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Trading Made Simple

  • #25,521
  • Sep 26, 2013 5:58am Sep 26, 2013 5:58am
EJ Turn Around
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I Have Learned to Take Some Losses to Make Profits
  • #25,522
  • Sep 26, 2013 6:04am Sep 26, 2013 6:04am
AU 26 Sep NYO trade:

Attached Image (click to enlarge)
Click to Enlarge Name: AU 26 Sep NYO trade 26-9-2013 8-57-50 PM.png Size: 29 KB


Risks:

US news today.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #25,523
  • Sep 26, 2013 6:39am Sep 26, 2013 6:39am
Quoting emmanuel7788
AU 26 Sep NYO trade: {image} Risks: US news today.
Emmanuel,

May I ask a quick question? I notice the TDI hasn't crossed in this image. How do you know it won't bounce like it did 4 candles back where there was a similar piercing pattern.

Many thanks

Moonie.
  • #25,524
  • Sep 26, 2013 6:59am Sep 26, 2013 6:59am
Emmanuel my Pick Is GBP/AUD because of these notes I put on the chart

Your quizzes helps me develop
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I Have Learned to Take Some Losses to Make Profits
  • #25,525
  • Sep 26, 2013 7:12am Sep 26, 2013 7:12am
Quoting Moonie
{quote} Emmanuel, May I ask a quick question? I notice the TDI hasn't crossed in this image. How do you know it won't bounce like it did 4 candles back where there was a similar piercing pattern. Many thanks Moonie.

Moonie,
I don't get what you mean.
Post a chart and it will be clearer.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #25,526
  • Sep 26, 2013 7:14am Sep 26, 2013 7:14am
any advise for this trade? should take or not?
if take, should it stop loss at next candle close price or ?
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  • #25,527
  • Sep 26, 2013 7:24am Sep 26, 2013 7:24am
Quoting emmanuel7788
{quote} Hi Paul, It is not about being correct. It should be that we must be consistent in the way we analyse the charts and make decisions consistently. You have identified the master candle for GBPNZD which is very important trade decision over GBPAUD. What you need to do is to identify the historical support and resistance for both pairs and you will have more information to decide which pair has a higher probability for a profit run with fewer support obstacles. This is very important to make decision between which pair to trade. The other factor...
When you look at the trading range..do you mean the ADR? That is something I do use, although I should probably pay more attention to it than I do currently.

Lately for SR lines/weekly planning I have been using more Fib as when I was drawing based on swing highs/lows of candles I was finding I had far too many lines. Although I do think the historical SR lines based highs/lows seem to be more accurate.

My aim at the moment is simply to improve my entry decisions and learn to manage the trade better using smaller TFs. I am planning on starting to formulate my own trading plan over the next month or 2 and also try to get the decision making process written down in to a set of 10 or less rules/steps that I must follow.

Thanks for helping me along so far!

Paul
  • #25,528
  • Sep 26, 2013 7:26am Sep 26, 2013 7:26am
Quoting stone fx
any advise for this trade? should take or not? if take, should it stop loss at next candle close price or ? {image}

which trade? I see one red line ...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #25,529
  • Sep 26, 2013 7:40am Sep 26, 2013 7:40am
Quoting emmanuel7788
{quote} which trade? I see one red line ...
on that red line, TDI was around 2 o'clock and HA bar turned up.
  • #25,530
  • Sep 26, 2013 7:58am Sep 26, 2013 7:58am
Thanks Emmanuel,

I have attached a chart which hopefully explains my question. I'm basically asking how to tell the difference between a green and red line bounce and a breakthrough when PA shows a piercing pattern.

Moonie.



Quoting emmanuel7788
{quote} Moonie, I don't get what you mean. Post a chart and it will be clearer. regards, EMMANUEL
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  • #25,531
  • Sep 26, 2013 8:18am Sep 26, 2013 8:18am
Quoting stone fx
{quote} on that red line, TDI was around 2 o'clock and HA bar turned up.

if we simply trade TDI cross, some trades will fail.

We need to know the market type and learn how to pick only A+++ trade setups which have higher probability of winning.

What do you think the market type is this week?

a) Trending
b) Narrow range sideways - Down
c) Narrow range sideways - Up
d) Wide range sideway
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #25,532
  • Sep 26, 2013 8:23am Sep 26, 2013 8:23am
Quoting Moonie
Thanks Emmanuel, I have attached a chart which hopefully explains my question. I'm basically asking how to tell the difference between a green and red line bounce and a breakthrough when PA shows a piercing pattern. Moonie. {quote} {image}
The TDI is based 13-periods and using the Close price. The size of the previous candles has impact on how the TDI PL and TSL condition.

