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Trading Made Simple

  • #44,101
  • Edited 3:36am Nov 18, 2014 2:58am | Edited 3:36am
Quoting Olafff
{quote} just closed my Long USD/JPN from yesterday +70 pips {image}
Great trade Olafff

A weird trade... came up with good angle on the 1H then collapsed, just missed my SL, then crawled up the trendline after a weak cross... (weak cross on 4H) currently +50pips... lol

EDT: hit TP @ +87pips
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 34 KB
  • #44,102
  • Nov 18, 2014 3:26am Nov 18, 2014 3:26am
Quoting TheScorpS
Good Morning TMS I see lots of traders following TMS at recent days which good and am happy to see you all here contributing to TMS, at the time of I started trading there were the same in TMS , ie lots of new traders and me, at that time I didnt even new that a 6 pip draw-don was only minor draw-don and thought that it was 60 pips draw-down, basically nothing I new , spent the first year trying TMS, nothing seems to be working but I knew that it was because I didn't understand how it should work and how I must go about it Later on in the second...
You´re 100 % right , it will need thousands of screen hours .
I had the same with the choros system ..
I can recommment to post as much trades ( winners and specially losers as well ) to get confidence and to mget an input what was
well / wrong on a trade.
The other thing is backtesting / using the simulator a lot !!!! ( It will save you much time to train your skills)
The good thing in the simulator is , you see quickly it works .. and if it works onn the simulator , you can transport it to a demo ..

By the way : congrats buddy for your red " button " , you´re doing here a great work on this thread !
Guido
Risiko birgt immer auch die Chance.
  • #44,103
  • Nov 18, 2014 3:40am Nov 18, 2014 3:40am
Quoting Sesamstrasse
{quote} You´re 100 % right , it will need thousands of screen hours . I had the same with the choros system .. I can recommment to post as much trades ( winners and specially losers as well ) to get confidence and to mget an input what was well / wrong on a trade. The other thing is backtesting / using the simulator a lot !!!! ( It will save you much time to train your skills) The good thing in the simulator is , you see quickly it works .. and if it works onn the simulator , you can transport it to a demo .. By the way : congrats buddy for your...
It is wonderful to get so much support and advice from senior traders ... deeply appreciate this & will pass-forward ...
  • #44,104
  • Nov 18, 2014 3:53am Nov 18, 2014 3:53am
Hi great thread and hopefully it will make me a profitable trader
Been reading the post for a while now and been practicing on a demo account with mixed results have not lost any money but have not made any so 50/50 at the minute and hope to improve.

One of the problems i think is that i am to quick to enter a trade and do not wait for the perferct setups

Here is a trade i took this morning on the USD/CHF short and the rational behind it
The H1 chart was falling away from yestarday high which was also the 200 MA on the H1 chart and has been support for several days
TDI Bounced and there was price action when this happened

Going to try and trade it to yestardays low as the H4 chart is going sideways
http://www.forexfactory.com/data:;ba...AAAElFTkSuQmCC

Any coments would be gratefully recived
  • #44,105
  • Nov 18, 2014 3:55am Nov 18, 2014 3:55am
Quoting Sesamstrasse
{quote} You´re 100 % right , it will need thousands of screen hours . I had the same with the choros system .. I can recommment to post as much trades ( winners and specially losers as well ) to get confidence and to mget an input what was well / wrong on a trade. The other thing is backtesting / using the simulator a lot !!!! ( It will save you much time to train your skills) The good thing in the simulator is , you see quickly it works .. and if it works onn the simulator , you can transport it to a demo .. By the way : congrats buddy for your...
speaking about trade post, here is one, i got in at LO, trade be+2 now
in retrospect, i should have just go for EJ since it has better setup. could have would have. so long as its still green pips i suppose

edit: target at +75 pips for now just in case (2am here, next bar 6am)
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 78 KB
Daniel
  • #44,106
  • Nov 18, 2014 4:02am Nov 18, 2014 4:02am
Quoting kingdomk
Morning TMS I can see a nice setup forming on A/U strong bull bar closing in 10mins. Price currently in uptrend + strong 2 o clock cross of TDI + MBL + 200 EMA support. There is a lot of confluence on this setup. I am targeting the previous high but we will see how it plans out. Any thoughts from anyone would be appreciated {image}
Stopped out although the setup looked promising, went in my favour for about +6 and now came back to hit my 30 pip stop.

