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How do I move forward?

One really good piece of advice I recently received was to run a demo account in addition to my live account. This way I could experiment with alternate strategies.
  •  Finoli
  • | Joined Feb 2011 | Status: The mouse goes "pip pip pip" | 106 Posts
Quoting AaronWard
One really good piece of advice I recently received was to run a demo account in addition to my live account. This way I could experiment with alternate strategies.
Yes, I do do that. I'm trying to learn how to trade using daily charts as the main indicator..

Regarding that, I have a question to ask people who are experienced trading dialy charts..
When do you open a trade? I mean, on my broker, a new daily candle is made at 02:00 AM, and I tend to sleep then. If one would open a trade mid-day, because you've e.g. spotted a doji on daily, it still has like 12 hours to form into a decicive candle (big body) and then the signal would no longer be valid.

Therefore, trading daily charts is a bit of a mystery to me. How do you guys deal with it?


Finoli
a) if you use a simple mechanical system such as a daily breakout or open a position with a 30 pip stop you can use an EA
b) I believe there are ways to adjust your charts so your candle opens with the london open. I don't know how to do that
c) use an alarm clock
  •  Finoli
  • | Joined Feb 2011 | Status: The mouse goes "pip pip pip" | 106 Posts
Quoting AaronWard
b) I believe there are ways to adjust your charts so your candle opens with the london open. I don't know how to do that.
Should it? I mean, the pro traders, do they make their daily candles open at 8:00 gmt? or do they have it at 0:00 gmt?
Would be great if you could help me figure this out, accuracy is important everywhere
Quoting Finoli
Should it? I mean, the pro traders, do they make their daily candles open at 8:00 gmt? or do they have it at 0:00 gmt?
Would be great if you could help me figure this out, accuracy is important everywhere
I have seen charts that do just that. It might make some difference to your strategy, but I doubt it would make that much. I personally like the 4h charts the best.
  •  Finoli
  • | Joined Feb 2011 | Status: The mouse goes "pip pip pip" | 106 Posts
Quoting AaronWard
I have seen charts that do just that. It might make some difference to your strategy, but I doubt it would make that much. I personally like the 4h charts the best.
First of all, if proffessional traders have their charts make a daily candle at 8:00 AM, they must have a reason?

Second, if I could enter traders at 8:00 AM instead of 2:00 AM, it would be extremely useful.

So, if anyone knows whether it's a good or a bad idea to shift charts so that the daily candle is formed at 0800 am gmt, tell me.


Finoli
Quoting Finoli
Should it? I mean, the pro traders, do they make their daily candles open at 8:00 gmt? or do they have it at 0:00 gmt?
Would be great if you could help me figure this out, accuracy is important everywhere
No, we use 05:00 EST and 17:00 EDT for candle rollover, as per most brokers end the trading day in USA. Other advantage, only 5, or in this case, 10 equal spaced candle per week.

This trade was looking real good until that big correction a few candles back, the ample stop kept us in however.

Quoting AaronWard
a) if you use a simple mechanical system such as a daily breakout or open a position with a 30 pip stop you can use an EA
b) I believe there are ways to adjust your charts so your candle opens with the london open. I don't know how to do that
c) use an alarm clock
a) Really? fixed stop loss? How about determine WHERE the stop loss is, then use POSITION SIZING?

b) It is all done with smoke & mirrors, for a sneak preview of the magic show, please visit -

MAGIC by PIPS 4 LIFE, right here on Forex Factory

PS - It is a DEMO account, I know that, to need to jump up and down and tell me about it
Attached Image (click to enlarge)
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Maximize wins, minimize loss, stay in the game as long as you can
  •  Finoli
  • | Joined Feb 2011 | Status: The mouse goes "pip pip pip" | 106 Posts
Quoting Erebus
No, we use 05:00 EST and 17:00 EDT for candle rollover, as per most brokers end the trading day in USA. Other advantage, only 5, or in this case, 10 equal spaced candle per week.
So, every 12 hours a new 'daily' candle should be formed? Never heard about that.
Do some just have 1 candle per 24 hours with rollover at 0500 EST?
Need some help, this is pretty overwhelming


Finoli
click on the pipsforlife and figure it out... good luck.
  •  Finoli
  • | Joined Feb 2011 | Status: The mouse goes "pip pip pip" | 106 Posts
Quoting AaronWard
click on the pipsforlife and figure it out... good luck.
That doesnt answer what I asked about 1 daily candle per 12 hours. Would really like to know more about that
Quoting Finoli
So, every 12 hours a new 'daily' candle should be formed? Never heard about that.
Do some just have 1 candle per 24 hours with rollover at 0500 EST?
Need some help, this is pretty overwhelming
Finoli

No, you don't have to do anything; only a suggestion as to solve your dilemma about checking charts at 02:00 by showing different options.

Checking the charts twice a day works for me - it may not work for you; depends on what type of trading you will do, but seems to me that longer time frames may suit you.

Where are you in terms of London Open, time wise that is? Are you able to trade during that time? Do you want to scalp 5 minutes charts, or position trade 4 hour charts? long term daily charts?

12 Hour charts will be standard in the next version, thankfully!

The MetaTrader 5 forex trading platform offers numerous impressive analytical tools: more than 79 analytical tools, including graphic objects, provide technical analysis of quote dynamics. There are 21 timeframes available for each market security and the possibility to open up to 100 charts at a time. MetaTrader 5 Trading Platform with its rich analytical arsenal is now available to traders.

METATRADER 5 INFORMATION
Maximize wins, minimize loss, stay in the game as long as you can
  •  Finoli
  • | Joined Feb 2011 | Status: The mouse goes "pip pip pip" | 106 Posts
Quoting Erebus
Where are you in terms of London Open, time wise that is? Are you able to trade during that time? Do you want to scalp 5 minutes charts, or position trade 4 hour charts? long term daily charts
My timezone is GMT+1 (Sweden) and my brokers timezone is GMT-1 (I'm guessing around Spain)

I used to be addicted to M5 charts, but I no longer have the time to look at them. I tend to stay at H1, H4 and D1. I want to stay away from H1 as much as possible, as H1 I'm guess should be more used for entry than analysis if you're trading midterm


Finoli
  •  JR97
  • Joined Apr 2004 | Status: #slack pricetimeforecast | 1,934 Posts | Online Now
Quoting Finoli

Therefore, trading daily charts is a bit of a mystery to me. How do you guys deal with it?


Finoli
"Daily" is just a figure of speech for me. When I'm trading 2-5 day swings, I primarily use intraday charts. My go to chart for actual exectution is the 1h. I compress these pretty small so it's basically a more detailed daily chart.

There are too many hours in a daily bar for me to ever time an entry/exit off of a daily bar. Maybe if I were trading monthly/weekly charts, I would use the daily as the execution time frame.
Some sick advice in this thread.. Stickyyyy!!
  •  Finoli
  • | Joined Feb 2011 | Status: The mouse goes "pip pip pip" | 106 Posts
Quoting Sim
Some sick advice in this thread.. Stickyyyy!!
  •  Finoli
  • | Joined Feb 2011 | Status: The mouse goes "pip pip pip" | 106 Posts
Quoting JR97
"Daily" is just a figure of speech for me. When I'm trading 2-5 day swings, I primarily use intraday charts. My go to chart for actual exectution is the 1h. I compress these pretty small so it's basically a more detailed daily chart.

There are too many hours in a daily bar for me to ever time an entry/exit off of a daily bar. Maybe if I were trading monthly/weekly charts, I would use the daily as the execution time frame.
Makes sense..
but sometimes it seems like I can't predict daily trends on timeframes smaller than days. Seems to mee that I have to wait for daily candle to close for me to be able to make an informed decision..
Will experiment a lot more with daily charts, will share how it plays out.


Finoli
Quoting Finoli
My timezone is GMT+1 (Sweden) and my brokers timezone is GMT-1 (I'm guessing around Spain)


Finoli
Get NY close charts, these close at 10PM UK time, I think your 1hr ahead of me so that is 11PM. Try FXDD MT4 Demo they have 5day NY close charts and just execute trades with your broker.
Quoting Finoli
Makes sense..
but sometimes it seems like I can't predict daily trends on timeframes smaller than days. Seems to mee that I have to wait for daily candle to close for me to be able to make an informed decision..
Will experiment a lot more with daily charts, will share how it plays out.


Finoli
Most people do some variation of this. A slower TF to pick the trend, a faster TF to decide to trade, and an even faster one to enter.
Quoting Finoli
Makes sense..
but sometimes it seems like I can't predict daily trends on timeframes smaller than days. Seems to me that I have to wait for daily candle to close for me to be able to make an informed decision..
Will experiment a lot more with daily charts, will share how it plays out.


Finoli
Read threads like this, system originator still supporting with daily posts -->> Easy no stress daily charts
Maximize wins, minimize loss, stay in the game as long as you can
  •  JR97
  • Joined Apr 2004 | Status: #slack pricetimeforecast | 1,934 Posts | Online Now
Quoting Finoli
Makes sense..
but sometimes it seems like I can't predict daily trends on timeframes smaller than days. Seems to mee that I have to wait for daily candle to close for me to be able to make an informed decision..
Will experiment a lot more with daily charts, will share how it plays out.


Finoli
I know what you mean. Hence why I keep multiple charts. Daily, 4h, compressed 1h, on down to the 5 if I really want to nail it down. But most everything I do starts at the daily or even weekly. I try not to spend too much time analyzing the intraday because then I get caught up in the minutia. I just mostly use intraday for timing.
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