TMS for M30 charts | Page 749 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

RiskyFX-M30 System 117 replies

Pulse M5, M15, M30,H1+ 9 replies

London Open Breakout-M30 57 replies

M30 Rainbow Madness 23 replies

Different between time frames M30 1H and 4H 2 replies

Attachments: TMS for M30 charts
Exit Attachments

TMS for M30 charts

  • #14,961
  • Jul 25, 2016 1:59pm Jul 25, 2016 1:59pm
usd/jpy

what do you guys think of this setup?

[there's a couple of stray marks on the chart [sorry] but the setup is still pretty clear]
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ptradeusdjpy.png Size: 33 KB
Click to Enlarge Name: ptradeusdjpy2.png Size: 29 KB
  • #14,962
  • Jul 25, 2016 2:12pm Jul 25, 2016 2:12pm
Quoting kain775
{quote} I cut up 20 bits of paper, 13 i wrote win on them, 7 i wrote loose on them [13 represents 65% win, 7 represents 35% loose] and threw them into a cup and picked one randomly out before putting it back in the cup and kept recording the outcome. did this 50 times and the account grew far too slowly for my liking. assuming 1% risked per trade at the end of 10 trades no profit got made, at the end of 20 trades no profit got made and it took a whopping 30 trades to make 2 profit %, currently it's at 11%...
Hello kain775,
Your statement I've highlighted in red is very familiar to me. Niall Fuller's most recent lesson from his website deals with this mindset. Below is an edited version of what he said plus some of my own thinking. I hope it's helpful to you and smoothes your path to success.
Most new traders believe and act as if they are going to change their lives very quickly through trading. This is folly. Your drive to change your life at the pace YOU have chosen is not congruent with the behaviour of the market. It's like thinking you can drive from A to B without using the roads – you'll end up in a ditch or a stream you can't get out of. You can only take the opportunities the market presents. The market dictates the pace, not you and your drive. Understand and accept this. You used to be frustrated when you felt you'd “done nothing” in a day i.e. you hadn't traded. Change your thinking: the focus isn't on trading, it's on applying your rules and deciding whether there is an opportunity for you. You haven't “done nothing,” you've applied your rules to assess whether it's worth risking your capital. Change your thinking or you'll stay on the ‘hamster wheel’ of repeating trading mistakes and re-funding your account.
Learn from your trading mistakes and put the learning into your trading plan. Read your plan everyday. Make rules and abide by them to establish good habits.
Money management: A sound trading mindset begins with proper money management. Risk an amount per trade that will not cause you pain if the trade loses. If you risk too much, you are stressed about losing and twitchy at the least negative sign rather than letting the trade play out. Work out what £ per pip you can comfortably risk.
Successful traders who can take a big position size on a trade are interested in finding high-probability and obvious trade signals because they know that one or two good winners are all they need to make a lot of money. They aren’t concerned when they go a whole day without finding a trade, they're only concerned with finding good trades. This rationale holds true with a small account as well. You have to trade as if you’re already a successful trader, because that is how you become one.
Change what you view as ‘successful trading’. One or two good winning trades and one loser is success compared to 30 trades where over half were losers and some of your winners were small. 3 trades rather than 30 indicates a disciplined (not impulsive and random) trading approach. Trading more accurately (i.e. less frequently) is how the pros trade, and it’s how whittling down your trading account to nothing is avoided. Proper trading is the goal and, if you do so for long enough, your account grows and you increase your position size. You won’t give your growing account back because your trading approach has been built on proper trading habits.
Thanks for your help, warmth and straight talking Heather.
  • #14,963
  • Jul 25, 2016 2:35pm Jul 25, 2016 2:35pm
Quoting davson90
today work gbpjpy +70 pips {image} {image}
Davson90 - Do you have an indicators list + a template for your setup? Thanks in advance.
  • #14,964
  • Jul 25, 2016 2:48pm Jul 25, 2016 2:48pm
Quoting Kanderpro
{quote} Hello kain775, Your statement I've highlighted in red is very familiar to me. Niall Fuller's most recent lesson from his website deals with this mindset. Below is an edited version of what he said plus some of my own thinking. I hope it's helpful to you and smoothes your path to success. Most new traders believe and act as if they are going to change their lives very quickly through trading. This is folly. Your drive to change your life at the pace YOU have chosen is not congruent with the behaviour of the market. It's like thinking you...

thanks for the reply,
beleive it or not I have lowered my expectations on profit considerably, last year [trading a system on babypips] i was risking 4% with every trade. with tms I am risking 2% and tbh I think I will need to cut it down to 1.5% once I go live. I did not want to cut it this low but i can see there is a good risk of substaintial drawdown from my cup experiments and also what emmanuel says,

during the cup experiment where I had a 65% chance of picking a winner, it took over a whopping 30 trades for the edge to appear in the trading results [this is based on 1:1 RR]

when i say edge to appear i mean the account is positive and STAYS positive. It is easy to imagine this is a real account if you imagine you win 100 pounds for a win and loose 100 pounds for a loss when doing this experiment. Remember I had a 65% chance of picking a winner from the cup and it took over 30 trades to see the edge manifest

In all honesty if i was trading for real and had taken 20+ trades and was still pinging between a slightly positive account and slightly negative account I would think that my trading is not profitable. wouldn't you? ..I would likely alter my trading thinking i am doing something wrong, or in an extreme case give up. but the cup experiment proves something like this can happen with a 65% chance of winning at 1:1 RR

I would like to see my edge [if i have one] manifest much sooner because i know i will get discouraged if i don't. This is why I have tweaked my trading plan slightly to include better RR. I will have to be more picky over trades though i think to try and pick trades which have a reasonable chance of hitting that tp.

you are right in that a trader needs to work in taking good solid trades and not trading for the sake of trading and not getting too greedy, but with my trading plan as it was, i just feel i would end up very frustrated due to the reasons mentioned
  • #14,965
  • Jul 25, 2016 9:22pm Jul 25, 2016 9:22pm
Quoting kxr123
{quote} Davson90 - Do you have an indicators list + a template for your setup? Thanks in advance.
I think you should contact him by PM cause his indi and template is not TMS strategy..

This i copy from likica statement :

Warning: Anyone new and old traders coming here bringing new indicators in, might be banned (for the sake of newbies and not so newbies to have less confusion).
only 100 pips / week
  • #14,966
  • Jul 25, 2016 9:32pm Jul 25, 2016 9:32pm
USD/SGD hope to get 20pips
- Short bearish div:
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 54 KB
  • #14,967
  • Jul 25, 2016 11:55pm Jul 25, 2016 11:55pm
Quoting kain775
usd/jpy what do you guys think of this setup? [there's a couple of stray marks on the chart [sorry] but the setup is still pretty clear] {image} {image}
Did you manage to get big bag on this set up? How can you trade successful if you change your chart very often?
Appreciation is the key to wealth and happiness
  • #14,968
  • Edited 12:37am Jul 26, 2016 12:19am | Edited 12:37am
Quoting kain775
{quote} hi, I am still learning as you know but i figured if I was trading tms competently my success rate [winning] would be 65% or more, so I did the cup thing to estimate how long it would take to be in decent profits ... [i had a 65% chance of pulling a winner from the cup] and also see the distribution of winners to loosers I "might" get. my trading plan "was" to take a tms setup from upto one hour before FO ...to around 11:30 est with a risk reward of 1:1 ...and no cutting trades early ...unless in exceptional circumstances [high impact news...
- First of all, you need to work on your entries. Write down your criteria, back test them. Sound like you have not built that edge yet therefore, you don't have confidence on your setup to let it run toward your profit target.
- You focus your attentions and energy too much on cutting losses but you did not mentioned any thing about how the market was doing but about your picking (?) for me that is not a good energy and not logical, it's like you have no edge and just randomly pick a trade and so on.
- How about training your eyes to get a good locations and good entries and let the market cook for you, then you have less stress and less work to do. You have to work before you enter a trade as when you are in a trade, that when you emotion steps in and it s harder for you to see things clear. Did you see trades from Omonisha? He had extra work for good location, when you see he was posting, his chart was very nice and clean with part of the trade running until market change its structure.
- For a trading plan, IMO, it needs to be in points (which you can copy from my 1st post) for you to tick the box before getting a trade ( my 1st requirement for all who consider yourself newbie)
- Ask yourself question " what am I good at? What am I not good at?" then focus to expand what you are good at, and minimize what you are not good at.