Can someone pls advise what was wrong with this setup
  • #44,107
  • Nov 18, 2014 4:04am Nov 18, 2014 4:04am
Quoting Kanderpro
{quote} Hello TwistedTrade, It's the 34 ma of the 13 period rsi. Red is the 7ma. Green is the 2ma.
Quoting Haendlerin
{quote} it's the Simple Moving Average of RSI over 34 Periods, Blue Bands are 2 times standard deviation of MBL = Bollinger Bands of MBL
Thank you both Kanderpro and Haendlerin for giving me these.
May green pips be your's.
Twisted Trader
  • #44,108
  • Nov 18, 2014 4:05am Nov 18, 2014 4:05am
Quoting kingdomk
{quote} Stopped out although the setup looked promising, went in my favour for about +6 and now came back to hit my 30 pip stop. Can someone pls advise what was wrong with this setup
news RBA. oother than that, AU been in bearish bias for quite a while

edit: on that note, im heading to bed, EU make me proud and be my good 1st trade of the week pls
Daniel
  • #44,109
  • Nov 18, 2014 4:14am Nov 18, 2014 4:14am
GBPAUD.Caught the news
Attached Image (click to enlarge)
Click to Enlarge Name: 2014-11-18_16-12-10GBPAUD.png Size: 35 KB
Sad i'm not trying to understand PA
  • #44,110
  • Nov 18, 2014 4:47am Nov 18, 2014 4:47am
Quoting Wqiang
{quote} I didn't place any order for the EurJpy yet as the bearish close candle was not lower the the first blue candle low. And i rmb that BRN is an sensitive area where price can bounce 50 pips from BRN.

nice bounce off BRN145.00... potential break higher.
did you follow this pair today?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #44,111
  • Nov 18, 2014 4:50am Nov 18, 2014 4:50am
Quoting griffinssoul
{quote} Great trade Olafff A weird trade... came up with good angle on the 1H then collapsed, just missed my SL, then crawled up the trendline after a weak cross... (weak cross on 4H) currently +50pips... lol EDT: hit TP @ +87pips {image}
Thanks! you managed to grab nice pips as well! well done!
yeah it was bit unusual, I was betting that this pair would retest highs from the early Monday morning, but there were some news coming out and I don't like to be caught on the wrong side of the trade because of it. so got out early.
  • #44,112
  • Nov 18, 2014 4:58am Nov 18, 2014 4:58am
EURUSD H1
Lose my 50 pip TP for 1 pip,because of the pullback 20 pips ,closed manually.Could everyone give me any idea about this trade .i think it can be entered earlier .
Reason：the TDI cross and the price break above the 200 EMA
Attached Image
  • #44,113
  • Nov 18, 2014 5:02am Nov 18, 2014 5:02am
Quoting Olafff
{quote} Thanks! you managed to grab nice pips as well! well done! yeah it was bit unusual, I was betting that this pair would retest highs from the early Monday morning, but there were some news coming out and I don't like to be caught on the wrong side of the trade because of it. so got out early.
Its interesting you should say that, some traders (I was asking SJ the other day) say not to worry about red news (unless its nonfarm pr) but others say get out before its too late... lol. Tough call...
  • #44,114
  • Nov 18, 2014 5:07am Nov 18, 2014 5:07am
EU_H1 for +18 pips, I might have exited early, but into next one, entry on the break of last FO_H1 bar
Attached Image (click to enlarge)
Click to Enlarge Name: EU_H1.jpg Size: 384 KB
I Have Learned to Take Some Losses to Make Profits
  • #44,115
  • Edited 7:31am Nov 18, 2014 5:18am | Edited 7:31am
Hi Folks,

It's late here and just after dinner, looking up to the clear skies, amazing the stars are so bright and visible only when the sky is dark. Great view but told myself must catch up with this forum.

Over the past two nights, I read all my PMs and some members shared with me their view on the post I made showing myFxbook results.
http://www.forexfactory.com/showthre...12#post7871312
I am happy to see that a few members reciprocate action and shared with me their profitable trading results. Two traders never posted anyting in this TMS thread but they trade with TMS since the time when Eric was alive. Great traders, you two .

But there are also a few members who shared with me that they are still not profitable trading with TMS. One member had not been profitable for more than 3 years trading with TMS. Reading their PMs and questions, I sense that everyone has the passion to trade and want to succeed. But not everyone has followed a learning structure and had not developed a trading business plan using TMS 5-Method as the core technical trading method. My advice to them is to start clean all over again and with TMS 5-Method only.

