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Trading Made Simple

  • #28,861
  • Jan 9, 2014 5:49pm Jan 9, 2014 5:49pm
Quoting Landline
Following on from my last post, I saw the trade that Jackub posted, it looked excellent and clean, very impressive trade. I could see the entry position was what looked like a straightforward TDI cross and the second entry I'm guessing was a bounce trade, but I didnt understand why the 3rd trade was entered. Hopefully someone can educate me why...a great trade anyway!

Landline:

I am sure jackub has his reasons for those trades.
But when I trade like an investor, that's how I would use Multiple Entries and Multiple Exits ME/ME when in a market with a trend breakaway situation.
It is what many traders call " Let Profits Run".
Trading ia very much about market entry and exits.
It is a money management strategy.
Remember, we are trend traders using TMS.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,862
  • Jan 9, 2014 6:22pm Jan 9, 2014 6:22pm
Hi Emmanuel, thanks for replying.

Yeah I understand the principle of ME/ME and that will hopefully become an area I can improve in as I gain more experience.

I will re-read the original posts as you have suggested to try to fully familiarise myself with the methods adopted, I guess theres no short-cut when learning after all.

Thanks for now, I'll post more as my trading confidence grows with this remarkable system that you have all developed.
  • #28,863
  • Jan 9, 2014 6:24pm Jan 9, 2014 6:24pm
D chart example:

Attached Image (click to enlarge)
Click to Enlarge Name: GU TMS D chart 10 Jan.png Size: 30 KB


What shall we do now seeing that D chart TMS setup?

Shall we wait for 4H setup?

Shall we trade H1 buy setup with a bullish bias?

Shall we trade H1 intraday sell setup as correction?

Several possibilities. We need to look at the high probabilities.

Trade Well!
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,864
  • Jan 9, 2014 6:37pm Jan 9, 2014 6:37pm
Quoting emmanuel7788
D chart example: {image} What shall we do now seeing that D chart TMS setup? Shall we wait for 4H setup? Shall we trade H1 buy setup with a bullish bias? Shall we trade H1 intraday sell setup as correction? Several possibilities. We need to look at the high probabilities. Trade Well! EMMANUEL

Thats what my 4h chart is showing.

To be honest I dont even know what to say here, is there a valid setup to enter? I wouldnt enter but thats probably because of my limited knowledge.
  • #28,865
  • Jan 9, 2014 6:38pm Jan 9, 2014 6:38pm
Forgot to attach the image..
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-h4-admiral-markets-as.png Size: 58 KB
  • #28,866
  • Edited 6:52pm Jan 9, 2014 6:39pm | Edited 6:52pm
Hello all, thought i'd share my most recent trades. They're not the best trades but i'm trying to follow the rules. One of my biggest issues is patience. Since i primarily get to trade during the evening, waiting for setups seems to take forever (asian session). Anyways, i'm working on that and trying to find 4H trades before bed, then i wake up every 4 hours to check my trade.

Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2014-01-09 at 5.20.34 PM.png Size: 82 KB


My first trade was E/U as i'm trying to observe the pair as phx62 does. There was a pretty obvious resistance level i observed that was tested twice recently, so i market that as my S/L. I waited for the second blue candle to open as well as the TDI green crossing over red and over the MBL with a good angle. When i took this trade i made the mistake of not looking for news coming up (i woke up at 2am) as there was significant news later that morning which is why my trade reached TP very fast. I believe i made a good entry but news is important, i just got lucky it shot up and hit my TP instead of my SL. Anyways, i set my TP at the next significant level i could see on my chart, which was previous support so now it should be treated as resistance. To add to this trade i noticed the divergence on the TDI marked by the red line you see, as well as the first blue bullish candle cleared the high of the previous two candles. +27 pips.

Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2014-01-09 at 5.17.40 PM.png Size: 82 KB


My second trade was with N/U as it had a good setup on the 4h and daily TF. I entered primarily because price pushed down past the previous consolidation and signaled to me a breakout. The TDI also crossed green over red over yellow before my entry, but price was still in consolidation and i wanted to see momentum. Once momentum presented itself, the TDI angle was good for an entry and it was below the MBL. This trade took FOREVER to occur, i actually closed it manually this afternoon and it took it at 2am my time. If you look at the daily TF, you will see several previous resistance levels that were respected and previously had a nice spinning top candle signaling a reversal, so that reinforced my sell trade on the 4H TF. A few hours ago i decided to bank some profits so i sold .25 of my lot and kept another .25 on the table to see if it would reach TP. It never did so i sold them too for a profit. Once i closed .25 of my position i gained +10 pips and then i closed the second half of my position for a gain of +9 pips as it pulled back a little. Hope everyone had a great day trading!
  • #28,867
  • Jan 9, 2014 7:19pm Jan 9, 2014 7:19pm
Quoting snshne
{quote} Thats what my 4h chart is showing. To be honest I dont even know what to say here, is there a valid setup to enter? I wouldnt enter but thats probably because of my limited knowledge.

snshne:

Today is Friday and I do not open any new 4H swing trades on Fridays. When I have open trades, I will manage and try to close them before NY closes. Depends on situations, I may partial exit and protect to keep trades over the weekends.

Today, there is UK PMI date release so we must take this in consideration when trading GBP pairs. Market will react to this data release so we must know the risk here.

Looking at H4 now, the trend run is more than 10 candles so I do not chase after this. I wait for a retracement.

The next thing to consider is to look for H1 trades. But with the PMI dat release, I will wait till London session and then watch carefully if there will be an opportunity. No guessing where price will go. Let the market show the way. We must learn to mitigate the risks.

There is no hurry to learn everything in short time. It took me years of learning and trading. Still learning new things everyday.
A trader is a professional job and that take lot of time to become one. They don't teach this in universities. There is lot of things one need to learn and to know well.
Then come the practice, practice, practice....

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,868
  • Jan 9, 2014 7:37pm Jan 9, 2014 7:37pm
Quoting emmanuel7788
{quote} Helanka: For trading MC breakout I look at the real price OHLC. The breakout candle must close above or below the MC high-low. There will be situations when a candle move above or below the MC high-low but close back within the MC high-low, this cannot be considered a breakout candle. Under this situation we must wait till we see a clear break above or below the MC high-low. You need to consider the range of the MC. For wide range MC, often we see many more candles engulfed by the MC high-low and you may see also other CSP like inside bars....
Thank you sir

Helanka.
Helanka
  • #28,869
  • Edited 8:04pm Jan 9, 2014 7:51pm | Edited 8:04pm
Quoting Agk007
Hello all, thought i'd share my most recent trades. They're not the best trades but i'm trying to follow the rules. One of my biggest issues is patience. Since i primarily get to trade during the evening, waiting for setups seems to take forever (asian session). Anyways, i'm working on that and trying to find 4H trades before bed, then i wake up every 4 hours to check my trade. {image} My first trade was E/U as i'm trying to observe the pair as phx62 does. There was a pretty obvious resistance level i observed that was tested twice recently, so...
Hi Agk007,

Reading your post brought some memories back for me when I first started posting in TMS in 2013...looking back on it I was jumping the gun and trying to find trades after work (the end of the US and Asian open) on the 4h time frame just like yourself. I got frustrated too. I tried to wake up every 4 hours (this was hard and I rarely managed it). I tried looking for setups before work and then watching the noted levels on my mobile at work...this meant i was distracted trading and distracted from my job....this frustrated me too. Missing setups frustrated me even more. At the time I had a few post replies from emmanuel about trading psychology and the importance of our state of mind (among other aspects) when trading. So i made it a mission to mitigate what I was feeling when trading the way i have just mentioned. For me 1 way to do this meant I needed to develop my own system using TDI as a core method with focus on the following aspects:

1. Understand how to use TMS as a core method
2. Show us an expanded way of looking for trades, putting more emphasis on Price action, S/R and the uses of Candlesticks for entries
3. The use of APB/HA/TDI for managing trade exits.
4. The importance of Plan A, Plan B, Plan C (This way there is a plan to always be in the market)
5. The use of a money management strategy to crank up the pips & % returns

This realization occurred around the post below(the reason i post this quote is that its should help you explore more related posts on the subject...)
Quoting Erol
Hope it helps people get to terms with the building blocks of PASR (Price Action (around) Support & Resistance). Please not that this pdf is based on a different trading method to the original rules in TMS but should help all the guys/girls struggling to get there heads around PASR. Please note PASR is just one of the many things Emmanuel has emphasized that the process of trading requires us to look at and question ourselves whenever we see a setup on our charts: PriceAction Trend Multi-Timeframe Momentum Support and Resistance Continuation Volatility...
and then for me moving to the Daily/Weekly time frames added an extra layer of removing the stress and frustration and changing the way I viewed my trading...to the aspect of trading like an investor (see post below)...

