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TMS for Newbies Part 2

  • #901
  • May 13, 2016 6:12am May 13, 2016 6:12am
Quoting Lookleft
{quote} Glad to see you are looking for your style of trading TMS. Most newbies make the mistake of trying to copy other traders, they're the ones you see jumping from thread to thread looking for the easy way out. Unfortunately they usually fail. Using TMS as your core trading method then developing your own style is the way to go. No 2 traders trade the same, we all have our own differences in what we see. My top down planning consists of marking weekly, daily and other S/R zones which become my decision points for a pair. It then becomes a case...
can not agree more!5 steps.
But everyone will have his/her own trading style.
Attached File(s)
File Type: pdf 5steps.pdf   42 KB | 574 downloads
  • #902
  • Edited 6:35am May 13, 2016 6:24am | Edited 6:35am
Price Action
Japanese Candle stick
Only 5 topics.Read it.

  1. Price Action Basics
  2. Shooting Stars
  3. Hammers
  4. Bullish and Bearish Outside Bars ( BEOB/BUOB)
  5. Bullish and Bearish Engulfing Bars ( BEEB/BUEB)

​
Heiken Ashi candle (APB)
http://www.forexfactory.com/showthre...34#post8863234 Read it.
Big E also metioned APB PA
You guys can search my previous posts,I collect many files,you can read it,search it.
I think many questions have already been answered.

Quoting forex-newbie
{quote} Can you let me know where I can learn more on PA?
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 29 KB
Attached Image
  • #903
  • May 13, 2016 8:37am May 13, 2016 8:37am
I have a question for the old timers, the guys who were around in the early days of TMS. Do you think the world has changed and TMS is harder to trade now?
I have been 3 weeks on demo now, concentrating on EURUSD as a recommended 'stable' pair for beginners. 3 weeks ago I did some nice trades, but last week I was ground up into mincemeat by heavy chop, large news spikes, candles that alternated bullish and bearish and mostly small candles. On the TDI the geen and red lines hugged each other, rarely giving a decent separation needed for a good 'clock' entry angle. A trend would barely last for a few candles on H4 before being reversed or swiped by a spike.

I was curious if things had changed since Eelfranz's day, so I looked back at his posts that he used for most of his training examples, my first attachment is how one of his frequent EURUSD 'training' chart examples starting Mar 31st 2011 looks on my MT4, and the second is the same period for this year Mar 31st 2016.

See the difference? In 2011 the TDI had wider swings and larger gaps between red/green giving better entry signals, and APB had far fewer wild spikes, smoother swings and far less candles with wicks both ends. the few periods of consolidation were easily identifiable.

2016 by contrast looks much harder to trade to me, long wicks on both ends of candles and big spikes killing trades, especially trying to leave trades overnight through LO (I am EST).

Is this the new normal? Is Forex reaction to news spikes and global events becoming more volatile, thus making smooth TMS trades more difficult. Or in your long-time experience, is the current market just going through a bad time?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Eelfranz examples.png Size: 53 KB
Click to Enlarge Name: same period 2016.png Size: 58 KB
  • #904
  • May 13, 2016 2:46pm May 13, 2016 2:46pm
A bit late to the party but caught 31 pips run up too previous weeks high
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH1.png Size: 79 KB
  • #905
  • May 14, 2016 1:29am May 14, 2016 1:29am
Quoting Nostromo
I have a question for the old timers, the guys who were around in the early days of TMS. Do you think the world has changed and TMS is harder to trade now? I have been 3 weeks on demo now, concentrating on EURUSD as a recommended 'stable' pair for beginners. 3 weeks ago I did some nice trades, but last week I was ground up into mincemeat by heavy chop, large news spikes, candles that alternated bullish and bearish and mostly small candles. On the TDI the geen and red lines hugged each other, rarely giving a decent separation needed for a good 'clock'...
Hello Nostromo,
Just a few points:
The fundamentals for the two periods you have compared are very different. The fears or bullishness for the world economy in general, or for individual countries, and the comparison with other individual countries (and of course their currencies), are not the same.
You could have chosen any 6-week period in the last 5 years to compare and there would be differences.
When the set-ups that normally provide you with good pip gains stop doing so, stop trading till they do again.
You have listed above some of the characteristics of these difficult periods. That is, YOUR intuition and feel for the market are already well loaded.
Notice how the frequency of posts of winning trades has diminished in your "ground up into mincemeat" period. The frequent posters haven't won either. Perhaps they have been bitten by the limited "travel" of the market after decent set-ups and are waiting for the good outcomes to return.
Someone will post a winning trade as soon as the good outcomes return. You may have seen the same set-up but, because of the market conditions, chose not to enter. Fear of missing out is one of the big drivers we have, but you could speculate how many times that poster got burnt before the winning trade.
The transition from other people teaching you what to look for, to YOU deciding what to look for takes a while. We never stop learning.
Thanks for your help, warmth and straight talking Heather.
  • #906
  • May 14, 2016 7:51am May 14, 2016 7:51am
my friend if you want to win in trading TMS or any method, choose 1 pair on 1 timeframe and choose an amount of pips relevant to that timeframe, trade until you get that amount of pips and then stop trading until your next session. For Eg. I traded 2 days lastweek because I hit my target for the session, on monday I start again. I only want 100 pips per week. So far I have been successful sidenote. I saw that phx62 made 300 400 sometimes 500 pips per week on eu, back then that was 100 pips per day, try that now on eu and you will fail. Times have changed. EU in my opinion is a dud. Choose another pair, stick to it, stick to 1 timeframe get a goal for the week or month not a lofty goal like 1000 pips per week but something achievable then you too can leave your job to work two days per week.
Quoting Nostromo
I have a question for the old timers, the guys who were around in the early days of TMS. Do you think the world has changed and TMS is harder to trade now? I have been 3 weeks on demo now, concentrating on EURUSD as a recommended 'stable' pair for beginners. 3 weeks ago I did some nice trades, but last week I was ground up into mincemeat by heavy chop, large news spikes, candles that alternated bullish and bearish and mostly small candles. On the TDI the geen and red lines hugged each other, rarely giving a decent separation needed for a good 'clock'...
  • #907
  • May 14, 2016 7:57am May 14, 2016 7:57am
Btw my daily target is 50 pips and my weekly target is 100 pips, so if I hit my target by Tuesday I will be stop trading, I have never traded on a Thursday or Friday but if need be, I will until I get my 100.
Quoting plus27
