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Trading Made Simple

  • #58,381
  • Jun 28, 2015 8:02pm Jun 28, 2015 8:02pm
Why do you want to trade H1 chart timeframe?

There are 24 H1 price bars/candles in one Day.
Every hour there is either an economic data news release, an event happening, a market session opening, a market session closing, etc. all these moves the price.
The market itself is our greatest teacher. It reveals itself to us every hour, every day and we need to pay much attention to its revelation and apply the rules taught by our greatest teacher with commitment and discipline we have the higher probability to be in the market and benefit from it.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #58,382
  • Jun 28, 2015 8:07pm Jun 28, 2015 8:07pm
Quoting emmanuel7788
Why do you want to trade H1 chart timeframe? There are 24 H1 price bars/candles in one Day. Every hour there is either an economic data news release, an event happening, a market session opening, a market session closing, etc. all these moves the price. The market itself is our greatest teacher. It reveals itself to us every hour, every day and we need to pay much attention to its revelation and apply the rules taught by our greatest teacher with commitment and discipline we have the higher probability to be in the market and benefit from it.
H1 is extremely stressful or its just not for me.

After reviewing the big picture plan for my current week trades. Trade that I picked up this week that is heading for a reversal is EURNZD on the week chart. The remaining of my EU/GN/GU seem to be ranging as the month is ending on a close.

I don't really see any fancy D charts... or I could be wrong with my third eye
  • #58,383
  • Jun 28, 2015 9:13pm Jun 28, 2015 9:13pm
Quoting birdnest
{quote} H1 is extremely stressful or its just not for me. After reviewing the big picture plan for my current week trades. Trade that I picked up this week that is heading for a reversal is EURNZD on the week chart. The remaining of my EU/GN/GU seem to be ranging as the month is ending on a close. I don't really see any fancy D charts... or I could be wrong with my third eye

Hi,

Forget about trading H1 since it is extremely stressful. In hindsight, the H1 charts looks so easy. It is easy to mark on our H1 charts where we enter and where we exit and making +50, +100, +150 pips. This is the fantasy in doing back-testing and that's all done in hindsight when you ignore what the market is telling us in realtime.

Today and tomorrow are the last 2 trading days for June and we shall see a Monthly candle close. Take your time and learn to do your big picture planning or top down analysis whatever you want to call that. Look at H4 chart timeframe and see how many trade opportunities there were in the past 2 years. Look at more currency pairs and decide on which pairs you want to include in your trading watchlist.

Study how scaling-in and scaling-out will work with your money management strategy. Make your money work for you and you will work a lot less harder. Think and trade like an investor. Take bit-size trades and mitigate the unknowns of the markets. It is about risk management.

Most important is to stick to one simple trading methodology. Once you have decide on TMS 5-Method, stick to this simple and elegant methodolgy. You use this methodology and add a proven money management strategy to build your own winning trading system. Do not run around in FF forums looks for the holy grail system.

Stick to this 5-Method and know that 10-things and learn to master them.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #58,384
  • Jun 28, 2015 9:20pm Jun 28, 2015 9:20pm
Quoting emmanuel7788
{quote} Hi balut, Thanks for sharing your charts. I see you have a good reading of your charts. What is missing is to locate where key support and resistance are on your D charts. That will help understand where and why those WRB and Master Candles appear. Both AUDUSD and EURUSD are sideways. The difference:- AUDUSD is sideways flat within the range of the week 23 candle high low. Best to trade H1. EURUSD is sideways but in a rising channel as what you have seen and that also show where the TDI swing points are. We heard already that China lower...
Thanks for your analysis too. May I know what the name of that violet color indicator line you are using that says in eurusd 1.2225 and 1.0983 ?
Or maybe anyone here can in TMS thread can tell me what it is, I would greatly appreciate it.

I have my daily pivot but it gives a different number. Thanks in advance.
  • #58,385
  • Jun 28, 2015 9:26pm Jun 28, 2015 9:26pm
Quoting balut
{quote} Thanks for your analysis too. May I know what the name of that violet color indicator line you are using that says in eurusd 1.2225 and 1.0983 ? Or maybe anyone here can in TMS thread can tell me what it is, I would greatly appreciate it. I have my daily pivot but it gives a different number. Thanks in advance.

Hi,

those horizontal lines are drawn manually on the MN chart. They are key price swing levels seen on Monthly chart. You will see them when you use Line Chart.
I use them and look at price action where the current market is trading. These lines can act as support and resistance, and often I see price consolidation around These price levels what I call Historical price swing levels which look for in my Big Picture Planning.

