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Trading Made Simple

  • #25,401
  • Sep 23, 2013 6:59am Sep 23, 2013 6:59am
Quoting thewriter30
apart from not being on top of the yellow, anything wrong with this long TDI setup? AUD USD - H4 {image}

AU week 38:

This morning' better China PMI push price up, but short-lived, why?

Historical S&R 0.9420,... hang on! H4 TDI setup look valid.
Attached Image (click to enlarge)
Click to Enlarge Name: AU week 38 hist S&R 23-9-2013 7-55-35 PM.png Size: 25 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #25,402
  • Sep 23, 2013 7:09am Sep 23, 2013 7:09am
Quoting munirpt
{quote} Hi emannuel Could you explain your XAU trade? Im really lost trying to understand the rationale for the trade.... I see a morning star pattern on the 4H which indicates long. Also on the 1H i see some bulish divergence with green and red pointing up an crossing MBL... Thanks Munir
Hi munirpt,

I posted last week the H4 MC breakout which I took.
This trade is now protected with floating profits, so I added position when market broke below and re-tested the Hist S&R 1.3332

See chart below.

Attached Image (click to enlarge)
Click to Enlarge Name: XAU week 38 update 23 Sep 23-9-2013 8-00-31 PM.png Size: 34 KB


regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #25,403
  • Sep 23, 2013 7:15am Sep 23, 2013 7:15am
Hey buddy,

Hang on = wait for it to break the resistance? (conservative) or entry with a sl around 94? correct? thanks al ot
  • #25,404
  • Sep 23, 2013 7:15am Sep 23, 2013 7:15am
Quoting munirpt
{quote} Hi ScorpS this is one of the best videos I have for money management : http://youtu.be/4uItNovNvIM hope you enjoy and learn from it
This is a good video about money management. I learn a lot from it. Thank you for the link, Munirpt. Thank you for you too, Scorps for asking a good question.
  • #25,405
  • Sep 23, 2013 7:26am Sep 23, 2013 7:26am
Quoting emmanuel7788
{quote} Hi munirpt, I posted last week the H4 MC breakout which I took. This trade is now protected with floating profits, so I added position when market broke below and re-tested the Hist S&R 1.3332 See chart below. {image} regards, EMMANUEL
Thanks for the explanation.
Still finding my way around 4H charts....
  • #25,406
  • Sep 23, 2013 7:30am Sep 23, 2013 7:30am
Quoting thewriter30
Hey buddy, Hang on = wait for it to break the resistance? (conservative) or entry with a sl around 94? correct? thanks al ot

there is a huge D candle which is wide range, this may be the next D master candle to trade.
you are now inside this D MC....
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #25,407
  • Sep 23, 2013 7:33am Sep 23, 2013 7:33am
One trade on ej H1 in asia session.
SL was already at BE when I went to sleep, +50 pips TP had
reached before I awake
Attached Image (click to enlarge)
Click to Enlarge Name: Greenshot_2013-09-23_06-00-09ejH1.png Size: 38 KB
If you're going through hell, keep going. Winston Churchill
  • #25,408
  • Sep 23, 2013 7:50am Sep 23, 2013 7:50am
Some asian scalps...
Attached Image(s) (click to enlarge)
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  • #25,409
  • Sep 23, 2013 8:13am Sep 23, 2013 8:13am
EJ was a really clean break, nice job to all of you who took the trade... Unfortunately the entry was around 3-4 AM my time, so I did not take advantage of it...

@Munirpt I have a question about your TP, do you have a fixed one based on ADR or something, or is it just something you feel satisfied with, or do you target particular levels?
Attached Image (click to enlarge)
Click to Enlarge Name: EJ.png Size: 59 KB
  • #25,410
  • Sep 23, 2013 8:35am Sep 23, 2013 8:35am
Quoting WDays
EJ was a really clean break, nice job to all of you who took the trade... Unfortunately the entry was around 3-4 AM my time, so I did not take advantage of it... @Munirpt I have a question about your TP, do you have a fixed one based on ADR or something, or is it just something you feel satisfied with, or do you target particular levels? {image}
I have 2 ways for defining TPs:

1 - Technical levels (Support, Resistance, Fib retracement and extension levels , ABCD completion)
2 - 2X ATR(7)

The EJ trade was activated while i was sleeping. I had a pending order below the 4H MC.Once the trade was activated, the EA established the TP. When i woke up the trade was already closed with profit. If i was awake i would have taken around 50 pips according to my structure levels.

