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TMS for M30 charts

  • #14,621
  • Jul 5, 2016 12:53am Jul 5, 2016 12:53am
News (rate announcement) didn't do much to the pair, comfortably sitting at support.
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Appreciation is the key to wealth and happiness
  • #14,622
  • Jul 5, 2016 2:24am Jul 5, 2016 2:24am
Quoting nefilim
GJ +42 pips hope it will be a good start for today {image}
Bears followed your bearish divergence
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Appreciation is the key to wealth and happiness
  • #14,623
  • Jul 5, 2016 2:47am Jul 5, 2016 2:47am
depending on your broker, how valid is the daily open line?

my daily candle starts 1 hour after most people's, I notice on usd/cad right now price has reversed just above my DOL, but if my daily candle started at the standard time most people's daily candle starts then price would of already hit the DOL. It seems to me like to be using DOL you really need a broker who's daily candle starts/ends when the USA's daily candle starts/ends..
  • #14,624
  • Jul 5, 2016 3:11am Jul 5, 2016 3:11am
Quoting kain775
depending on your broker, how valid is the daily open line? my daily candle starts 1 hour after most people's, I notice on usd/cad right now price has reversed just above my DOL, but if my daily candle started at the standard time most people's daily candle starts then price would of already hit the DOL. It seems to me like to be using DOL you really need a broker who's daily candle starts/ends when the USA's daily candle starts/ends..
Kain775,
Trading decisions don't depend on DOL only but PA + TDI + STOC. DOL by itself on your chart can let you see D1 candles without switching chart to D1. If UCAD is crawling around your DOL and it is facing my DOL who cares? move on next pair whichever has a clearer view. I do have accts with various brokers and I don't go around pulling my hair or trying to change them to look the same. So take it as it is.
Appreciation is the key to wealth and happiness
  • #14,625
  • Jul 5, 2016 3:29am Jul 5, 2016 3:29am
Quoting kain775
depending on your broker, how valid is the daily open line? my daily candle starts 1 hour after most people's, I notice on usd/cad right now price has reversed just above my DOL, but if my daily candle started at the standard time most people's daily candle starts then price would of already hit the DOL. It seems to me like to be using DOL you really need a broker who's daily candle starts/ends when the USA's daily candle starts/ends..
you could always adjust the indicator when you put it into a chart. timezone of data - 0 etc etc
"You know what needs to be addressed , completely completely reverse that".
  • #14,626
  • Jul 5, 2016 4:03am Jul 5, 2016 4:03am
Quoting likica
{quote} Bears followed your bearish divergence {image}
hoho...yes....it's go down again...
but anyway...my trading plan target is 100 pips/week..so 42 pips in one day is more than enough for me...
i'm to old to chasing big pips...my heart is not really strong anymore...
only 100 pips / week
  • #14,627
  • Jul 5, 2016 5:10am Jul 5, 2016 5:10am
Quoting likica
{quote} Kain775, Trading decisions don't depend on DOL only but PA + TDI + STOC. DOL by itself on your chart can let you see D1 candles without switching chart to D1. If UCAD is crawling around your DOL and it is facing my DOL who cares? move on next pair whichever has a clearer view. I do have accts with various brokers and I don't go around pulling my hair or trying to change them to look the same. So take it as it is.

hi likica my question was because I was wanting the take the usd/cad trade on m30 but price on the m30 fell too far to make 1:1 RR before the DOL ...but had I took the trade I would have put my TP right at the DOL ....and I would have missed my TP by a few pips on with my broker, yet if I was with another broker where the DOL started the time most people's start then I would have made my TP as my TP would have been a few pips higher, due the the daily candle starting higher


Quoting Kmw
{quote} you could always adjust the indicator when you put it into a chart. timezone of data - 0 etc etc
hmmm, interesting. thanks.
  • #14,628
  • Jul 5, 2016 5:34am Jul 5, 2016 5:34am
Quoting kain775
{quote} hi likica my question was because I was wanting the take the usd/cad trade on m30 but price on the m30 fell too far to make 1:1 RR before the DOL ...but had I took the trade I would have put my TP right at the DOL ....and I would have missed my TP by a few pips on with my broker, yet if I was with another broker where the DOL started the time most people's start then I would have made my TP as my TP would have been a few pips higher, due the the daily candle starting higher {quote} hmmm, interesting. thanks.
It's quite interesting to hear your expression about what you missed and could have...

