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  • #78,281
  • Mar 30, 2017 11:08am Mar 30, 2017 11:08am
Hi Guys,

Shorted the GPB/USD and was stopped out.
Want to learn my mistakes.
I have attached the chart.
Any experts here are welcome to comment

Entered on 2nd daily candle. Stoploss was set to previous high. Both have been marked out with a purple line.
ADR was 1032 with the Today showing 1000 hence I was thinking there might be some pips to go.
Traded using demo account 0.01 lot.
Had marked out all my resistance and support lines and only explanation I could think of was maybe I was not following the Primary Trend which was going up.
Anybody can shed some light into this
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 51 KB
  • #78,282
  • Mar 30, 2017 11:18am Mar 30, 2017 11:18am
Hi i lucky closed this out for some pips, before the retrace I guess thats trading. Theres no holygrail. The more you add and analyze the more often you lose.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_1.jpg Size: 155 KB





Edit:

Why your stop was so tight?
Newbies be warned of emmanuel7788. Hes not true.
  • #78,283
  • Mar 30, 2017 11:39am Mar 30, 2017 11:39am
Quoting Malony
Hi i lucky closed this out for some pips, before the retrace I guess thats trading. Theres no holygrail. The more you add and analyze the more often you lose.{image} Edit: Why your stop was so tight?
Hi Malony,

I agree, cant win them all. I think perhaps I entered too late.The momentum had died by then
I placed my stop at the last high which was the beginning of the red bar.
It was about 90 pips I think
Is that too tight? It was my first time trying the daily charts
  • #78,284
  • Mar 30, 2017 12:25pm Mar 30, 2017 12:25pm
Quoting wildcard
Hi Guys, Shorted the GPB/USD and was stopped out. Want to learn my mistakes. I have attached the chart. Any experts here are welcome to comment Entered on 2nd daily candle. Stoploss was set to previous high. Both have been marked out with a purple line. ADR was 1032 with the Today showing 1000 hence I was thinking there might be some pips to go. Traded using demo account 0.01 lot. Had marked out all my resistance and support lines and only explanation I could think of was maybe I was not following the Primary Trend which was going up. Anybody can...
look at your entry candle? Is it a "googd" candle with momentum? Seems to be something like pinbar which look up and not down imo

and of course like Malony said, you can't win them all
  • #78,285
  • Mar 30, 2017 12:40pm Mar 30, 2017 12:40pm
Hi,

Please can somebody tell me the MA settings on the TDI?

Many thanks,cj
  • #78,286
  • Mar 30, 2017 2:26pm Mar 30, 2017 2:26pm
Quoting wildcard
{quote} Hi Malony, I agree, cant win them all. I think perhaps I entered too late.The momentum had died by then I placed my stop at the last high which was the beginning of the red bar. It was about 90 pips I think Is that too tight? It was my first time trying the daily charts
Im not an Expert in TMS so dont take my words for gold, but the last high on this swing was the high above the blue candle. Thats where a Stop should be placed. Your stop was on the entry candle as far as i can see. You could be still in this trade...
Newbies be warned of emmanuel7788. Hes not true.
  • #78,287
  • Mar 30, 2017 3:14pm Mar 30, 2017 3:14pm
D1 candle closes in 45 minutes
TDI cross, 2nd HA candle and crossing 5EMA (shift 3)

TP 85 pips, SL 85 pips

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYD1.png Size: 62 KB
  • #78,288
  • Edited Mar 31, 2017 8:11am Mar 30, 2017 3:49pm | Edited Mar 31, 2017 8:11am
wildcard,

On the surface it would appear your entry would be good according to the rules.
Entry on the second bar of the color change,
TDI cross and showing good momo.

