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TMS for M30 charts

  • #11,941
  • Feb 27, 2016 10:18am Feb 27, 2016 10:18am
Quoting v2vboni
This was a good setup earlier but I'm not able to trade. Anyway, have a nice weekend guyz! {image}
Hi V2
Allow me to chip in a little.Looks like you are a new trader.Trading is challenging and as new trader you should try minimizing your risk.
One way to do is avoid trading crosses specially all G crosses in particular GN GA GJ
Why is this? For one they are fast!! Typical stops of 15-20pips does not work because one small spike can reach 50pips in flash.
When you start body building you start with weights that you can comfortable handle.One does not place 150LB push ups when one can only lift 50lb.Time needed to get stronger.Trading is same.Avoid crosses until you are confident what you are doing.
Personally I trade 95% majors and 5% crosses.Why? Spread,volatility does not suit me.I am sure others do well but trying to give you insight
GU travel average 100pips a day
GN close to 300
Think which one you make a mistake will hurts you the most.Professional traders think about risk 1st.Rookies and most retail traders think profits 1st.Risk must be a priority number 1! that is capital preservation.
I think I said enough rest is up to you.
regards
In trading, you have to be defensive and aggressive at the same time
  • #11,942
  • Feb 27, 2016 11:14am Feb 27, 2016 11:14am
Quoting Davit
{quote} Hi Scorps Most don't know it because its not default number on most fib indicators.This number was "discovered" by Scott Carney and I only found out after reading his books. To me it makes sense from market. Big boys love taking stops so 618 fib is popular hence very likely to be zone of interest for stops and orders but pushing through little higher or lower will take care of stops and once that accomplished orders are reversed.This is why almost all swings end with a spike.One thing to keep in mind that price can also violate 78.6 and...
Can u guide me into what book or page Scott talks about 78.6 please, I checked his Vol 1 but couldnt find it where, even tho I read that book while back, thanks
I Have Learned to Take Some Losses to Make Profits
  • #11,943
  • Edited 12:11pm Feb 27, 2016 11:57am | Edited 12:11pm
Quoting TheScorpS
{quote} Can u guide me into what book or page Scott talks about 78.6 please, I checked his Vol 1 but couldnt find it where, even tho I read that book while back, thanks
Sure
Harmonic Trader
page 59 chapter 8

green free PDF here
http://harmonictrader.com/

Example of one GN
Attached Image (click to enlarge)
Click to Enlarge Name: GBPNZDWeekly.png Size: 36 KB
In trading, you have to be defensive and aggressive at the same time
  • #11,944
  • Feb 27, 2016 12:11pm Feb 27, 2016 12:11pm
Closer shot on daily
Attached Image (click to enlarge)
Click to Enlarge Name: GBPNZDDaily.png Size: 34 KB
In trading, you have to be defensive and aggressive at the same time
  • #11,945
  • Feb 27, 2016 12:17pm Feb 27, 2016 12:17pm
Quoting likica
I happened to come across this quote while doing my trading revision. It's a big note! Try not to become a man of success. Rather become a man of value. ― Albert Einstein
That's a powerful quote from a Person of the Century
Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #11,946
  • Edited 1:58pm Feb 27, 2016 12:57pm | Edited 1:58pm
Quoting Davit
{quote} Hi V2 Allow me to chip in a little.Looks like you are a new trader.Trading is challenging and as new trader you should try minimizing your risk. One way to do is avoid trading crosses specially all G crosses in particular GN GA GJ Why is this? For one they are fast!! Typical stops of 15-20pips does not work because one small spike can reach 50pips in flash. When you start body building you start with weights that you can comfortable handle.One does not place 150LB push ups when one can only lift 50lb.Time needed to get stronger.Trading is...
Hi Davit, Yes, I am a new trader, but I am managing my risk very carefully. I trade with logically informed decision, and I make sure I always have a stop loss very tightly with it or trailing-stop most of the time if not all the time. Actually, whenever I saw that my entries were wrong, I tried to see if I could break even or even with +1pip I'm satisfied and just look for another pair that would provide a good setup.

I am continuously gaining knowledge from the guys like you. Whenever I have doubts, I tried to ask or post it to see if someone would share their ideas or wisdom with regards to FX trading. I trade crosses very minimal it just happened that the GBPNZD was the 5th pair that I studied after EURUSD, GBPUSD, USDJPY, AUDUSD. I chose GBPNZD because I saw the volatility before I left for work or before the London market opens up, and then after work before US market ends. Also, I can see some guys having success with this one, so I tried to observe and studied how it is being traded, yes, it is risky, but learned from others here who are able to trade it with successful entries.

Now that my schedule have changed, I am also trading with GBPUSD, EURGBP, NZDUSD, USDCAD, USDJPY, EURAUD and EURCAD.

