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Trading Made Simple

  • #69,221
  • May 26, 2016 1:51am May 26, 2016 1:51am
Quoting jjventural
{quote} 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....
Try this template
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File Type: tpl pipware.tpl   11 KB | 342 downloads
  • #69,222
  • May 26, 2016 1:52am May 26, 2016 1:52am
Quoting emmanuel7788
{quote} 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'...
I'm in complete agreement with you, I think the last two waves have broken the downtrend on the daily but we are in a critical area, I preferred to remain flat on usd/cad, and enter long on cad/chf daily.
What do you think of that?
Thanks for replies.
  • #69,223
  • May 26, 2016 2:00am May 26, 2016 2:00am
Currently looking at NZDUSD taking out weekly low.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSDH1.png Size: 77 KB
  • #69,224
  • May 26, 2016 3:38am May 26, 2016 3:38am
Quoting caah
Currently looking at NZDUSD taking out weekly low. {image}
This pair looks good on Daily and cautiously making new low for this month... BRN 0.6700 to RN0.6650.
No sign of turnaround yet, so we stay on seller side.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,225
  • Edited 3:59am May 26, 2016 3:42am | Edited 3:59am
Quoting Black-Candle
{quote} I'm in complete agreement with you, I think the last two waves have broken the downtrend on the daily but we are in a critical area, I preferred to remain flat on usd/cad, and enter long on cad/chf daily. What do you think of that? Thanks for replies.

I don't this pair and in fact I don't trade any pair with CHF. But took a quick look at my chart.

On Daily it is bullish and trending nicely. Zoom out and you will see 0.7700 with previous double tops.
The Weekly ATR 52 weeks is about 190 pips and no really attractive with current week made 132pips, that's is more than 60%.

Attached Image (click to enlarge)
Click to Enlarge Name: CADJPY Week 21 view toppisch 7700.png Size: 73 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,226
  • May 26, 2016 4:07am May 26, 2016 4:07am
AUDUSD and EURUSD

How many of you sold these pairs the past 3 weeks?

Do you see them bottoming up as we approach the month end?

I think taking profits and tightening our trailing stops is something we can consider as we approach the weekend and also next week is month end closing.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,227
  • May 26, 2016 7:12am May 26, 2016 7:12am
Quoting BridgeWater
{quote} Try this template {file}
Thank you...
  • #69,228
  • May 26, 2016 7:24am May 26, 2016 7:24am
Hi EMMA,
Your capital line keep growing steadily with no big retracement. but i alaways be confused by the problem "how to cut loss quickly?" for example, i have opened 5 positions on USDCAD today.
now, the trend is strong bearish and there is red news ahead on USD. it is hard for me to make next decision.
i want to ask:
1. to cut loss quickly, will you close all positions ASAP when you fell your BPP plan might be wrong even though there are only 2-4 positions?
2. if USDCAD still bearish after red news what is the correct way to cut loss? close all positions right now or choose some one to close?
3. how to avoid this kind of situation? i alaways got 1-4% profit first then encount big loss like this, that really knocked my confidence deeply on MEME method.
thank you and best regards！
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH4.png Size: 504 KB
  • #69,229
  • May 26, 2016 8:12am May 26, 2016 8:12am
Quoting mokuro89
{quote} Hi Mike1981, maybe this post can help you , there are some other posts with good links but I can only remember this one now.
Hey mokuro,
thanks so much for your reply. It's much appreciated.

Best regards,
Mike
  • #69,230
  • Edited 3:04pm May 26, 2016 2:43pm | Edited 3:04pm
Hi Emmanuel7788

I'm considering entering Long position on USDCAD once the price opens and closes above the 5EMA.

Price appears to be in a support area.

I would appreciate your remarks.

Thnx
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad-h4-safecap-investments-ltd.png Size: 53 KB
  • #69,231
  • Edited 4:58pm May 26, 2016 4:40pm | Edited 4:58pm
hey big emm,
I have some questions about your bucket. When do you really start the bucket? Following what TF signal? Is it the daily chart signal or the weekly?
Let's say the daily TF gave a good sell signal but then looking at the weekly chart we see the market is going up. In this case do you pass or?
Also what about the monthly chart? Do you also take consideration?
I had a hard time last week looking for a setup for a new bucket. Perhaps it's too early?( closing of monthly chart)
Please explain more about your trading and the way to start the bucket.
Really my question is how to make your big plan picture. And ones you do you go to lower TF to jump in?
  • #69,232
  • May 26, 2016 6:07pm May 26, 2016 6:07pm
Quoting kevinfeng
Hi EMMA, Your capital line keep growing steadily with no big retracement. but i alaways be confused by the problem "how to cut loss quickly?" for example, i have opened 5 positions on USDCAD today. now, the trend is strong bearish and there is red news ahead on USD. it is hard for me to make next decision. i want to ask: 1. to cut loss quickly, will you close all positions ASAP when you fell your BPP plan might be wrong even though there are only 2-4 positions? 2. if USDCAD still bearish after red news what is the correct way to cut loss? close...

Hi Kevin,

See my comments written on your chart below.

I am not sure if you had earlier trades this month which you have taken profits because I see your current basket ME1 entry is very high up.

Yesterday, market reacted to that BOC rate release and after that BOC Day candle, we have trade invalidation on Day chart. This would mean we cut losses when there is trade invalidation, being one of the criteria when to cut loss.

If there was no trade invalidation, and to cut some small losses one way to to close the oldest trade, in your case would be the ME1 (and also ME2) on your chart. The current retracement on H4 is getting too deep into the previous 2 weeks candles and you technical stop loss is below the low of the previous 2 weeks. There is short term support seen to the left of your H4 chart, and if this support holds today before NY closes on Friday, you have little chance to breakeven. I would normally cut all losses during the London session since it is Friday and I don;t hold 4H Swing trades over the weekend escpecially when there is G7 meeting closing today and also FED is 'talking' late NY session.

regards,

Attached Image (click to enlarge)
Click to Enlarge Name: kevinfend usdcad MEME trades.png Size: 245 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,233
  • May 26, 2016 6:14pm May 26, 2016 6:14pm
Quoting mabooz
hey big emm, I have some questions about your bucket. When do you really start the bucket? Following what TF signal? Is it the daily chart signal or the weekly? Let's say the daily TF gave a good sell signal but then looking at the weekly chart we see the market is going up. In this case do you pass or? Also what about the monthly chart? Do you also take consideration? I had a hard time last week looking for a setup for a new bucket. Perhaps it's too early?( closing of monthly chart) Please explain more about your trading and the way to start the...

Hi mabooz,

I monitor 16 currency pairs and at any one time I trade 5 pairs concurrently.
Which pairs do you trade?
Do you trade H4 or D1 or both?

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,234
  • May 26, 2016 6:20pm May 26, 2016 6:20pm
Quoting mustafafr010
Hi Emmanuel7788 I'm considering entering Long position on USDCAD once the price opens and closes above the 5EMA. Price appears to be in a support area. I would appreciate your remarks. Thnx {image}

Hi mustafar,

You are right to see recent support to the left of your chart. But since we are approaching the weekend, i would not open any new 4H swing trade today and when I do not see any opportunity to convert this H4 trade to D1 trade before NY close.
But if the price action is good and the setup is confirmed later, you can possibly take some pips today. But you must wait till the PA close above that 5EMA ... basic TMS rule for setup candle.

One rule for trading DISCIPLINE is to wait for the setup to be confirmed, i.e. wait for the setup candle to close.

Trade Well.
Attached Image (click to enlarge)
Click to Enlarge Name: mustafa USDCAD H4 setup.png Size: 192 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,235
  • May 26, 2016 6:55pm May 26, 2016 6:55pm
Quoting emmanuel7788
{quote} Hi mabooz, I monitor 16 currency pairs and at any one time I trade 5 pairs concurrently. Which pairs do you trade? Do you trade H4 or D1 or both? regards,
What I normally do is looking for a set up at daily chart then go to 4 hr chart or 1 hr to build my bucket. However I am leaking of big plan pic.
Another concern. Let's say a good set up occurred on daily chart. But then looking at weekly or monthly we see that we still in consolidation. Do you pass on that?
I am sorry for asking these questions that I think it may be answered already. I'll read more of your old posts regarding big plan picture.
  • #69,236
  • May 27, 2016 1:43am May 27, 2016 1:43am
Quoting mustafafr010
Hi Emmanuel7788 I'm considering entering Long position on USDCAD once the price opens and closes above the 5EMA. Price appears to be in a support area. I would appreciate your remarks. Thnx {image}

you have a potential H4 setup when current H4 candle closes...

PA looks good .
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,237
  • May 27, 2016 2:16am May 27, 2016 2:16am
I have just bought USDCAD and sold GBPJPY (see charts below). Be aware of upcoming USD news.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDCADH4.png Size: 35 KB
Click to Enlarge Name: GBPJPYH4.png Size: 32 KB
  • #69,238
  • May 27, 2016 2:25am May 27, 2016 2:25am
I did a small trade on GBPUSD overnight. +27 pips
Attached Image (click to enlarge)
Click to Enlarge Name: trade27mei.png Size: 59 KB
  • #69,239
  • May 27, 2016 3:04am May 27, 2016 3:04am
Quoting ninh hoang
I have just bought USDCAD and sold GBPJPY (see charts below). Be aware of upcoming USD news. {image} {image}
USDCAD IS good setup, but GBPJPY look's a litle susipius to me anyway happy pips to you
  • #69,240
  • Edited 3:27am May 27, 2016 3:09am | Edited 3:27am
Quoting mizi123
{quote} USDCAD IS good setup, but GBPJPY look's a litle susipius to me anyway happy pips to you
They did. Actually my trades on GJ are counter trend (based on W1). I'm watching them. Resistance 160.5 is quite hard, price touch and run up ! I wait for H4 to close. If H4 close with a red down HA candle or close below its previous close, i wait. if not, i manage to cut.
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