I m a trader, not a writer, love reading about personal growth books but not about describing a trade, would prefer to put on a chart instead.
Post from Kanderpro is one of the good one too as a trader's thinking plays very important role (I called right mindset)
Appreciation is the key to wealth and happiness
  • #14,969
  • Jul 26, 2016 12:27am Jul 26, 2016 12:27am
Quoting leescofield
{quote} I think you will ban from this thread~
Lee, how do I ban a person not following rules in this thread. Is there a button for it? I don't see any.
I don't want Davson90 to continue posting in here as I don't see any value for us to learn. He stated he traded TMS 3 years ago and now he is using something is more powerful, in fact within this month (July) he was posting his trade which had TDI on it and claimed that success for TMS...We need consistency...
Appreciation is the key to wealth and happiness
  • #14,970
  • Jul 26, 2016 12:29am Jul 26, 2016 12:29am
Quoting davson90
today work gbpjpy +70 pips {image} {image}
With respect for your nice pips, please open your own thread where you can share your method to others (if that's your purposes). I am sure you will have a lot of traders follow.
Appreciation is the key to wealth and happiness
  • #14,971
  • Jul 26, 2016 12:58am Jul 26, 2016 12:58am
Quoting Ockham
Hi members, just discovered this thread 2 days ago, so lot of thing to read last week end ! First thanks to all of you for sharing your ideas/experience here I m not using as you MT4 but TS2 from fxcm so my templates will be different, Likica i read what you told about new indicators on previous page so i m not sure im allowed to post my chart here, if it is not conform please just let me know and i will change this asap. So i did my first trade this morning with TMS but of course as newbie i m not sure ! As you can see i sold eur/nzd...
Welcome to M30 Ockham. My apology for delay in reply ( I didn't see your post until now)
I had a look at your chart, since it had lots of things (indies) on it, for me to comment and hope it some how helps you to see why the trade did not go well.
Take a look at my chart where I marked 2 red x that from my rules I would not trade into them (200MA & DOL) even though price seem to respect the trend line. Of course, after numbers of touches to those areas price eventually got thru (with helps from fundies I believe)
Attached Image (click to enlarge)
Click to Enlarge Name: 25.7.16 EN.png Size: 81 KB
Appreciation is the key to wealth and happiness
  • #14,972
  • Edited 1:14am Jul 26, 2016 1:03am | Edited 1:14am
Quoting kain775
**** exited eur/usd short for a loss as it was half way to my SL ...and now it's almost to my TP. I really should know better, I know exiting in the mannor is bad [as i worked out in my calculations] but i was convinced it was gonna hit my SL ....grrrr still in gbp/jpy why exit so early allisonmagic. do you know something i don't?
Have you found out about GJ trade? Where did you get in? I noticed you asked allison for a magic. Since I am here, am giving you some hints. Thanks in advance
My GJ where price got thru DOL on its 2nd round. Hope it helps you with some clues to work on your entries.
Attached Image (click to enlarge)
Click to Enlarge Name: 25.7.16 GJ M30.png Size: 67 KB
Appreciation is the key to wealth and happiness
  • #14,973
  • Jul 26, 2016 1:15am Jul 26, 2016 1:15am
Quoting likica
{quote} Lee, how do I ban a person not following rules in this thread. Is there a button for it? I don't see any. I don't want Davson90 to continue posting in here as I don't see any value for us to learn. He stated he traded TMS 3 years ago and now he is using something is more powerful, in fact within this month (July) he was posting his trade which had TDI on it and claimed that success for TMS...We need consistency...
Hi Likica,
Unfortunately there is no way for a thread starter to BAN an unruly poster from the thread, or DELETE their posts!
I really feel this should be an option made available to the thread starter, for any violation of his/her thread rules!!!!!
As you know, many a great threads have been hijacked and destroyed by individuals that lack the respect for the thread starter and their loyal followers!!
I SALUTE you and other posters for your efforts in keeping this wonderful thread in line with your vision for your trading style!!!!
Regards.
-Lee
  • #14,974
  • Jul 26, 2016 1:24am Jul 26, 2016 1:24am
Quoting ZapPow
{quote} Hi Likica, Unfortunately there is no way for a thread starter to BAN an unruly poster from the thread, or DELETE their posts! I really feel this should be an option made available to the thread starter, for any violation of his/her thread rules!!!!! As you know, many a great threads have been hijacked and destroyed by individuals that lack the respect for the thread starter and their loyal followers!! I SALUTE you and other posters for your efforts in keeping this wonderful thread in line with your vision for your trading style!!!! Regards....
Many thanks for your nice words and inputs. I might just organize it in my mind instead
Happy pipping!
Appreciation is the key to wealth and happiness
  • #14,975
  • Jul 26, 2016 1:41am Jul 26, 2016 1:41am
Quoting likica
{quote} Welcome to M30 Ockham. My apology for delay in reply ( I didn't see your post until now) I had a look at your chart, since it had lots of things (indies) on it, for me to comment and hope it some how helps you to see why the trade did not go well. Take a look at my chart where I marked 2 red x that from my rules I would not trade into them (200MA & DOL) even though price seem to respect the trend line. Of course, after numbers of touches to those areas price eventually got thru (with helps from fundies I believe) {image}
Thanks for answer Likica and for you re welcome i start moving to mt4 to post charts closer than all yours. For my example your right i miss this support was an better trade to wait the support break with TDI signals ! just bought the same pair on M30 stop 1.56087 with nice RR TP1 50pips on the previous support and TP2 1.57455 of course i try this new system on demo mode, hopefully not for too long ^^
I noticed on your chart the DOL line that seems important as sup/Res, is this an indicator ?
There is no way to happiness , happiness is the way.
  • #14,976
  • Jul 26, 2016 1:56am Jul 26, 2016 1:56am
Quoting likica
{quote} Many thanks for your nice words and inputs. I might just organize it in my mind instead Happy pipping!
Hi Likica,
As thread owner there is a way only you can ban someone. I'll PM you later with details.
This is far too good a thread to see go off track
Never argue with a fool; onlookers may not be able to tell the difference.
  • #14,977
  • Jul 26, 2016 1:58am Jul 26, 2016 1:58am
Quoting ZapPow
{quote} Hi Likica, Unfortunately there is no way for a thread starter to BAN an unruly poster from the thread, or DELETE their posts! I really feel this should be an option made available to the thread starter, for any violation of his/her thread rules!!!!! As you know, many a great threads have been hijacked and destroyed by individuals that lack the respect for the thread starter and their loyal followers!! I SALUTE you and other posters for your efforts in keeping this wonderful thread in line with your vision for your trading style!!!! Regards....
only 100 pips / week
  • #14,978
  • Jul 26, 2016 2:06am Jul 26, 2016 2:06am
Quoting likica
{quote} Have you found out about GJ trade? Where did you get in? I noticed you asked allison for a magic. Since I am here, am giving you some hints. Thanks in advance My GJ where price got thru DOL on its 2nd round. Hope it helps you with some clues to work on your entries. {image}