I'm with someone special to me who also learns from me, so after she learned something at babybips, I would share the things I have learned at FF (act like a filter) so she doesn't need to go through trading mistakes or with a lot of indicators on the chart with 1000 to 5000 bars to read before it actually being shown on the chart (I managed some to load only 200 to 300 bars only).

Even now I still have lots of indicators, but for the purpose of learning how it works or how to improve it. However, I'm still in a process of cancelling out some indicators I have on chart due to usage or strategy or because of redundancy.

She is actually my Risk Manager whenever I am at work, she's watching over my trade with my instructions but most of the time she managed to closed my trade as she see's that it won't hit our intended target . She likes LK's template of mistyrose background color but she was asking me lately why she changed it to black background. While me, I like your template... but I'm shy to ask you for that, specially that separation level color background on of your TDI

Anyway, thanks for your valuable information/advised you have shared. Everyday for me is a learning experience and If I just read only the post, or lurking around I won't be getting these kind of information or motivation to be more extra careful.
Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #11,947
  • Feb 27, 2016 7:58pm Feb 27, 2016 7:58pm
Quoting Davit
{quote} Sure Harmonic Trader page 59 chapter 8 green free PDF here http://harmonictrader.com/ Example of one GN {image}
.... the way i see it.... the only fibs are the typical 38.2 & 61.8 .... etc..... investopedia calls these primary fibs [http://www.investopedia.com/ask/answ...etracement.asp] .... all others are secondary [including 50%!!!] .... [but the name does not mean they r not important].... the problem is u can make up just about any 'fib ratio' so back testing this is mega important

Quoting TheScorpS
{quote} Can u guide me into what book or page Scott talks about 78.6 please, I checked his Vol 1 but couldnt find it where, even tho I read that book while back, thanks
....some EWT traders say this is the deepest a wave 2 can goes before invalidation
  • #11,948
  • Feb 28, 2016 1:30am Feb 28, 2016 1:30am
Quoting likica
Weekend study for some who wish to improve... Here are 2 divergence on M30 GU GN with 2 different outcome. Having extra time to check H4 worth the effort. Note that GN H4 has a bullish outside bar while M30 has 2 bearish outside bar and a divergence plus with the trend (hidden divergence) still could not win big brother H4 power {image} {image}
Also, I know you're a great lover of trendlines, if you look at the different trendlines on the 2 pairs, GN was still above its lower trendline at all times with any sells, when the GU trade was taken it had broken through its trendline then came up, retested it and then fell.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: first-trendline.png Size: 35 KB
Click to Enlarge Name: second-trendline.png Size: 36 KB
Click to Enlarge Name: trendline-test.png Size: 30 KB
  • #11,949
  • Edited 8:55am Feb 28, 2016 3:08am | Edited 8:55am
Quoting griffinssoul
{quote} .... the way i see it.... the only fibs are the typical 38.2 & 61.8 .... etc..... investopedia calls these primary fibs [http://www.investopedia.com/ask/answ...etracement.asp] .... all others are secondary [including 50%!!!] .... [but the name does not mean they r not important].... the problem is u can make up just about any 'fib ratio' so back testing this is mega important {quote} ....some EWT traders say this is the deepest a...
As per my observation, 0.786 seems to act like an inner fibs extension beyond 0.618, and as per suggestion by Gs, you can do mega backtesting on this one to prove its validity, doing so it might become part of fibonacci self-fulfilling prophecy like the so called primary fib numbers.

Now, with that 0.786 notion by other traders, forex book authors alike or just one of your personal preference, you may download the attached modified version of GriffinsSoul Davits Pivot indicator just for this mega purpose .

I also enabled 1.272 fib extensions as whenever it extended beyond 100%, I usually noticed some moves terminate at this 1.272 fibs extensions. This usually occur so often prior to swing low-to-high or high-to-low (based on my observation)

In this version, I included Yearly, this is for someone out there who's trading monthly (selected MN1 TF) <<< please see the screenshot below

Note: 50% level is not enabled (not coded) or maybe in future version I would put it. Honestly, I just forgot it, sorry.
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 18 KB
Attached File(s)
File Type: ex4 Davits Pivot - Copy.ex4   32 KB | 303 downloads
Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #11,950
  • Feb 28, 2016 3:57am Feb 28, 2016 3:57am
Quoting v2vboni
{quote} As per my observation, 0.786 seems to act like an inner fibs extension beyond 0.618, and as per suggestion by Gs, you can do mega backtesting on this one to prove its validity, doing so it might become part of fibonacci self-fulfilling prophecy like the so called primary fib numbers. Now, with that 0.786 notion by other traders, forex book authors alike or just one of your personal preference, you may download the attached modified version of GriffinsSoul Davits Pivot indicator just for this mega purpose . I also enabled 1.272...
thnx so much V2 - gr8 & fast work .... i was also working on this and just checking wit Davit cause he wants the price on the lines .... does this look ok? wat do u tinks?
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 19 KB
  • #11,951
  • Feb 28, 2016 4:01am Feb 28, 2016 4:01am
Quoting v2vboni
{quote} ..... so it might become part of fibonacci self-fulfilling prophecy .......{file} {image}
....this is wat forex trading is totally .... well for the most part
  • #11,952
  • Feb 28, 2016 4:09am Feb 28, 2016 4:09am
Quoting griffinssoul
{quote} thnx so much V2 - gr8 & fast work .... i was also working on this and just checking wit Davit cause he wants the price on the lines .... does this look ok? wat do u tinks? {image}
Looks gr8! I never have thought of that. Maybe I would, if I already have thousand of hours looking at Forex Trading Charts.

