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Trading Made Simple

  • #23,301
  • Aug 14, 2013 2:54pm Aug 14, 2013 2:54pm
Quoting Axiom
{quote} Erol Thank you for your efforts in producing these great references and your generosity in sharing. It's appreciated greatly. Axiom
Your welcome Axiom. Hope it helps with your system. Talk soon,

E
  • #23,302
  • Aug 14, 2013 3:07pm Aug 14, 2013 3:07pm
I have a doubt in my mind..is there any difference in support and resistance and pivot points? When I use pivot indicator it shows r1, r2,r3, s1, s2 and s3. How is that different from normal support and resistance levels....
Come tomorrow, I'll wake up new
  • #23,303
  • Edited 5:36pm Aug 14, 2013 4:54pm | Edited 5:36pm
Quoting gsbharaj
I have a doubt in my mind..is there any difference in support and resistance and pivot points? When I use pivot indicator it shows r1, r2,r3, s1, s2 and s3. How is that different from normal support and resistance levels....
Hi gsbharaj

If your trading H4 look at the weekly Pivot Indicator (as we trade the weekly range in H4). In trending markets the tendency is for price to move away from the pivot. (But how do we define a trending market?) The combo of TDI & Weekly Pivot might be a useful one to back-test if u the swing trade H4.

Also check out post number 15652. This might provide some food for thought if your interested in the H4 time frame. Emmanuel uses the fib indicator attached in that post for intra-week S/R.

Have you thought about whether the indicator you are currently using is appropriate for

  1. the time frame you trade?
  2. why might it be important to identify intra-week support?
  3. How will it benefit your System...what areas of the system?
  4. Is the indicator better used by itself or in conjunction with anything else?
  5. What will it add to your trade planning for the pair you are looking to trade?

These are just some of the questions you need to ask yourself & know the answers to when developing parts of your trading system that may rely on Fib levels.

As PHx62 has said (post 18418)

"we each have to decide what works for us and then be able to repeat our successes over and over by consistently following the trading plan we develop"

Unless you read as much of the thread as you can / backtest / Demo you wont be able to decide what works well for you

  • #23,304
  • Aug 14, 2013 5:52pm Aug 14, 2013 5:52pm
just took the trade
reason for entry:
130 resistance, tms setup
Attached Image (click to enlarge)
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i am the lord that giveth thee power to create wealth.
  • #23,305
  • Edited 6:38pm Aug 14, 2013 6:27pm | Edited 6:38pm
Quoting fx light
just took the trade reason for entry: 130 resistance, tms setup {image}
Hi FX Light

Looks like you entered on the 3rd candle of the TDI Cross.

Did you think of the TMS entry rules @ there basic level:

  1. TDI Cross, bounce, Angle: 12-2(L) & 4-6(S)
  2. APB Candle #1
  3. PA
  4. S/R
  5. Stochs confirm or Higher TF confirm the primary Trend you want to Trade

Good luck with the trade

  • #23,306
  • Aug 14, 2013 6:42pm Aug 14, 2013 6:42pm
Quoting Erol
{quote} Hi FX Light Looks like you entered on the 3rd candle of the TDI Cross. Did you think of the TMS entry rules @ there basic level: TDI Cross, bounce, Angle: 12-2(L) & 4-6(S) APB Candle #1 PA S/R Stochs confirm or Higher TF confirm the primary Trend you want to TradeGood luck with the trade

thanks
i am the lord that giveth thee power to create wealth.
  • #23,307
  • Aug 14, 2013 6:43pm Aug 14, 2013 6:43pm
Quoting tankokjian
close short at BE, really tiring to see price hovering up and down. wait for break....with longer ema at bottom..zzzz a {image}
nyone got this ? its actually red on the H4. the red bars are made up of many small candles , careful this trade is short lived, just my opinion.
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  • #23,308
  • Aug 14, 2013 6:49pm Aug 14, 2013 6:49pm
Quoting Erol
Following on from the two previous attachments I have posted. Here is the final part of the PASR PDFs I will be posting to beef up the reference material on PASR in the thread. Also the completed 3 parts are attached in a compressed folder as well. Enjoy learning PASR...compiling and reading these has sure helped me! {image} {file}
thanks for the effort , will take time to read those.
  • #23,309
  • Aug 14, 2013 8:06pm Aug 14, 2013 8:06pm
Hi "tankokjian" can I ask you what your indicator settings are in MT4?
  • #23,310
  • Aug 14, 2013 8:25pm Aug 14, 2013 8:25pm
Emmanuel good to se your are keeping in touch. Got 25 on AU today comments please...
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  • #23,311
  • Aug 14, 2013 8:50pm Aug 14, 2013 8:50pm
Quoting tankokjian
{quote} nyone got this ? its actually red on the H4. the red bars are made up of many small candles , careful this trade is short lived, just my opinion. {image}
Excellent call, the long candles were much stronger than all the little red candles.
  • #23,312
  • Aug 14, 2013 8:56pm Aug 14, 2013 8:56pm
Quoting jodwayne
Emmanuel good to se your are keeping in touch. Got 25 on AU today comments please...{image}
What made you take profit?
  • #23,313
  • Aug 14, 2013 9:30pm Aug 14, 2013 9:30pm
Hey guys, i've been lurking for quite some time and reading this thread. I've been learning and trading (demo) for about a year and a half. I've primarily focused on Binary Options and trading the M15 TF. I've adopted PA as my main strategy and read Al Brooks books on Price Action. I stumbled upon this thread a month ago just visiting the forum and thought i'd give this system ago. So far coupled with PA and basic trading fundamentals this has been an awesome system. I've never tried trading the higher TF's before and as Eelfranz said, using the higher TF's has much less noise. So far i have made 100+ Pips with this system in combination with PA.