Hi Likica,

As a part of my trading improvement I'm trying to always find the reason why I should not get into a trade. And your GJ trade is one of the examples. I didn't enter because of DOL and lower trendline not broken. Can you please tell me if that was right or wrong? And what made you enter this trade? Was it a big resistance confluence (weekly pivot, daily pivot, trendline, EMA200)?
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 94 KB
  • #14,979
  • Jul 26, 2016 2:11am Jul 26, 2016 2:11am
Quoting likica
{quote} - First of all, you need to work on your entries. Write down your criteria, back test them. Sound like you have not built that edge yet therefore, you don't have confidence on your setup to let it run toward your profit target. - You focus your attentions and energy too much on cutting losses but you did not mentioned any thing about how the market was doing but about your picking (?) for me that is not a good energy and not logical, it's like you have no edge and just randomly pick a trade and so on. - How about training your eyes to get...
thanks for the feedback,
I am quite skeptical of backtesting tbh ....but I shall proceed to give at a try at the weekend as you have suggested it.
usually when i am thinking about cutting a trade the market is plunging down or has new tdi cross in the other direction, usually the tdi cross in the opposite direction is not as strong as the tdi cross setup that got me into the trade but it still gets me worried [i shall post the eur/usd long that i lost yesterday due to cutting early a bit later], also i have been trying to get better at entries too, i am often reading and re-reading parts of this thread to get more insight and perhaps see if i can spot anything in your trades that are differant to my trades [assuming they are of similar setup], and yes Omonisha is a very good trader .. I do usually pay attention when he/she posts something. whenever i see that name it reminds me of onimusha on the ps2, used to love those games. do you think Omonisha would mind if i call him onimusha lol, am finding it hard to remember his/her name.

I shall also write myself a new trading plan with bullet points like the one you have on page 1, thanks

and and usd/jpy is still running. bag still waiting to be full, I have gone for risk reward 1:3 on this one. currently it is just over half way to my profit target. I believe this sort of setup is similar to the one griffensoul trades.

and about changing templates. i have a lot of tabs open in mt4, often of the same pair although they are often spread out and not right next to each other. most of my charts now have your template on it [although i have made a few minor changes], but a few charts still remain of my old template or bare virtually naked chart. Sometimes i spot setup's better on naked charts or my own template, i just happened to spot the usd/jpy setup on my old template, although if i am taking trades off m30 i will take it off your template
  • #14,980
  • Jul 26, 2016 2:46am Jul 26, 2016 2:46am
Quoting likica
{quote} Have you found out about GJ trade? Where did you get in? I noticed you asked allison for a magic. Since I am here, am giving you some hints. Thanks in advance My GJ where price got thru DOL on its 2nd round. Hope it helps you with some clues to work on your entries. {image}

Hi, it looks like I drew my trendline slightly different to yours and as a result got in earlier, i still ended up with pips though

would you say the way i drew this trendline was wrong? I didn't draw tip to tip like you on this one.

I did notice the dol when i took my trade but imo it didn't look like it was gonna be an issue.

took this trade for RR 1: 1.75
must admit though at some points i did get rather anxious it wasn't gonna make it, but originally when i looked left it looked liked it had a good chance of reaching there

edit: oh i see you have two entires, looks like i got in around where you marked 1st entry
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpyentrykain.png Size: 34 KB
70 traders viewing now