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Trading Made Simple

  • #62,701
  • Nov 7, 2015 3:36am Nov 7, 2015 3:36am
Quoting atiq84
APB is average price bars they dont show proper OHLC , one cant put S/R based on APB , S/R should be based on line chart ( read babypips S/R article), as for pivots dont use it

you are absolutely correct....

we must learn to see the prices swing highs and swing lows in the market, we look for the significant swing highs and swing lows and use them as "support and resistance" believing that the market will come back to these "support and resistance".

The Line Chart is still the best trading chart and its existence long before the Japanese candletsicks.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #62,702
  • Nov 7, 2015 3:54am Nov 7, 2015 3:54am
Quoting TheScorpS
{quote} This is a golden post , understand it well, implement it in your trading life style, I have been with TMS ever since started trading , the same strategy, same thoughts, same TFs, following one way only and one goal only, its my 3rd year now and still developing that edge which puts me one step ahead in the market I have 2 questions Emmanuel 1- In my plan I addressed my Risk Management, but I still cant seem to implement that in the market, still don't have that mindful toughness to cut my looser short based on that Risk Management plan,...

Hi TSS,

...still thinking how to reply you. I need some time for this because ...

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #62,703
  • Nov 7, 2015 4:25am Nov 7, 2015 4:25am
Quoting snarlyjack3
{quote} Good Morning Emmanuel! It's 6:00a.m. Montana time (Mountain Standard Time). Unemployment data come out at 6:30a.m. Haemdoc, Trading is both a art & science. Even tho we are all using the same system we all do it a bit differently. "We make it our own". Tms guides us but their is still room for our individual thoughts & actions. For example when I look at your example what I see is a triple top. From my experience with triple tops it sends up a red flag. Does that mean that a triple top can't be broken...No, it can be broken. Do I know exactly...
Quoting snarlyjack3
Emmanuel, Today, NFP Friday turned out to be a very interesting day in a lot of ways! The US Dollar went way up in value! Here in the USA today on CNBC tv (business news) the talk all day was that the Fed. will raise interest rates 1/4% this December. Then a slow progression of interest rates hikes, 1/4% at a time. Forex could get very interesting in the future if volatility picks up. We should teach the newer traders how to set emergency stops & how to protect themselves in volatile markets. I went into NFP in a neutral position & watched the action....
Hi SJ,

Sorry I missed your other post above. Your morning 6am is my usual bedtime so we usually don't get to chat in realtime.

About NFP, this is what I think of it. NFP is just one Day candle usually a big day candle and yesterday's was no exception. The market know where it wants to go days before NFP. It is the smart money who know where all the orders are and they want to fill as many of the orders as possible using events like NFP. We retail traders can't see the orders but we know we have our SLs and TPs, these are orders in the market.
The market talk about FED rate hike for months, the experts have plenty to say about that. They can analyse all the possible what if scenarios. That's what they are paid to do. Every big economy and their central banks have their own job to do and balancing every things possible to keep their own economy going.
My job as the trader is to do my best to be in the right side of the market every day. Question I asked myself is what is the direction of the market days before NFP and will it continue or reverse. One day candle does not reverse the market direction, it take 2 to 3 candles, and on day chart that is 2 to 3 Days. Every month is a NFP day, so I do the same top down approach looking at the Monthly chart, then the Weekly and the Day to see what is the dominant direction. Some months it is clear just like yesterday's NFP and we make our money. Other times, it is not so clear, we must decide to take what the market gave us and run. We do not give back too much or risk our hard earned money.

I am no expert but I know what I am doing and I know how to preserve my trading capital. I cannot risk my retirement funds now and have my retirement annuity to look after myself for the next 30 years, presumably I live till 90.

