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Trading Made Simple

  • #28,801
  • Jan 8, 2014 7:03pm Jan 8, 2014 7:03pm
Quoting NewbTrader7
{quote} I found it @ fxcodebase http://fxcodebase.com/code/viewtopic...arket+Sessions, maybe someone here can translate it into your platforms language.
Thanks for locating it! I wish i knew how to convert that, it would make a nice indicator!
  • #28,802
  • Edited 7:49pm Jan 8, 2014 7:16pm | Edited 7:49pm
a blast from the past...

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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,803
  • Jan 8, 2014 7:47pm Jan 8, 2014 7:47pm
Quoting lastingwell
{quote} No, not ego just trying to point out that what you put up was a d1 chart and asked if people were puzzled by the entry when it was obviously not a d1 entry, it was another timeframe, whether that timeframe was h1 or h4 was immaterial. I don't think its my ego being shown, think I'll leave the thread anyway because I prefer to make money on my "lower level" than debate and its getting too distracting.
No point to leave the thread. We are just like a TMS family now and learning from each other. Good luck to all.
  • #28,804
  • Jan 8, 2014 8:06pm Jan 8, 2014 8:06pm
Quoting emmanuel7788
Here sharing my EJ H1 trades this week as warming up to full sessions next week. {image} Both trades are "set and forget". SL set to 50pips, TP set to 50pips.
Hi Emmanuel7788,

Your first trade went against you and I would have exit after 5th candle. What makes you to stay until it became profitable? I mean what other criteria you use to cut loses?

Thanks, hoperich
  • #28,805
  • Jan 8, 2014 8:18pm Jan 8, 2014 8:18pm
Another Gem from eelfranz for those of us new to TMS who are tempted to overtrade

Seriously... how many pips a week would you like to earn consistantly? Are you making
25 pips total, 40, 60... what? The more trades you take on the lower time frames the
more losses you'll have... Your putting the odds in the Brokers favor... Why not wait
for the perfect set up on the 1 or 4h chart. I made only 2 trades last week on the 4h
chart and made over 150 pips. So what if your trading mini lots... two good set ups and
like me you would have made good pips... Don't be so desperate or in a hurry to get
into trades... good ones come along all the time... wait until it appears, then grab it.

Lately the posts here have been taking a lot of turns and twists with numerous indicators and variations on trading style. It just shows that there are a number of very experienced traders on this thread.

However...

I have been straying from the basics and taking trades not waiting for the perfect setup. This has wiped out the 6.5% gain I made since starting a few weeks ago. I am now re-reading eelfranz direction to keep it simple. For me personally I have to stick with the basics until I get successful with it. I may then look to modify my trading like many of you more experienced traders have done.

Here's to a successful new year for all. Its good to be here and I look forward to a much better year and years to come.
  • #28,806
  • Jan 8, 2014 11:56pm Jan 8, 2014 11:56pm
Quoting hoperich
{quote} Hi Emmanuel7788, Your first trade went against you and I would have exit after 5th candle. What makes you to stay until it became profitable? I mean what other criteria you use to cut loses? Thanks, hoperich

Hi hoperich,

- this week is my warming up to get back into the rhythm of the market so that I will be in tune with the market when I resume full sessions trading next week.
- For this EJ trade, I use the 'set and forget' trade management. This means I don't move my initial SL and I am prepared to take the initial R loss should thing go against me. Otherwise, when I use MPTM as my trade manager, I would set a jumping stop of 30pip for EJ.
- This H1 trade has some risk because H4 shows a master candle and the H1 price action was still within this MC consolidation.
- To mitigate the risk, I did not trade my usual 1 to 2% risk with position sizing. I had some banked in profit from another trade, so I decided to use 'set and forget' since I did not have time to monitor this H1 trade.
- The H1 entry showed momentum which has potential for a IB breakout and also H4 has potential for a MC breakout with the TDI PL>TSL.
- There is some RN 00 and 50 play in this pair when market goes into consolidation so 50 pips is reasonable.
- Market was in favour of a stronger Euro across several pairs.
- Pay attention when London close at GMT1600, price will pullback and we need to watch this if this pullback is due to buyers exiting the market or new sellers jump in.

Hope this explain.

Trade Well!
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,807
  • Jan 9, 2014 12:23am Jan 9, 2014 12:23am
GBPUSD H4 2 hour to LO:

Look for a potential MC breakout.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,808
  • Jan 9, 2014 1:02am Jan 9, 2014 1:02am
Quoting emmanuel7788
{quote} Hi hoperich, - this week is my warming up to get back into the rhythm of the market so that I will be in tune with the market when I resume full sessions trading next week. - For this EJ trade, I use the 'set and forget' trade management. This means I don't move my initial SL and I am prepared to take the initial R loss should thing go against me. Otherwise, when I use MPTM as my trade manager, I would set a jumping stop of 30pip for EJ. - This H1 trade has some risk because H4 shows a master candle and the H1 price action was still within...
Thank you sir for your time and detail explanation. This educational material is for all of us to use and hope you keep doing good in trading keeping us all in loop.

Regards, hoperich
  • #28,809
  • Jan 9, 2014 1:20am Jan 9, 2014 1:20am
GBPUSD 2014 Highlight:

Click Link here.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,810
  • Jan 9, 2014 1:24am Jan 9, 2014 1:24am
Quoting WDays
Oh come on now, take it easy No point in fighting over silly things, and we definitely do not want you leaving the thread, lastingwell. You're such a great trader and a great help to people willing enough to learn.

