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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
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TMS for M30 charts

My loser trade today. UC -15 pips. It might go down again but momentum was weak and I decided to quit.
I need to build more experience....
Attached Image
Simplicity is the ultimate sophistication - Leonardo da Vinci
Quoting heispark
My loser trade today. UC -15 pips. It might go down again but momentum was weak and I decided to quit. I need to build more experience.... {image}

funnily enough I was thinking on entering this too. I spotted it on the bar after the breakout bearish bar. it was a little bit below the breakout bar at that point and as I normally don't take this sort of setup and was worried I was a bit late to the party i decided not to enter. I would have entered with minimal lots though as i've not taken enough of these sorts of trades to be confident im doing it right.

I notice that after your entry you got a pcrf setup coming in the opposite way. usually when this happens i notice it means death to your trade and price runs the stop ...so i might of closed my trade where you did, however in this case it looks like this isn't happening and price might still go down to reach your original target. upon looking at the pcrf more closely i notice it is a weak pcrf setup because candle 3 has a huge wick and has closed not far beyond it's open, perhaps this is why price hasn't shot upwards from this point, perhaps if the pcrf against the trade is weak it's better not to close the trade. atm bulls look weak at this point and tdi might cross again in a candle or two but a re-entry would be unwise imo because of atr
Quoting kain775
{quote} funnily enough I was thinking on entering this too. I spotted it on the bar after the breakout bearish bar. it was a little bit below the breakout bar at that point and as I normally don't take this sort of setup and was worried I was a bit late to the party i decided not to enter. I would have entered with minimal lots though as i've not taken enough of these sorts of trades to be confident im doing it right. I notice that after your entry you got a pcrf setup coming in the opposite way. usually when this happens i notice it means death...
I took a short after checking the 4 hour chart. As you can see, price was rejected at the trendline and also the 10 ema. TDi is below 50 which helps if you are short. There might be some support where the orange dotted line is and will be where I take 1 lot out..You seem to be rigid with your approach relying on pivots and indicators. It pays to look at p.a on the 4 hour..just my 2 cents
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the cautious seldom err....C
Quoting kain775
{quote} funnily enough I was thinking on entering this too. I spotted it on the bar after the breakout bearish bar. it was a little bit below the breakout bar at that point and as I normally don't take this sort of setup and was worried I was a bit late to the party i decided not to enter. I would have entered with minimal lots though as i've not taken enough of these sorts of trades to be confident im doing it right. I notice that after your entry you got a pcrf setup coming in the opposite way. usually when this happens i notice it means death...
It's going down to original direction.... holy crap...

EDIT: Stong CAD explained by Kathy Lien
The best performing currency today next to the U.S. dollar was CAD, which bucked the trend to rise strongly on a day of broad based USD strength. This is quite remarkable and can be attributed completely to the 4.5% rise in oil. Talk of possible action to stabilize crude prices sent the commodity soaring even though the discussion won’t be occurring until the informal meeting at the end of next month. The chance of an actual change in production is unlikely but on a day with very little catalyst, the minor possibility was enough to send USD/CAD to 1 month lows.
Simplicity is the ultimate sophistication - Leonardo da Vinci
Quoting pips29
{quote} I took a short after checking the 4 hour chart. As you can see, price was rejected at the trendline and also the 10 ema. TDi is below 50 which helps if you are short. There might be some support where the orange dotted line is and will be where I take 1 lot out..You seem to be rigid with your approach relying on pivots and indicators. It pays to look at p.a on the 4 hour..just my 2 cents {image}

hi,

I have been trying to focus more on the PA these last few weeks. I am not such an indie junkie anymore and am at the moment in remission and currently only use the indicators Likica is currently using [+my ATR7 indicator]. If you look at my posts where I describe the trades I take you will see a lot of talk about price action [basically me trying to read it]

I have been focusing on the pivot a bit lately as I discovered I was using it wrong [as pointed out by likica]


re: usd/cad ... i did not notice the 10ema actually.
Quoting pips29
{quote} I took a short after checking the 4 hour chart. As you can see, price was rejected at the trendline and also the 10 ema. TDi is below 50 which helps if you are short. There might be some support where the orange dotted line is and will be where I take 1 lot out..You seem to be rigid with your approach relying on pivots and indicators. It pays to look at p.a on the 4 hour..just my 2 cents {image}
Thanks for the H4 trend line insight! I took it because of the resistance,downtrend, TDI crossing yellow line, H1 and M30 trend lines break. Was bit hesitating about DOL but because I had to sleep after LO (I live at PST) I just took it. If I were awake, I would have got nervous at the pull back and would've done same as heispark....benefit of sleeping after taking a trade i guess
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Quoting likica
{quote} I am pleased with your progress and because you have my name on your folder just kidding. Don't worry, you will get there, everyone makes mistake incl me. Here is my AU short entered yesterday, I got too excited with pin bars rejected at R61% and got in without second thought, even when it went against me. Will you learn from my mistakes? if yes, what will they be from that failed trade? {image}
Thank you for sharing this trade Likica...it takes lot of honesty and humbleness to share a loss by a senior trader with tons of followers, very few traders can do that. Shows the human side of the PIP making machine
Quoting heispark
{quote} It's going down to original direction.... holy crap...

