Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #55,323
- Mar 27, 2015 8:07pm Mar 27, 2015 8:07pm
- Joined Nov 2008 | Status: Trader | 50,249 Posts
{quote} Hi Emmanuel, I have been following this thread and reviewed all the material, but I am still struggling with Multiple Time Frame analysis. Can you please help me out and provide some guidelines as to what I should be looking at? I am trying to trade using Weekly, Daily and H4 time frames, but I am not able to figure out MTF analysis concept. Thanks in advance for your help. Thanks
Hi,
For a start, please read up on some basics -
http://www.babypips.com/school/high-...-analysis.html
http://www.investopedia.com/articles...-timeframe.asp
There are 5 Day candles in one Weekly candle.
There are 6 H4 candles in one Day candle.
There are 4 H1 candles in one H4 candle,
There are 24 H1 candles in one Day candle.
Look at the pic below. It is EURUSD D chart.
There is a trend in every timeframe ....
When you go down to M15 chart timeframe, you will see this below:
regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #55,326
- Mar 27, 2015 11:49pm Mar 27, 2015 11:49pm
Per PM requests, here are my trades on EU for this week (my favorite pair to trade when the ADR is higher than 120 or so). Took a total of 7 EU H1 trades and 1 M15 trade. Six of them were with 3 standard lots with 3 different TP's, one was a 1 lot, 20 pip scalp and the other was a 1 lot trade (M15) for 50 pips following news announcements on Tuesday. Another very good week.
Monday...LO candle set the low of the session and pulled back. Entry was made a little before the actual cross of green over red but was taken on a break above the LO candle.
Tuesday....Second trade was a 20 pip scalp during the Asian session. I happened to be up late, unpacking from our trip and noticed a nice pullback on the Frankfurt candle. Entered with 3 lots but price only hit the 50 TP. Exited manually on the other 2 lots as price pulled back. Could have hung on for a few more but got out when price appeared to stall. I have spent several years studying only the EU pair, so I am very familiar with how price moves on that pair. During the NY session, I waited for news to bounce around for 30 minutes and then entered as price pulled back and to be moving short. Hit TP.
Wednesday.....entered trade on break above Frankfurt candle and cross of green over red & gold on the TDI. Only went for about 50 pips & stalled. Closed the other 2 lots just above BE with a set SL.
Thursday....again entered on a break above the Frankfurt candle and a bounce of green off red, with gold below. Turned out to be a fake out LO candle which set the high of the session. Closed just above BE on all 3 lots. Re-entered on a change of candle color and pullback from the high of the session. Also green was about to cross over red. Trade took 8 hours but all 3 TP's were hit.
Friday....Frankfurt candle moved short about 80 pips but I was asleep and not at the computer. No entry until the 4th candle of the London session (when trading, I set an alarm to wake me just before each new candle opens). Low of session was set by LO candle and then price pulled back. On a change of candle color and a break above the 2nd IB and a cross of green over red, entered for 50 pips knowing there probably would not be much movement. TP 1 was hit and when price pulled back, I exited manually. Price did continue to TP 2 but I already had more than enough pips for the week.
Two excellent weeks in a row but I don't expect this to continue. Just a good run for a couple of weeks. 
Monday...LO candle set the low of the session and pulled back. Entry was made a little before the actual cross of green over red but was taken on a break above the LO candle.
Tuesday....Second trade was a 20 pip scalp during the Asian session. I happened to be up late, unpacking from our trip and noticed a nice pullback on the Frankfurt candle. Entered with 3 lots but price only hit the 50 TP. Exited manually on the other 2 lots as price pulled back. Could have hung on for a few more but got out when price appeared to stall. I have spent several years studying only the EU pair, so I am very familiar with how price moves on that pair. During the NY session, I waited for news to bounce around for 30 minutes and then entered as price pulled back and to be moving short. Hit TP.
Wednesday.....entered trade on break above Frankfurt candle and cross of green over red & gold on the TDI. Only went for about 50 pips & stalled. Closed the other 2 lots just above BE with a set SL.
