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Trading Made Simple

  • #41,661
  • Oct 2, 2014 3:51am Oct 2, 2014 3:51am
Here , read on the ECB news before the storm

http://www.efxnews.com/story/26330/w...15-major-banks
I Have Learned to Take Some Losses to Make Profits
  • #41,662
  • Oct 2, 2014 4:08am Oct 2, 2014 4:08am
Quoting lastingwell
{quote} Very large signal candle (by UJ's standards) and right on top of support, you would have to take into account it might have some retrace back up the candle at least, even if it eventually goes through that support and your stop loss should be above the signal candle, if you can't handle the larger stop loss, look for a better trade or reduce your lot size.
Thanks,i wanted to know if my entrance was good.
  • #41,663
  • Oct 2, 2014 4:32am Oct 2, 2014 4:32am
Just wondering how much further this will drop
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily.png Size: 49 KB
the cautious seldom err....C
  • #41,664
  • Oct 2, 2014 4:35am Oct 2, 2014 4:35am
Quoting amilate
{quote} Err Emman, can I ask... do you place limit sell at the break ? or you traded during HR1 or HR4. Basically that's the neat precise break entry. If the price Break above, will you still take the trade with TDI Crossing UP?

Hi amilate,

Using the D chart candle patterm and TDI, I waited for today Tokyo open to catch a retracement entry. But Tokyo morning was narrow range and looking at TOK_5H, H1 made a high with a H1 double top. My entry was based on H1 with a small initial SL of 40pips and that gave me a good position size using 1% risk. Retracement was very small which ioften seen as the down move momentum was intact. Hence I added position when price broke low.

When trading breakout situations, I always have two plans in place. Plan A is breakout to the downsie as the D chart TDI is showing use. Plan B - If the breakout happen to the upside, the D candle would cause the TDI to cross up and that would be a confirmation setup. But thje breakout to the upside is face with resistance 180.75 so target expectation must be realistic wto give a goor Risk Reward of at least 1:1.5 for me to trake any trade setups. In this case, the breakout to the downside has a much bigger R:R potential.

Keep things simple, just rely more on price action, support and resistance and use the TDI for the confirmation.

Regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #41,665
  • Oct 2, 2014 4:37am Oct 2, 2014 4:37am
Quoting pips29
Just wondering how much further this will drop {image}

my technical guess .. 1.6050 that's my target level.

manage the stops carefully.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #41,666
  • Oct 2, 2014 4:45am Oct 2, 2014 4:45am
Quoting Porto
Hi guys! This is my first post here but i am reading this thread for many weeks and trade on demo but with no succes. I think i need help. What is wrong with this enter? {image} {image}

Porto,

Hope you do not mind my view on this.
Look at the MN and W1 charts, the primary trend is up. But the D1 charts show a good setup with that Bearish Oustide Bar BEOB candle and any sell trade is counter trend to the MN and W1.
With that D BEOB candle, an entry would be when today open or you go down to lower TF like H1 for an intraday trade setup for entry.But H1 show the TDi in oversold condition which many traders will look to buy. The D BEOB is confirmed with the TDI cross.
On H4, the condition is sell only but again the TDI is on oversold and any sell entry will be consider late as you already missed the APB/HB candle #1 and #2 for entry.
But back to trading D chart, the sell is still valid except that we have some support level to overcome. 108.50 is a challenge as it is historical support and also Round Number RN. Market reacts at RN.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY D chart view.png Size: 31 KB


Good Trading and Trade Well.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #41,667
  • Oct 2, 2014 5:01am Oct 2, 2014 5:01am
Quoting emmanuel7788
{quote} my technical guess .. 1.6050 that's my target level. manage the stops carefully.
If this level is broken I am looking at 1.5860 or thereabout. As I am no expert in htf analysis, would the 3 crows pattern on monthly play out i.e bearish trend
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDMonthly.png Size: 45 KB
the cautious seldom err....C
  • #41,668
  • Oct 2, 2014 5:05am Oct 2, 2014 5:05am
Quoting pips29
{quote} If this level is broken I am looking at 1.5860 or thereabout

between 1.6050 and 1.5850 is good region where demand is likely. So I will be looking at lower TF D and H4 for any good buy setups.

Good Trading days/weeks ahead. It is October anyway.... good or bad happens in this month.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #41,669
  • Oct 2, 2014 5:14am Oct 2, 2014 5:14am
hi guys,

how about this bounce trade...tdi is confirming with a decent sized candle for entry. Any inputs.

