USDJPY,M15,Tokyo Open
- #66,102
- Feb 22, 2016 8:45pm Feb 22, 2016 8:45pm
Hi Folks, some trades done yesterday. I hope the charts are clear enough to show entries and exits.... following my beliefs. {image} {image} {image} Note: this week I am taking only H4 trades with ME/ME because I want to close all trades before Friday. I discussed with my broker last week to want to change my account type therefore will need to migrate my account to another server and also to be with my other trading buddies. We are into something together...
i also plan to SHORT EUR pairs after yesterday big down. but why do you open short orders right now and do not wait for some retracement since yesterday ADR is so big? if that the risk will be lower.
hope my question is not stupid.
- #66,104
- Feb 22, 2016 9:17pm Feb 22, 2016 9:17pm
- Joined Nov 2008 | Status: Trader | 50,234 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #66,105
- Feb 22, 2016 9:19pm Feb 22, 2016 9:19pm
- Joined Nov 2008 | Status: Trader | 50,234 Posts
My DUMB AUDJPY Daily ME/ME trade summary (2/17~2/22): My Initial Entry was 81.655 LONG on D chart, 2/17. SL line calculated using 2* ADR(100 days), it came out 79.187, however. it was above the low of MN WRB, so I adjusted it to 78.911(below the low of MN WRB). 2 buy limit pending orders triggered. So, total of 3 ME, Each add on was 0.5 ADR in distance. The dumb thing I did.... I closed them all before LO, with almost breakeven. Because I thought the trade was invalided because it had been consolidating for few days (D chart).. and would like to...
when market goes sideways, you should try breakeven the oldest trades.
look at various options in your exit strategy and learn the advantages.
regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #66,108
- Feb 22, 2016 10:48pm Feb 22, 2016 10:48pm
{quote} Hi rupasi, One of Dr Van Tharp's famous statement is: "You do not trade the market. You trade our beliefs about the market". Lets question our beliefs. Our core beliefs as TMS 5-Method traders: We believe TMS is a trend trading methodology. We believe TMS works in every timeframe because there is a trend in every time frame chart and we trade chose to trade the timeframe we are in. We believe in a price swing or trend run 3 to 8 candles. We believe that our entries must be using the APB#1 and APB#2 after a reversals (aggressive entry). We...
Wow, I love them. these core beliefs will be be my guideline. Just went to printing shop and printed them in A4 size paper.
PRICELESS!!
regards,
- #66,110
- Feb 22, 2016 11:19pm Feb 22, 2016 11:19pm
{quote} HI Steven, Good summary. The pinbar (11/2) looked nice. This is a reversal pattern but the W1 is still down. I see TDI crossed on 15/02. What changed your mind on 17/2 exactly to trade this long? I think the Swing Low is not confirmed untill the high of 10/2 is broken (82) but then there is still the W1 10 EMA which is a risk. Not saying it's a bad trade at all but just trying to discuss a bit.. Maybe I can learn some things
Thank you for your questions.
It's a counter trend trading...
The main reasons I took this trade were: (the bullet numbers are related to the numbers in the image)
- The pinbar on 2/11 was trying to break through the low of MN WRB(JAN) but it went up and closed inside the WRB. And it was a 5 bars reversal patterns. The 5th bar did close above 5ema( but I used 10 ema on my chart.)
- I took my Initial Entry on 2/17 because the price was closed above 10 EMA and TDI crossed. More evidence that bullish trend was coming and also thought the building phase(retracement) was over on 2/16.
- I believed the counter trend would work like the prev. swing low and the blue candles would run so many like the prev. one.
It's nice that you ask me questions...
While answering you, it made me think again why I took this trade. Anyway, they were just my opinions.
regards,
- #66,111
- Feb 22, 2016 11:56pm Feb 22, 2016 11:56pm
{quote} Hi tibovwh, I add more trades based on three conditions, 1. Current price must have at least 1/2*ADR (100days) distance from the last entry price. 2. Wait at least 4 hours since last entry. 3. M15 TDI crossover confirmed. I am using my EA to add the trades (something like a trade manager) so I have more time spending in my work, and check charts every 4 hoursMy re-entry orders should satisfy all the conditions mentioned above, which pair are you referring to? I didn't calculate the % return per trade, my every 20 days goal is 10%. I currently...
Great, you are doing nice trading.
Please can you write the name of this EA which can add potion with satisfying the three conditions.?
Thanks
MK
{quote} Hello Emm: Wow, I love them. these core beliefs will be be my guideline. Just went to printing shop and printed them in A4 size paper.
Hello Mous,
please share that your document,
regards, Dan
{quote} Hi Tesla Young Great, you are doing nice trading. Please can you write the name of this EA which can add potion with satisfying the three conditions.? Thanks MK
I have programmed this EA on my own in Chinese, it is still on back testing phase, main functions are working but sometimes it still caused some minor errors that need me to fix. I will write the English version one once all the functions are proved to be operational
- #66,114
- Feb 23, 2016 1:01am Feb 23, 2016 1:01am
- Joined Nov 2008 | Status: Trader | 50,234 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #66,115
- Feb 23, 2016 1:42am Feb 23, 2016 1:42am
- Joined Nov 2008 | Status: Trader | 50,234 Posts
EURCAD Week 08 23 Feb H4 trading:
Now with 2 trades open - ME1 and ME2, TP is set to 100pips from the average entry price of these 2 trades.
Now with 2 trades open - ME1 and ME2, TP is set to 100pips from the average entry price of these 2 trades.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
{quote} Hello Emm: Wow, I love them. these core beliefs will be be my guideline. Just went to printing shop and printed them in A4 size paper.
Did some notes myself but those look really good I'm Darth Vader's lost child!
- #66,117
- Feb 23, 2016 2:39am Feb 23, 2016 2:39am
{quote} Hi tibovwh, I add more trades based on three conditions, 1. Current price must have at least 1/2*ADR (100days) distance from the last entry price. 2. Wait at least 4 hours since last entry. 3. M15 TDI crossover confirmed. I am using my EA to add the trades (something like a trade manager) so I have more time spending in my work, and check charts every 4 hours
With respect to the re-entry, on your EURAUD chart I spotted a re-entry when it broke your Initial EP and one soon there-after (1.54xx).
Does your EA also handle risk management? I have been thinking about how this stuff should work in practice and having some trouble figuring out everything. I mean, does your EA stop adding lots at a certain point?
Do you determine the position size for each subsequent entry in advance and use this as input in the EA or does this calculate the size itself?
Does your EA handle cut-loss management? Or do you close trades manually based on your floating P/L ?
I'm impressed by your results considering how new you are in this thread! Did you have some forex experience coming here?
Trade well,
- #66,119
- Feb 23, 2016 3:09am Feb 23, 2016 3:09am
- Joined Nov 2008 | Status: Trader | 50,234 Posts
EURAUD D1 Spotted pinbar 2 weeks ago. Then on Monday TDI crossing down with the swing low confirmed. I entered a first position on Monday 15/2 on break of the 4H IB. Second lot was added 140 pips higher (bit too much perhaps) and I got pretty lucky there. It filled my order on the very high. Re-entry is not shown. I also question the efficiency of re-entering. Still thinking about this but it feels like this can be replicated by a hidden trigger level corresponding to the re-entry. We're always losing a few pips I think and I still don't fully understand...
no luck required when we trade price action.
it is our skills that matters more.
look at your chart:
- do you see head and shoulders chart pattern on your price chart?
- do you see price vs TDI divergence on the head and second shoulder and with the TDI?
- where is the 'neck line'?
aggressive traders love to trade those sloping trendlines.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
