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Trading Made Simple

  • #30,241
  • Feb 1, 2014 9:30am Feb 1, 2014 9:30am
Quoting Meanwhile
{quote} Let me try this one: Question: How can we identify this fake buy entry (EURJPY 2014.01.31 09:00)? Answer: 1. Identify weekly trend f.ex. By marking HH LH HL LL and drawing trendlines to your chart TREND: DOWN 2. Draw Fibonacci retracement from last Swing High and Swing Low So for now we aknowledge that: Weekly trend: DOWN Daily trend: ???? For easier recognition of the daily trend I will usually change from 1H chart to 15MIN chart in London Open. If you don't know what is 1-2-3 Pattern I suggest you to go and watch all the videos under 1-2-3...

Dear Meanwhile,Emmanuel.Wdays,adamjhdavis,

Thank a lot for your reply
I learned lot of thing from yours.

Emmanuel:yes, I use GMT+2 broker( Alpari Russia.).

Thanks
Helanka
Helanka
  • #30,242
  • Feb 1, 2014 9:35am Feb 1, 2014 9:35am
[quote=Ryukenden;7252897]
Quoting Phx62
There was lots of movement in the EU/AU pair this week. The Average Daily Range for the past 5 days is 206 pips per day.....lots of room to make some pips. I somehow feel like I overtraded this week but when I look at the trades, they are all taken within the rules of my trading plan. I traded every London open session, two NY open sessions and three Asian session trades. A very unusual and good week for me. I hope the rest of you got some good trades in also...... Hi Phx62, I'd like to say thank you for your time and effort...
You answered your own question.
When I do my weekly "Top Down" analysis, I check the ADR for each of the pairs that I follow. I then look at trends, S/R area, upcoming news, recent candle formation, if the TDI is going overbought or oversold, etc and pick out one pair to focus on during the next week. I also pick a second pair based on the same criteria as a backup plan, in case the first one doesn't keep producing. I have discovered during this trading journey that I have much better success focusing on one pair at a time by being aware of candle patterns forming, developing trends and recent price action changes. As you can see in my previous posts, the pair I focus on usually goes for months or even years of good productivity. Hope this helps......
  • #30,243
  • Feb 1, 2014 9:42am Feb 1, 2014 9:42am
Quoting emmanuel7788
{quote} Another brilliant post by WDays. What do we learn from this? ... Top Down Analysis Thanks Wdays, Regards, EMMANUEL
Quoting itsallover
{quote} Spoken like a true pro. Nice one WD
Thank you both

Quoting Helanka
{quote} Dear Meanwhile,Emmanuel.Wdays,adamjhdavis, Thank a lot for your reply I learned lot of thing from yours. Emmanuel:yes, I use GMT+2 broker( Alpari Russia.). Thanks Helanka
Glad to have been of service.
  • #30,244
  • Feb 1, 2014 10:30am Feb 1, 2014 10:30am
[quote=Phx62;7253020]
Quoting Ryukenden
{quote} You answered your own question. When I do my weekly "Top Down" analysis, I check the ADR for each of the pairs that I follow. I then look at trends, S/R area, upcoming news, recent candle formation, if the TDI is going overbought or oversold, etc and pick out one pair to focus on during the next week. I also pick a second pair based on the same criteria as a backup plan, in case the first one doesn't keep producing. I have discovered during this trading journey that I have much better success focusing on one pair...
Hi Phx62, can I ask which pairs you follow? I can see from your posts more often than not it's EUR/JPY (for the greater ADR I think you said) but I wondered what others you follow also. The reason I ask is that I think I probably try to follow too many and miss trades by never getting focused on just a few. Many thanks. Guy
  • #30,245
  • Feb 1, 2014 2:13pm Feb 1, 2014 2:13pm
Could someone please point me in the direction of the ADR indicator used by PHX62 - have looked in many places but cannot seem to find it or similar - something that shows ADR as well as yesterday and the current ADR of the trading day.