Quoting emmanuel7788
{quote}we being small retail traders just want to make some money from trading this spot forex market for different reasons. some trade for a living- pay bills, pay home mortgage, pay children through schools, pay for vacation, etc. some trade for supplement income to their fulltime jobs and prepare for bad times in case they lose their jobs or they may one day decide an fire their bosses, some trade like investors to accumulate and build up their wealth, yet, some others trade for some fun to win as many hundreds and thousand of pips possible and...
I guess what I am trying to get at is that for me I really got the swing of things when I actually started asking myself the questions in the post below

Quoting emmanuel7788
{quote} You need to know what the discipline is to trade your own system. You must believe in what you do and follow the discipline which only you can define for yourself to trade your system. When you do not follow your own discipline, the market will discipline you and that will be painful. To make a consistent income from the market we must be in the market in order to make money. We need to think like traders but we must trade like an investor. This is one way to grow wealth.
Don't let the frustration get to you :-) You can get the better of it and discover a lot more in the process!

If your still want to trade around the Asian session...check out the post below (this might be a useful way to trade it without the frustration your feeling....the TOK_5H)

Quoting emmanuel7788
Hi, Here is an example how I traded EJ yesterday NYO using the Tokyo_5H range. There was a nice break of the TOK_5H Low and re-tested, follow with a H1 IB breakout and strong move below BRN 123.00 {image}
Good luck and watch what your risk is per trade (it looks pretty high from your screen images) trading is just as much about protecting capital as it is about making a profit.

Erol
  • #28,870
  • Jan 9, 2014 9:58pm Jan 9, 2014 9:58pm
Quoting Erol
{quote} Hi Agk007, Reading your post brought some memories back for me when I first started posting in TMS in 2013...looking back on it I was jumping the gun and trying to find trades after work (the end of the US and Asian open) on the 4h time frame just like yourself. I got frustrated too. I tried to wake up every 4 hours (this was hard and I rarely managed it). I tried looking for setups before work and then watching the noted levels on my mobile at work...this meant i was distracted trading and distracted from my job....this frustrated me too....
Thank you Erol, i really appreciate all the time info you just gave me, i really need to soak it all up. I really wish i could trade during the day, but im sure my boss wouldn't like that much. I will find another way for my situation i'm sure. By risk per trade do you mean my lot sizes compared to my account size? If so i haven't really been paying much attention to risk yet, just entries and exits since its a demo account and i've just started reading about scaling in and out of trades. I figured if i focus on one aspect at a time until i master it i can move to the next part of my plan (correct me if this is a wrong way of thinking). I have been reading about Price Action trading from many different places such as James16 thread and even as far as reading Al Brooks 3 books on pure price action trading. The .pdf you mentioned (STRATS PASR) is one of my favorites as its short and complete. I have just recently been reading into the psychology of trading and its much more interesting that i thought it would be. It really gives you an idea behind how this mass market moves every day and why it acts that way. I always try to remind myself when im frustrated that if i stick with it i will reach success. One thing i have learned is to keep a positive mindset and dont let others discourage you. There's some people i know that say trading is a waste of time and it adds even more fuel to the fire for me to succeed. I know learning how to trade takes a long time and practice, and i won't give up (probably my stubborn characteristics which is good). I've been only on FF since june 2013 but i've been learning about trading since june of 2012 when i stumbled across an ad that promised riches in a week , but i must say if it wasn't for me finding that i would have never found these forums and found real people (not gurus selling a product) that trade for a living and a willing to teach others the correct way to do this. Anyways thank you again Erol, i really appreciate it, and thanks everyone else for helping us inexperienced guys! Trade well!
  • #28,871
  • Jan 9, 2014 10:16pm Jan 9, 2014 10:16pm
Took 35 pips on EJ after being in the trade for 8 hours Started to come down again so thought I would cut the trade, its NFP today so that will be me finished until afterwards.
Attached Image(s) (click to enlarge)
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  • #28,872
  • Jan 10, 2014 12:27am Jan 10, 2014 12:27am
Quoting lastingwell
Took 35 pips on EJ after being in the trade for 8 hours Started to come down again so thought I would cut the trade, its NFP today so that will be me finished until afterwards. {image} {image}
I should have waited 10 hours
  • #28,873
  • Jan 10, 2014 12:43am Jan 10, 2014 12:43am
Here is a short article to read.... actually an old one posted here in FF before.
Attached File(s)
File Type: pdf The Need To Be Right.pdf   162 KB | 1,180 downloads
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,874
  • Jan 10, 2014 12:46am Jan 10, 2014 12:46am
Quoting emmanuel7788
D chart example: {image} What shall we do now seeing that D chart TMS setup? Shall we wait for 4H setup? Shall we trade H1 buy setup with a bullish bias? Shall we trade H1 intraday sell setup as correction? Several possibilities. We need to look at the high probabilities. Trade Well! EMMANUEL
Hi Emmanuel,