A few members did ‘confess’ running to other threads hoping to find a better trading system. At end, they still come back to TMS and realised that TMS is indeed a much simpler ‘trading system’, they also find the friendly atmosphere and the spirit of traders supporting one another and encouraging one another very different from other fourms.

There are open many questions and most of them were already answered in the many posts in this thread. I know it is blunt to keep telling people to read the thread from the beginning and it will not be encouraging at all. One member asked if I made a pdf of all my posts. Unfortunately, I do not have a complete pdf of all my posts because many post replies are typed directly in this forum. Therefore, going forward, I will continue to reply post with those same questions and post charts with trade examples. This way will help more people and especially the new ones coming to this TMS thread the first time. I will also do so by posting in pdf files so that it can be downloaded and saved for future reading and reference.

One immediate question which I want to reply here is on the number of pips I make for each trade.
Look at the myFxbook chart below. In the first 2 weeks of Nov, I completed total 37 trades on just 4 currency pairs in weeks 45 and 46. There were 2 losers (-36pips, -54pips) and therefore leaving only 35 profitable trades out of the 37 trades. The 2959 pips is nett after deducting the 2 losses.
The average pips per trade is 2959 / 35 = 84.5 pips per winning trade.

Attached Image (click to enlarge)
Click to Enlarge Name: FXCM pips Nov 2 weeks.png Size: 19 KB


New traders must know that the currency pairs EURAUD, EURNZD, GBPAUD and GBPNZD have very wide weekly trading ranges and in using Multiple Entries and Multiple Exits, you can accumulate more pips when trading these currency pairs.

Many have made it. So you can too. It will take more time, but so long as you keep working at it, the results will show one day.

Regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #44,116
  • Nov 18, 2014 5:19am Nov 18, 2014 5:19am
Quoting Sesamstrasse
{quote} You´re 100 % right , it will need thousands of screen hours . I had the same with the choros system .. I can recommment to post as much trades ( winners and specially losers as well ) to get confidence and to mget an input what was well / wrong on a trade. The other thing is backtesting / using the simulator a lot !!!! ( It will save you much time to train your skills) The good thing in the simulator is , you see quickly it works .. and if it works onn the simulator , you can transport it to a demo .. By the way : congrats buddy for your...
Thanks a lot, keep up the good work

I Have Learned to Take Some Losses to Make Profits
  • #44,117
  • Nov 18, 2014 5:22am Nov 18, 2014 5:22am
Quoting heispark
{quote} The best summary ever!! Worth reading 100 times... Thank you.
good post and I agree...but

may not be enough.
remember this
Ancient wisdom:

I hear and I forget.
I see and I remember.
I do and I understand.

-Confucius (551 BC - 479 BC)
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #44,118
  • Nov 18, 2014 5:22am Nov 18, 2014 5:22am
Quoting TheScorpS
EU_H1 for +18 pips, I might have exited early, but into next one, entry on the break of last FO_H1 bar {image}
I took the same trade gained 27 pips,the same problem as you .might have exited earlier
  • #44,119
  • Nov 18, 2014 5:45am Nov 18, 2014 5:45am
Quoting emmanuel7788
{quote} good post and I agree...but may not be enough. remember this Ancient wisdom: I hear and I forget. I see and I remember. I do and I understand. -Confucius (551 BC - 479 BC)
Thank you for your advice too!
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #44,120
  • Nov 18, 2014 6:16am Nov 18, 2014 6:16am
Quoting emmanuel7788
{quote} Hi Kanderpro, Sorry for this late reply. I start my year-end vacation this week so I have only time at night to catch up with this forum. PCRF is a term created by Phx62. I studied all his charts very closely and learned that there are many of such PCRF which consist of 3 price bars. Hence I specifically call them 3-bar PCRF in my posts. This is also consistent with what I learned from a Japanese Candlestick course by Steve Nison few years ago. There are also other PCRF type of chart patterns. To trade the PCRF with higher probability it...
Hello emmanuel7788,
You've spent a long time not answering my question and probably confusing new visitors to this thread. PCRF is Phx62's term and he has defined and explained it in good detail. You state that "there are also other PCRF type of chart patterns." That may be, but Phx62 is quite specific in his definition of HIS term and the only time I know of him entering on the break of bar 1 of a PCRF is when he was extremely cautious when the PCRF was indicating long after a steep down move. Please don't use the term PCRF to describe something that falls outside Phx62's definition because you're confusing new traders by adding conditions to something simple and well defined. Now doesn't that sound familiar.....
Thanks for your help, warmth and straight talking Heather.
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