Now, I would add it. Thanks again for your support!
Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #11,953
  • Feb 28, 2016 4:09am Feb 28, 2016 4:09am
Quoting v2vboni
{quote} ...... 50% level is not enabled (not coded) or ....... {file} {image}
dont forget these r pivots and not retraces - the idea i guess was to replace the normal/usual pivots wit the fib ones so thats why there is usually no 50% etc ..... doesnt mean u cant do it ..... there is no rules in TA trading really
  • #11,954
  • Feb 28, 2016 4:17am Feb 28, 2016 4:17am
Quoting griffinssoul
{quote} dont forget these r pivots and not retraces - the idea i guess was to replace the normal/usual pivots wit the fib ones so thats why there is usually no 50% etc ..... doesnt mean u cant do it ..... there is no rules in TA trading really
Yes, I just realized that 2 minutes ago and I did not add it at all
Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #11,955
  • Feb 28, 2016 4:17am Feb 28, 2016 4:17am
Quoting v2vboni
{quote} Looks gr8! I never have thought of that. Maybe I would, if I already have thousand of hours looking at Forex Trading Charts. Now, I would add it. Thanks again for your support!
i tinks it is a good idea to do analysis when u r a noob trader cause u become good at the language of trading but after some time i found i analysed charts less and less..... notice how all the senior traders just glance at the HTF charts and make a passing comment ..... it only takes a few M1s per pair and u r set ....

u should not mix this up with reviewing ur own trades - like LK does with gr8 detail - IMO this is far far more important than trying to guess were the market will go next ....
  • #11,956
  • Feb 28, 2016 4:28am Feb 28, 2016 4:28am
Quoting griffinssoul
{quote} ..... there is no rules in TA trading really
Whenever I encountered a new acronym for me here at FF, I really tried to find the equivalent meaning of that as I am totally shy to post/ask these acronyms because some I did not encounter at babypips.com (I still actually going back there from time-to-time - learning is fun there) or even investopedia.com.
Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #11,957
  • Feb 28, 2016 4:32am Feb 28, 2016 4:32am
Quoting griffinssoul
{quote} i tinks it is a good idea to do analysis when u r a noob trader cause u become good at the language of trading but after some time i found i analysed charts less and less..... notice how all the senior traders just glance at the HTF charts and make a passing comment ..... it only takes a few M1s per pair and u r set .... u should not mix this up with reviewing ur own trades - like LK does with gr8 detail - IMO this is far far more important than trying to guess were the market will go next ....

Yes, indeed.... I'm working on it. I'll just keep it to myself for now until I am pretty confident and experience on this one.
Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #11,958
  • Feb 28, 2016 4:34am Feb 28, 2016 4:34am
Quoting v2vboni
{quote} Whenever I encountered a new acronym for me here at FF, I really tried to find the equivalent meaning of that as I am totally shy to post/ask these acronyms because some I did not encounter at babypips.com (I still actually going back there from time-to-time - learning is fun there) or even investopedia.com.
....thats apart of the language learning bit every job has their own ..... http://www.forexfactory.com/showthre...76#post8458576

...... http://www.forexfactory.com/showthre...light=acronyms
  • #11,959
  • Feb 28, 2016 4:38am Feb 28, 2016 4:38am
Quoting v2vboni
{quote} Yes, indeed.... I'm working on it. I'll just keep it to myself for now until I am pretty confident and experience on this one.
no way!!! .... plz keep post'n .... u r a breath of fresh air .... we dont have enough guys like u around IMO ..... keep going buddy
  • #11,960
  • Feb 28, 2016 4:48am Feb 28, 2016 4:48am
Quoting griffinssoul
{quote} thnx so much V2 - gr8 & fast work .... i was also working on this and just checking wit Davit cause he wants the price on the lines .... does this look ok? wat do u tinks? {image}
Hi griffinsoul

Your trades are an inspiration - including Davit/likica/lastingwell etc
You are one of the most "lateral" thinking traders I find on this forum - keep it up!

Your new version looks nice
Perhaps you would also consider an option to disable/enable the vertical line if not too much trouble?

Cheers
Don't limit yourself!!
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