Deichkind pointed out it was a pin bar which in a down trend is ok until its high is taken out with a close
and it becomes a reversal.
Also the pin bar has been rejected by the 50 ma (dotted line) as well as the 1.2400 line.
The solid white and dotted line ma are quite close leaving no area to make pips. If those two ma lines are
far enough apart there might be opportunity for a contra trend trade.

https://www.forexfactory.com/attachm...1&d=1490929511https://www.forexfactory.com/attachm...1&d=1490927764

Nivian

Twelve bars back on enclosed chart, the beginning of the grayed area is a wide range bar.(WRB). Puritans
to this method would say there is no place for indicators here. Emmanuel agrees stating the wrb came
to being long after ellfranz passed.
One characteristic of a wbr is they often are a forewarning of consolidation and that is something ellfranz
had a great deal to say about.....don't trade within them. As closely as I can read your chart against mine,
Your intended entry is still under the influence of the consolidation area as mine is. The next bar is the signal bar but, a pin bar that has been rejected by the 1.2500 line and the 50 ma. I'd sit this one out.




Nivian, Do what you like about accepting or rejecting the WRB, but there isn't one guy in ten that would see
that consolidation area without it.
Regards
Frank
Attached Images
  • #78,289
  • Mar 30, 2017 6:15pm Mar 30, 2017 6:15pm
Quoting cjscalper
Hi, Please can somebody tell me the MA settings on the TDI? Many thanks,cj
TDI RealTime (RT) and TDI Red Green
Attached Image


Synergy Pro TDI
Attached Image
Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #78,290
  • Mar 30, 2017 6:54pm Mar 30, 2017 6:54pm
Quoting TheRock
D1 candle closes in 45 minutes TDI cross, 2nd HA candle and crossing 5EMA (shift 3) TP 85 pips, SL 85 pips {image}
Nice one... UJ daily
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 37 KB
Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #78,291
  • Mar 31, 2017 2:29am Mar 31, 2017 2:29am
Quoting wildcard
Hi Guys, Shorted the GPB/USD and was stopped out. Want to learn my mistakes. I have attached the chart. Any experts here are welcome to comment Entered on 2nd daily candle. Stoploss was set to previous high. Both have been marked out with a purple line. ADR was 1032 with the Today showing 1000 hence I was thinking there might be some pips to go. Traded using demo account 0.01 lot. Had marked out all my resistance and support lines and only explanation I could think of was maybe I was not following the Primary Trend which was going up. Anybody can...
hi
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 61 KB
  • #78,292
  • Mar 31, 2017 5:59am Mar 31, 2017 5:59am
Quoting Malony
Hi i lucky closed this out for some pips, before the retrace I guess thats trading. Theres no holygrail. The more you add and analyze the more often you lose.{image} Edit: Why your stop was so tight?
I Agree with Malony and, just for discussion - I am going to suggest that you needed to pay attention to known high profile news events.

Timeline:
Late afternoon Europe: Brexit gets signed
Next morning AM Asia: Tokyo is Open and GBP drops like a rock
Next morning AM Europe: London Opens and Bank of England jumps in to support their currency and GBP bounces back up

Significant <known> news event ---> warrants caution ---> stay out of GBP ---> PA mirrors the high profile news and who is awake/business hours...
  • #78,293
  • Mar 31, 2017 6:04am Mar 31, 2017 6:04am
Quoting wildcard
Hi Guys, Shorted the GPB/USD and was stopped out. Want to learn my mistakes. I have attached the chart. Any experts here are welcome to comment Entered on 2nd daily candle. Stoploss was set to previous high. Both have been marked out with a purple line. ADR was 1032 with the Today showing 1000 hence I was thinking there might be some pips to go. Traded using demo account 0.01 lot. Had marked out all my resistance and support lines and only explanation I could think of was maybe I was not following the Primary Trend which was going up. Anybody can...
Hello again everyone, have been away for a while, apologies, but good to see this thread continuing to flurrish.

wildcard ... a few good points made already about your GU short but I would add two points more...

