Keep It Simple
- #54,402
- Mar 3, 2015 5:12pm Mar 3, 2015 5:12pm
- Joined Nov 2008 | Status: Trader | 50,194 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Hi guys thanks for all the replies!
Saionbus, im taking it cool, I know there is no 100% proof method, but accepting that as excuse to let the mistake go sounds like the chance of repeat the same mistake is bigger, instead of learning from it, im here to learn and grab different views from the mistake that may passed through my eyes unnoticed
if entering only after close other side of the pac, what would be your SL? woudnt it be to big?
Yellow was above 50 but leading towards it...
This mastercandle you say is this one?: 
If price is inside the range of the mastercandle, is a no-go signal? Im not used to look for mastercandles.. this is very interesting
Learning more in the last 2 weeks than the whole previous months, so happy I found this thread!
Saionbus, im taking it cool, I know there is no 100% proof method, but accepting that as excuse to let the mistake go sounds like the chance of repeat the same mistake is bigger, instead of learning from it, im here to learn and grab different views from the mistake that may passed through my eyes unnoticed
{quote} Hi Mokuro, The reason's not to trade in my view are: 1) Previous candle closed with small blue body with wicks on both sides. "No small candles" is one of the many additional warning found in the BigE pdfs. 2)You entered when price had just entered pac. Personally, i ideally prefer to enter once price has closed on other side of pac. Occasionally i will enter when price is at least close to the other side. Overall, i think the "mistake" in the trade is you took a good TDI angle without considering PA enough. There might be other considerations...
{quote} mokuro, The market has a consistent good habit to set up traders when traders look for trade setups. Many traders do not have good trading habits. - look to the left of your trade entry, it was very bearish, and market consolidates with small candles seen and a H1master candle. You should not trade H1 when price is trapped in the range of a H1 master candle. You can scalp M15 and M5, smaller SLand smaller TP. - there was no reversal at the point of your entry and you traded against the recent trend of this H1 timeframe. - what was the Weekly...
This mastercandle you say is this one?:
If price is inside the range of the mastercandle, is a no-go signal? Im not used to look for mastercandles.. this is very interesting
Learning more in the last 2 weeks than the whole previous months, so happy I found this thread!
- #54,406
- Mar 3, 2015 6:03pm Mar 3, 2015 6:03pm
- Joined Jul 2011 | Status: Gold Again | 10,565 Posts
if entering only after close other side of the pac, what would be your SL? wouldn't it be too big?
It takes a lot for me to IGNORE you, but you can try.
- #54,408
- Mar 3, 2015 6:33pm Mar 3, 2015 6:33pm
- Joined Nov 2008 | Status: Trader | 50,194 Posts
{quote} Really interested to read the response to this question
you 'devil' , I really love you a veteran trader here in FF. ...
I am waiting for other responses and hope to learn something here on this.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #54,409
- Mar 3, 2015 6:33pm Mar 3, 2015 6:33pm
- | Commercial User | Joined Feb 2008 | 1,909 Posts
Hi guys thanks for all the replies! Saionbus, im taking it cool, I know there is no 100% proof method, but accepting that as excuse to let the mistake go sounds like the chance of repeat the same mistake is bigger, instead of learning from it, im here to learn and grab different views from the mistake that may passed through my eyes unnoticed
The pac is very useful. I use the pac for my entry (as the apb's leave the pac).
I set my stop just above/below the pac on the other side of the pac entry.
I also use the pac for 1 of my liquidation points. If the apb's enter the pac I might
liquidate out. It also shows market consolidation. I think the pac is one of the
best tools that we have!
sj
- #54,411
- Mar 3, 2015 8:38pm Mar 3, 2015 8:38pm
- | Commercial User | Joined Feb 2008 | 1,909 Posts
{quote} Really interested to read the response to this question
Nice meeting you!
Look at this example of the eur/usd.
The apb's dropped out of the pac (entry).
Set your stop above the pac (stop was never hit).
Watch the movement of the Tdi.
Price popped back into the pac (optional liquidate sign).
