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Trading Made Simple

  • #54,181
  • Feb 27, 2015 9:52am Feb 27, 2015 9:52am
Quoting Vladbold
{quote} Thanks ! Thing is i can't monitor trades all the time. But how does this sound to you : I usually have a 30-35 pip SL and a 50 pip TP, because the swing high or low on h1 is around that value. If i need a bigger SL, i sometimes feel like i've entered the trade late. So that's why i try to keep at least a 2:1 Tp : SL ratio. / rant over. Noob MM trader here.

I suggest you read the PHX document, I'm still learning from his strategy everyday.
  • #54,182
  • Feb 27, 2015 10:20am Feb 27, 2015 10:20am
Quoting Pervis
{quote} I suggest you read the PHX document, I'm still learning from his strategy everyday.

2:1 isn t bad!
But only the ratio isnīt bringing results.

You also have to keep an eye on the entries!!!
I don t know on how many of 100 trades are TPīs and how many SLīs !!
My ratio is about 1:1 and Iīm profitable .


Have a nice weekend !
Guido
Risiko birgt immer auch die Chance.
  • #54,183
  • Feb 27, 2015 10:31am Feb 27, 2015 10:31am
Quoting heispark
Is there anyone still use Scott Barkley's 4H heart-line method? It was a popular topic in this thread exactly a year ago.... Just popped up in my mind.
Hello heispark,
I found Scott Barkley's H4 heartlines a real education in the mysteries of structure on the charts. What I found most illuminating was how, by using the fibonacci channel tool at a single "sore thumb" high or low and then "anchoring" on a previous "sore thumb" high or low, lining up the heartline on PREVIOUS touches would show me where price would probably go.

H4 trading is too slow for me however, and H4 heartlines are on too big a scale for me so I don't use them now. Trading H1 with long AND short-term trend lines, consolidation (sup/dem) and the 10ema suits me better.
Thanks for your help, warmth and straight talking Heather.
  • #54,184
  • Feb 27, 2015 10:39am Feb 27, 2015 10:39am
Quoting cigarguy
{quote} sj, Although the TDI is essential within the TMS method, as you know it is just a visual of the past and current PA and in reality PASR can be traded with a simple chart utilizing APB's or HA's and support and resistance levels only, ie; key levels and 200 EMA. I personally like the Guppys and have traded them for a long time. Basically, when the MA's get tight and PA is in the middle no trade and when they are tight together a decent or big move is to be expected and PASR will show the entry, targets and exits. The below EU chart; as shown...
Cigarguy,

I totality agree with you!
Daryl Guppy devised a great method/system &
you don't need any indicators. Just s/r.
sj
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  • #54,185
  • Edited Feb 28, 2015 11:06am Feb 27, 2015 11:33am | Edited Feb 28, 2015 11:06am
Quoting Pervis
{quote} Market wan set we up.. Price finally did not close above the consolidation zone. I decide take trade on M15 for some pips Enter after break my brown trend line, I set target at previous low and follow though the trade until the end. Easy 30 pip {image}
One more trade on GJ, hit my trailing stop +50pip
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  • #54,186
  • Feb 27, 2015 11:42am Feb 27, 2015 11:42am
You know, I've been adding this tdi indicator to a few charts, and if you study it for a couple of weeks you will start picking sure trades off it.
In a range like gbpusd today it was very useful..
Twitter handle @rjtn_fxtrades
  • #54,187
  • Feb 27, 2015 12:18pm Feb 27, 2015 12:18pm
2015 Week 9 - Trade Summary:

4 trades in total:
- 1 win
- 0 BE
- 3 Losses

It was a tough week this time round trading EA H1 around London Open. Only Thursday presented a real TMS trade opportunity at LO for at least 50 pips. I finished the week with -25 pips giving -2% on the account. This is also the first time I have suffered as many as three losses in a week trading this method for the past 5-6 months.

Monday: I took a bounce trade at the end of the LO candle. Technically this was a valid TMS setup since, whilst it was the third blue candle, the first candle had a very small body. I actually entered this trade in the last few seconds of the candle, just as the impending news pushed price above FO. This turned out to be a slight spike and the negative EUR news caused price to immediately turn, stopping me out. Lesson learnt... always wait for news to clear BEFORE entering (-25, -2%)

Tuesday: The two red candles prior to London appeared to form a double bottom. LO candle then closed blue over the 200ma, also level with the previous swing high. Once the LO+1 candle broke above this level, with TDI green crossing red and both above yellow, I entered per TMS rules. However, there was no volume at all... London only moved sideways and I once again got stopped out. On this occasion price didn't really move until after the news releases at NYO. (-25, -2%)

Wednesday: After two consecutive losses, I was very wary of another flat day today. Got to my charts at LO to watch the LO candle form a double top with FO and draw back. From this point forward I guessed that price had probably set the high for the session but again, couldn't see any signs of real volume. Couple this with the all of the news scheduled for the session, and I thought it would be safer to stay out.

