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Trading Made Simple

  • #79,861
  • May 22, 2017 8:48pm May 22, 2017 8:48pm
Quoting emmanuel7788
May 23: we are seeing stronger AUD, NZD and CAD. Buy AUDUSD and NZDUSD Sell USDCAD
I am more prefer to long AU, not NU, if checking nearby resistance. NU seems just 50 pips away from last MN H, which is 0.7052. AU seems to have more room. However, if checking AN, NU is stronger than AU. So a little hesitant.
Trade your belief, trade like Emmanuel
  • #79,862
  • May 23, 2017 12:43am May 23, 2017 12:43am
EURNZD sell entry on the daily, looks solid. May have entered a tad early as PA has nto clsoed below the EMA yet but we shall see
Attached Image (click to enlarge)
Click to Enlarge Name: EURNZD sell entry Daily.PNG Size: 63 KB
  • #79,863
  • May 23, 2017 12:53am May 23, 2017 12:53am
I know this thread is for TMS but sometimes you cannot ignore fundementals. The dollar is fundementely very weak at the moment and EUR is strong. I think we can be a little more tolerant about high TDI levels on longs with EUR pairs and more tolerant with low TDI levels on USD shorts.
  • #79,864
  • May 23, 2017 1:30am May 23, 2017 1:30am
Quoting emmanuel7788
{quote} Traded with smaller lots instead of one large lot. This way I can also show the hundreds of pips when it hit target but the money will be the same .
Hi Emm,

Could you expand on this part for me please?

Thanks in advance
  • #79,865
  • May 23, 2017 2:54am May 23, 2017 2:54am
Quoting Seshwaan
I know this thread is for TMS but sometimes you cannot ignore fundementals. The dollar is fundementely very weak at the moment and EUR is strong. I think we can be a little more tolerant about high TDI levels on longs with EUR pairs and more tolerant with low TDI levels on USD shorts.
As traders, we should started in the beginning with fundamental analysis of the market, then we need to shift to technical analysis with TMS trading tools. But we all now need to shift to mental analysis.

Read Chapter 1 of Mark Douglas book title Trading in the Zone.

Attached Image (click to enlarge)
Click to Enlarge Name: Trading in the Zone by Mark Douglas.png Size: 228 KB


old post:
https://www.forexfactory.com/showthr...38#post7242738
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #79,866
  • May 23, 2017 3:05am May 23, 2017 3:05am
Quoting emmanuel7788
{quote} As traders, we should started in the beginning with fundamental analysis of the market, then we need to shift to technical analysis with TMS trading tools. But we all now need to shift to mental analysis. Read Chapter 1 of Mark Douglas book title Trading in the Zone. {image} old post: https://www.forexfactory.com/showthr...38#post7242738
Emm, I feel like I thank you too much but again thanks for the great advice.

I have been meaning to start reading this and today is the day.

Wish you all the best, you deserve it for the work you put into this thread.
  • #79,867
  • May 23, 2017 3:05am May 23, 2017 3:05am
Quoting muyir
{quote} I am more prefer to long AU, not NU, if checking nearby resistance. NU seems just 50 pips away from last MN H, which is 0.7052. AU seems to have more room. However, if checking AN, NU is stronger than AU. So a little hesitant.
Both AUDUSD and NZDUSD are in the same currency pair group and I am not supposed to trade both pairs at the same time. But today I broke my own rule and took the AU trade when market open today.
The exception is I have my NU trades protected with some profits and I now target last month's high RN 0.7050 for my final exit. May not get there today but must watch what happens later when London session closing.

Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD Week 21 trades update2 May 23.png Size: 43 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #79,868
  • May 23, 2017 6:27am May 23, 2017 6:27am
Think I have found the sweetspot with SL's, I have been using a 50 pip SL on my most recent trades and regularly see them go +20 pips, retrace 40+ and then continue in my direction. Some may say this is too big but I have often seen myself get stopped out with a 35 pip SL and then lose out on winning trades because of it.

Below is an example of this morning trades. EURAUD retraced 45+ pips and almost hit my 50 pip SL
Attached Image (click to enlarge)
Click to Enlarge Name: PL mid lunchtime.PNG Size: 5 KB
  • #79,869
  • May 23, 2017 7:10am May 23, 2017 7:10am
Quoting emmanuel7788
{quote} Both AUDUSD and NZDUSD are in the same currency pair group and I am not supposed to trade both pairs at the same time. But today I broke my own rule and took the AU trade when market open today. The exception is I have my NU trades protected with some profits and I now target last month's high RN 0.7050 for my final exit. May not get there today but must watch what happens later when London session closing. {image}
Hi Emmanuel,

Is it a good idea for newbie exit base on APB & PAC as stated in EASY Method without looking at SNR ??
  • #79,870
  • May 23, 2017 8:37am May 23, 2017 8:37am
Quoting emmanuel7788
{quote}Look at my AUDUSD D1 chart example below. {image}
Emmanuel,
Just to make sure I understand how you use the MC, do you agree that, on Dec 30 of your graph I believe, the price was above the MC and therefore it was an acceptable buy signal at some point in the day?

Thanks
D
  • #79,871
  • May 23, 2017 11:08am May 23, 2017 11:08am
Quoting Seshwaan
Think I have found the sweetspot with SL's, I have been using a 50 pip SL on my most recent trades and regularly see them go +20 pips, retrace 40+ and then continue in my direction. Some may say this is too big but I have often seen myself get stopped out with a 35 pip SL and then lose out on winning trades because of it. Below is an example of this morning trades. EURAUD retraced 45+ pips and almost hit my 50 pip SL {image}

So frustrated with myself....... Ridicule me all you want, I deserve it and in all honesty will probably help me learn my lesson.


