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Trading Made Simple

  • #56,281
  • Apr 26, 2015 7:52am Apr 26, 2015 7:52am
Hi all,

We all looked to TV on what happened with the earthquakes, and then avalanches on Mt.Everest which catch a lot of mountain climbers on Everest and died many of them... (We Romanians have 5 famous mountain climbers, and by now we know they are safe and sound and report back...)

But with all of these, I have a question which keep come in to my head, and I wanted so much to hear from you... Like the initial developer of this thread said, how do I develop my mental fitness?!
Lately I discover that this is what I'm missing.... the lack of trust, and because of these I have a few times when, although the trade was correctly placed technically, in the initial phase was turning back on me, and on -10, -20 or -30 pips I was manually closing, scared, and of course from that point or in that area it was turning in the right direction, and of course I did "freeze" and didn't enter back and lose big opportunities, that make me wonder what is worst: to take a SL or to lose some very good trades that you watch developing during time being scared ...
But there were times when I manage to get back over this and stayed and got a lot of pips, not to say I even had courage to scale in in intraday moves...

I think I'm a little inpatient, and I always expect big momentum in the market, which I know is nonsense, there are days when you should be happy if you can grab 30, 40 pips, and this in M15, and ofcourse don't give them back to the market . And because I'm impatient, for the moment I don't find the mental power to trade the bigger TF yet, because now you are at +80pips then correction and go back to -50.. and after half a day again to +20 and so on, so on... Although I also discover, if you correctly learn to trade higher TF, you will definitely be more profitable in the long run.

I know that I shouldn't watch the market staying tuned a lot of time, but for the moment the only way that I found to do trading is during European session while I'm at work.
So, how do I develop my mental fitness?! and be more patient and more focused?

Thx,
Cris
  • #56,282
  • Apr 26, 2015 9:48am Apr 26, 2015 9:48am
Quoting cristy1980
how do I develop my mental fitness?..........
I'm not an expert, but what i did learn so far is the fact that as far as trade is concerned "Greed and Mental fitness" can't stay in one place. Just my opinion.
Winners Never Quit, Quitters Never Win
  • #56,283
  • Edited 4:47pm Apr 26, 2015 11:17am | Edited 4:47pm
Quoting cristy1980
Hi all, We all looked to TV on what happened with the earthquakes, and then avalanches on Mt.Everest which catch a lot of mountain climbers on Everest and died many of them... (We Romanians have 5 famous mountain climbers, and by now we know they are safe and sound and report back...) But with all of these, I have a question which keep come in to my head, and I wanted so much to hear from you... Like the initial developer of this thread said, how do I develop my mental fitness?! Lately I discover that this is what I'm missing.... the lack of trust,...

Hi cristy, first of all you're not on your own, it's a common problem, and one that causes many traders to give up or move on to another method, because lots of small losses soon add up to a large loss. It's as though the institutions or algorithmic trading programs know where they want to take the market but first of all take out the weaker holders stops and get their buddies in at a better price before continuing in the prevailing trend. How do you deal with it? Firstly put the odds in your favour and for a time just try taking trades in the direction of the medium term trend, not counter-trend. Putting a 50 or 60 ma or long term guppies on your chart will help. Secondly wait for a pullback to the ma or guppies and a change in candle colour as the pullback reverse and the prevailing trend continues, then take your trade as the example chart below, USD/JPY 15 min. If it's sideways or choppy movement stay out. Also if you go back to the beginning of this thread you'll see Big E was quick to take a small loss, maybe 8 or 10 pips. Then you can always get back in again if things go against you before going in you direction. I believe that phx62 also will take a small loss even though his emergency stop may be 50.

Haven't said much about 'mental fitness' but I'm sure more trades going your way from the beginning will help to increase your confidence which at the moment has been damaged and is the problem. To help regain your confidence just look for the one with-trend set-up pattern and go back through various charts and pairs just looking for that pattern - a pullback in a prevailing trend -(or any other that you prefer) and see how often it works. This will help rebuild confidence if you can see from past charts that the set-up has a high probability of going your way (hence with-trend). Remember too that the USD pairs have a lower volatility than the GBP pairs. You might concentrate on just a couple of pairs and get a feel for how they move and breath. Phx62 does very well often just on the EA. And don't bet the farm, keep bet size low until you are more confident and consistent. The European session is fine, it's the best one. It's not easy, it will take hours and hours of looking at charts and chart history, as they say, forex is a hard way to make easy money. Just my two cents, others may have different views and advice. Good luck.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYSBM15.png Size: 78 KB
  • #56,284
  • Apr 26, 2015 1:22pm Apr 26, 2015 1:22pm
hi, what is the name of the indicator that shows the yesterday\last week high/low in a horizontal gray dotted line?
Thanks in advance
  • #56,285
  • Apr 26, 2015 1:53pm Apr 26, 2015 1:53pm
Quoting mokuro89
hi, what is the name of the indicator that shows the yesterday\last week high/low in a horizontal gray dotted line? Thanks in advance

