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Trading Made Simple

  • #68,701
  • Apr 28, 2016 5:03am Apr 28, 2016 5:03am
Quoting Islandfx911
Hi Everyone, This chart is the story of my trading for the last 3 months. I am posting this chart and future trades in the hope that someone can steer me in the right direction. I am down 15% in 3 months and have decided to trade with #0.01 instead of full lots until figure this out. I have traded 4hr charts and 1hr charts with the same thing happening over and over again. I seem to sell low and buy high which I believe I am getting suckered in to momentum bars before a reversal. I have read TMS and will read it again over the next few months just...
On W1 we have a IB after a downtrend. That's consolidation or change direction of trend. The two candles are spinning top and hammer at support. These candles also made a DB (double bottom) . All these signal trend may go up. That's what I see on my platform, but there may be small differences between our platforms, due to broker server time.

On D1 the TDI was still crossed up.

So W1 up, D1 up, yet you sold on H4. The candle you sold on was a live candle. If you waited for the candle to close, you would have seen it turned out as an exhaustion candle, so no sell setup would have been present.

Don't worry, next time you'll do better.
  • #68,702
  • Apr 28, 2016 5:07am Apr 28, 2016 5:07am
Quoting catalin_eros
{quote} On W1 we have a IB after a downtrend. That's consolidation or change direction of trend. The two candles are spinning top and hammer at support. These candles also made a DB (double bottom) . All these signal trend may go up. That's what I see on my platform, but here may be small differences between our platforms, due to broker server time. On D1 the TDI was still crossed up. So W1 up, D1 up, yet you sold on H4. The candle you sold on was a live candle. If you waited for the candle to close, you would have seen it turned out as an exhaustion...
Thanks, I appreciate the reply.
Your trade order needs to be in the right place at the right time.
  • #68,703
  • Apr 28, 2016 6:32am Apr 28, 2016 6:32am
Hi,

Six week results from 18th March. Using M/Entry system decision based on mainly daily or 4 hour bar, TDI and PAC

Missing lot of opportunity in absence of EA to open new trade in same direction after basket closed.

Thanks

MK
Attached Image (click to enlarge)
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  • #68,704
  • Apr 28, 2016 7:25am Apr 28, 2016 7:25am
Quoting mkfx
Hi, Six week results from 18th March. Using M/Entry system decision based on mainly daily or 4 hour bar, TDI and PAC Missing lot of opportunity in absence of EA to open new trade in same direction after basket closed. Thanks MK {image}
  • #68,705
  • Apr 28, 2016 8:04am Apr 28, 2016 8:04am
Quoting mkfx
Hi, Six week results from 18th March. Using M/Entry system decision based on mainly daily or 4 hour bar, TDI and PAC Missing lot of opportunity in absence of EA to open new trade in same direction after basket closed. Thanks MK {image}
whats pac?
Take What You Can , Give Nothing Back
  • #68,706
  • Apr 28, 2016 9:11am Apr 28, 2016 9:11am
Quoting leescofield
D1 position {image} {image} {image} {image} {image} {image} {image}
Thanks for your observation!
Could you please look at your PM?
Just an opinion. Based on research
  • #68,707
  • Apr 28, 2016 9:45am Apr 28, 2016 9:45am
Quoting Donquixote
{quote} whats pac?
PAC = Price Action Chanel
  • #68,708
  • Apr 28, 2016 5:49pm Apr 28, 2016 5:49pm
Quoting catalin_eros
{quote} Deal! Here is the most important data: Asset managers: Positions Long: 6,273 Short: 72,717 Open interest: Long 2.6% Short 30.5% {image} Leveraged: Positions Long: 48,821 Short: 89,359 Open interest: Long 20.5% Short 37.5% {image} Non Reportable: Positions Long: 19,223 Short: 35,090 Open interest: Long 8.1% Short 14.7% {image}
about COT and cot...

we know when to get in, but at some point in time, we need to get out.

often stock traders who are investors holding on to company stock for longer than necessary. Investors become Shareholders when they do not know when to cut losses or take small profits, they hold on to company stocks for too long ending up becoming long term Shareholders.
Attached Image (click to enlarge)
Click to Enlarge Name: COT and cot.png Size: 157 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #68,709
  • Apr 28, 2016 5:56pm Apr 28, 2016 5:56pm
Quoting mkfx
Hi, Six week results from 18th March. Using M/Entry system decision based on mainly daily or 4 hour bar, TDI and PAC Missing lot of opportunity in absence of EA to open new trade in same direction after basket closed. Thanks MK {image}

Hi MK,

Good results. Well done!

You managed to keep your DD below 5% which is better than mine for the same period.
Your win rate is 69%, which is very close to what Big E had between 70 to 80%.
No Newbie has achieved these in TMS threads.
How did you do it?
Do you have the 'winning edge' yet?

