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Trading Made Simple

  • #55,761
  • Apr 10, 2015 6:02am Apr 10, 2015 6:02am
Quoting vayzardos
{quote} hi big emm i want to ask about your trading psychology...on the e/u trade i see you let the trade keep running almost all the day even though on the middle of the trade there is 2 blue candle and a weak buy signal....how do you handle those kind of trade in your mind?if its me i think my maximum of keeping the trade running is only 3-4 hour...and do you put the SL to BE once it hit a certain pips?thank you big emm

Hi,

Those were H1 trades taken on H1 chart. With TP1 +25pips and TP2 +50pips, and TP3 protected at BE when market moved in favour +50pips so that 3rd pos is a free trade.
Then look at H4, can I convert that H1 to H4 trade? if yes, I let that run into the next market session and possibly the next day.
The H4 candles were bearish and APB were red.
That is all in the big picture planning,... March bearish monthly close, retracement seen and reversal back to the dominant trend.
All technical based decision and using a disciplined money management strategy, these will help overcome any psychological issues like greed and fear.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,762
  • Apr 10, 2015 6:06am Apr 10, 2015 6:06am
Quoting fulltilt
TMS-Monitor is an EA, i-profittracker the indicator {file} {file}
that's the old version of TMS Monitor.

go to the thread and follow that thread if you want to use the TMS Monitor.

http://www.forexfactory.com/showthread.php?t=303347
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,763
  • Apr 10, 2015 6:15am Apr 10, 2015 6:15am
Quoting Clivethien
Hi Emmanuel & all, I did 3 trade yesterday till today, 1 ended in profit and 2 ended in loss. I appreciate any comment on what I did wrong and could have done better: USD/JPY 4H Green Line Short, red line S/L {image} EUR/GBP 4H Green Line long, red line S/L {image} GBP/CAD 4H Green Line Short, red line Exit {image} All comments are welcomed! Regards, Clive

Hi,

Trading H4 requires more work than to simply trade the TDI cross and APB candle 3# and candle #2 for entry. These are aggressive entry expecting reversals.
You need to do your big picture plan or top down analysis looking at Monthly and then Weekly to see what the market type is when we want to trade H4 swings.
Remember, TMS 5-Method is trend trading and picking reversal is not so easy simply looking at TDI cross.

Note, EURGBP is a special pair to trade. Look at its pip value and select the currency pair to trade carefully.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,764
  • Apr 10, 2015 6:25am Apr 10, 2015 6:25am
Quoting mordin
{quote} Emmanuel, I started using these scripts, with good results, but I'm using them on the H4 TF. Currently I use the same TPs as you (default ones for the script), but I end up with the three trades closed too soon, and watching the pair going further for 200 pips or more, and as re-entering is harder, I usually sit on the sideline watching it advance and it drives me nuts, because then it takes too much until I find another suitable entry, I'd like to ride the trend more time. Would it be correct to double the TPs for the H4, as the trades...

Hi,

Those scripts defaults setting are meant for use on H1 chart trading and for those 12 pairs I trade. Do not use them for EURGBP pair.
The intention to set TP1 at 25pips is to get profitable exit in 2-3 H1 candle after entry in a trending market condition. If you don't see TP1 in 2-3 hours, then you must suspect something. TP2 will take more time, but usually can exit within the same market session in 3 to 5 candles and we do not have to worry when market session changes over.

If you want use those scripts to trade H4, you need to consider the H4 volatility of that currency pair. Simpy change the numbers of pips for TP1, TP2 and TP3.
For TP3, you have to check the average weekly range.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,765
  • Apr 10, 2015 7:09am Apr 10, 2015 7:09am
Quoting Bernardi
{quote} I would have entered that E Y candle at the end, or at the previous low break, why did you enter it so early? you catched a very good move
My trade showing i entered on the break of previous H4 candle low. On my chart you can see i am trading it last 2 days. Today i was watching it too. It was a continuous trade after a little consolidation above the daily open above the weekly low. Weekly low was broken yesterday. When price broke both daily open and previous candle low i entered.
Sad i'm not trying to understand PA
  • #55,766
  • Apr 10, 2015 10:09am Apr 10, 2015 10:09am
Quoting Lookleft
{quote} My thoughts on these trades If you look at the APB on your losing trades the wicks are grey. When using the Synergy APB this is a sign of price consolidation. Drop down to the H1 chart and you'll see this clearly on the EG trade. There is a Synergy Pro manual in the paperclip that details this. The TDI for the UJ trade wasn't a cross it was a touch and in fact bounced. The EG TDI was lurking around the 32 area which again can be a sign of consolidation. Well done on GC cheers
Hi Lookleft,

Thanks for your advice! Will try to pay more attention to APB patterns as well as multi time frame checking before entry.