http://imageshack.com/a/img580/6216/luho.pngUploaded with ImageShack.com
  • #23,314
  • Aug 14, 2013 10:16pm Aug 14, 2013 10:16pm
Quoting Phx62
{quote} Sure.....on the H1 time frame there was a change in candle color and the TDI had bounced off the 50 line and was crossing the red. I also keep a M15 chart open next to the H1 when I am trading (see the attached M15 chart to see what I saw at the time I took the trade). On the M15, price had created 3 blue candles and the TDI green had clearly crossed the red, the 50 line and the yellow MBL. I do not trade off the M15 time frame but I use it to confirm what I see on the H1....in this case, what I saw on the M15 confirmed what I saw on the...
Hi Phx,

Can you share me why you did not take trade at the three candle and TDI already cross at LO session?
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  • #23,315
  • Aug 14, 2013 10:26pm Aug 14, 2013 10:26pm
Entered EU early in the morning when I got up.

Reasons for entering:
Bottom trendline upwards touched 5 times.
H1 TDI didn't have a big bounce but slight and H4 TDI was a crossover.
major support at 1.325

Forgot to put my 50pip TP when I went back to sleep -.-
SL placed at weekly low. changed to BE now.

Attached Image (click to enlarge)
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  • #23,316
  • Aug 14, 2013 11:54pm Aug 14, 2013 11:54pm
Quoting jodwayne
Emmanuel good to se your are keeping in touch. Got 25 on AU today comments please...{image}
jodwayne,

Not easy to get rid of myself from FF. It is like a drug addition, having withdrawal symptoms and always seeing the temptation to read the posts and reply. Now some noise woken me up from my mid-day siesta.

Your AU trade looks like you just scalped for few pips with that H4 setup. Quite good, but kind of wasted opportunity.

But one thing I do not see the real price bar - the open and close on the APB. It is useful to see the real price and the momentum of the open and close.

regards,
EMMANUEL
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,317
  • Aug 15, 2013 12:05am Aug 15, 2013 12:05am
EURAUD H1 trade 15 August:

Took this trade when Tokyo open today.
Previous Day candle close bearish and the H4 closed bearish with downward momentum.
Attached Image (click to enlarge)
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,318
  • Aug 15, 2013 12:14am Aug 15, 2013 12:14am
Quoting farhad10
dear friends how can we find out that these cross over are fake or weak? on the chart blue candle is upper than the MA and on the indicator green crosses red! thank u all {image}

farhad10,

this chart you posted is a good lesson for all to check their higher TF candles to be in the direction of the higher TF pric e momentum.
In the chart posted, every 6 x H4 candles will form a Day candle.
So when you see a TDI cross up against several H4 candles, ask yourself what the Day candle is like before you trade H4 TDI cross against the Day candle. The same, you must see also the Weekly candle.

When you want to trade against the Day candle or week candle, make sure there is enough room for you to take profit or scale-out or move SL to BE to protect your capital. 4H swing traders must stick to the Primary Trend (Day and Week) and avoid counter trend trades as much as possible unless you see opportunity for deep retracements and reversal. It usually take a 3 candle pattern to reverse a trend. Do not try to pick tops and bottoms.
Attached Image (click to enlarge)
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,319
  • Aug 15, 2013 12:21am Aug 15, 2013 12:21am
Quoting Pervis
{quote} Hi Phx, Can you share me why you did not take trade at the three candle and TDI already cross at LO session? {image}
Look carefully at the two candles previous to your entry candle.....they both have very long wicks at both ends......that indicates indecision in the market. If you count the candles with long wicks at both ends from your arrow to the left edge of your chart....you will find that 7 or 14 of them have long wicks at both ends. Yes, the TDI is crossing but there is no trend direction and no volume to move the market.
Roll your chart back a little and look at the candles on the last long move up.....try to see any differences in the candles and in the TDI......you will see that very few of the larger candles have wicks at both ends......and you will see that the TDI green crossed over the red line, the yellow line and the 50 line....a good trade setup. You have to learn to trade only the setups that meet your criteria.....
The market is ranging right now and that is not unusual for this time of year....in the next 3 or 4 weeks, the market makers will return from holiday and move the market again.
  • #23,320
  • Aug 15, 2013 12:29am Aug 15, 2013 12:29am
Today 15 August is bank holiday in some European cities .. it is 'Maria Himmelfahrt', Catholics know the importance is today.

some prices got reset ... LOL.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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