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Trading Made Simple

  • #53,461
  • Feb 16, 2015 9:22pm Feb 16, 2015 9:22pm
Quoting Tollazor
So far, from what I've learned. 1. Risk-Reward matters a lot, seemingly more than the trading system you choose to use. <-- This includes money management like max lot sizes, etc 2. Time of day and currency pair has a huge impact on your strategy, range trade U/E during NY session? You're in for a world of hurt, do it (U/E) during Asian session? You can perhaps walk away with a profit. This confused me a lot at first, I would test a strategy and it would be working, then when testing it at a random time later on it failed miserably. 3. When you...

Great points here. As far as avoiding dodgy currencies... how do you define "dodgy"? To me, they can all be dodgy. Even the BOJ has had some surprise, not-on-the-calendar news events recently that resulted in some large moves. Granted, not the catastrophic move that the SNB provided but, enough to take a big bite out of the account of a small trader.
  • #53,462
  • Feb 16, 2015 9:25pm Feb 16, 2015 9:25pm
Quoting snarlyjack
{quote} Sknight, I would, I think the purple & white stand out very nice. It's not to busy & easy to look at. I think looking at the 4 hour and dropping down to the 5/15 minute is a good idea. sj
Hmmm, I'll take it under advisement.

I like the 4h S&R levels but, not the required stop loss placement. Thus, I look for entries on the lower time frames, where the stop placement is more "affordable".
  • #53,463
  • Feb 16, 2015 9:26pm Feb 16, 2015 9:26pm
Quoting snarlyjack
{quote} Jamaica, Jamaica. Last time I was in Iowa (2 years ago) in July I cooked. Their was a heat event at the time & I was helping in the fields and just about died of heat stroke... sj
Man, I've had heat stroke more times than I can count. Ack ! And the older I get, the less well I tolerate extremes of either temperature swing.
  • #53,464
  • Feb 16, 2015 9:27pm Feb 16, 2015 9:27pm
Quoting Tollazor
So far, from what I've learned. 1. Risk-Reward matters a lot, seemingly more than the trading system you choose to use. <-- This includes money management like max lot sizes, etc 2. Time of day and currency pair has a huge impact on your strategy, range trade U/E during NY session? You're in for a world of hurt, do it (U/E) during Asian session? You can perhaps walk away with a profit. This confused me a lot at first, I would test a strategy and it would be working, then when testing it at a random time later on it failed miserably. 3. When you...
Tollazor,

I agree...
I trade longer term trades (4 hour charts) during the L/O &
plan to drop down to a shorter time frame in Asia & N/Y sessions.
I'm thinking that the Swiss move was a one time event but you
never know. Protect yourself every way that you can...
sj
  • #53,465
  • Feb 16, 2015 9:30pm Feb 16, 2015 9:30pm
Quoting emmanuel7788
Kiwi show some early sign of increase market interest and breaking out of the range. {image}
http://www.forexfactory.com/attachme...1&d=1423947833

Here is an update on Kiwi.
Yesterday was a good D breakout of the previous D Inside Bar and also the Outside Bar.
Potential TP region is Dec Low and the most recent price swing low close.
Still possible to get an intraday H1 setup entry today.

regards,
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD week 08 D1 chart 17 Feb.png Size: 63 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #53,466
  • Feb 16, 2015 9:42pm Feb 16, 2015 9:42pm
Quoting emmanuel7788
GBPNZD D chart trading for next week 08. Current market type is sideways wide range,... good for TMS 5-Method. {image}
http://www.forexfactory.com/attachme...1&d=1423947282

GBPNZD D1 chart update:
PA starts looking bearish, and the TDI just cross below its 20-day moving average but it is still above the MBL.
I have to wait for few days more to confirm a high probability sell. Only thing to do now is to wait patiently and checking every day to see how the candle close.
Kiwi is short term bullish, so the current PA is following the bullish Kiwi. The wide TDI Volatility Band is good sign.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPNZD week 08 17 Feb update.png Size: 64 KB

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #53,467
  • Feb 16, 2015 9:43pm Feb 16, 2015 9:43pm
I'm thinking the E/A could be a good long term trade.
(check out 4 hour & daily chart).
It's sitting on the 200 ema...but if it could break
down through the 200 ema we might be off to the races.
sj
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURAUDDaily.png Size: 61 KB
Click to Enlarge Name: EURAUDH4.png Size: 61 KB
  • #53,468
  • Feb 16, 2015 10:45pm Feb 16, 2015 10:45pm
Quoting snarlyjack
I'm thinking the E/A could be a good long term trade. (check out 4 hour & daily chart). It's sitting on the 200 ema...but if it could break down through the 200 ema we might be off to the races. sj {image} {image}
As EMU mentioned earlier i will wait to see if price can close below 1.4500 for long term trend
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-02-17_12-32-38EURAUD.png Size: 82 KB
Sad i'm not trying to understand PA
  • #53,469
  • Feb 16, 2015 10:45pm Feb 16, 2015 10:45pm
I just took the e/a short trade on the 4 hr chart.
(pictures of the daily, 4 hour & 30 minute charts).
My stop is place with the 4 hour chart.
The only problem I see, is it is setting on the 200 ema.
Hopefully tonight while I'm sleeping it will move down
through the 200 ema & continue running...

