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Trading Made Simple

  • #28,701
  • Jan 6, 2014 2:59pm Jan 6, 2014 2:59pm
Quoting brandy711
{quote} thak you,emmanuel and you are in the same track,very good
Quoting irishtoffy
{quote} Thanks Armacom! Yes I was asking to know what made him confident enough to enter after price made a series of LL previously.
My pleasure, glad i could help

Quoting emmanuel7788
{quote} Armacom, Long time no see. Good to see you are back in action. Trade Well! EMMANUEL
Very happy to see that you are still here my friend !
Took some time of after massive Money Management error, months of work destroyed in uprise of greed. Those little impulses Read a little left and right ( SonicR, GG53, Nikita ) interesting stuff.
But TMS is and always will be home

Ready for some action
Don’t ever let someone tell you that you can’t do something.
  • #28,702
  • Jan 6, 2014 3:10pm Jan 6, 2014 3:10pm
Quoting hoperich
{quote} Excellent trades Phx62 and it's always nice to see you in live action, although your PDF's are guidelines for us. I have a question. How do you react while in trade when the price reach "Yesterday high/low". What about if there is a good signal and you are close to these areas? Sorry if this has been answered in the past. Thanks, hoperich
hoperich,
I keep an eye on all support and resistance areas.....monthly, weekly, daily, H4 highs and lows, the 200 EMA, previous consolidation areas, etc. When price approaches those areas, one thing I watch for is momentum in the market and time of day. Market momentum can break many resistance areas or price can be reversed or range when hitting those areas but market volume or momentum will provide some insight on what to expect. Long candles with no wicks in the direction of a trade, indicate momentum in the market and sometimes will break through resistance quite easily. Obviously, a monthly resistance that has been tested and failed 3 times is going to be much more powerful in stopping price than a single daily high or low. But even a monthly resistance area can be broken but usually some consolidation occurs first. All of that must be considered when deciding to enter or exit as price comes into those areas. Patience is often the key. Many times price will bounce from a resistance area and then retest and break through. If price closes beyond the resistance area, then look for a continuation of the move. Hope this helps.
  • #28,703
  • Jan 6, 2014 5:03pm Jan 6, 2014 5:03pm
Quoting snshne
Hey, I know most of you post profitable trades and explain why and so on, but could you explain this to me, what I did wrong here? I bought where the line was when the last single blue candle closed and TDI also crossed and started going up, but the trade went down instantly then. Dont understand what happened there {image}
Is this another reason why?
HTF Divergence
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy-h4-admiral-markets-as.png Size: 64 KB
i worshipped... Momentum
  • #28,704
  • Jan 6, 2014 5:06pm Jan 6, 2014 5:06pm
Quoting irishtoffy
{quote} Thanks Armacom! Yes I was asking to know what made him confident enough to enter after price made a series of LL previously.
irishtoffy:

There is not one single measure of confidence in trading.
If there is one, then I would use Expectancy as one to determine confidence.
With a positive Expectancy in trading a particular system over a long time traders will feel confident when they execute their trades.

Trade Well!
EMAMNUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,705
  • Jan 6, 2014 6:33pm Jan 6, 2014 6:33pm
Quoting Phx62
{quote} hoperich, I keep an eye on all support and resistance areas.....monthly, weekly, daily, H4 highs and lows, the 200 EMA, previous consolidation areas, etc. When price approaches those areas, one thing I watch for is momentum in the market and time of day. Market momentum can break many resistance areas or price can be reversed or range when hitting those areas but market volume or momentum will provide some insight on what to expect. Long candles with no wicks in the direction of a trade, indicate momentum in the market and sometimes will...

Thank you sir. Great answer and explanation. Wish I could trade like you in New Year.
  • #28,706
  • Jan 6, 2014 8:11pm Jan 6, 2014 8:11pm
Hi all,

I am attempting to utilize this system exactly how Big E taught back in the day. I traded it last night with microlots on several pairs that met the setup criteria (4H time frame) at midnight and 4:00AM...closing all positions at 8:00AM (CST). First off, I had a majority of losers, which I attribute to the ranging PA and low range day of a Monday. Big E didn't trade on Monday mornings and now I am starting to see why.

