Trade your belief, trade like Emmanuel
- #71,123
- Sep 6, 2016 12:13am Sep 6, 2016 12:13am
- Joined Nov 2008 | Status: Trader | 50,234 Posts
{quote} Yes, spent a lot of time in reading your ME/ME thread. For NU, already entered 2nd entry.
we are in the money ...
just manage till we see the next small candles consolidation.
scale-in when we can , but only with banked-in profits..."Let Profit Run".
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #71,124
- Sep 6, 2016 12:25am Sep 6, 2016 12:25am
- Joined Nov 2008 | Status: Trader | 50,234 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #71,125
- Sep 6, 2016 1:20am Sep 6, 2016 1:20am
- Joined Nov 2008 | Status: Trader | 50,234 Posts
GBPUSD Sep 6 H4 London session.
nothing to suggest selling yet. But look at Previous Price Action PPA.
It is sideways now, it can break either ways - Up of Down.
Key level is BRN 1.3300 and 1.3350 is an 'old strong resistance'.
What is Support and Resistance?
Sellers overcome Buyers hence we see Resistance.
Buyers overcome Sellers hence we see Support.
Soemthing we need to think about.
nothing to suggest selling yet. But look at Previous Price Action PPA.
It is sideways now, it can break either ways - Up of Down.
Key level is BRN 1.3300 and 1.3350 is an 'old strong resistance'.
What is Support and Resistance?
Sellers overcome Buyers hence we see Resistance.
Buyers overcome Sellers hence we see Support.
Soemthing we need to think about.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #71,131
- Sep 6, 2016 9:16am Sep 6, 2016 9:16am
- Joined Nov 2008 | Status: Trader | 50,234 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #71,136
- Sep 6, 2016 6:21pm Sep 6, 2016 6:21pm
- Joined Nov 2008 | Status: Trader | 50,234 Posts
{quote} Hi Emmanuel, to catch 60% of ATR 52 weeks requires to keep the trade open over one or two weekends usually. Do you recommend that in H4? My SL is quite tight in H4, so I have to be careful not to get caught by a reversal Regards,
Hi,
My trade plan for 4H Swing trading is to open and close all H4 trades within the same week. These H4 trades usually run for 2 to 4 days maximum. I do not roll over H4 trades into the following week. One exception is when I convert the H4 trades to D1 chart trades which is Position trading , and these Position trades can be last for several weeks. To convert 4H Swing trades to D1 Position trades, there must be banked-in profits and the 'trend' must be seen in the higher timeframe as the Primary or Dominant Trend. This is why the Big Picture Plan is so important for us to anticipate a potential of converting 4H Swing trade to Position trades. This is what we must do to 'Let Profit Run' in our trading.
Trading the higher timeframe does not necessarily mean our SL must be tight. All SL must be based on market volatility and we use SL strategy based on the market volatility and to determine our trade size i.e Position Sizing method. When we risk 1% of our capital for each trade, and use Position Sizing, regardless if the initial SL is 50pips of 150pips, the trade lot size are different according to the initial SL and the risk is still the same 1%.
Learn to trailing the market using the price bar / candle high / low. Study old charts and you will get that feel of training by previous candle high/low.
Look at NZDUSD H4 chart below. If we trailing behind the last H4 candle low, we would have been stopped out when price consolidates. This usually happens when we catch the breakout.
regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #71,137
- Sep 6, 2016 6:40pm Sep 6, 2016 6:40pm
- Joined Nov 2008 | Status: Trader | 50,234 Posts
GBPUSD Sep 6 H4 London session. nothing to suggest selling yet. But look at Previous Price Action PPA. It is sideways now, it can break either ways - Up of Down. Key level is BRN 1.3300 and 1.3350 is an 'old strong resistance'. {image} What is Support and Resistance? Sellers overcome Buyers hence we see Resistance. Buyers overcome Sellers hence we see Support. Soemthing we need to think about.
If you have waited for that H4 candle to close, that would have made you 100pips.