What if you changed your perspective and said," wow lucky that I have DOL on to save me from a losing trade".

Why did I say so?

Let's look at my m30 UCAD and tell me if it was a good short to take if there were no DOL from any broker, just look at how price reacted around that area and how MM tried to trick amateurs to jump in and got stopped out, also there was no real bearish APB formed except that one big red APB right at LO. Would you take it? I would not.
I have no intention to teach you how to trade (if you feel offended), only show you what I viewed.
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Appreciation is the key to wealth and happiness
  • #14,629
  • Jul 5, 2016 5:42am Jul 5, 2016 5:42am
hi likica, was this a good setup?

eur/nzd

I saw price making a higher high, and I saw the green line cross the red line above the 50 so I bought. my entry was a little late though as you can see, but price still has a long way to go until ATR, there appears to be no resistance in it's path either [I have started drawing my resistance from the pfd of pips92, so I am taking note of only major levels where there has been a significant price swing]

price though seems to be languising in the area for a long time, and apb's have changed color several times, and tdi has crossed against me as well twice, I am wondering if this is a good trade.

two earlier trades today went the way I expected them, one was a winner for me, the other one i stupidly exited early so did not get any profit, but it went on to be a winner.

Is this current trade a good one
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  • #14,630
  • Jul 5, 2016 5:46am Jul 5, 2016 5:46am
Quoting likica
{quote} It's quite interesting to hear your expression about what you missed and could have... What if you changed your perspective and said," wow lucky that I have DOL on to save me from a losing trade". Why did I say so? Let's look at my m30 UCAD and tell me if it was a good short to take if there were no DOL from any broker, just look at how price reacted around that area and how MM tried to trick amateurs to jump in and got stopped out, also there was no real bearish APB formed except that one big red APB right at LO. Would you take...


I think I would have taken it, but I would only of taken it if it was smaller red ABP
I was wanting to take it actually but the red ABP was too big to get good RR


I guess I still have things to learn lol
  • #14,631
  • Jul 5, 2016 5:55am Jul 5, 2016 5:55am
Quoting kain775
{quote} I think I would have taken it, but I would only of taken it if it was smaller red ABP I was wanting to take it actually but the red ABP was too big to get good RR I guess I still have things to learn lol



actually If I had seen your low to low trendline I would not have taken it, but the problem is ....I did not see that trendline on my charts. I am getting better at spotting them, but I did not notice this one today. If I was aware of the trendline I would not short into it
  • #14,632
  • Jul 5, 2016 6:02am Jul 5, 2016 6:02am
Quoting kain775
hi likica, was this a good setup? eur/nzd I saw price making a higher high, and I saw the green line cross the red line above the 50 so I bought. my entry was a little late though as you can see, but price still has a long way to go until ATR, there appears to be no resistance in it's path either [I have started drawing my resistance from the pfd of pips92, so I am taking note of only major levels where there has been a significant price swing] price though seems to be languising in the area for a long time, and apb's have changed color several...
no set up for me and it is currently facing BRN and 200MA. It might go up without me and I am ok with that. Be selective on what I pick instead of sitting there wondering if it can push thru those 2 strong areas.
Appreciation is the key to wealth and happiness
  • #14,633
  • Jul 5, 2016 6:05am Jul 5, 2016 6:05am
i took one trade on EURCAD today...
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"What would you attempt to do, if you knew your success was a certainty?"
  • #14,634
  • Jul 5, 2016 6:19am Jul 5, 2016 6:19am
Quoting likica
{quote} no set up for me and it is currently facing BRN and 200MA. It might go up without me and I am ok with that. Be selective on what I pick instead of sitting there wondering if it can push thru those 2 strong areas.

