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Trading Made Simple

  • #46,661
  • Dec 12, 2014 10:33am Dec 12, 2014 10:33am
Dear SJ and Lastingwell and other seniors, I'm asking few general trading related questions (not directly related to TMS) as few others apart from me also might be facing these dilemmas. Please have patience and advice me.
1. I have 10 pairs, 3 amigos and EJ, UG, GJ, GA, EA, EN and GN, last 4 only because of the higher ATR Pips they keep flushing ... Is it alright to have so many pairs?
2. Though, I have been trading since 3 years (for past 3 months, I have not done live trading. I was going through all the posts by you guys, Phx62, Emmanuel, MrAussiefx, making notes, going through posts again etc), I have never ever traded higher TF's. That way, I do not have the expertise or experience of doing top down approach from M downwards. I'm greatly influenced by 1H accuracy and education by Phx62 and planning to stick to 1H for minimum 1 year. My trading day starts at 6 30 am ( about 2 hours in to Tokyo session). I look at ATR values of these pairs and short list those pairs to trade for the day. I look at 4h TF for the immediate (see left side) and mark those areas. I'm trying to trade only London session. Is this analysis enough?
3. I have heard a lot that having too many Indi's will slow down the MT4 terminal. I have 4 different profiles. 1 for 15M, 1 for 1H, 1 for 4H and one more with pipware that shows all these TF's in the same screen along with TDI and candlesticks in the same screen. Will this also hurt MT4?
4. When you say, be with the trend, which TF are you referring to? For example, now EJ is coiling around multi year High, in OB in M TF in TDI also and above all important 200 MA. Common sense says, after reaching that high, a huge correction should be in place. but technically it is in very strong uptrend. So what to do?
5. As I trade ONLY 1H, is it not enough to look at 4H trend?
6. I have downloaded long term Guppy (30 ma to 60 ma) and studying their actions, reactions etc. I find them more compatible with 4H than 1H. am i right?
7. Can you please advice any link / site to study applying Fib, how to recognise possible ABCD formation ...
SJ, you were talking about 2015 plan. As of now I have a 10,000$ account (I'm 40 now and work as India head for an IT Infra company) ... My plan is to increase my skill and expertise in next 3 months to increase my account size by adding another 15,000$ ... Retire from professional life and trade for my retired life ...
Thanks in advance ... I know that I have asked a lot from you guys ...
  • #46,662
  • Dec 12, 2014 10:53am Dec 12, 2014 10:53am
Quoting nods80
{quote} You gonna need this. {image}
Is it my Christmas present? thank you Nods, you know exactly what I need
Appreciation is the key to wealth and happiness
  • #46,663
  • Dec 12, 2014 11:28am Dec 12, 2014 11:28am
Adikashyap,

I'll give you my opinions, others might have different opinions.

1). I only trade 5 pairs after 8 years.
2). If you are trading the 1 hour chart, I would look to the 4 hour chart for trend.
3). I think to many (more than 1 indicator) will confuse you. I only trade with the tdi.
4). See question # 2. I also use the 200 ema/close.
5). Yes, look at the next higher time frame for your trend.
6). No...the guppy's work on any time frame. (ride the waves).
7). I don't use fibs. I use s/r levels.
8). I think your trading with too much money! I have $10,000 in my account & take money
out frequently.
9). Goals for 2015 should be to get really, really good at trading. Concentrate on the
trading skills not making huge profits. The profits will come when you get really good...
10) See my 1 hour chart. The guppy system is super accurate on the 1 hour chart.
It will show you the waves...ride the waves
Hope this helps you...keep asking questions!

Have a good weekend everyone!
sj
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  • #46,664
  • Dec 12, 2014 11:32am Dec 12, 2014 11:32am
Hi Snarlyjack,

What is your view on the EURUSD now? It has now move into the 200EMA on the 4hr chart...

Regards
erelation.
  • #46,665
  • Dec 12, 2014 11:41am Dec 12, 2014 11:41am
Quoting likica
oil is running a bit slow today... and finally reached ADR 1st trade: +39 2nd trade: +60 {image} {image}

What are the rules of your trading?

- Sometimes in your chart, I see that you take the trade even though the Green is not yet crossed the Red line on higher time frame.
- It is mandatory that both the time frames cross should be completed?
- On PA side, what kind of analysis do you consider before taking the trade.
- Your SL & TP will vary on the pair you trade or it is standard SL.
- Once you are in the trade do you move your SL to brake even?
- How the Guppy's are helpful for you analysis?

Regards,
AB
  • #46,666
  • Dec 12, 2014 11:44am Dec 12, 2014 11:44am
Quoting erelation
Hi Snarlyjack, What is your view on the EURUSD now? It has now move into the 200EMA on the 4hr chart... Regards erelation.
Erelation.