Thursday....again entered on a break above the Frankfurt candle and a bounce of green off red, with gold below. Turned out to be a fake out LO candle which set the high of the session. Closed just above BE on all 3 lots. Re-entered on a change of candle color and pullback from the high of the session. Also green was about to cross over red. Trade took 8 hours but all 3 TP's were hit.
Friday....Frankfurt candle moved short about 80 pips but I was asleep and not at the computer. No entry until the 4th candle of the London session (when trading, I set an alarm to wake me just before each new candle opens). Low of session was set by LO candle and then price pulled back. On a change of candle color and a break above the 2nd IB and a cross of green over red, entered for 50 pips knowing there probably would not be much movement. TP 1 was hit and when price pulled back, I exited manually. Price did continue to TP 2 but I already had more than enough pips for the week.
Two excellent weeks in a row but I don't expect this to continue. Just a good run for a couple of weeks.
- #55,328
- Mar 28, 2015 3:19am Mar 28, 2015 3:19am
- Joined Nov 2012 | Status: Trader | 2,339 Posts
I Have Learned to Take Some Losses to Make Profits
- #55,329
- Mar 28, 2015 4:05am Mar 28, 2015 4:05am
- Joined Nov 2008 | Status: Trader | 50,249 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #55,330
- Mar 28, 2015 4:15am Mar 28, 2015 4:15am
- Joined Nov 2008 | Status: Trader | 50,249 Posts
{quote} Thanks mkfx, I'm glad you find the charts useful. You're absolutely right about Tuesday and the same is also true for Friday. I thought about a re-entry in the correct direction however, I tend to stick to one trade per day. This is especially true if I've already taken a loss that day. This just helps me avoid "revenge trading". I am still learning lots each week and this week I learnt how powerful double tops/bottoms & triple tops/bottoms can be, especially around FO/LO. Backtesting reveals that many times a DT/TT pattern at the start...
Hi Ballistical,
You are one of the very few here who has clear trading plan for each week and you traded according to your trading plan diligently and with disciplined. I LIKE...
This is seen in those trades executed with entry and exit. I am sure that you know how to improve trading with better exits with more profits when after your H1 entry and you follow the higher TF H4 price action and momentum. Also, when the market has invalidated your H1 trade setup, you know how to take the contra trade quickly and do the recovery. These will help improve your intraday H1 trading.
Good post. Thanks.
regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
{quote} Hi Ballistical, You are one of the very few here who has clear trading plan for each week and you traded according to your trading plan diligently and with disciplined. I LIKE...
I had never had any previous trading experience, coaching or mentoring so I attribute any success to the members of this thread (yourself included).
Discipline is not something I struggle with, as much as I used to. You're probably familiar with the "21 day rule" when forming a habit. It is commonly perceived that once we have repeated the same thing for 21 consecutive days, it begins to form a routine. I have also been passionate about health and fitness for many years which shares many similarities with trading. Success in fitness is based on various different elements (diet, training, rest etc.) as in trading (strategy, money management, risk:reward etc.) and one thing they both require to be successful more than anything else is discipline!
All this being said, I still have a very long way to go. I left a lot on the table again this week and actually, had I broken some of my rules, I could have had a far more successful week. More back-testing required
Focus on the process and the profits will follow
- #55,335
- Mar 28, 2015 11:06am Mar 28, 2015 11:06am
2015 Week 13 - Trade Summary: 4 trades in total: - 2 wins - 0 BE - 2 Losses Some really nice movement this week on EA H1, particularly towards the end of the week. The High or Low of the London session was set by the LO candle on just about all five days. Unfortunately, due to work commitments, most of my trades are set-and-forget trades around LO meaning I can't always react to changes in PA whilst my trades are in progress. Still, I managed to close two wins and two losses, which, with my strict 1:2 R:R ratio meant I finished the week with another...
Per PM requests, here are my trades on EU for this week (my favorite pair to trade when the ADR is higher than 120 or so). Took a total of 7 EU H1 trades and 1 M15 trade. Six of them were with 3 standard lots with 3 different TP's, one was a 1 lot, 20 pip scalp and the other was a 1 lot trade (M15) for 50 pips following news announcements on Tuesday. Another very good week. Monday...LO candle set the low of the session and pulled back. Entry was made a little before the actual cross of green over red but was taken on a break above the LO candle....