You guy's will have to monitor the trade for me because it's
11:45 p.m. my time (bed time). I'll use a set & forget method.
It hit's my target (s/r lines) or it hit's my stop & takes me out.
Good night...
sj
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURAUDDaily.png Size: 62 KB
Click to Enlarge Name: EURAUDH4.png Size: 67 KB
Click to Enlarge Name: EURAUDM30.png Size: 68 KB
  • #53,470
  • Feb 16, 2015 11:11pm Feb 16, 2015 11:11pm
I had a sell limit in place at 1.45831, the high of the recent 1hr bar was 1.45817, missed it by |--| much. I was gunning for a medium term trade with tp at 1.45200 and sl at 1.4619. Is this an acceptable trade plan for the setup we see, nothing stands out as being 'nien, bad trade plan Tollazor!'??
  • #53,471
  • Edited 11:39pm Feb 16, 2015 11:25pm | Edited 11:39pm
Quoting Tollazor
I had a sell limit in place at 1.45831, the high of the recent 1hr bar was 1.45817, missed it by |--| much. I was gunning for a medium term trade with tp at 1.45200 and sl at 1.4619. Is this an acceptable trade plan for the setup we see, nothing stands out as being 'nien, bad trade plan Tollazor!'??

first, you must see a valid TMS setup.
then you can try for a better price entry using a retracement entry.... what I call Fib38/50 entry.

'ja' + nein' = 'jein'

Edit: add chart below to explain what I mean by Fib38/50 entry type.

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD D and H1 Fib38-50 entry.png Size: 75 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #53,472
  • Feb 16, 2015 11:40pm Feb 16, 2015 11:40pm
What is the rationale behind using fib numbers in the stock market. I see people use it everywhere but it seems like there is a rather large range on how people use them, doesn't that somewhat limit their effectiveness?
  • #53,473
  • Feb 16, 2015 11:55pm Feb 16, 2015 11:55pm
Quoting Tollazor
What is the rationale behind using fib numbers in the stock market. I see people use it everywhere but it seems like there is a rather large range on how people use them, doesn't that somewhat limit their effectiveness?

Fibonacci series - many people believe in it. many don't believe in it.
What I believe is what I have seen and tested over many years of trading and I adapt the use of fibonacci in a limited way just to see where price can go and I look at the price levels and where recent price action showing me where the price turns and created those support and resistance levels. Never rely one one single way to read PA and Support & Resistance. I use the power of CONFLUENCE of several support & resistance which are commonly used by traders in the different markets.
TMS trading using the TDI and APB is a part of our edge. Reading PA at Support&Resistance is a leading edge. The rest is your DISCIPLINE to follow your own rules for trading. You cannot trade with someone else rules. The rules must be formulated by you and only you can understand them. Practice, practice, practice ...Deep Practice will make trading intuitive.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #53,474
  • Feb 17, 2015 12:12am Feb 17, 2015 12:12am
TMS visual trading is possible using this trade manager by Tipster. It is so easy when we can simply place object lines on our charts and the trade manager will open and manage our positions. I use a similar one for for ME/ME trades.

I just found out he is back in FF and posted in the Commercial Content forum.

http://www.forexfactory.com/showthread.php?t=526703

go check it out.

it is a good learning experience and trading is very visual seen on our charts.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #53,475
  • Feb 17, 2015 12:50am Feb 17, 2015 12:50am
Do read PA with APB's?

Paid trade manager tools are beyond my scope at the moment. Until I can prove myself worthy I can't really justify sinking $'s into tools I may not use any time soon.

Oh hay, that tool is pretty sweet though, jsut watched video.
  • #53,476
  • Feb 17, 2015 1:15am Feb 17, 2015 1:15am
Quoting Tollazor
Do read PA with APB's? Paid trade manager tools are beyond my scope at the moment. Until I can prove myself worthy I can't really justify sinking $'s into tools I may not use any time soon. Oh hay, that tool is pretty sweet though, jsut watched video.

You can read Price Action using the real price bar/Japanese candlesticks
or
you can simply read the PA using he APB.

I use both.

here is an example below using EA H1.

Attached Image (click to enlarge)
Click to Enlarge Name: PA with price bar and APB.png Size: 33 KB


There is an old version which is free.
Try that and learn what it can do.
I have a custom build version by another mql4 developer using those ideas trade using lines objects on my charts. It is easy when we can drag and drop lines on charts and the trade manager will check them and manage our orders. That cost me some money for programming but it is part of the costs in doing business.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #53,477
  • Feb 17, 2015 1:23am Feb 17, 2015 1:23am
Sweet. So in that above picture, the TDI hasn't confirmed it yet as it hasn't crossed, it would possibly be the next candle for confirmation? When you say confirmation you actually mean has a higher chance of reversing than continuing or ranging?
  • #53,478
  • Feb 17, 2015 1:25am Feb 17, 2015 1:25am
Attached Image
  • #53,479
  • Feb 17, 2015 1:25am Feb 17, 2015 1:25am
Quoting Landline
Hi all Here's a live trade posted a minute ago on UJ 4hr chart with reasons for my advanced preliminary entry highlighted. Additional entries may follow once/if the TDI actually crosses...we will have to wait and see. LL {image}
Hi all

UJ 2nd position now added, ref 4hr chart attached

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4 1.png Size: 24 KB
  • #53,480
  • Feb 17, 2015 1:41am Feb 17, 2015 1:41am
Attached Image
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