You take care and it is really good to have you back in this thread. Let's keep trucking like you say.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #62,704
  • Nov 7, 2015 4:35am Nov 7, 2015 4:35am
Quoting snarlyjack3
{quote} Good Morning Emmanuel! It's 6:00a.m. Montana time (Mountain Standard Time). Unemployment data come out at 6:30a.m. Haemdoc, Trading is both a art & science. Even tho we are all using the same system we all do it a bit differently. "We make it our own". Tms guides us but their is still room for our individual thoughts & actions. For example when I look at your example what I see is a triple top. From my experience with triple tops it sends up a red flag. Does that mean that a triple top can't be broken...No, it can be broken. Do I know exactly...
Dear SJ

Thank you for the time you take to reply to my questions. While the answers cannot be straightforward your replies give me a lot pf signals abut how master traders think, as i see it we are not market makers, we simply study the trend and try to be on the right side and this is what i have learned.

Thanks for the nuggets

H
  • #62,705
  • Nov 7, 2015 4:37am Nov 7, 2015 4:37am
Quoting emmanuel7788
{quote} {quote} Hi SJ, Sorry I missed your other post above. Your morning 6am is my usual bedtime so we usually don't get to chat in realtime. About NFP, this is what I think of it. NFP is just one Day candle usually a big day candle and yesterday's was no exception. The market know where it wants to go days before NFP. It is the smart money who know where all the orders are and they want to fill as many of the orders as possible using events like NFP. We retail traders can't see the orders but we know we have our SLs and TPs, these are orders in...

Dear Emm,
Thank you for your replies, slowly I am getting up to speed

H
  • #62,706
  • Nov 7, 2015 4:38am Nov 7, 2015 4:38am
Hi Folks,

I am just playing with my charts. Have had several weissen already so I am really relaxed.

Looking at EURUSD Line Chart and comparing the pivot and the price big round number BRN 00 and round number RN 50.
I love looking at the Line Chart the way I did back in the mid-80's trading the stock market. We did not have online chart back then so we simply check the stock markwet after its cloisng time and see what the stocks close price were. Then simply plotting the close price on graph printed paper and connect the close prices.
That's the Line Chart we see with just a simple click of our PC mouse.

Everyone BRN and RN can be support and resistance, so what is this thing about using pivots? Is pivot suppose to show us the future support and resistance on our charts?

Attached Image (click to enlarge)
Click to Enlarge Name: Line chart with pivot.png Size: 54 KB


Attached Image (click to enlarge)
Click to Enlarge Name: Line chart with RN.png Size: 45 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #62,707
  • Nov 7, 2015 5:22am Nov 7, 2015 5:22am
Quoting emmanuel7788
Hi Folks, I am just playing with my charts. Have had several weissen already so I am really relaxed. Looking at EURUSD Line Chart and comparing the pivot and the price big round number BRN 00 and round number RN 50. I love looking at the Line Chart the way I did back in the mid-80's trading the stock market. We did not have online chart back then so we simply check the stock markwet after its cloisng time and see what the stocks close price were. Then simply plotting the close price on graph printed paper and connect the close prices. That's the...
Hi, Emmanuel
As this is a weekly based pivot, I think it can be seen more properly by the following picture. Whether it's useful or not is a different question anyway....
EU 1H.
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-11-07_20-17-17.png Size: 23 KB
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #62,708
  • Nov 7, 2015 5:36am Nov 7, 2015 5:36am
Quoting heispark
{quote} Hi, Emmanuel As this is a weekly based pivot, I think it can be seen more properly by the following picture. Whether it's useful or not is a different question anyway.... EU 1H. {image}

You are right. We must see the weekly pivot at the beginning of the new week. We must not use the current week pivot and see the current week pivot in history. That is nonsense.

Here is my version which draw the history as it should.

Attached Image (click to enlarge)
Click to Enlarge Name: Weekly pivot in history D chart.png Size: 75 KB


There are different formulas for so called pivots and that also depends on the week open.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #62,709
  • Nov 7, 2015 6:04am Nov 7, 2015 6:04am
Quoting emmanuel7788
{quote} you are absolutely correct.... we must learn to see the prices swing highs and swing lows in the market, we look for the significant swing highs and swing lows and use them as "support and resistance" believing that the market will come back to these "support and resistance". The Line Chart is still the best trading chart and its existence long before the Japanese candletsicks.
But I remember that you use line chart only for M1 and W1, not for the D1. Maybe I don't remember correctly...?
  • #62,710
  • Nov 7, 2015 6:13am Nov 7, 2015 6:13am
TDI we know to look for cross bounce angle. What about the vast subject PA ? How to learn PA ? Very little involvement .Would have been great if experienced discuss/share more about PA.
Attached Image (click to enlarge)
Click to Enlarge Name: Big E 3142.png Size: 24 KB
Sad i'm not trying to understand PA
  • #62,711
  • Edited 6:44am Nov 7, 2015 6:16am | Edited 6:44am
Quoting catalin_eros
{quote} But I remember that you use line chart only for M1 and W1, not for the D1. Maybe I don't remember correctly...?

