Thank you to all the members for your advice thus far- I am truly honored!
Below a trade I am in.. Anyone else in this?
Below a trade I am in.. Anyone else in this?
Attached Image (click to enlarge)
1
- #74,705
- Jan 13, 2017 1:14pm Jan 13, 2017 1:14pm
- Joined Nov 2013 | Status: Trader | 2,780 Posts
hello I have started streaming and trading for a few days nowIf anyone is interested to watch, listen to music and occasional chat, you are welcome. twitch.tv/bistolis the usual hours of the stream are after 19:00 GMT +1
It's in fear when people show what they truly value.
- #74,706
- Jan 13, 2017 2:06pm Jan 13, 2017 2:06pm
{quote} Nik, 1. Short term and Long term both look like a down trend 2. Candles on previous reversal also dont look big I only bought because it was at a huge support level- Ok guys I guess i have some learning to do, back to the drawing board for me. Roni
Thanks for the answers.
1- You are correct, we are in a downtrend
2- The last bullish reversal had small green candles, and the last bearish reversal had much bigger red candles.
3. You are correct about the support level, good eye
.From just the three points above we can see there are two points against taking the trade, and one point that is a "maybe" for taking a trade. While it is great that you identified the support level, once you read up a little more about S/R you will learn that the more times a S/R is tested, the "weaker" it becomes. Your level has been test 7/8/9 times depending on how you draw it.
I have marked up a chart to show you what you had already identified on your own. Once you piece everything together it is easier to identify where the higher probability trades may occur. As traders, we need to be selective, only engaging the higher probability trades. Very few setups will ever be "perfect", but there are plenty of high probabilty trades around if you have the patience for them to develop. That said, the market will ultimately do whatever it desires, but simple analysis and patience will more often than not produce a profit, and in a nutshell, that is the name of the business we are all in.
Keep reading, learning, and practicing; over time you will have a good shot of making consistent profits.
All the best,
N
- #74,707
- Jan 13, 2017 2:17pm Jan 13, 2017 2:17pm
{quote} Roni, Thanks for the answers. 1- You are correct, we are in a downtrend 2- The last bullish reversal had small green candles, and the last bearish reversal had much bigger red candles. 3. You are correct about the support level, good eye
Thankyou so much for your analysis of my chart- it makes perfect sense.
I would like this opportunity to thank other veterans in this forum too- great place to learn for someone like me.
Many thanks Gents- have a lovely weekend all!
Roni
- #74,710
- Jan 13, 2017 4:02pm Jan 13, 2017 4:02pm
- Joined Nov 2013 | Status: Trader | 2,780 Posts
First week using this system just when I can and think I see a trade. No losing trades but maybe beginners luck. {image}
... yes you need a lot more practice and experience .. good luck and well done..what is beginners luck ? does it really exists? or is the new comer so fresh that he does not deviate from his plan that he does well but the more he uses something the more he tampers thus comes the fall ...
It's in fear when people show what they truly value.
- #74,711
- Edited 1:56am Jan 14, 2017 1:44am | Edited 1:56am
- Joined Nov 2015 | Status: Member's sanity currently on AWOL | 8,930 Posts
First week using this system just when I can and think I see a trade. No losing trades but maybe beginners luck. {image}
a Little test and also will help to study entry / exit.
Clean USDJPY of all indicator's keep only 4 = TDI, Heiken Ashi, Stoch. 5EMA interfere with the candle wicks and smaller candles - set to the smallest line thickness.
Use the chart that was posted and with the posted indicator plot all trade's old and new. Metatrader - Account History the date range can be set.
Apply TDI rules.
Now do you have beginners luck?
- #74,712
- Edited 2:55am Jan 14, 2017 1:53am | Edited 2:55am
- Joined Nov 2015 | Status: Member's sanity currently on AWOL | 8,930 Posts
{quote} Nik, Thankyou so much for your analysis of my chart- it makes perfect sense. I would like this opportunity to thank other veterans in this forum too- great place to learn for someone like me. Many thanks Gents- have a lovely weekend all!
Do your own analysing by using the step's in #Post74.711
To practises TMS anytime use the following:
Expert:
Indicator - Expert use this indicator to function
Edit: Important Expert will place orders on a live account
- #74,715
- Jan 14, 2017 5:19am Jan 14, 2017 5:19am
- Joined Nov 2008 | Status: Trader | 50,194 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #74,716
- Jan 14, 2017 5:19am Jan 14, 2017 5:19am
- | Joined Oct 2016 | Status: Member of the TMS Community | 161 Posts
HI all,
I have not posted for some days lately. So here is a little update.
A bunch of posts back I reported I had suffered my first loss using TMS. In this message I clearly stated that this loss was NOT caused by TMS but solely by myself.
The problem I faced was the fact that indeed TMS is a wonderful system but I lack proper money management. As a result some of you were so nice to sent me some documents and give some more tips.
What I decided to do is to switch back to my demo accounts for the first three months of this year. I have taken out my money from my live account and it is in a safe place for future trading.
I will continue to use TMS for it is really great but my focus on the comming three months will be on money management while trading. This is the last missing part of becomming consistantly profitable. Once I am profitable for three months after eachother I will switch back to live. I may posts updates from time to time but please note they will be all based on demo accounts for now.
TMS, but also this community is priceless. There are so many people over here willing to help eachother, everyone holding their specific knowledge and experience. For that I can be only very thankfull.
Wishing you all a great weekend
Jan
I have not posted for some days lately. So here is a little update.
A bunch of posts back I reported I had suffered my first loss using TMS. In this message I clearly stated that this loss was NOT caused by TMS but solely by myself.
The problem I faced was the fact that indeed TMS is a wonderful system but I lack proper money management. As a result some of you were so nice to sent me some documents and give some more tips.
What I decided to do is to switch back to my demo accounts for the first three months of this year. I have taken out my money from my live account and it is in a safe place for future trading.
I will continue to use TMS for it is really great but my focus on the comming three months will be on money management while trading. This is the last missing part of becomming consistantly profitable. Once I am profitable for three months after eachother I will switch back to live. I may posts updates from time to time but please note they will be all based on demo accounts for now.
TMS, but also this community is priceless. There are so many people over here willing to help eachother, everyone holding their specific knowledge and experience. For that I can be only very thankfull.
Wishing you all a great weekend
Jan
First comes knowledge about yourself, then comes a system...
- #74,717
- Jan 14, 2017 5:23am Jan 14, 2017 5:23am
- Joined Nov 2008 | Status: Trader | 50,194 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #74,718
- Jan 14, 2017 5:25am Jan 14, 2017 5:25am
- Joined Nov 2008 | Status: Trader | 50,194 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #74,719
- Jan 14, 2017 5:34am Jan 14, 2017 5:34am
- Joined Nov 2008 | Status: Trader | 50,194 Posts
HI all, I have not posted for some days lately. So here is a little update. A bunch of posts back I reported I had suffered my first loss using TMS. In this message I clearly stated that this loss was NOT caused by TMS but solely by myself. The problem I faced was the fact that indeed TMS is a wonderful system but I lack proper money management. As a result some of you were so nice to sent me some documents and give some more tips. What I decided to do is to switch back to my demo accounts for the first three months of this year. I have taken out...
As traders, we all need to find our own winning edge.
Look for this book at Amazon.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #74,720
- Jan 14, 2017 5:43am Jan 14, 2017 5:43am
- Joined Nov 2008 | Status: Trader | 50,194 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett