TMS for Newbies Part 2 | Page 27 | Forex Factory

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

  • #521
  • Apr 18, 2016 6:57am Apr 18, 2016 6:57am
GA short +80.

Entered as LO made new low of session and BEOB.

Nice bounce on H1 TDI, H4 TDI was hooking over. H1/H4 stochs in alignment. Bearish Div on H4.

Closed as price closed the gap created at market open last night.
Attached Image (click to enlarge)
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A MOUSE THAT ROARS IS STILL NOTHING MORE THAN A MOUSE!
  • #522
  • Apr 18, 2016 7:04am Apr 18, 2016 7:04am
Quoting griffinssoul
{quote} ...... i always look long term ..... and never @ my feet
I am constantly busy at work and need to plan my trades around 4hr charts
  • #523
  • Apr 18, 2016 7:18am Apr 18, 2016 7:18am
Quoting Kanderpro
{quote} Hi Socrateez, I'm sorry, I don't understand you reference to negative correlation. When I saw the gap, the divergence and the strong pullback my only thought was that this has a chance to be the session high. K
What I mean is - correlations are only visible after-the-fact and will meander 'out of sync' at randomly.
Even though a strong positive or negative correlation will track its counterpart, when it starts to drift (during its 'out of sync' phase) you don't know that is the case
until it becomes visibly obvious in your chart. By that time (hours later) your trade profit will be negative until the convergence takes you back to where you expected to be.

So, you may actually be right, it could be the 'session high', but if it wasn't - you wont know for a few hour until the chart reflects the drift.
If it isn't the high (but you are confident about the correlation pattern) then you'll just have to wait until it turns around.
However, by then you could be holding a little drawdown during the wait period.
  • #524
  • Apr 18, 2016 7:32am Apr 18, 2016 7:32am
Hey LW,

Allow me to spend some times with the newbies. last request .

For who are interest in trading H4. This is totally TMS Approach.

According to Big-E, always try to entry at the 1st or 2nd candle. The 3rd and 4th is a big risk. Why? because the price already cross over 50. Whipsaw area. So
how to catch a ride after the bus ran away ( Screen1 ). If you entry here, price will fall down. you will get shock. sometimes even roller coaster.

Zoom to H1 ( Screen2 ), wait for retracement when TDI cross below 50 again and wait for the break even place Buy Stop. that's the 1st re-entry point. Why?
because that the discounted price to buy from the point of the break. Would you rather place high SL for the ride or low SL. Since this is the beginning break
Why not holding until the price cross into 68 if you dare.... but exit depending on your selves ??? 68 is the real Bear waiting.
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Banker please return my pipins.
  • #525
  • Apr 18, 2016 7:39am Apr 18, 2016 7:39am
Trading D1,H4, require more patient concept rather than Hit and Run. Because very often the prices touches your entry point even at the first candle.
So Learn to be patience. Always trade the TDI Green coming out from 32 or 68. Never play 50.

There are 28 pairs max for you to select even D1/H4 have limited setup per week.

So Good Luck.
Banker please return my pipins.
  • #526
  • Apr 18, 2016 7:46am Apr 18, 2016 7:46am
Filtering a Trade in H4. using divergence.
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Banker please return my pipins.
  • #527
  • Apr 18, 2016 7:51am Apr 18, 2016 7:51am
Hope this help out abit LW.

Now... back to my submarine kitchen.

Enjoy everyone. Good pippins.
Banker please return my pipins.
  • #528
  • Apr 18, 2016 7:53am Apr 18, 2016 7:53am
Quoting griffinssoul
{quote} IMO u can only improve supp&res line for ur trading only - there is no 1 way 2 do it cause any way will work ..... we r trading a mostly random market [as far as we see it] so this means if u place lines anywere on the chart they will become supp&res in the future most likely - & most like they have been supp&res in the past .... there r many ways to do this ..... wicks end - smallest wick most touches - close line - candle pattern [example - a tram track would be supp&res etc] .... i always do this manually {image}...
And to add to this ... support and resistance are not mere lines but rather regions.
Think of it as more like a belt stretched across your chart.
Live life king size !
  • #529
  • Apr 18, 2016 7:54am Apr 18, 2016 7:54am
Quoting socrateez
{quote} What I mean is - correlations are only visible after-the-fact and will meander 'out of sync' at randomly. Even though a strong positive or negative correlation will track its counterpart, when it starts to drift (during its 'out of sync' phase) you don't know that is the case until it becomes visibly obvious in your chart. By that time (hours later) your trade profit will be negative until the convergence takes you back to where you expected to be. So, you may actually be right, it could be the 'session high', but if it wasn't - you wont...
Thanks Socrateez. I don't hold on in the hope that it could be the high of the session. My only thought is that it might work out that way but I'm far too busy considering the many possibilities that may occur during the session, and I will always take profit when I have a concern about s/r, as I did in this case.
Thanks for your help, warmth and straight talking Heather.
  • #530
  • Apr 18, 2016 8:22am Apr 18, 2016 8:22am
EA long after LO opens for +50 pips , a bounce trade
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I Have Learned to Take Some Losses to Make Profits
  • #531
  • Apr 18, 2016 8:31am Apr 18, 2016 8:31am
Quoting Babyboy
Hope this help out abit LW. Now... back to my submarine kitchen. Enjoy everyone. Good pippins.
Thank you so much BP. Invaluable street smart tips.
Requires a lot of love and patience. Just like your cooking
Live life king size !
  • #532
  • Apr 18, 2016 8:43am Apr 18, 2016 8:43am
Quoting Babyboy
Filtering a Trade in H4. using divergence. {image}
..how about dealing with news?
Such nfp?...
  • #533
  • Apr 18, 2016 9:04am Apr 18, 2016 9:04am
Quoting TheScorpS
EA long after LO opens for +50 pips , a bounce trade {image}
snap just got back to find it had taken profit. Only went for 50 because I had to go out but good enough for me on the h1 chart

