Trading Made Simple

This is my plan for AUD/USD H1, Fibs drawn off 4H chart, AU at 61.8 fib, so and almost up rising channel, maybe we get a sell signal, my 2 cents

I must more exerciser when looking at HTF... Thanks Emmanuel

There is no supply yet.

Now at LO+2hours we see some reaction at 0.9145 and the TIMING is just right.... coincidence or what?

Anyone knows what is this TIMING?

USD Red news out in an hour from now and start of NY session in 3 hrs?

This is great, I go back all the time and read the old posts in the thread, I keep finding those little 'gems', that give me more and more of those light bulb moments, and also plant those little seeds that allow further learning paths and thought process to evolve grow. Sometimes I find stuff that I completely forgot that I had read, which also helps.

P.S thanks for the PM back Emmanuel, very helpful

Closing of asia Markets?

Yes Emmanuuel, I also had in mind if Fib 61.8 was broken by few pips , then the plan is negated

AUD USD this morning:

Price stalled at RN 0.9100, then it broke this level and TDI bounced up. So I entered. Out at + 50 pips

while preparing for the big picture do we need to mark the daily S&R aswell? i blew my third account. looks like i need to really look at the big picture.

Or should i just look at the monthly and weekly S&R? and should i concentrate on the bodies or the wicks?

Hello to All my dear friends


Today I saw a thread that I think is a good sample for those are searching to realize the meaning of supp/Res and also Channeling better !


Just look at the pics and try to learn! ( just the pics )


Beyond The Candles


regards

Spotted a bounce trade in CADCHF in 4H. Will post a chart later. I am on phone now.

i am teaching myself on making the big picture. here is my try. please guide me on it.

i have just put the S&R around the price. didnot went deep.

do i need to consider daily S&R aswell?

gsbharaj,
I hope you dont mind me commenting, but perhaps I can offer you some insight from another learning trader (8 months down the line). I tried making many things work at the beggining (pivots / fibs etc) that others have found worked for them, I jumped from one thing to another because 'nothing worked'. My mindset was this should work for me, as its worked for others. I was doing this without even having an in depth understanding of price action and how it reacts to support and resistance, what S and R I should consider and how this factors in to R:R all those sorts of basic things.

Through experience I found that just because these things worked for other poeple, it doesnt mean they will work for you, you cant force them to work unless they feel right in your gut, and that comes from integration of them in to your trading plan / system, and then the experience (through mistakes!) to know how to use them, there's no instant learning - experience counts way beyond my expectations at the beggining. Keep a diary / journal, it will take many trades to learn how to use 1 or more of these tools. If they end up fitting the way you want to trade, pick something and stick with it.

What I have found, I'm glad to say, that is starting to work for me, is for now, forgetting all these complimentary tools, these can be incorporated at a later date when I develop / optimise my system / plan further. But what I have done and I'm in the process of doing still is learning and understanding down to my core (at a subconscious level) every one of the aspects of how price action works, support / resistance and all the othe FX basics until its second nature. I'm not quite there yet but I'm well on my way. I can confidently look at a chart and instantly recognise all the FX basics without having to think too much, I dont often get the anlaysis paralysis anymore because I keep things very simple. I dont need to complicate my view of a chart with this extra stuff at the moment. However I understand and have full respect for all the other experienced traders that use these tools, its just where I'm at, at the moment.

My humble advice would be to learn and understand the basic method until its sunk right in at a subconscious level (post 261) and get this core method to work for you before you add anything else for optimisation. Develop the mind set to go with it. We trade in probabilities, not certainty. I love Big E's mind set, I cant remember which post it was in, but this helped me immensly, and contributes a great deal to my trading development. Something like that is hard to put in to words, but Big E (Rest in peace sir), managed it, well for me anyway I read in to it and it struck a cord, he jumped in and out of the market (just like it was a swimming pool) with confidence / calmness, confidence is key....

Its only very recently that I've had a few light bulb moments which are really leading me round a corner and advancing where I am. Dont get me wrong, i'm not a successful trader yet, I'm still learning, and i'm under no illusions, the learning, will be infinitely ongoing. But my results are continuing to improve......

Wow, if this hasnt helped anyone else, its been therapeutic for me.....

UK1

It's all about how you want to trade, Gsbharaj! You can use any indicator you want, you can use none, or all at the same time, this is all about your own preferences. Should you check S/R levels? Well, they are known to be levels where price can reverse, so it won't hurt your trading. Do you need to? No, you won't harm any of us if you don't.

If you want to stick to the TMS the way Big E traded it, you can, as he said it, look to the left on the chart and see if there are no problems. By that he meant S/R levels, candle patterns, fib. levels, etc, that could interfere.
If you want to use other indicators that make you feel more confident, you can use any you want. Generally, the more indicators you use, the more confused you'll be.

Trading is all about developing your own trading style and to develop that, you have to find the template or templates and trading plan that fit you as an old pair of jeans. And that takes time and a lot of trading on demo and finetuning your trading plan along the way. Read as much as you can about trading, extract and use what you think is useful and store the rest somewhere upper cranial. But always stick to what works for you!

EJ week 36 - 4 Sep NY



Refer to chart above:
EJ is in consolidation (shaded grey box).
Will be looking trade the breakout of this grey box.

Gold Goes Short !


Good angle and MBL is BROKEN !

Emmanuel,
what exactly would you need to see to enter the breakout trade, whats your entry parameter? Entry following a 'confident' close above the highest high or lowest low?

I am reading their lips ...

Very funny!!

"ready........."
"Set....."
" and.... Go!!"