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  • #55,721
  • Apr 9, 2015 10:02am Apr 9, 2015 10:02am
I took EU sell ,GU sell ,EA sell .but all of the orders i close earlier ,because of lack of confidence and lack of patience.
It is a good lesson for myself .when you trade,Patience is as important as reading PA and TMS.
Can you give me some suggestions?
I tell myself that when you put the order in the market ,you must wait till the candle close ,no matter what happen during this candle ,and the best way is that walking away from the computer ,and check the order at the top of every hour.
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  • #55,722
  • Apr 9, 2015 10:03am Apr 9, 2015 10:03am
I am looking at all the GBP pairs, and they seem like they are going down south
  • #55,723
  • Apr 9, 2015 10:11am Apr 9, 2015 10:11am
nzd\usd nice trade still working
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  • #55,724
  • Apr 9, 2015 10:46am Apr 9, 2015 10:46am
Quoting bigcakex
I took EU sell ,GU sell ,EA sell .but all of the orders i close earlier ,because of lack of confidence and lack of patience. It is a good lesson for myself .when you trade,Patience is as important as reading PA and TMS. Can you give me some suggestions? I tell myself that when you put the order in the market ,you must wait till the candle close ,no matter what happen during this candle ,and the best way is that walking away from the computer ,and check the order at the top of every hour. {image} {image} {image}
Getting in is easy... getting out makes the difference between a good and a better trader. :nerd: I could use some suggestions regarding this topic, as well.
My first shot is 50 pips TP. Might work if you trade at London open.
You can adjust that with many kinds of magical things: S/R levels, whole/half numbers, pivot levels, volatility, Fib extensions etc... Or just watch the price action unfold and decide for yourself.

If you read through Big E's posts, he had said that "just close the trade if it turns back". Oh, and he only checked his trades every 4 hours.
Basically, because we are trading intraday swings (with H4 entry) and are not position traders, I think it is reasonable strategy to at least partially close a trade at a retracement, after, say 25-30 pips and then move the SL to breakeven.

Sitting in a trade for a longer time i.e. days requires a whole lot of patience but then you would probably enter from D1 rather from H4.
--I'm a demo newbie, please be cautious.
  • #55,725
  • Apr 9, 2015 11:02am Apr 9, 2015 11:02am
Quoting 3psilon
{quote} Getting in is easy... getting out makes the difference between a good and a better trader. :nerd: I could use some suggestions regarding this topic, as well. My first shot is 50 pips TP. Might work if you trade at London open. You can adjust that with many kinds of magical things: S/R levels, whole/half numbers, pivot levels, volatility, Fib extensions etc... Or just watch the price action unfold and decide for yourself. If you read through Big E's posts, he had said that "just close the trade if it turns back". Oh, and he only checked his...
Thanks,3psilon,
Now i just trade the H1 TF ,and trade the LO,usually ,i will always watch the orders going on when i getting in ,and saw the price up and down ,sometimes made me nervous about the pullback ,i remember that the Phx62' post said,when he put the order in ,he just walked away from his computer ,and check the order every hour.I want to practice my patience of waiting PA moving ,untill i get 21 pips green ,moving the SL to BE ,and TP +50 or +60 pips ,let it go.
And also ,i will practice partially close as you said ,because i never used this function before ,i think it will be good way .
I will keep on posting my trades,and find the trading way suiting myself.
Thanks again for you post.
Regards.
  • #55,726
  • Apr 9, 2015 11:37am Apr 9, 2015 11:37am
Quoting bigcakex
{quote} Thanks,3psilon, Now i just trade the H1 TF ,and trade the LO,usually ,i will always watch the orders going on when i getting in ,and saw the price up and down ,sometimes made me nervous about the pullback ,i remember that the Phx62' post said,when he put the order in ,he just walked away from his computer ,and check the order every hour.I want to practice my patience of waiting PA moving ,untill i get 21 pips green ,moving the SL to BE ,and TP +50 or +60 pips ,let it go. And also ,i will practice partially close as you said ,because i never...

You know what they say. A watched pot never boils.
  • #55,727
  • Apr 9, 2015 3:38pm Apr 9, 2015 3:38pm
Quoting bigcakex
{quote} Thanks,3psilon, Now i just trade the H1 TF ,and trade the LO,usually ,i will always watch the orders going on when i getting in ,and saw the price up and down ,sometimes made me nervous about the pullback ,i remember that the Phx62' post said,when he put the order in ,he just walked away from his computer ,and check the order every hour.I want to practice my patience of waiting PA moving ,untill i get 21 pips green ,moving the SL to BE ,and TP +50 or +60 pips ,let it go. And also ,i will practice partially close as you said ,because i never...
What I do now as a complete beginner is to close all trades by the evening (here in Europe, at least) and review every single trade. How did I enter, what was the signal, how did I make the decision? Was the SL good? TP, could it be better? What is the bigger trend? Etc. Time-consuming, but it is the best way to learn...

