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Trading Made Simple

  • #69,201
  • May 25, 2016 4:09am May 25, 2016 4:09am
Quoting emmanuel7788
{quote} Hi, I simply look at WRB using the price bar high-low and not the Open and Close (body) 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. regards,
Hi Emm, thanks. Im sometimes confuse about WRB ( Wide Range Body). Thank you, its clear now.

Regards,
  • #69,202
  • May 25, 2016 7:01am May 25, 2016 7:01am
all GBPUSD, GBPJPY, GBPAUD, GBPCAD and GBPNZD make this move above today's Day Open...
hope you all caught the move...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,203
  • May 25, 2016 7:58am May 25, 2016 7:58am
Quoting emmanuel7788
all GBPUSD, GBPJPY, GBPAUD, GBPCAD and GBPNZD make this move above today's Day Open... hope you all caught the move...
Hi emmanuel7788, I'm on buying side GJ and GC.
Winners Never Quit, Quitters Never Win
  • #69,205
  • May 25, 2016 3:16pm May 25, 2016 3:16pm
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 all.
USD/CAD Daily:
TDI with stochastic and haikinashi candles is giving a sell signal just behind the ema 200.
Attached Image
  • #69,206
  • May 25, 2016 3:59pm May 25, 2016 3:59pm
4H trading usdcad . +222 pips yesterday and today trade flotting​
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  • #69,207
  • May 25, 2016 5:34pm May 25, 2016 5:34pm
Quoting Black-Candle
{quote} Hello all. USD/CAD Daily: TDI with stochastic and haikinashi candles is giving a sell signal just behind the ema 200. {image}

Hi,

One suggestion is the framing of our trader's mind is not to think of indicators like Stoch and TDI to provide trade signals. Technical indicators are trading tools to help traders look for market condition on our charts and we look for trade setups to trade. Reemembr we trade the setups and noeve any sort of signals.

Today is tricky as sometimes the market set up the traders. BOC did not change its rates as many analysts forecasted but why did the first spike sent down after many days of toppisch behaviour? If you believe in 'stop hunting' then that is likely as most buyers would have tightened their stops as market approaches BOC yesterday.
But that first spike move down do take out many stops and also filled many orders at lower prices.

See my comments on chart below.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD Week 21 May 26 update.png Size: 82 KB



Forgot to mention to observe the Wide Range Bars WRBs seen on the Day chart. Also yestreday's BOC candle is a WRB.

It is possible to grab a few pips following yesterday's bearish candle, but be prepared for the any quick change in the intraday reversal. Now the Psych level 1.3000.

Position traders wait for PA to move above the D1 200EMA.


Trade Well.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,208
  • May 25, 2016 9:09pm May 25, 2016 9:09pm
Quoting emmanuel7788
{quote} this post will provide you the knowledge you need and will answer all your questions. http://www.forexfactory.com/showthre...14#post8941914
thanks for reply. I am learning hard.

USD/CAD open a trade,I think that is a chance.

USD/JPY had exit from long and open a short, do u think it is right to open short?
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
  • #69,209
  • Edited 10:09pm May 25, 2016 9:53pm | Edited 10:09pm
Good day.

I entered AUD/JPY BRN 79.000 and exit at BRN 78.500 and banked some pips.
But what I don't understand is that it's suddenly pull back all the way. I do not see any major news around that time expect AUD Private Capital Expenditure (1Q) which is low impact news. Am I missed something ? or it's just normal profit taking ?

Thanks in advance!!!
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  • #69,210
  • May 25, 2016 10:37pm May 25, 2016 10:37pm
Quoting emmanuel7788
{quote} are you comfortable with Weekly price action? what about the threat of 10EMA seen on Monthly, will that resistance be tested again? is there enough room for scale-out? you do not need to use position building on GU if you have other entry options. with single entry today, your SL will be 2-days look back i.e. below Monday' Day Low. you can consider H1 setup buy above today' Day Open when there is PA and stop loss will be below Asian session low....
Thank you. I see that I omitted the "weakness" and "threat" aspect in the SWOT analysis. PA is weak on weekly. Hence the imminent MN 10EMA is threat to be cautious of.

I am trying to understand better the "threat" aspect. In the EURAUD tradeplan this week, you are targeting 1.5900. Is it correct to think: once price breakout, price will not meet resistance until 1.5900? Would you mind discussing why 1.5900, not 1.5800 or 1.6000?

I put the link to EURAUD plan here:
EURAUD plan

Thank you.
  • #69,211
  • May 25, 2016 10:49pm May 25, 2016 10:49pm
Quoting antonym
{quote} Thank you. I see that I omitted the "weakness" and "threat" aspect in the SWOT analysis. PA is weak on weekly. Hence the imminent MN 10EMA is threat to be cautious of. I am trying to understand better the "threat" aspect. In the EURAUD tradeplan this week, you are targeting 1.5900. Is it correct to think: once price breakout, price will not meet resistance until 1.5900? Would you mind discussing why 1.5900, not 1.5800 or 1.6000? I put the link to EURAUD plan here: EURAUD...

