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Trading Made Simple 143,116 replies

Trading Made Simple the right way, and other trading lessons 329 replies

Indicators for the 'Trading Made Simple' system 343 replies

Charts, Charts, Charts! 1 reply

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Attachments: Trading Made Simple for Day Charts
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Trading Made Simple for Day Charts

Quoting Britpip7
{quote} Greetings Bluesky - how have you been? I am very glad to be back on FF
I am fine, still learning. thanks

I have a question about MTFA.
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What scenario can we take a trade when the day chart was against the week chart?

for example the NZDCAD

Weekly chart
It made a big bull candle, seems the trend would change to up.
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Daily chart
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Would you take the trade on daily chart which was against the pre weekly candle?

thanks
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
Quoting Bluesky8635
{quote} I am fine, still learning. thanks I have a question about MTFA. {image} What scenario can we take a trade when the day chart was against the week chart? for example the NZDCAD Weekly chart It made a big bull candle, seems the trend would change to up. {image} Daily chart {image} Would you take the trade on daily chart which was against the pre weekly candle? thanks
When you trade against the higher time frame trend, you need to be aware that there is still heavy momentum against you.

For the current day chart, it is telling you that there is a strong support zone below the current price action, and past history is showing a tendency to go lower, and with the weekly trend, you will need a strong signal. I would not go against the 7EMA at this time - it needs to show signs of an upward move.

Probably not the best set up at this time - the upside look limited, so I would look at other pairs.
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"To live with Passion, it takes Courage and Grace to survive"
AUD/CAD may be one to watch seeing as it did take a 2 week break from its downward trend (has reached a 10 year low), I will watch this next week for new signals, as this could go either way. Could be a good one to watch on H4 for a fractal break
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"To live with Passion, it takes Courage and Grace to survive"
Quoting Britpip7
{quote} When you trade against the higher time frame trend, you need to be aware that there is still heavy momentum against you. For the current day chart, it is telling you that there is a strong support zone below the current price action, and past history is showing a tendency to go lower, and with the weekly trend, you will need a strong signal. I would not go against the 7EMA at this time - it needs to show signs of an upward move. Probably not the best set up at this time - the upside look limited, so I would look at other pairs. {image}
Hi, Britpip7

thanks for your reply.

But I think you misunderstand me. The candle I talk was not the current candle, but 7/23 candle whick I marked with arrow.

Was that against the week candle(2019.7.14-2019.7.20) if we enter short on 7/23?

thanks again.
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
USDCAD

Pend Long order above the high of pre-fractal.

ATR(7):69.7
Pend order:1.3340
SL: 1.3235 (1.5*ATR(7)=105pips), below the low of 2 candle
TP1: 1.3430 (1.2*ATR(7))
TP2: 1.3550 (3*ATR(7))
Risk: If the price cannot break the Resistance strongly, then be careful, maybe cancel this trade.

Day chart
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1. APB change color
2. BUOB
3. TDI bounce up
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
Quoting Bluesky8635
{quote} Hi, Britpip7 thanks for your reply. But I think you misunderstand me. The candle I talk was not the current candle, but 7/23 candle whick I marked with arrow. Was that against the week candle(2019.7.14-2019.7.20) if we enter short on 7/23? thanks again.
Sorry about the mis read

I like the day set up from 7/23 - predominate trend is down, once TDI confirms, it would be pretty much text book for entry, and good for 100+ pips until the Aug 5th spike.
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"To live with Passion, it takes Courage and Grace to survive"
wow - welcome back britpip! good to see you back here. i traded your variant of this system manually a few years back with mixed results - mostly due to my impulsiveness and back then less skill in reading a chart/price action. would be interesting to fire up another demo and see what i could do this time round, as am overall a lot better at reading a chart

blam

Quoting Britpip7
Here we go - getting back into it with this trade and back in with the day charts. Entered on the new day candle at 5:20 pm PDT - candle starts at 5pm. Left overnight with an initial SL of 220 back to last Low Fractal Low. ATR7 was at 164 pips, so SL @ 1.5xATR7 would have been around 250 pips. Now running with a trailing stop of 100pips - so 30 pips profit locked in. I will get Cave Manager running again so that I can set up for phased exits. 3rd window has the Bill Williams Awesome Oscillator with the 8,3,3 Stochastic overlay. Closed for 100pips...
Quoting blamshakk
wow - welcome back britpip! good to see you back here. i traded your variant of this system manually a few years back with mixed results - mostly due to my impulsiveness and back then less skill in reading a chart/price action. would be interesting to fire up another demo and see what i could do this time round, as am overall a lot better at reading a chart blam {quote}
Greetings,

Glad to be back

You can create a checklist for things that must be correct before choosing an Entry. These become the rules. Don't break the rules. Don't force a trade just because you don't have a trade running!

Wait for candle to close (APB Candle colour change is a good starting point) and look for:

Fresh TDI cross with good angle
+
Fresh Stochastic cross with good angle
+
Not trading into Support / Resistance (includes 100EMA & 200EMA)
+
Candle Size (ATR1 is not significantly less than ATR7)
+
AO is supporting colour of entry - res for sell, blue for buy (AO crossing the zero line is also good)
"To live with Passion, it takes Courage and Grace to survive"
hey britpip, are you saying it looks bullish or bearish for nzdcad?

sorry, i don't have the template set up at the moment, a quick look at the daily chart to me, looks like the structure is bullish, waiting for a reversal. This is backed by a strong bullish divergence of the TDI. but maybe it will drop further to support at 0.832 first?