This evening, I am going over all of my trades and I noticed 2 things:

1.) My 2 decent winners that I got last night (EURCAD and CADCHF) had a series of really large bars running right to the daily 50EMA. We got this textbook TDI cross and Stochastics confirmed. I picked up 40 pips and 14.2 pips, respectively. Once again this was a Monday, so I considered these to be reasonably successful executions of the TMA system.

2.) With my hindsight as 20/20 vision, I now realize that my 6 losers were ALL entries after a series of low range bars caught in a tight range between various EMAs and pivot levels.

Fortunately, the low range Monday didn't hurt me too bad on the losers and overall I only lost 27 pips on the day. When I'm studying historical charts I sometimes suffer from information overload and don't really see or comprehend all of the technical factors that have influenced price action across the 28 pairs on my screen. However, taking a good analytical look at the 8 trades I made last night really opened my eyes.

1.) We gotta have those big bars moving prior to our entry (to go in the opposite direction). And it really helps if the entry comes at a significant point of confluence/resistance/support...

2.) If I'm gonna trade a Monday, I better make darn sure that I put a double or triple emphasis on point #1.

Thx,
Mike
  • #28,707
  • Jan 6, 2014 8:43pm Jan 6, 2014 8:43pm
Quoting Phx62
Two more nice 50 pip trades on EJ H1. Took the LO trade following a pullback candle reversal formation. Entry was on a break above the (inside bar) setup candle with TDI confirmation. I monitored the trade for about 15 minutes until price moved 21 pips in my favor and then went back to bed. The EA closed the trade at TP. The last trade was also taken while at work following another pullback candle reversal formation. This trade was entered at the open of the 2nd red (entry) candle, again with TDI confirmation. {image}
Thank you very much for your chart. It is really a great learning. When I look for trade, I usually took trade in one direction based on HHHL or LHLL. like in this chart I would have only taken sell trade based on LHLL even if pa confirms another direction trade.

1)How could you convince your mind to take trade in both directions.
2)Do you use any checklist to filter out best setup as you precisely take only winning trade ?

Your answer will help me a lot to change the mind set to trade this method more aggressively.
  • #28,708
  • Jan 6, 2014 8:57pm Jan 6, 2014 8:57pm
After several 4H periods of waiting, there is a Master Candle Breakout.

Attached Image (click to enlarge)
Click to Enlarge Name: EURNZD H4 week 02 MC BO.png Size: 23 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,709
  • Jan 6, 2014 9:15pm Jan 6, 2014 9:15pm
Quoting Phx62
Two more nice 50 pip trades on EJ H1. Took the LO trade following a pullback candle reversal formation. Entry was on a break above the (inside bar) setup candle with TDI confirmation. I monitored the trade for about 15 minutes until price moved 21 pips in my favor and then went back to bed. The EA closed the trade at TP. The last trade was also taken while at work following another pullback candle reversal formation. This trade was entered at the open of the 2nd red (entry) candle, again with TDI confirmation. {image}
Dear Phx62,

I have been learning your PDF files these days.And also I back tested & mark my entry & exit point on my own chart and compare that trades with your PDF examples.It really help full for me.I have a small question about your attached post.

* Your Long entry on 01/06 10:00 hrs after pull back reversal pattern,There is a Master candle 5 candle before your entry candle and 5 inside bars.
and there is a another in side bars before your entry candle.So Pls tell me when this kind of setup formed what is the theory to enter a trade?
because when i back tested i found some time when entry candle break inside bar high or low but it failed to break master candle high or low,& some times entry candle break master candle but rivers & closed below the master candle high or low.So pls tell me what is the correct method..!

* Next question is how can you draw a small horizontal line on your chart to show Double top.I can not find a option to draw a small line on mt4.

