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Trading Made Simple

  • #23,981
  • Aug 23, 2013 6:56am Aug 23, 2013 6:56am
Quoting emmanuel7788
{quote} If you are trading GU now, beware of those two historical S&R I posted this morning. Marke can either break very strong or it can give a nasty bounce. If break, it will be potential to see a new downtrend but that can only be confirm next week.
Yes thank you Emmanuel ! To keep some profits I kept my stop loss level closer by than normal, price spike took almost everything out Still hoping for a break down altough rest of the day will probably range You still in with your positions ?
Don’t ever let someone tell you that you can’t do something.
  • #23,982
  • Aug 23, 2013 7:01am Aug 23, 2013 7:01am
My H4 trading:

GJ at Tuesday : won over 1:1 , partly TP and still holding

GU today: hit SL immediately
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  • #23,983
  • Aug 23, 2013 7:01am Aug 23, 2013 7:01am
Quoting Armacom
{quote} Yes thank you Emmanuel ! To keep some profits I kept my stop loss level closer by than normal, price spike took almost everything out Still hoping for a break down altough rest of the day will probably range You still in with your positions ?
All my 3 build positions were stopped out at 1.5629 +65pips, +40pips, +16pips.
Re-entry @ 1.5580 and 1.5620. ... both in the money.
Will see how NY session will be like then decide if I will hold them over the weekend.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,984
  • Aug 23, 2013 7:24am Aug 23, 2013 7:24am
Quoting emmanuel7788
{quote} All my 3 build positions were stopped out at 1.5629 +65pips, +40pips, +16pips. Re-entry @ 1.5580 and 1.5620. ... both in the money. Will see how NY session will be like then decide if I will hold them over the weekend.
Too bad you got taken out but nice profits nevertheless

Still have one position open from 1.5655 and entered a new one at 1.5572 .. I think I will close everything before the week-end, or move stops at least to break-even to have my mind at ease
Don’t ever let someone tell you that you can’t do something.
  • #23,985
  • Aug 23, 2013 7:43am Aug 23, 2013 7:43am
Quoting Armacom
{quote} Too bad you got taken out but nice profits nevertheless Still have one position open from 1.5655 and entered a new one at 1.5572 .. I think I will close everything before the week-end, or move stops at least to break-even to have my mind at ease
I am used to being stopped out. But with my re-entry trades, I am still good.
The H4 channel I drew still good and the PA will reach the lower channel. That nasty London session H1 candle is sign of smart money taking out all the short positions stops and now drive price back down.
The D chart looks good for next week and there is potential for a bigger down move.
Not easy to trade GU recently.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,986
  • Edited 6:33pm Aug 23, 2013 8:15am | Edited 6:33pm
You cant win all the time.
One of the biggest mistakes that didn't allow me to improve in my trading in the past, was the fact that I was looking for a perfect trading system with no losers.
This meant, every time I had a loser I was changing my rules....
Accept that any system has losers.
Backtest your rules and make sure its profitable in the long run.
After a week with only winners, this is my loser.
What rules I am going to change to prevent this loser? None.
After all the week was quite profitable....

Have a nice weekend!
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  • #23,987
  • Aug 23, 2013 8:37am Aug 23, 2013 8:37am
Quoting farhad10
{quote} Yes u are right but i am trying to use this method for scalp! because of entry signs! I think it may be the best way to scalp with full lot! One question: Do u pay attention to change of polarity?! ( supp becomes res / res becomes Supp ) thank u Emmanuel best regards

You can scalp in LTF M15/M5 using the Price Action Channel.

"polarity" change .... of course all the time.
See all my posts where I show historical S&R on my charts.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #23,988
  • Aug 23, 2013 9:18am Aug 23, 2013 9:18am
Quoting emmanuel7788
{quote} I am used to being stopped out. But with my re-entry trades, I am still good. The H4 channel I drew still good and the PA will reach the lower channel. That nasty London session H1 candle is sign of smart money taking out all the short positions stops and now drive price back down. The D chart looks good for next week and there is potential for a bigger down move. Not easy to trade GU recently.
Yes I noticed that quite often that we can get stopped out of a trade even if everything lines up perfectly, only to continue our predicted move after ... Re-entering seems a crucial aspect that I need to work on

GU spiked a lit these days ...
Don’t ever let someone tell you that you can’t do something.
  • #23,989
  • Edited 9:48am Aug 23, 2013 9:30am | Edited 9:48am
I would like to thank you munirpt for taking the time and effort to vouch for me, its very special moment for me and hope I have the power and patience to communicate better in trading and in this community

Have A Nice Weekend
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I Have Learned to Take Some Losses to Make Profits
  • #23,990
  • Aug 23, 2013 9:32am Aug 23, 2013 9:32am
Only TMS 4H trade of the day ... And it is a loser

EUR/AUD - 4H - No News for EUR or AUD

1* Weekly Trend was up
2* Daily Trend was up
3* Retrace on 4H to Weekly S&R3
4* Pinbar followed by strong Bullish candle
5* Green crossing Red above 50 and through Market Base Line

Entered on the new candle, stop loss under swing low.
Price went for 30-35 pips of profit, moved stop loss to break-even +1.
Left, did some studying, came back and saw that a nasty bearish bar took me out of the trade.

Should have taken profits around that resistance above, but didn't really notice at the time, thoughed that price would slide through
Maybe too greedy ? :nerd:

Any comments welcome !
Have a good weekend my TMS - friends
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Don’t ever let someone tell you that you can’t do something.
  • #23,991
  • Aug 23, 2013 10:03am Aug 23, 2013 10:03am
Quoting TheScorpS
I would like to thank you munirpt for taking the time and effort to vouch for me, its very special moment for me and hope I have the power and patience to communicate better in trading and in this community Have A Nice Weekend {image}


Inserted Video
Don’t ever let someone tell you that you can’t do something.
  • #23,992
  • Aug 23, 2013 10:11am Aug 23, 2013 10:11am
Quoting Armacom
Only TMS 4H trade of the day ... And it is a loser EUR/AUD - 4H - No News for EUR or AUD 1* Weekly Trend was up 2* Daily Trend was up 3* Retrace on 4H to Weekly S&R3 4* Pinbar followed by strong Bullish candle 5* Green crossing Red above 50 and through Market Base Line Entered on the new candle, stop loss under swing low. Price went for 30-35 pips of profit, moved stop loss to break-even +1. Left, did some studying, came back and saw that a nasty bearish bar took me out of the trade. Should have taken profits around that resistance...
Good Morning!

Dude this setup was not for me.

#1 - Look left price has consolidated some what and formed new s&r here....
#2 - I'd want a big Bullish Signal out of that CZ or bearish signal for for that matter!
#3 - Ask yourself, where is the first likely spot my trade is going to meet a possible trouble area? Here your going to meet it almost immediately because of the zone.


Anyway bud I am far from a top trader in this forum sorry you didn't get those pip this time
  • #23,993
  • Aug 23, 2013 10:27am Aug 23, 2013 10:27am
Hi Phx62,

attached there are two trades that i took today.

First one:

- just price action
- i saw a double bottom on LO
- entered a bit early looking at M15

- exited was a mistake, but i saw a double top on LO and next candle, so exited.


Second one:

- divergence
- TDI cross
- NY open pull back
- entered on the open of the second candle in the NY session.

- exited on the next candle because of the pullback...if i staied in i could grab 25/30 pips near the Asian low.


I think the entries were good. But i have to fix my exit rules. What do u suggest? About the second trade, would u exit with a small loss only if the top of the red pullback would be broken?

thanks
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  • #23,994
  • Aug 23, 2013 12:05pm Aug 23, 2013 12:05pm
I have been trading using TMS for quite sometime. Took USDJPY trade recently. I just want to know from the respected members of the forum if my trade is valid or not ..
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  • #23,995
  • Aug 23, 2013 1:39pm Aug 23, 2013 1:39pm
Quoting mehr
I have been trading using TMS for quite sometime. Took USDJPY trade recently. I just want to know from the respected members of the forum if my trade is valid or not .. {image}
can i have your stock with slope indicator ?
  • #23,996
  • Aug 23, 2013 1:50pm Aug 23, 2013 1:50pm
anybody has a good trend indicator?
Come tomorrow, I'll wake up new
  • #23,997
  • Aug 23, 2013 1:51pm Aug 23, 2013 1:51pm
Quoting gsbharaj
anybody has a good trend indicator?

ema 10 21 50 200 800?
  • #23,998
  • Aug 23, 2013 1:53pm Aug 23, 2013 1:53pm
Quoting adamjhdavis
{quote} ema 10 21 50 200 800?
no i mean trend signal.....
Come tomorrow, I'll wake up new
  • #23,999
  • Aug 23, 2013 1:55pm Aug 23, 2013 1:55pm
like the buy and the sell arrows
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Come tomorrow, I'll wake up new
  • #24,000
  • Aug 23, 2013 2:07pm Aug 23, 2013 2:07pm
Quoting Bordy
Hi Phx62, attached there are two trades that i took today. First one: - just price action - i saw a double bottom on LO - entered a bit early looking at M15 - exited was a mistake, but i saw a double top on LO and next candle, so exited. Second one: - divergence - TDI cross - NY open pull back - entered on the open of the second candle in the NY session. - exited on the next candle because of the pullback...if i staied in i could grab 25/30 pips near the Asian low. I think the entries were good. But i have to fix my exit rules. What do u suggest?...
A couple of things I see.....the candles leading up to your first entry have long wicks at both ends and small bodies on them, indicating that there is no momentum or direction in the market......that would be the time to be cautious about entering any trade.....with that being said, the one time I might make an exception to that observation is at the LO, because of the momentum that session usually creates. Second, your entry and then immediate exit, indicates a lack of confidence in what you saw that caused you to enter the trade to begin with....a double bottom....you need to back test and forward test double bottoms and see how often they are successful in predicting a trade......the same thing with TDI crossovers....how often are they successful in gaining pips? On your second trade, you use divergence as a reason to enter....have you back tested and forward tested the charts on EJ H1 to see how often divergence turns into a successful trade? Once you gain confidence from back testing and forward testing entry signals like TDI cross or divergence or double bottoms or candle pullbacks, then you will not be so quick to exit when price moves a few ticks in the opposite direction. Once you do that, you will begin to "see" and "read" the charts......then the light bulb will go on and you will say.....that is so easy now.....why didn't I see that before?
Exits are subjective, based on your trading philosophy. If I don't have a set target, I will exit when I see the price action slowing down, or the candles becoming smaller and pulling back more. That also comes from learning to "read" price action and the charts.
Hope this helps......
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