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Trading Made Simple

  • #55,941
  • Apr 16, 2015 12:21am Apr 16, 2015 12:21am
EURCAD H1 traders, are you watching LO for an entry to catch the 'falling knife'?

catch that carefully, don't get cut...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,942
  • Apr 16, 2015 12:50am Apr 16, 2015 12:50am
My first ever trade post on FF using TMS method. EUR/NZD, entered just below yesterday low, green crossed red, already through BRN-1.4000, +16 pips so far. But I don't know when to take profit.

Okoso
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  • #55,943
  • Apr 16, 2015 1:18am Apr 16, 2015 1:18am
Quoting okoso
My first ever trade post on FF using TMS method. EUR/NZD, entered just below yesterday low, green crossed red, already through BRN-1.4000, +16 pips so far. But I don't know when to take profit. Okoso {image}

Hi okoso,

Important that you post your chart without all the windows screen details of your account number, etc.

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next, learn how to place a stop loss for your trades...

http://www.babypips.com/school/under...lity-stop.html

check the volatility of the currency pair you trade.... here is the link

https://www.mataf.net/en/tools/02-01-volatility

after this, learn when to move your initial stop loss when market move in your favour.
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,944
  • Apr 16, 2015 1:22am Apr 16, 2015 1:22am
Quoting emmanuel7788
{quote} {image} Hi, You are looking at a very small portion of your chart. Since you are trading M15, keep that simple, zoom out look at the previous Day open High Low Close and use those lines as your support and resistance. There is no need for any of those Supply and Demand indicators like the Super_Dem II, its is useless when the price is in small range and consolidating. You observe all currency pairs, the Asian range is usually narrow and the Asian channel right from the day open until the hour before the Frankfurt Open FO, the range is narrow....
thans very much, most of the time i got a signal from tdi, id always get a level from those various supp and res indicators, so it was a waste of time, I didnt know daily high low open close were significant supp and res levels, i have a lot to learn
  • #55,945
  • Apr 16, 2015 1:57am Apr 16, 2015 1:57am
Quoting emmanuel7788
{quote} Hi Arize, It is always 4 prices - its Open, High, Low and Close of the MN, W1 and D1 candles and we use these price lines as natural support and resistance because they are always there in every candle. You may see the close of the previous candle and the open of the next candle are the same. They are often not the case. This is important to know it now because when we later look at Wide Range Bar on our charts and use that to filter and to avoid trading those TDI cross setups which often fails, the gap between candle close and next candle...
Noted on that, thanks Emm. Currently I'm still using Japanese candlesticks, they give clearer PA. May have to open separate chart for APBs
Went and see NZDJPY H1 and I see what you meant as PA seem to indicate trend may continue
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  • #55,946
  • Apr 16, 2015 2:19am Apr 16, 2015 2:19am
Quoting emmanuel7788
EURCAD H1 traders, are you watching LO for an entry to catch the 'falling knife'? catch that carefully, don't get cut...
Emmanuel,

may I ask if you're finding setups on H4? Last week I found a handful of good entry signals, but this week I only found a couple of H4 trades (per my rules / knowledge).
I like to make at least one trade on H4 per day. What I see is that a lot of pairs are consolidating, or in a master candle range, or near a support, so I discard any possible signal. Is this situation normal?

Just asking to see if I'm being too conservative, or to learn and avoid missing something.

Thank you very much for your help
Had to be me. Someone else might have gotten it wrong.
  • #55,947
  • Apr 16, 2015 3:42am Apr 16, 2015 3:42am
2nd trade of the week, this time I moved my TP from +50 to +40 and it got hit. I also moved my stop to b/e after 30 pips, just to be on the safe side.

