Trading Made Simple | Page 1482 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Monitor for 'Trading Made Simple' system 565 replies

Trading Made Simple the right way, and other trading lessons 334 replies

Indicators for the 'Trading Made Simple' system 343 replies

MTF Indicators for the 'Trading Made Simple' system 241 replies

Trading Made Simple system follower - Thanks to eelfranz 9 replies

Attachments: Trading Made Simple
Exit Attachments

Trading Made Simple

  • #29,621
  • Jan 21, 2014 11:09am Jan 21, 2014 11:09am
Quoting Helanka
{quote} Nice trade imi, previous two candle have wick on both sides.so pls advise why you did not consider that candles. Helanka
The candle shown with an arrow engulfed and closed below the consolidation range and RN.
When you see a big candle 35 pips long you can often expect a retrace back to the 50% of the candle,
the following two candles had wicks showing hesitation , then finally gave in, like I said I had a 15 pips sl in place
just above the third candle high.
Attached Image (click to enlarge)
Click to Enlarge Name: Greenshot_2014-01-21_11-56-15candle.png Size: 18 KB
If you're going through hell, keep going. Winston Churchill
  • #29,622
  • Jan 21, 2014 11:17am Jan 21, 2014 11:17am
Quoting Imi
{quote} I saw support at 141.10 previous swing low, and expected a bounce , I didn't think the 50 pips could be achived on the first run, and exited the trade there. As I mentioned the mbl was still rising, it is just now turning flat, and were too many hurdles on the way like PDH, price even hesitated there too.
I see what you mean. I've never looked at MBL movement to give me heads up as to how far a move can go. I don't have a solid exit rule in my system and very often I'm clueless whether I should set a hard TP or let profits run. Nice tool for my toolbox, thanks for your explanation.
  • #29,623
  • Jan 21, 2014 11:22am Jan 21, 2014 11:22am
Quoting emmanuel7788
{quote} EurCad First outright loss this week. This trade had no chance after open as market bounce off BRN 1.48000 Loss -1xR. {image}
Hi Emmanuel,

Thanks for sharing all that information and we are all learning from you and other experts. I have a question regrading your loss. The entry candle became "PCRF" candle right after you enter and later you have two long signals. What makes you to stay in the trade until it hit -95 pips S/L. Sorry I have done similar mistakes in the past due to my "Always right" mentality, but now I am using PHX62 method of SL.

Thanks in advance, hoperich
  • #29,624
  • Jan 21, 2014 1:11pm Jan 21, 2014 1:11pm
Hi,

EU H1 - entered taking into consideration only eelfranz rules.
Then I had to leave, so I could not monitor the TDI going flat or hook over at the end of each candle. I decided to place a profit target of 1:1 my risk.
Lucky surprise, when I came home and checked I made 25 pips

http://imagizer.imageshack.us/v2/640...0/163/4c67.png
  • #29,625
  • Jan 21, 2014 2:27pm Jan 21, 2014 2:27pm
Quoting Helanka
{quote} Dear Lastingwell, Could you pls explain that h1 bearish divergence by image. I only got +30 pip today & i missed new york trade because I could not find a setup. Thanks Helanka {image}
Hello Helanka, you're doing really well with your trading, keep it up

Here's the divergence on H1.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpymh1.png Size: 24 KB
  • #29,626
  • Jan 21, 2014 3:07pm Jan 21, 2014 3:07pm
Could anybody give me some advice to the best broker to use with MT4 , thank you.
Shane.
  • #29,627
  • Jan 21, 2014 3:33pm Jan 21, 2014 3:33pm
Quoting Greenb
{quote} Thank you for the advice Emmanuel, i ended up not feeling confident for EJ trade last night and decided to call a day off. Prove to be the best approach as this morning i see EJ has fallen back to 141.2. If i had just gone with feeling last night, would have lost up to 35 pips at least before i can break out of the trade. Thanks
Now we see price back up again from 141.20 .
On the D-chart, we see price trapped between D 10EMA and 50EMA, so we should see a break out of this narrowing range. BOJ should do the trick later today.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #29,628
  • Jan 21, 2014 3:47pm Jan 21, 2014 3:47pm
Quoting hoperich
{quote} Hi Emmanuel, Thanks for sharing all that information and we are all learning from you and other experts. I have a question regrading your loss. The entry candle became "PCRF" candle right after you enter and later you have two long signals. What makes you to stay in the trade until it hit -95 pips S/L. Sorry I have done similar mistakes in the past due to my "Always right" mentality, but now I am using PHX62 method of SL. Thanks in advance, hoperich

