TMS for Newbies Part 2

As LW mentioned I will post my live chart now and hopefully profitably closed chart later
30min UC TDI going south cross and looking left is previous S/R
If you do take this I am not responsible.You own your decisions.

Let me share few points for what is worth.It seldom happens that you enter a trade and trade goes your way immediately.Often there might be a fluctuation of 10-20pips.In order to overcome this I break down my orders in bits and enter progressively to cover the "zone"
This way my average trade is better then entering all at once.
Should price go against you and PA change you can get out with minimal damage since you entered with smaller lot and not all at once.Not suggesting you do this but that's how I trade.

already over 100pips in profit

i think i will be learning a lot from you in regards to s/r....

sorry i meant in regards to following you blindly and taking the trade - not your lot size.
as far as my scanty knowledge goes you are trading the best way in regards to lots.. once i am ready to start increasing my lot size i will be asking you for lots of tips

I have posted the various tdi indicators up with a quick explanation of each, hopefully it won't confuse too much. I will put up some basic templates for each a little later on, after I've had some dinner

Subscribed Heather!!! Thank you!

Grazie.....bravo

Thank you for your response that means a lot to me. I just want to keep it simple also and will post charts soon hopefull so anyone can comment. I like the way eel Franz did it, I had traded overnight and did ok because I'm only a couple hours different to him. Also, to tell you the truth, if I'm half as profitable as eel Franz I will have known I made something from this. So thank you again my lady for starting this thread!!!!

Those that know me, know I change my charts often, but the basics stay the same, this is the template I'm using at the moment, it also contains the pivot 3 indicator which I love - it is so accurate - see Davits posts about that. It also has the candletime so I know how much longer till the candle finishes along with the spread, and the LFL-ATR projections indi which I use when on H1 downwards to see if we are near to the daily ATR level. I've put the basic template on here without the mtf indi because it needs a bit of getting used to and might confuse. You can always add it to your chart if you want to.

You can easily change colours etc, if you want to change the tdi version just drag the one you want to use to the tdi window which will put it on top of the one thats there, then delete the one I have on there.

This is what my basic template looks like.

Heres to show today trades + 50 + 30 pips

Welcome TSS nice to see you

I forgot that I took the snapshot at the time of opening the trade, so there u go, its so generous of you lastingwell to help us along the way to become successful consistent traders

Thanks

Thank you TSS that does help a lot with knowing what we are seeing when we take a trade.

Hi all.Not trading TMS at the moment but it's a nice place to be,learned much from you.
Subscribed

Thanks Kumetto, look forward to your posts.

Something worth reposting from 30yr experience trader

by sweetaction

"Currency Pairs

Like all businesses I have a suite of products that we know as currency pairs, anybody that says they trade any pair any time frame is an IDIOT, you cannot trade something with any sort of confidence if you don't study it.

Question - Most large commercial traders, stick to a currency pair or two, why is that
Answer - because they become an absolute specialist at it, they may not be on first name basis with everyone they are trading against in the market but they know their habits they study them like an opposing team studies its opposition.

Let me also put this out there, if you have a heart problem are you

1. Going to a cardiologist for specialist treatment
2. Are you going to the GP down the road who treats everything from the flu to a sprained ankle

Just like a real relationship in life you have to get intimate with your pairs, for example

- what news affects them the most
- what time is the most active for them
- how volatile are they and the reasons for it, (Crosses are more volatile than majors for example)

this is called getting to know your product suite, you wouldn't buy a car from someone who couldn't tell you anything about it so don't listen to a trader who says they trade everything and everywhere, this is complete BULLSH!T.
99% of Traders fail, so don't follow the herd"

Personally I traded AC almost 90% in March over 2k pips and this month AC and UC exclusively.Goes to show its not about how many pairs you trade its about how many pairs you know well enough to trade.

I have news feed on my template for a reason and I check the calendar often.
I have seen people placing trades right before a major news announcement etc and later get blown away and then wonder what happened.
We are not just trading pairs we are trading news.Example Saudis cut oil production is huge news for oil and oil effects all CAD pairs.THis goes even deeper higher priced oil effects all energy stocks,lifts up wall street and lowers USD,You see the domino effect?
Just be aware of the news.Its part of trading

Excellent post Davit

Not going to get greedy with such a strong downtrend +50. Reasons for entering, bullish divergence at good support level, stoch came out of oversold area, good angle on tdi, h4 tdi up. I was going to go for more but decided to go to bed instead

Nice $$ trade my friend
Have rest will pick up later. As a side note EG is worth watching potentially a huge correction in works

Thanks for the tip, I will take a look at it, its not one I usually trade but probably worth it

Set and forget before going to bed, closed manually for +51 pips