I Have Learned to Take Some Losses to Make Profits
- #60,522
- Edited 10:59pm Sep 11, 2015 6:28pm | Edited 10:59pm
- | Membership Revoked | Joined Mar 2015 | 105 Posts
Hi all, I've noticed that mosts of you guys still on this thread don't really trade the way BigE talked about at the beginning of the thread (e.g. - just the H4 timeframe etc). Is this because his ways are no longer as profitable as they were, or is it just your own interpretations of him? I know we have to interpret it our own way, but BigE was fairly concrete in his rules. I'm not trying to be a stickler, just interested in why the direction has drifted from the OP's style. Cheers
Quoting Eelfranz:
Honestly... one of the best ways to learn is by posting all charts to analyse the patterns... it's not intended to challenge your intelligence but to help you and others become a stronger trader.
Years ago I jumped Deans butt for breaking his rules for trading his Synergy System. He explained that the initial rules for a system is for new people trading that new system to insure their greatest chance for success. BUT as an experienced trader with that same system he might trade it a little differently because of his experience. That shut my mouth!
I'm a very experienced trader using my 5 method. I'm very aggressive in making my trades too.
If your new to the 5 method... stick to the rules... but realize when I post my chart it may be a little different than yours because of my experience and study. Learn from them but stick to the rules until you gain the experience and confidence to make any changes or becoming more aggressive.
Wish you all a good weekend.
- #60,524
- Sep 11, 2015 9:40pm Sep 11, 2015 9:40pm
- Joined Nov 2008 | Status: Trader | 50,185 Posts
Not every TDI Green angle and Green cross Red is a high probability trade setup.
Do you know how to pick A+++ trade setups?
Do you know how to pick A+++ trade setups?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #60,527
- Sep 11, 2015 10:39pm Sep 11, 2015 10:39pm
- Joined Nov 2008 | Status: Trader | 50,185 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #60,528
- Sep 11, 2015 10:45pm Sep 11, 2015 10:45pm
- Joined Nov 2008 | Status: Trader | 50,185 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #60,529
- Sep 11, 2015 10:51pm Sep 11, 2015 10:51pm
Not every TDI Green angle and Green cross Red is a high probability trade setup. Do you know how to pick A+++ trade setups? {image}
We should avoid in this situation, we must entry only long.
and also think BRN 184.0
- #60,532
- Sep 12, 2015 12:47am Sep 12, 2015 12:47am
- Joined Nov 2012 | Status: Trader | 2,339 Posts
I Have Learned to Take Some Losses to Make Profits
- #60,535
- Sep 12, 2015 7:43am Sep 12, 2015 7:43am
Hi Lookleft
On a GJ pair when all the TSM conditions are met except the below, what would be your approach?
There is more than 60 pips to the outside channel to set the SL, and only 30 pips to next BRN/RN/50,200 ema.
Would you take this trade as the risk is 1:2 as you are getting only 30 pips initially. I believe the pairs like GJ, EC, GC etc. we would end up in this situation.
Is it Ok to take this trade in the hope that price will break the BRN/other resistances and move ahead?
On a GJ pair when all the TSM conditions are met except the below, what would be your approach?
There is more than 60 pips to the outside channel to set the SL, and only 30 pips to next BRN/RN/50,200 ema.
Would you take this trade as the risk is 1:2 as you are getting only 30 pips initially. I believe the pairs like GJ, EC, GC etc. we would end up in this situation.
Is it Ok to take this trade in the hope that price will break the BRN/other resistances and move ahead?
{quote} I completely missed the BRN 1.59.Never ignore a BRN. Why are RN's important to us and what can price do at a RN ? 25 virtual green pips for the first correct answer.
- #60,538
- Sep 13, 2015 2:15am Sep 13, 2015 2:15am
- Joined Dec 2013 | Status: Trader | 1,680 Posts
Sad i'm not trying to understand PA
- #60,539
- Sep 13, 2015 4:48am Sep 13, 2015 4:48am
Hi Lookleft On a GJ pair when all the TSM conditions are met except the below, what would be your approach? There is more than 60 pips to the outside channel to set the SL, and only 30 pips to next BRN/RN/50,200 ema. Would you take this trade as the risk is 1:2 as you are getting only 30 pips initially. I believe the pairs like GJ, EC, GC etc. we would end up in this situation. Is it Ok to take this trade in the hope that price will break the BRN/other resistances and move ahead? {quote}
Regardless of the pair I regard BRN's as important. As a rough rule of thumb, if price has been rejected twice or more from the same point it can be regarded as S/R. If you extend a line from a BRN/RN and see that price has been rejected there twice or more, what is the chance of it happening again?. As you gain experience you will also see that some pairs respect BRN/RN more than others. I don't trade the pairs you mentioned very often as the spread is too big for my liking.
As for the second part of you post. If there is a valid setup and there is enough room and a decent R:R I will take the trade. However, I would watch very closely what happens at the BRN/RN and obviously at some time price is going to break the BRN/RN or we would spend the rest of our lives trading in a 100 pip range
Another technique I use is to wait until price has broken through the BRN/RN with good momentum and then enter. If a price on H1 stalls at a BRN/RN I may exit the trade and drop down to the M15 to see if there is a valid re-entry if price breaks the BRN/RN.
As you can see I'm a great believer in the power of BRN/RN knowing how big institutions use them (I used to work for one so have first hand knowledge). To me the best trade is where PA and TDI give a valid entry at a BRN and there is nothing in the way until the next BRN/RN, almost a guaranteed 50/100 pips
Hope this answers your questions, good trading and green pips next week.
Never argue with a fool; onlookers may not be able to tell the difference.
- #60,540
- Edited 6:57am Sep 13, 2015 4:51am | Edited 6:57am
EURAUD-H4 {image}
I hope all H1 traders have drawn up their plans (A & B) and set their levels for next week
EURUSD traders might want to watch 1.1300 and 1.1450/1.1500 levels
Never argue with a fool; onlookers may not be able to tell the difference.