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Trading Made Simple

  • #57,621
  • Jun 5, 2015 5:32am Jun 5, 2015 5:32am
Quoting Lookleft
{quote} Hi tibovwh, As far a S/L go there is no magic number which people seem to think. It all depends on the pair, TF, market session etc. An initial S/L is used to minimize risk and I can say that mine never gets hit . I trade mainly H1 and use an emergency S/L of either 50 pips or outside the PAC (never bigger than 70 pips). Once the trade is going in my favor I'll move the IS/L to 25-30 pips. If the trade goes against me 25-30 pips, I'll close it, put it down as a bad entry, accept it as a business expense and either look to re-enter or...
THanks for this explanation. It makes sense tbh especially on the 15M and 1H chart. When price moves against you quickly it probably points towards a bad entry. And for my 4H charts I'm gonne try to time my 4H charts on 1H/15M entries so i'll try to use something along the lines you described and along the lines of Phx62! Thanks
  • #57,622
  • Jun 5, 2015 5:42am Jun 5, 2015 5:42am
Quoting Next4467
{quote} I tried the same entry but couldn't get my order filled for some reason kept trying and got a later entry, CM closed 1/3rd at 30 pips and moved SL to BE then got stopped out. {image}
There was something strange going on because I took the same EA trade but also EJ and EC and struggled to get the EJ order filled.
Never argue with a fool; onlookers may not be able to tell the difference.
  • #57,623
  • Jun 5, 2015 5:45am Jun 5, 2015 5:45am
I could of left it some extra room perhaps but I wasn't convinced enough
Attached Image (click to enlarge)
Click to Enlarge Name: GBPNZD.png Size: 86 KB
  • #57,624
  • Jun 5, 2015 5:49am Jun 5, 2015 5:49am
Quoting tibovwh
I could of left it some extra room perhaps but I wasn't convinced enough {image}
GBP pairs generally need more room to "breath" also GBPNZD and EURNZD have big spreads at least on my brokers.
Never argue with a fool; onlookers may not be able to tell the difference.
  • #57,625
  • Jun 5, 2015 6:09am Jun 5, 2015 6:09am
Took the CT trade back to LO low , for another +50 pips, I took it a little early on lower time frame this time
Attached Image (click to enlarge)
Click to Enlarge Name: EA_Second_Trade.jpg Size: 312 KB
I Have Learned to Take Some Losses to Make Profits
  • #57,626
  • Jun 5, 2015 6:11am Jun 5, 2015 6:11am
Quoting Mashiro
{quote} do you mark yourself the weekly high and low or is there a indicator for it?

Hi,

I draw those high low manually when I see wide range price bars on different timeframes.
There is no indicators which can do this.

below is the GBPUSD which I posted this week. We see the D1 has a wide range price bar WRB and that WRB high low act as support and resistance. With this D1 WRB, we do not trade any TDI cross setups but can only trade in the lower TF.
In this GBPUSD example, some traders here got into sell yesterday in H1 TF when the price pull back from the MN S&R 1.54305.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD week 23 D1 chart 5 Jun.png Size: 80 KB


H1 trade entry 4 Jun

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD 4 Jun H1 trade entry.png Size: 29 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #57,627
  • Jun 5, 2015 6:13am Jun 5, 2015 6:13am
Quoting Lookleft
{quote} Nice and clean trade as usual TS
Quoting Next4467
{quote} I tried the same entry but couldn't get my order filled for some reason kept trying and got a later entry, CM closed 1/3rd at 30 pips and moved SL to BE then got stopped out. {image}
Quoting adikashyap
{quote} Same reason ... same result ... {image}
We all were on the same ship , sails TMS at LO is the way to go , well done all and many green pips
I Have Learned to Take Some Losses to Make Profits
  • #57,628
  • Edited 7:04am Jun 5, 2015 6:44am | Edited 7:04am
Hey guys,

Another trade I took. I'd love to hear your thoughts

Went short on continuation of 15M trend down. It stalled a bit then moved sharply lower and pulled back from congestion area (left). There I added another lot short and moved my SL to the top of the PA channel. Is this a dangerous move that will get me stopped out a lot?

