I don't know about GN this time. When I look at my daily charts, I see it having touched and is sitting at a major daily support level. I would think it might be best to wait and see if its going to blow through that level, then come back and touch it from underneath, or if it's going to bounce back up. Might take a day or two for PA to work itself out on that pair.
- #48,842
- Jan 6, 2015 9:26pm Jan 6, 2015 9:26pm
- | Joined Dec 2014 | Status: Trader | 1,026 Posts
Positive anything is better than negative thinking.- Elbert Hubbard
- #48,843
- Jan 6, 2015 9:29pm Jan 6, 2015 9:29pm
- Joined Nov 2008 | Status: Trader | 50,254 Posts
Hi Emmanuel, Can you further explain this point. Rule#803 200EMA when used as dynamic support and resistance, then the it is weak support when there is a Price Action support turned resistance above. Thank you Regards erelation
Hi erelation,
Don't take all my posts so seriously.
I don't have that many rules#.... in my checklist.
Keep the trading rules simple and few as possible. Anything more than our five fingers is too many.
More important is to do a pre-trade chart analysis on regular basis to develop our third eye for trading.
With lots of chartist exercise, you will gain more experience and when you opne any chart, you zoom out and zoom in, and you will see what you look for much easier.
Below chart i s a zoom in view what I mean regarding the 200EMA as dynamic support on H4.
On the H4 chart above, it is possible to scalp the TDI cross for some pips the way eelfranz did.
There must be potential room to move stop to breakeven trades and also potential TP with no resistance seen above the PA.
Big Picture view below:
In the big picture, we see an easier way to see previous price swing using the APBs colour change and candle size are use to identify support and resistance.
The CONFLUENCE of other support and resistance is important to determine high probability setups.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #48,844
- Jan 6, 2015 9:34pm Jan 6, 2015 9:34pm
- | Joined Mar 2014 | Status: Trader | 1,228 Posts
{quote} Not for a couple of weeks now. just been swamped with work and recovering from man flu. You been on fire.
Nah, the only thing about me that's been "on fire" recently is my backside. lol I'm recovering from the flu also. It's a nasty one this year !
- #48,845
- Jan 6, 2015 9:40pm Jan 6, 2015 9:40pm
- Joined Nov 2008 | Status: Trader | 50,254 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #48,847
- Jan 6, 2015 9:51pm Jan 6, 2015 9:51pm
- Joined Nov 2008 | Status: Trader | 50,254 Posts
{quote} GBP will test lower lows on all pairs except RUB and maybe JPY. check gbpusd weekly...
Hi openyoureyes,
I have the same view on GNPUSD.
It made a new high last year 2014 and took a dive from there.
Now it move below the 1.5160 support level of 2013, things may get rough going down further to the Low of 2013.
But the general PA direction is DOWN.
EURGBP may rally as result of this weak GBP.
regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #48,848
- Jan 6, 2015 9:54pm Jan 6, 2015 9:54pm
- Joined Nov 2008 | Status: Trader | 50,254 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #48,850
- Jan 6, 2015 9:57pm Jan 6, 2015 9:57pm
- Joined Nov 2008 | Status: Trader | 50,254 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #48,851
- Jan 6, 2015 10:06pm Jan 6, 2015 10:06pm
- | Joined Dec 2014 | Status: Trader | 1,026 Posts
Positive anything is better than negative thinking.- Elbert Hubbard
- #48,852
- Jan 6, 2015 10:21pm Jan 6, 2015 10:21pm
- Joined Nov 2008 | Status: Trader | 50,254 Posts
I actually have a question - i know Phx62 wrote time and time again in his posts that he doesn't post losses because he says no-one will learn from them. Why don't we post losses? I for one am very grateful for the handful of traders that actually posts their losses. They post charts along with an explanation. "There are the reasons i went in. This is what i thought. I was wrong". I find these losses to be important - learning that we can lose trades, even if we lose a few. And i have a confession to make : in days i've ended up losing 50, or 100...
Hi Vladbold,
All traders have losses. Question is what type of losses and how we keep our losses small.
My AUDUSD H1 trades closed. I have one loss -25pips.
MT4 statistics report every trade close as one trade. So we need to take this into consideration how we measure our system performance. Most traders here trade with single entry and single exit (that exit can be TP or SL).