Good trading to you :-)
  • #25,411
  • Sep 23, 2013 8:47am Sep 23, 2013 8:47am
Quoting munirpt
{quote} I have 2 ways for defining TPs: 1 - Technical levels (Support, Resistance, Fib retracement and extension levels , ABCD completion) 2 - 2X ATR(7) The EJ trade was activated while i was sleeping. I had a pending order below the 4H MC.Once the trade was activated, the EA established the TP. When i woke up the trade was already closed with profit. If i was awake i would have taken around 50 pips according to my structure levels. Good trading to you :-)
Thank you for clearing that right up, a good trade it is.

Green pips to you
  • #25,412
  • Sep 23, 2013 9:36am Sep 23, 2013 9:36am
Munir

I would like to ask about your second trade AUD/USD, did you take the trade because the entry candle traded below previous candle and then goes back into previous candle ranges creating bullish engulfing outside bar with good angle cross of TDI?

Thanks
I Have Learned to Take Some Losses to Make Profits
  • #25,413
  • Sep 23, 2013 10:04am Sep 23, 2013 10:04am
Quoting TheScorpS
Munir I would like to ask about your second trade AUD/USD, did you take the trade because the entry candle traded below previous candle and then goes back into previous candle ranges creating bullish engulfing outside bar with good angle cross of TDI? Thanks
Hi ScorpS

Hope that these charts clarifiy my thought process.
Attached Image(s) (click to enlarge)
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  • #25,414
  • Sep 23, 2013 11:01am Sep 23, 2013 11:01am
Quoting jodwayne
Hi folks Does anyone have info on backtesting with mt 4. Currently Im just scrolling back and using F12 to advance thew chart but that does not give me the benefit of atr indi to set my stops and targets. Am I doing it wrong? Just curious how everyone else does it.
You might use a simple EA, start the thing, put your template on the chart and run it at whatever speed u want..... it will not record your trades, but will allow you to analyze the specific time frame... you will have to ignore the trades being placed by the ea. This is not the best idea in the world but it may give you some of what you need.

Hope that helps.
  • #25,415
  • Sep 23, 2013 11:13am Sep 23, 2013 11:13am
Quoting munirpt
{quote} Hi ScorpS Hope that these charts clarifiy my thought process. {image} {image} {image}
Hi munipt

That's extremely informative. Thank you.
What is quite clear when reading the posts of traders that have successful trades (yourself, emmanuel, phx, imi, and whoever else I've forgotten) is that they all have a plan, their thoughts are logical and structured and they wait for the market to validate their setups.
Nice trade.

Axiom
  • #25,416
  • Sep 23, 2013 11:15am Sep 23, 2013 11:15am
watching EUR/JPY closer bounced back form 38.2 fibo heading north to test 50 if its break I will be getting in my longs its still premature on 1 hour
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpyh1.png Size: 57 KB
Nothing is True Everything is Permitted
  • #25,417
  • Edited 2:16pm Sep 23, 2013 11:39am | Edited 2:16pm
Quoting munirpt
{quote} Hi ScorpS Hope that these charts clarifiy my thought process. {image} {image} {image}
This is very structured plan, from H4 down to M15 and a trade initiated on H1, this is what I mostly concentrate on as you have said earlier, yes indeed your details chart goes even beyond my analysis of the trade which is a learning experience itself, this is must be saved and compiled into PDF for future viewing and saved to my TDI folder, very informative

I like how you set a rule to trade counter trend trades only when there is divergence at technical level, am developing my trading plan, and this rule alone I have no idea existed if you have not mentioned so, am gonna test that so that I can incorporate that into my trading plan

Thanks a lot munir for you help, much appreciated
I Have Learned to Take Some Losses to Make Profits
  • #25,418
  • Sep 23, 2013 12:07pm Sep 23, 2013 12:07pm
this is my long entry. pair is eur/jpy
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 52 KB
Come tomorrow, I'll wake up new
  • #25,419
  • Sep 23, 2013 2:34pm Sep 23, 2013 2:34pm
Quoting jodwayne
Hi folks Does anyone have info on backtesting with mt 4. Currently Im just scrolling back and using F12 to advance thew chart but that does not give me the benefit of atr indi to set my stops and targets. Am I doing it wrong? Just curious how everyone else does it.
Jodwayne, look at post 13.116, you will find a trade simulator there. Download it and read the instructions.
  • #25,420
  • Sep 23, 2013 2:57pm Sep 23, 2013 2:57pm
Quoting gsbharaj
this is my long entry. pair is eur/jpy {image}
Why would you enter long after a 165 pip move down? Back-testing will prove that very seldom will price make a reversal without consolidation even if it only moves 65 or 70 pips in one direction, let alone 165 pips (The only time I have found price to reverse immediately is when there is a very high impact news event). You need to do some serious back-testing to learn how price moves and reacts during different time frames. Also your entry was made after London had closed and NY was half over. Normally not a good time to enter unless you are scalping a few pips or news is moving the market.
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