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Trading Made Simple

  • #23,061
  • Aug 12, 2013 2:17pm Aug 12, 2013 2:17pm
Quoting Phx62
{quote} I try to explain entry and exit strategy in my posts. Rather than trying to repeat information that I have already posted many times, there are a couple of options.....for my most recent posts just click on my avatar/name above and open the thread reply section....you will find my most recent posts there. For a more in depth view, someone has put together 3 PDF's of my past posts.....they can be found by clicking on the paperclip symbol at the top of the page and you can scroll down the attachments until you find the PDF's to download. Success...
Hi Phx62,

Can not find the 3 PDF's. I checked all the files uploaded, but there were not files you mentioned. Sorry, if was wrong.
  • #23,062
  • Edited 2:31pm Aug 12, 2013 2:18pm | Edited 2:31pm
Hi all,

Have been lurking here and demo-ing TMS for a while with relative success. I trade the system on the 4 Hour charts exactly as Big E stated, opening trades at 6am GMT and reviewing at 10am GMT. Only difference is Big E used to close all his 4 hour trades at 2pm GMT whereas I generally leave them running if there is no big news releases approaching.

I have attached my first documented trade below. Any comments/ advice from the more experienced members would be much appreciated so I can add this to my journal... as I said I'm learning

Also you can track my account on:

http://www.myfxbook.com/members/Ball...account/659258

Cheers.

Ballistical
Attached File(s)
File Type: pdf 12-08-13_Trade1.pdf   229 KB | 782 downloads
Focus on the process and the profits will follow
  • #23,063
  • Aug 12, 2013 2:22pm Aug 12, 2013 2:22pm
Quoting Ballistical
Hi all, Have been lurking here and demo-ing TMS for a while with relative success. I trade the system on the 4 Hour charts exactly as Big E stated, opening trades at 6am GMT and reviewing at 10am GMT. Only difference is Big E used to close all his 4 hour trades at 2pm GMT whereas I generally leave them running if there is no big news releases approaching. I have attached my first documented trade below. Any comments/ advice from the more experienced members would be much appreciated so I can add this to my journal... as I said I'm learning Also...
First: set your account to public
Second: enter the public link, like this: http://www.myfxbook.com/members/ account name, system name, etc.
You entered the portfolio link, what we can not see.
  • #23,064
  • Aug 12, 2013 2:23pm Aug 12, 2013 2:23pm
Quoting Shardaukar
{quote} Hi Phx62, Can not find the 3 PDF's. I checked all the files uploaded, but there were not files you mentioned. Sorry, if was wrong.

Didn't check the second page in of uploads? http://www.forexfactory.com/showthre...46#post6788846
  • #23,065
  • Aug 12, 2013 2:24pm Aug 12, 2013 2:24pm
Quoting lastingwell
{quote} Didn't check the second page in of uploads? http://www.forexfactory.com/showthre...46#post6788846
Thanks
  • #23,066
  • Aug 12, 2013 2:33pm Aug 12, 2013 2:33pm
Quoting Shardaukar
{quote} First: set your account to public Second: enter the public link, like this: http://www.myfxbook.com/members/ account name, system name, etc. You entered the portfolio link, what we can not see.
Shardaukar,

Thanks for the correction

Should be the correct link now

Regards

Ballistical
Focus on the process and the profits will follow
  • #23,067
  • Aug 12, 2013 2:38pm Aug 12, 2013 2:38pm
Quoting Ballistical
{quote} Shardaukar, Thanks for the correction Should be the correct link now Regards Ballistical
Np. Yes, correct.

S.
  • #23,068
  • Aug 12, 2013 3:11pm Aug 12, 2013 3:11pm
Hi all, I need assesment to this trade that I've done today. The entry and exit of the trade is the green line that I've drawn. More than the entry, I'm interested in the exit. The TP was in the yesterday's low but obv it was not hit, I set the SL to BE+1 after reaching 20pips and the question is, in this case, do you let the trade to touch de SL or do you exit before?? Maybe exiting in the last red candle where the tdi starts to move up and save some pips??

Thanks!!!
Attached Image (click to enlarge)
Click to Enlarge Name: uj2.JPG Size: 53 KB
  • #23,069
  • Aug 12, 2013 5:00pm Aug 12, 2013 5:00pm
Quoting lastingwell
{quote} I would agree with that if his was an actual stop loss of 50 and not an emergency stop loss, but going by his posts his actual average stop loss probably only works out to around 14-16 pips with an average take profit of 50 so more like a 1:3 R:R.
I know from the X-Man thread that Phx62 uses 50pips SL for all his H1 trade. But I do not know if he uses that as initial SL to do his position sizing for each of his trade taken or he simply trade with fix lot size the way eelfranz did. Most often he manages to move his stop very quickly when he see market goes against his trade and he manages to reduce his loss to what you say 14 to 16 pips.