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And here is what the h4 looked like at the time I took the trade:

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  • #534
  • Edited 1:35pm Apr 18, 2016 9:04am | Edited 1:35pm
Quoting griffinssoul
{quote} IMO u can only improve supp&res line for ur trading only - there is no 1 way 2 do it cause any way will work ..... we r trading a mostly random market [as far as we see it] so this means if u place lines anywere on the chart they will become supp&res in the future most likely - & most like they have been supp&res in the past .... there r many ways to do this ..... wicks end - smallest wick most touches - close line - candle pattern [example - a tram track would be supp&res etc] .... i always do this manually {image}...


Hello griffinssoul, everyone,

My first post here!

Just to add to your informative post, and borrowing your graph if I may.
It might be easier for us newbies to view S/R as zones (areas where price "might" react), and not specifically wick or candle end points.

Peace.
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A wise and profound comment goes here
  • #535
  • Apr 18, 2016 9:06am Apr 18, 2016 9:06am
Quoting TitanM
{quote} ..how about dealing with news? Such nfp?...
Hmm News... good point.

If newbies, better stay out. Why ? It'll try to eat your SL if your entry is not niche. So for exit. Grab what on your plate.

But I like news because
1. It'll power up the candle.
2. I can also re-entry at a cheaper price.
3. NFP... what so scare about NFP?

When price tend to rise or fall, news has no impact. because the price already oversold or overbought.
In my case is different. I dont play with SL. I let it Margin Call. My entry is already way among others.
So in terms or Risk:Reward, I've already achieve my tp100,tp200,tp300... rest just swinging.
In other words Margin Call is small matter.
Banker please return my pipins.
  • #536
  • Apr 18, 2016 9:08am Apr 18, 2016 9:08am
Good morning Thanks for the reviews. I do not know the time when I go out, the H4 candle close red? or should I expect to get my SL? Thank you very much.
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  • #537
  • Apr 18, 2016 9:09am Apr 18, 2016 9:09am
Quoting scarlet pipe
GA short +80. Entered as LO made new low of session and BEOB. Nice bounce on H1 TDI, H4 TDI was hooking over. H1/H4 stochs in alignment. Bearish Div on H4. Closed as price closed the gap created at market open last night. {image}
Very nice trade, excellent
  • #538
  • Apr 18, 2016 9:21am Apr 18, 2016 9:21am
Quoting Davit
{quote} Good morning K I trade 15-30min charts.To me Price can drop 50-70pips even if previous H4 is opposite.This happens a lot on news releases. This is what lot of traders miss in terms of H4 D candles.Importance of H4 D candles are only relevant to me where current price is. Location.Remember 70% forex is in a range and price goes to swing bottom to swing top.If previous H4 pushed price to swing top I will NOT buy irregardless previous H4 being green bull candles. Lot of traders say things like "I will not trade against H4" that's a weak statement...
Hi Davit, thanks for this post, nice info

What is the name of the indicator you use to Pivot/S/R?
Thanks!
  • #539
  • Apr 18, 2016 9:36am Apr 18, 2016 9:36am
Quoting Babyboy
{quote} Hmm News... good point. If newbies, better stay out. Why ? It'll try to eat your SL if your entry is not niche. So for exit. Grab what on your plate. But I like news because 1. It'll power up the candle. 2. I can also re-entry at a cheaper price. 3. NFP... what so scare about NFP? When price tend to rise or fall, news has no impact. because the price already oversold or overbought. In my case is different. I dont play with SL. I let it Margin Call. My entry is already way among others. So in terms or Risk:Reward, I've already achieve my...
Any good advice from your experience of trading?
...Such..
Tf..
Lot size...
Etc...pair?
...I am super newbie
I
  • #540
  • Apr 18, 2016 9:36am Apr 18, 2016 9:36am
Quoting Saripefx
Good morning Thanks for the reviews. I do not know the time when I go out, the H4 candle close red? or should I expect to get my SL? Thank you very much.{image}
Unfortunately as a new member there is a delay before your post shows up, what I normally do if I put in a trade the wrong way I definitely come out if there is a good signal in the other direction if not before. Hopefully you are on demo?
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