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Trading Made Simple

  • #61,141
  • Oct 6, 2015 8:19am Oct 6, 2015 8:19am
A win and and a loss on GU today -- nett +25[attach]1767764
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  • #61,142
  • Oct 6, 2015 8:41am Oct 6, 2015 8:41am
Will it break and close above Y H? ...
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  • #61,143
  • Edited 9:09am Oct 6, 2015 8:47am | Edited 9:09am
Quoting robuk
A win and and a loss on GU today -- nett +25[attach]1767764 {image}
Sorry you lost on GU!
I am very proud of my GU trade today, taken on H1.
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  • #61,144
  • Oct 6, 2015 8:50am Oct 6, 2015 8:50am
Quoting catalin_eros
{quote} Sorry you lost on GU! I am very proud on my GU trade today, taken on H1. {image}
Well done !! very nice trade .
  • #61,145
  • Oct 6, 2015 8:58am Oct 6, 2015 8:58am
Quoting catalin_eros
{quote} Sorry you lost on GU! I am very proud on my GU trade today, taken on H1. {image}
Congrats

Took some pips also

Entry LO+2 break of LO+1 High

Best,
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  • #61,146
  • Oct 6, 2015 9:05am Oct 6, 2015 9:05am
Bad entry on EURCAD 1H Short. Need to be more patient.
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  • #61,147
  • Oct 6, 2015 9:09am Oct 6, 2015 9:09am
Quoting tibovwh
{quote} Congrats Took some pips also Entry LO+2 break of LO+1 High Best, {image}
  • #61,148
  • Oct 6, 2015 11:06am Oct 6, 2015 11:06am
Quoting emmanuel7788
{quote} No. I avoid trading against the Weekly setup. Also there is resistance above and H4 pull back. Always pay more attention to previous support turned resistance. There is also a H4 WRB high to consider. If you take the setup, there is only room for 60 pips and the SL at the last swing low is 100 pips. {image}
Ok thank you for explaining. I can see the reasoning ... I'm still working to understand how to look at the higher time frames and correlate that to the time frame that i am putting potential trade in
  • #61,149
  • Oct 6, 2015 3:05pm Oct 6, 2015 3:05pm
Hi Emmanuel and all,

It is recommended somewhere in the BigE's & Snarlyjack's document to put a stop loss at the last-but-one candle, which is indeed very practical when we can be present to monitor the trade.

But when we are away, it could be nice to program a trailing stop in the trading platform as a trailing S/P. So, what could be the amount of pips we should choose? I know it is not an easy question, as the candles of course don't have the same size, but if we should choose an average number that runs, what could it be?

Mike
  • #61,150
  • Oct 6, 2015 3:58pm Oct 6, 2015 3:58pm
Quoting robuk
A win and and a loss on GU today -- nett +25[attach]1767764 {image}

hi Rob,

Good trades, you caught the breakout but exited the first trade too quickly.

Below is my suggestion to use the PAC instead of the other moving average on your chart.
Use Price Action with the PAC for entry and exit in trending market. It will help you manage your exits better. 'Let profits run'

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD week 41 6 Oct Breakout.png Size: 58 KB


regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #61,151
  • Oct 6, 2015 4:16pm Oct 6, 2015 4:16pm
Quoting Gannstudent
Hi Emmanuel and all, It is recommended somewhere in the BigE's & Snarlyjack's document to put a stop loss at the last-but-one candle, which is indeed very practical when we can be present to monitor the trade. But when we are away, it could be nice to program a trailing stop in the trading platform as a trailing S/P. So, what could be the amount of pips we should choose? I know it is not an easy question, as the candles of course don't have the same size, but if we should choose an average number that runs, what could it be? Mike

Hi,

Which timeframe do you trade? Intraday H1/M15 or 4H swing on H4 or Position Trading on D1.

Stop Loss, Take Profits, Trailing Stops, Jumping Stops, etc. are all Exits. What is the Exit Strategy for your trading system? This will define how you set your SL, TPs, TSL, JSL, etc.

Know the average trading range of the timeframe you trade.
Types of exits:
1) Static Exit when SL and/or TP(s) hit.
2) Adaptive Exit when Percentage of ATR reached, R-Multiple reached, etc.
3) Trade Invalidation Exit.
4) Timed Exit, when the trade has exceeded its predetermine duration, no matter the trade result.
5) Psychological Exit.... mental exhaustion of the trader.

'set and forget' works best for 1) Static Exits and also 2) if we know how to.

Perhaps if you post a chart , I can explain better how I would manage my entry and exits.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #61,152
  • Oct 6, 2015 4:23pm Oct 6, 2015 4:23pm
Quoting emmanuel7788
GBPUSD Week 41 5 to 9 Oct: GU still bearish as seen in the MN chart. Last week we saw the bearish momentum reduced as it approach NFP on Friday. NFP created a bullish Day candle but there is no reversal seen. Next week, we are likely to see some 'correction' to recent support turned resistance. Short term buys are likely early next week and I would be watching the H4 price action for intra-week reversal to the downside for continuation. {image} A few questions you have to ask: - is the market trending or sideways? short term / long term. - are we...

