TMS for Newbies Part 2

Thanks Griffinssoul.
I missed that one. So I keep learning from you guys

USDCHF H4 SELL

Made the trade on bounce. Validated against H1 and D1.
Let me know if this was a good rationale. At the moment I am in black.

Nice trend following with TMS, only show super understanding of the strategy

foxtrader16 IMHO - the H4 cross is too long gone. Probably can ride your luck to exhaustion on this one.

Thanks for the video! That sent me down a rabbit hole thats for sure. I am looking at other videos that Dean created about TDI.

Thanks TSS
I'm too old and slow to ride the range on M15 with EA unlike you
I'm going to sit down and sort out my set file for CM so that it doesn't bite me where it hurts again

Glad it was of help but don't get too caught up in it. Learn one thing, practice it then move forward.

Have just entered this trade long, one of my first trades using TMS

Let me know if it looks ok, feel free to criticise

My 2 cents

1) Trading against trend, too soon to tell if candle will turn green
2) Cross is a bit weak, at or below 32 level. Angles are not convincing enough.

Cheers'

Nice one kiln .

Personally I would have waited for that APB 1 to complete for confirmation.
Overall trend is up as per D1 though the last few days it has been down.
H1 has gone Blue over the past 4 hours.

Stay on your toes and green pips

I am going to post a 5min EURUSD chart from today with trades marked out. Please let me know what you think good / bad / ugly.

Not a valid trade for me there Kilns.

Your entry candle (last closed candle) is red so no long signalled at all.

Price is also below MA so again, no long signal.

The last closed candle is also an inside bar (IB). Not a good idea to enter when IB forms as it shows possible market indecision.

You have the VB's on your chart. At entry the VB's are contracting so showing market consolidation.

What is the daily chart telling you?.......market has been heading south for a number of days now and is showing no sign of turning north just yet. Best to wait.

I'm still learning the TMS system myself so my analysis maybe short of the mark, if so, I'm sure some of the seasoned traders here will give you more in depth breakdown of your trade.

Don't try to second guess the market. Wait for entry confirmation and go with the HTF direction for best chance of success.

As a couple of the others have said, look at the higher timeframe before jumping into a counter trend trade.

Excellent post scarlet pipe

Thanks for the nice 'welcome back' messages everyone. I won't be a prolific poster because, as I have said, I no longer trade TMS. However, I may have something useful to say about trading in general that could help you.

I just want to follow on with what I mentioned yesterday about taking the profits if the PA (Price Action) stalls or appears to stall before reaching your target. I spoke about getting to 'first base' safely and not aiming for the big home run every time you enter the market. What I'm going to say now is along that same theme and has to do with emotions.

The chart below is not TMS, but it will illustrate what I'm going to say....and what I'm going to say will apply to any system and any TF.

Just a bit about the chart so that you can understand it!!

This is a Gold chart from yesterday and it shows a trade that I took. More on that soon. The turquoise vertical line is the Frankfurt market open and the yellow vertical line is London market open. You can see the Pivot levels there... Daily Pivot, S1 (support 1), R1 (Resistance 1) and R2 (Resistance 2). Daily pivots are something that I always use, but others don't....to each his own. The Market open line is simply the level at which the NY market closed which designates a new trading day.

So now to the trade: I should mention here that this is not my exact trading template, I would rather keep that to myself. Moving on....you can see that I entered the Buy trade on the Daily Pivot line. Normally I would wait for the line to be broken, but I got a great entry signal, so I entered. I set my target at R1 which was worth 42 pips. Another reason for targeting that line is that it was just under the 1240.00 level, and 1240 is a very strong historical support/resistance level and so I deemed it prudent to take the profit there. You can see that in a little under an hour my TP was hit.

Look what happened in the following 10-15 minutes though....the PA smashed the 1240 level and went straight to R2 which would have been worth another 60 pips!!!

Now here's the point of this post. Many people would angry, upset, frustrated, pissed off, disappointed etc etc etc because as soon as the TP was hit, the PA took off with real buying power and left us (me) in it's dust. I have been there too.....I'm no different. In the past I might have said "oh bloody hell...look at that stupid f@#$ing PA take off without me...I missed 60 pips...grrrrr"

But now I look at this in a completely different way. I aimed at getting 42 pips from this trade, and I got what I aimed at. What's to be upset about?

The pips 'left on the table' are not my pips. They are for somebody else. I got what I wanted and I'm happy. I'm also happy for whoever got that other 60 pips.

There is no need to be anything other than happy with my trade because it worked as planned. The other pips belong to someone else.

As it happens, the PA consolidated and drifted a bit lower and I was able to re-enter just before NY market opened and make some more pips. But even if I didn't make any more on Gold yesterday, +42 on one of my 4 pairs is just fine with me.

So.....never be upset about pips left on the table...they are not your pips. You got your target, whether you TP'd manually or the PA hit your TP makes no difference.....those pips are YOUR pips...they are in YOUR pocket. The other pips belong to someone else.

Look...I see the market as a tree. Call it the FX tree, and it's laden with fruit...and it's fruit is called PIPS. Yeah, yeah...pip fruit...I know, I know. My philosophy is that I go to the FX tree every day and I sit patiently under it waiting to see if any fruit falls from the tree into my lap. If it does, I gratefully accept the gift. I never try to climb the tree (force the trade) to steal the fruit, because if I do, I will almost certainly fall from the tree and get hurt. Many have tried that and all have got hurt.

The hold grail of trading (imo) is Patience and Discipline. Sit under the FX tree with much patience and be disciplined enough to not try to climb the tree and steal the fruit on the days when the tree does not wish to give you anything!!

Have a great day.

Hiya Jim

You and me both have been through the 'mill' and we know that it's madness trying to trade like that. Just a few pairs, compounding lots sizes etc etc is all that's needed. 'Simple' is the key word and if we keep it simple, we can do very well

Very good points there. One other person trades with the exact same system as I, yet we take different trades. Also, someone who I'm in touch with every day and trades not only a different system but also different TF's, yet very often our trades are so similar that I think she's looking over my shoulder....and I her!!!

We're individual creatures with our own personalities so it follows that we will trade the same system differently.

Seeing you mention S/L placement reminds me something that BigE (Eric) told me way, way back about SL placement. That's worthy of a separate post...perhaps tomorrow

Thanksss...

Thanks RJ for your post! I will close my eyes and think about the FX tree before my trading session tomorrow. Please write more, I will be interested on your advise for S/L placement.

Asian Session EA long on H1 +40 pips , keep working , and u sure reach ur goal , Thanks all who helped along the way