Many thanks and apologies if posted somewhere obvious,

Thanks to all contributors to this thread - have learnt so much so far and into action next week after a break away - look forward to sharing my trading journey here.
  • #30,246
  • Feb 1, 2014 3:15pm Feb 1, 2014 3:15pm
Quoting studio1
Could someone please point me in the direction of the ADR indicator used by PHX62 - have looked in many places but cannot seem to find it or similar - something that shows ADR as well as yesterday and the current ADR of the trading day. Many thanks and apologies if posted somewhere obvious, Thanks to all contributors to this thread - have learnt so much so far and into action next week after a break away - look forward to sharing my trading journey here.
I think it is this one.
Attached File(s)
File Type: mq4 xADR.mq4   4 KB | 458 downloads
  • #30,247
  • Feb 1, 2014 4:38pm Feb 1, 2014 4:38pm
Quoting studio1
Could someone please point me in the direction of the ADR indicator used by PHX62 - have looked in many places but cannot seem to find it or similar - something that shows ADR as well as yesterday and the current ADR of the trading day. Many thanks and apologies if posted somewhere obvious, Thanks to all contributors to this thread - have learnt so much so far and into action next week after a break away - look forward to sharing my trading journey here.
http://www.forexfactory.com/showthre...58#post7181458

I guess you didn't look that hard
  • #30,248
  • Feb 1, 2014 5:56pm Feb 1, 2014 5:56pm
Quoting WDays
{quote} http://www.forexfactory.com/showthre...58#post7181458 I guess you didn't look that hard
Yeah - I was looking at all the attachment names starting with 'A' - and uploaded by certain members, so I guess the 'X' threw me! Thanks, appreciate it
  • #30,249
  • Feb 1, 2014 10:52pm Feb 1, 2014 10:52pm
[quote=Tanglewood;7253083]
Quoting Phx62
{quote} Hi Phx62, can I ask which pairs you follow? I can see from your posts more often than not it's EUR/JPY (for the greater ADR I think you said) but I wondered what others you follow also. The reason I ask is that I think I probably try to follow too many and miss trades by never getting focused on just a few. Many thanks. Guy
I have the charts of 6 pairs set up on my platform.....GU, EU, AU, GJ, EJ & EA. You are correct, the EJ has had the highest ADR for a while but recently EA has had lots of movement. Success to you.....
  • #30,250
  • Feb 2, 2014 5:55am Feb 2, 2014 5:55am
Quoting studio1
{quote} Yeah - I was looking at all the attachment names starting with 'A' - and uploaded by certain members, so I guess the 'X' threw me! Thanks, appreciate it
All good Hope it's what you're looking for.
  • #30,251
  • Feb 2, 2014 6:43am Feb 2, 2014 6:43am
[quote=Phx62;7253465]
Quoting Tanglewood
{quote} I have the charts of 6 pairs set up on my platform.....GU, EU, AU, GJ, EJ & EA. You are correct, the EJ has had the highest ADR for a while but recently EA has had lots of movement. Success to you.....
Phx62 - many thanks, that's exactly the sort of info I was looking for. Continued success to you too....
  • #30,252
  • Feb 2, 2014 7:44am Feb 2, 2014 7:44am
[quote=Tanglewood;7253791]
Quoting Phx62
{quote} Phx62 - many thanks, that's exactly the sort of info I was looking for. Continued success to you too....
Great info for me too. Those of us new to TMS don't only need indicators but guidance!!!
  • #30,253
  • Edited 10:08am Feb 2, 2014 9:56am | Edited 10:08am
Quoting MrAussieFX
... P.S. A question though, Are pivot points (S&R) provided by different brokers vary. IBFX indicator gives different values than the dailyfx.com. Which one to trust ?
Hi AussieFX,

Regarding your question on pivot points different values of different brokers, it is most likely the brokers have different sevrer time and the day open can be different. The daily pivot is calculated using the previous day high, low and close prices. Also there are different types of pivots in used - Woodie pivots, Camarilla pivots, Fibonacci pivots, ...