my friend if you want to win in trading TMS or any method, choose 1 pair on 1 timeframe and choose an amount of pips relevant to that timeframe, trade until you get that amount of pips and then stop trading until your next session. For Eg. I traded 2 days lastweek because I hit my target for the session, on monday I start again. I only want 100 pips per week. So far I have been successful sidenote. I saw that phx62 made 300 400 sometimes 500 pips per week on eu, back then that was 100 pips per day, try that now on eu and you will fail. Times have...
  • #908
  • May 14, 2016 8:23am May 14, 2016 8:23am
Quoting Nostromo
I have a question for the old timers, the guys who were around in the early days of TMS. Do you think the world has changed and TMS is harder to trade now? I have been 3 weeks on demo now, concentrating on EURUSD as a recommended 'stable' pair for beginners. 3 weeks ago I did some nice trades, but last week I was ground up into mincemeat by heavy chop, large news spikes, candles that alternated bullish and bearish and mostly small candles. On the TDI the geen and red lines hugged each other, rarely giving a decent separation needed for a good 'clock'...
Hi Nostro
1st you should decide what particular pair is doing.Trending or ranging.EU has been ranging since since Jan of 2015
70% of forex is in range.
What lot of traders refer "trend" most often they are referring to swings within range.
You should have strategy of trading both trending and ranging pairs.I love range myself.BTW agree fundamentals not same and that's true with everything
regards
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDWeekly.png Size: 38 KB
In trading, you have to be defensive and aggressive at the same time
  • #909
  • May 14, 2016 3:25pm May 14, 2016 3:25pm
Quoting Kanderpro
{quote} Hello Nostromo, Just a few points: The fundamentals for the two periods you have compared are very different. The fears or bullishness for the world economy in general, or for individual countries, and the comparison with other individual countries (and of course their currencies), are not the same. You could have chosen any 6-week period in the last 5 years to compare and there would be differences. When the set-ups that normally provide you with good pip gains stop doing so, stop trading till they do again. You have listed above some of...
Kanderpro, thanks for this reassuring response, its hard in the early days of learning to know if a market is 'normal' or experiencing difficult conditions.
  • #910
  • May 14, 2016 3:33pm May 14, 2016 3:33pm
Quoting plus27
my friend if you want to win in trading TMS or any method, choose 1 pair on 1 timeframe and choose an amount of pips relevant to that timeframe, trade until you get that amount of pips and then stop trading until your next session. For Eg. I traded 2 days lastweek because I hit my target for the session, on monday I start again. I only want 100 pips per week. So far I have been successful sidenote. I saw that phx62 made 300 400 sometimes 500 pips per week on eu, back then that was 100 pips per day, try that now on eu and you will fail. Times have...
PLus27, this is interesting feedback thanks, I had actually just finished reading all the Phx62 books and (as I am sure most people were) was hugely impressed and wanting to try repeating it myself. I was looking at EU last week and thinking, I wonder if he could be still getting those results in EU now? I did notice at the end of his books he was switching more to another currency, so perhaps the best thing to do is have a main currency and one or two reserves just in case your 'go-to' pair weakens. I am thinking 2 or 3 completely unrelated pairs might be the best bet?
  • #911
  • May 14, 2016 3:40pm May 14, 2016 3:40pm
Quoting Davit
{quote} Hi Nostro 1st you should decide what particular pair is doing.Trending or ranging.EU has been ranging since since Jan of 2015 70% of forex is in range. What lot of traders refer "trend" most often they are referring to swings within range. You should have strategy of trading both trending and ranging pairs.I love range myself.BTW agree fundamentals not same and that's true with everything regards {image}
Hi Davit, thanks for your feedback, as you know I have been following your pivot thread to use for my 'ranging market' approach and I am using that approach with my current Demo trading.