I'll post my results when I close today for the month end-closing.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #68,710
  • Apr 28, 2016 5:59pm Apr 28, 2016 5:59pm
Quoting mkfx
Hi, Six week results from 18th March. Using M/Entry system decision based on mainly daily or 4 hour bar, TDI and PAC Missing lot of opportunity in absence of EA to open new trade in same direction after basket closed. Thanks MK {image}
MK, i need your assistance on ME/ME. Is there any application to manage ME/ME system. And i want you to direct me to post on this ME/ME so that i can read and understand.
  • #68,711
  • Apr 28, 2016 6:24pm Apr 28, 2016 6:24pm
Dear Emmanuel,

I am always happy to read your post. You are such a wonderful man. My trading result has tremendously improved using TMS. Please i want to know more on ME/ME system. Do all you can to put me through. Thanks.
  • #68,712
  • Edited 6:56pm Apr 28, 2016 6:45pm | Edited 6:56pm
Quoting Islandfx911
Hi Everyone, This chart is the story of my trading for the last 3 months. I am posting this chart and future trades in the hope that someone can steer me in the right direction. I am down 15% in 3 months and have decided to trade with #0.01 instead of full lots until figure this out. I have traded 4hr charts and 1hr charts with the same thing happening over and over again. I seem to sell low and buy high which I believe I am getting suckered in to momentum bars before a reversal. I have read TMS and will read it again over the next few months just...
Hi Folks,

My answers to Islandfx questions which I think can help many TMS Newbie traders here.

Questions:
Q. Does Support & Resistance work?
NO.
S&R does not work without a proper understanding of how the market works. The market is made up of buyers and sellers.
There are short term support and resistance.
There are medium term support and resistance.
There are long term support and resistance.
The market creates these support and resistance.
When the buying stops, selling creates resistance.
In the opposite, when the selling stops, buying creates support.
What we need to know is to sell when there is selling and to buy when there is buying.
TMS long term traders will buy when there is buying activities, they will buy more when there are more buying activities in the short and medium buying, hence the term buy the dips.
The opposite is sell the rallies, long term traders sell when there is selling activities, they will sell more when there are more selling activities in the short and medium term selling.

Q. Are Pivots worth using?
NO.
After trading with pivots for a few years, I have come to the conclusion that pivots do not fit in this TMS 5-Method trading methodology.
There are too many different types and ways in which the pivots are calculated. There are different pivots and its derivative S&R levels due to different start hour in the day, different start of week and different start of the month.
Newbies who believe that the use of pivots with the TDI will give them an edge over the market are forex gamblers.

There are better methods to use as support and resistance when we trade TMS 5-Method. We keep it simple, and we keep our trading charts clean and clutter-free so that we can see the price Action much easier. Historical support and resistance should be given more weight when we trade medium and long terms.

Q. Can you make steady gains just trading 4hr charts?
NO.
Consistency in trading is very important. How to achieve consistent results demands discipline on the part of the trader. Discipline in every facets of trading is mandatory for long term consistency.
Every task perform by the traders must be done with discipline. Trading discipline is a topic people talk about all the time but few has the correct answer. There are few common discipline issues which we read repeated often. The ultimate discipline is a combination of many different things of the individual person as the trader. These are unique to the individual trader. You have to know yourself.

Therefore, the quotation from the Art of War by Sun Tze:
If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.


Q. Are BRN's good for targets and areas to trade away from?
YES.
The big round numbers price levels are the same seen by the market. Buying and selling activities move from one price level to another price level. Between the price levels are different traders some very short term, some short term, some medium term and long term buyers and sellers.

To use the price levels as targets, we must decide on the duration of our trading.
See below, the GBPCAD example with the BRNs and RNs levels.


Q. What is the best TF to trade?
There is no best TF to trade.
Trading must be treated as a business. Every business has its business oertaing hours. In my neighbour-hood is a 60 years old dental practice. This practice is well known to the older folks in my community because the practice was started by the father and passed down to his son now. The dentist opens his clinic in 3 sessions on all weekdays. From 0900 to 1200, 1400 to 1800 and from 2000 to 2300.

As a fulltime trader, we must be able to trade in various market conditions or what is known as market type. Certain market type is good for short term trading like intraday can be done using H1 and M15. These short term trades should normally last 3 to 5 hours duration during a particular market session and should avoid running these short term trades into the next market session.
Medium term trading would be 4H Short Swing trading which can last 2 to 4 trading days within the same trading week. These trades are seldom roll over to the following week except when these trades are converted to long term Position Trading.

Long term trading is Position Trading which can last from several days to several weeks. Such trades can also run into months with careful planning and when market conditions are favourable.
Therefore, as a full time trader, we must be able to trade in all different market types.