You notice the previous candles ... 2 large candles and more small candles among tge 13 candles.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #25,533
  • Sep 26, 2013 8:28am Sep 26, 2013 8:28am
Quoting emmanuel7788
{quote} if we simply trade TDI cross, some trades will fail. We need to know the market type and learn how to pick only A+++ trade setups which have higher probability of winning. What do you think the market type is this week? a) Trending b) Narrow range sideways - Down c) Narrow range sideways - Up d) Wide range sideway
I include an Aroon's oscillator inside to determine the strength and weakness of a trend, as ultimately you're looking to trade the strength of a reversal. Hence, if you include an Aroon oscillator and it's value is above 50, it filters out quite a bit of the failing trades.

Whacha think? I don't find as much of an accuracy if I do the same with ADX and stochastics. Having CCI gives a good hint too though.
  • #25,534
  • Sep 26, 2013 8:48am Sep 26, 2013 8:48am
Quoting emmanuel7788
{quote} The TDI is based 13-periods and using the Close price. The size of the previous candles has impact on how the TDI PL and TSL condition. You notice the previous candles ... 2 large candles and more small candles among tge 13 candles.

Many thanks Emmanuel. That seems obvious now you've explained it.

One of your previous posts you mentioned the 'Master Candle'. Please can you explain how to identify this and its significance or point me to a post discussing it.

Kind Regards

Moonie.
  • #25,535
  • Sep 26, 2013 9:41am Sep 26, 2013 9:41am
Another master candle on EJ pair. Who is interested?
Ranging about 100pip
Attached Image (click to enlarge)
Click to Enlarge Name: 9-26-2013 11-38-25 PM.jpg Size: 53 KB
  • #25,536
  • Sep 26, 2013 1:03pm Sep 26, 2013 1:03pm
Quoting Pervis
Another master candle on EJ pair. Who is interested? Ranging about 100pip {image}
Where you have drawn the lines is not the master candle, the candles after it managed to go below and above the candle's high and low, the master candle is the 5th from the right, all following candles are trapped inside its high and low.
  • #25,537
  • Sep 26, 2013 1:50pm Sep 26, 2013 1:50pm
Hi all,

For those trying to get their heads around the Master Candle (MC) please see below, which should help a little. This was taken from an ebook I have on MCs:


Attached Image



Attached Image



Attached Image



Hope everyone's having a good week.


Erol
  • #25,538
  • Sep 26, 2013 3:48pm Sep 26, 2013 3:48pm
Quoting Erol
Hi all, For those trying to get their heads around the Master Candle (MC) please see below, which should help a little. This was taken from an ebook I have on MCs: {image} {image} {image} Hope everyone's having a good week. Erol

Thanks Erol.

Good images to explain the Master Candle.

Very good sharing here and supporting fellow TMS traders new to trading.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #25,539
  • Sep 26, 2013 3:49pm Sep 26, 2013 3:49pm
Quoting lastingwell
{quote} Where you have drawn the lines is not the master candle, the candles after it managed to go below and above the candle's high and low, the master candle is the 5th from the right, all following candles are trapped inside its high and low.

yup, that right it is the 5th candle and now we have this MC to trade EJ today and next week.

Make pips with this MC ..its 100pips range.

Don't let just one MC candle put cloud over your eyes.

Look lower timeframe and see the early entry before the breakout too.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #25,540
  • Sep 26, 2013 4:00pm Sep 26, 2013 4:00pm
Quoting Moonie
{quote} Many thanks Emmanuel. That seems obvious now you've explained it. One of your previous posts you mentioned the 'Master Candle'. Please can you explain how to identify this and its significance or point me to a post discussing it. Kind Regards Moonie.

Moonie,

Just above pot 24,540, we have another very helpful trader Erol who posted some text book pages on Master Candle.

Use that and practice to spot the MC patterns on your charts and trade them using TMS.
The past 3 to 4 weeks I spent time to show how to spot the market type using candle patterns and avoid taking TDI crosses setups.

The significance of MC is to see market consolidation and avoid trading the narrow range consolidation market type. Back-testing on your charts will show you that those TDI crosses while PA is inside the MC or any Wide Range Bar WRB will result in poor trades. There are other CandleSticks Patterns CSP which shows market consolidation.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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