{quote} Nice charts SJ. I missed the EU boat... Got 100 green from Oil short at NY, just got out and it moved even lower {image}
Positive anything is better than negative thinking.- Elbert Hubbard
- #47,263
- Dec 18, 2014 9:04am Dec 18, 2014 9:04am
Hi all,
I came across this thread two years ago in 2012 after seeing a similar thread in Babypips forums. I really liked that the rules were clear and the setup fairly simple and not complicated.
I first tried it on the daily timeframe but in my opinion if you strictly follow the entry rules your highest timeframe is 4H and even that is kind of marginal because one 4 hour candle is four 1 hour candles, so quite often the momentum is not as strong as it was in the beginning.
Entering the market on the daily candle meant that you will have to either wait till the candle is closed or enter based on what you see at the moment and this too often (for myself anyway) means that when you open your trade it almost always first goes into the drawdown.
I blew my first $100 account within 3 months I think and looking back I still wonder what in the world was I thinking when taking some of those trades...
Seeing Ph62's posts was really amazing and an eye opener for me.
Until very recently I would set my TP based on the weekly chart, which meant fairly long legs (400-500 pips), which I of course never achieved. I did catch though couple 250-300 pips moves but most of the time the picture was kind of the same: I would have 3 or 4 breakeven trades at anywhere between +0.5 to +10 pips and one looser of 50 pips, so I was a living illustration of one of the FXCM's diagrams that they publish in their educational articles: how most the time the traders loose their money because even though they are right about their trades in general, their losers outweigh their winning trades.
Seeing some of the members asking about SL/TP ratio, here is what I am doing at the moment: I set stoploss at -34/40 pips (depending on the pair) and TP anywhere between 50 to 100 pips. It seems to be working fine so far, for 1H timeframe at least. It would be interesting to know what our seniors are using though, so take my SL/TP ratio with a grain of salt (or bag really...
Here is my last trade on 1H timeframe:
Anyways it is nice to see this thread is still going which I think is the best honor of BigE's memory (RIP).
Thanks to all members (seniors and juniors) who keep it going
I came across this thread two years ago in 2012 after seeing a similar thread in Babypips forums. I really liked that the rules were clear and the setup fairly simple and not complicated.
I first tried it on the daily timeframe but in my opinion if you strictly follow the entry rules your highest timeframe is 4H and even that is kind of marginal because one 4 hour candle is four 1 hour candles, so quite often the momentum is not as strong as it was in the beginning.
Entering the market on the daily candle meant that you will have to either wait till the candle is closed or enter based on what you see at the moment and this too often (for myself anyway) means that when you open your trade it almost always first goes into the drawdown.
I blew my first $100 account within 3 months I think and looking back I still wonder what in the world was I thinking when taking some of those trades...
Seeing Ph62's posts was really amazing and an eye opener for me.
Until very recently I would set my TP based on the weekly chart, which meant fairly long legs (400-500 pips), which I of course never achieved. I did catch though couple 250-300 pips moves but most of the time the picture was kind of the same: I would have 3 or 4 breakeven trades at anywhere between +0.5 to +10 pips and one looser of 50 pips, so I was a living illustration of one of the FXCM's diagrams that they publish in their educational articles: how most the time the traders loose their money because even though they are right about their trades in general, their losers outweigh their winning trades.
Seeing some of the members asking about SL/TP ratio, here is what I am doing at the moment: I set stoploss at -34/40 pips (depending on the pair) and TP anywhere between 50 to 100 pips. It seems to be working fine so far, for 1H timeframe at least. It would be interesting to know what our seniors are using though, so take my SL/TP ratio with a grain of salt (or bag really...
Here is my last trade on 1H timeframe:
Anyways it is nice to see this thread is still going which I think is the best honor of BigE's memory (RIP).
Thanks to all members (seniors and juniors) who keep it going
- #47,264
- Dec 18, 2014 9:52am Dec 18, 2014 9:52am
- | Commercial User | Joined Feb 2008 | 1,909 Posts
Hi all, I came across this thread two years ago in 2012 after seeing a similar thread in Babypips forums. I really liked that the rules were clear and the setup fairly simple and not complicated. I first tried it on the daily timeframe but in my opinion if you strictly follow the entry rules your highest timeframe is 4H and even that is kind of marginal because one 4 hour candle is four 1 hour candles, so quite often the momentum is not as strong as it was in the beginning. Entering the market on the daily candle meant that you will have to either...
Nice meeting you, you'll fit right in!
My stop loss, I try to put 2-3-4 candles back on the swing high. My take profit is determined by
where the levels are & how the tdi looks. I trade the 4 hour chart because it fits in with my schedule better.
Once again welcome to Tms
sj
- #47,265
- Dec 18, 2014 9:59am Dec 18, 2014 9:59am
{quote} Welcome Michael K to Tms... Nice meeting you, you'll fit right in! My stop loss, I try to put 2-3-4 candles back on the swing high. My take profit is determined by where the levels are & how the tdi looks. I trade the 4 hour chart because it fits in with my schedule better. Once again welcome to Tms
SJ, in your experience, do you think this Friday is the last day of trading for the year? or does it usually goes well until Christmas eve?
Greenb
Daniel
- #47,267
- Dec 18, 2014 10:20am Dec 18, 2014 10:20am
- Joined Nov 2008 | Status: Trader | 50,203 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #47,268
- Dec 18, 2014 10:26am Dec 18, 2014 10:26am
Welcome Michael K to Tms... Nice meeting you, you'll fit right in!
