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Trading Made Simple

  • #55,881
  • Apr 14, 2015 8:18pm Apr 14, 2015 8:18pm
[quote=Ballistical;8203919]Didn't quite have my live account setup yesterday so ended up taking my first live trade this morning. Caught +50 on EA.....

Hi Ballistical,

I have been reading your posts and I like your approach. I guess we all love phx62 style of trading. I took the similar trade but bit late and it couldn't reach my profit target. The candle with wicks at both ends made me little nervous.

Good luck with live account, hoperich
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  • #55,882
  • Apr 14, 2015 8:32pm Apr 14, 2015 8:32pm
EURNZD Week 16 - 14 Apr LO trades.
Attached Image (click to enlarge)
Click to Enlarge Name: EURNZD week 16 14 Apr LO trades.png Size: 41 KB


If you look at D and H4, we have a potential breakout trade today.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,883
  • Apr 14, 2015 8:37pm Apr 14, 2015 8:37pm
Took a GU H1 trade today following the 3 US red news releases. Waited for PA to determine a direction, knowing all 3 releases were not good news for the dollar and entered. Had the CM set for 100 TP & 50 SL with a 50 pip trailing stop. Had to one click the entry 3 or 4 times to get filled but it finally happened.
Attached Image (click to enlarge)
Click to Enlarge Name: 2015.4.14.GU.H1.news.png Size: 79 KB
  • #55,884
  • Apr 14, 2015 8:44pm Apr 14, 2015 8:44pm
Quoting Phx62
Took a GU H1 trade today following the 3 US red news releases. Waited for PA to determine a direction, knowing all 3 releases were not good news for the dollar and entered. Had the CM set for 100 TP & 50 SL with a 50 pip trailing stop. Had to one click the entry 3 or 4 times to get filled but it finally happened. {image}
http://www.forexfactory.com/attachme...1&d=1429061642

Phx62,

Most of your previous trades, your exits were 3 lots exits +50, +100, +150 pips.
There seem no consistency in your exit strategy.
What makes you change your usual exit strategy for this trade.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,885
  • Apr 14, 2015 9:18pm Apr 14, 2015 9:18pm
Quoting emmanuel7788
{quote} {image} Phx62, Most of your previous trades, your exits were 3 lots exits +50, +100, +150 pips. There seem no consistency in your exit strategy. What makes you change your usual exit strategy for this trade. regards,
This was not one of my normal PA/TDI trades. It was a news trade. Get in, get some pips and get out. No one knows how many pips a news trade is going to move. In this case it hit my TP right away. I did not break it into 3 TP's because I was trying for the maximum profit in a short period of time. CM moved the SL to BE after 31 pips, so there was no risk from that point on. The entire trade took 31 minutes & 23 seconds, which I monitored the entire time. If there had been a sudden reversal, I would have manually exited immediately...more like a scalp trade, but there was no reversal or pullback.
  • #55,886
  • Apr 14, 2015 9:32pm Apr 14, 2015 9:32pm
Quoting Phx62
Took a GU H1 trade today following the 3 US red news releases. Waited for PA to determine a direction, knowing all 3 releases were not good news for the dollar and entered. Had the CM set for 100 TP & 50 SL with a 50 pip trailing stop. Had to one click the entry 3 or 4 times to get filled but it finally happened. {image}
Hi Phx62.Could you post the indicator in top of your chart you use.Thanks.
  • #55,887
  • Apr 14, 2015 9:35pm Apr 14, 2015 9:35pm
Quoting Phx62
Took a GU H1 trade today following the 3 US red news releases. Waited for PA to determine a direction, knowing all 3 releases were not good news for the dollar and entered. Had the CM set for 100 TP & 50 SL with a 50 pip trailing stop. Had to one click the entry 3 or 4 times to get filled but it finally happened. {image}
Nice trade from execution to exit, great
I Have Learned to Take Some Losses to Make Profits
  • #55,888
  • Apr 14, 2015 9:37pm Apr 14, 2015 9:37pm
Quoting Phx62
{quote} This was not one of my normal PA/TDI trades. It was a news trade. Get in, get some pips and get out. No one knows how many pips a news trade is going to move. In this case it hit my TP right away. I did not break it into 3 TP's because I was trying for the maximum profit in a short period of time. CM moved the SL to BE after 31 pips, so there was no risk from that point on. The entire trade took 31 minutes & 23 seconds, which I monitored the entire time. If there had been a sudden reversal, I would have manually exited immediately...more...
thanks!
Good news trading.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,889
  • Apr 14, 2015 9:43pm Apr 14, 2015 9:43pm
Quoting fxforever
{quote} Hi Phx62.Could you post the indicator in top of your chart you use.Thanks.
fxforever,

