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  • #34,261
  • Mar 28, 2014 6:44pm Mar 28, 2014 6:44pm
AUDUSD trade closed.

This was an intraday trade taken in H1 timeframe using the TOK_5H high-low as the breakout levels. As youi see on my chart below, this pair went no where for many hours, obviously there were fewer sellers. The price retracement is shallow, more probably caused by buyers taking profits exting their positions. Longer temr buyers will hold their positions for longer but I am sure they protect their open positions and these may get tighter next week. So I will follow the price action to see how and what the smart money will do at monday month-end last trading day.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD 28 Mar TOK5H trade closed.png Size: 61 KB


In the original CHS thread, the 5-Method has the Tokyo channel trading. So for intraday traders using lower timeframes H1 and M15, that may help you to look for trades on daily basis during the European session - Frankfurt open, London open till London close.

The sun is shining where I am so i will go outside to rest and relax after a hectic trading week.
Then I will find time todauy and reply all the PMs backlog. Be patient with me here.

Have a Good Weekend Folks,

EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #34,262
  • Mar 28, 2014 7:00pm Mar 28, 2014 7:00pm
Trading and Stress:

Trading with hardearned money can be stressful.

What really cause the stress in you while you trade?

How do you deal with the stress caused by trading?

Is stress free trading possible?

Please share your thoughts and views.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #34,263
  • Mar 28, 2014 7:45pm Mar 28, 2014 7:45pm
Quoting emmanuel7788
Trading and Stress: Trading with hardearned money can be stressful. What really cause the stress in you while you trade? How do you deal with the stress caused by trading? Is stress free trading possible? Please share your thoughts and views.
Hi Emmanuel,

Long time,Ha

What makes me stressed out is watching how market goes against me pip by pip and as soon as I am flat it goes back in the right direction.
That makes me to do more trades(Revenge trades ) and then I really get stressed out and shaky.

How did I deal with it? I put pending orders with SL and TP and I go to bed and when I wake up in the morning (NY open) ,Most of the time Either my SLs are hit or my TPs.
It wasn't easy at the begging and I would wake up couple of times during the night and sneak to my computer (and most of the time make things worse) but after a while now I used to it and I sleep. My R:R is 1:2 so not bad.

I don't think if stress free trading is possible and I was reading somewhere trader live in average less than regular people but we can minimize it but trusting our system.I think Time is important factor in that trust.

Good to be here again
Mike
Failure, is a wonderful teacher!
  • #34,264
  • Edited 9:56pm Mar 28, 2014 9:35pm | Edited 9:56pm
Quoting fxFox.mb
{quote} TheScorpS, you're right. Divergence is a thing which ofter can dissolve after a few candles. Therefore a single divergence over about 15 candles is not a good indication. As emmanuell often says we should look for confluence of different indications: {quote} Here we had 2 different divergences, we reached a new low @139.96 directly at a daily S/R line / zpne (daily close prices in the area 139.89 - 139.97 -- from 1/24 & 2/11 & 2/27), and we got a massive bullish retracement candle - even if it's red. This stopped in the asian session consolidation...
Thanks for your help, sometime I wish that I dont use APB candles since I cant sport the closing prices easily, and I cant make up my mind on daily basis as to plot these lines on 2 different chart for the same pair so I just wish that there was an easier way to spot closing prices on ABP but its darn difficult which in this case as you show there was this nice Daily closing prices convergence at around BRN 140 which stopped the price from going any deeper

After the 2 bar reversal, there was M5 shallow fib retracement to 23 - 38.2 which is nice entry on lower price and better draw-down

Many thanks again for your help
I Have Learned to Take Some Losses to Make Profits
  • #34,265
  • Mar 28, 2014 9:55pm Mar 28, 2014 9:55pm
Quoting Zoopots
{quote} Scorp- The answer to your questions may lie in the upper right corner of your chart...the W, D, H4 and H1 trend indicators are all showing long (at least I believe that's what you have attached there). So taking a sell based on a Daily candle "breathing" some to the short side is fighting powerful trends on higher time frames. We focus a lot on TDI/Stochastics in this thread and all three of the Stochastic levels (Daily, H4 and H1) were at oversold levels when you thinking there was bearish movement to the downside. Also, note the TDI relationships:...
So it was actually a good way to think the other way and build a long trade based on all of that you mention, I mean when looking at TDI its difficult to spot over sold especially on H1 it was a little above but MBL acted as support into the trade even green crossing red was sharp going below MBL but this often in situation like this MBL will flatten before changing direction of the green signal line

