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Trading Made Simple

  • #61,241
  • Oct 8, 2015 2:24am Oct 8, 2015 2:24am
Quoting tibovwh
{quote} I'm also watching where it will go but the 4H has been a pretty strong setup candle I think. Good cross bouncing off the weekly WRB low. I'm kind of hesitant to look for short. What do you think? Best,

H4 is CT but good to long.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #61,242
  • Oct 8, 2015 3:01am Oct 8, 2015 3:01am
You have mentioned all the forex trading reality in details ... and every one must learn the art first rather than jump into pool
  • #61,243
  • Oct 8, 2015 3:03am Oct 8, 2015 3:03am
GBPUSD 1H

Got a nice signal but I'm not buying it !

Perhaps if it breaks 1.535
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  • #61,244
  • Oct 8, 2015 3:04am Oct 8, 2015 3:04am
Quoting tibovwh
{quote} I'm also watching where it will go but the 4H has been a pretty strong setup candle I think. Good cross bouncing off the weekly WRB low. I'm kind of hesitant to look for short. What do you think? Best,
You were right to be hesitant... this is why I always try to wait for a proper TMS signal... has saved me countless times

When Plan A fails, we resort to Plan B... FO formed a nice BUOB following 2 IB's for a TDI bounce setup long.

However the 40 pip pullback took me out at BE
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Focus on the process and the profits will follow
  • #61,245
  • Oct 8, 2015 3:30am Oct 8, 2015 3:30am
Quoting Ballistical
{quote} You were right to be hesitant... this is why I always try to wait for a proper TMS signal... has saved me countless times When Plan A fails, we resort to Plan B... FO formed a nice BUOB following 2 IB's for a TDI bounce setup long. However the 40 pip pullback took me out at BE {image}
You traded very well BL 1.58 is in sight but the problem for long at this stage has couple of important S/R above. Price bounced from H4 200ema close you BE.
Sad i'm not trying to understand PA
  • #61,246
  • Oct 8, 2015 3:56am Oct 8, 2015 3:56am
Quoting omonisha
{quote} You traded very well BL 1.58 is in sight but the problem for long at this stage has couple of important S/R above. Price bounced from H4 200ema close you BE.
Thanks OS. Agreed! Major tug of war going on at the moment
Focus on the process and the profits will follow
  • #61,247
  • Oct 8, 2015 5:59am Oct 8, 2015 5:59am
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 week 41 D1 chart trade closed.

This trade took some time but eventually it manage to test the recent swing low where I have my final target. It is correction of the recent downtrend.

Attached Image (click to enlarge)
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #61,248
  • Oct 8, 2015 6:02am Oct 8, 2015 6:02am
Quoting emmanuel7788
{quote} GBPJPY looking bullish but there was no TMS 5-Method setup candle on D1. {image} Buy on D1 chart means your SL is below last week' low...210pips. How do you get an entry with smaller initial SL?

GBPJPY Week 41 H4 trades closed.
Total 282 pips with 5 positions.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY week 41 H4 trades closed 8 Oct.png Size: 45 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #61,249
  • Oct 8, 2015 6:21am Oct 8, 2015 6:21am
Quoting emmanuel7788
{quote} GBPJPY Week 41 H4 trades closed. Total 282 pips with 5 positions. {image}
Hi, emm. Nice trade. could you pls explain your enter & exit rules for the 2/3/4/5 trades? did you reference H1 ?
  • #61,250
  • Oct 8, 2015 6:37am Oct 8, 2015 6:37am
Quoting Saionbus
{quote} Hi, emm. Nice trade. could you pls explain your enter & exit rules for the 2/3/4/5 trades? did you reference H1 ?

Hi,

When I trade the D1 chart setup the retracement can be rather big. remember what Big E why he did not like to trade the D1 chart because the pull back can be 100pips against his entry.
What I do is to enter with smaller position, then build more positions during the pull back. Exit the trades (2,3 and 4) when they are profitable then re-enter (5) with new position size when the trend is established.

Read post 61,103 for explanation on the GN trade.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #61,251
  • Oct 8, 2015 6:47am Oct 8, 2015 6:47am
Quoting emmanuel7788
{quote} GBPJPY Week 41 H4 trades closed. Total 282 pips with 5 positions. {image}
WOW very nice, just curious, no PAC?
Scared money DON'T make money!
  • #61,252
  • Oct 8, 2015 6:57am Oct 8, 2015 6:57am
Quoting emmanuel7788
{quote} GBPJPY Week 41 H4 trades closed. Total 282 pips with 5 positions. {image}
Hi EMM,

Thx for your continuous support and posting on the thread.

