- #60,964
- Sep 29, 2015 2:42pm Sep 29, 2015 2:42pm
{quote} Hi Mokuro, Here are 2 posts I know of on ME that I know of. Possible Emmanuel can provide some more insight. http://www.forexfactory.com/showthre...91#post6739091 http://www.forexfactory.com/showthre...92#post8380092 Best,
- #60,965
- Sep 29, 2015 5:28pm Sep 29, 2015 5:28pm
- Joined Nov 2008 | Status: Trader | 50,194 Posts
USDJPY week 40 H4 Wide Range bar WRB example:
UJ is sideways trading in the range of that H4 WRB.
One simple rule is to avoid trading the TMS 5-Method setup after a WRB.
WRB is a 'big candle' is an early warning.
Big E in his Post#647, tells us to check several PA stuff when we want to take a TDI trade
When wanting to enter a TDI trade... take a moment first to observe basic 4x things... like:
How close am I to the previous high or lo
Am I in an uptrend or downtrend.. short & long term...
Am I in or close to a consolidation area
Are the previous candles small...
Look at the candles on the last reversal... big, little, what
How does the momentum look right now (12-2, 4-6)
Does Stoch's confirm the TDI signal
Sounds like a lot of stuff but it's basic stuff and only takes a moment to observe it...
when you can answer every of these checklist questions above, you will be able to write your own trading rules.
Now we wait for the trade opportunity.
Take a look at the Monthly chart because today is the last trading day of this month.
Have a good trading day.
UJ is sideways trading in the range of that H4 WRB.
One simple rule is to avoid trading the TMS 5-Method setup after a WRB.
WRB is a 'big candle' is an early warning.
Big E in his Post#647, tells us to check several PA stuff when we want to take a TDI trade
When wanting to enter a TDI trade... take a moment first to observe basic 4x things... like:
How close am I to the previous high or lo
Am I in an uptrend or downtrend.. short & long term...
Am I in or close to a consolidation area
Are the previous candles small...
Look at the candles on the last reversal... big, little, what
How does the momentum look right now (12-2, 4-6)
Does Stoch's confirm the TDI signal
Sounds like a lot of stuff but it's basic stuff and only takes a moment to observe it...
when you can answer every of these checklist questions above, you will be able to write your own trading rules.
Now we wait for the trade opportunity.
Take a look at the Monthly chart because today is the last trading day of this month.
Have a good trading day.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #60,966
- Sep 29, 2015 5:40pm Sep 29, 2015 5:40pm
- Joined Nov 2008 | Status: Trader | 50,194 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #60,967
- Sep 29, 2015 5:49pm Sep 29, 2015 5:49pm
- Joined Nov 2008 | Status: Trader | 50,194 Posts
Hi Emmanuel, where can I read more about ME/ME strategy? I'm unable to use this term on search here it return 0 results. Do you see the HTF trend direction, go to LTF and buy low/sell high? Thanks
Hi,
Always determine which TF is your Primary Trend or dominant trend when we trade.
When I trade 4H swing, my Primary Trend is Weekly.
When I trade intraday H1, my dominant trend is H4.
But we need to align the multi timeframe in all cases.
How to align multi-timeframe: {click}
Question some may ask: Did Big E trade multiple entries?
Read his posts below.
Big E on using multiple entries in the CHS thread
Post#2622 , Post#2629 , Post#2771 and Post#2912
regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #60,971
- Edited 1:14am Sep 30, 2015 1:02am | Edited 1:14am
Lookleft..I took this GBPJPY trade today (went long at the close outside the DOL, see the arrow) and it hit my SL which was 75pips away (outside the channel). Is there anything that I should have done differently? Appreciate your comment. {image}
The last couple of days have been difficult for H1 with the end of month coming up. My thoughts on your trade.
1. Counter trend (against H4)
2. Setup APB had wick at both end meaning buyer/seller conflict which needs to be taken into account especially on a CT trade
3. Trade straight into a RN 182.50 (blue line). Look at H4 6 Sep and see how price reacted. I would have wanted to see price close above RN
4. Price had not closed above the trend line (red line)
As far a loosing 75 pips. You should have closed the trade earlier. If you see price pulling back, look at M15 and if you see a color change exit. This is a conservative exit strategy but is useful in a CT trade.
Remember you are going to get losers as everyone does, the object is to lessen the loss with trade management.
Hope this helps.
Edit: Looking at the chart, depending where you entered there was 25-30 pips to be taken which is good enough for a CT
Never argue with a fool; onlookers may not be able to tell the difference.
- #60,975
- Sep 30, 2015 2:36am Sep 30, 2015 2:36am
- Joined Jul 2013 | Status: Trader | 1,045 Posts
EG, H4, short.
- #60,976
- Sep 30, 2015 2:55am Sep 30, 2015 2:55am
{quote} Hi look left I'm interested in "The last couple of days have been difficult for H1 with the end of month coming up. " Why The last few days are difficult? Please tell me reason
Mondays are traditionally slow days. At month end the big players and investors evaluate currency holdings based on many things like bond and commodity markets over the previous month. They may then decide to re-balance their portfolio. As these are the people that make the market nobody wants to be on the wrong side of their decision so the market we see slows. Today also has NFE adjustment change data from US which again slows the market. Also in the UK at least today is the day that a lot of traders bonuses are calculated
Remember that there are a lot of things that influence the market we trade. We have no control over this so we trade what the market shows us. If there is no definite or slow movement set your expectations accordingly.
Never argue with a fool; onlookers may not be able to tell the difference.
- #60,978
- Sep 30, 2015 3:19am Sep 30, 2015 3:19am
{quote} Hi Yuki, Mondays are traditionally slow days. At month end the big players and investors evaluate currency holdings based on many things like bond and commodity markets over the previous month. They may then decide to re-balance their portfolio. As these are the people that make the market nobody wants to be on the wrong side of their decision so the market we see slows. Today also has NFE adjustment change data from US which again slows the market. Also in the UK at least today is the day that a lot of traders bonuses are calculated
I must remember
" a lot of things that influence the market"
So...now on I avoid or care end of month
- #60,980
- Sep 30, 2015 8:02am Sep 30, 2015 8:02am
- Joined Nov 2008 | Status: Trader | 50,194 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett