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Trading Made Simple

  • #55,841
  • Apr 13, 2015 7:52pm Apr 13, 2015 7:52pm
Quoting omonisha
{quote} I don't trade this pair nor i'm expert. Took a glance and this is what i see. Did you noticed that WRB/MC ? That WRB/MC high is the previous WK High. Price didn't close above the MC/ WK hi. And TDI is over 68. EMU has posted a pdf of basic rules at the end he explains the WRB. Hope that help. Post 53,842 {image}

good with the WRB and MC.

That stronng price rally and TDI re-enters VB plus that WRB / MC of the IB is an early warning of consolidation when we trade TMS 5-Method.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCHF week 16 H4 13 Apr.png Size: 97 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,842
  • Apr 13, 2015 9:47pm Apr 13, 2015 9:47pm
Quoting rnsfrd
As a beginner, the thing that has helped me improve my trades has been not only looking at the higher time frames (Daily and 4H when trading 1H) but also checking the 5M charts for entries. Although it isn't always necessary, you can eliminate fake outs since the 5M chart might be signaling a reversal. It also helps psychologically since you will enter the trade with profit instead of having to wait or wonder when the trade will pick up. When analyzing my big losses, most to all of them could have been avoided if I looked at the lower time frame...

Hi rnsfrd,

Please post some chart examples of your trades to show how you take H1 trades on M5.
From my experience, it is very difficult to see a H1 reversal on M5 because as price is often very choppy.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,843
  • Apr 13, 2015 9:51pm Apr 13, 2015 9:51pm
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?

http://www.forexfactory.com/attachme...1&d=1428712084

NZDJPY made a nice move down on H4. Now it is consolidation around the Prev MN close and range betwwne 0.89 and 0.90.
We shall see how the PA will work out and if there would be a bullish reversal.

Good Trading!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,844
  • Apr 14, 2015 12:58am Apr 14, 2015 12:58am
Quoting emmanuel7788
{quote} Hi, From the top down analysis perspective, that FO setup would be against the H4 and D1 price action. However, a retracement trade would have been possible if that FO candle would have been continuation from a Tok_5H Low, but there was no such price action move during the Tokyo 5-hours. The FO candle faced two nearby resistance seen to the left and also the Mother Candle of the H1 Inside Bar. There was not breakout of this MC(2). In such situation, I prefer to wait for the LO candle to form and closed, then took the sell setup. {image}...
EURUSD 13 Apr H1 trades closed.
1 pos TP2 +25pips.
2 pos closed at BE when NYO.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD week 16 13 Apr H1 LO trades closed.png Size: 49 KB



Now we see that EU has move during the Tokyo 5 hours. Note that yesterday closed below the D1 consolidation range seen on D chart set by the WRB/MC(3).
What we do next is to look at the FO candle.


Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 4 Apr H1 TOK_5H.png Size: 58 KB


The Tok_5H high has been set. That is also the Asian session high for today.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,845
  • Edited 6:58am Apr 14, 2015 2:16am | Edited 6:58am
Quoting KierynM
Hi guys, What am I doing wrong here? I waited until the TDI crossed over on both the 4hr, 1day & 1week (MTF analysis), even all the arrows on the TDI angleator were heading upwards. I was even coming off the monthly pivot as support and heading towards the weekly R1 (seemed like a sure thing to me). It still turned literally as soon as I entered... and it doesn't seem to be a once only thing. This is happening a bit with me, as soon as I enter it reverses, what am I doing wrong? Would love some pointers thanks guys as I thought this was very conservative....
Hallo ... just my two bits to help and remind myself as well :-)

I have been trading for a number of years now and find the greatest challenge (still) to be the mind work and training related to trading - when I realized and put some serious effort into it, I almost immediately started to make more profits than losses.

All the senior traders I have ever met repeat statements like these over and over again (I quote Emmanuel7788):
"Now that I have had some success with trading, I get lots of questions about "how did you know where to enter?", "how did you know that cross of the TDI would go 50 or 100 pips?', "what made you believe this or that would happen?", why did you trade against the 200EMA or a certain resistance area?", how do "you decide, when you move your focus from the original target of 50 pips to a reduced target - to rescue the pips before they were melted away"?, etc.
The answer to those questions is.....I did not know!! I don't have a crystal ball to predict anything about the market and anyone who says they do is not telling the truth. I can only say, I developed a trading plan with a number scenarios based on the premise of IF...THEN. IF this happens, THEN I will do that."

Also, a quote or two from Trading in the Zone that helps to keep me in the right mindset when I have entered a trade:

"I have a carefree state of mind that completely accepts the fact that there is always unknown forces operating in the market. When I put up a trade, all I expect is that something will happen. Regardless of how good my edge is, I expect nothing more than for the market to move or to express itself in some way, that is all. I manage the trade based on that now moment with no expectation of winning or losing, because I know I have the odds on my side over a series of trades."

