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Trading Made Simple

  • #69,461
  • Jun 9, 2016 12:20pm Jun 9, 2016 12:20pm
Quoting emmanuel7788
{quote} Hi Kevin, This trade plan is based on D1 chart. We do not manage on H4. Look at Weekly which my trade plan was based on. The SL is below last 2 weeks low. I open my first trade on Monday open but it did not move for 2 days until yesterday, I took +50pips and now have same 3 open trades like yours. Looking at the D1 price action for 4 days this week, it look like it will not move much. If we can breakeven all trades anytime or maybe cut all open trades and take the loss tomorrow would be my decision. In worst case, the market retrace into...
Hi emmanuel, how do you manage to cut loses early on ME/ME? since your R:R with this SL is way lower than 1:1
I'm trying this approach: Close positions on loses if the D1 candle have a new low/high against me comparing with previous D candle, OR when the HA change colours, but seems not effective, while the D1 is trending its mostly only wins, but when I must close the loses are way bigger than the wins...

on trading D1 TF, i'm mostly using 2x ATR(100) H4 as TP (and build position on retrace IF not against DOL) and SL = 1x ATR(100) D1
Thanks!
  • #69,462
  • Edited 3:11pm Jun 9, 2016 2:52pm | Edited 3:11pm
Hi, guys! Long time didnt post here. I had success with my demo acc and and opened microlive with 100$
here my first trade on EG
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  • #69,463
  • Jun 9, 2016 3:11pm Jun 9, 2016 3:11pm
Quoting emmanuel7788
{quote} Hi MonetMikeFX, Sorry to learn that you did not make money with TMS 5-Method. Don't blame the method and the people in this thread. You do not have the knowledge and experience yet. Your trading skills is evidently very lacking. You also did not learn from these two very important posts: Post#261 and Post#647. You need to start all over again at www.babypips.com/school...
Emmanuel! I look at picture, but cant understand! Ok, next week, i'll go to babypips school but...

You wrote: "If you have seen this D1 candle HL in day chart TF, you would not be taking this H4 trade"

A cant understand, why... D1 have strong downmove and H4 candle broke D1 low and closed below+BEOB. Why we cant sell???
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  • #69,464
  • Edited 6:50pm Jun 9, 2016 5:33pm | Edited 6:50pm
It had been constant battle to find high probability TMS-5 setup and dealing with greed and fear while make profit run.
I have been practice TMS about 8 months now but it still up and down. Ahhh... But I believe 10000 hours deep practice. http://www.forexfactory.com/showthre...de#post8752491
Well it's back square one and do it again !!!
Have great weekend!!!
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  • #69,465
  • Jun 9, 2016 5:39pm Jun 9, 2016 5:39pm
Quoting makron
{quote} Emmanuel! I look at picture, but cant understand! Ok, next week, i'll go to babypips school but... You wrote: "If you have seen this D1 candle HL in day chart TF, you would not be taking this H4 trade" A cant understand, why... D1 have strong downmove and H4 candle broke D1 low and closed below+BEOB. Why we cant sell??? {image}
Hi,

No worries. I go to babypips school everyday and meet many people there. Next I will be there again and I will learn somethings all over and get my brain wired up permanently.

Many TMS traders listen to Big E. They look for big candles and small candles. They look to see if the price action is in consolidation or near to a consolidation. They look to the left of their chart and look for nearby support and resistance. They look at the price action and know what the long term and short term trend.
Advanced TMS traders do the same but a little smarter after 5 years of trading. They look at the size of the price bars and analyse the big price bars which has very high-low aka Wide Range Bars WRB.
When WRB appears near recent support and resistance, they take extreme precaution in their trading.
When two consecutive WRBs appear, they do not chase after volatile prices especially when the WRBs are at support / resistance.
What traders do? They wait and see if the price will bounce from support then they will make their next trading decision.

You see a BEOB, that's very good. But very often, the market will set up traders instead of giving them their trade setups.

Trade Well.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,466
  • Jun 9, 2016 5:46pm Jun 9, 2016 5:46pm
Quoting inforserve
It had been consist battle to find high probability TMS-5 setup and dealing with greed and fear while make profit run. I have been practice TMS about 8 months now but it still up and down. Ahhh... But I believe 10000 hours deep practice. http://www.forexfactory.com/showthre...de#post8752491 Well it's back square one and do it again !!! Have great weekend!!! {image}
8 month practice is good. I did that for few years to reached that 10,000 hours. That's why I believe in Deep Practice to get my brain all wired.

Read this post by member cats.
http://www.forexfactory.com/showthre...74#post8971674

interesting thread which is good to read the discussion there. There are some good people here in FF.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,467
  • Jun 9, 2016 6:18pm Jun 9, 2016 6:18pm
Quoting mokuro89
{quote} Hi emmanuel, how do you manage to cut loses early on ME/ME? since your R:R with this SL is way lower than 1:1 I'm trying this approach: Close positions on loses if the D1 candle have a new low/high against me comparing with previous D candle, OR when the HA change colours, but seems not effective, while the D1 is trending its mostly only wins, but when I must close the loses are way bigger than the wins... on trading D1 TF, i'm mostly using 2x ATR(100) H4 as TP (and build position on retrace IF not against DOL) and SL = 1x ATR(100) D1 Thanks!...
Hi,

I mentioned this few times before. When I trade with ME/ME, I do not look at R:R of each individual small ME trade or that one basket of maximum 5 ME trades.
I look at a series of several positions or several basket in a trending move.

If you use that SL I have on my chart, that is the technical SL and placed in the terminal to protect the trading account in case of crazy days like Jan 15 2015.
The actual cut-loss decision is to check on a daily basis and get up to date with the market condition and know where you will cut your losing positions.
You can have some losing ME trades in one basket but very few losing baskets. I get 1 to 2 losing trades in one basket of 5 trades, but the 3-4 winners will be bigger in money. I always look at my account balance and equity all the time and to make sure there that any potential drawdown is kept small below 10%. I manage my equity and not so much looking at small trades R:R.

Trading ME/ME requires a slightly longer term view of the market and this is why it is better to trade more on D1 charts and have your Big Picture Plan done consistently.
To me this is a lot less stressful than trading with single entry / single exit which you need to achieve and maintain high win rate.

In the case of EU trade plan this week, I am looking to trade the momentum of last week bullish candle. But after 3 days this week, it looks like there is no continuation but there is also no deep retracement. The market rested for 3 days and that created some greed and fear. Yesterday's candle was bearish and threatening the late buyers. The early buyers from last week will start to cover their positions before the weekend closes. There will be some movements today to fill the orders but we poor retails traders cannot see the volume of orders. So there will decision to make today and enjoy some fun.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,468
  • Jun 9, 2016 6:33pm Jun 9, 2016 6:33pm
Quoting emmanuel7788
{quote} 8 month practice is good. I did that for few years to reached that 10,000 hours. That's why I believe in Deep Practice to get my brain all wired. Read this post by member cats. http://www.forexfactory.com/showthre...74#post8971674 interesting thread which is good to read the discussion there. There are some good people here in FF.
Thanks Emmanuel !!! I learn lots from you and still learning from your posts and I can feel that I had been improve little by little since I am slow learner. It's actually help me understand TMS whenever you post old post links to answer to new comers. I re read posts again and again that make me understand more in TMS and wired to my brain.

"Trading is unique because not only is your eventual success completely in your own hands, it is also recession proof - you have no fear of ever being made redundant and in that sense it has the best job security of any profession in the world. "

After 30 years in IT industry , I am thinking about forex as my next profession because of these reasons.

Cheers;
  • #69,469
  • Jun 9, 2016 6:39pm Jun 9, 2016 6:39pm
Quoting emmanuel7788
{quote} Hi, I mentioned this few times before. When I trade with ME/ME, I do not look at R:R of each individual small ME trade or that one basket of maximum 5 ME trades. I look at a series of several positions or several basket in a trending move. If you use that SL I have on my chart, that is the technical SL and placed in the terminal to protect the trading account in case of crazy days like Jan 15 2015. The actual cut-loss decision is to check on a daily basis and get up to date with the market condition and know where you will cut your losing...
Hi Emmanuel


I did some back testing of one pair for a year , and observe mostly floating loss was 0.6% and monthly net return was also almost .05% with SL of 1% of equity. So if I trade 10 pairs for a month I will get on an average 5% PM with floating loss around 6%.

