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Trading Made Simple

  • #79,981
  • May 29, 2017 12:02am May 29, 2017 12:02am
Attachment g
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Take it easy.
  • #79,982
  • May 29, 2017 2:47am May 29, 2017 2:47am
Quoting okoso
{quote} Hi Emmanuel, Thank you for your help. My issue is not wanting to make changes but it is not knowing how to review the plan and make the necessary changes. But possible options are: - close positions right away, no matter what is the longer term outlook. - Leave as it is and wait either SL or TP gets hit. - Close the oldest position and start building if opportunities arise Can you please tell me what would you do if you were in this situation? I promise I will not be making complains if your suggestions wouldn't go as explained. Okoso

I hold my positions with average entry price at 1.5932 ( breakeven level) and SL is 1.5585.

Today is bank holidays in the UK and US, so I do nothing today and wait another day.

Whcih other pairs do you have open trades/baskets?

I have EU and GA running with profits locked, so this there is less pressure with this EN pair.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #79,983
  • May 29, 2017 3:33am May 29, 2017 3:33am
Quoting TheScorpS
{quote} Its doable , I think I will be able to reach this goal of entering and exiting the way phx62 does business, experience does matter a lot, I keep studying his chart to see what I will do to enter and exit the way he does EA enterd a range this week due to forming a Mother Candle on the daily chart, that range was a reason of EA running aggressive between 30-50 pips range a trade , he even stated that for a trade to reach its target an early entry is a must which is what am working on
thank you for your answer.
  • #79,984
  • May 29, 2017 3:41am May 29, 2017 3:41am
Quoting emmanuel7788
{quote} I think you misunderstood my previous post. I did not mean there was a 150pips trade on H1 last week. But if you look at my D1 chart posted above, the market went into consolidation range with that Master Candle confirmed on May 24. What I meant was when the market breaks out of that narrow range there can be opportunity for a 150 pips trade on H1. but we need to check the volatility of this EURAUD pair and the trading hours. This pair tends to move during the Tokyo session and before London open. But after London session closes, it remain...
Hi Emmanuel7788 , thank you for your complete answer and the usefull linked !
  • #79,985
  • May 29, 2017 5:37am May 29, 2017 5:37am
Quoting emmanuel7788
{quote} I hold my positions with average entry price at 1.5932 ( breakeven level) and SL is 1.5585. Today is bank holidays in the UK and US, so I do nothing today and wait another day. Whcih other pairs do you have open trades/baskets? I have EU and GA running with profits locked, so this there is less pressure with this EN pair.
Hi Emmanuel,

Placing the SL below BRN 1.600 makes more sense. I will take this consideration for my future trading.

I did not know today was bank holiday for both UK and US. At least FF calendar does not show that. I am just wondering where you get all this information.

I have one short position each on AUDUSD and AUDCAD.

I think my questions on my EN positions were not related much to my worry on the loss, but they were for purpose of learning. If I lost I will consider it as the tuition fee for learning to trade. Thanks anyway.

Okoso
  • #79,986
  • May 29, 2017 6:49am May 29, 2017 6:49am
Quoting emmanuel7788
{quote} sometimes we need .." a safety valve to release the pressure when opening too many "Monty Hall doors" ..." this I had to do twice today {image}
Hi Emm.
I don t get you in this post..

Is is a partial close to keep the floating dd under an accdeptable scale and let them open a new position?


Stay tuned
Guido
Risiko birgt immer auch die Chance.
  • #79,987
  • May 29, 2017 6:55am May 29, 2017 6:55am
Quoting okoso
{quote} Hi Emmanuel, Placing the SL below BRN 1.600 makes more sense. I will take this consideration for my future trading. I did not know today was bank holiday for both UK and US. At least FF calendar does not show that. I am just wondering where you get all this information. I have one short position each on AUDUSD and AUDCAD. I think my questions on my EN positions were not related much to my worry on the loss, but they were for purpose of learning. If I lost I will consider it as the tuition fee for learning to trade. Thanks anyway. Okoso...

EURNZD Week 22:

I am looking at possible reaction around 1.5750 and 1.5700 region and further down support bounce around 1.5650.
Will decide as I see price action in the next few days.

Attached Image (click to enlarge)
Click to Enlarge Name: EURNZD Week 22 support bounce.png Size: 63 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #79,988
  • May 29, 2017 6:59am May 29, 2017 6:59am
Quoting emmanuel7788
{quote} After I made a door switch, it open to new price discovery with more trades closing in profits. It was my usual bedtime when NY open and all these happen while I slept. This can be a new evolution to trading being made simpler while you sleep. Thank you Mingary for your Monty Hall Problem puzzle. {image}
The door switch ?
Smaller pipsteps on the way to a target?