It is probably going to retest the most recent swing high, but I'm happy with my +40 and I'll be back tomorrow for an eventual third trade for the week. So far I'm only up 40, but still have the holiday spirit in me and I have yet to start trading LO

edit: and of course as I typed this it went +50
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  • #55,948
  • Apr 16, 2015 3:52am Apr 16, 2015 3:52am
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  • #55,949
  • Apr 16, 2015 4:11am Apr 16, 2015 4:11am
Quoting mordin
{quote} Emmanuel, may I ask if you're finding setups on H4? Last week I found a handful of good entry signals, but this week I only found a couple of H4 trades (per my rules / knowledge). I like to make at least one trade on H4 per day. What I see is that a lot of pairs are consolidating, or in a master candle range, or near a support, so I discard any possible signal. Is this situation normal? Just asking to see if I'm being too conservative, or to learn and avoid missing something. Thank you very much for your help

Hi,

That depends on your H4 setups rules and how many pairs you monitor and trade.
If you only look for reversal setups, then you are limiting yourself.
There are 6 x H4 candles in one trading day of 24-hours, so there will always be price action setups for consolidation, pull-back, etc. to trade the continuation of established trends.
In those market situations where we see H4 is in a range set by WRB and MC(3), then the opportunities are trading in H1 timeframe.
To trade full time, you need to trade in different timeframes which will enable you to trade in different market type. Remember, there is a trend in every timeframe. You need to know the swing range in each timeframe.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,950
  • Apr 16, 2015 4:16am Apr 16, 2015 4:16am
2 E/A wins and G/j loss this morning.

Posting the chart with the 2 wins.

I entered about 5 pips too late at LO, and the break of the asian low. Price went 47 pips in my fav, closed for +35.
The second, lucky, hit my +50 pip TP directly.
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  • #55,951
  • Apr 16, 2015 4:18am Apr 16, 2015 4:18am
Quoting emmanuel7788
{quote} Do you see that EU is trading is a range of about 460pips? ... set by D1 chart.
Did not know that. Saw the opportunities on both EU and EJ ... As there was 200 MA staring on EU (1H) ... went ahead with EJ ...
  • #55,952
  • Apr 16, 2015 4:31am Apr 16, 2015 4:31am
Quoting adikashyap
{quote} Did not know that. Saw the opportunities on both EU and EJ ... As there was 200 MA staring on EU (1H) ... went ahead with EJ ...
sorry, my mistake. I was looking at EU but you posted EJ.
So I deleted my earlier post.

EJ D chart shows consolidation with an Day IB. We may have to wait another 2 days before we can confirm a bullish reversal. Today H1 buy entry can be good.
Attached Image (click to enlarge)
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,953
  • Apr 16, 2015 4:37am Apr 16, 2015 4:37am
Quoting emmanuel7788
{quote} Hi Donquixote, First, you need to learn the basic 5-Method. This EURAUD H1 trade is a classic example of the 5-Method setup. It is Price Action at Support and Resistance PSAR, then let the TDI cross as confirmation of the PASR. what is the PA? where is the resistance (for sell)? {image} regards,
so , first it need to wait for tdi red cross tdi blue and then wait candle to close below EMA(anyway , what i know this MA are SMA from the template do u change it?) and confirm stochastic slope crosses too at h4?

Attached File(s)
File Type: ex4 #NFX_Profit_level.ex4   7 KB | 496 downloads
Attached File(s)
File Type: ex4 #NFX-Levels.ex4   4 KB | 473 downloads


anyway here's some support resistence :THE Red line of #NFX LEVEL SR is strong thats what i know.
and as for #NFX profit level is my favorite , if u active this at ur chart u will see line that say ' buy ' or 'sell' when price pierce these lines , the price tend to follow trend till target 1 i suppose .

Hope this help
Take What You Can , Give Nothing Back
  • #55,954
  • Apr 16, 2015 4:37am Apr 16, 2015 4:37am
Quoting Vladbold
2 E/A wins and G/j loss this morning. Posting the chart with the 2 wins. I entered about 5 pips too late at LO, and the break of the asian low. Price went 47 pips in my fav, closed for +35. The second, lucky, hit my +50 pip TP directly. {image}
very good reflex trading.
You captured the LO candle range two times...by selling and buying.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #55,955
  • Apr 16, 2015 4:38am Apr 16, 2015 4:38am
Quoting emmanuel7788
{quote} very good reflex trading. You captured the LO candle range two times...by selling and buying.
Thank you!