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Quoting Britpip7
{quote} Sorry about the mis read I like the day set up from 7/23 - predominate trend is down, once TDI confirms, it would be pretty much text book for entry, and good for 100+ pips until the Aug 5th spike. {image}
Quoting blamshakk
hey britpip, are you saying it looks bullish or bearish for nzdcad? sorry, i don't have the template set up at the moment, a quick look at the daily chart to me, looks like the structure is bullish, waiting for a reversal. This is backed by a strong bullish divergence of the TDI. but maybe it will drop further to support at 0.832 first? {image} {quote}
Hi, blamshakk

I think this pair is no trend. That is mess with too much small candle.

So, Britpip suggest to look at other pairs.
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Best regards
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
USDJPY

Pend a sell stop order below the low of 8/20 candle.
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1. APB change color.
2. Closed below 7MA
3. Weekly and Daily is down.
4. BEEB at the Resistance zone.
5. 20EMA as Resistance
The only question is TDI doesn't cross down yet, so keep careful.

Any comment welcome.

thanks
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
USDCAD
Quoting Bluesky8635
USDCAD Pend Long order above the high of pre-fractal. ATR(7):69.7 Pend order:1.3340 SL: 1.3235 (1.5*ATR(7)=105pips), below the low of 2 candle TP1: 1.3430 (1.2*ATR(7)) TP2: 1.3550 (3*ATR(7)) Risk: If the price cannot break the Resistance strongly, then be careful, maybe cancel this trade. Day chart {image} 1. APB change color 2. BUOB 3. TDI bounce up
The pending order was triggered.
But the price didn't go up strongly making a Doji, so I tightened the SL @1.3290 below the low of 8/20 candle and 7MA.
I accepted the LOSS.
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Best regards
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
Looks good for a short structurally

Blam

Quoting Bluesky8635
USDJPY Pend a sell stop order below the low of 8/20 candle. {image} 1. APB change color. 2. Closed below 7MA 3. Weekly and Daily is down. 4. BEEB at the Resistance zone. 5. 20EMA as Resistance The only question is TDI doesn't cross down yet, so keep careful. Any comment welcome. thanks
CADJPY

Pend buy stop order
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1. APB change color.
2. TDI bounce up.
3. BUEB
4. Closed above 7MA.
The question is the long term MA is down. 20EMA maybe as Resistance.
So, keep careful when the price reach the 20EMA whether go up strongly.

Any comment welcome

Best regards
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
[quote=Bluesky8635;12455860]CADJPY Pend buy stop order {image} 1. APB change color. 2. TDI bounce up. 3. BUEB 4. Closed above 7MA. The question is the long term MA is down. 20EMA maybe as Resistance. So, keep careful when the price reach the 20EMA whether go up strongly. Any comment welcome Best regards[/quote

The Day looks promising with the TDI Bounce - needs help from the Stoch.
On the H4, I see the MA for 7 has crossed 21 and 50, but currently looking a bit flat on price action - so not really breaking out - early days
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"To live with Passion, it takes Courage and Grace to survive"
Let's see where this one goes - this is my 3rd pending trade this week, so far nothing has triggered and have been cancelled based on Price Action.

Day TDI Cross + Stoch Cross at time trade was placed = PA has weakened since

Strong signal candle

ATR7 = 121 pips
ATR1 = 133 pips

SL = 140 pips
TP = 216 pips, but will be replaced by a trailing stop if this triggers overnight

APB colour change on signal candle

AO not confirming - too early
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"To live with Passion, it takes Courage and Grace to survive"
Quoting Britpip7
Let's see where this one goes - this is my 3rd pending trade this week, so far nothing has triggered and have been cancelled based on Price Action. Day TDI Cross + Stoch Cross at time trade was placed = PA has weakened since Strong signal candle ATR7 = 121 pips ATR1 = 133 pips SL = 140 pips TP = 216 pips, but will be replaced by a trailing stop if this triggers overnight APB colour change on signal candle AO not confirming - too early {image}
Hi, Britpip

Your pending order is not below the low of 8/21 candle.

Why? Pending on h4 chart?

thanks
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
Quoting Bluesky8635
{quote} Hi, Britpip Your pending order is not below the low of 8/21 candle. Why? Pending on h4 chart? thanks
Looking for a day reversal - PA stopped , so killed the pending order. GBP has flipped so all bets are off . Look for new entries from today's move
"To live with Passion, it takes Courage and Grace to survive"
USDJPY
Quoting Bluesky8635
USDJPY Pend a sell stop order below the low of 8/20 candle. {image} 1. APB change color. 2. Closed below 7MA 3. Weekly and Daily is down. 4. BEEB at the Resistance zone. 5. 20EMA as Resistance The only question is TDI doesn't cross down yet, so keep careful. Any comment welcome. thanks
Pending order was triggered. It moved well.
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PS: The TDI did not crossed down at the signal bar. If we wait the TDI to cross down, the price maybe have moved too far.
Is this just a good luck or we should put less focus on indicator?
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
EURAUD

Bias: Long
ATR(7): 84.7
Entry: 1.6425
SL: 1.6300 (125pips)
TP1: 1.6550 (125pips)
TP2: 1.6750 (325pips)

APB change color.
BUEB.
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PS: TDI didn't cross at the signal bar.
Keep DISCIPLINE, control RISKS, and don't destroy your DREAM easily.
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