GBPUSD Sep 6 H4 trade setup that was a master Candle breakout setup...
just have to wait for the right moment for the market to move and we follow. No need to guess that market reject at any pivot or S and R levels. Look at the Previous Price Action and pay attention to what the market will do then we follow. There is no way we small retail traders can master the market. That is what rookie traders belief. If you trade one standard lot @$10 per pips and make 100pips, that is $1,000 real good money in one trading day no floating loss / drawdown which tie down our trading capital. Rookie traders will trade 10 x 0.01 lot and claim they make 1,000pips with 10 micro lots in a 100pips move. That is no edge in trading small lots. One component of a winning system is to use Position Sizing and Risk%. When you can make you money work for you and can consistently maintain a healthy equity-balance in your trading account with small floating loss/drawdown, you stand a very good chance in creating an edge for yourself. But when will you really know that you have a winning edge?
Have Fun trading.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #71,138
- Sep 6, 2016 6:49pm Sep 6, 2016 6:49pm
- Joined Nov 2008 | Status: Trader | 50,234 Posts
A few of us had some fun yesterday drawing harmonics pattern. We share a few jokes while we reading public forums like FF.
Here is what I though I saw yesterday with GBPUSD D1 and try 'predict' where price may go and a PRZ.
This has nothing to do with TMS 5-Method. We keep trading simple with the 5-Method - let the Price Action lead the way and use the TDI as our confirmation for entries.
Looks like AB=CD has to complete first, the again look for Price Action for TMS setups.
Here is what I though I saw yesterday with GBPUSD D1 and try 'predict' where price may go and a PRZ.
This has nothing to do with TMS 5-Method. We keep trading simple with the 5-Method - let the Price Action lead the way and use the TDI as our confirmation for entries.
Looks like AB=CD has to complete first, the again look for Price Action for TMS setups.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #71,139
- Sep 6, 2016 7:02pm Sep 6, 2016 7:02pm
- Joined Nov 2008 | Status: Trader | 50,234 Posts
Since Breixt June 26, how much confidence do you have in GBP?
Do you want to take a medium term view on D1 chart?
It take a minimum 2 bars/candlesticks to reverse this pair.
Until that happens, I remain on the buyers side.
If you sell now, where do you want to place your initial SL and do your trade Position Size?
Do you want to take a medium term view on D1 chart?
It take a minimum 2 bars/candlesticks to reverse this pair.
Until that happens, I remain on the buyers side.
If you sell now, where do you want to place your initial SL and do your trade Position Size?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #71,140
- Sep 6, 2016 7:34pm Sep 6, 2016 7:34pm
- Joined Nov 2008 | Status: Trader | 50,234 Posts
GBPJPY Week 35 market went sideways narrow range after Kuroda' speech yesterday. No big move yet. But technically interesting to see triple inside bars which is quite rare. Mother Bar also Master Candle. Too early to buy , too early to sell. Let the others place their orders and the smart money knows when it is time to fill all the orders. TMS traders must be patient and wait for the setup to show up. Have a Plan A and a Plan B. Worst case, also a Plan C. Preserve trading capital is top priority. Make good use of your trading capital and avoid floating...
Post#647 says we do not trade when market is in or near a consolidation area. This was exactly what GJ was in yesterday.
As TMS 5-Method traders, we must learn to see when the market is in a consolidation range. We do not trade when market is in consolidation. We learn to wait patiently for the setup and the right TIMING for the market to move then we take action by following the Price Action and the TDI will confirm the Price Action. This is TMS fundamental rule we must know and follow with DISCIPLINE.
Do Not buy until we see Buyers.
Do Not sell until we see Sellers.
Never, never, never try out-smart the market thinking that you have mastered the market or mastered trading the market. This is a rookie traders belief.
Learn to preserve your trading capital and use that at the right moment ... TIMING is important.
Learn to keep your floating loss/drawdown as small as possible. If you can consistently keep your floating loss/drawdown to below 5% you have a very good chance to succeed in this trading business.
Learn to recover from drawdown in the shortest time possible. If you cannot recover your drawdown in shorter time than the duration of your suffered drawdown, you risk being in the 95% group of losers.
Trading this spot forex is a very tough business. Most retails traders are under capitalised and this will not give you an edge over the market.
Learn to trade SMART and the money will flow your way.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett