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Daylight Trading Strategy

  • #721
  • Jul 2, 2021 11:49am Jul 2, 2021 11:49am
Not too excited about entering on Friday. But NFP was good news for USD and other parameters seem to be in play. The 50 was crossed a few bars back but I managed to wait for the retrace to the bottom of the channel... As always, comments are welcomed.

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  • #722
  • Jul 2, 2021 12:03pm Jul 2, 2021 12:03pm
Hi Spyderman, I find once NFEC has calmed down there are trades to be had. I have taken 85 pips on DOW since 3.30 GMT

Baz
  • #723
  • Jul 2, 2021 12:07pm Jul 2, 2021 12:07pm
Quoting spyderman
Example of a 50 line cross down not taken. Just not where I think I want to be with that range action. {image}
Looking left you would have drawn in a range and seen it would win no beauty contest. A good example to avoid.
every Saint has a past. Every Sinner has a Future
  • #724
  • Jul 2, 2021 12:10pm Jul 2, 2021 12:10pm
Quoting spyderman
Not too excited about entering on Friday. But NFP was good news for USD and other parameters seem to be in play. The 50 was crossed a few bars back but I managed to wait for the retrace to the bottom of the channel... As always, comments are welcomed. {image}
Nice chart Spyder,you broker the barrier of confluence my friend:-)

NFP - although the figure was GREEN in respect of the forecasted and previous data released,average hourly earnings and unemployment rate was not impressive,another eason USD didn't gain the bullishness we would expect from positive dollar.Same salary,larger labor force out in June.The overall problem is supply in goods and services and not demand.IMF suggested to slow bond purchasing by the FED,we can see that and this is main fuel for rise in gold and silver for the next 6 months to say the least.

Ok back to the charts,nice work,keep it up!!! Avengers assemble! No! don't send me your temple I will use my own.....just joking lol
  • #725
  • Jul 2, 2021 12:23pm Jul 2, 2021 12:23pm
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DJIA
  • #726
  • Edited 3:52pm Jul 2, 2021 2:02pm | Edited 3:52pm
USDCAD SHORT.......H1 aggressive mode......

It's the -50 levels cross for Me....... that's was why I have to delay my entrance..... although there was support after the big, bold candle (breakout candle) and had to wait for break of that support too.......in summary I needs to delay my entrance because:
1. Support.
2. Red line has not yet cross the -50 levels after the breakout candle.



Happy weekend

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Time always comes before price
  • #727
  • Jul 2, 2021 4:21pm Jul 2, 2021 4:21pm
Quoting jojowoods
{quote} Wondering you are Thinkorswim user that can help with getting this setup on that platform? I can get the channels set up but not the EMA of the Williams % on the lower indicator. Thank you for any help in advance!
Here you go with indicators for ThinkorSwim platform (Dark Format):

Here is the indicator for the Moving Averages
http://tos.mx/hRJJOix

Here are the indicators for the Williams %R
http://tos.mx/BKEv3rZ

Here is what they should look like:
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  • #728
  • Jul 2, 2021 6:56pm Jul 2, 2021 6:56pm
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From tiny pips mighty oaks grow
  • #729
  • Jul 2, 2021 9:16pm Jul 2, 2021 9:16pm
Quoting TheG-Lover
{quote} Here you go with indicators for ThinkorSwim platform (Dark Format): Here is the indicator for the Moving Averages http://tos.mx/hRJJOix Here are the indicators for the Williams %R http://tos.mx/BKEv3rZ Here is what they should look like: {image}
Much respect to you. Thank you so much!
  • #730
  • Jul 2, 2021 11:28pm Jul 2, 2021 11:28pm
Quoting Boo15
{image}
It seems you are worried about what happened, but you shouldn't.
It will happen many times in the future. Someday you will close the trade early and save the money you already earn. Look at both sides.
You enjoy what you gain. Be glad you didn't lose.
Have nice weekend.
  • #731
  • Jul 3, 2021 12:46am Jul 3, 2021 12:46am
Quoting BlackNapkins
{quote} It seems you are worried about what happened, but you shouldn't. It will happen many times in the future. Someday you will close the trade early and save the money you already earn. Look at both sides. You enjoy what you gain. Be glad you didn't lose. Have nice weekend.
You're right of course
Enjoy the weekend
From tiny pips mighty oaks grow
  • #732
  • Edited 10:57am Jul 3, 2021 3:11am | Edited 10:57am
Quoting BlackNapkins
{quote} It seems you are worried about what happened, but you shouldn't. It will happen many times in the future. Someday you will close the trade early and save the money you already earn. Look at both sides. You enjoy what you gain. Be glad you didn't lose. Have nice weekend.
i agree 100%

