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if i want to convert my tms H4 to Daily trade, what should i look for? a red HA crossing ema on daily? {image}
audusd shot target 7596........................... {image}
- #72,951
- Nov 1, 2016 7:10pm Nov 1, 2016 7:10pm
- Joined Nov 2008 | Status: Trader | 50,196 Posts
if i want to convert my tms H4 to Daily trade, what should i look for? a red HA crossing ema on daily? {image}
First you should know the market condition in which you are trading when you plan your trade.
Did that trade has the potential to be converted to a higher timeframe trade?
Know the trend of every timeframe, which timeframe is your short term trend? which timeframe is your long term trend? (Post#647).
Your trade is in H4, are you trading in the direction of the higher timeframe?
Only when your trade is in the same direction as the next higher timeframe, then you can consider to convert your trade to the higher timeframe and manage in the higher timeframe.
When you want to convert your H4 trade to D1 trade and manage in D1 timeframe, your trade(s) must be in profits protected, either at breakeven BE or taken some profots and protect at BE. The basic setup conditions in D1 must be fulfilled - the 5-Method setup candle, the initial stop loss SL, there is potential target level for take profits TPs, etc.
What is most important is there must be a trade plan done and in your trade plan you hav ealready seen the potential to convert the H4 trade to D1 trade. This is what I call "Plan, Build and Run". Read some of my old posts where I mention "Plan, Build and Run".
Plan your trade, and trade your Plan.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #72,952
- Nov 1, 2016 7:20pm Nov 1, 2016 7:20pm
- Joined Nov 2008 | Status: Trader | 50,196 Posts
audusd shot target 7596........................... {image}
good short at RN.
I have the same trade open at that level.I see you have that falling channel drawn nicely (X-man's H4 channel trading) and using that as one of your decision to take that H4 short trade.
Now that we are in the market, it is up to us to manage candle by candle and see what the market will bring us. There will be fear and greed in the market place. Both fear and greed are not bad things so long as we as traders knows when to have either - the fear and the greed.
Warren Buffet once said:
Be Fearful When Others Are Greedy and Greedy When Others Are Fearful
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #72,953
- Nov 1, 2016 7:26pm Nov 1, 2016 7:26pm
- Joined Nov 2008 | Status: Trader | 50,196 Posts
$AUDJPY +30 Pips. I used Stoch and MACD for confirmation. Major support at 80.000 {image}
Good old COWABUNGA (MACD + Stochastic + RSI) system is time tested and still work today.
However, you will have fewer trade opportunities when you use more indicators alignment as trade confirmation. But if that give your more confidence to trade and you can make your own trading simple and make some money with higher win rate, why not?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #72,954
- Nov 1, 2016 7:37pm Nov 1, 2016 7:37pm
- Joined Nov 2008 | Status: Trader | 50,196 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #72,955
- Nov 1, 2016 7:44pm Nov 1, 2016 7:44pm
- Joined Nov 2008 | Status: Trader | 50,196 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #72,956
- Nov 1, 2016 7:56pm Nov 1, 2016 7:56pm
- Joined Nov 2008 | Status: Trader | 50,196 Posts
My AJ trade finally hit its TP. H4, long, MEME. {image}
..and my AC closed, just a few pips until the set TP, but I decided to close it manually, especially because now it is that time when the market tends to pause or retrace. {image}
Good trades! Well done...
I see you have a good grip of how Multiple Entries Multiple Exits ME/ME work when you trade the same 5-Method on higher timeframe charts.
Take your time and do more practice in live market because the market will teach you much more than any forum discussions. It took me 2 years of live market trading to learn and build confidence.
That was many years ago, today I can trade with confidence and grow my trading account slowly with 10% profit target every 20-trading days using very small risk 0.2% for every ME trade.
Are you ready for the next higher level of money management strategy, trade management & exit strategy to make your trading simple and also easier with semi-automation.
regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #72,957
- Nov 1, 2016 8:05pm Nov 1, 2016 8:05pm
- Joined Nov 2008 | Status: Trader | 50,196 Posts
Just thought I'd do a comparison between my chart on entry and exit. It went a bit faster than expected but it eventually broke the resistance. The 68.1% retracement was a real good area because it was around the 0.7650 zone - which to me is a psychological number people like to set their stop losses at for reversal. The more confluence the better in my opinion. AUD interest news helped solidify the AUD immensely. {image} {image}
Good trade and well managed. Well done.
Yes, I agree with the use of CONFLUENCE to see the support and resistance, and use that for trade planning.
There are reasons for CONFLUENCE as I have learned and experience over many years of trading.
We should make use of the power of CONFLUENCE and not limit our views to just one or two ways how we determine support and resistance. - use OHLC, previous swing highs, swing lows, BRN, RN, rectracement levels, etc.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #72,959
- Nov 1, 2016 11:47pm Nov 1, 2016 11:47pm
- Joined Nov 2008 | Status: Trader | 50,196 Posts
AUDUSD H4 Nov 2 GMT0445
This H4 will close in 15 minutes, do you chase after this candle and sell?
where will you place your initial Stop Loss "R" and use that R for for Position Sizing?
what is the potential TP in R-Multiple?
This H4 will close in 15 minutes, do you chase after this candle and sell?
where will you place your initial Stop Loss "R" and use that R for for Position Sizing?
what is the potential TP in R-Multiple?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #72,960
- Nov 2, 2016 12:11am Nov 2, 2016 12:11am
- | Membership Revoked | Joined Mar 2016 | 1,615 Posts
