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Trading Made Simple for Day Charts

  • Britpip7
    Joined Apr 2011
Quoting mmforex
Hi Brit,

Whist not a A+++ setup I would appreciate some feedback on my interpretation on the below chart.

TDI cross + bar colour change within 2 bars
RSI above 50
Decent ATR
5 EMA broken
Seems to have broken 0.8100 which looks to me as the most significant resistence

TDI is a little high and would be trading against the direction of the the longer term MAs, though looking at the candle stick chart they seem bullish along with the higher lows. Actually the more I think about it the better it sounds.

Attachment 982503

Thanks for all the...
Hi - not one of my favourite pairs due to a lower ATR range, although nice colour change for the set up candle and a nice TDI signal.

This pair looks still be in a down trend - certainly the week is still showing a down trend.

From the day perspective, the next resistance will be the Fractal at 8151, and then around the 8220 area, so this may be good for a few pips - don't expect high pips from this set up unless it breaks and holds past the Fractal. May be worth moving to BE as soon as you get some clearance on the entry price.
Attached Images (click to enlarge)
Click to Enlarge Name: eur gbp trend lines 6-14-2012.gif Size: 22 KB Click to Enlarge Name: eur gbp tdi 6-14-2012.gif Size: 25 KB
I see the thread still gets an update every now and then lol
very interesting system, i give it a try.
  • Britpip7
    Joined Apr 2011
Quoting kingclarence
I see the thread still gets an update every now and then lol
Hi King Clarence - how have you been?

We've missed you. How's trading

This seems to have turned into my trade journal, so as I review my own set ups I occasionally post. Didn't take any trades last week - other distractions, but there were some nice set ups on GU and AU.
Quoting Britpip7
Hi King Clarence - how have you been?

We've missed you. How's trading

This seems to have turned into my trade journal, so as I review my own set ups I occasionally post. Didn't take any trades last week - other distractions, but there were some nice set ups on GU and AU.
------------------------------------ ------------------------------

This is indeed an excellent Trading Method for "Swing" as well as "Position" trading.

I wish more of 'the Experienced traders' would post here to keep this valuable forum active and thus help a lot of new traders who have full time jobs and can monitor their "Trades" only once a day.

BTW, I am currently considering the following potential trades :

USD JPY - Short

USD CAD - Short

CAD JPY - Short

GBP NZD - Long

Would appreciate any comments on the above or any other potential Set-ups.
  • Britpip7
    Joined Apr 2011
Most pairs were relatively quiet last week, so depending on Greece and the Euro, we are very likely to see more movement this week. Watch for the gaps on Sunday opening - usually these will fill and may well reverse as the week progresses.

Current Charts have the SHI Channel courtesy of X-Man - the indicators are attached. As you get used to drawing in trend lines and S/R levels, it is interesting how often these coincide with the channel. X-Man has huge success with this in the H4 timeframe - not really tested it on the Day charts yet

Trying out the currency strength indicator - seeing how well this ties in with the currency indexes.

The RSI chart comes from Lawgirl - easy to change settings to match your preferred set-ups.

EU is setting up for a Fractal High break - same set up as EU / EJ / AJ / CHFJ

AJ is sitting in a monthly trading range of 1500 pips - this goes back to May 2010, so watch for PA this week to take it higher (last weeks candle is a doji, so caution)- possible 900 pips until the Month Resistance level.

GBP/AUD has a reasonable look for a reversal as does GBP / NZD

As usual, watch for colour changes on the APB to be supported by PA

Happy pip hunting
Attached Image (click to enlarge)
Click to Enlarge Name: au 6-17-2012.gif Size: 36 KB
Attached Files
File Type: ex4 Sonic SHI Channel MTF(1).ex4   11 KB | 194 downloads
File Type: mq4 Sonic SHI Channel MTF(1).mq4   9 KB | 191 downloads
File Type: ex4 RSI_Bars_M#_v3.ex4   52 KB | 315 downloads
File Type: ex4 Synergy_APB_[C].ex4   4 KB | 219 downloads
File Type: ex4 Currency Strength - Giraia.ex4   30 KB | 289 downloads
File Type: mq4 Currency Strength - Giraia.mq4   98 KB | 368 downloads
Thanks Britpip7 for starting this thread.
I follow this for a few days.
Very nice and helpful.
  • Britpip7
    Joined Apr 2011
Quoting xiaoxin
Thanks Britpip7 for starting this thread.
I follow this for a few days.
Very nice and helpful.
Welcome = post some charts when you start placing some trades
  • Britpip7
    Joined Apr 2011
depending on which camp you are in, the horizontal line represents a strong resistance, or indicates strong demand to keep the price action from heading south, which gives a signal for a long trade!

What next? Coin Toss?

Possible strategy would be to hedge one jpy cross against another on pending trades based on the day channel high and low
Attached Images (click to enlarge)
Click to Enlarge Name: gbp jpy day 6-18-2012.gif Size: 32 KB Click to Enlarge Name: hedge strategy on eur jpy.gif Size: 30 KB Click to Enlarge Name: hedge strategy on chf jpy.gif Size: 29 KB
Quoting Britpip7
Hi King Clarence - how have you been?

We've missed you. How's trading

This seems to have turned into my trade journal, so as I review my own set ups I occasionally post. Didn't take any trades last week - other distractions, but there were some nice set ups on GU and AU.
Whats up brit.Im still around i just dont visit the forums much anymore.I decided to give live trading a break and get back to demo trading and chart studying.Im not going back live until i double my demo account twice.

My other goal is to be trading full time by march next year.Didnt see any set ups today.
  • Britpip7
    Joined Apr 2011
Quoting kingclarence
Whats up brit.Im still around i just dont visit the forums much anymore.I decided to give live trading a break and get back to demo trading and chart studying.Im not going back live until i double my demo account twice.

My other goal is to be trading full time by march next year.Didnt see any set ups today.
There's no rush - 4x will be around for a while. I sat out last weeks in-decisions, although not really focused (too many distractions) and looks like this week is close to the same on the day charts.

Most pairs that are on a run are two weeks in, so mostly getting into OB / OS areas - patience in waiting for pauses or reversal signals.

Post some charts when you get some set-ups.
  • Britpip7
    Joined Apr 2011
One of the few set ups on day this week - take a look

Nice reversal pattern on candlesticks

TDI cross

APB colour change

Relatively low ATR7 = 56

RSI still below 50

May be worth a shot?
Attached Image (click to enlarge)
Click to Enlarge Name: aud nzd 6-19-2012.gif Size: 33 KB
  • Britpip7
    Joined Apr 2011
Quoting Britpip7
One of the few set ups on day this week - take a look

Nice reversal pattern on candlesticks

TDI cross

APB colour change

Relatively low ATR7 = 56

RSI still below 50

May be worth a shot?
Price Action not following through - did not trigger
  • Britpip7
    Joined Apr 2011
Back to candlesticks and trend lines for this one

RSI10 still well below 50

If PA confirms today's candlestick as bullish, there will be an APB colour change today/tomorrow.

Worth watching - same goes for eur/aud - possibly also gbp/nzd
Attached Image (click to enlarge)
Click to Enlarge Name: eur nzd reversal set up.gif Size: 21 KB
@Britpips7
how do you interprete the currency strenght & rsi indicators you placed on your chart?
Quoting Britpip7
Back to candlesticks and trend lines for this one

RSI10 still well below 50

If PA confirms today's candlestick as bullish, there will be an APB colour change today/tomorrow.

Worth watching - same goes for eur/aud - possibly also gbp/nzd
Somehow, Daily chart with my brokers (IBFX - Australia) appears to be bit different than yours. Can't figure out the cause for this difference.
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzddailyjune20.jpg Size: 162 KB
  • Britpip7
    Joined Apr 2011
Quoting minortrader
Somehow, Daily chart with my brokers (IBFX - Australia) appears to be bit different than yours. Can't figure out the cause for this difference.
Probably depends on what time IBFX oz starts theri day candle - mine starts at 5pm PDT
  • Britpip7
    Joined Apr 2011
Quoting Esosa
@Britpips7
how do you interprete the currency strenght & rsi indicators you placed on your chart?
the strength indicator shows which currency is strongest so if usd is at the top of the list and eur is at the bottom of the list, then eur/usd would be a good currency pair to trade short

For the RSI indicator this shows what the RSI is doing on the various time frames, so if the RSI is showing above 50 for all time frames, then going long would be a good idea. If the RSI is below 50 on H4 / D but above 50 on M, then verify PA and S/R levels - should be good for a short trade.

I just use these as a heads up - all my decisions come from PA.
  • Britpip7
    Joined Apr 2011
In general the JPY pairs are either in an ascending triangle configuration or are trending steadily, although slowly higher.

Ascending triangles for GBP, EUR, CHF and CAD against the JPY

RSI10 is above 50 for each of these

Watch for the 100 and 200EMAs - 100 to 200 pips above the current trigger positions for long trades.

Strategy for these for TP1 would be to set your TP below the 100 and 200EMA and leave TP2 to run and manage your SL carefully.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp jpy ascending triangle.gif Size: 20 KB
  • Britpip7
    Joined Apr 2011
Early days in the current candle but worth adding to the watch list
Attached Images (click to enlarge)
Click to Enlarge Name: aud usd reversal set-up.gif Size: 26 KB Click to Enlarge Name: aud usd week trends.gif Size: 27 KB
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