"I know before I enter the trade how much I am willing to let the market move against my position. There is always a point where the odds of success are greatly diminished in relation to the profit potential. At that point it is not worth spending any more money to find out if the trade is going to work. If the market reach that point, I know without any doubt, hesitation or internal conflict that I will exit the trade. The loss is simply the cost of doing business or the amount of money I am willing to spend to make myself available for a winning trade. There is no stress or negative emotions or threatening behavior associated with it."

If this is new to you, please follow the advice a senior trader gave me (AND IT WORKED FOR ME!!!): Stop trading live for a while and read and study Trading in the Zone by Mark Douglas (or any other book about trading psychology for that matter). You will not be disappointed !
Never give up !!!
  • #55,846
  • Edited 3:52am Apr 14, 2015 3:19am | Edited 3:52am
Quoting emmanuel7788
{quote} Hi rnsfrd, Please post some chart examples of your trades to show how you take H1 trades on M5. From my experience, it is very difficult to see a H1 reversal on M5 because as price is often very choppy. regards,
I use the same basic style as rnsfrd (signal on HTF and entry on LTF) and I love the M5 charts when trading H1 signals.

See the below chart = the M5 makes a first wave (at least 5-7 candles in the same direction) which is the H1 breakout candle. The retracements on the M5 is the most valuable and helps me to get my timing right most of the time. With TMS we mostly take the second candle after a TDI cross, so when the H1 TDI crosses and I plan to enter, I drop down to the M5 and can then see the first wave on the M5. I then wait for a form of retracement on the M5 (I studied old charts to get an idea of what is normal) and enter when it goes in the correct direction after the retracement - until it breaks I wait and in this way I filter out loads of false TDI breaks. When there is a nearby res/supp I wait until that is broken on the M5 and if I have a position already, I add to my position. Any proper PA candle on the HTF makes the LTF a real goldmine of opportunities when traded this way. It is a bit intense in the beginning of the trade but like you (Emmanuel7788), I go back to the HTF charts when I am 20-30 pips in profit and can basically leave it at break-even.

Hope this helps.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM5.png Size: 53 KB
Never give up !!!
  • #55,847
  • Apr 14, 2015 3:38am Apr 14, 2015 3:38am
It's amazing, I got more than 400+ pips by sell lots of EU since last Thursday. Thanks FF, TMS , and all kindhearted masters here.
It really encouraged me after many fails. Still tough and long way to learn and practise, but lucky to together with you.
BTW, I just took a long trade on EA @1.3939, a little late, should enter when LO, still hope can hit my TP.
Good luck
  • #55,848
  • Apr 14, 2015 3:57am Apr 14, 2015 3:57am
Quoting theunis
{quote} I use the same basic style as rnsfrd (signal on HTF and entry on LTF) and I love the M5 charts when trading H1 signals. See the below chart = the M5 makes a first wave (at least 5-7 candles in the same direction) which is the H1 breakout candle. The retracements on the M5 is the most valuable and helps me to get my timing right most of the time. With TMS we mostly take the second candle after a TDI cross, so when the H1 TDI crosses and I plan to enter, I drop down to the M5 and can then see the first wave on the M5. I then wait for a form...
hi theunis what is moving average use on your chart 200,50 or another moving average
  • #55,849
  • Apr 14, 2015 4:21am Apr 14, 2015 4:21am
Quoting theunis
{quote} I use the same basic style as rnsfrd (signal on HTF and entry on LTF) and I love the M5 charts when trading H1 signals. See the below chart = the M5 makes a first wave (at least 5-7 candles in the same direction) which is the H1 breakout candle. The retracements on the M5 is the most valuable and helps me to get my timing right most of the time. With TMS we mostly take the second candle after a TDI cross, so when the H1 TDI crosses and I plan to enter, I drop down to the M5 and can then see the first wave on the M5. I then wait for a form...

Hi,

that's good. I understood what you meant.
thank you.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,850
  • Apr 14, 2015 4:25am Apr 14, 2015 4:25am
Quoting firas1980
{quote} hi theunis what is moving average use on your chart 200,50 or another moving average

Hi firas,

If your are still looking at moving average to TMS 5-Method, simply use the 10, 50 and 200 EMAs.
You can replace the 5EMA shift+3 with the 10EMA, that will not make any difference when you can read price action and momentum on your price charts.

