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Trading Made Simple

  • #43,061
  • Edited 8:20pm Oct 30, 2014 8:08pm | Edited 8:20pm
Quoting Sesamstrasse
Dear traders ! Today I had only one trade. I know there were more opportunities, biut I wasnīt at my office today . hereīs my EA H4 trade . I put an security SL with 40 pips , and a fix TP 50 pips. After entereing the trade at the second candle open , I closed my notebook and left the house for meetings. Itīs one of the trades that just donīt work . -40 Demopips today. next week Iīm back on my trading desk and have time to catch some pips on the market . Guido {image}

Hi Guido,
We usually like to give each trade some 'room to breathe' hence not to place our initial SL too close to the Entry Price.
One way is to use the volatility. For EURAUD, the H4 volatility is higher than other USD major pairs, so using 2 times the ATR(10) would roughly give 93 pips as initial SL which is the trade Risk or 'R'.
Another way is to place the initial SL using the 2-Bars Look Back method, i.e. to place the iSL at the high of the previous 2 bars. In this example, that would also be where the last swing high was. That would be 'safe' technical stop to use.

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD H4 EP SL TP.png Size: 28 KB

I have two script which I use to draw the EP SL and TP lines as shown in above chart. These script will calculate the ATR and use that to plot the iSL and TPs levels using the ATR of that chart TF at the moment when you made that entry. Simply drag and drop the script to the exact point of your trade Entry.
These two scripts are attached, latest version on MT4 build 735.

I know the SL 93pips may be big when we trade with fix lot size. But when we use the % risk model and with position sizing and calculate the lot size using the R, the risk % is still the same.

The Exit Strategy is important and when we want to give priority to Capital Protection, we can move our iSL quickly when there is floating profit. How to determine the floatng profit to move the stop requires us to look at the price action.

regards,
Attached File(s)
File Type: ex4 Draw_Lines Sell EP SL TP v4.ex4   6 KB | 1,377 downloads
File Type: ex4 Draw_Lines Buy EP SL TP v4.ex4   6 KB | 1,299 downloads
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #43,062
  • Oct 30, 2014 8:17pm Oct 30, 2014 8:17pm
Quoting Vladbold
Really want to thank everyone who contributes to this thread. I know we're like 10 newbies who thank you guys every month, but you turn us into traders. Using TMS, i've finished with +20% of my acc in October. Plus, i've reached my first +50 pip TP today, eur/aud. Entered on the break of the prev candle low, on LO, TDI confirmation, h4 TDI confirmation, exited half at +24 and half at +50. {image} Took a quick eur/jpy trade at the break of the prev candle low, with TDI agreement, for quick +25. Put a small TP due to the low ADR of this pair in recent...

Hi Vladbold,



What I see in good trades?

Good Trades = Have a Trade Plan + Discipline + Patience + Good Timing + Exit Strategy + Meticulous Execution + Profits ...



regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #43,063
  • Oct 30, 2014 8:46pm Oct 30, 2014 8:46pm
Quoting emmanuel7788
{quote} Hi Guido, We usually like to give each trade some 'room to breathe' hence not to place our initial SL too close to the Entry Price. One way is to use the volatility. For EURAUD, the H4 volatility is higher than other USD major pairs, so using 2 times the ATR(10) would roughly give 93 pips as initial SL which is the trade Risk or 'R'. Another way is to place the initial SL using the 2-Bars Look Back method, i.e. to place the iSL at the high of the previous 2 bars. In this example, that would also be where the last swing high was. That would...
Thanks!
It's interesting good programmers are often good traders......
Have a nice weekend.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #43,064
  • Edited 10:45pm Oct 30, 2014 10:09pm | Edited 10:45pm
AUDJPY 31 Oct H1
Here is one practice example how to look for trade... setup and trigger candle.
There is consolidation after the bullish rally, seen a few inside bars but no master candle. There is darvas box high and low.