The tool here at FF is very useful. You can look at the candle charts, while reviewing HA candles and TDI in your Metatrader. Then you can write notes. You can see the account in my profile, it's public, whatever.

P.s. mods, please tell us if we should move to the rookie talk forum with all this. Traders in diapers.
--I'm a demo newbie, please be cautious.
  • #55,728
  • Edited 4:29pm Apr 9, 2015 4:10pm | Edited 4:29pm
Quoting 3psilon
{quote} Getting in is easy... getting out makes the difference between a good and a better trader. :nerd: I could use some suggestions regarding this topic, as well. My first shot is 50 pips TP. Might work if you trade at London open. You can adjust that with many kinds of magical things: S/R levels, whole/half numbers, pivot levels, volatility, Fib extensions etc... Or just watch the price action unfold and decide for yourself. If you read through Big E's posts, he had said that "just close the trade if it turns back". Oh, and he only checked his...
My TP on the LO H1 timeframe I work on is between 40%-50% of the geometric mean of the last 8-10 London Sessions ADR's. Each UK box is marked on my charts so every day at 9:00 AM I calculate the mean and that is the TP.

I usually leave out extreme values, such as 2xADR, due to news, etc. They can skew the representation of the mean and give you an unrealistic value which is not fundamentally reflected within the other legs of the mean.

As you pointed out, I make sure the TP is within ADR frames, not set under/over daily/weekly s/r, etc.

Once you find a % ratio of GM ADR of your set TP, all those indicators will fall well outside the range. The process takes care of itself at that point and will always keep you within reachable targets.

Here's some resources:
https://www.easycalculation.com/stat...etric-mean.php
http://en.wikipedia.org/wiki/Geometric_mean
"A geometric mean is often used when comparing different items finding a single "figure of merit" for these items when each item has multiple properties that have different numeric ranges."


All of our ADR's have multiple properties and those properties are expressed through numeric ranges which we call volatility.

That is why a normal arithmetic average will not work as it is not weight adjusted.
http://en.wikipedia.org/wiki/Inequal...eometric_means
The geometric mean is also one of the three classical Pythagorean means, together with the arithmetic mean and the harmonic mean. For all positive data sets containing at least one pair of unequal values, the harmonic mean is always the least of the three means, while the arithmetic mean is always the greatest of the three and the geometric mean is always in between.

This works for me.
Best regards, Zef
  • #55,729
  • Apr 9, 2015 6:06pm Apr 9, 2015 6:06pm
Quoting fortunemaker
Hi Emmanuel, What should be the Daily Open in my case? Is it at Sydney or London or New York Open? I am using MT4 Platform showing 15:00 (EET) in Market Watch at my time 08:00 (ET). 00:00 time is at Sydney Open. Thanks.
Hi,
Sorry, I have been busy yesterday and did not have much time online.

Your MT4 broker chart will show the actual day open for their data and it will be the actual D1 candle.
However, on H1 chart timeframe, you can either use that same day open for your H1 trading or depending on your H1 trading hours decide if you want to use another hour as your day open. For example, there are UK traders who would use the London Open as their day open, while others may use the new York open as their day open.

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As for me, I use FXCM (server time is GMT+3) and I start my trading day when Sydney ASX opens i.e. GMT2100. This is important for me as I trade the D1 chart a lot and use D1 chart for planning.

There are many website which provide market trading hours.
a simple one to use is this:
http://www.forexmarkethours.com/


regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,730
  • Apr 9, 2015 6:31pm Apr 9, 2015 6:31pm
Quoting bigcakex
I took EU sell ,GU sell ,EA sell .but all of the orders i close earlier ,because of lack of confidence and lack of patience. It is a good lesson for myself .when you trade,Patience is as important as reading PA and TMS. Can you give me some suggestions? I tell myself that when you put the order in the market ,you must wait till the candle close ,no matter what happen during this candle ,and the best way is that walking away from the computer ,and check the order at the top of every hour. {image} {image} {image}

Hi,

To trade H1, we must rely more on the Price Action and the use of Support and Resistance. The TDI is only a confirmation of the price momentum which supports the Price Action. TDI is always lagging the PA.

Trading H1 intraday, keep your trade setups simple. use onlty the common type of H1 setups, keep 5 simple PA setups. Do Not make a tared plan with lots of different setups which will make things difficult when intraday trading. Once you have found consistency in your entries, you then work on a disciplined Money Management strategy to help you win more and improve your overall win rate. This is one reason I use the mutliple lots entry with 3 exits. You need to be confident with your entry when you use this multi-lot entry technique. With good and proper timed entries, your TP1 and TP2 are usually within 5 hours of a market session, the 3rd pos is to let it run into the next market session. This work good for London session trading. Back-test this and see if this will work for you.

Two trades I took yesterday.
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The EA trades was taken during the Tokyo session seeing price consolidation and later when the price broke below the TOK_5H low.

