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Trading Made Simple

  • #28,541
  • Jan 2, 2014 1:47pm Jan 2, 2014 1:47pm
Quoting Phx62
First trade of the new year..... EJ H1. This trade was not taken entirely by TMS rules. Because price has been ranging during the holidays, I waited for price to break below the low of the London Open candle before entering. I entered a little more than 3 hours following LO, even though the cross of green over red had occurred at LO. I entered with a 40 pip SL and 40 pip TP, expecting a small trade based on the ADR. However, price moved very strongly down. Not only did the H1 candles all close red but all the M15 candles also closed red, indicating...
Thanks for posting the chart, Phx.

I had taken the same trade, but exited too early!
What the mind does not know, the eyes cannot see
  • #28,542
  • Jan 2, 2014 1:47pm Jan 2, 2014 1:47pm
Great trade Phx62,

i was in and out of the same trade - i haven't learnt yet to sit on my hands as Rick would say... haha ...

have a great year

nelly
  • #28,543
  • Jan 2, 2014 1:56pm Jan 2, 2014 1:56pm
Quoting Phx62
First trade of the new year..... EJ H1. This trade was not taken entirely by TMS rules. Because price has been ranging during the holidays, I waited for price to break below the low of the London Open candle before entering. .{image}
Hi Phx62,

Nice to see you around again and another good trade. Thanks for posting the chart. The reason you didn't enter on first 3 candles after LO is Market has no volatility or volume. As we are catching Momentum with TMS, this is why you have waited for late entry. Kindly confirm if I am on right track.

Thanks.
  • #28,544
  • Jan 2, 2014 1:56pm Jan 2, 2014 1:56pm
Phx62

may i ask how you have your two screen set up ? do you have each H1 chart open with the same pair M15 open ?
i think this maybe what is making me jump in and out too often,
you mention in your write ups that you have the M15 open for better entry and exits - but how far do you allow the M15 to pullback before jumping out of the H1 trade ???

regards
  • #28,545
  • Jan 2, 2014 4:16pm Jan 2, 2014 4:16pm
To all TMS traders, Ive been trying to stick to 4H charts at all time, but now going through 1H for today it looks like i would have made many more pips than I could have on 4H, is 1H better?
YOUR MOTHERS ASS
  • #28,546
  • Jan 2, 2014 4:37pm Jan 2, 2014 4:37pm
Quoting Nellycopter
Phx62 may i ask how you have your two screen set up ? do you have each H1 chart open with the same pair M15 open ? i think this maybe what is making me jump in and out too often, you mention in your write ups that you have the M15 open for better entry and exits - but how far do you allow the M15 to pullback before jumping out of the H1 trade ??? regards
Here is how my charts are set up. I have the M15, H1 & H4 open but when I trade the H1, all entries and exits are based on what I see on the H1 chart. The M15 just gives me a heads up on changes that may be coming but I seldom exit based on what I see on the M15. Based on the trade I took today, I would not exit on a closed blue candle on the M15 chart but two or three of them would let me know a reversal was coming. When trading the H1, I use the H4 to view trend direction and to get a perspective on pullbacks, fib retracements and market direction. I also do a weekly analysis on the Daily, Weekly and Monthly charts, marking highs and lows and S/R areas on my H1 chart.
Attached Image (click to enlarge)
Click to Enlarge Name: fxdd - metatrader.png Size: 233 KB
  • #28,547
  • Jan 2, 2014 4:42pm Jan 2, 2014 4:42pm
Quoting hoperich
{quote} Hi Phx62, Nice to see you around again and another good trade. Thanks for posting the chart. The reason you didn't enter on first 3 candles after LO is Market has no volatility or volume. As we are catching Momentum with TMS, this is why you have waited for late entry. Kindly confirm if I am on right track. Thanks.
You are on the right track. When the market has been ranging or I am unsure how far a reversal may go, I wait for price to break below (or above) the first new color candle just to verify there is some momentum in the selected direction. If there is a candle pattern or resistance area or news release that causes the market to reverse, I won't wait for price to break below (or above) the setup candle.
  • #28,548
  • Edited 5:50pm Jan 2, 2014 5:39pm | Edited 5:50pm
Quoting Phx62
{quote} You are on the right track. When the market has been ranging or I am unsure how far a reversal may go, I wait for price to break below (or above) the first new color candle just to verify there is some momentum in the selected direction. If there is a candle pattern or resistance area or news release that causes the market to reverse, I won't wait for price to break below (or above) the setup candle.
Phx62, how are you settings your SL's, s/r, fibs, last high/low, pivots, ATR, etc., or just mental? I've been scalping smaller t/f's for so long, but am trying to adjust to 1hr (but findings it difficult keeping my hands off the keyboard....) I need more patience, but I need it fast....How's that for a oxymoron!