I got faked by the G/j break of asian high - entered there, price went down, took my sl, then back up. Could have been such a perfect day.
  • #55,956
  • Apr 16, 2015 4:43am Apr 16, 2015 4:43am
Quoting griffinssoul
"...so i took my pips and left... just like the market told me to" GJ +30pips : indi was UJ : (cross)1H/4H [break-out retest/retrace play]... things are looking good {image}
Can u sare ur session indicator ..?
  • #55,957
  • Apr 16, 2015 4:51am Apr 16, 2015 4:51am
Quoting emmanuel7788
{quote} sorry, my mistake. I was looking at EU but you posted EJ. So I deleted my earlier post. EJ D chart shows consolidation with an Day IB. We may have to wait another 2 days before we can confirm a bullish reversal. Today H1 buy entry can be good. {image}
When you say 200 EMA on D candle, I'm assuming 800 EMA (as 800 EMA is supposed to be 200 EMA on D candle) .... that is at 129.60 ....
  • #55,958
  • Apr 16, 2015 5:20am Apr 16, 2015 5:20am
Hello Seniors,

Little lesson for newbies (like me ).

Double bottom + Pullback Candle. Blue Candle doesn't broke 5 SMA.

I took entry and i made a loss cut when green TDI became flat. (SL = pullback candle low price).

Reason for NOT take this kind of trade:

 

  1. Short Blu Candle which doesn't cut the 5 sma;
  2. EMA 50 countertrend
  3. Entry has made before breaking above third candle (as Phx62 teachs)
  4. Last but not least: Short term (5 SMA) countertrend.


If seniors cacth any other reason , feel free to add

Thank you

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  • #55,959
  • Apr 16, 2015 5:56am Apr 16, 2015 5:56am
Quoting cr1982
Hello Seniors, Little lesson for newbies (like me ). Double bottom + Pullback Candle. Blue Candle doesn't broke 5 SMA. I took entry and i made a loss cut when green TDI became flat. (SL = pullback candle low price). Reason for NOT take this kind of trade: Short Blu Candle which doesn't cut the 5 sma; EMA 50 countertrend Entry has made before breaking above third candle (as Phx62 teachs) Last but not least: Short term (5 SMA) countertrend. If seniors cacth any other reason , feel free to add Thank you {image}
Hi,

I have 2 things i want to mention, i don't want to comment on how good or bad the entry is, but:
1. Phx62 teaches H1 entries. H4 are different, and take different considerations.
2. Your sl was much too tight for a H4 entry. A correct SL placement should have been at the previous low - thusly, the double bottom.
  • #55,960
  • Apr 16, 2015 6:01am Apr 16, 2015 6:01am
Quoting emmanuel7788
{quote} Hi, That depends on your H4 setups rules and how many pairs you monitor and trade. If you only look for reversal setups, then you are limiting yourself. There are 6 x H4 candles in one trading day of 24-hours, so there will always be price action setups for consolidation, pull-back, etc. to trade the continuation of established trends. In those market situations where we see H4 is in a range set by WRB and MC(3), then the opportunities are trading in H1 timeframe. To trade full time, you need to trade in different timeframes which will enable...
Thanks for answering.

I monitor the same pairs as you, plus gold, DAX, and S&P500. I tend to avoid reversal, because one of my rules is that I only go long if price above 50EMA, and short only if price below 50EMA, it helps me filtering some bad trades, but perhaps I have to be a little more flexible with this rule.
My goal in a few years is to trade full time, but right now with a day job I can't trade H1, I could look at H1 when checking H4, but nothing more. I trade now H4 and D1, which are the timeframes my time allows me to.
I guess I'll have to learn to sit on my hands during these situations... is going to be hard.

Thanks again!
Had to be me. Someone else might have gotten it wrong.
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