We work in a small group and I have a question we can t answer in the group yet:

Would you recomment to set a " weekly target" in a instrument .. let´s say Aucad, short.. next weekly support line is at 99228 for me..
Would you recomment to "STOP" there and hunt the trade if you were short like me in this pair at the weekly/monthly lines?

We are getting more and more confidence in our daily( and weekend) analyses.. but " how to milk the cow " on the specific way is one of the rare questiuons we still have.

Options are :
1. Stop on a specific price with MEME( weekly/monthly support, a big round number )
2. hunt it with smaller pipsteps and cut loss after a several number open trades .. as a " risk reached" cut loss

What´s your thoughts about it ?

Thx

Guido
Risiko birgt immer auch die Chance.
  • #79,989
  • May 29, 2017 7:00am May 29, 2017 7:00am
Quoting emmanuel7788
{quote} NZDUSD Week 21 update when Friday closing. D1 did make a higher high before the day close on Friday. In fact it closed a Bullish Engulfing Outside Bar BEOB which is also a breakout of the Thursday Inside Bar D1 . I move my trades protective stops to below Friday's Low and keep my target near the spike high of Mar 21. That is below the BRN 0.7100 and we shall see how the market will trade next week. It will be buy bias for next wee's trading looking at Weekly and Daily. But beware of price pullback due to profit taking as it near to month...
NZDUSD Week 2 trade update May 29:

Surprisingly, toady made a higher high so I can move my protective SL to below today's low and protect about 800 pips profits.
Now can move my TP higher to 0.1750 which will give me 2000 pips when hit.
Exit strategy is to close trades when the HA candle close with change in colour or when the price fails to make higher high in the next few days.

Attached Image (click to enlarge)
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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #79,990
  • May 29, 2017 7:20am May 29, 2017 7:20am
Quoting Sesamstrasse
{quote} Hi Emm. I don t get you in this post.. Is is a partial close to keep the floating dd under an accdeptable scale and let them open a new position? Stay tuned Guido

There are times when the trend goes into correction and the correction goes deeper and we have open positions in drawdown.
I did mention before, we keep our number of positions per basket to a pre-determined number. If we use 5 positions per basket, we do not open the 6th trade when the correction goes deeper. Better to close the oldest trade, take the small loss first and wait and see if the correction will be over and the trend resumes. Always check the average entry price of the basket.
When we trade several pairs in the same account, must always manage the account balance, equity, margin used and the margin level. I did mention before that we should not trade more than 5 pairs at the same time, this also means we should keep maximum 5 pairs in one trading account.
Treat your trading account like one basket of trades with several different pairs traded at the same time. This way we also manage the account not just trades.
You should have several accounts with same broker and preferably with a broker who allows your accounts to share the balance of one master account or you can move funds between different accounts with little hassle.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #79,991
  • May 29, 2017 7:23am May 29, 2017 7:23am
Quoting emmanuel7788
{quote} There are times when the trend goes into correction and the correction goes deeper and we have open positions in drawdown. I did mention before, we keep our number of positions per basket to a pre-determined number. If we use 5 positions per basket, we do not open the 6th trade when the correction goes deeper. Better to close the oldest trade, take the small loss first and wait and see if the correction will be over and the trend resumes. Always check the average entry price of the basket. When we trade several pairs in the...

That helped a lot .. a loud thank you !

Guido
Risiko birgt immer auch die Chance.
  • #79,992
  • May 29, 2017 8:04am May 29, 2017 8:04am
Quoting emmanuel7788
{quote} There are times when the trend goes into correction and the correction goes deeper and we have open positions in drawdown. I did mention before, we keep our number of positions per basket to a pre-determined number. If we use 5 positions per basket, we do not open the 6th trade when the correction goes deeper. Better to close the oldest trade, take the small loss first and wait and see if the correction will be over and the trend resumes. Always check the average entry price of the basket. When we trade several pairs in the same account,...
Amazing.
Would you be ao kind to point me in the direction i can further read the ME/ME money managment method?

Amni right in thinking you now use this aswell as part of the monty hall problem?
  • #79,993
  • May 29, 2017 8:05am May 29, 2017 8:05am
Hello All,

Working my way true all the pages on this topic. Trying to find out if I have the latest indicators and template(s) for MT4. Can any one tell me which post number I should go true to download the proper things and latest updates I need. Thanks in advance.
  • #79,994
  • May 29, 2017 10:51am May 29, 2017 10:51am
Quoting emmanuel7788
{quote} There are times when the trend goes into correction and the correction goes deeper and we have open positions in drawdown. I did mention before, we keep our number of positions per basket to a pre-determined number. If we use 5 positions per basket, we do not open the 6th trade when the correction goes deeper. Better to close the oldest trade, take the small loss first and wait and see if the correction will be over and the trend resumes. Always check the average entry price of the basket. When we trade several pairs in the same account,...
Also want to thanks for the info!