For trending markets ... well digging around on the original TMS thread yesterday I unearthed an interesting set of posts from Snarlyjack about using guppys for trending. Did you ever try this approach to TMS? I had to research what the heck a guppy was ... but it does look an interesting concept. It was hard to tell if using these was considered to be a successful approach in the end ?

cheers
  • #912
  • May 15, 2016 8:18am May 15, 2016 8:18am
Hi Nostromo, I cannot speak for Phx but what I can tell you is this. Get 1 main pair and maybe 1 reserve pair then get a target a simple one just to start with maybe 50 pips per week and stop trading when you reach that target until the next week, do this for a month and come back and tell us how your confidence has changed, after that set a higher target 100 pips for the week and repeat. You will realise that all you need is 100 pips to make a good living. Or you can take it a step further after that. Get 2 pairs excluding EU and aim for 300 pips across both pairs for the month ect.. I hope this helps. Btw I don't think he can do it on EU now maybe if he were trading the 15 minute timeframe(Maybe).
Quoting Nostromo
{quote} PLus27, this is interesting feedback thanks, I had actually just finished reading all the Phx62 books and (as I am sure most people were) was hugely impressed and wanting to try repeating it myself. I was looking at EU last week and thinking, I wonder if he could be still getting those results in EU now? I did notice at the end of his books he was switching more to another currency, so perhaps the best thing to do is have a main currency and one or two reserves just in case your 'go-to' pair weakens. I am thinking 2 or 3 completely unrelated...
  • #913
  • May 15, 2016 8:27am May 15, 2016 8:27am
Edit- I mean 300 pips per week not per month across 2 pairs.that is all you need friend.
Quoting plus27
Hi Nostromo, I cannot speak for Phx but what I can tell you is this. Get 1 main pair and maybe 1 reserve pair then get a target a simple one just to start with maybe 50 pips per week and stop trading when you reach that target until the next week, do this for a month and come back and tell us how your confidence has changed, after that set a higher target 100 pips for the week and repeat. You will realise that all you need is 100 pips to make a good living. Or you can take it a step further after that. Get 2 pairs excluding EU and aim for 300 pips...
  • #914
  • May 15, 2016 8:53am May 15, 2016 8:53am
Quoting plus27
Edit- I mean 300 pips per week not per month across 2 pairs.that is all you need friend.{quote}
300 pips to earn a living? how much to get rich plus27? Does the 300 pips spread across two pairs make a difference? I mean would it be better than 300 pips on only one pair? Maybe I need to move to SA.
When you're in the land of HOPE, you're done, get out of there, WALK AWAY
  • #915
  • May 15, 2016 9:31am May 15, 2016 9:31am
300 pips x 4 = 1200 pips per month if you attach 1 dollar to that pip it should help you live if you attach 5 dollars to a pip you should be able to live more comfortably, it comes down to mm, ofcos living in SA helps bro.infact it helps alot..haha...however I want 400 pips per month, 100 per week that is enough, I'm not greedy, I have been trading for some time, I test different systems when I reacj my weekly target. yet I haven't found a system easier than TMS during London open.
Quoting anthm
{quote} 300 pips to earn a living? how much to get rich plus27? Does the 300 pips spread across two pairs make a difference? I mean would it be better than 300 pips on only one pair? Maybe I need to move to SA.
  • #916
  • May 15, 2016 9:36am May 15, 2016 9:36am
try not to focus on getting rich, try to focus on getting to your target with your shirt on your back, the riches will come if you learn to become consistent, the number 1 reason most traders fail is because of inconsistency Eg, changing lot sizes on impulse that is a fastest way to blow an account,I don't know you situation or how your trading is but get a goal a small achievable 1 at first, reach it and then increase it then repeat the process
Quoting anthm
{quote} 300 pips to earn a living? how much to get rich plus27? Does the 300 pips spread across two pairs make a difference? I mean would it be better than 300 pips on only one pair? Maybe I need to move to SA.
  • #917
  • May 15, 2016 9:49am May 15, 2016 9:49am
Hello guys I looked up some charts and made my plan for the upcoming week. I would like to hear some thoughts about it.
I also want to sell AUD/USD next week.
Attached File(s)
File Type: pdf trading1text (6 Dateien zusammengefügt).pdf   634 KB | 438 downloads
  • #918
  • May 15, 2016 10:35am May 15, 2016 10:35am
Quoting leescofield
Price Action Japanese Candle stick Only 5 topics.Read it. Price Action Basics Shooting Stars Hammers Bullish and Bearish Outside Bars ( BEOB/BUOB) Bullish...
Thanks Leescofield for compiling these precious information for newbies. I will definitely read through it thoroughly before starting to trade live.
  • #919
  • May 15, 2016 1:06pm May 15, 2016 1:06pm
Quoting anthm
{quote} 300 pips to earn a living? how much to get rich plus27? Does the 300 pips spread across two pairs make a difference? I mean would it be better than 300 pips on only one pair? Maybe I need to move to SA.
Anthm,

If you had a system that could guarantee 100 pips profit per week with minimal drawdown in that week then you would/should be rich beyond your wildest dreams

So spend a lot of time getting your system right, and as plus27 says, the riches will come if you can become consistent.
  • #920
  • May 16, 2016 5:51am May 16, 2016 5:51am
Quoting Nostromo
{quote} Anthm, If you had a system that could guarantee 100 pips profit per week with minimal drawdown in that week then you would/should be rich beyond your wildest dreams So spend a lot of time getting your system right, and as plus27 says, the riches will come if you can become consistent.
Agree with plus and nostromo - dont put pressure on yourself, thats how you lose money (i did). Crawl first. The market is always here.

Btw thanks Jmn & Om for the previous replies.

Cheers
Silence your Ego & Your Power will Rise
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