Attached Image (click to enlarge)
Click to Enlarge Name: AJ 31 Oct H1 look for setup and trigger.png Size: 34 KB


Edit:
add D and H4 charts below:
Attached Image (click to enlarge)
Click to Enlarge Name: AJ 31 Oct D chart.png Size: 15 KB


D chart show bullish candles bias.
But it is last trading day for this week and also the month. Don't expect both these W1 and MN candles to close flat end Marubozu candle.
BRN 97.00 above with a Historical S&R 97.14. Should price rally today, look for BRN97.00 bounce back.


Attached Image (click to enlarge)
Click to Enlarge Name: AJ 31 Oct H4 chart.png Size: 24 KB


H4 TDI is in favour for buy. and those double IBs is our setup heads-up.
Beware of intra-week correction as buyers will exit the market.

Trade Safe, Trade Well and Manage Well.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #43,065
  • Oct 30, 2014 10:19pm Oct 30, 2014 10:19pm
Quoting heispark
{quote} Thanks! It's interesting good programmers are often good traders...... Have a nice weekend.

You are welcome!
use those scripts at your own risk.

...about 'good programmers and good traders', hmmm.., well there are exceptions and I am not one.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #43,066
  • Oct 30, 2014 11:33pm Oct 30, 2014 11:33pm
Quoting farhad10
{quote} omonisha; Look at your first blue candle and compare that with mine ! {image}
Hi farhad10

Yes it's the broker time like WDays said. You can see the difference if you open chart on different broker like FXDD, FXCM [ AUD Server ]

Quoting emmanuel7788
AUDJPY 31 Oct H1 Here is one practice example how to look for trade... setup and trigger candle. There is consolidation after the bullish rally, seen a few inside bars but no master candle. There is darvas box high and low. {image} Edit: add D and H4 charts below: {image} D chart show bullish candles bias. But it is last trading day for this week and also the month. Don't expect both these W1 and MN candles to close flat end Marubozu candle. BRN 97.00 above with a Historical S&R 97.14. Should price rally today, look for BRN97.00 bounce back. {image}...
Big EMU What is that Darvas Box?
Sad i'm not trying to understand PA
  • #43,067
  • Edited Oct 31, 2014 12:02am Oct 30, 2014 11:52pm | Edited Oct 31, 2014 12:02am
Quoting omonisha
{quote} Big EMU What is that Darvas Box?
For the basic theory what Darvas Box Theory:
read this
http://www.investopedia.com/terms/d/darvasboxtheory.asp

For test results and more indepth explanation of the methodlogy,
Thomas Bulkowski is the best.
http://thepatternsite.com/Darvas.html

In the development of TMS-II, we tested the theory and adapted that to create the 4-bars Master Candle to help us identify market consolidation and use that and trade with TMS exaclty what eelfranz taught us in his post#261. I trade stocks using this thery on D charts. Tests shows it also work in lower TF charts like H4 and H1. It will also filter out poor trades using simply just the TDI cross. What is need is to use TMS basic entry rule to confirm.

No indicators needed, just use our eyes and look when there is a swing high or swing low, then look at the next 3 bars following that swing high/swing low. Then you will see where the Darvas Box Levels are. It is also use to determine the trend and potetianl trend change.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #43,068
  • Oct 30, 2014 11:59pm Oct 30, 2014 11:59pm
JPY what did Kuroda, Abe and Aso discussed during their sushi time and their waiter overheard probably.

Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #43,069
  • Edited 1:40am Oct 31, 2014 12:16am | Edited 1:40am
Quoting omonisha
EURJPY.. {image}
EURJPY..UPDATE..Good ending month
Quote
EDIT..JUst a little push and i'm out
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2014-10-31_11-14-13O_EURJPY.png Size: 37 KB
Click to Enlarge Name: 2014-10-31_12-34-25O_EURJPY.png Size: 32 KB
Sad i'm not trying to understand PA
  • #43,070
  • Oct 31, 2014 12:27am Oct 31, 2014 12:27am
Quoting omonisha
{quote} EURJPY..UPDATE..Good ending month {image}
Super trade!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #43,071
  • Oct 31, 2014 12:41am Oct 31, 2014 12:41am
Nice double top forming on EA H1, touching the 38.2 Fib, pretty much to the pip.