Thanks
Helanka
Attached Image (click to enlarge)
Click to Enlarge Name: 2014.1.6 ej h1.png Size: 58 KB
Helanka
  • #28,710
  • Jan 6, 2014 9:44pm Jan 6, 2014 9:44pm
Quoting emmanuel7788
After several 4H periods of waiting, there is a Master Candle Breakout. {image}
I would wait for break out of master candle at down side for sell. For Buy I would wait for HHHL.
  • #28,711
  • Jan 6, 2014 11:10pm Jan 6, 2014 11:10pm
Quoting emmanuel7788
After several 4H periods of waiting, there is a Master Candle Breakout. {image}
hi emanuel,
please upload your master candle indicator, i see it very useful. Thanks
  • #28,712
  • Jan 6, 2014 11:50pm Jan 6, 2014 11:50pm
EJ H1 Frankfurt Open:

Attached Image (click to enlarge)
Click to Enlarge Name: EJ H1 week 02 GMT0700 .png Size: 25 KB


Any reason(s) not to take this setup?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,713
  • Jan 6, 2014 11:51pm Jan 6, 2014 11:51pm
Quoting longbk
{quote} hi emanuel, please upload your master candle indicator, i see it very useful. Thanks

posted recently by member Erol.
Please look using the FF attachement paper clip.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,714
  • Jan 6, 2014 11:52pm Jan 6, 2014 11:52pm
Quoting manoj_3986
{quote} I would wait for break out of master candle at down side for sell. For Buy I would wait for HHHL.

.. that is Plan B.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,715
  • Jan 7, 2014 12:01am Jan 7, 2014 12:01am
Quoting towtow
...When I'm studying historical charts I sometimes suffer from information overload and don't really see or comprehend all of the technical factors that have influenced price action across the 28 pairs on my screen. ...
You don't need to look at 28 currency pairs. Just the majors will give you enough number of trades in one week..
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,716
  • Jan 7, 2014 12:31am Jan 7, 2014 12:31am
Quoting emmanuel7788
{quote} .. that is Plan B.
  • #28,717
  • Jan 7, 2014 1:01am Jan 7, 2014 1:01am
Quoting emmanuel7788
EJ H1 Frankfurt Open: {image} Any reason(s) not to take this setup?

" I think" and I hope I'm right
- green cross under red over 50 line and at the same time over yellow base line
- BRN just about to be reached - resistance
- close to last week low which was a resistance for yesterday.
  • #28,718
  • Jan 7, 2014 1:10am Jan 7, 2014 1:10am
Would the high impact EUR news be something to consider? I'm not sure what peoples views are on entering a trade when there's high impact news coming out shortly....?
  • #28,719
  • Jan 7, 2014 1:32am Jan 7, 2014 1:32am
Quoting emmanuel7788
EJ H1 Frankfurt Open: {image} Any reason(s) not to take this setup?
Attached Image (click to enlarge)
Click to Enlarge Name: EJ H1 week 02 GMT0700 .png Size: 25 KB


Quoting geomoon
{quote} " I think" and I hope I'm right - green cross under red over 50 line and at the same time over yellow base line - BRN just about to be reached - resistance - close to last week low which was a resistance for yesterday.
Quoting Gareth22
Would the high impact EUR news be something to consider? I'm not sure what peoples views are on entering a trade when there's high impact news coming out shortly....?
Hey Folks,

Only geomoon and Gareth22 made the effort to discuss this EJ setup post. Thanks guys.

That's very disappointing with this low participation rate.

Please make the effort and think and then share your view. It is not about being correct or wrong. Never mind if you think your English is not good enough to write a post reply. Simply post your chart, write in your native language -be it French, Spanish, German, Italian, Flemish, Hindi, Udu ... any thing will do.

This EJ post is a special one and that's the main reason I posted that.
You will learn more than simply technical trading.
You will learn about handling the psychology of trading in various situations.
You will learn about risk and money management.
and more....

So let me see some more members writing their posts before I make a follow up reply to that EJ trade setup.

Trade Well!
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,720
  • Jan 7, 2014 2:06am Jan 7, 2014 2:06am
Why are the London Sessions so quiet these days?
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