I would like to ask you a question regarding those trade, as you show them on H4 TF.

One of your trade goes over -100 pips DD and the 2nd about -50 pips DD.

That totals about -160 pips DD.

Isn't there an SL strategy or % risk on it?

Not everyone will have those DD limits.

Thx

Take care
  • #61,253
  • Oct 8, 2015 7:12am Oct 8, 2015 7:12am
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...
This reminds me when I trade equities, I love to short cheap hyped up stocks when they fly up on some kinda pump, so lets say i know I want to build a 1000 share position and know that the POS will come down just the question of when, Ill open a starter position with 200 shares, if the thing flies another $1 or more ill add another 200 so by the time that I reached my 1k size i intended ill have a good overall average. Man E smart and this "scaling in" style is very important and it works just didnt ever do it with FX because it never shows on MT4 as ONE position with a recalculated average, i wish it would. Nice stuff and happy to see an FX trader incorporating this.
Scared money DON'T make money!
  • #61,254
  • Oct 8, 2015 7:20am Oct 8, 2015 7:20am
Quoting Helee
{quote} Hi EMM, Thx for your continuous support and posting on the thread. I would like to ask you a question regarding those trade, as you show them on H4 TF. One of your trade goes over -100 pips DD and the 2nd about -50 pips DD. That totals about -160 pips DD. Isn't there an SL strategy or % risk on it? Not everyone will have those DD limits. Thx Take care
Hi Helee,

The 'secret' is in Position Sizing and how you utilise your equity % risk of 1% to 2 % maximum per basket of trades.
If you risk 0.2% per trade and do position size, whether you lose 100pips of 150pips, your loss is still 0.2%.

Read these post and study the attachments.
Money Management Strategy for TMS: Post#48,008
Using Multiple-Lot Positions to Improve trading TMS: Post#33,507
Entry and Exits ... Post#19,617
How to Build a Position: Post#19,588

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #61,255
  • Oct 8, 2015 7:23am Oct 8, 2015 7:23am
Quoting profitman
{quote} WOW very nice, just curious, no PAC?

PAC is good for new traders and once they gain more experience in price action trading they won't need that.
But the 5EMA (Typical, Shift+3) or 10EMA (Close), will be good on the trading chart.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #61,256
  • Oct 8, 2015 7:24am Oct 8, 2015 7:24am
Quoting emmanuel7788
{quote} Hi Helee, The 'secret' is in Position Sizing and how you utilise your equity % risk of 1% to 2 % maximum per basket of trades. If you risk 0.2% per trade and do position size, whether you lose 100pips of 150pips, your loss is still 0.2%. Read these post and study the attachments. Money Management Strategy for TMS: Post#48,008 Using Multiple-Lot Positions to Improve trading TMS: Post#33,507...
Thanks for the tip Emmanuel. Hope you don't mind answering, so for this particular trade, what is your total risk% that was split among 5 entries?
  • #61,257
  • Oct 8, 2015 8:33am Oct 8, 2015 8:33am
Quoting Ballistical
{quote} You were right to be hesitant... this is why I always try to wait for a proper TMS signal... has saved me countless times When Plan A fails, we resort to Plan B... FO formed a nice BUOB following 2 IB's for a TDI bounce setup long. However the 40 pip pullback took me out at BE {image}
Just bad luck, got filled on this one into the pip, formed PCRF on H1 and reversed
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I Have Learned to Take Some Losses to Make Profits
  • #61,258
  • Oct 8, 2015 8:42am Oct 8, 2015 8:42am
Quoting emmanuel7788
{quote} Hi Helee, The 'secret' is in Position Sizing and how you utilise your equity % risk of 1% to 2 % maximum per basket of trades. If you risk 0.2% per trade and do position size, whether you lose 100pips of 150pips, your loss is still 0.2%. Read these post and study the attachments. Money Management Strategy for TMS: Post#48,008 Using Multiple-Lot Positions to Improve trading TMS: Post#33,507...

Hi EMM
Thx a lot for your input

Best regards
  • #61,259
  • Oct 8, 2015 10:06am Oct 8, 2015 10:06am
I followed up on the GBPUSD 1H signal I posted earlier. It broke YH and 4H High and went long with smaller position than usual. Filled 2/3 at 1x and 2x ATR and last 1/3 was stopped out just above BE. Good for a small amount of pips.
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  • #61,260
  • Oct 8, 2015 10:10am Oct 8, 2015 10:10am
EURAUD 1H. The LO seemed to have set the high of the day and rejected YH. LO+1 was IB. Took an aggressive entry short. Did not wait for candle to close so not 100% as per rules. But good for just under 50 pips in the end
Attached Image (click to enlarge)
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