Q.Do I need more than 1 system to trade?
YES.
Very seldom do we find trading systems that will work in all market types. Moreover, there are buying and selling activities in different timeframes. My belief is that we must not be dependent on only one system in this business. For example, there are many weeks in one year when the market type is very narrow ranged and we will not find many profitable 4H Short Swing trades. We will miss our business financial target. Similarly, for Position Traders, there may not be enough trades in one year to generate enough income to meet the yearly financial goal. However when the market is quiet, there will be plenty of very short term trades when we trade intraday on H1 and also M15.

As full time traders who want to trade for an additional income or supplement income to our day jobs, we need to have three systems for short term trading, medium term and long term trading.

In this business, we need to have different financial goals for short term, medium term and long term. Keep different trading account for different system. This will enable us to evaluate the performance of each system separately.
I developed 3 systems. See posts Post#52,347 using TMS 5-Method develop 3 systems...SMART objectives and Post#53,338 .

What is most important is all three (3) systems must be based on the same core trading methodology line this TMS 5-Method as your core trading methodology. There are several good trend following systems in the market place. Professional traders like Raghee Horner and Kathy Lien have written a lot about their trading methodologies and their money management strategies.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCAD trading the BRN and RN.png Size: 95 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #68,713
  • Apr 28, 2016 6:52pm Apr 28, 2016 6:52pm
Quoting abeloma
Dear Emmanuel, I am always happy to read your post. You are such a wonderful man. My trading result has tremendously improved using TMS. Please i want to know more on ME/ME system. Do all you can to put me through. Thanks.

Hi abeloma,

ME/ME is not a system. It is money management strategy which some of us here use to trade TMS 5-Method.

I have shared many posts on ME/ME trades and I will start share new trades again next month.

But before that, you must read these posts below and get the basic understanding of the concept of how we trade with Multiple Entries / Multiple Exist with TMS long term trading.

Money Management
Big E on using multiple entries in the CHS thread
Post#2622 , Post#2629 , Post#2771 and Post#2912

Money Management Strategy for TMS: Post#48,008
Using Multiple-Lot Positions to Improve trading TMS: Post#33,507

Entry and Exits: Post#24,918 Post#18,422 Post#19,617

How to Build a Position: Post#19,588

Multiple Entries / Multiple Exits for Day chart trading: Post#58,726

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #68,714
  • Apr 29, 2016 12:10am Apr 29, 2016 12:10am
Quoting emmanuel7788
{quote} about COT and cot... we know when to get in, but at some point in time, we need to get out. often stock traders who are investors holding on to company stock for longer than necessary. Investors become Shareholders when they do not know when to cut losses or take small profits, they hold on to company stocks for too long ending up becoming long term Shareholders. {image}
yes bro., a long term hold is a short term plan that went wrong...great stuff
the cautious seldom err....C
  • #68,715
  • Apr 29, 2016 1:58am Apr 29, 2016 1:58am
3 Days of USDCAD, its end of month, AMR get 120%, time to get out.
4 winning trade, net profit +160 pips (1600 baby pips)
trade tooks on daily chart, follow Smart Money.
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  • #68,716
  • Apr 29, 2016 1:58am Apr 29, 2016 1:58am
Between grids using BRN/RN and Pivots, which will you choose to trade TMS with?

How can Pivots be like archaelogy grid sites when Pivots changes every week using the previous week data?
Pivots definitely cannot be like our road lanes because our road lanes do not change on weekly basis.

Attached Image (click to enlarge)
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"A little knowledge is a dangerous thing..."
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #68,717
  • Apr 29, 2016 2:03am Apr 29, 2016 2:03am
EURUSD and GBPUSD nice bullish closing at month end today. Better take and run before NY open.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #68,718
  • Apr 29, 2016 2:05am Apr 29, 2016 2:05am
I just blow up my account and I stumble on this thread. I just have one desperate question since this thread is more that a year old. Does anyone consistently profit from this strategy? (told you Im desperate) THANK YOU. I really need a hug and a loan right now.
  • #68,719
  • Apr 29, 2016 2:13am Apr 29, 2016 2:13am
FOMC volatility

Anyone taken out by the FOMC volatility spike down?

The direction for GBPUSD was set this week, but the big money uses news to fill orders and if you want to be safe , where will you place your stop loss?

The market does not care abut where the pivots levels are.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD FOMC volatility spike.png Size: 54 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #68,720
  • Apr 29, 2016 2:55am Apr 29, 2016 2:55am
Quoting mkfx
Hi, Six week results from 18th March. Using M/Entry system decision based on mainly daily or 4 hour bar, TDI and PAC Missing lot of opportunity in absence of EA to open new trade in same direction after basket closed. Thanks MK {image}
Hello, Mkfx!

Don't get this the wrong way, but perhaps it would be better if you posted some charts. Imagine what would this thread be like, if Emm would only be posting his statements. No one would learn anything.
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