{quote} Thx Phx62, your trend line that you drawn on your chart have just given me inspiration for next week trading. Greenb
- #54,902
- Mar 13, 2015 1:20pm Mar 13, 2015 1:20pm
- Joined Dec 2013 | Status: Trader | 1,680 Posts
I traded London session GJ H1 this week. There were some nice setups and more pips gained that normal. Due to the number of pips gained on each trade, I allowed the TP to be hit instead of waiting for a closed candle in the opposite color. A nice easy trading week. Every trade was taken per TMS rules, 1st or 2nd candle entry, cross of TDI, etc. and also per my trading plan rules. {image}
Sad i'm not trying to understand PA
2015 Week 11 - Trade Summary:
4 trades in total:
- 1 win
- 0 BE
- 3 Losses
Got spiked out a few times this week but one nice trade on Wednesday kept me just above water. Finished with +25 pips for another +2% on the account. This is discounting the fact that I got hit by two severe accounts of "server error" on Monday and Tuesday. Luckily its only demo... I certainly won't be depositing any funds with FXOpen.
Monday: I went short in line with the primary downtrend on LO+2 candle once price had bounced for a second time from the resistance level marked on my chart. Unfortunately whilst the direction was correct LO+3 re-tested the same level before finally trending downwards. This re-test stopped me out. My broker server had another error like I encountered last month but I have not included these in this weeks results. (-25, -2%)
Tuesday: Similar trade to Monday. Went short once LO broke below the previous seven candles. TDI green crossing down over yellow MBL and 50 line. Price moved to 30 pips profit before immediately pulling back to -30 (stopping me out at -25). It then reversed back down again for the session to where my original TP was. Again, not mentioning the fact that a server error caused another dent in the account I have been building up for some time. (-25,-2%)
Wednesday: When I opened my charts at LO, my bias was short again in line with the downtrend. As soon as the LO candle broke below the previous two red candles I entered. Draghi's speech moved price quickly and I moved my normal 50 pip TP to 100 pips. Even this was hit before the 09:30am GBP HIN. As it happens, this entry would have been good for 150 which I know Pervis got.
(+100, +8%)
Thursday: Last week I got burnt for entering at LO following the AUD HIN during the Asian session. I made the same mistake again. The white lines on my chart show how the Asian session range was far greater today than the rest of the week due to the apparent downtrend. However I could not resist the TMS entry long following a double bottom. Got stung again. Lesson learnt! (-25,-2%)
Friday: Opened my charts at LO to see another counter-trend setup. After suffering numerous losses, yesterday's also being counter-trend I decided it was best to stay out. I'm glad I did. Price wouldn't have hit my TP and instead LO+1&2 formed a Double Top and from that point price has trended down for the day.
I won't be trading next week as I'm off to the Alps tomorrow for a week's skiing
Have a good weekend all!
Ballistical
4 trades in total:
- 1 win
- 0 BE
- 3 Losses
Got spiked out a few times this week but one nice trade on Wednesday kept me just above water. Finished with +25 pips for another +2% on the account. This is discounting the fact that I got hit by two severe accounts of "server error" on Monday and Tuesday. Luckily its only demo... I certainly won't be depositing any funds with FXOpen.
Monday: I went short in line with the primary downtrend on LO+2 candle once price had bounced for a second time from the resistance level marked on my chart. Unfortunately whilst the direction was correct LO+3 re-tested the same level before finally trending downwards. This re-test stopped me out. My broker server had another error like I encountered last month but I have not included these in this weeks results. (-25, -2%)
Tuesday: Similar trade to Monday. Went short once LO broke below the previous seven candles. TDI green crossing down over yellow MBL and 50 line. Price moved to 30 pips profit before immediately pulling back to -30 (stopping me out at -25). It then reversed back down again for the session to where my original TP was. Again, not mentioning the fact that a server error caused another dent in the account I have been building up for some time. (-25,-2%)
Wednesday: When I opened my charts at LO, my bias was short again in line with the downtrend. As soon as the LO candle broke below the previous two red candles I entered. Draghi's speech moved price quickly and I moved my normal 50 pip TP to 100 pips. Even this was hit before the 09:30am GBP HIN. As it happens, this entry would have been good for 150 which I know Pervis got.
