The starting point of all achievement is desire.- Napoleon Hill
- #71,163
- Sep 7, 2016 10:23am Sep 7, 2016 10:23am
- Joined Nov 2013 | Status: Trader | 2,780 Posts
Kiwi making new high. No sign of it topping yet. Zoom out and look at the previous price action PPA and potential target exits. No selling until we see reversal with Price Action setups with TDI as our confirmation. Trends do not turn around in violent moves. Trends ends in consolidation when price fails to make higher high higher low.... small candles. No point in guessing that the market will turn around at some magical pivot, S&R levels, etc. Market price creates those pivots S&R anyway to trap retail traders especially the rookies traders. TMS...
I am asking you because your the best trader I know
who understands these things..
It's in fear when people show what they truly value.
- #71,164
- Sep 7, 2016 7:39pm Sep 7, 2016 7:39pm
- Joined Nov 2008 | Status: Trader | 50,185 Posts
{quote} do you have any idea why the jpy moved so dramatic at tokyo open? is it just tokyo japenese traders selling the usd and buying the yen due poor ism number (us news) I am asking you because your the best trader I know
I read all kinds of stuff written by market analyst, economists, fund managers traders, etc. they all seems to know everything and have answers to anything that happens in the market place. Last weekend there was the G20 meeting, then BoJ Kuroda made a statement on Monday, that did not move the market and the US market was closed. Liquidity flows between the market, it builds up but we retail traders cannot see where. It just needed someone somewhere to make that move to buy Yen this week. That has nothing to do with any pivot level as rookie traders believed and they all sold Yen at some magical S61 and S78 levels and went horribly wrong.
Look at the UJ MN chart, Yen has been bullish since Jan 2016. That's the market sentiments but it tanked between 101.30 and 100.40, look at those recent support and resistance on the left of your chart.
Being a TMS trader for many years, what I care about is to learn not to trade when market price contracts and wait patiently for the move to happen then I follow.
TMS 5-Method what Big E taught us and it works in this simple way.
Do not trade when we see small candles.
Do not trade when we see big candles.
Look for recent support and resistance, no indicators required, just plain simple price action seen with the APB candles, swing high, swing lows. No pivots required, just the plain old price levels 00 and 50 levels. Every swing high can be resistance, every swing low can be support.
Look for the direction of the price using the 5EMA Typical Price, Shift+3
Look for the setup candle, the candle which closes above the 5EMA for buy and below the 5EMA for sell.
Let the TDI confirms the price action setup and pull the trigger.
Nothing has changed to the 5-Method since Big E passed away in 2012.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #71,165
- Sep 7, 2016 7:49pm Sep 7, 2016 7:49pm
- Joined Nov 2008 | Status: Trader | 50,185 Posts
Kiwi making new high. No sign of it topping yet. Zoom out and look at the previous price action PPA and potential target exits. No selling until we see reversal with Price Action setups with TDI as our confirmation. Trends do not turn around in violent moves. Trends ends in consolidation when price fails to make higher high higher low.... small candles. No point in guessing that the market will turn around at some magical pivot, S&R levels, etc. Market price creates those pivots S&R anyway to trap retail traders especially the rookies traders. TMS...
NZDUSD Sep 8 Tokyo open,
yesterday we saw first target level reached.
I am confident we hit the next target which is a BRN which is not too far away.
Not to worry if that happens or not. I focus on my task for trading, i.e. to protect the downside of all my trades,and let the market decide the upside.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #71,170
- Sep 8, 2016 12:26am Sep 8, 2016 12:26am
- Joined Nov 2008 | Status: Trader | 50,185 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #71,171
- Sep 8, 2016 12:32am Sep 8, 2016 12:32am
- Joined Nov 2008 | Status: Trader | 50,185 Posts
GBPJPY Daily {image} {image}
Yesterday the market stalled at BRN136.00 and I did something naughty. Instead of sell with my usual standard lot, I open many small mini-lot trades. Let's see if market will drop to the next BRN 135.00 and I can boast I make 1,000 pips in a 100pips move from 136 to 135.
I could have traded micro lots and then make 10,000pips...
lots of pips but the money is the same as my standard lot trades.What is the edge in trading small lots? NONE! Just some fun to make lots of pips what rookie trader enjoys.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #71,174
- Sep 8, 2016 3:50am Sep 8, 2016 3:50am
- Joined Nov 2008 | Status: Trader | 50,185 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #71,175
- Sep 8, 2016 3:52am Sep 8, 2016 3:52am
{quote} That's a D1 trade setup...
Haha Emm,
I'm sure ive been sucked into trading rooms and programs over the years with that type of pip counting.
I'm still on a bit of a high finding this system here, Its been about a week since starting to trade this system, my 4hr account is up 3.6% and my open trades on the 4hr Acc are currently up about 12% (714 pips) and the Daily account open trades are up around 7% (919 pips) (could be more or less by the time I close them) I have also found that the trades haven't gone to full initial stop loss as ive been able to adjust it and or get out early if TDI or candle changes direction/colour. Now to figure if I should close all and run for the week or let them play out.
Thanks again for all your helpfull posts etc
- #71,180
- Sep 8, 2016 11:50am Sep 8, 2016 11:50am
- Joined Nov 2013 | Status: Trader | 2,780 Posts
{quote} That's a D1 trade setup...
kerching!
It's in fear when people show what they truly value.