Thanks!

Regards,
Cigarguy
Keep It Simple
  • #28,549
  • Jan 2, 2014 5:52pm Jan 2, 2014 5:52pm
Quoting santos23
To all TMS traders, Ive been trying to stick to 4H charts at all time, but now going through 1H for today it looks like i would have made many more pips than I could have on 4H, is 1H better?

santos23:

Do you know the difference - scalping, intraday trading, swing trading and position trading?

Which type of trader are you?

Once you know the type of trader you are, then the answer is obvious.

Do you know the concept of R-Multiple and how to use position sizing?

There was also a TMS 4H setup. Did you see that?

The number of pips win / loss is not that important when you should consider the risk to reward and how to achieve your financial target in trading business.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,550
  • Jan 2, 2014 5:54pm Jan 2, 2014 5:54pm
Quoting Phx62
First trade of the new year..... EJ H1. This trade was not taken entirely by TMS rules. Because price has been ranging during the holidays, I waited for price to break below the low of the London Open candle before entering. I entered a little more than 3 hours following LO, even though the cross of green over red had occurred at LO. I entered with a 40 pip SL and 40 pip TP, expecting a small trade based on the ADR. However, price moved very strongly down. Not only did the H1 candles all close red but all the M15 candles also closed red, indicating...
Attached Image


Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,551
  • Edited 6:34pm Jan 2, 2014 6:09pm | Edited 6:34pm
Use Master Candle MC and Wide Range Bar WRB to help identify market consolidation then trade the breakouts.
With TMS 4H Entry conditions, this works out well.

Attached Image (click to enlarge)
Click to Enlarge Name: EJ 4H week01 2014.png Size: 41 KB



Look for CONSOLIDATION:

how?
what to use?

Attached Image (click to enlarge)
Click to Enlarge Name: Post 261 on consolidation.png Size: 56 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,552
  • Jan 2, 2014 6:26pm Jan 2, 2014 6:26pm
Quoting emmanuel7788
Use Master Candle MC and Wide Range Bar WRB to help identify market consolidation then trade the breakouts. With TMS 4H Entry conditions, this works out well. {image}
Emmanuel7788, what pairs do you watch? I'm in US GMT -7. LO is 1 am for me same as PHX62. LO makes for a long day.....

Thanks.

Regards,
Cigarguy
Keep It Simple
  • #28,553
  • Jan 2, 2014 6:42pm Jan 2, 2014 6:42pm
Quoting cigarguy
{quote} Emmanuel7788, what pairs do you watch? I'm in US GMT -7. LO is 1 am for me same as PHX62. LO makes for a long day..... Thanks. Regards, Cigarguy
cigarguy:

for day trading and 4H swing, mostly AJ, EJ, AU, EU, GU.

for 4H swings, also EURAUD, EURNZD, GBPAUD and GBPNZD., these pairs give good weekly range.

avoid EURCHF.

European and London session is best to trade, most liquid, more money flow back from Asia markets.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,554
  • Jan 2, 2014 6:46pm Jan 2, 2014 6:46pm
Quoting emmanuel7788
{quote} homejobsl: Not sure which post you are referring to. But the 52 weeks range was never posted before therefore you wont find here. I use that for trade planning only. I will PM you on this later. regards, EMMANUEL
Emmanuel,

In my notes, i have marked POSTS 22964, 23217 only. i saw you have used it in several posts.

Thanks n Regards,
  • #28,555
  • Jan 2, 2014 6:54pm Jan 2, 2014 6:54pm
Quoting emmanuel7788
{quote} cigarguy: for day trading and 4H swing, mostly AJ, EJ, AU, EU, GU. for 4H swings, also EURAUD, EURNZD, GBPAUD and GBPNZD., these pairs give good weekly range. avoid EURCHF. European and London session is best to trade, most liquid, more money flow back from Asia markets. regards, EMMANUEL

Going from 1m, 5m and 15m scalping to day and swing trading requires a bit of different skill sets than watching tick and minute charts. That's why I appreciate input from the Traders here who have already invented the wheel.

