kminler replies to: TMS for M30 charts


{quote} If you don’t mind sharing your trading plan/ your trading style, I might be able to add more to your edge, otherwise, I can’t say much about what didn’t/ don’t work for you. You trade your plan and manage your trades, don’t let the market manage your trades or just sitting there and saying 1:1 or more unless you are an investor who is doing set and forget trades.

Hi Likica

Thanks for your offer. I trade a very basic retracement strategy, I have an indicator, Marco-ColorCrossoever which defines the trend with a 35 ma and uses two fast Ma to confirm retracements, generally the 8 and 3 periods. Then I require a TDI cross, the TDI cross could happen before the confirmed retracement. In addition to these major criteria, I have a whole slew of factors I look at; candlestick patterns, S&R, news, which in New York is a major headache, big round numbers and even Davits pivots.

For some reason ‘upload screenshot’ does not work for me (multiple monitors?) so here is a screen capture with all of the non-TMS stuff stripped out.

A couple of things to note, the red line is trade entry, blue bar recent support broken, SL at top of the blue bar, 16 pips, the dashed box is my trading time, starting at 8:00 a.m. N.Y. , I very rarely enter trades after the midway point since I do not like to have open positions overnight. Note the 38 pip range for the session, this is really typical and really limits the choice of TP/SL.

I feel that if you enter a trade at say 10 am EST, then by the time the London open rolls around the original factors driving the entry are likely no longer valid and if you wait that long it is just a coin toss.

Looking at this trade in hindsight I can see that it is late in the move from the swing high, which is a bit of a pattern for me getting in too late. Also a very shallow retracement.

Your thoughts will be much appreciated, if you don’t mind a non-TMS intrusion and think that it is helpful I can upload a shot including the Mario ColorCrossover.



Attached Image (click to enlarge)

Click to Enlarge Name: sample trade.PNG Size: 40 KB

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