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Trading Made Simple

  • #23,361
  • Aug 15, 2013 9:23am Aug 15, 2013 9:23am
Quoting Pervis
{quote} Hello Phx, do you consider the previous your entry candle is a very long wicks at both ends? I mean at the second trade..
No....the blue setup candle was a pullback candle from the news release....if you will notice, the long wick is only on the top....the one on the bottom is very small. My entry should have been just below the solid white line when price pulled back into the range. If I had entered there, I would have reached my 100 pip TP but we all know that hindsight is 20/20.....
  • #23,362
  • Aug 15, 2013 9:49am Aug 15, 2013 9:49am
Quoting Phx62
Three trades today on EJ H1.... 1st trade...BE trade....could have closed it for a few pips but I was having dinner with my family and the EA closed it at BE. 2nd trade...nice TMS trade....setup candle before LO....took trade at LO with TDI cross of green over red and the 50 line...and about to cross the MBL. 3rd trade...taken following US news releases....was away from computer at NYO or I would have entered sooner on the pullback candle....did not hit 100 pip TP...closed manually.....nice TDI green cross over red at open of the entry candle to...
Inspiring as usual Phx62. I remember you said that oyu live in the mountain time zone. I live in a similar zone (pacific) which means that the market sessions are during the night time for us. Do you stay awake for most of your trades or do you wake up once per hour?
  • #23,363
  • Aug 15, 2013 10:24am Aug 15, 2013 10:24am
whoot just close my shorts 1 min before the break.
  • #23,364
  • Aug 15, 2013 10:35am Aug 15, 2013 10:35am
i am taking short on nzd/chf taking into account that it just touched the prev week fib of 161....and TDI confirming that it gonna go down. going to aim near the yesterday's low
Attached Image (click to enlarge)
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Come tomorrow, I'll wake up new
  • #23,365
  • Aug 15, 2013 10:56am Aug 15, 2013 10:56am
Quoting Armacom
{quote} When you are a beginner the easiest is to start with 4H. Reasons : 1. More time between every candle to think about your next move or to analyze the market 2. Margins for errors are bigger, you need to be less accurate in entry and exit. Even if you miss your entry a little that's less of a problem with the higher timeframe ! You can still be profitable 3. On H1 trading, reading Price Action is crucial, less on 4H .. being good at reading price action is harder than the rest 4. Less stress You should act with the signals of the timeframe...
So how abt if as a beginner, I look at the Daily TDI for trend bias and then trade the H4 only in the direction of the bias. Will that give me a higher win ratio?
  • #23,366
  • Aug 15, 2013 11:14am Aug 15, 2013 11:14am
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}

Thank You !!
  • #23,367
  • Aug 15, 2013 11:17am Aug 15, 2013 11:17am
Quoting FxProPlayer
{quote} So how abt if as a beginner, I look at the Daily TDI for trend bias and then trade the H4 only in the direction of the bias. Will that give me a higher win ratio?
Hi FXPP,

Your nearly there...but its not daily TDI you should look at for trend bias....PA might be a good idea as TDI is a lagging indicator (price has already given us much of the info before we see a TDI cross...TDI can be there to add confluence to our decisions to enter.

What will give you a higher win ratio...well a little hint....develop your system. See my previous post with the Van Tharp pdf.

But i presume this isn't what your looking for as an answer to your question so here it goes....


As Emmanuel has so often said in this thread (please read it from start to finish and take notes...it will help you immensely) Not every TDI cross is a good 4H setup. Emmanuel has mentioned on many occasions you must pick the A+++ type setups with Price Action at Support and Resistance (PASR).

These candles will run for 2-8 APB/HA Candles. (aren’t convinced, do some back testing!) Now what is your target? All the currency pairs have different traded range daily and weekly. So your target will be different for each trade. This is an important part of your weekly trade planning (Plan A,B,C).

More to the point...When we trade 4H, we always check the Weekly bias and the Daily bias first. For example, if the Daily bias is bullish with previous day two strong Green candles, look at PA and if there is H4 TDI cross down, that setup is more risky…why? Because it is against the D bias! Would you consider this an A++++ set up?


I hope this helps answer your question but you really need an edge to give you the higher win ration....how do we get the edge? Our System, back testing & consistency are just a few pointers.
  • #23,368
  • Aug 15, 2013 11:24am Aug 15, 2013 11:24am
Hi All,

Looking on GU I see regular bearish divergence, could be good for a few counter trend pips!!!

Good night and good trading to all you Asian session traders.