I trade the 4 hour chart but I look at the next higher time frame
for the trend. When I look at the daily chart it screams down trend
to me. A long trade on the 4 hour chart would be a counter trend
trade. I've been burned by counter trend trades in the past
so I would be very careful if I took that long trade. (That is
how I trade, everyone is different).

Lastingwell & Likica are fast enough to pull it off... I'm a pretty
conservative trader.

sj
  • #46,667
  • Dec 12, 2014 11:50am Dec 12, 2014 11:50am
Snarlyjack,

Thank you for your advice.

I am waiting for an opportunity to go short on EURUSD...
it seem like a long wait and now it hit the 200ema on the 4hr chart.
Hope to be able to get the signal to join the down trend next week.

Cheers
erelation
  • #46,668
  • Dec 12, 2014 11:57am Dec 12, 2014 11:57am
Quoting wyley187
{quote} I took this trade last night as well, I set my TP and went to bed, thats why It closed for only 40, a little mad at myself, but I'll take 40 free ones anyday. also took the GBP/CAD short...out at breakeven, PA and TDI saved me from a big loss there. I also took this GBP/NZD trade a little bit ago on the 15 min TF. I would post the GBP/CAD trade but I don't know how to take screenshots with Oanda(I have two accounts)...If anybody can direct me on that I would be very thankful. {image} {image}
Wyley,

Nice meeting you.

First of all congrat's on sleeping through your trade. It beats staying
up all night...

If I were you I would put in Lastingwell's sup/dem s/r indicator.
That will give you a target to shoot for. I would take the stochastic
out. You don't want to get confused, the tdi works great.

Remember we are after the 80% meat of the trade (middle), the 10%
top & bottom are very difficult to trade exactly.

I think you did great! Your never ever going to get 100% of a trade.
You just have to accept that & keep on trucking to the next trade!

Once again congrat's on a trade well done!

sj
  • #46,669
  • Dec 12, 2014 12:06pm Dec 12, 2014 12:06pm
Took short for NZDUSD.
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  • #46,670
  • Dec 12, 2014 12:09pm Dec 12, 2014 12:09pm
Anyone short EURUSD?
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  • #46,671
  • Dec 12, 2014 12:22pm Dec 12, 2014 12:22pm
This is awesome the more I see the better understanding I have on entries and exits!! I wish I would of looked at this forum sooner. Instead of spending money on "mentors". Thank you guys again for everything happy trading!! I'll be posting my trades once I start trading.
Positive anything is better than negative thinking.- Elbert Hubbard
  • #46,672
  • Dec 12, 2014 12:31pm Dec 12, 2014 12:31pm
My trades this week on EA H1...

4 Trades in total:
- 2 Wins (+100 in total)
- 1 Break Even
- 1 Loss (-42)

Monday: Standard TMS trade. Long upper wicks before LO gave an early clue. FO formed a pin bar followed by LO candle which was the setup candle (first red candle). The move was counter-trend since price was above the 200ema so not an A+ setup but still good for +50.

Tuesday: Already posted this one earlier in the week. Just was not my day. PA, once again gave some clues before LO with FO candle, once again, forming a pin bar. LO formed the setup candle with entry on the following one. Got taken out by a retracement at break even only for price to reverse again and reach my TP. I think my entry was very slightly late here as I know a few people including Phx62 caught 50 pips on the first leg of this move.

Wednesday: I let my recent wins get the better of me and suffered my first loss in a while. Ignored TMS rules and paid the price. Entered without seeing a blue setup candle and TDI completely cross. The early entry was reinforced by the long lower wicks before FO as well as the fact that price had bounced off previous resistance-turned-support level (yellow line on my chart). I should have closed this trade earlier but waited to see if PA once again bounced up from this level. As soon price broke the level I closed the trade for a loss.

Thursday: I decided to stay out of the market due to the 11 scheduled High Impact News events in FF calendar. Had I traded it would have been a standard TMS entry at LO for 50 pips which a few people in this thread caught. I've found that unsurprisingly, when there is a large "stack" of high impact news all at once, as shown on my chart, it usually has a greater effect on price. I'm not interested in trading that choppiness. I'd rather wait until its all calmed down and I can conserve those pips.

Friday: Another standard TMS entry at LO. This was a "set and forget" trade good for +50... left a lot on the table here. My plan over Xmas is to look at different trade management approaches in order to maximise profits from these moves. Still the 50 pip target keeps my account growing slowly but surely.

Not my best week trading this pair but profitable all the same. Thanks again to everyone active in this thread... too many to name! I'm off skiing for the week in France so won't be trading or posting next week!

Have a good weekend all!

