Scorps,
Yes, per TMS guidelines, the proper entry would have been where you marked it in your post....at the opening of the second blue candle. However, the opening of the candle you marked was also the open of the NY session and there were some news announcements scheduled for 30 minutes after the session opened. I don't trade the news and would not enter a trade before those announcements were made. I waited until news moved the market up and then price retraced before opening the 2nd candle of the session. After it cleared the trend line I opened my trade. I knew there were a couple of medium news announcements coming but the next major one was the FOMC statement scheduled for several hours later. Knowing this, I took a chance and entered in the direction that news moved the market originally and that was confirmed by a TDI cross and break of the trend line.
Hope this explains my reasoning on this.
  • #22,660
  • Edited 6:51pm Jul 31, 2013 6:38pm | Edited 6:51pm
Quoting kingdomk
Hi Emmanuel, I've been following this thread for quite some time. I have to say your efforts and priceless and I appreciate your work as well as the other group of traders that have helped out. I'm looking at taking my first position in shorting U/J. TDI has crossed over and also looks as if we are going to be breaking the support. Pls let me know your thoughts. S/L would be swing high... t/p once I see the hook appear on the green TDI. Thanks {image}

this UJ pair has been eluding me for 3 days.
there is support below and everytime it get near there, price bounce back up to this week' open.

UJ is in major correction after months of bullish rally. This week is again consolidation after last week' drop.
IO see that will continue today and tommorow until BoJ pulls out its magic wand.

look for another pair.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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