Yes I use the Line Chart for MN (not M1) and W1 in my Big Picture Planning.

MN Line Chart is to see the MN price swings levels and I trade H4 and D1 setups between those swing levels.
Example GBPUSD how I trade using the MN swing levels to target my profit exits.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD MN Line Chart swing levels on D chart.png Size: 49 KB


see my post http://www.forexfactory.com/showthre...37#post8578437

did I predict 1.5050 as target? no, it is all on my chart above.

below is the MN chart where I locate those swing levels and trade between those levels. No need any indicators. You see these in any trading platform.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD MN Line Chart swing levels.png Size: 44 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #62,712
  • Nov 7, 2015 6:19am Nov 7, 2015 6:19am
Quoting omonisha
TDI we know to look for cross bounce angle. What about the vast subject PA ? How to learn PA ? Very little involvement .Would have been great if experienced discuss/share more about PA. {image}

well, Eric did mentioned the PA as basic forex (4x) things ...in his post#647 below

Your safest trades will always be when green crosses red and you enter on candle 1 or 2... odds are in your favor. Why? Because I'm expecting 3-8 candles... which is average...

With bounce trades the odds are lower for your success... but it still works.

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...

If you don't already know these things... don't trade live yet... www.babypips.com is a good place to learn about the basics of trading 4X.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #62,713
  • Edited 7:15am Nov 7, 2015 6:45am | Edited 7:15am
Hi emmanuel7788, I consider 10 EMA, 200 EMA, DOLs, Pivots, RNs, Support and Resistance, candle patterns just areas and zones (line in the sand) that I am interested in checking to see how price behaves in those areas add in confluence then I may take a trade. Do first touch of those mentioned above tools constitute a guaranteed win ? Absolutely not.

Do pivots or candle patterns alone can turn a trader profitable? Absolutely not.

Candle stick Charting Explained by Gregory L. Morris is a good read regarding the effectiveness of candle patterns. In this book it is clearly illustrated that popular candle patterns have a hit rate of less than 50% but combine that with other factors such as S/R (confluence) and now the odds tilt in favor of the trader.
Trading can't be taught but it can be learned
  • #62,714
  • Nov 7, 2015 6:54am Nov 7, 2015 6:54am
Quoting omonisha
TDI we know to look for cross bounce angle. What about the vast subject PA ? How to learn PA ? Very little involvement .Would have been great if experienced discuss/share more about PA. {image}
Good morning everyone!

It's my Saturday morning, 5:30 a.m.
I usually get up at this time to trade so my schedule is set...

I really like Tms because of the interesting conversations.
I started trading in 2008 & I've always been profitable & I
learn new stuff all the time.

I've studied all of Eelfranz posts. I've watched every video at
Compassfx by Dean Malone. I even bought Nial's "learn to trade the
market" using price action. Plus traded the market live for 8 years
in all kinds of conditions. It has been a very interesting process...

About Nial "Price Action Trading": I think Nial is a excellent trader!
100% pure price action. Very interesting & good information. Nial
trades on the 4 hour & daily charts mostly, a little on the 1 hour chart.
Nial's opinion is anything below the 1 hour chart is just noise (speculation).