Thanks and Regards,
Cigarguy
Keep It Simple
  • #28,556
  • Jan 2, 2014 7:48pm Jan 2, 2014 7:48pm
Quoting emmanuel7788
Use Master Candle MC and Wide Range Bar WRB to help identify market consolidation then trade the breakouts. With TMS 4H Entry conditions, this works out well. {image} Look for CONSOLIDATION: how? what to use? {image}
Hi Emmanuel,


First TMS puzzle of 2014 :-) Glad your back!

Firstly we see should view consolidation as a potential for the market to breakout of consolidation.

A few months back you pointed us in a direction that showed us how to look for consolidation...the Master Candle or WRB....one of the three market types in TMS (1. Trending, 2. Narrow Range Consolidation, 3. Wide Range Consolidation). By now we should all be of the belief TMS works well in a trending market and just like we have a plan to trade this market type we also need to believe and have a plan for a Wide Range market type.

The significance of MC in the TMS toolkit is to see market consolidation and avoid trading the narrow range consolidation market type. Therefore, we should use it to recognise the market types that gives you a higher probability setup and use PA to position building when we observe a WRB.

Ultimately, the challenge here is for TMS traders to identify the market type, the MC will help you identify Narrow Range Consolidation & Wide Range Consolidation and switch your system into different gear...a strategy...to use as a result of what market type you have just identified.

So how do we trade them and what do we use...an aggressive plan would use CSP's to build positions (IB/4IB, DBHLC/DBLHC, Pinbars etc.) when a WRB is observed or a more conservative method would just trade the breakout (but then again the break out can be fast and furious so we will need to plan accordingly...)

For all the new guys struggling with the concepts outlined above see the below reference points...

References

  1. Master Candle - post 25,540
  2. Two Great IB examples - post 16,711 & 16,494
  3. I4B CSP see PDF's - post 16,421
  4. PDF on Emmanuel's PA trade examples (contains more examples on WRB trades & PA entries) - post 24,104


Indicator

Attached File(s)
File Type: mq4 Master_Candle_v2.mq4   5 KB | 1,325 downloads


  • #28,557
  • Jan 2, 2014 11:20pm Jan 2, 2014 11:20pm
Quoting cigarguy
{quote} Phx62, how are you settings your SL's, s/r, fibs, last high/low, pivots, ATR, etc., or just mental? I've been scalping smaller t/f's for so long, but am trying to adjust to 1hr (but findings it difficult keeping my hands off the keyboard....) I need more patience, but I need it fast....How's that for a oxymoron! Thanks! Regards, Cigarguy
Cigarguy,
My SL and TP are 1 to 1 ratio (ie. 50 pip EMERGENCY SL & 50 pip TP) and then adjusted as the trade progresses.
Indicators draw yesterdays high & low, the most recent 4 hour high and low, last weeks and last months high and low. The indicator on my chart gives me the ADR for today, yesterday, 5 day ave, 10 day ave, 20 day ave.. Over the weekend, I move to the daily chart and draw my own S&R lines based on 'sore thumb" highs and lows in the area. I also look at the weekly and monthly charts for nearby S&R. I use fibs just to find possible Market Harmonic price movements. Hope this answers your question......it took me about 2 years to become patient enough to let the trades run and just "sit on my hands".
Phx62
  • #28,558
  • Jan 2, 2014 11:27pm Jan 2, 2014 11:27pm
Picked up another quick 50 pips this evening.....done for the week.
Attached Image (click to enlarge)
Click to Enlarge Name: 2014.1.3 ej h1.png Size: 48 KB
  • #28,559
  • Jan 2, 2014 11:40pm Jan 2, 2014 11:40pm
Quoting Incrediblle
Banner for this thread {image}
Reading through this thread, sometimes fast forwarding to pages mentioned in some of the attached pdf's. Read some posts from 'Incrediblle' and wondered why his forex factory membership got revoked. Anybody has some idea about that?

Also, wanna express my sympathy for Big E - very sorry to find out he past away much too soon; what an incredible man he was! Can't thank him enough for the great efforts he put in, to help others who needed it - Franz' words "I get hi on other peoples success" keep ringing in my head... God bless his soul.

Ronald
95% of the people don't believe 100% they can win, that's why they lose
  • #28,560
  • Jan 3, 2014 12:05am Jan 3, 2014 12:05am
Quoting Phx62
Picked up another quick 50 pips this evening.....done for the week. {image}

Dear Phx62,

Your charts are providing great leanings. I have seen in synergy multi time frame indicator on your some of the charts. Do you use it while taking the trade. if yes, how do you use it?

Thanks
Manoj
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