TMS for Newbies Part 2 | Page 35 | Forex Factory

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

  • #681
  • Apr 21, 2016 2:02pm Apr 21, 2016 2:02pm
Closed out after green line turned
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  • #682
  • Apr 21, 2016 2:06pm Apr 21, 2016 2:06pm
Quoting kilns
Took this trade earlier today based on the 4H chart, below is the 1H. The question, when is the best time to take profit or is there still life in this yet according to the chart? {image}
Exit strategy depends on individual. Accounts lot size psychology many things. Here is an example.
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Sad i'm not trying to understand PA
  • #683
  • Apr 21, 2016 4:28pm Apr 21, 2016 4:28pm
Quoting Jenn4rex
{quote} It was higher.......so that tells me bears still in control then right? Thanks so much for pointing that out!!
No worries! That's why we are here.
If you are good at something, never do it for free--Joker
  • #684
  • Edited 2:24am Apr 22, 2016 1:29am | Edited 2:24am
Took these two JPY trades on the H4 this morning. They look ok to me, perhaps exept for the fact i have got in just a little too late? edit: It seems I didnt as the combined trades were up 40 pips before I left for work. 30 mins later when logging into my work computer, that had gone down to a combined 10 pips.

On the H4 the green line is still at the right angle and going up but on the H1 it has turned a bit more flat. Should you trust your H4 chart and let the deal keep going until you see the signal there to exit or would people (who have time) rather manage the deal via the H1 and exit based on that?

Thanks
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  • #685
  • Apr 22, 2016 3:33am Apr 22, 2016 3:33am
Quoting kilns
Took these two JPY trades on the H4 this morning. They look ok to me, perhaps exept for the fact i have got in just a little too late? edit: It seems I didnt as the combined trades were up 40 pips before I left for work. 30 mins later when logging into my work computer, that had gone down to a combined 10 pips. On the H4 the green line is still at the right angle and going up but on the H1 it has turned a bit more flat. Should you trust your H4 chart and let the deal keep going until you see the signal there to exit or would people (who have time)...
Hi,
The basic rule is to manage the trade in the TF you entered unless you have walked it up a TF then you manage it from there. The H1 may go into consolidation or even a small retrace then continue in the original direction while H4 will only show a pause or small pullback. As long as H4 has not reached your exit strategy (or TP) you stay in the trade.
Never argue with a fool; onlookers may not be able to tell the difference.
  • #686
  • Apr 22, 2016 3:33am Apr 22, 2016 3:33am
NJ H4 - 1 ticket for 1st entry and 2 tickets for second - took 2 ticket and last hit BE from slam - W1 res was @ BRN .... PA bounced off and formed well wicked cross entered below D1 supp - PA never looks strong & long [always way below W1 res] - this was a structure trade .... the idea of 'trend' on the W1 is meaningless mostly 4 this style i guess .... only the 2nd entry showed a kink on the D1 - but! - the first entry was @ D1 res after a slam upto the W1 res
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  • #687
  • Apr 22, 2016 3:45am Apr 22, 2016 3:45am
for noobs 2 answer only - list 3 changes u would make 2 ur trading plan if ur balance curved resembled this one .....
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  • #688
  • Apr 22, 2016 7:48am Apr 22, 2016 7:48am
Quoting griffinssoul
for noobs 2 answer only - list 3 changes u would make 2 ur trading plan if ur balance curved resembled this one ..... {image}
Stop trading, study money management, change your trading plan?
  • #689
  • Apr 22, 2016 7:52am Apr 22, 2016 7:52am
You are obviously "Imbalanced" (see upper left-hand corner). Exercise risk management, and get off the escalator....sorry, couldn't help the metaphor.
But maybe on a more serious note, possibly, study what went right at the end of this curve....seems to be going up...there maybe some clues as to the difference from the left side of the chart.
  • #690
  • Apr 22, 2016 7:56am Apr 22, 2016 7:56am
Quoting griffinssoul
for noobs 2 answer only - list 3 changes u would make 2 ur trading plan if ur balance curved resembled this one ..... {image}
Since that is what my Balance curve looked liked till i met TMS, i have made changes.
IMO
1) lot Size - make sure that you are trading smallest lot size till you have it down pat. (yeah big lots make you big money but also make big losses )
2) Trust TDI - don't make gut choices - see below picture ( i moved my SL to early and got caught out and missed the rest of the move)
3) go back to school - learn PA and test on demo - practice, practice, practice, get those 10,000 hours in

just a few things i have changed - will be different for others
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Fib(onacci) my way to glory
  • #691
  • Apr 22, 2016 8:17am Apr 22, 2016 8:17am
From the deal I placed earlier on the USD/JPZ H4, it paid to trust the H4 and stay in the trade.

It is currently +90 pips

My question is that all indicators are still strong to stay in the trade but would people usually bank the 90 pips and re-enter the trade straight away, whats your opinions
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  • #692
  • Apr 22, 2016 8:34am Apr 22, 2016 8:34am
Quoting kilns
From the deal I placed earlier on the USD/JPZ H4, it paid to trust the H4 and stay in the trade. It is currently +90 pips My question is that all indicators are still strong to stay in the trade but would people usually bank the 90 pips and re-enter the trade straight away, whats your opinions {image}
Why not close 90% of the position and leave the rest to run.
Never argue with a fool; onlookers may not be able to tell the difference.
  • #693
  • Apr 22, 2016 8:55am Apr 22, 2016 8:55am
What I did was I closed fully the two JPY trades I had open USD/JPY +96 pips and EUR/JPY +61 pips and immediately I re-entered both trades. I am not sure if it was a wise move. I should take the pips and not be overly greedy
  • #694
  • Apr 22, 2016 8:58am Apr 22, 2016 8:58am
Quoting kilns
From the deal I placed earlier on the USD/JPZ H4, it paid to trust the H4 and stay in the trade. It is currently +90 pips My question is that all indicators are still strong to stay in the trade but would people usually bank the 90 pips and re-enter the trade straight away, whats your opinions {image}
I would say know what your financial plan is and follow that. To meet my plan I need 20 pips a day. If I come back at the next H4 and it has exceeded my daily goal, I close the trade, and wait patiently for the next setup.
If you are good at something, never do it for free--Joker
  • #695
  • Apr 22, 2016 9:20am Apr 22, 2016 9:20am
my biggest trade ever 4hr trendline break and don't divergence 350 pips
  • #696
  • Apr 22, 2016 9:20am Apr 22, 2016 9:20am
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  • #697
  • Apr 22, 2016 9:24am Apr 22, 2016 9:24am
very nice! I guess staring at the screen doesnt help and just let it do its thing is the way to go
  • #698
  • Apr 22, 2016 9:35am Apr 22, 2016 9:35am
Quoting trade786
my biggest trade ever 4hr trendline break and don't divergence 350 pips
Nicely done
Never argue with a fool; onlookers may not be able to tell the difference.
  • #699
  • Apr 22, 2016 9:54am Apr 22, 2016 9:54am
Quoting kilns
From the deal I placed earlier on the USD/JPZ H4, it paid to trust the H4 and stay in the trade. It is currently +90 pips My question is that all indicators are still strong to stay in the trade but would people usually bank the 90 pips and re-enter the trade straight away, whats your opinions {image}
hapy to know...............
do repeat ....
  • #700
  • Apr 22, 2016 9:54am Apr 22, 2016 9:54am
Thankyou lookleft and thanking everyone for the help on this thread
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