But Nials "win" ratio using price action is about 65%. Eelfranz win ratio
was about 80%. My thought has always been that using price action &
Tms a good trader should be able to average about a 75% win ratio.
That is why I like to combine Tms with price action. I especially like
pin bar's & inside bar's. Along with the "Fakey" pattern. Nial uses very
simple s/r lines. Very clean & simple charts...
sj
  • #62,715
  • Nov 7, 2015 6:55am Nov 7, 2015 6:55am
Quoting emmanuel7788
{quote} Yes I use the Line Chart for MN (not M1)
Oops, my bad! I meant MN, but I wrote M1. I guess now everybody knows I almost never take a look at the MN chart. Busted!
  • #62,716
  • Nov 7, 2015 7:07am Nov 7, 2015 7:07am
Quoting haemdoc
{quote} Dear SJ Thank you for the time you take to reply to my questions. While the answers cannot be straightforward your replies give me a lot pf signals abut how master traders think, as i see it we are not market makers, we simply study the trend and try to be on the right side and this is what i have learned. Thanks for the nuggets H
Haemdoc,

Were all good!
It takes a long time to learn how to really trade,
(about 3 years). Their are a lot of "unspoken" variables.
Just things you pick up along the way...I look at everything!
Tdi, apb's, s/r, tripple tops, size of the apb's, etc.

I think forex is designed to trick you, syke you out, confuse
you, bewilder you & then take your money! Another secret to
trading is you have to learn to be very street smart. The main idea
is to keep your money & to take other traders money! This is easier
said than done. My big eye opening event was when I realized that
Everyone has a pretty good system they are using! It's really system
vs. system. What win's is being street smart. Experience teaches
you to be street smart. 1 win means absolutely nothing (1 win is
speculation)! A true trader can trade in any market environment & be
profitable for a long period of time...

Keep learning...get really good...be super street smart & you'll do good!
sj
  • #62,717
  • Nov 7, 2015 7:25am Nov 7, 2015 7:25am
Quoting snarlyjack3
{quote} Haemdoc, Were all good! It takes a long time to learn how to really trade, (about 3 years). Their are a lot of "unspoken" variables. Just things you pick up along the way...I look at everything! Tdi, apb's, s/r, tripple tops, size of the apb's, etc. I think forex is designed to trick you, syke you out, confuse you, bewilder you & then take your money! Another secret to trading is you have to learn to be very street smart. The main idea is to keep your money & to take other traders money! This is easier said than done. My big eye opening...
Great.. also a lot to learn. Could i ask you why three of my winning trades E/U ( a total of 0.2 lots) and 100 pips win only returned me 20 USD? Thought value of 1 pip in a micro lot is 1$. Am i calculating wrong?
  • #62,718
  • Nov 7, 2015 7:28am Nov 7, 2015 7:28am
A question to the masters here.

Is PA really EMA at 4 min or 5 min?
and TDI a graphic of relation between EMA and RSI?
If they are can you tell me the TF that are considered when calculating the TDI?

Thank you

H
  • #62,719
  • Nov 7, 2015 7:37am Nov 7, 2015 7:37am
Quoting snarlyjack3
{quote} Good morning everyone! It's my Saturday morning, 5:30 a.m. I usually get up at this time to trade so my schedule is set... I really like Tms because of the interesting conversations. I started trading in 2008 & I've always been profitable & I learn new stuff all the time. I've studied all of Eelfranz posts. I've watched every video at Compassfx by Dean Malone. I even bought Nial's "learn to trade the market" using price action. Plus traded the market live for 8 years in all kinds of conditions. It has been a very interesting process... About...
Really great post SJ happy to see your post again .....
  • #62,720
  • Nov 7, 2015 7:48am Nov 7, 2015 7:48am
Quoting haemdoc
{quote} Great.. also a lot to learn. Could i ask you why three of my winning trades E/U ( a total of 0.2 lots) and 100 pips win only returned me 20 USD? Thought value of 1 pip in a micro lot is 1$. Am i calculating wrong?
Haemdoc,

If you go into your trade manager (where you place your buy/sell orders)
there is a function towards the top where you can change your bet.
.10,.20,.30,.50, 1.00, 10.00 per contract.
I suggest that you keep your bet really low until you are fully trained &
experienced! It is not good to have traders blowing out their accounts!
I would rather you keep your bet low & get really good & street smart!
Once your fully trained & experienced & good & street smart & answering
lot's of questions....then raise your bet! In Forex it is better to err on the conservative
side. You can always trade multiple contracts at .20 but be very careful!
sj
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