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

  • #861
  • May 8, 2016 3:10am May 8, 2016 3:10am
Quoting jmn5611
{quote} I think lastingwell suggested trading with the next higher TF up. If you use H1, let H4 be your trend chart.
Thanks jmn. Just out of curiosity, do you adhere to (only) TMS setup in your trades or use other strategies as well?

Cheers
Silence your Ego & Your Power will Rise
  • #862
  • May 8, 2016 3:45pm May 8, 2016 3:45pm
Quoting mraam
{quote} Very good points.. Whats the general consensus on trading against the daily or weekly trend? I read Big E's posts and he was totally with trend flow, but if one is just looking at hourly candles, do they matter? Cheers & Happy Weekends to all
Sure one can trade against daily and weekly trend. A daily candle has 24 H1 candle. They move up and down. It doesn't matter what the weekly and daily trend is while trading H1 unless we want to catch big moves. To catch big moves we want to align our trades with the HTF trend and hold them over night or week with bigger SL. But if we hold trades for a single or couple of bars then it is not a matter what HTF trend is. Every TF has it's own merit trend and S/R. As jmn5611 and LW earlier mentioned next TF or H4 trend is enough trading on H1 TF. But if we know where the HTF swings are can save us taking risky trade. Depends on trader how they want to manage their trades.

Green pips
Sad i'm not trying to understand PA
  • #863
  • May 8, 2016 3:47pm May 8, 2016 3:47pm
Quoting MoneyTalks58
{quote} Yes, I have ADR and PAC but they don't confuse me. So I am comfortable.
That's what matters as long as you are comfortable

Green pips
Sad i'm not trying to understand PA
  • #864
  • May 8, 2016 3:54pm May 8, 2016 3:54pm
Quoting omonisha
{quote} That's what matters as long as you are comfortable Green pips
Thank you omonisha for your kind support in this topic. I have lots of things to learn such as trade and money management. Rules are important I know but indicators are all same. The most important thing is management I guess. If any one has good sources about these topice I will be highly appreciated.
  • #865
  • May 8, 2016 9:28pm May 8, 2016 9:28pm
Quoting omonisha
{quote} Sure one can trade against daily and weekly trend. A daily candle has 24 H1 candle. They move up and down. It doesn't matter what the weekly and daily trend is while trading H1 unless we want to catch big moves. To catch big moves we want to align our trades with the HTF trend and hold them over night or week with bigger SL. But if we hold trades for a single or couple of bars then it is not a matter what HTF trend is. Every TF has it's own merit trend and S/R. As jmn5611 and LW earlier mentioned next TF or H4 trend is enough trading on...
Thanks OM, well explained. IMHE trading against the trend in most cases is not a great idea. Unless there is a good break most times it hits my SL.

Cheers & Piprains to you
Silence your Ego & Your Power will Rise
  • #866
  • May 8, 2016 9:32pm May 8, 2016 9:32pm
Quoting mraam
{quote} Thanks jmn. Just out of curiosity, do you adhere to (only) TMS setup in your trades or use other strategies as well? Cheers
I use whatever tools that are most likely to lead me in a profitable direction. TMS is a core principle. I have grown into a price action trader now, but if I am not quite sure about who is in control at the time of my trade, I will throw up the TDI. If I am thinking about adding, I will put on the TDI and wait for a signal to add. If I am thinking about taking profit, the TDI will help me make that decision. I think of trading tools as my cabinet. So I will consult my cabinet when I need to, but not every cabinet member will offer the same insight.
If you are good at something, never do it for free--Joker
  • #867
  • May 8, 2016 10:04pm May 8, 2016 10:04pm
Dear all,

I have few questions and hope someone can help me
1. To trade TMS, is it best to trade during the LO and NY session or any session will do as long as there is a good cross?
2. Is it best to avoid entering the market when it is pending for news like NFP last Friday? My trade hit SL last Friday.
3. Which pairs are best for TMS and which pairs to avoid?
4. Does TMS work in all TF?

Thanks.
  • #868
  • May 9, 2016 1:38am May 9, 2016 1:38am
Quoting forex-newbie
Dear all, I have few questions and hope someone can help me 1. To trade TMS, is it best to trade during the LO and NY session or any session will do as long as there is a good cross? 2. Is it best to avoid entering the market when it is pending for news like NFP last Friday? My trade hit SL last Friday. 3. Which pairs are best for TMS and which pairs to avoid? 4. Does TMS work in all TF? Thanks.
Just cut and paste some information

1. Volatility and Liquidity what we need when trading. Cause that makes the market move.
Asian Session

Major news releases for New Zealand, Australia, Japan, and China come out during the Asian session, so the NZD, AUD, and JPY currency pairs tend to move more than
the others during the Asian session.
But if the London and New York sessions result in big moves, we normally see consolidation during the Asian session

As Asia comes to a close the London trading session gets underway

London Session

Due to the fact that the London session over-laps with the Asian and New York sessions, it is typically the most active trading session and this leads to high liquidity/volume and lower pip spreads.

The London session usually sees the most volatile market conditions because such a large amount of transactions take place during this trading period.
Major European news releases mainly come out during the London trading session,this means the GBP, EUR, and CHF are all typically the most active during the London session.

New York Session
All USD and CAD economic news comes out during or near the New York trading session.About 85% of all forex trades involve the U.S. dollar, so any currency pair involving the USD has the potential to make a big move during the New York trading session.

After European markets close, volatility and liquidity tend to die down during the late-afternoon New York trading session.

2. Depends on the TF and management. If we trade lower TF like H1 should wait if big news are pending.

3. TMS works with every pair on every TF
Sad i'm not trying to understand PA
  • #869
  • May 9, 2016 3:31am May 9, 2016 3:31am
Quoting omonisha
{quote} Just cut and paste some information 1. Volatility and Liquidity what we need when trading. Cause that makes the market move. Asian Session Major news releases for New Zealand, Australia, Japan, and China come out during the Asian session, so the NZD, AUD, and JPY currency pairs tend to move more than the others during the Asian session. But if the London and New York sessions result in big moves, we normally see consolidation during the Asian session As Asia comes to a close the London trading session gets underway London Session Due to...
Thank you so much for answering my questions I have learned the basic of TMS and just need the answers to complete my study
  • #870
  • May 9, 2016 3:48am May 9, 2016 3:48am
A lot of people ask how do you spot trades. The answer is that you wait for them to develop. A quick scan of the charts showed an area of interest that almost jumped out and bit me.
If you look at GBPUSD H4 you'll see that price is sat at the BRN (1.4400) which was also the previous weeks low and the 200ema. To add to that price was rejected from the Weekly 10ema.
Any one of these areas combined with PA can give a good setup but when they are all together there is a better chance of something interesting going to happen.
I know which pair I'm watching closely
Never argue with a fool; onlookers may not be able to tell the difference.
  • #871
  • May 9, 2016 4:15am May 9, 2016 4:15am
Quoting Lookleft
A lot of people ask how do you spot trades. The answer is that you wait for them to develop. A quick scan of the charts showed an area of interest that almost jumped out and bit me. If you look at GBPUSD H4 you'll see that price is sat at the BRN (1.4400) which was also the previous weeks low and the 200ema. To add to that price was rejected from the Weekly 10ema. Any one of these areas combined with PA can give a good setup but when they are all together there is a better chance of something interesting going to happen. I know which pair I'm watching...
​Would you not be too concerned the 200 ema are above on h1?
  • #872
  • May 9, 2016 4:17am May 9, 2016 4:17am
Quoting forex-newbie
Dear all, I have few questions and hope someone can help me 1. To trade TMS, is it best to trade during the LO and NY session or any session will do as long as there is a good cross? 2. Is it best to avoid entering the market when it is pending for news like NFP last Friday? My trade hit SL last Friday. 3. Which pairs are best for TMS and which pairs to avoid? 4. Does TMS work in all TF? Thanks.
To add to omonishas excellent post:

1. To make money, prices have to move. To do that, bulls and bears have to be in the market. This occurs during the london session and the first three hours of New York.
2. Personally, I sideline at NFP, FOMC, Yellen and Draghi speeches. Keep a FFCal on your chart and highlight the red news.
3. Personally, I trade E/U only most weeks, it gives enough pips. But any pair can be traded. Avoid exotics and any NZD pairs as it will be hard to overcome the spread. It can still be done on the H4 and above TF if your stops are wide enough.
4. TMS works in every TF, but the more volatile the pair, the higher your TF needs to be.

Just my opinion, and everybody has one.
If you are good at something, never do it for free--Joker
  • #873
  • May 9, 2016 4:18am May 9, 2016 4:18am
Quoting Scrambleguy
{quote} ​Would you not be too concerned the 200 ema are above on h1?
Depends on the TF you are going to trade. Always look up a TF never down
Edit: Price can go down as well as up. You just need to watch and be patient.
Never argue with a fool; onlookers may not be able to tell the difference.
  • #874
  • May 9, 2016 4:26am May 9, 2016 4:26am
Quoting Lookleft
{quote} Depends on the TF you are going to trade. Always look up a TF never down Edit: Price can go down as well as up. You just need to watch and be patient.
​I know in this instance the h4 200 is supporting below but with the h1 where you trade and you do say to have the h1 and h4 in the same direction ( 200 ema ) , so this would be a bit riskier? unless the 200 ema on h1 is a target which is more or less 4500?
  • #875
  • May 9, 2016 4:28am May 9, 2016 4:28am
Quoting Scrambleguy
{quote} ​I know in this instance the h4 200 is supporting below but with the h1 where you trade and you do say to have the h1 and h4 in the same direction ( 200 ema ) , so this would be a bit riskier? unless the 200 ema on h1 is a target which is more or less 4500?
I don't always trade H1 if H4 gives a good setup. S/R will always be broken at some time.
Never argue with a fool; onlookers may not be able to tell the difference.
  • #876
  • May 9, 2016 4:35am May 9, 2016 4:35am
Quoting Lookleft
{quote} I don't always trade H1 if H4 gives a good setup. S/R will always be broken at some time.
ah, out foxed, I think I would be uneasy taking that trade at the mo with tdi down low on h4 and mbl still pointing down, although it does have a nice angle and as you say hit lots of support
  • #877
  • May 9, 2016 5:02am May 9, 2016 5:02am
Quoting jmn5611
{quote} To add to omonishas excellent post: 1. To make money, prices have to move. To do that, bulls and bears have to be in the market. This occurs during the london session and the first three hours of New York. 2. Personally, I sideline at NFP, FOMC, Yellen and Draghi speeches. Keep a FFCal on your chart and highlight the red news. 3. Personally, I trade E/U only most weeks, it gives enough pips. But any pair can be traded. Avoid exotics and any NZD pairs as it will be hard to overcome the spread. It can still be done on the H4 and above TF if...
Thanks for your valuable opinion
I intend to trade mostly on EUR/USD and would like to know if you trade based on 1H TF mainly or 4H. I do not get a lot of crosses in 4H. When you enter a trade, how many pips is considered as "profitable" to you?
  • #878
  • May 9, 2016 7:30am May 9, 2016 7:30am
Quoting forex-newbie
{quote} Thanks for your valuable opinion I intend to trade mostly on EUR/USD and would like to know if you trade based on 1H TF mainly or 4H. I do not get a lot of crosses in 4H. When you enter a trade, how many pips is considered as "profitable" to you?
Profitable to me is break even +1.

If you use the TDI, lean on your exits. Stay the trade until you get a clear sign to exit. Conversely, as TMS is momentum based, if you see no follow through, just get out. I like to be objective in things, so I am going to say that no follow through is that your trade is not in profit 30 minutes after entry on H1, or 2hrs after entry on H4. The TDI will most likely go flat or hook anyways, so that is your confirmation to bail. If it tweaks, and I am in profit, then I might hold on till the end of the next bar to see what it might do.

BigE said that the only reason he used H4 is because he was sleeping, and that H1 is ideal. I agree with this. If can trade H1 then do so. The understanding however is that you can be there to monitor your trades. If you cannot do this, use H4. That would only require monitoring every two hours to cut trades that go against you right away.

Did that help?

Quoting Lookleft
{quote} I don't always trade H1 if H4 gives a good setup. S/R will always be broken at some time.
I highlighted this post to get newbies to pay attention to Lookleft. ( Wonderful handle by the way!)

He is competent and talks about confluence. That is important to learn as an advanced beginner I would say.
If you are good at something, never do it for free--Joker
  • #879
  • May 9, 2016 9:13am May 9, 2016 9:13am
Quoting jmn5611
{quote} Profitable to me is break even +1. If you use the TDI, lean on your exits. Stay the trade until you get a clear sign to exit. Conversely, as TMS is momentum based, if you see no follow through, just get out. I like to be objective in things, so I am going to say that no follow through is that your trade is not in profit 30 minutes after entry on H1, or 2hrs after entry on H4. The TDI will most likely go flat or hook anyways, so that is your confirmation to bail. If it tweaks, and I am in profit, then I might hold on till the end of the...
Yes, your answer is very helpful and thanks for your guide. I am more prepared now and next I will post my trade here for feedback.
  • #880
  • May 9, 2016 12:11pm May 9, 2016 12:11pm
Quoting jmn5611
{quote} To add to omonishas excellent post: 1. To make money, prices have to move. To do that, bulls and bears have to be in the market. This occurs during the london session and the first three hours of New York. 2. Personally, I sideline at NFP, FOMC, Yellen and Draghi speeches. Keep a FFCal on your chart and highlight the red news. 3. Personally, I trade E/U only most weeks, it gives enough pips. But any pair can be traded. Avoid exotics and any NZD pairs as it will be hard to overcome the spread. It can still be done on the H4 and above TF if...
Other then EU, what other majors can be more logical to trade? I know my mistake is to look almost all pairs. I have to quit that habit.
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