Ballistical
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Focus on the process and the profits will follow
  • #46,673
  • Dec 12, 2014 12:49pm Dec 12, 2014 12:49pm
Quoting likica
oil is running a bit slow today... and finally reached ADR 1st trade: +39 2nd trade: +60 {image} {image}
Nice. Likica is shorting the oil market
  • #46,674
  • Dec 12, 2014 12:53pm Dec 12, 2014 12:53pm
Quoting snarlyjack
{quote} Wyley, Nice meeting you. First of all congrat's on sleeping through your trade. It beats staying up all night... If I were you I would put in Lastingwell's sup/dem s/r indicator. That will give you a target to shoot for. I would take the stochastic out. You don't want to get confused, the tdi works great. Remember we are after the 80% meat of the trade (middle), the 10% top & bottom are very difficult to trade exactly. I think you did great! Your never ever going to get 100% of a trade. You just have to accept that & keep on trucking to...
Hey SJ, thanks for replying, I'm using the trade station II platform not the MT4, do you know if I could find a compatible version somewhere for the s/r sup/dem indicator? I have the fxcm support/resistance app, but unfortunately its only for the majors.

I started reading this thread from page one and got quite a ways, like around page 800 or so, I love this thread and this system has changed so much for me, it's nice to see one of the originals still posting here after all these years, that definitely says alot about a system!!

I started implementing the guppys as well lately, but honestly don't base any trades off them yet(just tdi+stoch) since I don't know alot of the rules about it but I want to get used to it on my charts but could you direct me to a particular post or source of info so I can study it more?

Thanks for your help!
  • #46,675
  • Dec 12, 2014 12:56pm Dec 12, 2014 12:56pm
Quoting erelation
Anyone short EURUSD? {image}
looked tempting, everything looks good to me, the only reason I didn't take it is I quit trading fridays after London close, I hope it turns out well for you!
  • #46,676
  • Dec 12, 2014 1:01pm Dec 12, 2014 1:01pm
Not spent half as much time trading as last week. 4 losses, 2@ b/e and 3 winners overall +5pips. I know that does not sound like much to folks but I have spent very little time trading this week (demo) only been trading the 4H and not had a chance to follow each candle while in the trades. The thing that gives me more confidence in this system is that choosing the correct Risk Ratio trades will see you overall profitable in the long term. I shall review the 4 loosing trades over the weekend and see where I went wrong or should have exited. But at the end of the day the key is to get a system your happy with in the highs and the lows....

For anyone else in my shoes keep the chin up and focus on discipline and sticking to your rules, that is more important than the system you use, many people have winning systems but cant make them work due to lack of discipline/impulses.
  • #46,677
  • Dec 12, 2014 4:33pm Dec 12, 2014 4:33pm
Quoting griffinssoul
I just had one [light mode] trade - more of a curiosity... AChf 4H/D1[got in a bit early I think, was looking @ 1H, looked like 4th 1H candle of 4H... never mind]... +50pips [still open]... It had the strange(?) feature of being supported on every single TF [from 1M to MN] on MT4... LOL! Never seen anything like it....? This W1 has been great : 7 wins, 0 BE, 1 Lose = 339pips [not counting above] {image}
Doing real good with TMS, I appreciate it and am learning from your charts

Have a Good Weekend TMS
I Have Learned to Take Some Losses to Make Profits
  • #46,678
  • Dec 12, 2014 5:12pm Dec 12, 2014 5:12pm
Quoting Greenb
{quote} Phx62, nice trades. Do you mind explaining how you determine the tp on EA? Thanks Greenb
I use no more than 1/2 of the ADR as a TP goal. I enter every trade with a 50 pip TP and 50, 40, or 30 pip emergency SL. If price moves in my direction and is moving strong, I move my TP to 100 pips. I monitor the trade at the open of each H1 candle and make decisions based on strength of movement and if that candle closed the same color as the move, I stay in for another candle. If the candle closes strongly in the other direction, I exit manually. Hope this helps.....
  • #46,679
  • Dec 12, 2014 5:14pm Dec 12, 2014 5:14pm
Quoting TheScorpS
{quote} Thanks a lot for coming by; I would like to ask u about the 2 trades pullback candles on 9-10 December ; I have them as valid setup; is it important to confirm the pullback candles with cross of TDI?
No, it is not necessary but if it happens it is confirmation of a direction. I enter most trades on a break of the previous candle and try to do so with a confirmation from the TDI.
  • #46,680
  • Dec 12, 2014 5:49pm Dec 12, 2014 5:49pm
Quoting Phx62
{quote} I use no more than 1/2 of the ADR as a TP goal. I enter every trade with a 50 pip TP and 50, 40, or 30 pip emergency SL. If price moves in my direction and is moving strong, I move my TP to 100 pips. I monitor the trade at the open of each H1 candle and make decisions based on strength of movement and if that candle closed the same color as the move, I stay in for another candle. If the candle closes strongly in the other direction, I exit manually. Hope this helps.....
Thank you Phx62!!
Lorenzo
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