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Trading Made Simple the right way, and other trading lessons 334 replies

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Trading Made Simple

Quoting emmanuel7788
{quote} Hi Lane, Sorry for this late reply. It's Friday night out here and now into the early of Saturday morning. Staying awake to see how London will close. Your are right about EJ and we are seeing the test of last month October' weeks high. Beyond Oct week 43 and week44 highs, there is no historical resistance until way back to 2009. Look at MN and we see upper wicks of 2009 MN candles. So we play the RN and BRN levels when price move higher. Abenomics is working and banks are confident and showing support of the Japanese economy recovery. After...
Gotcha, will look into that for all yen pairs this weekend.

Thanks, cheers
Quoting Phx62
EJ trades this week. I entered the first one as a H1 trade at LO based on price action and TDI confirmation. As the trade progress, I opened the H4 time frame and decided to monitor the trade on the H4. I moved my TP to 150, not expecting price to reach that point. It did!! The second trade was entered as a H4 trade and was based on the ABC harmonic pattern that appeared to be setting up. Not wanting to leave the trade over the weekend, I closed it manually an the last Friday candle. Price may very well continue up next week to complete that ABCD...
Very good trades Phx62. I wish I had the time to try out the H1 the way you trade. Me I can watch only H4 and play with stop orders and TPs on the hourly. This week I've had similar trades, some very identical. Though I've had quite a few minor loses since I'm testing and tweaking/bending the TMS rules to fit my daily life. Although profitable, I still have a lot to learn experiment and "borrow" from successful traders.

I'd really be interested (as many others I'm sure) to see what kind of strategy you would adopt on the H4.
Quoting Phx62
GU H1 trades this week.....the first two were posted earlier. A nice move up on Wednesday with news...entered on a break of last week's low.....2nd trade was just a scalp trade based on continued movement following news....did not quite reach TP, so I closed it manually. Thursday produced a breakeven trade following LO....was able to pick up a few pips during NY. Friday....one BE trade entered on LO candle.{image}
Hello Phx62, good to see you back in action.
For the 100 pip trade on GBP.USD what signal did PA give you to take the trade?

Also, I entered a trade on EUR.JPY yesterday. I entered with a pullback that formed around yesterday's high and a break of Frankfurt during LO. What would make you take/not take the trade?

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: nov 15 eur.jpy.h1 trade.png Size: 59 KB
Quoting WDays
{quote} Any system can be profitable to anybody who puts in enough time and effort.... I don't see why you have to try to disprove anything? Forex is extremely personal... Some people like PHX put in thousands of hours of backtesting and forwardtesting, others expect to be spoon fed and don't do jack to help themselves.... Bottom line is, work hard on studying the theory and applying it to practice and it will pay off... Nobody here can do the work for you, so I will reiterate myself, what do you expect from this or any other thread you have written...

Well, a " system " isn't personal at all. You are following guidelines of the creator. If you have done thousands of hours of backtesting, forward testing then you will know what to do and you will recognize profitable systems without even using them. this is my point. I've done several dozen thousand hours of trading, and i know good system's when i see them. if you want to get personal about it, you will have to modify the system to fit your trading style
Quoting LFN
{quote} Thx again. The candle is showing an undecided market, right? Do you mean it still has an effect after 24 hours?

Hi LFN,

That candle high-low shows one inside bar and later several smaller candles within its high-low. A small master candle and this can provide a potential breakout trade.

The real price bar shows long upper and lower wicks with small body. Some consider this as indecision of the market.

With the week closed, we look at the MN and W1 to see where the most nearby historical price swing levels are.
There is one W1 S&R and one MN S&R which will be in play near where the current market price is. A few intermediate S&R which we must manage our trades.
See chart below.

Attached Image (click to enlarge)
Click to Enlarge Name: EU week 46 close and wk47 plan..png Size: 60 KB


I have a brief plan how I will trade next week. Always have a Plan A and a Plan B for such market situations.


Catch the intra-week swings using 4H.
Good Trading next week.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Phx62 - just a quick note of thanks for posting your weekly trades every week - always looking forward to these to compare with my trades....
Cheers & please continue to post them / Mop
Quoting Phx62
GU H1 trades this week.....the first two were posted earlier. A nice move up on Wednesday with news...entered on a break of last week's low.....2nd trade was just a scalp trade based on continued movement following news....did not quite reach TP, so I closed it manually. Thursday produced a breakeven trade following LO....was able to pick up a few pips during NY. Friday....one BE trade entered on LO candle.{image}
Always thank you for sharing your traing charts.
I have a small question about Thursday BE trade. It looked PA advanced around 40 pips before pulled back. Why didn't your EA exit the trade with 20 pips or something profit?

Have a nice weekend!
Simplicity is the ultimate sophistication - Leonardo da Vinci
Quoting heispark
{quote} Always thank you for sharing your traing charts. I have a small question about Thursday BE trade. It looked PA advanced around 40 pips before pulled back. Why didn't your EA exit the trade with 20 pips or something profit? Have a nice weekend!
hello heispark,
the EA phx 62, if my memory serves correctly, only brings the trade to BE when it reaches 21 pips. I dont think it does a trailing stop.
Quoting allisonmagic
{quote} Well, a " system " isn't personal at all. You are following guidelines of the creator. If you have done thousands of hours of backtesting, forward testing then you will know what to do and you will recognize profitable systems without even using them. this is my point. I've done several dozen thousand hours of trading, and i know good system's when i see them. if you want to get personal about it, you will have to modify the system to fit your trading style
Your post sounds good until you've been reading your posts for as long as I have. You spent how long in the symphonie thread? a lot of months telling everyone how great the system was, how wonderful the creator of it was blah blah, only to suddenly post this: http://www.forexfactory.com/showthre...96#post6409996 which said:
Quote
well guys, after a year of trading the system, I'm just about done trading symphonie.. after a year of losses.. the most i've made is about 40 pips in 1 trade using symphonie.. lately i've stopped using symphonie, now i'm using the ichimoku system standalone and it's pulling hundreds of pips instead of just a few. 500 dollars of losses with symphonie and i'm done .. it was a fun ride though, hope you guys are successful with it.


thanks for everything Eval !
That was only in February so have you done several thousands of hours since then to be able to recognise a good system at a glance?
A trader's life is a puzzle.

