whait for Easter to pass
look for new trades on Monday or first work day London time zone
- #67,441
- Mar 25, 2016 8:50am Mar 25, 2016 8:50am
- Joined Nov 2015 | Status: Member's sanity currently on AWOL | 8,930 Posts
- #67,442
- Mar 25, 2016 1:48pm Mar 25, 2016 1:48pm
{quote} Hi, If you trade with Single Entry and Multiple Exits (scaling-out) SE/ME, CaveManager does a wonderful job taking profits for you and moving SL to protect your capital. Try it. If you need help to setup the parameters, I will be here to help.regards,
- #67,443
- Mar 25, 2016 2:46pm Mar 25, 2016 2:46pm
- Joined Nov 2008 | Status: Trader | 50,190 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #67,444
- Mar 25, 2016 2:49pm Mar 25, 2016 2:49pm
- Joined Nov 2008 | Status: Trader | 50,190 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #67,445
- Edited 3:02pm Mar 25, 2016 2:51pm | Edited 3:02pm
- Joined Nov 2008 | Status: Trader | 50,190 Posts
{quote} Emm i just curious how many entry you have in 1 day? that is ALOT PIPS!! do only enter at h4 right?
maximum of entries in ME/ME is 2 per day.
that's the reason why I use 0.5xADR-100 days as order distance between each ME trades.
if you do not want to have too many trades open in the same day, simply increase the order distance to 0.75xADR or even 1.0xADR.
I know one trader use very small order distance 0.25xADR and he has many trades in one basket and much higher risk of 3% to 5% per basket. He makes more money than me.
I do not recommend this aggressive position building.
remember Big E did not use ADR for his multiple entries. He simply used PA.
Big E on using multiple entries in the CHS thread
Post#2622 , Post#2629 , Post#2771 and Post#2912
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #67,446
- Mar 25, 2016 2:59pm Mar 25, 2016 2:59pm
- Joined Nov 2008 | Status: Trader | 50,190 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #67,447
- Mar 25, 2016 3:07pm Mar 25, 2016 3:07pm
- Joined Nov 2008 | Status: Trader | 50,190 Posts
{quote} Emm you deserve every good thing that you write. Besides being a very knowledgeable trader you are always very helpful with anyone ..chapeau
thanks giamma,
there are many good people here.
and I am grateful to the many members who participate in this thread.
their posts and question helped me to be in tip top mental state every day.
I need to be ahead in this spot forex trading business.
the competition is very tough and I do not compete with anyone.
every week I compete with my previous week trading results.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #67,448
- Mar 25, 2016 3:29pm Mar 25, 2016 3:29pm
- Joined Nov 2008 | Status: Trader | 50,190 Posts
Dear Emmanuel, this is my 20th day trading TMS 4H and i have achieved results which i have never been able to do in the past 8 years trading. however, i still believe that i have an issue with exiting too early as many times i close the trade on the 2nd or 3rd candle, and then the race continues to 7th or 8th candle with me just watching all those pips that i could have gained if i stayed in
Hi nijemho,
I have your previous posts in mind but did not have time to reply you yet. I need to find time and provide you a proper reply which can help you in your specific situation.
You have 8 years trading experience and your trading results speaks volume of it. You are well ahead of some members here.
Based on your previous posts,
http://www.forexfactory.com/showthre...25#post8806625
http://www.forexfactory.com/showthre...63#post8809363
http://www.forexfactory.com/showthre...02#post8810102
Am I correct to assume you only want to trade the H4 chart timeframes?
At this moment, I don't think ME/ME is the next thing to consider. You are doing good with those Single Entry/Single Exit SE/SE trades. This means you spot the entries well and you need to work on improving your trade exit. I will work on this for you in a separate post next week.
Meantime, if you have not read these posts, please read them and get some knowledge of what I will touch one later.
Money Management Strategy for TMS: Post#48,008
Using Multiple-Lot Positions to Improve trading TMS: Post#33,507
Entry and Exits: Post#24,918 Post#18,422 Post#19,617
How to Build a Position: Post#19,588
Multiple Entries / Multiple Exits for Day chart trading: Post#58,726
At last weekend workshop, I highlighted your first post to two of my trading buddies. Their response was very simple, they said that you should be sitting in our workshop because that Sunday session we were brainstorming on Exit Strategies.
Some thing which I posted here before:
Exit Strategy: Post#55,038
to be cont'd/-
Take Care for now,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #67,449
- Mar 25, 2016 3:41pm Mar 25, 2016 3:41pm
- Joined Nov 2008 | Status: Trader | 50,190 Posts
market is closed now and I wish all you folks a wonderful long weekend and those who observe Easter a very Blessed and Happy Easter.
have a good one!
have a good one!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #67,450
- Mar 25, 2016 4:07pm Mar 25, 2016 4:07pm
- Joined Jul 2013 | Status: Trader | 1,045 Posts
AJ, H4, two trades, long: first one +86, the second one was closed manually today near London close. Only 13 pips gained on the second one.
AN, H4, long after pop gun pattern. +63
AU, H4, long. I took it before cross, with no APB close above 5ema. More of a PA entry rather than a TMS entry. -77 pips.
GC, H4, shorted after the break of W1 WRB to the downside. I closed it manually on the BUOB + cross up. +85 pips.
GJ, H4, short. I missed the first entry. Price went back to the previous level 2 bars later, so I took advantage and pushed the trigger. +201 pips. I got greedy some time later and shorted it again, thinking the move down will continue, but I got stopped out. -122 pips.
GN, H4, short. +207 pips.
GU, H4, I went long after spotting DB and 5 bars reversal patterns. Unfortunately, I had to close it manually near London close today, because as Emm said, we do not take H4 trades to the next week. -35 pips. I suppose the best trades are taken on Monday, Tuesday and sometimes Wednesday. This one was taken too late.
UC, H4, short. -104 pips. I entered on a bad candle, no momentum.
UJ, H4, -30 pips. Manually closed after BUOB.
AN, H4, long after pop gun pattern. +63
AU, H4, long. I took it before cross, with no APB close above 5ema. More of a PA entry rather than a TMS entry. -77 pips.
GC, H4, shorted after the break of W1 WRB to the downside. I closed it manually on the BUOB + cross up. +85 pips.
GJ, H4, short. I missed the first entry. Price went back to the previous level 2 bars later, so I took advantage and pushed the trigger. +201 pips. I got greedy some time later and shorted it again, thinking the move down will continue, but I got stopped out. -122 pips.
GN, H4, short. +207 pips.
GU, H4, I went long after spotting DB and 5 bars reversal patterns. Unfortunately, I had to close it manually near London close today, because as Emm said, we do not take H4 trades to the next week. -35 pips. I suppose the best trades are taken on Monday, Tuesday and sometimes Wednesday. This one was taken too late.
UC, H4, short. -104 pips. I entered on a bad candle, no momentum.
UJ, H4, -30 pips. Manually closed after BUOB.
- #67,451
- Mar 25, 2016 4:44pm Mar 25, 2016 4:44pm
- Joined Jul 2013 | Status: Trader | 1,045 Posts
market is closed now and I wish all you folks a wonderful long weekend and those who observe Easter a very Blessed and Happy Easter. {image} have a good one!
I have a question, if you do not mind. It is about correlated pairs. In my post above I took trades on GN, GC, GJ, and they were strongly correlated.
GJ/GN +79
GJ/GC +63
GC/GN +80
I can either take all these trades with one third of normal position, or I can choose only one. I have some difficulties in picking the best one, and I need to know what would your criteria be for picking it.
Have a wonderful weekend and Happy Easter to you, too!
- #67,452
- Mar 25, 2016 5:39pm Mar 25, 2016 5:39pm
- Joined Jul 2013 | Status: Trader | 1,045 Posts
{quote} Hello, Emm! I have a question, if you do not mind. It is about correlated pairs. In my post above I took trades on GN, GC, GJ, and they were strongly correlated. GJ/GN +79 GJ/GC +63 GC/GN +80 I can either take all these trades with one third of normal position, or I can choose only one. I have some difficulties in picking the best one, and I need to know what would your criteria be for picking it. Have a wonderful weekend and Happy Easter to you, too!
- #67,453
- Mar 25, 2016 10:10pm Mar 25, 2016 10:10pm
- Joined Nov 2012 | Status: Trader | 2,339 Posts
I Have Learned to Take Some Losses to Make Profits
- #67,454
- Mar 25, 2016 10:44pm Mar 25, 2016 10:44pm
- Joined Nov 2012 | Status: Trader | 2,339 Posts
I Have Learned to Take Some Losses to Make Profits
- #67,458
- Mar 26, 2016 11:14pm Mar 26, 2016 11:14pm
- Joined Nov 2012 | Status: Trader | 2,339 Posts
I Have Learned to Take Some Losses to Make Profits
- #67,459
- Mar 27, 2016 12:36am Mar 27, 2016 12:36am
{quote} Hi nijemho, I have your previous posts in mind but did not have time to reply you yet. I need to find time and provide you a proper reply which can help you in your specific situation. You have 8 years trading experience and your trading results speaks volume of it. You are well ahead of some members here. Based on your previous posts, http://www.forexfactory.com/showthre...25#post8806625 http://www.forexfactory.com/showthre...63#post8809363 http://www.forexfactory.com/showthre...02#post8810102...
many thanks for detailed and informative reply. there are some posts which I did not read before so I will be doing that right now. Yes, I do prefer to only trade the H4 as it is really suiting my life style and it is the only TF which enabled me to make consistent profits. I wonder how I missed trying that all those previous years!
I would be honored to join your workshops in the future so hopefully we will have the answer to a good exit strategy by that time so that I can participate
Regards,
Hussein
- #67,460
- Mar 27, 2016 12:59am Mar 27, 2016 12:59am
I would like to share my account graph after 20 days of trading with TMS. account is up by around 20% and the key here is simply JUST FOLLOWING THE RULES
I have pointed 3 areas which are eyes catching and here they are:
1- This is when I went back to my old habits....I traded Crude Oil which im not even trading with TMS. I took the trade based on 5 minutes chart. I took the trade just because I wanted to trade it and risk it sooo bad ! not because it follows any signal. Result: Big loss
2- This is the revenge phase that we all know...after loosing a trade, we want to recover from it in no time. I took another trade with like 20 times the original lots. made few pips and closed when I recovered my loss. Yes I was LUCKY and If I were not, I would have been in deep trouble
This is when I said to my self ( I will never deviate from the strategy again No matter what happens)
3- This is what happens when you let your profits run. signal is there, price is going in my direction, so why not try and keep it running? I was Travelling in Amsterdam last week and had no internet connection on my phone while there, so I decided to keep the trades open and left for 5 hours. once im back to the hotel, I closed all trades on a wonderful profit. lesson: trust your feelings and the strategy, let your profits run and stop checking the MT4 terminal on your mobile phone every 5 minutes!
regards,
Hussein
I have pointed 3 areas which are eyes catching and here they are:
1- This is when I went back to my old habits....I traded Crude Oil which im not even trading with TMS. I took the trade based on 5 minutes chart. I took the trade just because I wanted to trade it and risk it sooo bad ! not because it follows any signal. Result: Big loss
2- This is the revenge phase that we all know...after loosing a trade, we want to recover from it in no time. I took another trade with like 20 times the original lots. made few pips and closed when I recovered my loss. Yes I was LUCKY and If I were not, I would have been in deep trouble
This is when I said to my self ( I will never deviate from the strategy again No matter what happens)
3- This is what happens when you let your profits run. signal is there, price is going in my direction, so why not try and keep it running? I was Travelling in Amsterdam last week and had no internet connection on my phone while there, so I decided to keep the trades open and left for 5 hours. once im back to the hotel, I closed all trades on a wonderful profit. lesson: trust your feelings and the strategy, let your profits run and stop checking the MT4 terminal on your mobile phone every 5 minutes!
regards,
Hussein