Hi Hoperich,

You are right about the "Always right" mentality. This can be very damaging to any traders' career.

For this trade, in hindsight, I was affected by the recency bias on the D chart and also expected positive data this week for the loonie. There is also bearish divergence and with previous D making low and I jumped in using H4. Perhaps the iSL was too close. If I had use the last swing high (180 pips), I would have to do something else like having to make some recovery trades when price retraces against my position. Anyway the market went sideways, after week 02 rally and still sideways.

There is H4 PCRF as you spotted but I failed to use that for trade invalidation. But reversal patterns do fail often when these do not occur at keyy support and resistance. There was no support at that level except the BRN1.4800. Lesson leared from this.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #29,629
  • Edited 4:11pm Jan 21, 2014 3:54pm | Edited 4:11pm
Quoting spiritboy
Could anybody give me some advice to the best broker to use with MT4 , thank you. Shane.

spiritboy:

What crrieria should we use to select a best broker?

Go talk to traders in your country and seek their advice.

In my country, I will pick brokers based on known reputation and who are regulated by the local authority and at least I know there are some safeguard on all traders deposits. Withdrawing must be convenient, quick and easy with minimum administraive hassle.
If you have problems with withdrawal, then that must be a happy problem which many traders want to have.

There is a Broker Discussion forum here in FF. You will read many stories some horrifying ones too.

regards,
EMAMNUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #29,630
  • Jan 21, 2014 3:56pm Jan 21, 2014 3:56pm
Quoting Frenchie
Hi, EU H1 - entered taking into consideration only eelfranz rules. Then I had to leave, so I could not monitor the TDI going flat or hook over at the end of each candle. I decided to place a profit target of 1:1 my risk. Lucky surprise, when I came home and checked I made 25 pips {image}

Frenchie,

Good trade, Congrats!

Nice clean chart, I LIKE

Trade Well,

EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #29,631
  • Jan 21, 2014 3:59pm Jan 21, 2014 3:59pm
Quoting Imi
{quote} The candle shown with an arrow engulfed and closed below the consolidation range and RN. When you see a big candle 35 pips long you can often expect a retrace back to the 50% of the candle, the following two candles had wicks showing hesitation , then finally gave in, like I said I had a 15 pips sl in place just above the third candle high. {image}

IMI,

Nice chart and that big red candle you marked is very good.
That candle cracked the neckline of the Head and Shoulder.

regards,
EMMANUEL

Attached Image
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #29,632
  • Jan 21, 2014 4:14pm Jan 21, 2014 4:14pm
Quoting mor707
My trade on EJ H1 At the time I entered the candle color was red. I think I was a bit impatient and got in early because the green TDI was not sloping down at that time. Should have waited for next candle? {image}

mor707:

A nice +50pips and came with few lessons learned. You will do well.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #29,633
  • Jan 21, 2014 4:17pm Jan 21, 2014 4:17pm
Quoting Lane
{quote} The market is choppy - if that is the case you should trade the lower TF but even on H1 it's choppy. When TDI lines are flat/wiggling around 50 it means the market is consolidating and you may get a dozen of TDI crosses that aren't tradeable. Also you're selling into support, a support that is also a round number. See how last week price broke that level only to consolidate a bit about 50 pips lower and then rush back up eventually. Last but not the least, check out the candles, watch out for those wicks. Not saying it's definitely a losing...