you had a winner but you turn that into a loser.

follow the Day and that will give your the experience and build confidence.

do you think the smart money trade M30?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting emmanuel7788
{quote} you had a winner but you turn that into a loser. follow the Day and that will give your the experience and build confidence. do you think the smart money trade M30?
This is just free time quick scalping when i find myself bored....
I still do 4h trade but it's boring sometimes you know.
Thank you for your teaching always, Emmanuel.
Simplicity is the ultimate sophistication - Leonardo da Vinci
Quoting likica
{quote} I am pleased with your progress and because you have my name on your folder just kidding. Don't worry, you will get there, everyone makes mistake incl me. Here is my AU short entered yesterday, I got too excited with pin bars rejected at R61% and got in without second thought, even when it went against me. Will you learn from my mistakes? if yes, what will they be from that failed trade? {image}
i have the same trade after your entry serveral candles when price makes BEOB, so what wrong with that pairs ? how can we avoid this mistake ?
Quoting longbk
{quote} i have the same trade after your entry serveral candles when price makes BEOB, so what wrong with that pairs ? how can we avoid this mistake ?

to avoid such kind of mistakes, have simple rules, be very discipline in following your own simple rules. Do Not follow other traders rules unless you have tested and share the same beliefs about the market.

One simple rule which many TMS traders have since adopted in the past 5 years, is to use the 10EMA in all timeframes.
watch the price action on the D1 chart witgh reference to where the 10EMA is, how far is the price from the 10EMA.
the same simple rule you use on the W1 chart, is the price action close to its 10EMA, how close, is there room for take profit.

Be careful when the price action is near to the BRN 00's. They attract 'PA like magnets"...(who said this?).

Look at the AUDUSD chart below which I made my comments.
Very clearly the price action was making Higher High, High Low... bullish trending, on the previous two days. Look at the day Open lines, they are stack above one another, with higher day close, higher previous day highs, right?
Did you pay attention to the BRN 0.7700?
So we look for bullish DIVERGENCE to trade the continuation of the trend of that moment.

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On the chart above, there was another bullish divergence setup, can you spot that?

When trading intraday, whether you trade in H1, M30 or M15. Pay attention to the Tokyo session High-Low or the Asian session High-Low, look for trades that will break away from the Tokyo session range. This way, you can only be wrong once, that is Plan A. If Plan A fails, you have a Plan B and take the opposite trade. Worst case, Plan B also fails, than Plan C trade will often run as the big winner of the day. There are exceptional days, when all three - Plan A, B and C also fails. What should you do then?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting longbk
{quote} i have the same trade after your entry serveral candles when price makes BEOB, so what wrong with that pairs ? how can we avoid this mistake ?
hi Longbk,
Not all setups are winners, what we can do is cutting our SL once we realised our mistake or market did not go as plan which I failed to act in my case.

Quoting emmanuel7788
{quote} you had a winner but you turn that into a loser. follow the Day and that will give your the experience and build confidence. do you think the smart money trade M30?
Thanks for helping others in this thread Emma. Each of us has our own rules and our own way of trading, I and many traders here respect you with your knowledge and experience. There are some we have same views and agreements, and also others we don't. Hope you understand what I mean. Thanks again.
Happy pipping.

Quoting heispark
{quote} It's going down to original direction.... holy crap... EDIT: Stong CAD explained by Kathy Lien The best performing currency today next to the U.S. dollar was CAD, which bucked the trend to rise strongly on a day of broad based USD strength. This is quite remarkable and can be attributed completely to the 4.5% rise in oil. Talk of possible action to stabilize crude prices sent the commodity soaring even though the discussion won’t be occurring until the informal meeting at the end of next month. The chance of an actual change in...
pretty much about fundies that helped UCAD went South nicely, my TA view (both UCAD and Oil) did not look convincing at the time you took your short so no show for me.