Adam
  • #23,369
  • Aug 15, 2013 11:29am Aug 15, 2013 11:29am
Quoting tenmilewalk
{quote} Inspiring as usual Phx62. I remember you said that oyu live in the mountain time zone. I live in a similar zone (pacific) which means that the market sessions are during the night time for us. Do you stay awake for most of your trades or do you wake up once per hour?
I am in Arizona which does not observe daylight savings time.....therefore during the summer, I am on the same time as you. I try to trade the first 3 hours of London...if there is no setup, I will go back to bed and get up at the top of every hour until I find a setup. If I get a good trade during the Asian, sometimes I will skip the London session. On all my trades, I monitor them until they reach at least 21 pips in profit and then, depending on my work schedule, I will let the EA hold the stop at BE and either take BE or 50 pips.....
  • #23,370
  • Aug 15, 2013 12:09pm Aug 15, 2013 12:09pm
Quoting Phx62
{quote} I am in Arizona which does not observe daylight savings time.....therefore during the summer, I am on the same time as you. I try to trade the first 3 hours of London...if there is no setup, I will go back to bed and get up at the top of every hour until I find a setup. If I get a good trade during the Asian, sometimes I will skip the London session. On all my trades, I monitor them until they reach at least 21 pips in profit and then, depending on my work schedule, I will let the EA hold the stop at BE and either take BE or 50 pips.....
I guess there is no way around it if I am in the west. Every hour it is.
  • #23,371
  • Aug 15, 2013 12:42pm Aug 15, 2013 12:42pm
Wild ride for EURUSD today. Glad that I closed my shorts way before the North bound train even started. Could have burn a hole in my pocket if I did not close earlier
  • #23,372
  • Aug 15, 2013 12:55pm Aug 15, 2013 12:55pm
guys latest indicator for TDI that you are using?
Come tomorrow, I'll wake up new
  • #23,373
  • Aug 15, 2013 1:08pm Aug 15, 2013 1:08pm
Quoting gsbharaj
guys latest indicator for TDI that you are using?
see post number 17851
  • #23,374
  • Aug 15, 2013 1:26pm Aug 15, 2013 1:26pm
thanks erol..

is london session used to trade using this method or can i also trade in asian session?
Come tomorrow, I'll wake up new
  • #23,375
  • Aug 15, 2013 1:53pm Aug 15, 2013 1:53pm
open a position on G/U and made two big mistake that results pips loss!


1. the first candle was a tiny red candle!

2. green touch red but did not cross enough and then turn to its previous position! ( bounced)


I must wait for the second candle!
Attached Image (click to enlarge)
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  • #23,376
  • Aug 15, 2013 2:14pm Aug 15, 2013 2:14pm
Some one please upload the indicator that marked in the picture (Candle Time Counter )

Regards
Attached Image
  • #23,377
  • Aug 15, 2013 2:19pm Aug 15, 2013 2:19pm
Quoting farhad10
Some one please upload the indicator that marked in the picture (Candle Time Counter ) Regards {image}
i have another indicator which tell candle time
Attached Image
Attached File(s)
File Type: mq4 time_to_next_bar.mq4   3 KB | 407 downloads
Come tomorrow, I'll wake up new
  • #23,378
  • Aug 15, 2013 3:19pm Aug 15, 2013 3:19pm
See a nice setup on E/G PA at previous day low + monthly low + doji bounce at support and TDI cross.

Possible entry with tight stop targeting 0.8567 - any suggestions..
Attached Image (click to enlarge)
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  • #23,379
  • Aug 15, 2013 4:23pm Aug 15, 2013 4:23pm
EU week 33 4H swing trading:

Tough week trading EU and now price reset back to this week' open.
If you look at that huge master candle, you will learn something. It is like a trap with two open doors.
First swipe out all sellers, draw in the buyers, then swipe out buyers... back to week open.
Attached Image (click to enlarge)
Click to Enlarge Name: EU Master Candle week 33 16-8-2013 7-26-17 AM.png Size: 28 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,380
  • Aug 15, 2013 4:46pm Aug 15, 2013 4:46pm
Quoting gsbharaj
i am taking short on nzd/chf taking into account that it just touched the prev week fib of 161....and TDI confirming that it gonna go down. going to aim near the yesterday's low {image}

good trade.
pay attention to the price round numbers 00 25 50 and CONFLUENCE with any support and resistance you have on your charts.
Price will always react at some point, let PA show you where buyers and sellers are.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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