I really liked your PAC lines and guppys although I took only one last 60 period moving average. I feel it still gives general idea about the trend and does not add too many lines.
My stop loss, I try to put 2-3-4 candles back on the swing high. My take profit is determined by where the levels are & how the tdi looks. I trade the 4 hour chart because it fits in with my schedule better.
Once again welcome to Tms
- #47,271
- Dec 18, 2014 10:47am Dec 18, 2014 10:47am
- Joined Nov 2008 | Status: Trader | 50,203 Posts
Hi all, I came across this thread two years ago in 2012 after seeing a similar thread in Babypips forums. I really liked that the rules were clear and the setup fairly simple and not complicated. I first tried it on the daily timeframe but in my opinion if you strictly follow the entry rules your highest timeframe is 4H and even that is kind of marginal because one 4 hour candle is four 1 hour candles, so quite often the momentum is not as strong as it was in the beginning. Entering the market on the daily candle meant that you will have to either...
This is a very good post. Reading it again and many thoughts come to mind and I remember parts of my trading journey the past years.
First, let me comment on your EURAUD H1 trade. When I saw that Day chart APB Pullback Candle at 1.5300, I told myself that must be the first sign of the end of the trending move. Too late to buy and too early to sell, the timing is not good as it is year end closing.
But you took that H1 trade very nicely and made good pips. Price now stalled at 1.500 and tempting H4 traders to look for buy setup.
I made some comments on your trade chart becasue I see that as a very good H1 trade which fulfils the 10 things which I look at when I trade. Also that trade is exactly what eelfranz wrote in his post#261.
Good Trading.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #47,273
- Edited 11:12am Dec 18, 2014 10:58am | Edited 11:12am
- Joined Nov 2008 | Status: Trader | 50,203 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #47,274
- Dec 18, 2014 11:09am Dec 18, 2014 11:09am
- | Commercial User | Joined Feb 2008 | 1,909 Posts
SJ, have you watched some of Nido Qubein content? Here he talks about position oneself for success... i recommand everybody to watch both "the secret" and this video https://www.youtube.com/watch?v=Jro2_tgABAA
Thank you for sharing your video I enjoyed watching
it. It was very good
If anyone else has some great video's please post them up,
I'll watch them...
sj
- #47,276
- Dec 18, 2014 11:26am Dec 18, 2014 11:26am
- Joined Nov 2008 | Status: Trader | 50,203 Posts
Emmanuel. Hello down under... I'm way on top... Are you enjoying your vacation & getting a good break? Are you ready to take over again...? sj
Hello SJ,
You are doing a great job and helping the new traders to TMS.
Keep it going for the benefit of all traders and Eric will continue to smile on us.
Eric may have left us but his spirit is in this thread.
Our TMS thread needs a live wire, you are the one. Many members here need the live wire feed.
My year end vacation will end this weekend and then back home for the cleaning up and preparations for Christmas celebrations.
I will then think of what other new ways to help others in our TMS family in 2015.
I already got a few big topics lined up which some members asked me to write in the TMS Trading Mastery series.
I have in mind to write and share these in 2015. But first, I need to clean up all my trading charts and do my business plan for 2015.
Kind regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #47,277
- Dec 18, 2014 11:32am Dec 18, 2014 11:32am
- | Commercial User | Joined Feb 2008 | 1,909 Posts
{quote} Hello SJ, You are doing a great job and helping the new traders to TMS. Keep it going for the benefit of all traders and Eric will continue to smile on us. Eric may have left us but his spirit is in this thread. Our TMS thread needs a live wire, you are the one. Many members here need the live wire feed.
Ok...I got you boss
"The live wire"...what can I say!
It's just so visual...& I can see the moves...
Enjoy your vacation & be safe!
sj
- #47,279
- Dec 18, 2014 12:38pm Dec 18, 2014 12:38pm
It's been a long time since I was active in this forum (more as a reader than a poster).
After one year of painful Forex and CFD Experience I have tested many systems, the worst times were these where I had none...
The TMS System recently came into my mind again und this thread is still very active, I see... I review this strategy mainly because I had some success back then for a short time... But as you may have also experienced, as a beginner you hop from one system to the other in hope to find a "perfect" one, that is not existent.
It is far easier to me now to execute simple but effective strategies like this. I hope I can make some valuable posts here in the future. I see that we can learn from each other, here are a few charts for the beginning:
EURAUD. You see that it is not very good to hold over-night after 18:30 European time, especially when there is such a tiny range and color of HA turns red at the end of the day.
Long again this evening, maybe close it before Tokyo Session and I don't want to repeat the same mistake of yesterday.
Oil. Found a superb entry today, made 1:4 RiskReward. Took profit at Low of previous day.
After one year of painful Forex and CFD Experience I have tested many systems, the worst times were these where I had none...
The TMS System recently came into my mind again und this thread is still very active, I see... I review this strategy mainly because I had some success back then for a short time... But as you may have also experienced, as a beginner you hop from one system to the other in hope to find a "perfect" one, that is not existent.
It is far easier to me now to execute simple but effective strategies like this. I hope I can make some valuable posts here in the future. I see that we can learn from each other, here are a few charts for the beginning:
EURAUD. You see that it is not very good to hold over-night after 18:30 European time, especially when there is such a tiny range and color of HA turns red at the end of the day.
Long again this evening, maybe close it before Tokyo Session and I don't want to repeat the same mistake of yesterday.
Oil. Found a superb entry today, made 1:4 RiskReward. Took profit at Low of previous day.