Thursday: Finally! Some volume! Opened my charts at LO to find that FO had made a strong move down. This was a strong setup for me. Price had plenty of time to consolidate during the Asian session and was ready to move again prior to London. Trade was away from the 200EMA, inline with the downtrend and TDI showed strong angles on green and red signal lines. The only factors missing for an A+++ trade being that it was third candle entry and the yellow MBL hadn't turned to the downside. Optimum entry in this case would have been per TMS rules at FO. Often LO gives a safer entry but many times when a true TMS setup can be found at FO, this can be the optimum entry. Also note on this particular trade if you had been monitoring your exit manually as opposed to a fixed TP, the triple bottom gave plenty of warning to get out before price turned to the upside. (+50, +4%)

Friday: Another flat day Took a late entry at LO+2. The previous three candles had all closed red and formed a triple bottom. This trade was taken on a break below this level. TDI green was fairly flat but red and yellow were still sloping down. I was stopped out almost immediately and PA was flat for the rest of the day. (-25, -2%)

A slightly disappointing result but then the market didn't give the moves at the time I trade. Ordinarily, I have found that taking TMS setups around LO with the assumption that volume will pick up during this session is enough to bring in positive pips for the week. However, this was not the case this week.
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Focus on the process and the profits will follow
  • #54,188
  • Feb 27, 2015 2:49pm Feb 27, 2015 2:49pm
Ballistical,

One of the things I did that really helped me was to
"frame" the market. It helped me when I put in s/r lines &
the daily open lines.

Compare your chart to my chart...
I hope I helped you!
sj
Attached Image (click to enlarge)
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  • #54,189
  • Feb 27, 2015 2:59pm Feb 27, 2015 2:59pm
Quoting Ballistical
2015 Week 9 - Trade Summary: 4 trades in total: - 1 win - 0 BE - 3 Losses It was a tough week this time round trading EA H1 around London Open. Only Thursday presented a real TMS trade opportunity at LO for at least 50 pips. I finished the week with -25 pips giving -2% on the account. This is also the first time I have suffered as many as three losses in a week trading this method for the past 5-6 months. Monday: I took a bounce trade at the end of the LO candle. Technically this was a valid TMS setup since, whilst it was the third blue candle,...
Dear Ballistical
I've 2 suggestion for you
1. when you want to take a trade, First look at the cross and angle condition of higher Tf .
2. reduce your tp to 25 then you can trail your stop.

surly you see better results next week.
regards
  • #54,190
  • Feb 27, 2015 8:26pm Feb 27, 2015 8:26pm
Quoting snarlyjack
{quote} Cigarguy, I totality agree with you! Daryl Guppy devised a great method/system & you don't need any indicators. Just s/r. sj {image}
I am also getting more and more skeptical about TDI. When i watch price movement, I can roughly guess how TDI would shape. Sharp angle is nothing more than a fast price movement. Specifically, MBL is useless to me. IMHO, Knowing where S/R and S/D located is the most important. When we know this, any other brakeout or momentum based systems would work, not only TMS.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #54,191
  • Feb 27, 2015 8:38pm Feb 27, 2015 8:38pm
Quoting Kanderpro
{quote} Hello heispark, I found Scott Barkley's H4 heartlines a real education in the mysteries of structure on the charts. What I found most illuminating was how, by using the fibonacci channel tool at a single "sore thumb" high or low and then "anchoring" on a previous "sore thumb" high or low, lining up the heartline on PREVIOUS touches would show me where price would probably go. H4 trading is too slow for me however, and H4 heartlines are on too big a scale for me so I don't use them now. Trading H1 with long AND short-term trend lines, consolidation...
Thank you for the information, Kanderpro. I am also lower timeframer and don't pay attention to it. However, it looks has some potentials. Maybe i would revisit this idea later and see if i can get some edge from it....
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #54,192
  • Feb 27, 2015 10:50pm Feb 27, 2015 10:50pm
Quoting heispark
{quote} Thank you for the information, Kanderpro. I am also lower timeframer and don't pay attention to it. However, it looks has some potentials. Maybe i would revisit this idea later and see if i can get some edge from it....
These channels are power, I have been using them since Phx62 introduced back and I find setting targets on the channel borderlines and heartlines to be accurate and can increase potentials pips gained