In the case where we trade with Multiple Entries and Multiple Exits, the Wins and Loss must be aggregated to see a true Profit&Loss.
The other data we look at is the consecutive wins and consecutive losses. In the ME/ME strategy, the consecutive wins can be very high which must be the case as we only add to winning positions.
I try to post mt trades after I open and to share how I manage my trades. Some of my trades posted did end up as losers.
I also would find time to comment on post where members ask for comment and opinion about chart setups, etc.
But members must stick to their own views and analysis and not be affected or influence by what other members comment on their open trades.
It is good to share and discuss, but at the end of the day, we are all independent traders.
No two traders are alike.
Be yourself ... Mantra#7. see post 48,628.
http://www.forexfactory.com/showthre...57#post7975357
I suggest everyone suggest, recommendations, etc... what you would like to see being posted here for sharing.
regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #48,853
- Jan 6, 2015 10:26pm Jan 6, 2015 10:26pm
- Joined Nov 2008 | Status: Trader | 50,254 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #48,855
- Jan 6, 2015 10:46pm Jan 6, 2015 10:46pm
- | Joined Dec 2014 | Status: Trader | 1,026 Posts
Positive anything is better than negative thinking.- Elbert Hubbard
- #48,856
- Jan 6, 2015 10:51pm Jan 6, 2015 10:51pm
- Joined Nov 2008 | Status: Trader | 50,254 Posts
{quote} On D, it is coiling around 200 ema, TDI is almost at 32 and there are 6 D candles .. Big E kept saying that a trend / signal is good for 4 - 8 candles ... Should we not consider these facts?
Even if there is support on D, it takes minimum 3 D candles for me to take a bullish reversal setup.
One price swing is 3 to 8 candles,that is true. There is exception to this 'rule' when market is strong trending.
TDI in oversold does not mean reversal for sure. I want to see reversal pattern or a bullish candlestick pattern.
have you done your Big Picture Plan?
Observe the followiing:
The TDI VB is expanding and the TDI Green PL green went outside the lower VB. I look out for sideways market type when the TDI Green re-enters the lower VB. The direction is still down and wide range. This market type is sideways wide range can be traded with TMS.
But do not trade when the market type is sideways narrow range.
regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
{quote} You saw D is at 200EMA, is there CONFLUENCE with another support and resistance? Even if there is support on D, it takes minimum 3 D candles for me to take a bullish reversal setup. One price swing is 3 to 8 candles,that is true. There is exception to this 'rule' when market is strong trending. TDI in oversold does not mean reversal for sure. I want to see reversal pattern or a bullish candlestick pattern. have you done your Big Picture Plan? Observe the followiing: The TDI VB is expanding and the TDI Green PL green went outside the lower...
You seem to have Right n ideal answer n solution for all that is dished out ...
Bless you ............
- #48,858
- Jan 6, 2015 11:04pm Jan 6, 2015 11:04pm
- Joined Nov 2008 | Status: Trader | 50,254 Posts
{quote} Emm do you know what Aham tatsat means ???? Just kidding .... You seem to have Right n ideal answer n solution for all that is dished out ...
Trading is a skill-based activity.
10,000 hours of practice, practice, practice till you reach Deep Practice makes a great difference.
I watched the 'paint dry over and over again'...
.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #48,859
- Jan 6, 2015 11:43pm Jan 6, 2015 11:43pm
{quote} Hi erelation, Don't take all my posts so seriously. I don't have that many rules#.... in my checklist. Keep the trading rules simple and few as possible. Anything more than our five fingers is too many. More important is to do a pre-trade chart analysis on regular basis to develop our third eye for trading. With lots of chartist exercise, you will gain more experience and when you opne any chart, you zoom out and zoom in, and you will see what you look for much easier. Below chart i s a zoom in view what I mean regarding the 200EMA as dynamic...
Hi Emmanuel,
Thank you for taking your time to explain to me... it look so obvious to a pair of trained eye....
The Holy Grail is not just the TMS system but senior here like yourself, Sj, Phx62....
who are always here to give a helping hand to newbie....
Thank you.
erelation
- #48,860
- Jan 6, 2015 11:43pm Jan 6, 2015 11:43pm
- Joined Nov 2012 | Status: Trader | 2,339 Posts
I Have Learned to Take Some Losses to Make Profits