Trading Made Simple

Quoting Oldie

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Would one of the experts like to comment on why this trade did not work out - to me it looked like a strong trade. Strong signal candle below the 5 EMA, TDI below the Red & Yellow & Stochs. pointing down. Opened a Sell trade in Tokyo session with a 50 pip SL, went 18 pips higher to 68 pips above entry. Cheers Oldie {image}

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Quoting emmanuel7788

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EURNZD and GBPNZD: If you compare these two pairs using H4 chart timeframe, which pair will you pick to trade?

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Quoting Greenb

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{quote} Comparing the 2 at 4h TF, if i were to trade; i will pick GBPNZD for that rejection on TDI that i have highlighted. Although realistically, i will wait for the pair to turn back to bearish just to follow on the momentum of the pair. However, by the rules of TMS, arent we a bit late already? should have gone in at the 1st latest 2nd candle? What do you think emmanuel7788? {image} {image}

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Quoting emmanuel7788

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{quote} Hi Greenb, You have been missing for quite a while. Welcome back online! 4H Trading: - on H4 we may be late by one H4 candle, but look at lower timeframe H1 for an entry. IB breakout is there! - GBPNZD has a much bigger weekly traded range, so for those who want to collect pips, I pick this pair. - GBP is stronger than EUR, fundamental reason. Potential: - on D, we are early for a D-chart trade entry. I always look at the strength and weakness of each setup and also the potential. Hope this help with currency pair selection. Regards, EMMANUEL...

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Quoting Phx62

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Finally exited my FO EJ H1 following price consolidation and the NY session coming to a close. A very profitable trade......{image}

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Quoting TheScorpS

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{quote} Thanks Sir for showing your trades , I have entered long exactly at your second trade entry, I set a tp of slightly below yesterday high of around +70, cause this is where at least I see significant resistance, then when pa consolidates, closed for +42 pips What made you stay into the trade when it reached this zone , drawbacks almost to entry {image} {image}

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Quoting Phx62

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I know this is not the ideal time of day to trade, but this afternoon I found a set-up I could not resist....actually on of my favorites. A pullback candle reversal formation (circle) and the TDI moving out of the oversold area with the green RSI Price line crossing over both the red Trade Signal line and the gold Market Base line (rectangle). That setup will almost always guarantee a good trade!! The trade took about 6 1/2 hours to complete due to time of day and low volume but it did hit my TP. I will be watching for a continuation or reversal...

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Quoting Mark up

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{quote} Hello Scorps. Good to see you. Markup

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Quoting TheScorpS

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{quote} Thanks Sir for showing your trades , I have entered long exactly at your second trade entry, I set a tp of slightly below yesterday high of around +70, cause this is where at least I see significant resistance, then when pa consolidates, closed for +42 pips What made you stay into the trade when it reached this zone , drawbacks almost to entry {image} {image}

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Quoting mact4

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{quote} Hi Phx62 Great trades. Learning a lot from your trades. I got this LO trades but in two bites. Bailed out initially for +22 pips before re-entering for +60pips - bailed out at 142.25. Didn't dare hang in there much longer. Plenty of times when I thought I could squeeze for more pips only to give them back. Need to work more on my exits. What I want to ask you is this "pullback candle reversal formation" you refer to in the above post. I see a double bottom (3 candles previous to the circled ones) and I see an inside bar. I've googled and...

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Quoting Greenb

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Just entered into AU short. the 1st hour pa looks strong also its a continuation of bearish since yesterday. looks good so far. Also AU because its Asian session at the moment {image}

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Quoting Phx62

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{quote} A pullback candle reversal formation is just my terminology for a formation that makes a candle in the direction of the trend, followed by a longer candle that, in this case, set a lower low and then pulled back leaving a long wick, followed by a third candle that may or may not change color but sets a higher low and is usually an inside bar, followed by an entry candle that breaks above the previous inside bar candle. That is the entry point. Do some back testing or forward testing on your own and see how often price reverses following...

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Quoting Phx62

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{quote} I stayed in the trade longer because of the set-up at the beginning of the first trade. When there is a cross of the TDI green RSI Price line over the red Trade Signal line AND the gold Market Base line AND price is moving out of an overbought or oversold area FOLLOWING a pullback candle reversal formation, the market often makes a big move unless the is a lot of resistance in the way. There was little resistance until the 142.25, as pointed out by Emmanuel, so I rode it out. In this case, it paid off.

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