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This EU trade taken during the London session after the PA broke the LO candle low.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,731
  • Apr 9, 2015 6:39pm Apr 9, 2015 6:39pm
Quoting birdnest
I am looking at all the GBP pairs, and they seem like they are going down south

Look at all their D1 charts, that should be our big picture when we trade... be that M15, H1, H4, D1 etc. There are always four lines on every chart TF which we all see the same on our charts. No need any indicators.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,732
  • Apr 9, 2015 8:34pm Apr 9, 2015 8:34pm
There seems a M head on H4 EU , sold yesterday at 1.07 after PA drop below the neck line.
D1 still bearish, H1 small bounce now, will sell again when H1 cross down maybe near the neck , hope to see target 1.05.
Hope I am right
  • #55,733
  • Apr 9, 2015 8:50pm Apr 9, 2015 8:50pm
Quoting Saionbus
There seems a M head on H4 EU , sold yesterday at 1.07 after PA drop below the neck line. D1 still bearish, H1 small bounce now, will sell again when H1 cross down maybe near the neck , hope to see target 1.05. Hope I am right
Hi,

While discussing this same pair with my buddies earlier, this is what some of see ...

Attached Image (click to enlarge)
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after you draw those MN OHLC, switch to H1 chart and see how that play out on H1.

today we may see some retracement on H1. We shall see what happens when LO later today.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,734
  • Apr 9, 2015 9:26pm Apr 9, 2015 9:26pm
Quoting emmanuel7788
{quote} Hi, While discussing this same pair with my buddies earlier, this is what some of see ... {image} after you draw those MN OHLC, switch to H1 chart and see how that play out on H1. today we may see some retracement on H1. We shall see what happens when LO later today.
Thanks a lot Emmanuel, maybe I know why you sold early near 1.0740 (broke MN close & LO low), more 40+ pips better than mine.
Do you set first LO H1 candle as H1 master candle if its a big one, and enter after break through according with TDI signal?
I will take care of H1 retracement. hope won't hit my BE
  • #55,735
  • Apr 9, 2015 10:38pm Apr 9, 2015 10:38pm
Quoting 3psilon
{quote} What I do now as a complete beginner is to close all trades by the evening (here in Europe, at least) and review every single trade. How did I enter, what was the signal, how did I make the decision? Was the SL good? TP, could it be better? What is the bigger trend? Etc. Time-consuming, but it is the best way to learn... The tool here at FF is very useful. You can look at the candle charts, while reviewing HA candles and TDI in your Metatrader. Then you can write notes. You can see the account in my profile, it's public, whatever. P.s. mods,...
Yes, I think it is possible to move to the rookie talk forum ,or build a skype group to talk ,and who wants to join in the group ,can discuss with each other and learn from each other .i think it is a good suggestion.
  • #55,736
  • Apr 9, 2015 11:21pm Apr 9, 2015 11:21pm
Quoting emmanuel7788
{quote} Hi, here are the SCRIPTS. Copy these to your installed MT4 folder MQL4/Scripts/... Note: these are pending orders - they are Stop or Limit orders, depends on where exactly you drop them on your chart's active Bid / Ask price levels. Try them and get the feel how they work in realtime active charts. After you drop the script on your chart, it will prompt for input. You can change the parameter as you wish. also you can add the frequently used scripts to your Navigator Favourtie folder. This will enable you to simply drag and drop them onto...
hi big emm i download the script and put it on my metatrader 4 script folder but when i click it nothing is happening do you know what is probably the problem?i also test it on another broker platform but its the same nothing is happening...thank you so much big emm im hoping i can also use your script for my trading..
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  • #55,737
  • Apr 9, 2015 11:49pm Apr 9, 2015 11:49pm
Quoting vayzardos
{quote} hi big emm i download the script and put it on my metatrader 4 script folder but when i click it nothing is happening do you know what is probably the problem?i also test it on another broker platform but its the same nothing is happening...thank you so much big emm im hoping i can also use your script for my trading.. {image}
You need to drag and drop them at your entry point.
Sad i'm not trying to understand PA
  • #55,738
  • Apr 9, 2015 11:56pm Apr 9, 2015 11:56pm
Quoting omonisha
{quote} You need to drag and drop them at your entry point.
yes nothing is happening omonisha...how about you?it works perfectly on you?
  • #55,739
  • Apr 10, 2015 12:06am Apr 10, 2015 12:06am
Quoting vayzardos
{quote} yes nothing is happening omonisha...how about you?it works perfectly on you?
Never tested before. Just now test it. works perfectly. Just drag and release exactly where you want to enter. For short use Sell script and for long use buy script
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Sad i'm not trying to understand PA
  • #55,740
  • Apr 10, 2015 12:19am Apr 10, 2015 12:19am
Quoting vayzardos
{quote} yes nothing is happening omonisha...how about you?it works perfectly on you?
Oh or you may be didn't allow DLL. Allow like this from tool/option
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Sad i'm not trying to understand PA
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