So I rather spend my time to help people following TMS and want to make it work for them. I let them experience for themselves and then they can decide how they will make TMS work for them to achieve their financial objectives.

Attached Image


Have a Good Weekend.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting LFN
{quote} Hi thrax. What is the SL and TP levels showing on your charts? Is it your trade manager or D.O.T.S?
Hi,

these are levels set by a script shared by emmanuel7788:
http://www.forexfactory.com/showthre...99#post6331899

You will find some posts about the R-multiples approach in setting TPs.

take care,
thrax
Hiya everybody! Just wondering if there are any folks currently on this thread who've been around since page 1? Also, is Eelfranz dead or something? I just read the most recent 20 pages (thought I'd jump from page 85 where I'm actually up to see if things are much different at the end here) and have noticed he's not posted anything. I've also noticed that the TMS strategy has somewhat evolved from that which was originally professed by Eelfranz at the outset. Couple of more indicators. Anyway, just wondering...
Quoting Dfitzgibbons
Hiya everybody! Just wondering if there are any folks currently on this thread who've been around since page 1? Also, is Eelfranz dead or something? I just read the most recent 20 pages (thought I'd jump from page 85 where I'm actually up to see if things are much different at the end here) and have noticed he's not posted anything. I've also noticed that the TMS strategy has somewhat evolved from that which was originally professed by Eelfranz at the outset. Couple of more indicators. Anyway, just wondering...
hi,

I think there are some of us here from page 1 There are some nuances added that is true, but is does not effect the core concept laid by eelfranz.
Eelfranz died about a year ago. This information you could also get reading between pages 20 and 1378...

take care,
thrax
Quoting Phx62
EJ trades this week. I entered the first one as a H1 trade at LO based on price action and TDI confirmation. As the trade progress, I opened the H4 time frame and decided to monitor the trade on the H4. I moved my TP to 150, not expecting price to reach that point. It did!! The second trade was entered as a H4 trade and was based on the ABC harmonic pattern that appeared to be setting up. Not wanting to leave the trade over the weekend, I closed it manually an the last Friday candle. Price may very well continue up next week to complete that ABCD...
Perfect use of AB=CD pattern , thanks for helping us , and wish you luck in your 4H project
I Have Learned to Take Some Losses to Make Profits
Quoting tenmilewalk
{quote} Hello Phx62, good to see you back in action. For the 100 pip trade on GBP.USD what signal did PA give you to take the trade? Also, I entered a trade on EUR.JPY yesterday. I entered with a pullback that formed around yesterday's high and a break of Frankfurt during LO. What would make you take/not take the trade? Thanks {image}
The GU 100 pip trade was just a typical LO trade. As you know, I look for the high or low of the London session to be set in the first couple of hours of the session. There was no entry signal until candle 2 broke above the LO candle. I waited for price to also break above last weeks low (purple line) to enter. The entry candle was also a GBP news candle so there was a little more risk involved but I had already moved my SL to just below the LO candle following entry. The TDI confirmed the entry with green over red and yellow.
The chart you posted was also a good entry on the EJ H1 and would have been good for 40+ pips. Again, a typical LO type trade....a nice pullback candle formation just prior to the LO indicting price should go long. My entry would have been on a break above the Frankfurt candle where your green arrow is located, Since I was already in the H4 trade, I did not look for the H1 trade.
Regards.....
Quoting heispark
{quote} Always thank you for sharing your traing charts. I have a small question about Thursday BE trade. It looked PA advanced around 40 pips before pulled back. Why didn't your EA exit the trade with 20 pips or something profit? Have a nice weekend!
I was not monitoring the trade and had turned off the trailing stop on the EA, so the only option the EA had was to close at BE or TP.
Quoting thrax
{quote} hi, I think there are some of us here from page 1 There are some nuances added that is true, but is does not effect the core concept laid by eelfranz. Eelfranz died about a year ago. This information you could also get reading between pages 20 and 1378... take care, thrax
Aah cool, thanks for the response man. Yeah there was mention of the big E-man being ill in somewhere in the first 30 or so pages. We all got to go at some point. Anyway, still a fan! I wasn't complaining about the extra indicators, just playing Captain Obvious. Looks like Emmanuel's the new thread-master.

Cheers again mate!
This man is king..anything else added to this system is not needed..God bless him for all the help he gave us.
Can it get any better than someone who tells you how to make money for a lifetime with no second intentions and for free? No I dont think it can.
Keep it simple stupid!
YOUR MOTHERS ASS
Quoting Phx62
{quote} I was not monitoring the trade and had turned off the trailing stop on the EA, so the only option the EA had was to close at BE or TP.
Hi phx62, i see you when i visited x-men thread 1 year ago, i have a question.do you trade when you see a cross in 32 or 62 Zone ? It often happen when market in strong trend, if you enter a position you do trade in opposite trend? What do you see when you do it ?
TDI in region above 68-level / below the 32 level:

Watch these two videos. click the links below.

Video 1

Video 2

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