TMS for Newbies Part 2 | Page 11 | Forex Factory

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Attachments: TMS for Newbies Part 2
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TMS for Newbies Part 2

  • #201
  • Apr 11, 2016 11:41am Apr 11, 2016 11:41am
Hi all, would like to hear comments on the below trade.

Trading using H1 chart. Trying on NZDCAD.
From H1 chart, Green has crossed below Red and also below 50 in TDI.
Checked with H4 chart, heiken ashi is showing weakness with short body.
Had short sell NZDCAD based on the above analysis.

Am I on track on following the rules? and is this a good entry?
H4 Chart
Attached Image (click to enlarge)
Click to Enlarge Name: NZDCADproH4.png Size: 32 KB


H1 Chart
Attached Image (click to enlarge)
Click to Enlarge Name: NZDCADproH1.png Size: 30 KB


Thanks
  • #202
  • Apr 11, 2016 11:41am Apr 11, 2016 11:41am
Quoting lastingwell
{quote}The best way to treat a demo account is to imagine your entire life savings are in there, trade as closely to how you would do it live.
thank you for your advice , i will start placing trades on my live account again...
the first 2 weeks of trading TMS live were great (by my standards!!!) then last week i fell apart mentally as i wanted to do the same as the first 2 weeks and wasn't working for me... so it was back to the drawing board, that yes i can read TDI and PA and get decent trades, try to get the confidence back...
with all the expert advice that is being given on this thread should be no problem!!!
Fib(onacci) my way to glory
  • #203
  • Apr 11, 2016 11:49am Apr 11, 2016 11:49am
Quoting theboringguy
Hi all, would like to hear comments on the below trade. Trading using H1 chart. Trying on NZDCAD. From H1 chart, Green has crossed below Red and also below 50 in TDI. Checked with H4 chart, heiken ashi is showing weakness with short body. Had short sell NZDCAD based on the above analysis. Am I on track on following the rules? and is this a good entry? H4 Chart {image} H1 Chart {image} Thanks

One of my own rules is when price is between pivots I don't trade it because it can go either way.I like price closer to pivots
That's just me and helps me eliminating forced trades
When trading crosses look at majors
NU+UC=NC
UC is at RN29 and most likely bounce up which means NC going UP. NU still seating tight at 6860's
Would I place $$ on this? No to me its a toss up forced trade.
You only need 1 or 2 great set ups a day to hit 10%+equity growth a month
I am over 20% already this month without slightest stress still have lot of trading left
Attached Image (click to enlarge)
Click to Enlarge Name: NZDCADM30.png Size: 40 KB
In trading, you have to be defensive and aggressive at the same time
  • #204
  • Apr 11, 2016 12:34pm Apr 11, 2016 12:34pm
Hey Davit, ​

Looks like your Pivot indicator is of real value for TMS.

I remember reading somewhere about the pivot indicator and what we are looking for at each pivot level but I can't remember where I saw it.

Please could you point me in the right direction for the latest version of the indicator and what each pivot level represents.

Thanks
  • #205
  • Apr 11, 2016 12:46pm Apr 11, 2016 12:46pm
Quoting TheRock
Hey Davit, ​ Looks like your Pivot indicator is of real value for TMS. I remember reading somewhere about the pivot indicator and what we are looking for at each pivot level but I can't remember where I saw it. Please could you point me in the right direction for the latest version of the indicator and what each pivot level represents. Thanks
Its the latest but not much changed from original.I use Fib pivots and there are ton of info on them but I did gave overview on post 68 here
Here will repost

When price is in between pivots I generally don't trade because there is less probability of successful trades.