Big Picture Planning ; Post#27,200 Post#30,541

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #58,386
  • Jun 28, 2015 9:53pm Jun 28, 2015 9:53pm
Quoting emmanuel7788
{quote} Hi, those horizontal lines are drawn manually on the MN chart. They are key price swing levels seen on Monthly chart. You will see them when you use Line Chart. I use them and look at price action where the current market is trading. These lines can act as support and resistance, and often I see price consolidation around These price levels what I call Historical price swing levels which look for in my Big Picture Planning. Big Picture Planning ; Post#27,200 Post#30,541...
Hi emmanuel7788! To see the key price swing levels on monthly chart, I'm using the indi Big Os D W MN HiLo. Is that okay or should i also draw the lines manually?

Regards,
Winners Never Quit, Quitters Never Win
  • #58,387
  • Jun 28, 2015 10:41pm Jun 28, 2015 10:41pm
Quoting emmanuel7788
{quote} Hi, those horizontal lines are drawn manually on the MN chart. They are key price swing levels seen on Monthly chart. You will see them when you use Line Chart. I use them and look at price action where the current market is trading. These lines can act as support and resistance, and often I see price consolidation around These price levels what I call Historical price swing levels which look for in my Big Picture Planning. Big Picture Planning ; Post#27,200 Post#30,541...
thanks! these are gems to me I read the pdf in historical price swing levels and I'm gonna try it next time I will post my charts.
  • #58,388
  • Jun 29, 2015 12:16am Jun 29, 2015 12:16am
This indicator can also help traders to know when to Buy and when to Sell. It is called The Dynastic Traders MT4 indicator. Simple to use. A Buy arrow will appear when price touches the Green Line and a Sell Arrow will appear when price touches the Red line. Confirm with TDI crosses.
Attached File(s)
File Type: mq4 The Dynasty Trader MT4 Indicator.mq4   2 KB | 478 downloads
  • #58,389
  • Jun 29, 2015 1:23am Jun 29, 2015 1:23am
Quoting macajos
This indicator can also help traders to know when to Buy and when to Sell. It is called The Dynastic Traders MT4 indicator. Simple to use. A Buy arrow will appear when price touches the Green Line and a Sell Arrow will appear when price touches the Red line. Confirm with TDI crosses. {file}

another one of those fractal high-low mechanical arrows for buy and sell which will surely blow many trading accounts much quicker.
no thanks!

TMS 5-Method is not a mechanical trading method.
it is a discretionary rule-based trading method
it is your discretion that will determines whether you will win or lose.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #58,390
  • Jun 29, 2015 1:29am Jun 29, 2015 1:29am
Quoting emmanuel7788
{quote} another one of those fractal high-low mechanical arrows for buy and sell which will surely blow many trading accounts much quicker. no thanks! TMS 5-Method is not a mechanical trading method. it is a discretionary rule-based trading method it is your discretion that will determines whether you will win or lose.
Thanks Emmanuel. Have started using TMS 5-Method and it is a good approach. I do appreciate for your comment
  • #58,391
  • Jun 29, 2015 1:53am Jun 29, 2015 1:53am
Quoting hsn100
{quote} Hi emmanuel7788! To see the key price swing levels on monthly chart, I'm using the indi Big Os D W MN HiLo. Is that okay or should i also draw the lines manually? Regards,

Hi,

On my D1 chart, I always look at the historical price swings using the monthly chart. It is easier to see them when we switch to Line Chart and not the Bar or Candlestick chart type. Line Chart is based on Closed price.
I always look at the market when the price action is in the region where the historical price swing levels are. Market move in waves, big waves, small waves and these waves often move between the historical swing levels.

Of course you can use the recent previous month's Open, High, Low and Close prices and look for potential trades and reasons to enter the market.
When you see the previous MN candle' OHLC across one of the historical swing level, this is when you should be giving the pair more attention.

here is EURUSD MN Line chart, do you see those swing levels? and how they are in play in the past 3 months.

Attached Image (click to enlarge)
Click to Enlarge Name: MN price swings.png Size: 38 KB


regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #58,392
  • Jun 29, 2015 2:00am Jun 29, 2015 2:00am
Quoting macajos
{quote} Thanks Emmanuel. Have started using TMS 5-Method and it is a good approach. I do appreciate for your comment
Hi,

I did not mean to be critical about the fractal based indicators. They do have some good use only if we know the logic in the way they were coded. Many of such indicator do re-paint as prices make new higher high or new lower lows. You therefore must use another filter before you make a trade Go/No-Go decision.