(+100, +8%)Thursday: Last week I got burnt for entering at LO following the AUD HIN during the Asian session. I made the same mistake again. The white lines on my chart show how the Asian session range was far greater today than the rest of the week due to the apparent downtrend. However I could not resist the TMS entry long following a double bottom. Got stung again. Lesson learnt! (-25,-2%)
Friday: Opened my charts at LO to see another counter-trend setup. After suffering numerous losses, yesterday's also being counter-trend I decided it was best to stay out. I'm glad I did. Price wouldn't have hit my TP and instead LO+1&2 formed a Double Top and from that point price has trended down for the day.
I won't be trading next week as I'm off to the Alps tomorrow for a week's skiing
Have a good weekend all!Ballistical
Focus on the process and the profits will follow
- #54,905
- Mar 13, 2015 2:26pm Mar 13, 2015 2:26pm
- Joined Dec 2013 | Status: Trader | 1,680 Posts
{quote} What is your usual SL on H4? I usually set mine around 50-60 pips, but sometimes I feel that is too much. Usually I have a DD of more or less 30-40 pips until goes in my direction. Do you look at H1 for better entries? Or just trade what you see on H4?
It depends on the swing high/low for the SL. I don't like to take trade if SL is above 70 pip. Often time i enter with pending order to minimize SL. Some time trade got triggered some time i don't get the trade. Yes i also look at different TF to look for better entries. Depends on situation i look for every possible way to minimize risk.
Good luck and Have a nice weekend
Sad i'm not trying to understand PA
- #54,906
- Mar 13, 2015 2:42pm Mar 13, 2015 2:42pm
2015 Week 11 - Trade Summary: 4 trades in total: - 1 win - 0 BE - 3 Losses Got spiked out a few times this week but one nice trade on Wednesday kept me just above water. Finished with +25 pips for another +2% on the account. This is discounting the fact that I got hit by two severe accounts of "server error" on Monday and Tuesday. Luckily its only demo... I certainly won't be depositing any funds with FXOpen. Monday: I went short in line with the primary downtrend on LO+2 candle once price had bounced for a second time from the resistance level...
Going better and better, though - nothing to prove, nothing to lose, everything to learn. Hope green pips will go smooth for you - #54,907
- Mar 13, 2015 4:38pm Mar 13, 2015 4:38pm
- Joined Nov 2008 | Status: Trader | 50,194 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #54,908
- Mar 13, 2015 4:41pm Mar 13, 2015 4:41pm
- Joined Nov 2008 | Status: Trader | 50,194 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #54,909
- Mar 13, 2015 4:49pm Mar 13, 2015 4:49pm
- Joined Nov 2008 | Status: Trader | 50,194 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
My apologies to all who PM'd me this week and I couldn't reply back. My working hours are long and its hard for me to reply back to each PM especially on weekdays. Although, I've weekend off but that goes in a flash doing important things and posting on this awesome thread.
This week I'd an opportunity to trade LO session as I was working early mornings (AEST) and helped me learn and understand more about the PA in general. The most important part this week was being patient and doing homework before jumping into the market randomly and using that itchy finger.
Below are the quotes from the PM's. I would really appreciate if people can post the general questions here on thread so that other more experienced members can answer them and TMS newbies can also learn from the questions and answers, Thanks in advance.
Does APB/HK candles confuses me (I'm a newbie too)
Dear friend, I have very odd hours of work sometimes I work nights and I trade Tokyo session on M30/H1, Fortunately, Last week I got my work in early mornings and finish before LO and I had the opportunity to trade LO.
To answer your question, I've left my DOL set to my broker NY close(5pm) which is Sydney open and trade accordingly. I've not tried setting it for LO and many have suggested the same reason as of yours (high & smooth volatility) but I might give it a try and see the difference.
Appreciate your time and comment, oh BTW, I'm from Melbourne.
I'm sorry if that setup confused you however moving forward from now as big members of the TMS suggested we will try to keep our charts as clean as possible to make it easy on eyes and brain.
As stated in the above comment my work restricts me to trade any specific setup as you might have seen that I traded weekly GJ sell trade this week and usually like to trade H1 as it can give you rewards in 2-3 hrs in high volatile market with right entry and exit and if your trade is running good let it mature on H4.
Trading strategy, I don't have one. I try to keep it simple.
