Trading Made Simple

Have a nice weekend everyone.

Thank you, Guido!
Have a calm weekend

l
Hi LL I see you entered your trade after the close of LO and the break of the ema and BRN, can I ask, was you not concerned how PA would act around the previous monthly hi which was just below, I ask because I waited for a close below this thereby losing out on a few pips.

Thanks

Hi Ballistcal, same question as I asked LL if you don't mind.
Thanks

First things first Next, great to see you back in here trading again! I wondered where you'd gotten to...

The answer to your question is very simple from my perspective although LL might have a different response. I don't monitor M1 or Y1 levels in my intra-day trading at all. I'm more interested in recent H1 and H4 levels as I tend to find these generally have more impact on my day-to-day trading.

Some might call this suicidal, but I like to keep everything as simple as possible and my charts clean and uncluttered, otherwise I tend to suffer from major analysis paralysis . It's been said in here so many times before but it took me so long to realize the importance of the statement, "Success in trading is all about finding what works for YOU". I've had reasonable success without watching these HTF levels so far but that's not to say I won't incorporate them in my trade plan in the future.

Anyway, hope that helps. Have a good weekend!

Ballistical

Hi Next,
I see you asked Ballistical the same question so you will probably get 2 different answers as no 2 traders have the same mindset
Firstly where was the previous monthly high ? What you were looking at was the top of the wick which is where price tried to go. It actually closed lower and in my book that is the real high.
Secondly, and again this is my rule, if I am selling towards a previous high, price can move below it. If it had been a previous low I would have looked closer at things like momentum, market sentiment etc.
Thirdly, when I trade H1 I take more notice of H4 and D1 than W1 and MN. That's not to say I don't look for heavy S/R on the higher TF but to me the nearer TFs are more important. If I trade H4 I look at higher TFs
You said you waited and lost out on a few pips. There is nothing wrong with that as it is far better to leave a few pips on the table and be confident in your trade.
Hope that makes sense but as I said these are my rules which work for my mindset.
cheers

Hello everyone:

These are my weekend analysis. Overall week was positive so no complains. I see Ballistical has almost similar results; however his Thurs trade was killer trade. Congrats



Monday: Open the terminal and notice a big candle triggered by some event. The LO APB has both end wicks (first sign of market indecision) and couldn't break the H/L of FO candle. My actual entry should be 2nd LO candle once price reject from trend line and BRN. Entered late and also realized that my lot size was incorrect. I closed the trade manually with some profit although my SL was already at BE after 21 pips. After all good decision. (+19)
Tues: No time to trade in LO, so decided to scalp in Asain. Entry wasn't bad and TP was just below 200EMA. But sometime you can't avoid loses. My SL got hit at -30 pips. I renenter in late LO but market has no momentum to break the daily support so exited with few pips.
Wed: Again tried the Asian (against my trade plan). Similar entry as Tues, reject from trend line and price was moving away from DOL megenta line. Two positions but only one worked out. (+25 pips and minor loss)
Thurs: It was relatively easy day. Entered trade as soon as price broke 200EMA. Was only able to grab 50 pips as my EA acted abnormally and only open one position. Less pips but profit was better.

Fri: Again difficult day as no clear direction. Price is in between 200/800EMA. Took CT toward 200EMA as still room for 50 pips. The first TP hit and second one BE.

The basics HL/HH, LH/LL are still my primary visual indicator which I draw with small txt on my session. Hopefully with more experience we will slowly get rid of these training wheels one-by-one.
HappY trading,
HR

Hey guys,

if you don't mind, please provide some feedback on how the tms exit indicator is working out for you on post 58,868.


Thank you

[quote=Lookleft;8388219]{quote} Firstly where was the previous monthly high ?

1.47678 thanks LL makes a lot of sense.

[quote=Ballistical;8388209]{quote}
thanks Ballistical it's good to finally get a another trade under my belt, hoping to start trading regular with a tablet as I don't have access to a PC very often now.
thanks for your reply pretty much what I thought and similar to LL, will take both yours and LL comments on board.
I have been suffering from major analysis paralysis so I'm looking to make my decision process a little more streamlined.

Happy trading

CMK,

did you just discovered the use of Fibonacci Expansion?

EU in the coming week is when week open sell 0.2%, sell high 0.2%, sell higher 0.2%, sell higher 0.2% sell higher 0.2%. Total risk 1% of account balance.
technical SL 1.097 above the high of week 28. Do your position size for every sell 0.2%.
Target 1.070.

Trade Well.

here is my outlook for the Eur and Gbp pairs.





Some good news is that the Greek banks will re-open next week so the folks can withdraw slightly larger sums of euros. But the bailout negotiations will continue.
Let's hope that it will be a good way forward for Greece and its people.

Thank u emmanuel7788.
Regards,

GU plan for next week , H4 chart with details below , also I took a snapshot of the double tops from babypips for further reference

Still in my eu @ short trade. 120+80+60 pips locked in. Target 1.072.

Hi Folks...
I have to work this week because my vacation has end.
I trade this System until now in M15 and make good experiences. The Problem is when i working i have to do much others things. I know 1 Solution is a greater TF. For example 30min. or H1.
Exists another Solution? For Example a Dashboard o any like this. Where me the screening makes easier?

Thx for help.

Lazy

nice wave analysis with double tops.

On D1 chart we see the 'big candle' on 14 July (D1 WRB). This set the range of the market and the high of this 14 July D1 candle is now the high of the sideways market range since we did not see any D1 candle close above that high. The double top is at the high of this D1 WRB.

The potential is the break of this WRB high in the direction of the Weekly and Monthly.
But market can also continue back down to the low of that D1 WRB arund 1.5450
D1 chart show a rising channel using the swing points confirmed with TDI crosses, but with the 50EMA and 200EMA very close to current price action we should be patient and be prepared for more sideways movements until these two EMAs decide to move apart of each other.

Remember rule when trading with WRB. Since there is D1 WRB, we do not trade any D1 TMS setup. We should trade either the H4 and H1 setups. M15 would be best to get the entry with smaller SL.

Trade Well folks.

Edit:
Forgot to mention to look at June MN candle Close and High. These are the resistance we mussut also consider for target and for continuation of the July MN candle.

This week on D trade, I am focusing on the GN.

Next resistance to look out for is at 2.43 region.

GBPUSD charts:







Note: On D1 chart I have one open buy positions. When market retraces with the WRB High-Low, I will build more positions with 0.2% risk each and up to maximum 5 positions (1% total risk) with technical SL below the WRB Low.
Should the breakouk happens before deep retracement, I will scale-in position above the WRB High.

Let see how this pair will run this week. I will provide my trade update when I have time.

Have a good trading week folks, make good pips!