I was using the Same SL for the entire basket (2.5x ATR from first position) in all my backtests and live, by using individual SL, the "safety valve" makes alot more sense, because it would close the most distant ones only giving a better average to get out at BE on bad scenarios on the remaining positions, and even on TP scenarios.
Doing tests this way seems Much better!
  • #79,995
  • May 29, 2017 12:05pm May 29, 2017 12:05pm
Quoting mokuro89
{quote} Also want to thanks for the info! I was using the Same SL for the entire basket (2.5x ATR from first position) in all my backtests and live, by using individual SL, the "safety valve" makes alot more sense, because it would close the most distant ones only giving a better average to get out at BE on bad scenarios on the remaining positions, and even on TP scenarios. Doing tests this way seems Much better!

the 'safety valve' in this post#4 by Mingary should be calibrated to be automatically activated for safety reasons and can also be manually activated by the engineer driving the locomotive.

I think Mingary's use of the Monty Hall problem with the steam locomotive analogy is brilliant when we trade with TMS ME/ME.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #79,996
  • May 29, 2017 12:41pm May 29, 2017 12:41pm
Quoting emmanuel7788
{quote} the 'safety valve' in this post#4 by Mingary should be calibrated to be automatically activated for safety reasons and can also be manually activated by the engineer driving the locomotive. I think Mingary's use of the Monty Hall problem with the steam locomotive analogy is brilliant when we trade with TMS ME/ME.
Would this mean that we must have the 'valve' for safety reasons ex: price went against us more than the allowed distance, so distant positions must be automatic closed.
And by Manual maybe you mean something like "the price didnt went that much against us (enought for automatic safety close), but we can still close a distant door (distant position) and open a new one on new price (probably with volume increase) to get a better average" (even when SL conditions not met)? so the whole basket would bennefit from it
(I assume you must close one door to open a new one to keep the max number of positions open rule)

if so, do you have Criterias for a manual new open position ?

this "Manual" is acctually make much more Sense when thinking on "safety valve", as the safety is pulled manual and "pressure is released"...
  • #79,997
  • May 29, 2017 12:56pm May 29, 2017 12:56pm
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Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #79,998
  • May 29, 2017 3:42pm May 29, 2017 3:42pm
Quoting emmanuel7788
{quote} NZDUSD Week 2 trade update May 29: Surprisingly, toady made a higher high so I can move my protective SL to below today's low and protect about 800 pips profits. Now can move my TP higher to 0.1750 which will give me 2000 pips when hit. Exit strategy is to close trades when the HA candle close with change in colour or when the price fails to make higher high in the next few days. {image}

I just entered short on this on the H4, can see some bearish divergence and the daily tdi is flattening so we shall see.
Attached Image (click to enlarge)
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  • #79,999
  • May 29, 2017 5:18pm May 29, 2017 5:18pm
Hi all,
Where can I find more information about basket trading in relation to TMS? I know Emmanuel uses it but I wouldn't know how to set it up .
Cheers.
  • #80,000
  • May 29, 2017 8:19pm May 29, 2017 8:19pm
Quoting Seshwaan
{quote} Amazing. Would you be ao kind to point me in the direction i can further read the ME/ME money managment method? Amni right in thinking you now use this aswell as part of the monty hall problem?
Quoting jansb000
Hi all, Where can I find more information about basket trading in relation to TMS? I know Emmanuel uses it but I wouldn't know how to set it up . Cheers.

Start by reading these posts:

Money Management
Big E on Money Management
Post#78,902
https://www.forexfactory.com/showthr...49#post9760549

Big E on using multiple entries in the CHS thread
Post#2622 , Post#2629 , Post#2771 and Post#2912

Money Management Strategy for TMS: Post#48,008
Using Multiple-Lot Positions to Improve trading TMS: Post#33,507
Entry and Exits: Post#24,918 Post#18,422 Post#19,617
How to Build a Position: Post#19,588

Multiple Entries / Multiple Exits for Day chart trading: Post#58,726

Multi-Lots Buy/Sell scripts : Post#55,407

It would help if you start reading from 2015 onward and take notes as you read. There is no summary but taking notes will be good way to create your own trading manual and to create your own trading system development.
It is going to be hard work, ... both hard work and commitment on your part. But at the end of it all, it will be all worth it because you will learn and gain the knowledge and experience to become a better trader. This is one way to gain your very own financial freedom.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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