Regards,
Clive
  • #55,767
  • Apr 10, 2015 10:09am Apr 10, 2015 10:09am
Quoting emmanuel7788
{quote} Hi, Trading H4 requires more work than to simply trade the TDI cross and APB candle 3# and candle #2 for entry. These are aggressive entry expecting reversals. You need to do your big picture plan or top down analysis looking at Monthly and then Weekly to see what the market type is when we want to trade H4 swings. Remember, TMS 5-Method is trend trading and picking reversal is not so easy simply looking at TDI cross. Note, EURGBP is a special pair to trade. Look at its pip value and select the currency pair to trade carefully. regards,
Thanks for your reply! Well noted

Regards,
Clive
  • #55,768
  • Apr 10, 2015 10:54am Apr 10, 2015 10:54am
Three more trades taken this week on EA H1.
Attached Image (click to enlarge)
Click to Enlarge Name: 2015.4.10.EA.H1.3 days.png Size: 80 KB
  • #55,769
  • Apr 10, 2015 11:41am Apr 10, 2015 11:41am
Just six trades this week:

- EURCAD D1 +213 pips. Closed too early.
Attached Image (click to enlarge)
Click to Enlarge Name: 06-10 EURCAD D1_.png Size: 106 KB


- EURCAD H4 +25, +50, +80. TPS too tight. Missed other entries.
Attached Image (click to enlarge)
Click to Enlarge Name: 06-10 EURCAD H4_.png Size: 93 KB


- GBPNZD H4 +35, -75, +102. I entered too late, and set a stop too tight for this pair. Missed other entries.
Attached Image (click to enlarge)
Click to Enlarge Name: 06-10 GBPNZD H4_.png Size: 91 KB


- GBPUSD H4 +15, +25, +41. I thought that the purple MN1 resistance could be dangerous... Missed other entries
Attached Image (click to enlarge)
Click to Enlarge Name: 06-10 GBPUSD H4_.png Size: 85 KB


I also have one position open on EURNZD D1 with +210 pips. BE done. Overall good week, but could have been better if I had set better exits.

Good weekend to everyone
Had to be me. Someone else might have gotten it wrong.
  • #55,770
  • Apr 10, 2015 12:25pm Apr 10, 2015 12:25pm
Taking an inspiration from Phx62 trades a few weeks ago in which he traded the break out using TMS during LO, i finally had the chance to try it myself.

In the chart below are all the trades i took this week; 5 in totals with 2 of them on trade #3
I've marked LO using green vertical line to make it easier to see.
I think I've done alright so far. However I can use some additional pointer/advices that people in this thread have.
my only regret is on trade #2 where my confidence in my trade wafer; also in not being able to maximize profit.
except trade#1 i've used TDI to confirm for entry.

Greenb

EDIT1: total 203 pips profit
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1.png Size: 80 KB
Daniel
  • #55,771
  • Apr 10, 2015 6:04pm Apr 10, 2015 6:04pm
Quoting Greenb
Taking an inspiration from Phx62 trades a few weeks ago in which he traded the break out using TMS during LO, i finally had the chance to try it myself. In the chart below are all the trades i took this week; 5 in totals with 2 of them on trade #3 I've marked LO using green vertical line to make it easier to see. I think I've done alright so far. However I can use some additional pointer/advices that people in this thread have. my only regret is on trade #2 where my confidence in my trade wafer; also in not being able to maximize profit. except...
Greenb,

Good H1 trades.

Living in your time zone, you will lose sleep just to trade H1 during the the London session.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,772
  • Apr 10, 2015 6:10pm Apr 10, 2015 6:10pm
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.
Hi Folks,

I got a few PMs asking me about my EU H1 trade on 9 Apr London Open and that MN chart I posted.

