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TMS for M30 charts

  • #5,201
  • Jul 3, 2015 10:03am Jul 3, 2015 10:03am
Late in the day and the markets are getting all twitchy now on "Greek protests"... I'm out of here. Happy 4th of July to those in the US.
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  • #5,202
  • Jul 3, 2015 3:03pm Jul 3, 2015 3:03pm
One way to look at crises is looking for bargains.
Should market open huge gap down like last week I plan buying EG long at 70 in strong positions.
Love to see that.Euro is heading North in long term.Monthly chart clearly shows that.
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In trading, you have to be defensive and aggressive at the same time
  • #5,203
  • Jul 4, 2015 12:27am Jul 4, 2015 12:27am
Dear All,

From what I have observed and have been told that from July 4th till mid September the markets average daily range in most pairs decreases. So I wanted to ask the seniors how do we approach such a scenario, should we reduce our targets or should we reduce our exposure and let the targets be the SR levels as we normally do? Your invaluable input would be highly appreciated.

Best Regards
Raza
  • #5,204
  • Jul 4, 2015 7:27am Jul 4, 2015 7:27am
Quoting shr5
Dear All, From what I have observed and have been told that from July 4th till mid September the markets average daily range in most pairs decreases. So I wanted to ask the seniors how do we approach such a scenario, should we reduce our targets or should we reduce our exposure and let the targets be the SR levels as we normally do? Your invaluable input would be highly appreciated. Best Regards
Hi
That is true generally but pairs can still move in significant distances if there is fundemetal reasons behind like possible another IR cut by RBA
furthermore with less liquidity actually weird 100+pip spikes can occur even against main trends.
To me trading is trading.Its a battle and you must adabt to new conditions
In trading, you have to be defensive and aggressive at the same time
  • #5,205
  • Edited 6:27am Jul 5, 2015 5:42am | Edited 6:27am
hey guys - over the past few MNs i have noticed some noobs making - wat i would call - weird and basic errors and misjudgements ??? is this just me ??? i suppose a lot of information flys around and a new trader can easily get lost in the arbitrary nomenclature [as Phx62 would say] jungle

if things get confusing and you are lost - hit the reset button - and go back to basics

Big E - which means TDI and HA/APB - on a Demo account - practice entries - this is absolutely important otherwise Big E would not have said so

Big E was the most experienced and talented trader!
  • #5,206
  • Edited 7:58am Jul 5, 2015 5:55am | Edited 7:58am
hey - me again - addressing the implementation of a SL strategy is a very basics requirement - having no SL or no SL plan or exceedingly large SL is dangerous IMO and you risk moving into the realm of gambling

Big E gives a solid SL strategy by hanging it on the suitable swing point - this is demonstrated W1 in W1 out by LK [see trading charts] - if you can not hang the SL in this way it may not be a good trade for your risk profile - dont take the trade and find another - this SL is for emergency as Big E had a mental SL

here are some quick videos on the psychology of losing trades & SL [note we set a physical SL in M30 ]

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  • #5,207
  • Edited 7:31am Jul 5, 2015 6:54am | Edited 7:31am
Big Es TMS strategy is focused on breakout/trend trades [and CT trades for more experienced traders] that [indirectly] means you should not buy into losing trades - in fact by the TMS rules its the worst time to do this [i tried to illustrate this in the chart - imagine trying to buy into this PA after going long - it makes no sense ]

it is a far [far!] better idea to accept the lose - get out of the losing trade ASAP and get into the next winning trade - which in this case was a monster green pip trade

"If I'm not feeling strong about a current in progress trade... get out then and keep the pips... you don't have to wait for the next candle to exit. Grab your money and run to a new trade...", Big E
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  • #5,208
  • Jul 5, 2015 2:12pm Jul 5, 2015 2:12pm
Should we buy the eur? To close Gap?
Positive anything is better than negative thinking.- Elbert Hubbard
  • #5,209
  • Jul 5, 2015 2:16pm Jul 5, 2015 2:16pm
Quoting redcloudxlll
Should we buy the eur? To close Gap?

If you're betting on the gap being immediately filled (like last weekend).... yes.
  • #5,210
  • Jul 5, 2015 2:18pm Jul 5, 2015 2:18pm
Quoting sknight1
{quote} If you're betting on the gap being immediately filled (like last weekend).... yes.
before a m9ve back down. I can manage maybe 50 pips? Before continuation? No.
Positive anything is better than negative thinking.- Elbert Hubbard
  • #5,211
  • Jul 5, 2015 2:22pm Jul 5, 2015 2:22pm
I'll wait until an hour of market open see what happens.
Positive anything is better than negative thinking.- Elbert Hubbard
  • #5,212
  • Jul 5, 2015 2:30pm Jul 5, 2015 2:30pm
Quoting redcloudxlll
{quote} before a m9ve back down. I can manage maybe 50 pips? Before continuation? No.

I'm sorry, I don't understand the question...
  • #5,213
  • Jul 5, 2015 2:33pm Jul 5, 2015 2:33pm
EU is sitting right on 4H support... so any reversal pattern that you see on a lower timeframe is one that I would take long to the close of the gap.
  • #5,214
  • Jul 5, 2015 2:49pm Jul 5, 2015 2:49pm
Quoting sknight1
EU is sitting right on 4H support... so any reversal pattern that you see on a lower timeframe is one that I would take long to the close of the gap.
sorry my autocorrect on my phone. Yea i took a long position just now. With 50 pip stop loss. EU. 😈:-)
Positive anything is better than negative thinking.- Elbert Hubbard
  • #5,215
  • Jul 5, 2015 2:52pm Jul 5, 2015 2:52pm
Quoting redcloudxlll
{quote} sorry my autocorrect on my phone. Yea i took a long position just now. With 50 pip stop loss. EU. ��:-)

No worries. I took the same long just a few minutes ago.

And wouldn't you know it... now my MT4 connection is being dodgy, dropping in / out.
  • #5,216
  • Jul 5, 2015 3:02pm Jul 5, 2015 3:02pm
Sorry to disturb everyone please. Pardon me if am asking the wrong question. Please do you guys post signals for trading?
  • #5,217
  • Jul 5, 2015 3:09pm Jul 5, 2015 3:09pm
Quoting sknight1
{quote} No worries. I took the same long just a few minutes ago. And wouldn't you know it... now my MT4 connection is being dodgy, dropping in / out.
I'm up 30+ pips at the moment.
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Positive anything is better than negative thinking.- Elbert Hubbard
  • #5,218
  • Jul 5, 2015 3:11pm Jul 5, 2015 3:11pm
Quoting redcloudxlll
{quote} I'm up 30+ pips at the moment. {image}

Yay you !!! Same here, plus a couple others that I'm in.
  • #5,219
  • Jul 5, 2015 3:19pm Jul 5, 2015 3:19pm
Quoting sknight1
{quote} Yay you !!! Same here, plus a couple others that I'm in.
just in one. On my phone. So I don't like it. Thanks to you for helping me set up my phone charts. Haha.Target at 1.11.
Positive anything is better than negative thinking.- Elbert Hubbard
  • #5,220
  • Jul 5, 2015 3:25pm Jul 5, 2015 3:25pm
Quoting redcloudxlll
{quote} just in one. On my phone. So I don't like it. Thanks to you for helping me set up my phone charts. Haha.Target at 1.11.
You're more than welcome buddy. You're rippin' it on those nzd trades !!
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