that looks like something showing the staus of different timeframes at an instant.

my question to you is: what do you want such an indicator to show you on your trading chart?

well, if he posts that indicator, it would be good if he also explains what that indicator does and how he uses that in his trading decision.

--
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,890
  • Apr 14, 2015 10:22pm Apr 14, 2015 10:22pm
Quoting emmanuel7788
{quote} GA, GN, EA, EN... did you follow the TMS 5-Method Basic Rules ... Post#53,842
Dear Emman,

Thanks for the reminder. I re-read the rules. And stopped trading for a while now.

I just cant see any setup on GA/GN/EA. They seem to be in a consolidation/range now.
  • #55,891
  • Apr 14, 2015 10:54pm Apr 14, 2015 10:54pm
I read a research about 10000 hours practise can make you a expert on any field.
Looking at myself as a beginner on forex, if I learn and practice 3 hours/day, it almost need 10 years. Oh my god.
For a full time trader, 3 to 5 years should be ok.
I remember Big E devoted thousands of hours on it. Now TMS may make that easier.

May I poll on that?
How many hours did you pay to get sustainable profiting abilities?
  • #55,892
  • Apr 14, 2015 11:46pm Apr 14, 2015 11:46pm
hello , im new to this method and i like this method . Because my current method is so stressfull! and i just start trade at real account 11 days ago after that i always anxious about my trade and not focus on my job too , so i need a method/ system that has high win probabilty and we dont need to check it all the time , and the system i always wanted are in here . The problem is this thread started since year 2011 and i just found it and read it now at 2015 . Could somebody be so kind and explain about how to entry or detect false signal . I read this thread a little up until page 7 , it say the good entry is when green TDI crossed Red TDI at candle 1 / 2 at H4 Time frame . I want to read it all but i have little time and this thread contain 2795 page thats too lot TT. Thank you
Take What You Can , Give Nothing Back
  • #55,893
  • Apr 15, 2015 12:05am Apr 15, 2015 12:05am
Quoting emmanuel7788
{quote} {image} Phx62, Most of your previous trades, your exits were 3 lots exits +50, +100, +150 pips. There seem no consistency in your exit strategy. What makes you change your usual exit strategy for this trade. regards,
This is my first post on FF . i have some question .. hope i will get answer from BIG EMU/Phx62....
1. toPhx62-- can you please share with us how you draw trend line on your chart ??(i notice almost all of your chart you draw TL)
2. to EMU - - you are the master of PA please can you share how to develop 10 skill ( i saw 1 of your post ) or what i need to know to be a good trader .

Thanks is advance
X62
"Go With The Flow."
  • #55,894
  • Apr 15, 2015 1:30am Apr 15, 2015 1:30am
[quote=hoperich;8205506]
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..... Hi Ballistical, I have been reading your posts and I like your approach. I guess we all love phx62 style of trading. I took the similar trade but bit late and it couldn't reach my profit target. The candle with wicks at both ends made me little nervous. Good luck with live account, hoperich {image}
Thanks Hoperich,

You were right to be put off by the long wicks on either end. The direction wasn't established until some way into the LO candle.

