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Trading Made Simple

  • #58,421
  • Jun 29, 2015 2:08pm Jun 29, 2015 2:08pm
Maybe i wrong in USD/CAD : i do not closed 1/2 buy when the PA was on top of 4H range , there was 35 pips more than now and i could move down my SL in a good are for the rest 1/2 trade ( yellow line H4 TF , this is the point where i could move the SL )
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PS : Nzd/Jpy was closed in SL , patient... but for today i dont' try new entry
  • #58,422
  • Jun 29, 2015 2:20pm Jun 29, 2015 2:20pm
Very interesting how the fx markets played out today, giving back all the losses on the EUR overnight. And looks like closing the NY session back level with Fridays highs on some EUR pairs. What does that mean? Despite the Greek capital controls and upcoming referendum in place?

It was difficult day as there weren't or no good setups around on the M30 charts as nearly every pair was facing 200ema/weekly pivot resistance as the EUR rose after LO. However I did pick up a long on the EA this afternoon (London Session) for 60pips. Price action broke through 200ema at 1.452 after retesting and had space to move before slowing down at weekly fibo levels 1.458 and fridays highs. Have a good evening everyone.
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  • #58,423
  • Jun 29, 2015 3:14pm Jun 29, 2015 3:14pm
Quoting hsn100
{quote} Hi emmanuel7788! It's because of you, Thnx a lot {image}
Hi HSN,

Nice trade.

I did some gap trading myself today catching them on M15 and taking profits as the market cover the gap.

Attached Image (click to enlarge)
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regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #58,424
  • Jun 29, 2015 3:15pm Jun 29, 2015 3:15pm
Quoting emmanuel7788
{quote} Hi HSN, Nice trade. I did some gap trading myself today catching them on M15 and taking profits as the market cover the gap. {image} regards,
excellent trading
  • #58,425
  • Jun 29, 2015 3:27pm Jun 29, 2015 3:27pm
Quoting SuperBlue
Very interesting how the fx markets played out today, giving back all the losses on the EUR overnight. And looks like closing the NY session back level with Fridays highs on some EUR pairs. What does that mean? Despite the Greek capital controls and upcoming referendum in place? It was difficult day as there weren't or no good setups around on the M30 charts as nearly every pair was facing 200ema/weekly pivot resistance as the EUR rose after LO. However I did pick up a long on the EA this afternoon (London Session) for 60pips. Price action broke...
Today's market is an exceptional one. It is smart money in play.
In such market condition, we cannot rely on moving averages, pivots, etc. Those wide price gaps ruin all indicator calculations based on close prices. You look at tomorrow daily pivot and see what I mean.
What cause those huge price gaps over the weekend? How to trade the gaps?

It is all about entries and exits. Taking small trades, taking small measured profits and managing risks.

After those price gaps are covered, the market will reveal itself to us like every other day. Be prepared with a plan.

As traders we must be well equiped with many skills and prepared for every move the market makes.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #58,426
  • Jun 29, 2015 3:36pm Jun 29, 2015 3:36pm
Quoting hishamzz
{quote} My beloved company has blocked all USB ports Can only charge the mobiles with the ports. hehe.. Zz

Hi Zz,

one day you will fire your beloved company and be your own boss managing your own trading business.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #58,427
  • Jun 29, 2015 4:06pm Jun 29, 2015 4:06pm
Quoting Lookleft
{quote} Nice OS
Excellent trading you too on EU LT I had a sell on EU it took my TP when the day started within couple of second

Quoting hishamzz
{quote} :O Simply awesome!!!! :O Zz
Thanks hishamzz
Sad i'm not trying to understand PA
  • #58,428
  • Jun 29, 2015 7:08pm Jun 29, 2015 7:08pm
Gap
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  • #58,429
  • Jun 29, 2015 7:31pm Jun 29, 2015 7:31pm
Quoting ven16
{quote} excellent trading

thanks ven.
join in with some trades and discussion.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #58,430
  • Jun 29, 2015 8:47pm Jun 29, 2015 8:47pm
Quoting emmanuel7788
{quote} 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....
Thank you Emman for your guidance. July will be a good trading month!

Btw, what is the biggest drawdown anyone have had in your trading journey using TMS? It has been my 2nd year so far, and it has been still a long way to being profitable.
  • #58,431
  • Jun 29, 2015 9:27pm Jun 29, 2015 9:27pm
Quote
EURAUD-H1...Gap fill up {image}
Excellent trade OS
Winners Never Quit, Quitters Never Win
  • #58,432
  • Jun 29, 2015 9:31pm Jun 29, 2015 9:31pm
Quoting emmanuel7788
{quote} Hi HSN, Nice trade. I did some gap trading myself today catching them on M15 and taking profits as the market cover the gap. {image} regards,
Hi emmanuel7788! Thnx a lot. I'm still learning from you and as far as your "gap trading" i can just say WOW!!!