Read this post:

High Probability Trading using Moving Averages: Post#42,728

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,851
  • Apr 14, 2015 4:44am Apr 14, 2015 4:44am
Quoting firas1980
{quote} hi theunis what is moving average use on your chart 200,50 or another moving average
Hi

It is a 55ema.
I only use PA and TDI to make entry and exit decisions.
The MA's are just to give some structure to the waves series.
It only gives me an indication that the wave pattern has been broken and I need to act if I have not yet done so based on PA or TDI warnings.
Never give up !!!
  • #55,852
  • Apr 14, 2015 5:16am Apr 14, 2015 5:16am
Quoting emmanuel7788
{quote} Hi firas, If your are still looking at moving average to TMS 5-Method, simply use the 10, 50 and 200 EMAs. You can replace the 5EMA shift+3 with the 10EMA, that will not make any difference when you can read price action and momentum on your price charts. Read this post: High Probability Trading using Moving Averages: Post#42,728 regards,
Thanks for this material!
  • #55,853
  • Apr 14, 2015 5:25am Apr 14, 2015 5:25am
We should have plan before we take any trade...

I took GU today, unfortunately the TP did not hit
Attached Image (click to enlarge)
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  • #55,854
  • Apr 14, 2015 6:02am Apr 14, 2015 6:02am
Quoting Pervis
We should have plan before we take any trade... I took GU today, unfortunately the TP did not hit {image}
Hi Pervis

I took the same trade and here is how it worked out for me with the H1 entry and M5 management.
The only trick is not to stay on the M5 the whole time, it will drive you nuts
I keep it on H1 and only periodically check the M5 when I see movement.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDM5.png Size: 35 KB
Never give up !!!
  • #55,855
  • Apr 14, 2015 6:31am Apr 14, 2015 6:31am
Didn't quite have my live account setup yesterday so ended up taking my first live trade this morning.

Caught +50 on EA. Standard TMS entry taken as soon as LO broke above FO. I was very lucky with my TP just getting hit before price retraced from the previous resistance level.

Price has been ranging for the past couple of hours. As we enter NY I would expect price to start moving again. If it breaks the high set in London it could move 50+ pips and set a new high. Alternatively a candle colour change at NYO could indicate a strong reversal from this area.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 22 KB
Focus on the process and the profits will follow
  • #55,856
  • Apr 14, 2015 6:59am Apr 14, 2015 6:59am
Quoting Ballistical
Didn't quite have my live account setup yesterday so ended up taking my first live trade this morning. Caught +50 on EA. Standard TMS entry taken as soon as LO broke above FO. I was very lucky with my TP just getting hit before price retraced from the previous resistance level. Price has been ranging for the past couple of hours. As we enter NY I would expect price to start moving again. If it breaks the high set in London it could move 50+ pips and set a new high. Alternatively a candle colour change at NYO could indicate a strong reversal from...
Good trade man!

The benefits of a good entry, i just caught +42, after +48 being the maximum i've seen.
  • #55,857
  • Apr 14, 2015 8:03am Apr 14, 2015 8:03am
Quoting Pervis
We should have plan before we take any trade... I took GU today, unfortunately the TP did not hit {image}
Are you me?
Attached Image(s) (click to enlarge)
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  • #55,858
  • Apr 14, 2015 8:24am Apr 14, 2015 8:24am
Quoting Vladbold
{quote} Good trade man! The benefits of a good entry, i just caught +42, after +48 being the maximum i've seen.
Thanks Vladbold. As I said, I was lucky with that one. Just happened to be at my PC and entered as soon as it broke FO.

It was a bit of a shallow victory unfortunately. Its my first day on XM following your recommendation and I hadn't setup the lot size properly for a micro account meaning this win was only worth 0.04% as oppose to 4%... Doh!

Price stalled before NYO which suggested it would be ready to move again once NY started. As I suggested, a break of my first TP would probably lead to a continuation of 50+ pips. According to my chart in the last 2 hours it broke the level and moved 50 pips to the pip... if only I could have been at my laptop to trade the move.
Focus on the process and the profits will follow
  • #55,859
  • Apr 14, 2015 8:29am Apr 14, 2015 8:29am
Quoting Ballistical
{quote} Thanks Vladbold. As I said, I was lucky with that one. Just happened to be at my PC and entered as soon as it broke FO. It was a bit of a shallow victory unfortunately. Its my first day on XM following your recommendation and I hadn't setup the lot size properly for a micro account meaning this win was only worth 0.04% as oppose to 4%... Doh! Price stalled before NYO which suggested it would be ready to move again once NY started. As I suggested, a break of my first TP would probably lead to a continuation of 50+ pips. According...
It was a really nice setup, i caught some nice pips on the E/u with it. Will post as soon as i come home. Not a TMS entry, but still.
  • #55,860
  • Apr 14, 2015 8:50am Apr 14, 2015 8:50am
Quoting Ballistical
Didn't quite have my live account setup yesterday so ended up taking my first live trade this morning. Caught +50 on EA. Standard TMS entry taken as soon as LO broke above FO. I was very lucky with my TP just getting hit before price retraced from the previous resistance level. Price has been ranging for the past couple of hours. As we enter NY I would expect price to start moving again. If it breaks the high set in London it could move 50+ pips and set a new high. Alternatively a candle colour change at NYO could indicate a strong reversal from...
Congrats Ballistical very nice
Sad i'm not trying to understand PA
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