Hi mokuro, here it is, just yesterday's high and low

Attached File(s)
File Type: ex4 Yesterday High & Low v2.0.ex4   4 KB | 337 downloads
  • #56,286
  • Apr 26, 2015 2:59pm Apr 26, 2015 2:59pm
Quoting TheScorpS
{quote} Ballistical, I tried breaking down structure on previous attempt to solve LO opening mystery, so this time will try the last hours leading to LO opens and see how this one goes, might give a good help, any under laying trend reversal or continuation might lies within those hours that lead to LO opens so give it a shoot in back-testing this week and on
Agreed TSS, I always viewed these hours of low volatility as "noise" but clearly Phx draws on the market structure in these hours to help form a bias for LO.

On a separate note, Phx's Thursday trade got me thinking about a slightly different approach. I wanted to ask if you'd tried backtesting LO pullback candles. If you were to watch 4-6 pairs, for example and wait for the LO candle to close. Entry would be taken only on the break of an LO pullback candle where the wick was at least half of the candle. By placing the SL beyond the end of the wick, you would be protected against Double/ Triple Tops (common around LO) as well as retests of the LO price which sometimes occur around NYO. If none of the pairs formed a pullback LO candle then you'd simply wait until the next day for another opportunity. I'll do some backtesting when I get a chance.
Focus on the process and the profits will follow
  • #56,287
  • Apr 26, 2015 4:33pm Apr 26, 2015 4:33pm
Evening all!

hope everyone is well... It's been a long time since I've been on here and i'm looking to get back into trading and counting using this system, has anyone got the up to date graphs and Pdf's etc.. without me starting from page 1 again thought i'd ask!
  • #56,288
  • Apr 26, 2015 7:25pm Apr 26, 2015 7:25pm
Quoting Next4467
{quote} Hi emmanuel Forgive me if you have answered this many times previously, but if like me I only trade the 1 hour charts should I look to the H4 or daily for these WRB's? Thanks

Hi Next,

Yes, the Wide Range Bar analysis applies to all timeframes.

Below is an example of EURAUD.
The D1 chart shows a WRB on April 16 and the market traded within the high-low of that WRB with the WRB' High acting as resistance for several days. You will see this resistance in play when we trade H1. This week we shall see if the high-low will be tested and the breakout of the WRB range. We should be prepared for Euro volatiltity with the current ongoing Greece crisis and also this week is 4 tradings days into the Monthly close.
It is important when trading H1 when we see a WRB, we should not be chasing for an entry but look at the supportn and resistance on H1 and then look for a trade entry using lower timeframe M15 or M5 .

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD D1 chart WRB.png Size: 53 KB


regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #56,289
  • Apr 26, 2015 7:34pm Apr 26, 2015 7:34pm
EURAUD H1 week 17:
Interesting discussions on EURAUD H1 trades last week.
Below are 2 charts comparing the TDI Red Green and TDI RT versions.

Chart#1:
This is the actual screen capture of the TDIs in action.

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD H1 week 17 realtime.png Size: 108 KB


Chart#2:
This chart below had be refreshed and both the TDIs look exactly the same. When you do back-testing by scrolling back to history charts, this is exactly what you see.

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD H1 week 17 refreshed.png Size: 58 KB


Those of you using the Synergy_Pro_TDI is good because this TDI pro-version shows you the real price action and its volatility better than other versions posted in this thread.

You have to decide which TDI version to use when you forward test in live market conditions. Important is that you look at the price action and where the nearby support and resistance are and use the TDI as confirmation of the PA.

Have a good trading week to the month end.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #56,290
  • Apr 26, 2015 7:41pm Apr 26, 2015 7:41pm
Quoting xp3000
Evening all! hope everyone is well... It's been a long time since I've been on here and i'm looking to get back into trading and counting using this system, has anyone got the up to date graphs and Pdf's etc.. without me starting from page 1 again thought i'd ask!
Hi xp3000,

Go back to Post#55,982. That should save you a lot of time to read all 56K posts.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #56,291
  • Apr 26, 2015 7:44pm Apr 26, 2015 7:44pm
Attached Image (click to enlarge)
Click to Enlarge Name: g.png Size: 72 KB


Is anyone else watching this NZD/JPY Long set up? Its still bearish on the daily....thoughts?
  • #56,292
  • Apr 26, 2015 7:51pm Apr 26, 2015 7:51pm
Quoting mokuro89
{quote} Hi emmanuel, noticed those trades are not exactly on candles close and start of new candle, you usually set pending orders?
Hi mokuro,

Those trades were breakout trades. Did you see the Day Inside Bar on 23 April?
I place pending stop orders.