Using Price Action at Support and Resistance will be leading edge over any mechanical system.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #58,393
  • Jun 29, 2015 2:08am Jun 29, 2015 2:08am
I wanted to set up pipsware minicharts to show multiple timeframes of the TDI indicator in the indicators box below my price charts, just as i have seen it on some charts here. So I downloaded v7 of the pipsware suite and loaded the pipsware-charts indicator. As you may know it offers several choices re which indicator to be loaded as minicharts below the price chart - MACD, Scothastics, Trix and TDI. All of the sub-indicators loaded fine except when I chose TDI, which just resulted in a blank indicator box below the price chart.

Any help resolving this would be greatly appreciated.
  • #58,394
  • Jun 29, 2015 2:11am Jun 29, 2015 2:11am
Quoting hsn100
{quote} Hi emmanuel7788! To see the key price swing levels on monthly chart, I'm using the indi Big Os D W MN HiLo. Is that okay or should i also draw the lines manually? Regards,
Hi hsn,

That indicator is merely to draw the line for Highs and the Lows of the previous D/W/MN candle. And that is as far as the indicator goes.

emmanual basically means switching to the Monthly charts and looking at points/areas where historically there has been resistance/support and marking them as horizontal lines for our reference in our current trading. PA respects such price points/areas and based on PA you can decide on which direction you ought to be trading.

Zz
  • #58,395
  • Jun 29, 2015 2:18am Jun 29, 2015 2:18am
Quoting kaz3
I wanted to set up pipsware minicharts to show multiple timeframes of the TDI indicator in the indicators box below my price charts, just as i have seen it on some charts here. So I downloaded v7 of the pipsware suite and loaded the pipsware-charts indicator. As you may know it offers several choices re which indicator to be loaded as minicharts below the price chart - MACD, Scothastics, Trix and TDI. All of the sub-indicators loaded fine except when I chose TDI, which just resulted in a blank indicator box below the price chart. Any help resolving...
Hi,

Read the instructions at the pipware.com website.
you need to have the indicator name "Traders_Dynamic_Index.ex4" in order for the TDI to show up in your sub-windows. Pay close attention to the name and 'underscore'.
Read my posts with keyword search "pipware".
All the others - MACD, Stochastics, etc. are not needed in TMS 5-Method.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #58,396
  • Jun 29, 2015 2:59am Jun 29, 2015 2:59am
Quoting emmanuel7788
Now for some post mortem analysis and study practice using multi timeframe analysis. There is a quiz on H1 TF why that setup should not be taken. If you got the answer, then I think you have already the 'third eye' for trading TMS. Keep working on your 'third eye'. {image} Have Fun trading and learning. The market pays you to learn.
My answers as follow:

It is supported by 200EMA
It is near a support level
4HR chart shows bullish signal
TDI is at 3 o'clock on the second red candle
  • #58,397
  • Jun 29, 2015 3:08am Jun 29, 2015 3:08am
EURUSD H1 +145 (+25 +70 +50)
Entered after price had bounced off the RN and a possible rally during Asian session which is not my usual trading style but I had just got home after a trip so took the trade before going to bed . Entry was made on M15
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 29 KB
Never argue with a fool; onlookers may not be able to tell the difference.
  • #58,398
  • Jun 29, 2015 3:25am Jun 29, 2015 3:25am
Quoting Lookleft
EURUSD H1 +145 (+25 +70 +50) Entered after price had bounced off the RN and a possible rally during Asian session which is not my usual trading style but I had just got home after a trip so took the trade before going to bed . Entry was made on M15 {image}
That was a nice trade.
  • #58,399
  • Jun 29, 2015 4:49am Jun 29, 2015 4:49am
Quoting Lookleft
EURUSD H1 +145 (+25 +70 +50) Entered after price had bounced off the RN and a possible rally during Asian session which is not my usual trading style but I had just got home after a trip so took the trade before going to bed . Entry was made on M15 {image}
Awesome trade man! Had a feeling that it should rebound from 1.00. Beloved office IT folks have blocked the ports to access MT4 from here Working on getting an exploit to hook upto MT4.

Zz
  • #58,400
  • Jun 29, 2015 5:37am Jun 29, 2015 5:37am
Thank you. The change of indicator filename was the key.

Quoting emmanuel7788
{quote} Hi, Read the instructions at the pipware.com website. you need to have the indicator name "Traders_Dynamic_Index.ex4" in order for the TDI to show up in your sub-windows. Pay close attention to the name and 'underscore'. Read my posts with keyword search "pipware". All the others - MACD, Stochastics, etc. are not needed in TMS 5-Method. regards,
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