With once in day looking daily chart, entering trade than check on next day

My worry is monthly Return is lower than max floating loss in a month

Is it a good expectancy or I need to more work on improvement of net Profit PM

Please advice

Thanks

MK
  • #69,470
  • Jun 9, 2016 6:46pm Jun 9, 2016 6:46pm
Quoting emmanuel7788
{quote} profit is good... today it will have to overcome 1263 and struggle its way to target protect all trades at 1250. {image}

XAUUSD Update Hune 10:

Yesterday intraday struggle at 1263 but eventually bounce when during the US session.
Today I protect all position below yesterday's low and let it run into next week.
The way up to 1283 looks good but be prepared with some choppy days ...small candles warning!

Trade Well.
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #69,471
  • Jun 9, 2016 8:35pm Jun 9, 2016 8:35pm
Example of greedy behavior I lose my +58 pips opportunity and only get +1 pips
Here the story, as seen on my chart, i should close my trade on low yellow line, and also which is on narrow range safe for 40% of 52 average weekly range,
base on that two things, my TP should +58 pips, but i got greedy, push TP to 60% of 52 average weekly range for +100 pips, whis is above strong MN support.
And finally i just got +1 pips LOL. Lesson is, control your self, dont be greedy.

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  • #69,472
  • Jun 9, 2016 10:08pm Jun 9, 2016 10:08pm
Quoting BridgeWater
Example of greedy behavior I lose my +58 pips opportunity and only get +1 pips Here the story, as seen on my chart, i should close my trade on low yellow line, and also which is on narrow range safe for 40% of 52 average weekly range, base on that two things, my TP should +58 pips, but i got greedy, push TP to 60% of 52 average weekly range for +100 pips, whis is above strong MN support. And finally i just got +1 pips LOL. Lesson is, control your self, dont be greedy. {image}
Hi Bridgewater

My problem is fear. I often cut the trade too early. we will be getting better as you learn from mistakes. Anyway, which EA you are using only show latest trade ?
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  • #69,473
  • Jun 9, 2016 10:31pm Jun 9, 2016 10:31pm
Quoting inforserve
{quote} Hi Bridgewater My problem is fear. I often cut the trade too early. we will be getting better as you learn from mistakes. Anyway, which EA you are using only show latest trade ? {image}
Hi,

Im sorry, i dont get what you mean about "which EA you are using only show latest trade ?"
  • #69,474
  • Edited 10:44pm Jun 9, 2016 10:32pm | Edited 10:44pm
Will you take this counter trend trade ?

I know that counter trend trade is not high success rate but I took trade with following reasons.

1. Double bottom, Daily selling trend seems like exhausted, Double bottom act as support, nice TDI and all line upward.

Risk : still tdi under 50 line and under 200 and 60 ema.

Do you think it good reason to take this counter trend trade ? or I shouldn't take this ?
I like to hear your opinions ?
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  • #69,475
  • Jun 9, 2016 10:37pm Jun 9, 2016 10:37pm
Quoting BridgeWater
{quote} Hi, Im sorry, i dont get what you mean about "which EA you are using only show latest trade ?"
The arrow show buy and sell position.
  • #69,476
  • Jun 9, 2016 10:45pm Jun 9, 2016 10:45pm
Quoting inforserve
{quote} The arrow show buy and sell position.
i think you see wrong picture, on my picture there are no arrow show buy and sell position.
  • #69,477
  • Edited 11:03pm Jun 9, 2016 10:51pm | Edited 11:03pm
Quoting BridgeWater
{quote} i think you see wrong picture, on my picture there are no arrow show buy and sell position.
O.K. No worries.
You have nice weekend!!!
Oh!!! thanks for your ATRBridgewater indicator.
  • #69,478
  • Jun 9, 2016 11:07pm Jun 9, 2016 11:07pm
Quoting inforserve
{quote} O.K. No worries. You have nice weekend!!! Oh!!! thanks for your ATRBridgewater indicator.
about arrow, this is what you mean?

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  • #69,479
  • Jun 9, 2016 11:12pm Jun 9, 2016 11:12pm
Quoting BridgeWater
{quote} about arrow, this is what you mean? {image}
yes.
  • #69,480
  • Jun 9, 2016 11:18pm Jun 9, 2016 11:18pm
Quoting inforserve
{quote} yes.
But you have that arrow on your chart picture. So the arrow that you have on your picture, you dont know how is there?

this is your picture on post #69,475

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