The indi I use is to show PA in relation to 10 EMA on MF, but at the time when the bearish candle formed on H1, I think M15, H1, H4 and Daily were all bearish , but anyway that dosent mean a short trade since so many factors I beleive I wasn't aware of

Will try to digest what you mention since it what I lack the experience in analyzing the market in such conditions, pls accept my sincere gratitude for all the positiveness that you put into the thread since you started posting sir you have opened my eye in looking to ride the trend from 32 to 68 and vise versa

Thanks and Wishing you and TMS Happy Weekend
I Have Learned to Take Some Losses to Make Profits
  • #34,266
  • Mar 28, 2014 11:18pm Mar 28, 2014 11:18pm
Quoting Bizzzle
One trade today trading the 4 hour as Big E did on page 1: GJ- +69 pips Week 2 Mon: +92 pips Tuesday: +93 pips Weds: No Trades Thurs: -11 pips Fri: +69 pips Total: +243 pips for this week checking my computer three times a day stress free!! Thank you so much big E for thinking different for everyone else, RIP... Week 1: +155 pips Week 2: +243 pips Total: +398 pips Have a great weekend {image}
  • #34,267
  • Mar 28, 2014 11:33pm Mar 28, 2014 11:33pm
Quoting TheScorpS
{quote} So it was actually a good way to think the other way and build a long trade based on all of that you mention, I mean when looking at TDI its difficult to spot over sold especially on H1 it was a little above but MBL acted as support into the trade even green crossing red was sharp going below MBL but this often in situation like this MBL will flatten before changing direction of the green signal line The indi I use is to show PA in relation to 10 EMA on MF, but at the time when the bearish candle formed on H1, I think M15, H1, H4 and Daily...
Technical analysis are good only to know where to close a profitable trade.
The Thief of Wall Street
  • #34,268
  • Edited 11:52pm Mar 28, 2014 11:38pm | Edited 11:52pm
Quoting emmanuel7788
Trading and Stress: Trading with hardearned money can be stressful. What really cause the stress in you while you trade? How do you deal with the stress caused by trading? Is stress free trading possible? Please share your thoughts and views.
Stress can be generated due to following-

1)Not having confidence in trading plan
2)Trade has not been taken as per trading plan
3)In spit of placing SL, one is not mentally prepared to accept the risk involved in particular trade
4)One is having feeling of last trade result will influence current trade result

According to me one can deal with stress as per following.

1) To have confidence in own trading plan by back testing
2) Discipline is required to implemented trading plan. If one could not take trade as per trading plan even after thinking that he must take trade as per trading plan. One can decide to take some no of trade as per trading plan. which can left more impact on mind so as to help to implement trading plan
3)Accept the risk involved in particular trade. Nothing is 100% accurate in forex.
4)All trade are unique and can not influence the result of any other trade. Forex is probability game and one should measure out come after some no. of trades.


With practice and consciously monitoring own attitude, one can reach to the level when he can not feel stress in trading after implementing above.
  • #34,269
  • Mar 29, 2014 12:21am Mar 29, 2014 12:21am
Quoting manoj_3986
{quote} 1)Not having confidence in trading plan
2)Trade has not been taken as per trading plan
3)In spit of placing SL, one is not mentally prepared to accept the risk involved in particular trade
4)One is having feeling of last trade result will influence current trade result
Well said Manoj!