1. As a newbie myself, I try to stick to 2 pairs easy for me to monitor.
2. Always do your homework on your pairs before taking a trade know where your S/R levels are, how PA moved yesterday, high/low of prev day any RN's etc. just basic stuff.
3. Where is my TDI trending below 50 line above 50 line
4. What's the PA on my higher TF
5. Any news during the session
I sometimes trade Tokyo session when working in LO session. The most important thing for me to trade Asian session is to admit and accept that Asian session may not give me more than 25-30 pips whereas LO may move 200 pips and vice-versa. I pick my pair accordingly and keep my profits reasonable and achievable.
Daily TF trading is very different than M30/H1 TF trading as most of the time you initiate your entry on H4 TF and move it on Daily when PA starts moving in your favour exponentially. Daily trades for me start with looking at the PA 1st instead of TDI and expect a deeper drawdowns on daily and weekly which brings back to how much you want to invest in a trade and how much you are willing to risk per trade.
See my Weely GJ sell trade, I took this week.
It doesn't matter what TF you pick or trading session you trade. The most important part is consistent profitability, if you can pull 25-30 pips in Asian session consistently and get good hold of TMS system on lower TF's you can do the same or I must say better in LO session with H1 TF because now you know what to look for before taking a trade and how your pair moves from level to level.
See the comment above. Trading daily is not that easy as TDI takes time to develop sits on MBL, 50 line, hooks etc. for hours and hours and can have negative effect on your mental state regarding the trade. You might close the tarde thinking its not going anywhere or may turn into opposite direction.
If you have time better start better start with lower TF and try taking few good trade setups on your favourite pair for 4-8 weeks and see if it can build your confidence. You can always let your small trades run and turn them into higher TF.
Yes, I believe so. Although, the TF matter less what matters is what you are looking for PA to do on your charts whether its going up/down, reaching a specific level etc. I hope it make sense.
Yes, I do traded H1 this week and took early entries on M30 which I haven't done for some time now. May be its a kind of forward testing for me as we all do backtesting on a pair, the same thing but this is in live market. You can learn more about trading M30 on TMS from Likica's thread here is the link.
Kindest Regards
This week I'd an opportunity to trade LO session as I was working early mornings (AEST) and helped me learn and understand more about the PA in general. The most important part this week was being patient and doing homework before jumping into the market randomly and using that itchy finger.
Below are the quotes from the PM's. I would really appreciate if people can post the general questions here on thread so that other more experienced members can answer them and TMS newbies can also learn from the questions and answers, Thanks in advance.
You have an amazing chart setup I must say, for the TMS. I have been reading that for years, even used to prod those guys a little, and your's are the most understandable, readable charts ever. I'm sure those APB / HA candles really confuse the new traders!
My question is, I believe that I see the Daily Open Line on your charts starting from the New York time of 5 pm, daily rollover if you will.
Have you considered setting it to London Open as that is the main price action to be traded?
I'm sure both could be plotted to give a reference...
Does APB/HK candles confuses me (I'm a newbie too)
Dear friend, I have very odd hours of work sometimes I work nights and I trade Tokyo session on M30/H1, Fortunately, Last week I got my work in early mornings and finish before LO and I had the opportunity to trade LO.
To answer your question, I've left my DOL set to my broker NY close(5pm) which is Sydney open and trade accordingly. I've not tried setting it for LO and many have suggested the same reason as of yours (high & smooth volatility) but I might give it a try and see the difference.
Appreciate your time and comment, oh BTW, I'm from Melbourne.
Lately, it is very confusing because you showed post with DOT guppy, H1 with D1 line trade away, Guppy TDI...........
I'm sorry if that setup confused you however moving forward from now as big members of the TMS suggested we will try to keep our charts as clean as possible to make it easy on eyes and brain.
What trading setup you have, right now? Which is the best trading stratergy you implement.
As stated in the above comment my work restricts me to trade any specific setup as you might have seen that I traded weekly GJ sell trade this week and usually like to trade H1 as it can give you rewards in 2-3 hrs in high volatile market with right entry and exit and if your trade is running good let it mature on H4.
Trading strategy, I don't have one. I try to keep it simple.
1. As a newbie myself, I try to stick to 2 pairs easy for me to monitor.
2. Always do your homework on your pairs before taking a trade know where your S/R levels are, how PA moved yesterday, high/low of prev day any RN's etc. just basic stuff.
3. Where is my TDI trending below 50 line above 50 line
4. What's the PA on my higher TF
5. Any news during the session
I stay in US EST time and it is very difficult to trade the London open and shorter timeframe. As most volatality time of Forex, I will be in the office.
So, I think the best option is go for Daily charts. What do you say?
I sometimes trade Tokyo session when working in LO session. The most important thing for me to trade Asian session is to admit and accept that Asian session may not give me more than 25-30 pips whereas LO may move 200 pips and vice-versa. I pick my pair accordingly and keep my profits reasonable and achievable.
Daily TF trading is very different than M30/H1 TF trading as most of the time you initiate your entry on H4 TF and move it on Daily when PA starts moving in your favour exponentially. Daily trades for me start with looking at the PA 1st instead of TDI and expect a deeper drawdowns on daily and weekly which brings back to how much you want to invest in a trade and how much you are willing to risk per trade.
See my Weely GJ sell trade, I took this week.
It doesn't matter what TF you pick or trading session you trade. The most important part is consistent profitability, if you can pull 25-30 pips in Asian session consistently and get good hold of TMS system on lower TF's you can do the same or I must say better in LO session with H1 TF because now you know what to look for before taking a trade and how your pair moves from level to level.
Hi Aussie, first of all thank you for all explanatory answers and posts to forum.According to my analysis, just with trading on daily TF, it is possible to make at least 200 pips per month per currency pair with this system.
What does your experience shows you on trade performance for daily TF?
best regards.
See the comment above. Trading daily is not that easy as TDI takes time to develop sits on MBL, 50 line, hooks etc. for hours and hours and can have negative effect on your mental state regarding the trade. You might close the tarde thinking its not going anywhere or may turn into opposite direction.
If you have time better start better start with lower TF and try taking few good trade setups on your favourite pair for 4-8 weeks and see if it can build your confidence. You can always let your small trades run and turn them into higher TF.
I saw most of the traders is using H1. May I know why are u using M30?
Do you get better result..?
Yes, I believe so. Although, the TF matter less what matters is what you are looking for PA to do on your charts whether its going up/down, reaching a specific level etc. I hope it make sense.
Yes, I do traded H1 this week and took early entries on M30 which I haven't done for some time now. May be its a kind of forward testing for me as we all do backtesting on a pair, the same thing but this is in live market. You can learn more about trading M30 on TMS from Likica's thread here is the link.
Kindest Regards
- #54,913
- Mar 13, 2015 10:49pm Mar 13, 2015 10:49pm
- Joined Nov 2012 | Status: Trader | 2,339 Posts
I Have Learned to Take Some Losses to Make Profits
{quote}Really nice approach Ballistical! Very similar to mine: "teach ourself on your mistakes"... and I have no shortage of mine
Thanks Timginter,
Absolutely, I've been trading this way for a while and still make a lot of mistakes. I'm here to learn. No point exaggerating results.
Even with these mistakes TMS makes my account to continue to grow each month.
Ballistical
Focus on the process and the profits will follow
- #54,917
- Mar 14, 2015 3:22am Mar 14, 2015 3:22am
Hi All,
I am new to this system which seems very promising. I think success ratio will heavily depend on money management skills.
I wonder if someone can put me in the right direction. I am looking for Trailing Stop EA for TMS with following scenario: once TP is reached it will close 50% or 75% position and rest is trailed by moving the SL just behind the last close of candle stick. The Cavemanager is doing this to some extend but it doesn’t close partly position.
Any suggestion on that?
Thanks
I am new to this system which seems very promising. I think success ratio will heavily depend on money management skills.
I wonder if someone can put me in the right direction. I am looking for Trailing Stop EA for TMS with following scenario: once TP is reached it will close 50% or 75% position and rest is trailed by moving the SL just behind the last close of candle stick. The Cavemanager is doing this to some extend but it doesn’t close partly position.
Any suggestion on that?
Thanks
On the collision course with 90/90/90 rule
- #54,918
- Mar 14, 2015 3:58am Mar 14, 2015 3:58am
- Joined Nov 2008 | Status: Trader | 50,194 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