In hindsight, I probably shouldn't have done this because we recently closed above 2 on the daily and I actually think this might be a correction only to go higher after. What you think?

edit: I closed this one for a loss.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD4.png Size: 72 KB
  • #57,629
  • Jun 5, 2015 6:56am Jun 5, 2015 6:56am
Quoting fortunemaker
{quote} Hi Emmanuel and Pips29 Thank you very much for your replies. Thanks to pips29 for his time on charts explaining his view. But, I am little bit confused here with the technicalities of fib etc. Is there a simple method to trade Daily and H4 charts as explained by Big E in this forum. What I understand from Post #302, he has discouraged trading on Daily charts. He also referred to watch "Highs & Lows" in some posts (#53, 276, 647, 4099, 4746) for placing trades and and to place stop loss. I could not understand which highs and lows...

Hi Fortunemaker,

I am going back and read those posts you mentioned but post 4099 does not seem right. Can you check if this is the actual post you are referring to.

Thanks.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #57,630
  • Jun 5, 2015 7:15am Jun 5, 2015 7:15am
Quoting Lookleft
{quote} There was something strange going on because I took the same EA trade but also EJ and EC and struggled to get the EJ order filled.
Disappointing as it was my first opportunity for a few weeks to put a trade on . I see your in England too..
  • #57,631
  • Jun 5, 2015 8:24am Jun 5, 2015 8:24am
GBPUSD trade closed.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD 4 Jun H1 trade closed.png Size: 40 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #57,632
  • Jun 5, 2015 8:33am Jun 5, 2015 8:33am
Another example of Day Wide Range Bar which we use as filter not to trade any TDI cross setups.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD week 23 D chart WRB example.png Size: 64 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #57,633
  • Jun 5, 2015 8:59am Jun 5, 2015 8:59am
Quoting TheScorpS
{quote} {quote} {quote} We all were on the same ship , sails TMS at LO is the way to go , well done all and many green pips
Hi TheScorpS, Ad and other seniors! In the first place many congratulations, just couple of questions to clear my mind,
1. Does that mean good TDI angle (12,2 or 4,6) at LO
2. Do you generally not wait for the LO candle to close.
3. Am i missing something else?

I'm still struggling to trade Hourly charts, needs ur guidance plz, thnx

Regards,
Winners Never Quit, Quitters Never Win
  • #57,634
  • Jun 5, 2015 9:35am Jun 5, 2015 9:35am
Quoting hsn100
{quote} Hi TheScorpS, Ad and other seniors! In the first place many congratulations, just couple of questions to clear my mind, 1. Does that mean good TDI angle (12,2 or 4,6) at LO 2. Do you generally not wait for the LO candle to close. 3. Am i missing something else? I'm still struggling to trade Hourly charts, needs ur guidance plz, thnx Regards,

HSN,
what you are missing is:

1) the TDI version you use.

2) the price action will detetmine the angle of the TDI Green Price Line. Observe closely the price bar close price bar compare that to the previous price bar close. That is how the TDI paints the Green line.

3) remember when you trade H1, Price Action is king. (X_man).

see this chart below where I show the close price connecting with a line.

Attached Image (click to enlarge)
Click to Enlarge Name: Price close and TDI Green.png Size: 39 KB


regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #57,635
  • Jun 5, 2015 9:51am Jun 5, 2015 9:51am
Quoting hsn100
{quote} Hi TheScorpS, Ad and other seniors! In the first place many congratulations, just couple of questions to clear my mind, 1. Does that mean good TDI angle (12,2 or 4,6) at LO 2. Do you generally not wait for the LO candle to close. 3. Am i missing something else? I'm still struggling to trade Hourly charts, needs ur guidance plz, thnx Regards,
My 2 cents ....
1. If you are referring to the EA trade, if you observe EA was consolidating .4500 for some time, indicating some kind of retracement. As soon as the 1st blue candle broke the H of the last red candle, I jumped in. That way, it was more of PA trade than pure TMS / TDI trade. Understand that Price and its action is always more important than any indicator as every indicator follows the price, not the other way round.
2. Please understand that LO is not an Independent session on its own. It just has the biggest liquidity / momentum. That is why, the all importance. But you can not have an exclusive LO strategy, discounting Tokyo session. To trade LO more efficiently, it is imperative that we should first know how Tokyo has behaved just before FO. If Tokyo moves a lot, LO will be choppy. If there was a strong trend developing during Tokyo, it might consolidate during 1st few hours of LO, but then continuing the trend. That way, you have observe candle formations (HH/LH/LL/HL), DT/TT, DB/TB, PCRF etc.
3. I do not know what you are missing as I have not seen your charts. You can ask more specific question for more clarity answers. But a small advice, have cleaner chart as possible. Remove all unnecessary noise from your charts. This will help you read the candles and the price better. You might have observed, I have removed even LO box to have more clarity on candles.
Hope it helps.
  • #57,636
  • Jun 5, 2015 9:54am Jun 5, 2015 9:54am
I traded very poorly today. Diden't trade LO and took a bunch of bad trades after the news. Some examples:

AUD JPY : I mainly relied on the 1H signal. It moved to the daily open and reversed back up. Aditionally I added a daily chart. I guess that last bar is a wide ranging bar.

EUR JPY : 1H cross and 15M bounce. I think this trade should have never been a loss as it moved in positive for a bit and I could have moved to BE

Hopefully you all had a better day
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDJPY.png Size: 101 KB
Click to Enlarge Name: AUDJPY2.png Size: 28 KB
Click to Enlarge Name: EURJPY.png Size: 144 KB
  • #57,637
  • Jun 5, 2015 12:07pm Jun 5, 2015 12:07pm
Quoting emmanuel7788
{quote} Hi Fortunemaker, I am going back and read those posts you mentioned but post 4099 does not seem right. Can you check if this is the actual post you are referring to. Thanks.
Hi Emmanuel,

As desired I am attaching screen shot of this post. Just possible that this number may be incorrect or may have changed in this forum. Thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: Post #4099.png Size: 64 KB
  • #57,638
  • Jun 5, 2015 12:15pm Jun 5, 2015 12:15pm
Quoting emmanuel7788
{quote} Hi Fortunemaker, I am going back and read those posts you mentioned but post 4099 does not seem right. Can you check if this is the actual post you are referring to. Thanks.
Sorry, this post is from Craig Harris Stochastics Method forum. Thanks.
  • #57,639
  • Jun 5, 2015 12:39pm Jun 5, 2015 12:39pm
Quoting TheScorpS
Took some trades today , EA at LO opens continuation , GU after news set the high of the day {image} {image}
Hello TSS!

Can you give me your thoughts on the GU, 3rd european session on your chart? This is the day just before the trade you took and came out rosy with 50 pips. It looked like a good sell opportunity, on the second red bar, nice TDI angle and below the 50 but not below the MBL. The downside I see though is that PA has not cleared the asian session and MBL is flat. Overall trend appears to be bearish. A trade taken would have been a good one. Thanks! I'm still training my eyes to see all the factors.
  • #57,640
  • Jun 5, 2015 1:02pm Jun 5, 2015 1:02pm
Quoting rupasi
{quote} Hello TSS! Can you give me your thoughts on the GU, 3rd european session on your chart? This is the day just before the trade you took and came out rosy with 50 pips. It looked like a good sell opportunity, on the second red bar, nice TDI angle and below the 50 but not below the MBL. The downside I see though is that PA has not cleared the asian session and MBL is flat. Overall trend appears to be bearish. A trade taken would have been a good one. Thanks! I'm still training my eyes to see all the factors.
Hi rupasi,
I was looking at the wrong chart...please disregard previous comment.
Yes, I'm curious to know the reason as well.
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