GBPUSD 7 Oct:
You recall this post above. We may see further corrective move up.
A 100 pips is possible but watch how price reacts at the RN 1.5250, 1.5300, 1.5350.

Trade Well!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #61,153
  • Oct 6, 2015 4:43pm Oct 6, 2015 4:43pm
Latest read FX Trader Magazine - Oct-Dec issue.
Some very relevant topics:
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Get your free copy here: http://www.fxtradermagazine.com/online-edition.php
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #61,154
  • Oct 6, 2015 5:04pm Oct 6, 2015 5:04pm
Quoting Raa
Hello emmanuel, by your posts i can see that you have entry edge. Did you ever thought about multi time frame trading? Like have a plan on monthly time frame, entry area 4/1hour time frame and scouts (real time trading) at 5min time frame. It would make huge gap in risk & reward. ps. I see you are open minded person, so wanted to change a bit perspective of view. regards,

Hi Raa,

I do use multi-timeframe in my technical analysis and trade mostly the H4 and D1 charts TFs.
I used to trade M15 but find that disrupt too much of my day time activity so I stopped trading M15.
I do look at M15 and use that for add-on positions when I have a trade basket open.

I shall give what you wrote some thoughts as learning is very important for me.

Thank you.

kind regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #61,155
  • Oct 6, 2015 6:09pm Oct 6, 2015 6:09pm
Quoting Javforex
{quote} Got it. Should have set my SL to the low of previous candle. I don't quite get the timing of the market, and the buyer/seller. Would you mind elaborate and how they can affect the trade? I've entered as TDI crossed, which happened on this big candle. By looking inside the big candle, do you mean looking at the PA of the lower TF and deduce the trend? Thanks for the reply.
Hi Jav,

Where you place your initial SL depends on the market volatility. Most traders place their trade SL at the previous swing low/swing high for reversal setups by looking at the chart price action.
Or you can simply use 2 x ATR(10) on H1 TF.

Trading intraday on H1 is very tough as it is subject to market reaction to news/economic data release and market events. There are often times we do not know if there are really buyers or sellers when the market session closing or new market session opening.
Look at this pic below. After the Tokyo first 5 hours in the morning, just after the Japanese finished their sushi time, we often see some change in liquidity. You need to know what went on in the Asian markets - Sydney, Tokyo, Shanghai, HongKong, Seoul, Taiwan, etc. and to know what happened. These move the next few hours until London opens.
Similarly during the Frankfurt and London sessions, there are news/data releases, events etc. And when London session closing, again some movements usually pull backs. Remember what Snarlyjack once said: There are 24 H1 candles in one Day, every hour is news/events candle. This is why I do not trade H1 so often and prefer to trade H4 and D1 chart TFs.

Attached Image (click to enlarge)
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Let's learn from your H1 trade yesterday. See comments on chart below:
Always do some basic technical analysis to identify where recent support and resistance are, look for market condition type to see if there is consolidation range, potential breakout, volatility based targets for exits, etc.
Remember what Big E said:
#1 in importance is PA
#2 is the TDI for confirmation…
Post#3142
If you wait for a TDI cross then do analysis , it is too late and you should not make trade decision under time pressure.

Attached Image (click to enlarge)
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regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #61,156
  • Oct 6, 2015 6:14pm Oct 6, 2015 6:14pm
Watching for an inevitable breakout on EA H1/H4...
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Focus on the process and the profits will follow
  • #61,157
  • Oct 6, 2015 6:38pm Oct 6, 2015 6:38pm
Quoting Ballistical
Watching for an inevitable breakout on EA H1/H4... {image}
Good to see you buddy. Yep, the PA is stuck between major SR levels. The 200/800 EMA above so lets see the breakout follow the trend or go against it.

HR
  • #61,158
  • Oct 6, 2015 6:42pm Oct 6, 2015 6:42pm
Quoting emmanuel7788
{quote} Once you have done your Big Picture Plan for GN, you know its is bearish. You can open sell when this week open i.e. Monday open. But you must be prepared to build more positions when it retraces against your first entry. This way you will get several entries and an overall better average entry price. But what of it does not retrace? Simple, you take profit at every +50pips move, re-enter again. Keep doing this until one of your entry is caught in a retracement and you build positions again. {image} Question is , when do we add position...
thanks Emmanuel7788, im learning alot from your post and charts.
  • #61,159
  • Oct 6, 2015 6:56pm Oct 6, 2015 6:56pm
Quoting Ballistical
Watching for an inevitable breakout on EA H1/H4... {image}

yes.
Both H4 and H1 are in consolidation range, getting narrower.
That will break soon.
I am bias to to down side.... seeing 1.5600 as short term.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #61,160
  • Oct 6, 2015 6:58pm Oct 6, 2015 6:58pm
Quoting Meihk
{quote} thanks Emmanuel7788, im learning alot from your post and charts.

you are welcome.
put into practice what you learn and you shall achieve financial freedom sooner.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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