- #55,338
- Mar 28, 2015 2:48pm Mar 28, 2015 2:48pm
- Joined Jan 2014 | Status: Trader | 1,784 Posts
Hi all,
There are many posts here where some traders seem to be concerned with indecision, when to enter, t/p, exit etc.
I was similar when I started using the TMS method in December, and whilst it is obviously a pretty powerful system, I felt it could be improved to suit my style of trading, and reduce the indecision by keeping only the really essential elements that I was interested in on my charts, because more often than not, it is conflicting information of indicators that is our worst enemy.
That evolved over the weeks for me, until such point that I now use no indicators (apart from confirmation from the Gann Hi Lo Line, and even that is not essential ), and instead I rely on the high and low price action line to tell me what price is doing, rather than what it has done., although I still like to know where it has been of course. Some of you will be aware that I have no use for candles, and thus they do not exist on my own template.
I have attached a chart, which more or less shows some of respected PHX62's entries shown by the vertical lines.
I have highlighted some of the entry areas more or less, which coincide with the TDI indicator generally speaking. Hopefully you will also notice that PA via the thick high and low blue price lines exhibit certain characteristics which are pretty much in the same places (which is exactly what I exploit, and without lag, typically found in indicator based systems). When combined with confirmation from the Gann Hi Lo (the grey lines), we have a very strong signal, which to be honest does not need a TDI sub-window for me.
For the TMSers who are struggling though, I wanted to bring this simple means of identifying a trading opportunity to your attention, which you can apply alongside the TDI for added comfort. I don't expect anyone to trade the way I do, I only hope to help your decision making process, the rest is up to you.
For MM, I always use 3 pending orders personally with a 6:3:1 ratio. In other words an order " set" of 3, each with the same stop loss, but different lot sizes and t/ps, and adjusting stops to b/e on orders 2 & 3 once t/p has been reached on order 1.
I don't know whether any of this has helped any of you to become more decisive, but I can only say that this approach has improved my trading to previously un-reached levels, and I suggest that this same approach should have the same effect on your own trading.
Note, for clarity to the TMS method, the chart contains candles for your benefit.
Cheers
LL
There are many posts here where some traders seem to be concerned with indecision, when to enter, t/p, exit etc.
I was similar when I started using the TMS method in December, and whilst it is obviously a pretty powerful system, I felt it could be improved to suit my style of trading, and reduce the indecision by keeping only the really essential elements that I was interested in on my charts, because more often than not, it is conflicting information of indicators that is our worst enemy.
That evolved over the weeks for me, until such point that I now use no indicators (apart from confirmation from the Gann Hi Lo Line, and even that is not essential ), and instead I rely on the high and low price action line to tell me what price is doing, rather than what it has done., although I still like to know where it has been of course. Some of you will be aware that I have no use for candles, and thus they do not exist on my own template.
I have attached a chart, which more or less shows some of respected PHX62's entries shown by the vertical lines.
I have highlighted some of the entry areas more or less, which coincide with the TDI indicator generally speaking. Hopefully you will also notice that PA via the thick high and low blue price lines exhibit certain characteristics which are pretty much in the same places (which is exactly what I exploit, and without lag, typically found in indicator based systems). When combined with confirmation from the Gann Hi Lo (the grey lines), we have a very strong signal, which to be honest does not need a TDI sub-window for me.
For the TMSers who are struggling though, I wanted to bring this simple means of identifying a trading opportunity to your attention, which you can apply alongside the TDI for added comfort. I don't expect anyone to trade the way I do, I only hope to help your decision making process, the rest is up to you.
For MM, I always use 3 pending orders personally with a 6:3:1 ratio. In other words an order " set" of 3, each with the same stop loss, but different lot sizes and t/ps, and adjusting stops to b/e on orders 2 & 3 once t/p has been reached on order 1.
I don't know whether any of this has helped any of you to become more decisive, but I can only say that this approach has improved my trading to previously un-reached levels, and I suggest that this same approach should have the same effect on your own trading.
Note, for clarity to the TMS method, the chart contains candles for your benefit.
Cheers
LL