Remember I do my Big Picture Plan from top down looking at MN for Historical Price Swings.

1.5916 is MN swing level.... i.e. the highest last Close price. It won't reach there this month, but next month is possible but we must look at what happen next month in the EU. Greece just got another credit extension, then who and what is next?

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD MN 1_5907 target.png Size: 22 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,212
  • May 25, 2016 11:02pm May 25, 2016 11:02pm
Quoting inforserve
Good day. I entered AUD/JPY BRN 79.000 and exit at BRN 78.500 and banked some pips. But what I don't understand is that it's suddenly pull back all the way. I do not see any major news around that time expect AUD Private Capital Expenditure (1Q) which is low impact news. Am I missed something ? or it's just normal profit taking ? Thanks in advance!!! {image}

Hi,

There are things that go on in the various markets which retails traders do not see. Those news we have in calendars are know hours and sometimes day ahead of the release. But the actual market happenings is what we do not see nor know. Trading short term has its dangers and hence more risks.

Technically on your chart, we see recent low to the left. That is 'support' as what technical traders will see.
But the market for AJ is sideways for many days with two price swings at 78.60. that is support,

When we trade AJ and EJ in the Sydney-Tokyo session, we must pay attention to calendar news events and also look at what the Tokyo markets (stock and futures) early hours trading is like. This provide market liquidity and hence volatility.

Trade Well.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,213
  • May 25, 2016 11:10pm May 25, 2016 11:10pm
Quoting Bluesky8635
{quote} thanks for reply. I am learning hard. USD/CAD open a trade,I think that is a chance. USD/JPY had exit from long and open a short, do u think it is right to open short?
Hi,

Take your time and learn as much as you can. Give yourself 2 to 3 years and learn and develop to become a trader.

USDCAD is short term selling on Day chart. But watchout for intraday reversal.
USDJPy Day chart also possible for short term selling. But next month it should give a clearer picture where JPY will go.

If you can, make a screenshot of your chart and post.

Attached Image (click to enlarge)
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regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,214
  • May 25, 2016 11:12pm May 25, 2016 11:12pm
Quoting emmanuel7788
{quote} Hi, There are things that go on in the various markets which retails traders do not see. Those news we have in calendars are know hours and sometimes day ahead of the release. But the actual market happenings is what we do not see nor know. Trading short term has its dangers and hence more risks. Technically on your chart, we see recent low to the left. That is 'support' as what technical traders will see. But the market for AJ is sideways for many days with two price swings at 78.60. that is support, When we trade AJ and EJ in the Sydney-Tokyo...
Many thanks!!!! :-)
  • #69,215
  • May 25, 2016 11:33pm May 25, 2016 11:33pm
@Bluesky8635 : here you go buddy.
Attached File(s)
File Type: ex4 #MTF_shi_channel.ex4   16 KB | 322 downloads
File Type: mq4 #MTF_shi_channel.mq4   10 KB | 423 downloads
Keep it simple without too many crappy indicators!
  • #69,216
  • May 26, 2016 12:23am May 26, 2016 12:23am
Short Trade EJ at 6.00 AM this morning GMT. Let's see............
Attached Image (click to enlarge)
Click to Enlarge Name: SHORT_EJ_6.00GMT.png Size: 95 KB
Keep it simple without too many crappy indicators!
  • #69,217
  • May 26, 2016 12:38am May 26, 2016 12:38am
Quoting luvene
@Bluesky8635 : here you go buddy. {file} {file}
thanks very much and good luck with you.
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
  • #69,218
  • May 26, 2016 12:44am May 26, 2016 12:44am
Quoting luvene
Short Trade EJ at 6.00 AM this morning GMT. Let's see............ {image}
Be careful

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH4.png Size: 60 KB
  • #69,219
  • May 26, 2016 1:28am May 26, 2016 1:28am
Quoting BridgeWater
{quote} Be careful {image}
I will. I noticed your TDI settings are different than mine. Stoploss is at 123.135, the last Swing/High Bull candle. Risk is not that much (45 pips) with 0,05 Lotsize But, if the TDI is changing or something else on the chart is telling me to go out, I will!
Keep it simple without too many crappy indicators!
  • #69,220
  • May 26, 2016 1:39am May 26, 2016 1:39am
Quoting BridgeWater
{quote} Be careful {image}
Hi BridgeWater. I am trying to make a pipware chart as yours but a get bars instead candles. Could please help me a little bit with this???.... Thank you....
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