In hindsight, you might have been better to hold the trade but of course hindsight is 20/20

Regards

Ballistical
Focus on the process and the profits will follow
  • #55,895
  • Apr 15, 2015 2:21am Apr 15, 2015 2:21am
Quoting emmanuel7788
{quote} fxforever, that looks like something showing the staus of different timeframes at an instant. my question to you is: what do you want such an indicator to show you on your trading chart? well, if he posts that indicator, it would be good if he also explains what that indicator does and how he uses that in his trading decision. --
Hi Emmanuel7788,thank you for your participation.Yes,it would be good to explain what that indicator does and how to use that in trading.I think it would be useful also not only for me. Thanks in advance.
  • #55,896
  • Apr 15, 2015 3:12am Apr 15, 2015 3:12am
Quoting Saionbus
I read a research about 10000 hours practise can make you a expert on any field. Looking at myself as a beginner on forex, if I learn and practice 3 hours/day, it almost need 10 years. Oh my god. For a full time trader, 3 to 5 years should be ok. I remember Big E devoted thousands of hours on it. Now TMS may make that easier. May I poll on that? How many hours did you pay to get sustainable profiting abilities?
Hi

It took me 3000 hours (about 1000 trying as a on-and-off hobby, another 1000 more intense but still part time and 1000 full-time) to get to a level where I am consistently profitable ... but I am not able to make enough to live off it yet... that is my aim though and I am making progress with every hour of study and practice that I put in.

But I must add that I only discovered TMS few weeks ago and I think if I had discovered it when I started, I would definitely have shaven off at least a 1000 hours or more.

But EMU said (and that sums up why it takes hours and hours even with the perfect method) = successful trading consists of 10% method - 30% money management and 60% mind training /trading psychology. So even while working through all the amazing chart training PDF's and other information about TMS, you are still going to have to spend lots of time to get the other aspects in place.

Hope it helps to give you a realistic idea of what it takes.
Never give up !!!
  • #55,897
  • Apr 15, 2015 3:27am Apr 15, 2015 3:27am
guys, i use some support and resistance indicators from this thread, however most the times when i get a perfect tdi cross, it would be next to a level, so I would leave the trade, but then 8/10 times, it would smash through the levels and would bring me profits.....losing on a lot of pips

how do you guys deal with that?
  • #55,898
  • Apr 15, 2015 3:49am Apr 15, 2015 3:49am
Quoting shay14
guys, i use some support and resistance indicators from this thread, however most the times when i get a perfect tdi cross, it would be next to a level, so I would leave the trade, but then 8/10 times, it would smash through the levels and would bring me profits.....losing on a lot of pips how do you guys deal with that?
Hi
I saw the same thing happening to me and went back to the old charts for a few hours and saw that after a H1 TDI cross I can take a first position (half of my normal entry) when the price breaks through and a second position (the other half) when another candle closes past it, therefore minimizing my risk when it breaks though but there is no follow-though and it turns back.

It also helps to manage such an entry on LTF like the M5 or M15.
Never give up !!!
  • #55,899
  • Apr 15, 2015 3:54am Apr 15, 2015 3:54am
Quoting emmanuel7788
{quote} Hi, Your entry criteria look okay to me. They are simple and easy to read on your chart. Just that you were caught by the volatility today and that happen around a BRN 1.3300 and also historical swing level. The dominant trend is still bearish and no sign of bullish reversal. If there is any sign of weakness, then the Day candle long wicks may be the answer. {image} The reaction around these historcial swing levels can be 50 to 100pips swing. regards,

Hi Folks,

after my post above, a few PMs asking me where should be target profit.
Well, I don't know and i don't have a crystal ball to look at and see how much further it will fall to but I look at historical swing levels for long term position trading.
Anyway, this week target should be quite close ... ard 1.3200. Then we look at the price action and protect and add-on pos. The two historical levels are shown in the chart below.

Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD MN week 16 15 Apr update.png Size: 71 KB


we manage the downside of all trades with proper volatility stops, and we let the market decide where it wants to go.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,900
  • Apr 15, 2015 3:59am Apr 15, 2015 3:59am
Quoting shay14
guys, i use some support and resistance indicators from this thread, however most the times when i get a perfect tdi cross, it would be next to a level, so I would leave the trade, but then 8/10 times, it would smash through the levels and would bring me profits.....losing on a lot of pips how do you guys deal with that?

Hi shay,

different members here posted different support and resistance here. Which ones did you use? and which timeframe do you trade with these s&r indicators?

if you can, please post a chart example and I will try give you my view.

the only support and resistance I trust on my charts are those where I see there is confluence of supp/res and price action.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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