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Trading Made Simple

  • #80,181
  • Jun 12, 2017 5:49am Jun 12, 2017 5:49am
Quoting emmanuel7788
{quote} Hi, I am still bullish with NZD. Friday was some profit taking as price move down briefly which tempted short term sellers to jumped in and sell. With open buy positions held over the weekend, I have my protective SL below last Wednesday low. Since Friday did not make a higher high, I could not move my SL. If Monday makes a higher high, then I can possibly move my SL to below last Thursday low. Not very much, only 15 pips higher. Not to chase after NZDUSD next week, but safer trade next week would be to sell GBPNZD. Trade Well, be safe and...

Hi Emm,
just a question like marked in your chart..

First is a re-enter after candle colour changed and you closed " some or most " positions right ? ..
You just kept some positions open for the long ride until 7200 area.

Second is a building positions during retrace right ?

Stay tuned
Guido
Attached Image
Risiko birgt immer auch die Chance.
  • #80,182
  • Jun 12, 2017 6:53am Jun 12, 2017 6:53am
Gold falling into support area within a good Weekly Buy trend. No sell in Day PAC at present as we are in a Inside Bar Candle today. 50/50 at present so maybe lets wait for a possible weekly Buy trend to re-establish. Personally, I am looking for a H4 PAC Buy to occur maybe over the next day or two before I take the next trade.
Will that is plan A.
Attached Image (click to enlarge)
Click to Enlarge Name: Gold.png Size: 138 KB
Trading thin liquidity at the boundary of the charts
  • #80,183
  • Jun 12, 2017 7:10am Jun 12, 2017 7:10am
What's your point of view, turn off the charts first. Is there anyway the GBP can't weaken and the EUR can't strengthen in light of the UK Elections last weekend.
Surely Prime Minster May is going into the Brexit on a far weaker position than she planned too. Am I wrong with the EURGBP but surely there can't be a better pair to trade Long on this year. So, my question is how many guys & gals here take trades without even looking at a chart and live to talk about it ?.

I will put my hand up to admit I loss a few coin when Trump won last year, strange market.
Trading thin liquidity at the boundary of the charts
  • #80,184
  • Jun 12, 2017 7:47am Jun 12, 2017 7:47am
EURGBP (H1) +50.5pips.

SL = 25pips.
TP = 50pips.





Happy trading,
Yomi
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBPH1.png Size: 38 KB
Time always comes before price
  • #80,185
  • Jun 12, 2017 12:13pm Jun 12, 2017 12:13pm
Quoting Seshwaan
{quote} Further supporting this is the fact this most recent up move pulled back and respected, almost to the pip, the 61.8 Fib level. If you cant really see on this chart let me know and I can redo - Will be interesting to see what will happen at at 1.27750 ish level as there has been two bounces from there today. {image}

Ok i was wrong and ended up BE after my stops all got hit first candle of the day. Had to pull something out the bag so entered short once and then kept an eye on the M5 chart for retracements and entered again 4 more times at various levels. Currently +243

I realize there is no real rhyme or reason for my re entry's other than the retracements but its my first time playing around with multiple entrys and I was at work all day so I couldn't pay as much attention as i'd have liked

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD M5.PNG Size: 52 KB
  • #80,186
  • Jun 12, 2017 12:48pm Jun 12, 2017 12:48pm
Quoting emmanuel7788
{quote} Hi, I am still bullish with NZD. Friday was some profit taking as price move down briefly which tempted short term sellers to jumped in and sell. With open buy positions held over the weekend, I have my protective SL below last Wednesday low. Since Friday did not make a higher high, I could not move my SL. If Monday makes a higher high, then I can possibly move my SL to below last Thursday low. Not very much, only 15 pips higher. Not to chase after NZDUSD next week, but safer trade next week would be to sell GBPNZD. Trade Well, be safe and...
I'm more Bearish with NZDUSD. On the weekly chart it looks very down trend.
  • #80,187
  • Jun 12, 2017 6:44pm Jun 12, 2017 6:44pm
Quoting nigpig
{quote} I'm more Bearish with NZDUSD. On the weekly chart it looks very down trend.