The previous DT/TT formations circled, led to nice moves down. I'll be watching this carefully.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 25 KB
Focus on the process and the profits will follow
  • #43,072
  • Oct 31, 2014 12:44am Oct 31, 2014 12:44am
AUDJPY Darvas Box trade example:
The darvas box was good, the trigger candle was huge, nevertheless good for scalp at BRN97.00 for quick 20pips.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPY Darvas Box trade example.png Size: 23 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #43,073
  • Oct 31, 2014 12:52am Oct 31, 2014 12:52am
Quoting omonisha
{quote} EURJPY..UPDATE..Good ending month {image}
You are a heck of a trader. Good Job!
Your charts are clean and plain.
  • #43,074
  • Oct 31, 2014 1:31am Oct 31, 2014 1:31am
Quoting Ballistical
Nice double top forming on EA H1, touching the 38.2 Fib, pretty much to the pip. The previous DT/TT formations circled, led to nice moves down. I'll be watching this carefully. {image}

At BRN 1.4300, a buy trigger would be counter trend so it will grab and run type of trade.
A sell trigger would be good but that would mean we see a bearish W1 and MN close.....but we are shadow trading today.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #43,075
  • Oct 31, 2014 1:52am Oct 31, 2014 1:52am
Quoting emmanuel7788
{quote} For the basic theory what Darvas Box Theory: read this http://www.investopedia.com/terms/d/darvasboxtheory.asp For test results and more indepth explanation of the methodlogy, Thomas Bulkowski is the best. http://thepatternsite.com/Darvas.html In the development of TMS-II, we tested the theory and adapted that to create the 4-bars Master Candle to help us identify market consolidation and use that and trade with TMS exaclty what eelfranz taught us in his post#261. I trade stocks using this thery on D charts. Tests shows...
Thanks a lot EMU. Will have a look at this weekend
Sad i'm not trying to understand PA
  • #43,076
  • Oct 31, 2014 2:10am Oct 31, 2014 2:10am
The three amigos are riding in the same direction for hours.
Careful with USD strength. have a look at Gold, what happened?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #43,077
  • Oct 31, 2014 2:33am Oct 31, 2014 2:33am
Quoting Vladbold
Really want to thank everyone who contributes to this thread. I know we're like 10 newbies who thank you guys every month, but you turn us into traders. Using TMS, i've finished with +20% of my acc in October. Plus, i've reached my first +50 pip TP today, eur/aud. Entered on the break of the prev candle low, on LO, TDI confirmation, h4 TDI confirmation, exited half at +24 and half at +50. {image} Took a quick eur/jpy trade at the break of the prev candle low, with TDI agreement, for quick +25. Put a small TP due to the low ADR of this pair in recent...
Can you tell where you got those directional arrows at the top right hand corner of your chart? Thanks much.
With God all things are possible.
  • #43,078
  • Oct 31, 2014 2:33am Oct 31, 2014 2:33am
Quoting emmanuel7788
{quote} Hi Vladbold, What I see in good trades? Good Trades = Have a Trade Plan + Discipline + Patience + Good Timing + Exit Strategy + Meticulous Execution + Profits ... regards,
I will print this and tattoo it on my hand that clicks the mouse.
  • #43,079
  • Oct 31, 2014 2:48am Oct 31, 2014 2:48am
Quoting Dehyah
{quote} Can you tell where you got those directional arrows at the top right hand corner of your chart? Thanks much.
Hi,

I'm at work now, can't post the indi, sorry.
That's an indicator called "TMS 5 EMA dashboard". It's sometimes useful, mostly not. I only use it as confirmation sometimes. It's from TheScrorp's template, you can find it around here.
  • #43,080
  • Oct 31, 2014 2:58am Oct 31, 2014 2:58am
Quoting Vladbold
{quote} I will print this and tattoo it on my hand that clicks the mouse.

here you can have the same tattoo like mine,

Attached Image
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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