Here are the charts - MN and H1, which I think should explain what I meant when I look at the Monthly Open, High, Low and Close OHLC and to look for continuation of the March MN candle action.
Mobnthly chart showing the candle OHLC
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD MN OHLC.png Size: 55 KB


H1 chart -
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 9 April setup entry H1.png Size: 69 KB


Note: This April' monthly candle already show it is bearish, continuing for last month's move. But there is no guarantee it will continue downward but the high probability is there by looking at the higher TF Monthly and Weekly.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,773
  • Apr 10, 2015 6:30pm Apr 10, 2015 6:30pm
EURUSD Week 16 Apr 13 to 17:

For those TMS traders who are Elliot Wave lovers,
we see on H4 a nice ABC waves and an extended D wave which is not complete yet.
What will happen next week?
We should see the extended CD complete, then what happen?
The March MN Low is in sight, what will be the market' price action be like to reach this MN Low?
We should do our own big picture planning / top down analysis and prepare for the new trading week.
If you wait for the TDI cross then start your chart analysis, you will not make it to become a successful TMS trader.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD H4 week 16 outlook.png Size: 54 KB


Have a Good Weekend.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,774
  • Apr 10, 2015 6:34pm Apr 10, 2015 6:34pm
Quoting Phx62
Three more trades taken this week on EA H1.{image}

Hi Phx62,

You started this week trading EU on Monday and Tuesday. Then you switch to EA.
What made you change from EU to EA mid week?

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,775
  • Apr 10, 2015 6:46pm Apr 10, 2015 6:46pm
to new traders to TMS,

know all the currency pairs well when you pick one to trade H1.

Do not trade EURGBP and expect to make 30 to 50pips in one trade.

Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP Volatility.png Size: 79 KB


https://www.mataf.net/en/tools/02-01-volatility
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,776
  • Apr 10, 2015 7:30pm Apr 10, 2015 7:30pm
Here is a practice example for next week' trading:

NZDJPY H4.
Same approach, top down looking at MN candles, then Weekly candles.
Now on H4 chart, we see the MN OHLC.

You decide on whether to be buyer or seller next week.

Attached Image (click to enlarge)
Click to Enlarge Name: NZDJPY H4 Week 16.png Size: 68 KB


Assume your Plan A is to be buyer.
What if (Plan A fails) i.e. your belief in Plan A no longer is true?

Do you do the turnaround?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,777
  • Apr 10, 2015 8:02pm Apr 10, 2015 8:02pm
Quoting emmanuel7788
{quote} Greenb, Good H1 trades. Living in your time zone, you will lose sleep just to trade H1 during the the London session. regards,
i started adjusting my sleep pattern, i went to bed around 8pm woke up at 11pm and stay awake until 2-3am before i go back to bed and waking up at 6am -which i sometimes didnt managed to do- and go back to bed again until 8am.

i'm still young, i have 2-3 years time for me to abuse my body to fill my account for when i get to retirement age some 30+ years from now. u know the proverbs, something about its better to work hard now than to do it later.


Greenb
Daniel
  • #55,778
  • Apr 10, 2015 8:07pm Apr 10, 2015 8:07pm
Quote
You decide on whether to be buyer or seller next week.

Without any attempt at an accurate entry, it's a buy for NZD/JPY! higher time frame stochastics are rising over the low dip of the current stoch... higher time frame TDI price line is still above market base line while the current TDI is just poking out of (and being rejected!) by the volatility band. it seems like a pretty common higher probability entry when the current TDI is hitting volatility band and turning, while the higher time frame TDI is on the opposite side of the spectrum. if both higher and current time frame TDI's were leaving their volatility bands, i'd be holding onto my pesos and getting ready for a wild ride into pip country!
  • #55,779
  • Apr 10, 2015 10:57pm Apr 10, 2015 10:57pm
Quoting emmanuel7788
Here is a practice example for next week' trading: NZDJPY H4. Same approach, top down looking at MN candles, then Weekly candles. Now on H4 chart, we see the MN OHLC. You decide on whether to be buyer or seller next week. {image} Assume your Plan A is to be buyer. What if (Plan A fails) i.e. your belief in Plan A no longer is true? Do you do the turnaround?
Is there an indictor which can show MN OHLC? thank you!
  • #55,780
  • Apr 10, 2015 11:17pm Apr 10, 2015 11:17pm
Quoting emmanuel7788
{quote} Hi Phx62, You started this week trading EU on Monday and Tuesday. Then you switch to EA. What made you change from EU to EA mid week? regards,
On Wednesday & Thursday EU did not set a high or low of the London session right away and the EA pair did. I did a couple of BE trades on EU but was not profitable on those days. I chose to not wait for the highs to be set later in the session.
EA began a downtrend with AUD news on Monday afternoon (my time zone) and I expected that trend might continue. It did, so I traded it. In fact, the trend continued with the AUD session and into the London session.
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