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Trading Made Simple

  • #23,221
  • Aug 13, 2013 9:50pm Aug 13, 2013 9:50pm
my ej trade has reversed now. -7 pips
  • #23,222
  • Aug 13, 2013 9:54pm Aug 13, 2013 9:54pm
Quoting lastingwell
Took a sell on EJ, missed my take profit by 1 pip so came out at +25 when M15 pulled back for a second time from the daily pivot. {image}
also took the EJ sell on H1. I hadn't manually take the profits when I was positive as I was eating lunch (South East Asia Time). Now I'm in the negative. In 6 mins the H1 will open another bar so I'm gonna wait for this bar to close for some guidance.
  • #23,223
  • Aug 13, 2013 10:12pm Aug 13, 2013 10:12pm
Broke up with the GF so was not planning on trading this week.

Then i saw the setup..
2 trades with same entry..


#1 +20 TP hit

#2 +8 Trade didnt hit second TP of 50
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpyh18-13-2013.png Size: 106 KB
Dragon Rider
  • #23,224
  • Aug 13, 2013 10:26pm Aug 13, 2013 10:26pm
EU 14 August update:

After yesterday's drop, EU consolidates again and waiting for today key data release.
On my H4 chart, I see a Master candle, with a double inside bars and now RN 1.3250 and also last week' low is not far away.

Forecast and market expectation is better economic data out of France and Germany, the two big economies of the European Union. But this will again be challenged by USD data when NY opens. It will be volatile day and it is mid-week trading.

As usual I will keep my eyes on the weekly open and see how the price will move. My trades are in profit so I will protect as much as I can and will not give back so much what the market gave me so far. Re-entry opportunities will always be there so we must learn to be patient and let the market show the way.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,225
  • Aug 13, 2013 10:35pm Aug 13, 2013 10:35pm
Quoting Erol
If you haven't read this book yet...do it quick! It will put your trading & the journey into a whole new perspective (with a trip down the rabbit whole). "Successful trading has far more to do with the trader than with the trade itself" {image}

Erol,

That is a great book to have for every trader' book shelf. A must read book in follow up to Dr Van Tharp two other books .. Super Trader and Trade Your Way to Financial Freedom.
I first met Dr Van Tharp 3 years ago when he came to Sydney. That week was one of the turning point and milestone for me as a investor / trader.

My system development is based on following his Tharps' Concept. You will find the details at his website.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,226
  • Aug 13, 2013 10:39pm Aug 13, 2013 10:39pm
hello eveybody,
can some one explain me
1/ in red arrow ,is this a BEOVB?
2/ is this horizontal line's support level?
3/if yes tell me some reason to avoid this fakey
Attached Image (click to enlarge)
Click to Enlarge Name: anh 1.JPG Size: 92 KB
  • #23,227
  • Aug 13, 2013 10:49pm Aug 13, 2013 10:49pm
the issue i am having is that the trend reverses on me everytime. dont know what wrong i am doing
Come tomorrow, I'll wake up new
  • #23,228
  • Aug 13, 2013 10:50pm Aug 13, 2013 10:50pm
Quoting FxProPlayer
{quote} Wow !! Just Wow. I had an idea that there there must be a lot of homework being done by successful traders well before a trade setup shows up. But I didnt realize it was this much. Perhaps with time all this analysis becomes second nature and one goes through pretty quickly. All this info is overwhelming and I think its best for me to continue taking baby steps for now. So I have put your post in my journal, hopefully in due course I will be able to apply it better. Many thanks for taking out the time for such a detailed response. FxPP
FxPP,

The Big Picture planning is not that overwhelming as it may sound. The first time doing it will take some time and effort.
Once the first Big Picture is done, what is needed is a weekly updates after market closes on Fridays.
I simply update the historical support and resistance seen on Monthly and Weekly chart TFs which are close to the current trading prices of the recent week.
The other stuff on Prev W Fin are drawn automatically using the indictor posted here in this thread.
The BRN and RN are there on your chart price axis or if you prefer, there is also an indicator to highlight those 00 25 and 50 price levels.

I had posted Big Picture planning before but there was very little interest so I stopped doing it on weekly basis. I see most traders are more interested in H1 trading for obvious reason as it is seen as fast money and more trades opportunities.
But the truth to become a long term successful trader is to have three systems -one based on H1 intraday trading, second one is mid-term swing trading like 4H weekly swings and the third is a longer term position trading using Day and Weekly TFs. But my core method is still TMS and it is proven to trade the two market type I mentioned before.

The winning edge is not in the method but it is a combination of several things which member Erol has caught on as I read his recent posts. He has found the way forward and I am very pleased when I read his posts.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,229
  • Aug 13, 2013 10:53pm Aug 13, 2013 10:53pm
Quoting gsbharaj
the issue i am having is that the trend reverses on me everytime. dont know what wrong i am doing

Different timeframe has different trend.
Which trend do you trade?
Attached Image (click to enlarge)
Click to Enlarge Name: Market_trends c GU.jpg Size: 94 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,230
  • Aug 13, 2013 10:57pm Aug 13, 2013 10:57pm
Quoting emmanuel7788
{quote} Different timeframe has different trend. Which trend do you trade? {image}
i am trading h1 and h4. i saw that on h4 the USD/JPY is going down. i shorted and it reversed back in two hours. i was sleep during that time.
Come tomorrow, I'll wake up new
  • #23,231
  • Aug 13, 2013 11:02pm Aug 13, 2013 11:02pm
Quoting longbk
hello eveybody, can some one explain me 1/ in red arrow ,is this a BEOVB? 2/ is this horizontal line's support level? 3/if yes tell me some reason to avoid this fakey {image}

answers:

1) that is an OB. quite obvious because its high low engulfing the previous bar high and low. who was in control of that OB? buyers or sellers?
2) yes, that is a S&R on my chart and you missed one more just above that one.
3) fakey? wait and let the fakey fade out then you trade .
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,232
  • Aug 13, 2013 11:05pm Aug 13, 2013 11:05pm
Quoting gsbharaj
{quote} i am trading h1 and h4. i saw that on h4 the USD/JPY is going down. i shorted and it reversed back in two hours. i was sleep during that time.
Well, if you shorted UJ this week, you are against the H4 which is the Primary Trend. So you have get in and out very quickly when in H1 and M15.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,233
  • Aug 13, 2013 11:12pm Aug 13, 2013 11:12pm
Quoting emmanuel7788
{quote} Well, if you shorted UJ this week, you are against the H4 which is the Primary Trend. So you have get in and out very quickly when in H1 and M15.
i shorted taking into account the h4 200 EMA and the weekly r1 resistance. looks like they back fired
Come tomorrow, I'll wake up new
  • #23,234
  • Aug 13, 2013 11:44pm Aug 13, 2013 11:44pm
i have concluded that this method is useful in combination with the pivot points and the resistance zones. price ususally changes direction there. so wait for the crossover to the other side of the zones and the TDI to cross as well and then plan your trade. we cant just switch on the computer and see that oh look the TDI has crossed and lets trade. this is a big NO.

am i getting it correctly?
going to trade only h4 hours as they seems to be more sensible.
Come tomorrow, I'll wake up new
  • #23,235
  • Aug 13, 2013 11:46pm Aug 13, 2013 11:46pm
Quoting gsbharaj
i have concluded that this method is useful in combination with the pivot points and the resistance zones. price ususally changes direction there. so wait for the crossover to the other side of the zones and the TDI to cross as well and then plan your trade. we cant just switch on the computer and see that oh look the TDI has crossed and lets trade. this is a big NO. am i getting it correctly? going to trade only h4 hours as they seems to be more sensible.
a lot of people trade the higher timeframes 4Hourly and upwards. I'm trying to concentrate more on reading Price Action and use the TDI as confirmation to enter a trade. A long learning curve for sure.
.... laughing all the way to the bank
  • #23,236
  • Aug 13, 2013 11:49pm Aug 13, 2013 11:49pm
Quoting emmanuel7788
{quote} answers: 1) that is an OB. quite obvious because its high low engulfing the previous bar high and low. who was in control of that OB? buyers or sellers? 2) yes, that is a S&R on my chart and you missed one more just above that one. 3) fakey? wait and let the fakey fade out then you trade .
u can see in chart this is fail? do you entry it? after BUOVB PA down.
  • #23,237
  • Aug 14, 2013 12:16am Aug 14, 2013 12:16am
Quoting emmanuel7788
Hi Folks, I see some new members posts this new week which in my opinion is a healthy sign for TMS trading. Keep the posts coming and sharing what you see on your charts. It is all part of the learning process. You will learn a lot faster and in shorter time by being an active participants. This thread will shorten your learning curve but only when you be active member. Those who are new to trading, don't be discourage when you read things which you do not understand. Just be patient, keep with the flow here and ask questions. Listen to others helping...
I like your warm hearted attitude and generosity!
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #23,238
  • Aug 14, 2013 12:29am Aug 14, 2013 12:29am
Quoting emmanuel7788
{quote} FxPP, The Big Picture planning is not that overwhelming as it may sound. The first time doing it will take some time and effort. Once the first Big Picture is done, what is needed is a weekly updates after market closes on Fridays. I simply update the historical support and resistance seen on Monthly and Weekly chart TFs which are close to the current trading prices of the recent week. The other stuff on Prev W Fin are drawn automatically using the indictor posted here in this thread. The BRN and RN are there on your chart price axis or...
Yes I understand with time , it gets easier and easier. I think I will start with my Big pic planning too and post it here so you can review it.

I have myself been attracted to H1 trading for a long time. In fact I started my trading career going live on a 2 min tf. I dont need to tell you how that ended. Well that was many many years ago. Now I wanna focus on larger TF's thats H4 or maybe even D1 if thats easier to master. Once I have it under my belt I will move to the next lower TF.

Looking fwd to many more such mails from you and the other masters.

FxPP
  • #23,239
  • Aug 14, 2013 12:34am Aug 14, 2013 12:34am
H1 chart looks like a good entry order. pull back to 129.875 and continuation ???.....but wait

15M shows 2 long wicks , H4 preparing to make a turn.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpyh1.png Size: 107 KB
Click to Enlarge Name: eurjpym15.png Size: 103 KB
Click to Enlarge Name: eurjpyh4.png Size: 134 KB
  • #23,240
  • Aug 14, 2013 12:45am Aug 14, 2013 12:45am
Quoting tankokjian
H1 chart looks like a good entry order. pull back to 129.875 and continuation ???.....but wait 15M shows 2 long wicks , H4 preparing to make a turn. {image} {image} {image}
Good observation. History does suggest its a good supply area. Now we just have to wait it out
.... laughing all the way to the bank
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