I use position sizing calculation for all my trading and risking 2% of my account for each trade setup. I have my emergency protection set to equity protection rather than using pips for my trades.

Question to you is - do you use position sizing?

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,070
  • Aug 12, 2013 5:09pm Aug 12, 2013 5:09pm
Quoting Fx-optimus
I have entered short in NZDUSD at the opening of H$ candle. The next H4 candle just opened few minites before forming a hook in TDI green. Should I exit the trade or continue to wait for the next H4 candle. Same is the case with my short entry in AUDUSD as well as AUDCAD. Can some one experienced here give me advise why these trades are going against the entries made as per the rule book. I have come across similar situation last week in NZDUSD short entry hitting my stop loss well above the recent higher high few candles before. Looking for comments...

Fx-optimus,

Your NZDUSD 4H trade is good. I am in this trade but I am position building for this one as the turnaround is not confirm because the weekly and day is still up. A reversal may happen but only after some sideways movement which can be wide range.
The BRN 0.8000 is market support now and we have to watch the H4 movements and it will be choppy until market decide where it will close this week. We need to see a stronger USD this week for this trade to work out but Kiwi, Aussie and Loonie (commodity currencies) are holding well against the Dollar.

Manage well.

regards
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,071
  • Aug 12, 2013 5:12pm Aug 12, 2013 5:12pm
Quoting Shardaukar
{quote} Hi Phx62, Can not find the 3 PDF's. I checked all the files uploaded, but there were not files you mentioned. Sorry, if was wrong.
You will find them on pages 2 & 3 of the file attachments list under the paperclip.......
  • #23,072
  • Aug 12, 2013 5:19pm Aug 12, 2013 5:19pm
Quoting Phx62
{quote} Finally....someone that understands an EMERGENCY SL.....
I was under the impression that Phx62 uses the 50 pip stop loss as protection against unforeseen circumstances/events which might spike the currency against him soon after entering the trade. Going over his posts/charts, I agree that the losses, whey they do occur, are taken are in the avg. 14-20 pips range and he does not let give up additional pips just to let it run to his 50 pip stop loss. He doesn't do a 50/50 entering the trade and waiting for it to hit one or the other. Going over his entries, the timing of the entry is almost always spot on with minimal drawdown while he attempts to gain the 50 pips if not more. There are charts you can observe that 25-30 pips are taken due to price action and others where he lets the position run while attempting to gain more pips. I havent gone through all the charts listed on the pdf 1,2,3 for Phx, however I dont remember any showing a 50 pip loss
  • #23,073
  • Aug 12, 2013 5:20pm Aug 12, 2013 5:20pm
Quoting Armacom
Went long at London Open. EUR/JPY 1H. Reasons : Price found support/couldn't really close under yesterdays low, TDI seemed to be hinting to a bounce trade. Price broke the double IB high and monthly resistance was +- 35pips away. Price went to 20 pips profit, THV moved stop loss to BE +1 while I was away and price hit it. Any advice, things I missed are welcome Happy trading ! {image}

Armacom,

Overall, weaker Yen so this trade is good. I long UJ and AJ but skip EJ ... no more money.

Take a look at all JPY pairs to see the overall market sentiments ..

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,074
  • Aug 12, 2013 5:29pm Aug 12, 2013 5:29pm
Quoting tradernole
{quote} I was under the impression that Phx62 uses the 50 pip stop loss as protection against unforeseen circumstances/events which might spike the currency against him soon after entering the trade. Going over his posts/charts, I agree that the losses, whey they do occur, are taken are in the avg. 14-20 pips range and he does not let give up additional pips just to let it run to his 50 pip stop loss. He doesn't do a 50/50 entering the trade and waiting for it to hit one or the other. Going over his entries, the timing of the entry is almost always...

I did not see he posted a trade with 50pips loss because he manage his trades very closely with EA Cavemanager and he knows when to move his initial stop very quickly.

His focus on his entry very well and hence seldom you see the market goes back and threaten his initial SL after his entry.

Timing of entry can be improve when I use lower TF like M15 and M5 which will give you a smaller initial SL, but , I have my eyes on H1 candle price action all the time.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,075
  • Aug 12, 2013 5:51pm Aug 12, 2013 5:51pm
Quoting Phx62
{quote} {quote} {quote} You are correct about the bounce at the Round number but you are incorrect about the TDI cross......the TDI crossed at the OPEN of the candle where I entered.....not the close. If you follow the vertical line down to the TDI, the point where it crosses the TDI is where the TDI was when the entry candle OPENED. In addition, there was also a bounce of the green off the oversold area that I did not mention in my comments....I took the trade realizing that it was not an A+++ setup (time of day, candle not yet changed colors,...

Good points by Phx62.
I know from his previous posts that he has a M15 chart open along side with his H1 chart so he sees more details. I do the same, and I have 3 different chart timeframes open on the same pair when I trade. It is Triple Screen technique by Dr Alexander Elder.

It is very difficult to write down in our post every thought that goes through our mind on what we see and how we decide based on what we see on our charts.
Trading decisions has to be intuitive and that come from long hours of practice. It is deep practice which will shape our unconscious competence.

I posted previously a book by Daniel Coyle title The Talent Code. Read that book and you will understand what I meant by deep practice. It take 10,000 hours. Some people may make it with much less hours.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,076
  • Aug 12, 2013 5:55pm Aug 12, 2013 5:55pm
Just as NY pass the baton to Sydney, nice move early morning here.
Let's see what the next hour will bring when Tokyo opens...
Liquidity flows through ...be ready but be careful.

Trade Well folks!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,077
  • Aug 12, 2013 6:13pm Aug 12, 2013 6:13pm
NZDUSD 4H swing traders:
We see the current H4 breaking the 0.8000 level but this H4 is not closed yet so don't jump the gun and say confirm downtrend. W1 is UP, for me, it will take a 3 D1 bar reversal to confirm a new trend.

Wait for this H4 close. If 0.8000 was support, then it must turn resistance and we wait and see if that will be tested later.

My initial entry price is 0.80082 for those who are interested.

When will I add positions?

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,078
  • Aug 12, 2013 6:16pm Aug 12, 2013 6:16pm
Just completed another EJ H1 trade.....I made some notes on the chart.....entry was taken on the third blue candle since the first two were small doji candles.....entered on a break above the two dojis and a cross of the green over red and both green and red over yellow and the 50 line.....took the 50 pip TP because I am not sure what the ranging market will do next.....
Attached Image (click to enlarge)
Click to Enlarge Name: 2013.8.12 ej h1.png Size: 90 KB
  • #23,079
  • Aug 12, 2013 6:38pm Aug 12, 2013 6:38pm
Hi all,

Reading through this thread & making notes from start to finish has led me to this little gem which I compiled earlier from one of Emmanuel's generous link posts (see attached).

Hope it helps people get to terms with the building blocks of PASR (Price Action (around) Support & Resistance).

Please not that this pdf is based on a different trading method to the original rules in TMS but should help all the guys/girls struggling to get there heads around PASR.

Please note PASR is just one of the many things Emmanuel has emphasized that the process of trading requires us to look at and question ourselves whenever we see a setup on our charts:

  1. PriceAction
  2. Trend
  3. Multi-Timeframe
  4. Momentum
  5. Support and Resistance
  6. Continuation
  7. Volatility
  8. Market Strength
  9. Range
  10. Timing

A final note: to all people looking at this thread (guest, member, subscriber, invisible). I cant stress how eye opening it has been trawling through this thread post by post and compiling all Emmanuel posts into one document (a whopping 1,374 page word document with roughly 196,000 words. This man is truly a SAINT and has provided everyone reading this thread with the tools, advice and examples to devise our own edge with confidence & success - don't be lazy and read all of his posts if you haven't already) and then sorting it into specific topics (Entries, Exits, Stops, Indicators, MM, R+, MTF, PA, SR, TOK5H...etc, etc) which i am 2/3rd s of the way through.

He has provided us with the information to help us:

1. Understand how to use TMS as a core method
2. Show us an expanded way of looking for trades, putting more emphasis on Price action, S/R and the uses of Candlesticks for entries
3. The use of APB/HA for managing trade exits.
4. The importance of Plan A, Plan B, Plan C (This way there is a plan to always be in the market)
5. The use of a money management strategy to crank up the pips & % returns

Thanks again Emmanuel its been a joy reading through your posts & i cant thank you enough for the insight you are providing to everyone in this thread.

Good luck this week guys.

Erol

Attached File(s)
File Type: pdf STRATS PASR.pdf   2.2 MB | 2,562 downloads
  • #23,080
  • Aug 12, 2013 6:42pm Aug 12, 2013 6:42pm
Quoting Phx62
Just completed another EJ H1 trade.....I made some notes on the chart.....entry was taken on the third blue candle since the first two were small doji candles.....entered on a break above the two dojis and a cross of the green over red and both green and red over yellow and the 50 line.....took the 50 pip TP because I am not sure what the ranging market will do next.....{image}

Phx62,

IMO, a perfect trade considering the H1 candles price action and the use of TDI - PL,TSL,MBL and level 50 .... all-in-one trade decision. This is simple and hope new trades will catch this type of PA and use of the TDI.

But my question is why you did not take the sell setup during the London session after London made the high after the open candle?

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