Lane,

Good post and observations.
Just too many WRBs in the past 2 weeks.

regards,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #29,634
  • Jan 21, 2014 4:32pm Jan 21, 2014 4:32pm
Quoting emmanuel7788
{quote} IMI, Nice chart and that big red candle you marked is very good. That candle cracked the neckline of the Head and Shoulder. regards, EMMANUEL {image}
Interesting, I didn't realize there was a H&S
then I thought you meant this
Attached Image (click to enlarge)
Click to Enlarge Name: Greenshot_2014-01-21_17-24-20HS.png Size: 74 KB
If you're going through hell, keep going. Winston Churchill
  • #29,635
  • Jan 21, 2014 4:41pm Jan 21, 2014 4:41pm
Now some fun for those of us who traded with 10, 50, 200 EMAs since 2 years ago.

Today is BOJ day, so we shall see after that how EJ will trade, above or below.

You need to see the most recent support and resistance. Look to the left.

Attached Image (click to enlarge)
Click to Enlarge Name: EJ TMS with 10 50 EMA.png Size: 54 KB


Trade Well Folks!

EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #29,636
  • Jan 21, 2014 4:43pm Jan 21, 2014 4:43pm
Quoting Imi
{quote} Interesting, I didn't realize there was a H&S then I thought you meant this {image}

There is market psychology behind those tops and bottoms patterns, and especially the head and shoulder patterns.
Let me try find an old paper on this.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #29,637
  • Jan 21, 2014 5:13pm Jan 21, 2014 5:13pm
AU 22 Jan

Data release in about one-and-half hours.
Look at H4 charts, what do you see? an inverse H&S perhaps.
There should be many seller stops above.

On D-chart we see an indecisive day.
Two key price levels - 0.8770 and 0.8860
D candles not convincing for bullish reversal and the previous days last week were down.

Week bias in down.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #29,638
  • Jan 21, 2014 7:43pm Jan 21, 2014 7:43pm
Quoting emmanuel7788
AU 22 Jan Data release in about one-and-half hours. Look at H4 charts, what do you see? an inverse H&S perhaps. There should be many seller stops above. On D-chart we see an indecisive day. Two key price levels - 0.8770 and 0.8860 D candles not convincing for bullish reversal and the previous days last week were down. Week bias in down.

after the move from news, it does look like the confirmation beginning of inverse head and shoulder. From what i understand the flat grey line should be the confirmation price level for a break. Also the closing of the blue candle is shaping to be a WRB.
However, just like you said in your post, there is R at 0.8860 from 2 weeks ago and from aug 2013. Also the hourly candle right now shows that price is moving down form this R level.

From what i see, i am thinking that i should wait for at least Frankfrut to open and see how the PA does. My reasoning is influenced by the way this currency behaved earlier this month during unemployment. it went down during the 1st hour the news came out, went down a bit further on the 2nd hour and then retrace back to the 1st candle close position during the rest of Asia session until it start moving down again on Frankfrut open
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audusdh43.png Size: 82 KB
Click to Enlarge Name: audusddaily.png Size: 81 KB
Daniel
  • #29,639
  • Jan 21, 2014 11:24pm Jan 21, 2014 11:24pm
EJ 22 Jan Tokyo +5 hour:

Interesting that buyers are trying another push at D 10EMA 141.65 again on H1 chart. 141.17 held on as support this morning session.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #29,640
  • Jan 21, 2014 11:28pm Jan 21, 2014 11:28pm
Quoting Greenb
{quote} after the move from news, it does look like the confirmation beginning of inverse head and shoulder. From what i understand the flat grey line should be the confirmation price level for a break. Also the closing of the blue candle is shaping to be a WRB. However, just like you said in your post, there is R at 0.8860 from 2 weeks ago and from aug 2013. Also the hourly candle right now shows that price is moving down form this R level. From what i see, i am thinking that i should wait for at least Frankfrut to open and see how the PA does....

That H&S neck line not so clear. If we use Line Chart, it may show better, but looks like a little infant' head resting on right shoulder.

No more trade for this pair today until the market settles down and the direction would be clearer.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
61 traders viewing now