Daily Charts and Stuff

• Nothing new here. Just a spin on perspective.

• In order to satisfy all of the trolls (that WILL drop by), I am;
- a dumbass
- scammer
- here to waste your time
- etc, etc.
* But will NEVER ask for money ! ! !

With that out of the way, let’s continue.

Please contribute what you think is germane. Should you believe I’m headed in the wrong direction, please state Precisely Why, and offer your hypothesis. Hopefully followed by relatively comprehensive theory.

Also, I’m not a fan of MT4’s (first developed in 2005) Strategy Tester. It’s quite old and outdated. To me it’s akin to depending on Windows 95 for all of today’s science tabulations.

A little about myself:
I saw my first Forex charts in 2005. I became enamored with the entire concept.
For all of the veterans of Forex, the very first charts I saw were called “Big Lights”. 99.9% Scam. Very pricy. You could end up spending $10k or more for software, and new training videos. Also price feed was not free, like now. You might end up paying up to $200 per month.

OK, wake up, done with that boring stuff.

The business:
I will post 6 charts. Each with one item added. Please evaluate each one. The final chart joins all together.

Chart 1

Chart 2

Chart 3

Chart 4

Chart 5

Chart 6, aka; Exploding Eyeballs

Individually, each one of these indicators has minimal value.

As a family, or team, their value is amplified.

There is a sixth indicator also, which is a simple ATR.

Most charts I post will be daily, D1. I choose D1 because it makes more sense for my time involved. I make most decisions mainly once daily. Also trading this way, gives ample opportunity to evaluate profit/loss potentials. As with any method you have to bring your brain to the party.

How I trade this:
• I need agreement from at least 4 of the visible indicators.
• I'll always be aware of upcoming Major News in the next 24 hours. Not that news will change my plan, however, I like to be prepared.
• I always go in with 2 different positions. If you're in the US, they must be of a slightly different size, otherwise you may run into FIFO, or First in, First out, issues. I'm in US, so I use a broker that allows fractional sizing, in my case Oanda proprietary platform, (I think it's Trading View) allows me to enter 2 almost identical trades. i.e., 1000 units (one micro) and 1001 units. Then I can alter each as I choose.
• Most all entries are just before 5pm NY, before spreads Spread.
• Each entry carries the same Stop Loss. In most cases the Stop Loss is equal to 1.25 to 1.5 times the daily ATR. One of the entries has a Take Profit of one ATR. The other has no Take Profit. I simply trail it once TP 1 ATR has been reached.

Example 2 and how this works.

Essence is removing guesswork, & Ability to stop using your computer as a campsite.

I have looked at other time frames. H4 can also be good, but anything smaller, tends to be inconsistent.

Trading D1 my worst week was maybe -1.5%. It's rare to do less than +1. Last week was +3, and I'm only risking about 0.5% on any given trade.

Hi, thank you for sharing. I like your approach. Do you have already long experience with this, or is it more a study at this stage of it could be profitable? I like EOD trading very much. Saves time for family and more important stuff like trading.

+++++++++++++++++++++++++++++++++

Good question.

Most of the last 2 months I've spent putting this together. So, that is the length of my live experience.

I have, however, looked at charts going way back, and this holds up during slow & fast markets. The key factor here is the Average True Range. This indicator helps keep you in realm of reality, based on current market conditions. Even during last months bizarre happenings, there were losers and winners. However you should always size your positions according to your profit & stop targets.

You mentioned EOD, or End Of Day trading. This could be called a version of that. This method enables one to:
• Trade at the same short period time daily.
• During back testing, you're not concerned with things like, 'Was there a News Event during this candle', or 'Is my Stop Loss in risk of being hunted', or 'Will the spread knock me out of this trade'.

No one reading this has any obligation to believe me. Simply check out daily charts, and make your own decision.
Darryl

This is 2 of my trades from last week. I will be posting more, and also potential set ups from upcoming week. PLEASE do not just blindly follow my potential set ups. Should you decide to take them, I'd suggest DEMO ONLY!

Note EJ trade taken based on H4

I took this UChf trade on Tuesday. It had 4 of 5 indicators in agreement. It never hit my 1st TP, so I closed it Friday during NY, for a small win.

I'm not opposed to leaving trades open over the weekend, USUALLY! However this trade was not showing me any signs of moving in my direction. After all, it had languished for 3 days.

I broke the rules (Only 3 of 5 indies in agreement) and shorted NU, based on USD strength. I watched it all week, and finally bailed with about a 25pip loss. I was a bad boy!

UCad looked promising when I took it long. It disappointed from entry. I closed it prior to NFP with about a 60 pip loss.

What I'm watching for week beginning May 11 (May 10th in US)

NzdJpy

CadJpy

Currently, I only trade majors, excluding CadChf, EurChf, & NzdChf. Generally due to lack of volatility.

Should anyone choose to monitor H4, feel free to post here.

Meanwhile, stay safe, and GREAT trading.