Reading back the following morning it all got out of hand, and as you say, its silly fighting on a forum so apologies if my comments upset anyone, lets just get on with trading.
  • #28,811
  • Jan 9, 2014 2:15am Jan 9, 2014 2:15am
Attached Image (click to enlarge)
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Reasons for entry:
TDI cross at london open
No lower wick
Time frame= 4 hourly.
Price bouncing from the support and trendline at daily timeframe
MBL at 32
Good angle

Have a look at daily chart of EU

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I am not random, U just can't think as fast as me....
  • #28,812
  • Jan 9, 2014 3:21am Jan 9, 2014 3:21am
I have a question, hope I explain it properly;

Phx62 trades the London open a lot of times....
When the TDI cross occurs near the London open with a change in candle colour, that is my preferred setup (take the EUR JPY 1HR yesterday for example).

In the picture below the cross happened much earlier than London open, would it still have been right to take the trade?

P.S I know that the trade would have worked out pretty well, but I want to know if it was the right 'by the book' trade.

Many thanks, best of luck trading.
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  • #28,813
  • Jan 9, 2014 3:33am Jan 9, 2014 3:33am
Hey,

Would this be a good entry point or it is too late now to entry?
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  • #28,814
  • Edited 3:50am Jan 9, 2014 3:36am | Edited 3:50am
Quoting Gareth22
I have a question, hope I explain it properly; Phx62 trades the London open a lot of times.... When the TDI cross occurs near the London open with a change in candle colour, that is my preferred setup (take the EUR JPY 1HR yesterday for example). In the picture below the cross happened much earlier than London open, would it still have been right to take the trade? P.S I know that the trade would have worked out pretty well, but I want to know if it was the right 'by the book' trade. Many thanks, best of luck trading. {image}

Gareth22:

Good question. I like this question because I was looking at this EJ when Tokyo sushi time.

If we trade strictly the London session, we must wait till the LO candle.

But there are exceptions to this Rule.
I look at the Tokyo 5H range to see if there is a Price Action setup which I will use if I want to break this Rule.
The GMT0600 candle i.e. 2 candles before the LO candle, is a valid PA setup and confirm with the TDI 12-2.

Can you identify that PA setup?

Also, the APB range is something we must look at and not just the change in colour and candle count.

Trade Well!
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,815
  • Jan 9, 2014 4:17am Jan 9, 2014 4:17am
Quoting emmanuel7788
{quote} Gareth22: Good question. I like this question because I was looking at this EJ when Tokyo sushi time. If we trade strictly the London session, we must wait till the LO candle. But there are exceptions to this Rule. I look at the Tokyo 5H range to see if there is a Price Action setup which I will use if I want to break this Rule. The GMT0600 candle i.e. 2 candles before the LO candle, is a valid PA setup and confirm with the TDI 12-2. Can you identify that PA setup? Also, the APB range is something we must look at and not just the change...
Thank you for your response, yes I see the PA setup (I think!)

The GMT0600 candle is a breakout candle as it broke out of the consolidation period that happened with the previous 14 bars (especially the WRB)

Therefore, if I understand correctly the possible entry would have been when that candle broke out from the consolidation period (in which case we could have got the 50pips normally targeted in London session) Also, when there's a fairly quiet Asian session i'm guessing that should lead to more activity in the London session.

Thanks, Gareth
  • #28,816
  • Edited 4:53am Jan 9, 2014 4:21am | Edited 4:53am
EJ H1 Gareth22 trade question:

Attached Image (click to enlarge)
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Below is my chart with the APB/HA moved to a sub-window. I compare the APB/HA and its 5-period average. A strong move above its 5-period average is a good sign of price strength and the TDI supporting with momentum.

Attached Image (click to enlarge)
Click to Enlarge Name: APB strength EJ.png Size: 26 KB


Know when you can break any of the TMS Basic Rules and only with Price Action.

Trade Well!
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,817
  • Jan 9, 2014 4:27am Jan 9, 2014 4:27am
Fantastic Emmanuel, thanks so much for your detailed explanation.

You have made me think much more about PA than just the TDI cross and change of colour.

I'll know it for next time now
  • #28,818
  • Jan 9, 2014 4:52am Jan 9, 2014 4:52am
+50 in Asia/London I saw the setup earlier on at between 1 and 2am gmt but it was too close to resistance I have on my chart so thought I would see what happened first. Finally took it after a pullback on m15, and went in at 5:15 gmt. Still close to resistance but good PA on H1 and second time trying to go through and more likely to break it. 2nd chart is m15 I was looking at as well.
Attached Image(s) (click to enlarge)
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  • #28,819
  • Jan 9, 2014 4:56am Jan 9, 2014 4:56am
Quoting lastingwell
+50 in Asia/London I saw the setup earlier on at between 1 and 2am gmt but it was too close to resistance I have on my chart so thought I would see what happened first. Finally took it after a pullback on m15, and went in at 5:15 gmt. Still close to resistance but good PA on H1 and second time trying to go through and more likely to break it. 2nd chart is m15 I was looking at as well. {image} {image}
Great trading
Give yourself a chance and trade it like it's layed out...
  • #28,820
  • Jan 9, 2014 5:13am Jan 9, 2014 5:13am
Quoting lastingwell
+50 in Asia/London I saw the setup earlier on at between 1 and 2am gmt but it was too close to resistance I have on my chart so thought I would see what happened first. Finally took it after a pullback on m15, and went in at 5:15 gmt. Still close to resistance but good PA on H1 and second time trying to go through and more likely to break it. 2nd chart is m15 I was looking at as well. {image} {image}
Great trade I saw it at london open and dismissed it. It went up 35 pips from where my entry would have been but I do not enter trades after the third candle. Where I would have entered was where you entered, except I don't trade outside the london session.


Instead, I pulled the trigger on a pair I dont normally trade and took a 2 pip loss when I manually liquidated the position after it had gone nowhere for so long. AU is consolidating after the downward move.
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