I posted this D1 chart below two weeks ago.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD D1 chart WRBs.png Size: 95 KB


regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #56,293
  • Apr 26, 2015 10:46pm Apr 26, 2015 10:46pm
Quoting emmanuel7788
EURAUD H1 week 17: Interesting discussions on EURAUD H1 trades last week. Below are 2 charts comparing the TDI Red Green and TDI RT versions. Chart#1: This is the actual screen capture of the TDIs in action. {image} Chart#2: This chart below had be refreshed and both the TDIs look exactly the same. When you do back-testing by scrolling back to history charts, this is exactly what you see. {image} Those of you using the Synergy_Pro_TDI is good because this TDI pro-version shows you the real price action and its volatility better than other versions...
Thanks a lot Emm for the clarification! That's what I've discovered too last time that made me stick to TDI RT version. I'll start off this week with the Synergy_Pro_TDI pax for forward live testing and be confident again with this TMS method!
  • #56,294
  • Apr 27, 2015 12:08am Apr 27, 2015 12:08am
EURAUD 27 Apr H1
It now one hour to the Frankfurt Open.
Have you decided on whether to be buyer or seller?

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD week 18 27 Apr Tokyo 6th H1.png Size: 89 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #56,295
  • Apr 27, 2015 1:14am Apr 27, 2015 1:14am
Quoting cristy1980
Hi all, We all looked to TV on what happened with the earthquakes, and then avalanches on Mt.Everest which catch a lot of mountain climbers on Everest and died many of them... (We Romanians have 5 famous mountain climbers, and by now we know they are safe and sound and report back...) But with all of these, I have a question which keep come in to my head, and I wanted so much to hear from you... Like the initial developer of this thread said, how do I develop my mental fitness?! Lately I discover that this is what I'm missing.... the lack of trust,...
You can't develop it by force. All you can do is practice, at some point you will start to see how price will behave.. Well you can backtest, it always helps as a confidence booster.
  • #56,296
  • Apr 27, 2015 1:51am Apr 27, 2015 1:51am
Quoting emmanuel7788
EURAUD 27 Apr H1 It now one hour to the Frankfurt Open. Have you decided on whether to be buyer or seller? {image}
A lot of noise around the Daily RN 1.39 structure if we look left and at least for me very tough to read PA. As said earlier, I'll be a buyer, waiting for LO breakouts, DT DB formations, divergence, etc.
Best regards, Zef
  • #56,297
  • Apr 27, 2015 2:43am Apr 27, 2015 2:43am
Quoting ZeF
{quote} A lot of noise around the Daily RN 1.39 structure if we look left and at least for me very tough to read PA. As said earlier, I'll be a buyer, waiting for LO breakouts, DT DB formations, divergence, etc.
well, we see now that the LO candle is not moving despite the FO candle was bullish.
we had a narrow range Sydney 3 hours, then the Tokyo 5 hours also narrow range with little movement. Then the Tokyo 6th hour candle showed some life, and FO followed.
Now I wait till LO candle close, to see the FO+LO range and pick the possible breakout.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #56,298
  • Apr 27, 2015 2:59am Apr 27, 2015 2:59am
Quoting emmanuel7788
{quote} well, we see now that the LO candle is not moving despite the FO candle was bullish. we had a narrow range Sydney 3 hours, then the Tokyo 5 hours also narrow range with little movement. Then the Tokyo 6th hour candle showed some life, and FO followed. Now I wait till LO candle close, to see the FO+LO range and pick the possible breakout.
It's really aggressive and stopped right on the 50 fib line of the Friday LO.

@emm are you going in despite PA caught in this structure and all this noise? Or wait for a breakout outside the structure area?

Attached Image (click to enlarge)
Click to Enlarge Name: Unbenannt.png Size: 34 KB
Best regards, Zef
  • #56,299
  • Apr 27, 2015 3:28am Apr 27, 2015 3:28am
Quoting ZeF
{quote} It's really aggressive and stopped right on the 50 fib line of the Friday LO. @emm are you going in despite PA caught in this structure and all this noise? Or wait for a breakout outside the structure area? {image}

too many small candles seen in H1 and H4.
I will not sell into last Friday' Low.
it is Tokyo closing hour now, it is not clear if there are sellers or buyers.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #56,300
  • Apr 27, 2015 6:01am Apr 27, 2015 6:01am
Quoting Ballistical
{quote} Agreed TSS, I always viewed these hours of low volatility as "noise" but clearly Phx draws on the market structure in these hours to help form a bias for LO. On a separate note, Phx's Thursday trade got me thinking about a slightly different approach. I wanted to ask if you'd tried backtesting LO pullback candles. If you were to watch 4-6 pairs, for example and wait for the LO candle to close. Entry would be taken only on the break of an LO pullback candle where the wick was at least half of the candle. By placing the SL beyond the end of...
By doing that a lot of fakeys can be avoided, its when LO trends on the opens that a trade will be missed , so I was thinking a while back to baypass LO opens first hour and then only trade, but didnt tried it so kept going with whatever there on LO opens or an hour laters
I Have Learned to Take Some Losses to Make Profits
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