1. Your stop was too tight. As I'm sure you are aware, trading Dailies and longer time frames means large stop distances which is often why so many trade shorter time frames for money management reasons. Yes, you have placed the stop at the prev bar high but it is the 'body high' and not the actual price high (just under 1.26). As a rule, when I trade dailies my stops are at least the (ADR + 15 pips) or the actual (price H + 15 pips) of the previous bar.

2. Nothing wrong with the entry although the signal comes after a very strong rally so that's always a reason to be cautious, shorting against the recent trend, (note the last GU rally in Jan and how the pull back was short-lived). Also when the bar (your entry bar that is) closed, it closed just below its open, leaving a long tail, which implies a loss in momentum, this again is a flag to be cautious and frankly to have potentially closed the trade.

Yes this all sounds like perfect hindsight trading but the reasoning is pure. I wouldn't prevent you from taking these entries in the future but think of them as a scalp trade rather than position trade or swing trade.

Another approach is to 'position build' this type of signal i.e. start with a 1/4 or 1/2 postion and add to the position as the direction is confirmed (swing trade), if it doesn't and the recent trend continues your loss is minimised.

It's all about protection of capital, that's how you live to fight another trade.
All for one and one for all
  • #78,294
  • Mar 31, 2017 6:09am Mar 31, 2017 6:09am
I see cable still bearish. Entered again for a longer position. But it wasnt a TMS entry. Guess will go down to ~ 1.2270 in the next weeks.
Newbies be warned of emmanuel7788. Hes not true.
  • #78,295
  • Mar 31, 2017 6:21am Mar 31, 2017 6:21am
Damn. Yesterday i was too shy to let e/u run. However, little profit better than a loose.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.jpg Size: 127 KB
Newbies be warned of emmanuel7788. Hes not true.
  • #78,296
  • Mar 31, 2017 6:48am Mar 31, 2017 6:48am
Quoting Malony
Damn. Yesterday i was too shy to let e/u run. However, little profit better than a loose.{image}

There is Fear and Greed....nothing in between them.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #78,297
  • Mar 31, 2017 6:49am Mar 31, 2017 6:49am
Quoting Malony
I see cable still bearish. Entered again for a longer position. But it wasnt a TMS entry. Guess will go down to ~ 1.2270 in the next weeks.

Trade what you see and not what you guess or think....
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #78,298
  • Mar 31, 2017 6:51am Mar 31, 2017 6:51am
Quoting cvgreen46
{quote} Hello again everyone, have been away for a while, apologies, but good to see this thread continuing to flurrish. wildcard ... a few good points made already about your GU short but I would add two points more... 1. Your stop was too tight. As I'm sure you are aware, trading Dailies and longer time frames means large stop distances which is often why so many trade shorter time frames for money management reasons. Yes, you have placed the stop at the prev bar high but it is the 'body high' and not the actual price high (just under 1.26). As...

good post comments.

this is the differentiation between the experienced from the newbies and rookie traders.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #78,299
  • Mar 31, 2017 6:54am Mar 31, 2017 6:54am
Quoting bistolis
{quote} hi {image}

Oanda has a different day open time from many other brokers who uses the NY open as day open.
Nevertheless, Price Action is Price Action.. and the market wont reverse that easily with one or two candles.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #78,300
  • Mar 31, 2017 7:00am Mar 31, 2017 7:00am
Quoting Frank0
wildcard, On the surface it would appear your entry would be good according to the rules. Entry on the second bar of the color change, TDI cross and showing good momo. Deichkind pointed out it was a pin bar which in a down trend is ok until its high is taken out with a close and it becomes a reversal. Also the pin bar has been rejected by the 50 ma (dotted line) as well as the 1.2400 line. The solid white and dotted line ma are quite close leaving no area to make pips. If those two ma lines are far enough apart there might be opportunity for a contra...

Big E wrote about big candles and small candles price action.
Those who stopped learning at the time he stopped posting in Oct 2010 are far lagging behind those continued learning and advancing their price action trading knowledge.
This is the hard truth why 90 to 95% of traders here will remain in that losing group.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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