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Trading Made Simple

  • #69,161
  • May 23, 2016 4:25pm May 23, 2016 4:25pm
Hey Emm, just wanted to ask you a question about your SL placement.

For example, when you enter your initial trade using ME/ME, how do you decide on where to place your SL? Also with add-on trades during retracement, do you use the same SL and position size for the 0.2% (e.g. using a slightly larger lot size), or does each entry have it's own SL?

And also how do you decide on your TP?

Cheers for all the help as always.
  • #69,162
  • May 23, 2016 8:03pm May 23, 2016 8:03pm
Quoting TheRock
Hey Emm, just wanted to ask you a question about your SL placement. For example, when you enter your initial trade using ME/ME, how do you decide on where to place your SL? Also with add-on trades during retracement, do you use the same SL and position size for the 0.2% (e.g. using a slightly larger lot size), or does each entry have it's own SL? And also how do you decide on your TP? Cheers for all the help as always.
There are two methods for trade lots size calculation for trading TMS 5-Method with Multiple Entries / Multiple Exits.
Most traders trade with small account size so I suggest you use ADR-100days (in pips) as initial Stop Loss and calculate each ME trade lot size.

For those who trade large account size, you decide on where your trade setup entry is and where the technical stop loss is on your chart. Use that technical stop loss and calculate each ME trade entry lot size with that stop loss level.

Read these posts and take notes, make a summary of key points and write your own ME/ME description manual for your own trading system.

Some posts on ME/ME trades and position sizing:
http://www.forexfactory.com/showthre...59#post7124959
http://www.forexfactory.com/showthre...10#post7967810
http://www.forexfactory.com/showthre...46#post8456646
http://www.forexfactory.com/showthre...16#post8463116
http://www.forexfactory.com/showthre...29#post8493129
http://www.forexfactory.com/showthre...71#post8554771
http://www.forexfactory.com/showthre...15#post8583115
http://www.forexfactory.com/showthre...33#post8735733
http://www.forexfactory.com/showthre...21#post8740921
http://www.forexfactory.com/showthre...74#post8761774
http://www.forexfactory.com/showthre...20#post8773220
http://www.forexfactory.com/showthre...29#post8777729
http://www.forexfactory.com/showthre...99#post8792899
http://www.forexfactory.com/showthre...17#post8802617
http://www.forexfactory.com/showthre...14#post8804514
http://www.forexfactory.com/showthre...82#post8849382
http://www.forexfactory.com/showthre...66#post8866966


SL is an Exit, TP is another Exit, …
How many Exits for Multiple Exits is up to you to decide.
So what is your Exit Strategy for your winning trading system?
http://www.forexfactory.com/showthre...72#post8824372
http://www.forexfactory.com/showthre...12#post8536512

How many Entries is also up to you to decide by looking at your charts.

Let the market decide your final TP. Our main focus task is to find best entries and place the trades, protect each and every trade, take profits whenever the market gives us.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,163
  • May 23, 2016 8:05pm May 23, 2016 8:05pm
Quoting plus27
GU is also fighting off a RN but looks like the struggle is over moving down before going up I suppose{quote}

yes, there will always market reaction around BRN 00 levels.

interesting GBPUSD post by strat, he is one of my favourite professional trader here in FF.

http://www.forexfactory.com/showthre...23#post8941823

you will learn a lot of the price action stuff from his thread/site.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,164
  • May 23, 2016 8:15pm May 23, 2016 8:15pm
Quoting LazyLobster
I AM PUTTING OUT A CALL! HONK HONK! Is there any TMS traders of any experience level (that means newbie or experienced) that reside here in Florida? Especially in the Daytona Beach Area? I would like to make a group. Anyone interested should PM me. Emm - On another note I would like to ask you a question. You have mentioned in the past that the most dangerous 4hr candle to trade is the one at USA open. I am on EST time and my candle opens at 8am and all the news happens at 8:30.... Could you give guidance as to how to trade at this time? Would you...

Hi LL,

That's a good initiative to form a small trading group and work together. Let me know when you have one up and running and I can help you and your group on any questions and trading topics you all have. Never know, one day I may fly to Florida for a vacation and meetup with you all.

my last post on forming trading groups -

Post#47,428

Hope this will give some ideas to anyone who wishes to from your own trading groups and trade together. Trading can be a very lonely business and you should never trade alone.


till next time,

trade well.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,165
  • May 23, 2016 8:26pm May 23, 2016 8:26pm
USDCAD Week 21 May 24 update:

current price action is at 'resistance' ... cautiously waiting for BOC Rate Statement this week.

do you see buyers or sellers?


Attached Image (click to enlarge)
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,166
  • May 23, 2016 10:57pm May 23, 2016 10:57pm
Quoting emmanuel7788
USDCAD Week 21 May 24 update: current price action is at 'resistance' ... cautiously waiting for BOC Rate Statement this week. do you see buyers or sellers? {image}
Hello Emma:

Thank you for all you have done. I always love to read what you post here everyday. HONK HONK!

I just wanted ask what you mentioned before "News do not reverse the market", does this rule apply to this scenario USDCAD? Although it's short-term uptrending in D1 but the price is in between 50 ema and 200ema and near Prev. Monthly High.



Quoting emmanuel7788
{quote} ...Most often the big candles are caused by market reaction to news and the market fill the orders at extreme price levels. But when you look at the higher timeframe, the direction usually do not change. Therefore, trading the higher timeframe for e.g the Day chart is much less affected by big candles movements seen in H4 and H1...
Quoting emmanuel7788
{quote} ...You will also see how the NFP 'knee-jerk' reaction but the major direction does not change with NFP. This is one advantage in trading the higher TF H4 and above. News do not reverse the market. Only big market events and fundamentals do...
Would you also kindly share what do you mean by "big market events" which do reverse the market? like Brexit and JPY negative interest? and how do we prepare for them as TMS traders?



Best regards,


Steven
  • #69,167
  • May 23, 2016 11:02pm May 23, 2016 11:02pm
Here is a situation that will make many strategies look good, I guess.

Attached Image (click to enlarge)
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  • #69,168
  • May 24, 2016 12:50am May 24, 2016 12:50am
Quoting emmanuel7788
EURAUD Big Picture Plan update Week 20 May 19. Just had a quick review with a few full time traders here and thought I share my BPP for EA to trade in the coming days ahead. May not happen this week, but the current PA is very close to the BRN which was tested by several days Highs. The market does not promise anything to anyone. As traders we need to be diligent in our work and be consistent in everything that we do. Remember DISCIPLINE is one of the many keys to unlock your potential and create your own winning edge in this trading as a business....
remember this post,

EURAUD making strong move today.... will it break higher ?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,169
  • May 24, 2016 1:53am May 24, 2016 1:53am
Quoting chamane
Here is a situation that will make many strategies look good, I guess. {image}
hi Chamane,

how would you get that support and resistance area, is there any indicator? if it possible can you please share that.

thanks
  • #69,170
  • May 24, 2016 2:12am May 24, 2016 2:12am
EURAUD Week 20 ME/ME trades closed. Total 405pips.
Re-entry to start a new basket

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD Week20 MEME trades closed.png Size: 39 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,171
  • May 24, 2016 2:15am May 24, 2016 2:15am
Quoting ven16
{quote} hi Chamane, how would you get that support and resistance area, is there any indicator? if it possible can you please share that. thanks
MY SITTING, NEVER MY THINKING!
  • #69,172
  • May 24, 2016 2:17am May 24, 2016 2:17am
Quoting chamane
Here is a situation that will make many strategies look good, I guess. {image}

possible counter trend to previous days down move..., with PA at possible support, small risk.

Attached Image (click to enlarge)
Click to Enlarge Name: Chamane GBPJPY H4 trade setup.png Size: 173 KB


Big Picture view:
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY Week 21 multi-charts.png Size: 88 KB


Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY Week 21 D1 chart BPP.png Size: 57 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,173
  • May 24, 2016 2:33am May 24, 2016 2:33am
Quoting ven16
{quote} hi Chamane, how would you get that support and resistance area, is there any indicator? if it possible can you please share that. thanks
I have come across an indicator named SS_SupportResistance that marks S/R areas in a similar way -- Untested Support, Untested Resistance, Verified Support, Verified Resistance etc.
  • #69,174
  • May 24, 2016 2:59am May 24, 2016 2:59am
Update from yesterdays gbp/cad post: I got stopped out at BE and re-entered and now you can see where its headed. 70 pips and counting. I also got into GBP/AUD and decided to keep that one open. Just banked 200 pips on that one. 2 deals on demo does not a trader make, but it does some good psychologically. We'll see if I can keep some of it in the account. Good luck everyone.

LL
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"IN CASH WE TRUST"
  • #69,175
  • May 24, 2016 3:29am May 24, 2016 3:29am
Quoting emmanuel7788
{quote} Hi LL, That's a good initiative to form a small trading group and work together. Let me know when you have one up and running and I can help you and your group on any questions and trading topics you all have. Never know, one day I may fly to Florida for a vacation and meetup with you all. my last post on forming trading groups - Post#47,428 Hope this will give some ideas to anyone who wishes to from your own trading groups and trade together. Trading can be a...

Thanks for showing me that. I hadn't seen it yet and if you come to florida; bring the grandkids! Orlando is a whole lotta fun whatever the ages. If not, I'll buy some drinks and introduce you to some boiled peanuts. A local dish.

LL
"IN CASH WE TRUST"
  • #69,176
  • May 24, 2016 4:22am May 24, 2016 4:22am
Quoting TrendyRanger
{quote} I have come across an indicator named SS_SupportResistance that marks S/R areas in a similar way -- Untested Support, Untested Resistance, Verified Support, Verified Resistance etc.
thank you very much
  • #69,177
  • May 24, 2016 5:25am May 24, 2016 5:25am
Quoting emmanuel7788
EURAUD Week 20 ME/ME trades closed. Total 405pips. Re-entry to start a new basket {image}
Dear emm, the re-entry is based on tf 4hr or lower?

i noticed the candle has not close on 4hr.

do you enter once break of resistance or do u wait for candle close ?
  • #69,178
  • May 24, 2016 5:32am May 24, 2016 5:32am
Hi all, having read the first hundred or so pages of the thread (including all of Big E's posts) along with lots of the most recent posts I wondered if there are any key points/concepts that I have missed in the middle three thousand pages!!

I know that there are no real shortcuts to learning this method but it would take about 6 years to read the entire thread so I just wondered if those that had been around a while had any references to any key posts that the felt are important (again, I've covered all of Big E's so haven't missed anything there).

Regards
Richard
  • #69,179
  • May 24, 2016 5:52am May 24, 2016 5:52am
Hi all, another question if I may...

Does anybody have the formulas which are used to calculate the APB's and TDI's. I understand that the APB is a variant of the Heikin-Ashi but I can't seem to find the formulas used to calculate this version.

Richard
  • #69,180
  • May 24, 2016 6:14am May 24, 2016 6:14am
Quoting firsttimer
{quote} Dear emm, the re-entry is based on tf 4hr or lower? i noticed the candle has not close on 4hr. do you enter once break of resistance or do u wait for candle close ?

Hi,

If you recall this post:
http://www.forexfactory.com/showthre...45#post8934445
I had planned to buy on Day chart when price break the 1.5600 level.

My trades taken before that were based on H4 and when those 5 trades were in profit and reached 1.5600, I close them and immediately re-open a new trade according to my trade plan with new % risk and position size. The re-entry has nothing to do with H4 setup and I do not have to wait for the H4 candle to close. Should the market retraces, then I will build position during the retracement to get an overall better average entry price.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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