Regards
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH1.png Size: 42 KB
  • #41,670
  • Oct 2, 2014 5:23am Oct 2, 2014 5:23am
Quoting dennis4u15
hi guys, how about this bounce trade...tdi is confirming with a decent sized candle for entry. Any inputs. Regards {image}

look at D chart, I see the risk trading against the strong bearish D candle.
On H1 and H4, that looks like BRN 137.00 bounce, and with over sold TDo conditions in both H1 and H4, day traders may rush in and buy.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #41,671
  • Oct 2, 2014 5:39am Oct 2, 2014 5:39am
USDCAD week 40:

If you are in the mood to do some demo practice, take a look at USDCAD.
Same approach, Monthly > Weekly > Daily.
Use lower timeframe H4 / H1 for entry following TMS rules.
We trade 4H swing.
Use higher timeframe for target profit setting.
Use initial SL to determine position sizing.
Risk Reward 1: 1.5 minimum as potential to decide a Go/No Go trade decision.
100 pips is good for this pair.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #41,672
  • Oct 2, 2014 5:41am Oct 2, 2014 5:41am
Hello everyone, I'm new to this forum and read it from the beginning. It's sad that Big E who started this topic is no longer with us, but I'm glad to see that there're still many traders who follow his method. I work on demo for now, I've downloaded indicators from the first pages, and I'm not sure if it's still ok, later on I came across many other indi. for this method, and would appreciate very much if someone who have been here for a longer time and who trade this method could post a template with indicators that works, so I could save it and load it to my Mt4. Thanks in advance :-) Also, I've noticed that some still rather trade on higher tf like H1 or H4 while others prefer lower like M15, so I wonder since it's been 3 years since BigE started this thread, does the method still work best on a higher tf or is it better now to use a lower tf? Hope that someone will find time and answer :-)

Thanx in advance and good trading!
  • #41,673
  • Oct 2, 2014 5:42am Oct 2, 2014 5:42am
Thanks Emmanuel,

Quite a few things to look before pulling the trigger...would have been a bit better if the 4 hr TDI was just above the 32 level.

Regards
  • #41,674
  • Oct 2, 2014 5:45am Oct 2, 2014 5:45am
Yes Emmanuel a good buy signal is setting up on USD/CAD 4 hour chart...Tdi is about cross.

Regards
  • #41,675
  • Oct 2, 2014 5:59am Oct 2, 2014 5:59am
Quoting emmanuel7788
{quote} between 1.6050 and 1.5850 is good region where demand is likely. So I will be looking at lower TF D and H4 for any good buy setups. Good Trading days/weeks ahead. It is October anyway.... good or bad happens in this month.
thanks Emmanuel
the cautious seldom err....C
  • #41,676
  • Oct 2, 2014 6:20am Oct 2, 2014 6:20am
Thank you guys for help. I hope i'll do better transactions.
  • #41,677
  • Oct 2, 2014 6:59am Oct 2, 2014 6:59am
USOil entered as a breakout @ oil open today. out with 52 green
Attached Image (click to enlarge)
Click to Enlarge Name: oil M5 BO OO Thu 2.10.15 +52.png Size: 121 KB
Appreciation is the key to wealth and happiness
  • #41,678
  • Oct 2, 2014 7:08am Oct 2, 2014 7:08am
Quoting Porto
Thank you guys for help. I hope i'll do better transactions.
You can make trading as simple or complicated as you like. Either way there are risks in everything you trade, whether its worth the risk is the point you should be thinking about. Look at where you took your trade the white area is where price has been kicked back before and may well do so again, nobody knows, so when you are trading on H1 you need the probabilities in your favour because you are not looking for a swing trade (unless it turns into that later on) and you won't usually have a large stoploss, you are looking for making some pips and then probably getting out again. Use a good s/r indicator, or supply/demand indicator and then look at the probabilities. The vertical line is where you took your trade and the purple horizontal line is roughly your entry point. On H1 you are right on top of that area where it has bounced back before, also on H4 you are also in an area.

Ask yourself, do the probabilities look good taking into account the stop loss you need to have when you enter and the amount of movement you can normally expect in a day (the ATR)?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDJPYH1.png Size: 32 KB
Click to Enlarge Name: USDJPYH4.png Size: 35 KB
  • #41,679
  • Oct 2, 2014 7:21am Oct 2, 2014 7:21am
Quoting emmanuel7788
{quote} Hi amilate, Using the D chart candle patterm and TDI, I waited for today Tokyo open to catch a retracement entry. But Tokyo morning was narrow range and looking at TOK_5H, H1 made a high with a H1 double top. My entry was based on H1 with a small initial SL of 40pips and that gave me a good position size using 1% risk. Retracement was very small which ioften seen as the down move momentum was intact. Hence I added position when price broke low. When trading breakout situations, I always have two plans in place. Plan A is breakout to the...
Thanks Emman. I will try my best to digest and absorb your advise.
  • #41,680
  • Oct 2, 2014 7:24am Oct 2, 2014 7:24am
hi guys
just popping in to say hello to all the traders.
This thread is still going strong.
proves its a reliable way of trading since it stood the test of time
X-man the legendary conqueror of markets
70 traders viewing now