Regards,
Winners Never Quit, Quitters Never Win
  • #58,433
  • Jun 29, 2015 9:36pm Jun 29, 2015 9:36pm
Quoting omonisha
{quote} Very nice timing hsn1oo excellent trading
Thnx a lot OS. I'm still learning from you and other senior traders over here.

Regards,
Winners Never Quit, Quitters Never Win
  • #58,434
  • Jun 29, 2015 9:46pm Jun 29, 2015 9:46pm
Quoting birdnest
{quote} Thank you Emman for your guidance. July will be a good trading month! Btw, what is the biggest drawdown anyone have had in your trading journey using TMS? It has been my 2nd year so far, and it has been still a long way to being profitable.

Hi,

Don't even think of allowing a biggest drawdown in your trading system. Instead you need to limit your account drawdown and maintain a healthy margin to trade comfortably and less stress.
I set for myself a maximum drawdown of 20% but when I see my basket of trades going wrong, I will cut at 10% maximum and start Plan B, i.e. recovery.

Also, remember to set a target for profit to limit the greed factor. Setting a 10% profit for every 20-days trading is achievable. This is what I call SMART target. Read Post#52,347 using TMS 5-Method develop 3 systems...SMART objectives.
20-trading days is just one cycle, and as you develop and progress, you can achieve 10% is less than 20-trading days. Do not use month becasue there will be some days when you will not find any trades. The market has its season just like our four seasons.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #58,435
  • Jun 29, 2015 9:47pm Jun 29, 2015 9:47pm
EA H1 Buy 300615 (Trade initiated on M30)

EA H1
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EA profit hit
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Kindest regards
  • #58,436
  • Jun 29, 2015 9:49pm Jun 29, 2015 9:49pm
Quoting hsn100
{quote} Hi emmanuel7788! Thnx a lot. I'm still learning from you and as far as your "gap trading" i can just say WOW!!! Regards,

hi HSN,

WOW is good.
Look at those trades entries and exits in detail. You need to see how risk can be managed while we trade and yet we can let profits run.
Think of how to make your money work for you when trading like an investor.
The trading methodology remains the same using APB and the TDI.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #58,437
  • Jun 29, 2015 10:46pm Jun 29, 2015 10:46pm
Quoting MrAussieFX
EA H1 Buy 300615 (Trade initiated on M30) EA H1 {image} EA profit hit {image} Kindest regards
MrAussie, good execution of TMS and price action, excellent trading
I Have Learned to Take Some Losses to Make Profits
  • #58,438
  • Jun 29, 2015 11:25pm Jun 29, 2015 11:25pm
Quoting emmanuel7788
{quote} Hi HSN, Nice trade. I did some gap trading myself today catching them on M15 and taking profits as the market cover the gap. {image} regards,
Hi emmanuel7788! One question: What are the small red line, beneath PA? Did u use pending buy scripts for the buy orders?
Regards,
Winners Never Quit, Quitters Never Win
  • #58,439
  • Jun 29, 2015 11:36pm Jun 29, 2015 11:36pm
Quoting emmanuel7788
{quote} Hi, Don't even think of allowing a biggest drawdown in your trading system. Instead you need to limit your account drawdown and maintain a healthy margin to trade comfortably and less stress. I set for myself a maximum drawdown of 20% but when I see my basket of trades going wrong, I will cut at 10% maximum and start Plan B, i.e. recovery. Also, remember to set a target for profit to limit the greed factor. Setting a 10% profit for every 20-days trading is achievable. This is what I call SMART target. Read Post#52,347...
My biggest mistake for the past 2 years have been over leveraged hoping to bang big bucks on every trade.
  • #58,440
  • Jun 29, 2015 11:45pm Jun 29, 2015 11:45pm
*New trader here. Forgive me if this is a stupid post or screenshots are not good*

Hi Emmanuel or other senior traders,

I read "Big picture trading" pdf today and after coming bk home from work, took usdcad chart and drew MN, W1 and D1 chart S/R just as mentioned on the pdf.
USDCAD hit a monthly resistance 1.2422 and now coming down. As D1 bullish but monthly resistance hit and price coming down, would you short this based on H1 or wait for long setup after selling is over. Or short it based on H4 later (if TDI crosses)

I guess I have got the idea of big picture pdf (need to practice on few more pairs) but once it hits a major monthly level, how do we need to react?

PS: It's exciting that as soon as PA hit monthly resistance, it came down fast. I felt like I learnt something important today.
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