thanks for the feedback,
my TP was just before the 200 ma, but I did not factor in the BRN as support.
if I am lucky it will get past the BRN.


so do you see all BRN's as potential support/resistance [like the DOL] and try to avoid placing any trades if one is inbetween your profit target
  • #14,635
  • Jul 5, 2016 6:23am Jul 5, 2016 6:23am
Quoting kain775
{quote} thanks for the feedback, my TP was just before the 200 ma, but I did not factor in the BRN as support. if I am lucky it will get past the BRN. so do you see all BRN's as potential support/resistance [like the DOL] and try to avoid placing any trades if one is inbetween your profit target
ignore what it s called DOL or BRN or what ever, simply look left...I just realised your entry was not very far from 200ma, while price did retrace -50p, how could you expect to have a R:R 1:1 or more to say that you will exit before 200ma?
to answer your question about avoid BRN and DOL, yes and depends on PA (look left).
Appreciation is the key to wealth and happiness
  • #14,636
  • Jul 5, 2016 6:39am Jul 5, 2016 6:39am
Quoting kain775
hi likica, was this a good setup? eur/nzd I saw price making a higher high, and I saw the green line cross the red line above the 50 so I bought. my entry was a little late though as you can see, but price still has a long way to go until ATR, there appears to be no resistance in it's path either [I have started drawing my resistance from the pfd of pips92, so I am taking note of only major levels where there has been a significant price swing] price though seems to be languising in the area for a long time, and apb's have changed color several...
1.5550 is good as an initial target
the cautious seldom err....C
  • #14,637
  • Jul 5, 2016 6:50am Jul 5, 2016 6:50am
Quoting likica
{quote} ignore what it s called DOL or BRN or what ever, simply look left...I just realised your entry was not very far from 200ma, while price did retrace -50p, how could you expect to have a R:R 1:1 or more to say that you will exit before 200ma? to answer your question about avoid BRN and DOL, yes and depends on PA (look left).

yes, you are right my RR was a bit poor due to late entry ...I got a bit overwhelmed at seeing a potential setup taking off without me and forgot to check RR as I placed the trade in a hurry.

Here is one more trade for your opinion on gbp/usd that I took just after LO or FO.
I saw price had made a lower lower, stocks was oversold and that the green TDI was overhanging the red line [and it was below the mbl and 50] but it hadn't officially crossed yet, but it sure looked like it would when the candle closed. I feared that by time it closed that price would of traveled too far to the downside to get good RR so I shorted whilst the candle was still moving and the green had not officially crossed the red. I took my profits before the BRN,

the trade was a win, but was it a good win?
was I wrong to open a short on the basis price had created a lower low and was looking like tdi green would cross red once the candle closed [and it was below the mbl]
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  • #14,638
  • Jul 5, 2016 6:54am Jul 5, 2016 6:54am
Quoting pips29
{quote} 1.5550 is good as an initial target

isn't that target well past the 200 ema?

what is your rationale behind this target please
  • #14,639
  • Jul 5, 2016 7:14am Jul 5, 2016 7:14am
Quoting kain775
{quote} isn't that target well past the 200 ema? what is your rationale behind this target please
Open up your 1 hour chart and look left..Can you see where price is likely to go? Btw who told you price cannot move above the 200 ema
the cautious seldom err....C
  • #14,640
  • Edited 9:39am Jul 5, 2016 7:32am | Edited 9:39am
Quoting pips29
{quote} Open up your 1 hour chart and look left..Can you see where price is likely to go? Btw who told you price cannot move above the 200 ema

I see a yesterdays high at the target you mentioned and perhaps a swing [apb's changing colours]

Regarding the 200 ema, everyone seems to say that the 200 ema should be treated as resistance and you should avoid buying or selling into it. It is my understanding that price will sometimes breech the 200 ema, but it is better to treat it as support/resistance AND NOT take a risk buying or selling through it.


edit:
looks like you were right pips, well done.
Would love to hear your detailed opinions about support and resistance and MA's
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