There is good study materila at babypips.com on Pivot Points. Here is the link:
http://www.babypips.com/school/middl...l/pivot-points

Support and Resistance is not one single price level. It is a zone. usually we look for CONFLUENCE of certina price levels to find the support and resistance zone. I use the daily pivots and look for CONFLUENCE with recent support and resistance, OHLC, RN price levels 00, 25, 50, 75 levels.
It is not a matter which one to trust, just a matter to use them consistently. More important is to read the price and the APB for the price action.


Hope this help.

regards,

EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #30,254
  • Feb 2, 2014 10:06am Feb 2, 2014 10:06am
Quoting fxFox.mb
{quote} emmanuell, nice way this channeling technique and as we can see now, it gives with a good target estimation. With the ABCD I think I had the fortune on my side. I expected/hoped for such a move in my trade yesterday (the previous one) Have a good weekend
Hi fxFox.mb,

There is a pdf which briefly explains this Kennedy Channeling Technique.
Please go bcak to post #18,847

The market moves in waves, so we should learn to identify the waves and the volatility. This will help us see the market type. In the EJ example, we could see that the market started a wide ranege with the AB leg. And when the move up to the BC leg, we can see the wide raneg sideways but more to the downside.
The TDI is a good indicator to show us the price momentum along with the price waves.

Attached Image (click to enlarge)
Click to Enlarge Name: fxFox ABDC with channelling .png Size: 85 KB


Hope you are enjoying your weekend.

EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #30,255
  • Feb 2, 2014 10:37am Feb 2, 2014 10:37am
Planning for next week 06 3 to 7 Feb:

I have been busy all day today and still have not started with my delailed plan.

But looking at the Jan monthly candle close and previous weeks move. I see more downside move for AU, EU, GU and EJ. There are quite a number of red coded news next week therefore we should see some good range for trading.

Have a Good Trading week ahead everyone.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #30,256
  • Feb 2, 2014 10:58am Feb 2, 2014 10:58am
hello guys i want this indicator plz
Attached Image (click to enlarge)
Click to Enlarge Name: image.jpg Size: 136 KB
  • #30,257
  • Feb 2, 2014 11:20am Feb 2, 2014 11:20am
Awesome!! And a leading indicator too!!
  • #30,258
  • Feb 2, 2014 1:12pm Feb 2, 2014 1:12pm
Quoting emmanuel7788
{quote} Hi AussieFX, Regarding your question on pivot points different values of different brokers, it is most likely the brokers have different sevrer time and the day open can be different. The daily pivot is calculated using the previous day high, low and close prices. Also there are different types of pivots in used - Woodie pivots, Camarilla pivots, Fibonacci pivots, ... There is good study materila at babypips.com on Pivot Points. Here is the link: http://www.babypips.com/school/middl...l/pivot-points Support and Resistance...
Very well explained. Basically the way pivtos are drawn depends on your broker; if you have a sunday candle, the way your H1 and H4 candles print and so on and so forth. I'd like to add a few more things because I spent a lot studying pivots at a point back in time. Like I already said I've had a hard time getting rid of them... I felt handicapped.

Here's the deal, daily pivots are best used when taking shorter term trades (i.e scalps) because m5 and m15 PA will completely stick to them. What's more, there are a few patterns that keep on coming up. For instance, I wouldn't take an intraday short if PA has already tested DS3 (support 3) or conversely a long if PA tested DR3, because price rarely overshoots those levels. It's kind of like ATR - if you check out the formula to estimate both you'll know what I'm talking about. Another thing, when price reaches the DS3 or DR3 levels, it will often pullback. This is what I can think of from the top of my head regarding TMS trading with pivots. You can test all that out for yourself and see I'm right most of the time using the FXI pivot indicator which draws pivots historically, i.e you can backtest.
  • #30,259
  • Edited 2:16am Feb 3, 2014 2:00am | Edited 2:16am
Quoting paazoka
hello guys i want this indicator plz {image}
Hi paazoka,

There is another indicator which shows the open positions.

Here is the download link: http://codebase.mql4.com/9033

Try if that is what you look for.

regards,

EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #30,260
  • Feb 3, 2014 2:07am Feb 3, 2014 2:07am
this look ok my frist one this week
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbpsb.png Size: 66 KB
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