well, 0.7200 is huge psychological level.
We shall see how the market will react to FOMC this week.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #80,188
  • Jun 12, 2017 6:51pm Jun 12, 2017 6:51pm
Quoting emmanuel7788
EURGBP Week 24 I know some traders sold EG at those levels 0.8500and 0.8525. Some build their sell positions as the market trended upwards. If they survived last Friday spike up, where did they place their final stop loss to save their trading account? That spike made a new high for 2017. Look at Weekly, TMS traders were buying above the PAC for 3 weeks. {image} Look at D1 below, was there any sell setup according to TMS and the add-on use of the PAC? {image} No selling until we see a strong reversal. Until then, it is buy only but with caution...

EURGBP Week 24 June 13 update:

EG did make a new high for this year. One seller still adding to his sell positions? Where to place his final stop loss before his account get margin call? Maybe the seller will top up their small account to prevent margin call and keep their trades continue float in losses. That's is gambling or some call EGO trading when trading without Stop Loss.

Now it become interesting when it will turn around. I am watching the price action between every price levels 00 and 50.
I see few possible targets above.

Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP Week 24 June 13 update.png Size: 82 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #80,189
  • Jun 12, 2017 6:57pm Jun 12, 2017 6:57pm
Quoting Sesamstrasse
{quote} Hi Emm, just a question like marked in your chart.. First is a re-enter after candle colour changed and you closed " some or most " positions right ? .. You just kept some positions open for the long ride until 7200 area. Second is a building positions during retrace right ? Stay tuned Guido {image}

Hi,

1) when D1 candle change colour, check the TIMING. If it is Friday , then see if the weekly 'trend' is still intact. If it is possible to convert to Weekly trade and with profits protected, do so but do not give back more than 50% of what the market gave you.

2) when adding position with bank-in profits, you can do so without considering if there is new D1 setups. Simply add when TDI cross up in M15 or even possible M5, but use the profits from earlier trades or no risk add-on positions.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #80,190
  • Jun 12, 2017 7:05pm Jun 12, 2017 7:05pm
Quoting emmanuel7788
{quote} EURGBP Week 24 June 13 update: EG did make a new high for this year. One seller still adding to his sell positions? Where to place his final stop loss before his account get margin call? Maybe the seller will top up their small account to prevent margin call and keep their trades continue float in losses. That's is gambling or some call EGO trading when trading without Stop Loss. Now it become interesting when it will turn around. I am watching the price action between every price levels 00 and 50. I see few possible targets above. {image}...

; )- he might post after few days or weeks between 500 - 2000 pips total from an overzealous pip counter on at least 20 trade entries between... 0.01 - 0.05 lots ... hehehe.

Is it just me that noticed that the most commonly use pip counter indicator by posters here at FF iis somehow flawed?
Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #80,191
  • Jun 12, 2017 7:30pm Jun 12, 2017 7:30pm
Quoting v2vboni
{quote} ; )- he might post after few days or weeks between 500 - 2000 pips total from an overzealous pip counter on at least 20 trade entries between... 0.01 - 0.05 lots ... hehehe. Is it just me that noticed that the most commonly use pip counter indicator by posters here at FF iis somehow flawed?
many indicators posted have flaws in them yet some rookie trader claim he found his golden goose. LOL.

that same rookie trader started trading as newbie in 2012 and in short 5 years since then he traded 3 different 'systems' and all three of his 'systems' have the same flaw.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #80,192
  • Jun 12, 2017 7:34pm Jun 12, 2017 7:34pm
Quoting RickM
What's your point of view, turn off the charts first. Is there anyway the GBP can't weaken and the EUR can't strengthen in light of the UK Elections last weekend. Surely Prime Minster May is going into the Brexit on a far weaker position than she planned too. Am I wrong with the EURGBP but surely there can't be a better pair to trade Long on this year. So, my question is how many guys & gals here take trades without even looking at a chart and live to talk about it ?. I will put my hand up to admit I loss a few coin when Trump won last year, strange...

I never trade retail spot forex without looking at my charts. I am a technical trader when it comes to trading retail spot forex.

For the rest of 90% of my trading capital, I rather keep that in a bank. Let the bank do the trading, that is their business.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #80,193
  • Jun 12, 2017 8:53pm Jun 12, 2017 8:53pm
EURGBP price Action at 0.8850

Watching closely how the market will react at this round number 0.8850. and should it make higher the next reaction is the BRN 0.8900.

Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP PA 8850.png Size: 51 KB


There is no market fundamentals that suggest EG will drop to 0.8500, simply pure speculation by trader who had sold at that level few weeks ago and now hoping that it will fall back to that level.
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP selling 8500.png Size: 61 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #80,194
  • Jun 12, 2017 9:10pm Jun 12, 2017 9:10pm
Learn some basic price action bar patterns and learn to trade with good money management.
What is good money management? Important is to trade with Stop Loss and use %risk with Position Sizing strategy. It is not just about trading small or trading with small lots sizes. It is important to find the best entries like Big E did and not let your trading capital be locked in floating losses for days and weeks.

Here is an example why we wait for price action for trade setups and not make guess that price will reverse using some technical indicators.
use PA at price levels - 00 and 50 for most pairs will work out better.
You don't need to learn hundreds of price bar patters. Just learn the few common ones which we see most often on our charts.
Remember what Big E said in Post#647... about big candles, small candles, consolidation, etc.


Attached Image (click to enlarge)
Click to Enlarge Name: AUDCAD Week 24 D1 chart POMO.png Size: 63 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #80,195
  • Jun 12, 2017 9:17pm Jun 12, 2017 9:17pm
Another example PA vs Divergence as the volatility narrows. This oen is quite rare, but if you see the price making swing high, but the TDI is showing the opposite, you should pay more attention and look for good setup to trade.
using the PAC for entry setup with the TDI 50-level, you could have pick a good sell trade with minimum DD in your trading account.

Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD Week 24 PA narrow volatility band.png Size: 67 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #80,196
  • Jun 13, 2017 1:04am Jun 13, 2017 1:04am
NZDUSD Week 24 Price Action -

with today D1 bar/candle making a higher high and higher low since opening, is the correction over?

Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD Week 24 correction over.png Size: 71 KB


now we watch if the next level 0.7250 will reach.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #80,197
  • Jun 13, 2017 1:09am Jun 13, 2017 1:09am
USDCAD Week 24 June 13:

With the three COMMOD currency pairs looking strong, USDCAD broke support formed by last month May Low and with April mnoth low as potential support, breaking this may see trading into empty space below.

SELL, SELL, SELL...
Attached Image (click to enlarge)
Click to Enlarge Name: USD CAD Week 24 falling into empty space.png Size: 64 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #80,198
  • Jun 13, 2017 1:47am Jun 13, 2017 1:47am
EURAUD June 13 H1 Frankfurt Open candle

Buy when FO bar/candle closes?

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD Week 24 June 13 FO H1 candle.png Size: 43 KB


What is that fails? Will you do the turn around and sell later?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #80,199
  • Edited 2:58am Jun 13, 2017 2:47am | Edited 2:58am
Quoting emmanuel7788
{quote} Hi, 1) when D1 candle change colour, check the TIMING. If it is Friday , then see if the weekly 'trend' is still intact. If it is possible to convert to Weekly trade and with profits protected, do so but do not give back more than 50% of what the market gave you. 2) when adding position with bank-in profits, you can do so without considering if there is new D1 setups. Simply add when TDI cross up in M15 or even possible M5, but use the profits from earlier trades or no risk add-on positions.

jajaja,, cooool.. got you.

Thanks .. was helpful!

Guido
Risiko birgt immer auch die Chance.
  • #80,200
  • Jun 13, 2017 3:05am Jun 13, 2017 3:05am
Quoting emmanuel7788
EURAUD June 13 H1 Frankfurt Open candle Buy when FO bar/candle closes? {image} What is that fails? Will you do the turn around and sell later?

That was a nice Double Master Candle [3] POP with FO bar/candle.

Price being compressed for hours , just a spring being compressed and let loose, it springs....

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD Week 24 June 13 Double MC3 POP.png Size: 48 KB


Next, check H4. You may see a Pop Gun setup when this current H4 closes. But do you want to take a H4 counter trend trade this week?
Potential target between BRN 1.4950 to 1.5000.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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