Quoting emmanuel7788
{quote} to avoid such kind of mistakes, have simple rules, be very discipline in following your own simple rules. Do Not follow other traders rules unless you have tested and share the same beliefs about the market. One simple rule which many TMS traders have since adopted in the past 5 years, is to use the 10EMA in all timeframes. watch the price action on the D1 chart witgh reference to where the 10EMA is, how far is the price from the 10EMA. the same simple rule you use on the W1 chart, is the price action close to its 10EMA, how close, is there...
Nice chart with very informative answer which I usually know immediately my short would fail 99.9% but somehow I did not see it on the day. Thank you.
Appreciation is the key to wealth and happiness
Quoting likica
{quote} hi Longbk, Not all setups are winners, what we can do is cutting our SL once we realised our mistake or market did not go as plan which I failed to act in my case. {quote} Thanks for helping others in this thread Emma. Each of us has our own rules and our own way of trading, I and many traders here respect you with your knowledge and experience. There are some we have same views and agreements, and also others we don't. Hope you understand what I mean. Thanks again. Happy pipping. {quote} pretty much about fundies that helped UCAD went South...
It's a actually good for us to see you do lose occasionally! Your teaching have been a great help for me on my journey, thank you Likica!
Quoting Scrambleguy
{quote} It's a actually good for us to see you do lose occasionally! Your teaching have been a great help for me on my journey, thank you Likica!
You are very welcome. We failed not because of what we didn't know but we were not always disciplined.
EU shot up and filled my PT nicely before news out
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Appreciation is the key to wealth and happiness
entered this trade on gbp/jpy ..then like 10 minutes later I realized I forgot to check the news calendar, so I do so and there was too much high impact news ... so i exited for a bit of a loss. Later I see price would have reached my 1:2 RR target.

It's always gutting to see price reach your original target when you have pulled out for a loss.


- saw pcrf setup at 200 ema
- tdi had crossed
- we just about had divergance
- when i woke up the pcrf had already occured and price was rising back up so i was apprehensive about entering
- saw price rejected again at 200 ema with bearish engulfing candle so decided to enter
- dol did not worry me as it's not mentioned in pcrf manual
- realized news was coming so exited
- facepalmed when i realized price would have reached original target
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Quoting likica
{quote} You are very welcome. We failed not because of what we didn't know but we were not always disciplined. EU shot up and filled my PT nicely before news out {image}
Wow, you traded at U.S. retails sales news.... it could run the opposite direction. Anyway, congrats!
I am holding GN short now.

Regarding U.S. retail sales, Kathy Lien said yesterday:

With wage growth rising and auto sales rebounding, consumer spending is expected to be grow in July. However we fear that the number could disappoint because gas prices have been falling and Johnson Redbook reported a drop in spending last month. If we are right, USD/JPY will end the week on the 101 handle but if we are wrong and the data is strong, hardening the case for tightening this year, USD/JPY could make its way back towards its August high
Simplicity is the ultimate sophistication - Leonardo da Vinci
Quoting heispark
{quote} Wow, you traded at U.S. retails sales news.... it could run the opposite direction. Anyway, congrats! Regarding U.S. retail sales, Kathy Lien said yesterday: With wage growth rising and auto sales rebounding, consumer spending is expected to be grow in July. However we fear that the number could disappoint because gas prices have been falling and Johnson Redbook reported a drop in spending last month. If we are right, USD/JPY will end the week on the 101 handle but if we are wrong and the data is strong, hardening the case for...
Thank you. I had a glance at forcast figures and expected to see USD weakened, looked at my chart spotting good set up and thought TA FA matched. Yes, I could be wrong...
Appreciation is the key to wealth and happiness
Quoting kain775
entered this trade on gbp/jpy ..then like 10 minutes later I realized I forgot to check the news calendar, so I do so and there was too much high impact news ... so i exited for a bit of a loss. Later I see price would have reached my 1:2 RR target. It's always gutting to see price reach your original target when you have pulled out for a loss. - saw pcrf setup at 200 ema - tdi had crossed - we just about had divergance - when i woke up the pcrf had already occured and price was rising back up so i was apprehensive about entering - saw price rejected...
I know how you feel. I was in GJ short but got out for a small red and jumped in GU long because I could not convince myself that GU and GJ would be in different direction from each other. You know we see market as what we believe
Appreciation is the key to wealth and happiness
Not really a good trade I want to post... In hind sight, I had to wait until I find more decent setup. As a result, I had to have 40 pips drawdwon. It took some time to quell down remaining bulls.... +48 pips. Not much but good enough for slow Friday.
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Simplicity is the ultimate sophistication - Leonardo da Vinci
Quoting Kallap
{quote} Thanks for the H4 trend line insight! I took it because of the resistance,downtrend, TDI crossing yellow line, H1 and M30 trend lines break. Was bit hesitating about DOL but because I had to sleep after LO (I live at PST) I just took it. If I were awake, I would have got nervous at the pull back and would've done same as heispark....benefit of sleeping after taking a trade i guess {image}
surely I can see great benefit of sleeping. Nice bag btw
Appreciation is the key to wealth and happiness
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