Heres EA _ H4 channel thats still intact, will see how this can be traded over next week
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I Have Learned to Take Some Losses to Make Profits
  • #54,193
  • Feb 28, 2015 12:42am Feb 28, 2015 12:42am
Quoting TheScorpS
{quote} These channels are power, I have been using them since Phx62 introduced back and I find setting targets on the channel borderlines and heartlines to be accurate and can increase potentials pips gained Heres EA _ H4 channel thats still intact, will see how this can be traded over next week {image}
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #54,194
  • Feb 28, 2015 1:25am Feb 28, 2015 1:25am
For the first time in 6 months, GU monthly candle is bullish
Attached Image (click to enlarge)
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I Have Learned to Take Some Losses to Make Profits
  • #54,195
  • Feb 28, 2015 1:58am Feb 28, 2015 1:58am
Quoting TheScorpS
{quote} These channels are power, I have been using them since Phx62 introduced back and I find setting targets on the channel borderlines and heartlines to be accurate and can increase potentials pips gained Heres EA _ H4 channel thats still intact, will see how this can be traded over next week {image}
is it the fibonacci channel? Could you please, share your settings? I drew the channel, but does not look like yours. I searched for a configuration in Phx62, but no luck. Thanks in advance
Had to be me. Someone else might have gotten it wrong.
  • #54,196
  • Feb 28, 2015 2:03am Feb 28, 2015 2:03am
Quoting mordin
{quote} is it the fibonacci channel? Could you please, share your settings? I drew the channel, but does not look like yours. I searched for a configuration in Phx62, but no luck. Thanks in advance

my advice is "don't go there...." that will not make your trading better unless you are a wave trader.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #54,197
  • Feb 28, 2015 2:05am Feb 28, 2015 2:05am
Quoting TheScorpS
For the first time in 6 months, GU monthly candle is bullish {image}

Not just bullish, look closer at the Japanese candle....
Eric also have a few Japanese candle charts open along with his usual TMS trading charts.
Why did he have Japanese candle charts open?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #54,198
  • Feb 28, 2015 2:18am Feb 28, 2015 2:18am
Quoting Ballistical
2015 Week 9 - Trade Summary: 4 trades in total: - 1 win - 0 BE - 3 Losses It was a tough week this time round trading EA H1 around London Open. Only Thursday presented a real TMS trade opportunity at LO for at least 50 pips. I finished the week with -25 pips giving -2% on the account. This is also the first time I have suffered as many as three losses in a week trading this method for the past 5-6 months. Monday: I took a bounce trade at the end of the LO candle. Technically this was a valid TMS setup since, whilst it was the third blue candle,...

Ballistical,

This is an excellent post where new traders can read and learn a lot from. There are a few good lessons in your post. If we only look at winning trades posted here, we don't get to learn some valuable lessons.
You have followed your own trading rules and also have the discipline to trade according to your own rules. The results may not be attractive, but your scored highly in the DISCIPLINE department. I for you.
Hindsight is 20:20 therefore it is too easy to make comments for each of your trade and find reasons why the trade did not work out. The hard truth about trading intraday H1 is very difficult when there are 24 H1 news candles every day and the market liquidity is something we do not see on our forex charts.

Since you are trading during the London hours, you may want to consider also trading the H4 setups in addition to the your H1 trades. You may pick up a few good H4 trades too during those daily London session hours. Also you may want to consider trading 2-3 hours before London open to catch those late Asian session setups before the London open.

Thank you for posting and sharing your thoughts behind each of your trade. I LIKE.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #54,199
  • Feb 28, 2015 2:24am Feb 28, 2015 2:24am
Quoting farhad10
{quote} Dear Ballistical I've 2 suggestion for you 1. when you want to take a trade, First look at the cross and angle condition of higher Tf . 2. reduce your tp to 25 then you can trail your stop. surly you see better results next week. regards

I do not understand your pt 2 above.

how will reducing TP to 25 pips and trail your stop change the results of those H1 trades?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #54,200
  • Feb 28, 2015 2:26am Feb 28, 2015 2:26am
Quoting TheScorpS
{quote} These channels are power, I have been using them since Phx62 introduced back and I find setting targets on the channel borderlines and heartlines to be accurate and can increase potentials pips gained Heres EA _ H4 channel thats still intact, will see how this can be traded over next week {image}
TSS,

since your study Elliot Wave and trade with EW, you can consider to use Jeffrey Kennedy' channeling technique applied to EW.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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