Psychology wise, I think the only way to improve is to do live trade. That's what happened to me, very positive result on demo for 6 months, but on my first month of live trading I started doing things I shouldn't: chasing trades, guessing the market, enter random trades, the list goes on and on. It's unbelievable how much having real money on the line can affect how you behave.
Everything you can imagine, is real - Pablo Picasso
  • #34,270
  • Mar 29, 2014 12:32am Mar 29, 2014 12:32am
This weeks EA H1 trades (some of the first ones were posted earlier this week). All trades taken according to my trading plan with the H4 channel pointing out TP points. Overall a good week.
Attached Image (click to enlarge)
Click to Enlarge Name: 2014.3.28 ea h1 week.png Size: 83 KB
  • #34,271
  • Mar 29, 2014 12:47am Mar 29, 2014 12:47am
Hmm...How do i translate this ? What is the weekly range?
Attached Image (click to enlarge)
Click to Enlarge Name: ATR.png Size: 33 KB
Sad i'm not trying to understand PA
  • #34,272
  • Mar 29, 2014 1:13am Mar 29, 2014 1:13am
Quoting omonisha
Hmm...How do i translate this ? What is the weekly range? {image}
This might help. Please do share what you think of the following ATR indicator. I'll be using it and see how it works.

http://www.forexfactory.com/showthread.php?p=5440808

Regards
  • #34,273
  • Mar 29, 2014 1:26am Mar 29, 2014 1:26am
Quoting MrAussieFX
{quote} This might help. Please do share what you think of the following ATR indicator. I'll be using it and see how it works. http://www.forexfactory.com/showthread.php?p=5440808 Regards

Thanks Aussie

Yesterday i tried this..but for some reason it's not working in my mt4....i dont know why

Tried to compile...but giving error
Attached Image
Sad i'm not trying to understand PA
  • #34,274
  • Mar 29, 2014 1:46am Mar 29, 2014 1:46am
Quoting omonisha
Hmm...How do i translate this ? What is the weekly range? {image}
Disregard the decimal point and zeros and just take the first three numbers. So on EU above it would be 197 and 219.
  • #34,275
  • Mar 29, 2014 1:56am Mar 29, 2014 1:56am
http://www.dailyfx.com/forex/educati..._risk_ATR.html

hmmm..found this
Attached Image (click to enlarge)
Click to Enlarge Name: Description.jpg Size: 63 KB
Sad i'm not trying to understand PA
  • #34,276
  • Mar 29, 2014 2:13am Mar 29, 2014 2:13am
Quoting lastingwell
{quote} Disregard the decimal point and zeros and just take the first three numbers. So on EU above it would be 197 and 219.

Thanks a lot
Sad i'm not trying to understand PA
  • #34,277
  • Mar 29, 2014 2:13am Mar 29, 2014 2:13am
Quoting Phx62
This weeks EA H1 trades (some of the first ones were posted earlier this week). All trades taken according to my trading plan with the H4 channel pointing out TP points. Overall a good week.{image}
THank you master Phx62 , your weekly chart really a masterpiece please keep posting some more
  • #34,278
  • Mar 29, 2014 3:01am Mar 29, 2014 3:01am
Quoting emmanuel7788
AUDUSD trade closed. This was an intraday trade taken in H1 timeframe using the TOK_5H high-low as the breakout levels. As youi see on my chart below, this pair went no where for many hours, obviously there were fewer sellers. The price retracement is shallow, more probably caused by buyers taking profits exting their positions. Longer temr buyers will hold their positions for longer but I am sure they protect their open positions and these may get tighter next week. So I will follow the price action to see how and what the smart money will do at...
I can see this small pullback is of profit taking and no real sellers here but what i am thinking is that most of the traders don't want to open trades on Friday like i badly wanted to trade this setup but stayed by my rules of not taking new trades on Friday. So i think if not Monday as a last day of month then probably on Tuesday we will see sellers on this pair for sure. I am having eye on it till then.
I am not random, U just can't think as fast as me....
  • #34,279
  • Mar 29, 2014 3:07am Mar 29, 2014 3:07am
Quoting Phx62
This weeks EA H1 trades (some of the first ones were posted earlier this week). All trades taken according to my trading plan with the H4 channel pointing out TP points. Overall a good week.{image}
Masterpiece mate. I wish i can pick exactly the tops and bottoms as you can do and avoid choppy markets.
Great trades and perfection at its best
I am not random, U just can't think as fast as me....
  • #34,280
  • Mar 29, 2014 3:34am Mar 29, 2014 3:34am
Quoting Phx62
This weeks EA H1 trades (some of the first ones were posted earlier this week). All trades taken according to my trading plan with the H4 channel pointing out TP points. Overall a good week.{image}


Amazing how much can be made from one currency pair.
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