Price dropped back below the pac & is in profit.
I thought this was a interesting example...
sj
- #54,412
- Mar 3, 2015 8:57pm Mar 3, 2015 8:57pm
- Joined Jul 2011 | Status: Gold Again | 10,565 Posts
It takes a lot for me to IGNORE you, but you can try.
- #54,416
- Mar 3, 2015 9:36pm Mar 3, 2015 9:36pm
- Joined Nov 2008 | Status: Trader | 50,194 Posts
... This mastercandle you say is this one?:...
On your chart, you do not use the Bar Chart over the APB, therefore you will not be able to see the real price bar OHLC. You need an indicator for the MC.
Do a keyword master candle search in this thread read all the post where we discussed the master candle.
Our OP did not mention anything about master candle. Based on what he wrote in his post#647, we should formulate our trading tasks a follows:-
- Look at the most recent reversal and look at the candle size, large, small, of what is the size of reversal candle(s)?
- Look at the short term trend on our trading chart TF, and also what is the next higher TF trend, (short term and trend, long term trend)
- Look at how close is the current price action to most recent swing high/swing low?
- Look if the current price action is in consolidation or close to a consolidation.
- What are the current price action - candle size, wicks size, bodies size. I look at both the real price bars and the APB candles.
Go to Post# 28556 and download the MasterCandle indicator and make that a part of your TMS template. Study the pdf in Post#25,594 and do your own right-sizing and trade with Master Candle (3).
Why use Master Candle set to 3 engulfed candles MC(3) instead of the usual 4 or 5 engulfed candles.
Reasons are,
- The frequency of MC(3) is appears more often than MC(4) and MC(5).
- TMS reversal trade entry is based on setup candles APB#1 and APB#2 after the TDI cross, the MC(3) works best in meeting this entry rule.
To qualify as a Master Candle, we must wait and see three consecutive candles closed. But if we use Wide Range Bar WRB study on our charts, we will see most often the WRB will also become a Master Candle (3). Therefore knowing how to identify the WRB we do not need to wait for three consecutive candles to close. We in fact can have some sort of early warning of a MC(3) when we see a WRB which is also the Mother Candle of the next candle which is an Inside Bar. This is also the reason I said often that we should not chase after the market and place our market order after a WRB.
What do we do when we see a Master Candle (3) on our trading chart?
We do not trade any TMS setups when they are in the range of the high-low of the master Candle. We should only trade the lower timeframe chart, i.e. when we see a H4 master Candle, we can only trade the H1 and using the H4 MC high-low as the support and resistance.
Back to our trading chart timeframe, for example on H4 chart, when we see the price action breakout of the MC(3) we can take the trade but always know what the Weekly and Daily trend and/or the Bias is at that moment. This will put us in favour of the breakout in the higher timeframe direction.
regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #54,418
- Mar 4, 2015 12:23am Mar 4, 2015 12:23am
2 trades last night
EA stopped out -50 im guessing that my stop wasn't wide enough and got caught on the retrace, because the idea and setup i felt was valid
(was probably being greedy as i already made 50 pips of the first move down.)
U/CAD
+ +50.1
doesnt show yesterdays trading info on the chart so i boxed where my trade entry to exit was.
EA stopped out -50 im guessing that my stop wasn't wide enough and got caught on the retrace, because the idea and setup i felt was valid
(was probably being greedy as i already made 50 pips of the first move down.)
U/CAD
+ +50.1
doesnt show yesterdays trading info on the chart so i boxed where my trade entry to exit was.
- #54,419
- Mar 4, 2015 12:27am Mar 4, 2015 12:27am
E/A
If we can close this hour past the weekly hisorical support ill be entering the TDI cross and targeting the 1.422XX level.
U/CAD
Also watching how p.a moves between the 2 levels its stuck in, maybe getting ready to short again.
If we can close this hour past the weekly hisorical support ill be entering the TDI cross and targeting the 1.422XX level.
U/CAD
Also watching how p.a moves between the 2 levels its stuck in, maybe getting ready to short again.