I would not trade this due to the fact it is Friday, and the NFP release today.

I would watch the reaction and wait until next week before entering any new H4 trades.


irishtoffy
  • #28,875
  • Edited 1:01am Jan 10, 2014 12:51am | Edited 1:01am
Quoting irishtoffy
{quote} Hi Emmanuel, I would not trade this due to the fact it is Friday, and the NFP release today. I would watch the reaction and wait until next week before entering any new H4 trades. irishtoffy

You are right. Thanks.

Somehow I overlooked and did not mark NFP on my calendar. Stupid mistake.

cheers!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,876
  • Jan 10, 2014 1:08am Jan 10, 2014 1:08am
Just had lunch today with few traders friends and we share some good exchanges of things posted in public forums. We talked a lot on psychology part of trading and one particular topic struck me. So one chap at the lunch just sent me this pdf book and I thought some of you may be looking for some more reading materials.

Attached File(s)
File Type: pdf Concepts to Correct Trading Behaviour.pdf   1.0 MB | 1,597 downloads


Enjoy!
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,877
  • Jan 10, 2014 2:20am Jan 10, 2014 2:20am
EJ 10 Jan London Open +15mins:

Attached Image (click to enlarge)
Click to Enlarge Name: EJ 10 Jan LO 15mins.png Size: 39 KB


The above chart shows EJ LO candle just 15 mins after open. Still another 45 mins to go before this candle close.

Do you pull the trigger should this candle close with TDI cross?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,878
  • Jan 10, 2014 2:30am Jan 10, 2014 2:30am
Quoting emmanuel7788
EJ 10 Jan London Open +15mins: {image} The above chart shows EJ LO candle just 15 mins after open. Still another 45 mins to go before this candle close. Do you pull the trigger should this candle close with TDI cross?
There is a good pin bar on 1hr charts (easier seen with normal candlesticks) and the TDI cross angle is strong;

Only thing I would say is whether the trade can be completed by NFP today, or at least at breakeven...
  • #28,879
  • Jan 10, 2014 2:45am Jan 10, 2014 2:45am
Quoting Gareth22
{quote} There is a good pin bar on 1hr charts (easier seen with normal candlesticks) and the TDI cross angle is strong; Only thing I would say is whether the trade can be completed by NFP today, or at least at breakeven...

Following that pin bar, was the Frankfurt open candle which closed a spinning top. Why did that candle pullback? If that would have closed bearish engulfing, I would have jumped in.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #28,880
  • Jan 10, 2014 3:14am Jan 10, 2014 3:14am
Quoting emmanuel7788
{quote} Following that pin bar, was the Frankfurt open candle which closed a spinning top. Why did that candle pullback? If that would have closed bearish engulfing, I would have jumped in.
is the pull back from the trend line with the PA is enough to pull the trigger ?
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