Got back from work and saw i went from +600 and +253 to +100 on each pair.. this spooked me so I closed and then did the most stupid thing of all. Entered long on EURAUD to try and catch it on the way back up and then got spooked when they went -300 and -110 ( Yes i entered twice out of nothing but pure greed) and closed them both after like 20 minutes.

Basically just lost not only profits from this morning sell entrys but also the potential for those to keep running.....

WHY DID I DO THAT?!?!?!?!
  • #79,872
  • May 23, 2017 11:25am May 23, 2017 11:25am
Quoting Seshwaan
Think I have found the sweetspot with SL's, I have been using a 50 pip SL on my most recent trades and regularly see them go +20 pips, retrace 40+ and then continue in my direction. Some may say this is too big but I have often seen myself get stopped out with a 35 pip SL and then lose out on winning trades because of it. Below is an example of this morning trades. EURAUD retraced 45+ pips and almost hit my 50 pip SL {image}
"50 pip" is relative, better look at % of ADR
example, EURAUD move around 120 pip/day, AUDCAD around 70, GBPNZD around 170.(in average last 100 days) if you use the same 50 pip across different pairs it may result in different results, on lower ADR the TP could not reach, and the bigger ADR pairs could get stopped way too frequently.
It may work on EA/EN (50pip, around 40% of ADR(100)), but you may have to tweek this 'distance' across the pairs deppending of your approach
  • #79,873
  • May 23, 2017 11:29am May 23, 2017 11:29am
Quoting mokuro89
{quote} "50 pip" is relative, better look at % of ADR example, EURAUD move around 120 pip/day, AUDCAD around 70, GBPNZD around 170.(in average last 100 days) if you use the same 50 pip across different pairs it may result in different results, on lower ADR the TP could not reach, and the bigger ADR pairs could get stopped way too frequently. It may work on EA/EN (50pip, around 40% of ADR(100)), but you may have to tweek this 'distance' across the pairs deppending of your approach

Thanks for the advice, i will start playing round with stops at a % of ADR!
  • #79,874
  • May 23, 2017 11:55am May 23, 2017 11:55am
Quoting Seshwaan
{quote} So frustrated with myself....... Ridicule me all you want, I deserve it and in all honesty will probably help me learn my lesson. Got back from work and saw i went from +600 and +253 to +100 on each pair.. this spooked me so I closed and then did the most stupid thing of all. Entered long on EURAUD to try and catch it on the way back up and then got spooked when they went -300 and -110 ( Yes i entered twice out of nothing but pure greed) and closed them both after like 20 minutes. Basically just lost not only profits from this morning sell...
I don't know why you did that, but when your up 500 pips bank and come for another day.
It's in fear when people show what they truly value.
  • #79,875
  • May 23, 2017 12:01pm May 23, 2017 12:01pm
Quoting ensale
{quote} I don't know why you did that, but when your up 500 pips bank and come for another day.
I guess it was just pure greed, probs should have mentioned 500 is pipettes so 50 pips.

EDIT- wow i just re read that and realized it may have come across a little patronizing, obviously you know what that 500 pips means... my bad. It wasn't meant that way
  • #79,876
  • Edited 12:30pm May 23, 2017 12:18pm | Edited 12:30pm
Quoting Seshwaan
{quote} I guess it was just pure greed, probs should have mentioned 500 is pipettes so 50 pips. EDIT- wow i just re read that and realized it may have come across a little patronizing, obviously you know what that 500 pips means... my bad. It wasn't meant that way
Don't worry I thought maybe you did 10 trade's and was up that 500 pips,,, some traders do this when they catch right.. it's good to clarify .

thank you
It's in fear when people show what they truly value.
  • #79,877
  • May 23, 2017 12:22pm May 23, 2017 12:22pm
Hello everyone,

Could someone tell me for the 5 method strategy what the settings /values need to be for;

1) 5 EMA
2) Is the market baseline orange
3) Is the volatility line blue

Thank you
  • #79,878
  • May 23, 2017 12:25pm May 23, 2017 12:25pm
Quoting Seshwaan
{quote} WHY DID I DO THAT?!?!?!?!
You are not alone, AUD has been very brutal since last Thursday.
The bright side is that you learnt something about yourself and that you'll live to trade another day, hopefully with this experience in mind.
Just FYI, EURAUD had an MC since Thursday, I would thread carefully

Best,
D
  • #79,879
  • May 23, 2017 4:52pm May 23, 2017 4:52pm
Can someone post from where to download ADR indicator , and post where i can learn more about how to use it . It will be highly appreciate .Thanks happy trading .
You attract what you think in any area of life, relationships and trading!
  • #79,880
  • May 23, 2017 5:35pm May 23, 2017 5:35pm
Quoting Eushev24
Can someone post from where to download ADR indicator , and post where i can learn more about how to use it . It will be highly appreciate .Thanks happy trading .
The approach should be -
why do you want the ADR for in your trading?
then find or build an ADR indicator as your trading tool.

There are so many ADR indicators out there and not a single one comes with explanation what and how to use them.

ADR= Average Daily Range, how many days do you want to use to define your ADR for trading?
some traders use 7 days, some use 10 days, some use 30 days, some use 64 days, and so on.....
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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