100S/R great zone usually strong turning points
61 S/R look for reversal
78S/R (Scott Carney level) push up to take weak longs/shorts before reversal
38 S/R great for range trading
Pivot equilibrium based on weekly PA
Side note pivots are zones but in strong fundemetal move Price can go through them.Always watch for behavior as my good friend CNTtrader says
In trading, you have to be defensive and aggressive at the same time
  • #206
  • Apr 11, 2016 1:15pm Apr 11, 2016 1:15pm
Quoting Davit
{quote} Its the latest but not much changed from original.I use Fib pivots and there are ton of info on them but I did gave overview on post 68 here Here will repost When price is in between pivots I generally don't trade because there is less probability of successful trades. 100S/R great zone usually strong turning points 61 S/R look for reversal 78S/R (Scott Carney level) push up to take weak longs/shorts before reversal 38 S/R great for range trading Pivot equilibrium based on weekly PA Side note pivots are zones but in strong fundemetal move...
That's exactly what I was looking for, couldn't remember which thread I saw it in. Thanks
  • #207
  • Edited 2:02pm Apr 11, 2016 1:32pm | Edited 2:02pm
Still hanging in there
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 29 KB
Attached Image (click to enlarge)
Click to Enlarge Name: Image2.png Size: 27 KB
Fib(onacci) my way to glory
  • #208
  • Apr 11, 2016 1:33pm Apr 11, 2016 1:33pm
Quoting Scrambleguy
{quote} Nigel, do you use the BRN`s to trade away from too, not just as S&R?
BRNs and RNs are a very strong S/R zones. The reason being that traders are lazy people and don't like working out numbers so they place their orders on nearest BRN's and to an extent RN's that's why you nearly always get PA at a BRN.
They also make great TP targets if you get an entry at a BRN your 50 pip TP is the next BRN in line. Some traders just trade from one BRN to the next.
Now if you get a BRN and one of Davit's pivot thingies at the same zone and there is PA it's time to hold on tight, load up and take the pips
Never argue with a fool; onlookers may not be able to tell the difference.
  • #209
  • Apr 11, 2016 1:59pm Apr 11, 2016 1:59pm
Quoting Lookleft
{quote} BRNs and RNs are a very strong S/R zones. The reason being that traders are lazy people and don't like working out numbers so they place their orders on nearest BRN's and to an extent RN's that's why you nearly always get PA at a BRN. They also make great TP targets if you get an entry at a BRN your 50 pip TP is the next BRN in line. Some traders just trade from one BRN to the next. Now if you get a BRN and one of Davit's pivot thingies at the same zone and there is PA it's time to hold on tight, load up and take the pips
​Thank you!, makes sense, I have noticed s&r levels at these points and also YH YL quite often sitting around these.
  • #210
  • Apr 11, 2016 2:07pm Apr 11, 2016 2:07pm
lastingwell and Davit,
you guys are right, i do need to trade live, i made 100 pips today on my demo.
i will start trading live again.
thank you
Fib(onacci) my way to glory
  • #211
  • Apr 11, 2016 2:28pm Apr 11, 2016 2:28pm
Quoting billsmith
lastingwell and Davit, you guys are right, i do need to trade live, i made 100 pips today on my demo. i will start trading live again. thank you
Good decision !
Live life king size !
  • #212
  • Apr 11, 2016 3:24pm Apr 11, 2016 3:24pm
Quoting theboringguy
Hi all, would like to hear comments on the below trade. Trading using H1 chart. Trying on NZDCAD. From H1 chart, Green has crossed below Red and also below 50 in TDI. Checked with H4 chart, heiken ashi is showing weakness with short body. Had short sell NZDCAD based on the above analysis. Am I on track on following the rules? and is this a good entry? H4 Chart {image} H1 Chart {image} Thanks
My take on your sell was price rejected the pivot and also there was very large hidden divergence on H1 which was also in its favour, but for me, H4 wasn't ready enough to look like it might reverse yet, the h4 tdi was rounding and by the time it did turn down properly there wasn't great PA on H1 that would compel me to take it. But keep posting your trades here, the more you look at these things the easier it will get.
  • #213
  • Apr 11, 2016 3:25pm Apr 11, 2016 3:25pm
Quoting billsmith
lastingwell and Davit, you guys are right, i do need to trade live, i made 100 pips today on my demo. i will start trading live again. thank you
Good, the only way you will get over the mental side of trading is to trade very small but real money.
  • #214
  • Apr 11, 2016 3:47pm Apr 11, 2016 3:47pm
There has been a lot of talk about higher timeframe vs lower timeframe. It doesn't matter if you're trading TMS or any other system, the only difference between the 2 should be your expectation as to how far price might move after getting a signal and how quickly you have to react to take that signal in the first place, so you don't have 4 hours to decide, you have 30 minutes or 5 minutes even and that is a matter of personal taste. Its not to everyones taste to only have 4 minutes to decide whether to take a trade or not but some like the excitement of it and make a lot of money doing it, so to say they are mostly losers is entirely inaccurate.

Which is the higher timeframe chart below and which is the lower timeframe chart? They are both the same currency pair.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: timeframe2.png Size: 8 KB
  • #215
  • Apr 11, 2016 3:52pm Apr 11, 2016 3:52pm
don't do this to me!!! i won't be happy till i know the answer!!!!!!!! (the story goes that my first word was why!!!)

going with top one LTF???

now i am going to be hunting all my charts to find the same pattern to know if i am right...arggghhh!!!!!

you have to have good spreads if you are going to trade M5 that's for sure!!!
Fib(onacci) my way to glory
  • #216
  • Apr 11, 2016 3:55pm Apr 11, 2016 3:55pm
Quoting billsmith
don't do this to me!!! i won't be happy till i know the answer!!!!!!!! (the story goes that my first word was why!!!) going with top one LTF??? now i am going to be hunting all my charts to find the same pattern to know if i am right...arggghhh!!!!! you have to have good spreads if you are going to trade M5 that's for sure!!!
Exactly my point I'll tell you the answer after there have been a few more guesses.
  • #217
  • Apr 11, 2016 4:01pm Apr 11, 2016 4:01pm
Quoting billsmith
you have to have good spreads if you are going to trade M5 that's for sure!!!
I've never had particularly brilliant spreads but yes you're right its easier if you do, but the other side of that is that you have much smaller stops so can trade bigger lot sizes which in turn earns more money in general, to earn 2% I might only have to have price move 10 pips after spread, and an h4 trader might need it to move 100 pips, so there are pros and cons for both. I'm not advocating everyone start trading the lower timeframes, what I'm trying to point out is that you trade the timeframe that suits your personality.

Some like to just look at their charts once a day and it suits them perfectly, if I did it I would be tearing my hair out with boredom because I like to trade so each to his own.
  • #218
  • Apr 11, 2016 4:05pm Apr 11, 2016 4:05pm
As always, impeccable advice and knowledge
earlier on in my Forex history i tried trading M1 and M5...
put it this way, if i want to know what a heart attack feels like just trade those TF
Fib(onacci) my way to glory
  • #219
  • Apr 11, 2016 4:13pm Apr 11, 2016 4:13pm
Quoting billsmith
As always, impeccable advice and knowledge earlier on in my Forex history i tried trading M1 and M5... put it this way, if i want to know what a heart attack feels like just trade those TF
I used to trade m5 and m15 exclusively very profitably and only moved up the timeframes because I wanted a bit of spare time between looking at the charts, but I still go back to it when I get too bored or when volume is very low around holiday periods.
  • #220
  • Apr 11, 2016 4:18pm Apr 11, 2016 4:18pm
Quoting lastingwell
{quote}I used to trade m5 and m15 exclusively very profitably and only moved up the timeframes because I wanted a bit of spare time between looking at the charts, but I still go back to it when I get too bored or when volume is very low around holiday periods.
your heart is stronger than mine!!!!
Fib(onacci) my way to glory
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