boo15 , you closed the trade after a big candle far outside the channel AND before the big red news non farm numbers. good decision. nothing wrong.
trading is like dancing, don't think and just listen to the music!
  • #733
  • Jul 3, 2021 7:02am Jul 3, 2021 7:02am
Maybe I`m doing something wrong..but there are a lot of so called "false signals" when trying this strategy.
I only tried the 1Hour timeframe because I don`t like trading the noise on lower ones.
As a lot experienced traders say it is important to avoid unnessessery losses.
A good strategy should have a remarkable potential to filter out those angry thinngs.
I tried to add a 200sma as an additional filter and only trade in the direction of the main trend.
Then you will notice that you are going to miss some good opportunities in reverse direction and the win rate of this strategy will decrease immensely.
Should I try only higher timeframe like H4 or is this strategy only made for lower timeframes??


What are your methods to make your entries more safe or to avoid so called false signals?
  • #734
  • Edited 7:13am Jul 3, 2021 7:03am | Edited 7:13am
Quoting baxter01
Maybe I`m doing something wrong..but there are a lot of so called "false signals" when trying this strategy. I only tried the 1Hour timeframe because I don`t like trading the noise on lower ones. As a lot experienced traders say it is important to avoid unnessessery losses. A good strategy should have a remarkable potential to filter out those angry thinngs. I tried to add a 200sma as an additional filter and only trade in the direction of the main trend. Then you will notice that you are going to miss some good opportunities in reverse direction...
Try MTF Bias
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  • #735
  • Edited 8:52am Jul 3, 2021 7:40am | Edited 8:52am
Quoting baxter01
Maybe I`m doing something wrong..but there are a lot of so called "false signals" when trying this strategy. I only tried the 1Hour timeframe because I don`t like trading the noise on lower ones. As a lot experienced traders say it is important to avoid unnessessery losses. A good strategy should have a remarkable potential to filter out those angry thinngs. I tried to add a 200sma as an additional filter and only trade in the direction of the main trend. Then you will notice that you are going to miss some good opportunities in reverse direction...
.
Baxter,

The H1 timeframe you're trading off is ok.....I trade off H1 timeframe too...... but all I do is to look for Trend, Strength and Momentum when taking my entries. The 200EMA is considered a key indicator by traders and market analysts for determining the overall long-term trend. The price level in a market that coincides with the 200EMA is recognized as a major support when price is above the 200EMA or resistance when price is below the 200EMA........so when the price is far away from the 200EMA you may still takes your trade.....even if opposite the main trend........and if price is very close to the 200EMA like less than 10pips......All you need to do is wait for the price to break the 200EMA.....once price has break it....... you're good to enter your trade.

This trading method is loving.......and combined Trend trading with Breakout trading to generate a decent opportunities on virtually all market conditions.

Therefore you're on course........look for trending market that's has a lot of strength and Momentum.

Happy weekend
Time always comes before price
  • #736
  • Jul 3, 2021 8:04am Jul 3, 2021 8:04am
@fxrabbi and @BlackNapkins

Thank you for your advice,,I already use a 200 sma and I think there will be no big difference by using 200EMA.. but I will try!

Do you use additional indicators for Trend Strength ( like RSI or TSI) and for Momentum (MACD or others) in your strategy?

I will stay on the 1HOUR and take care of the distance between price and EMA.

The MTF Analysis might be of help. Will try it and see if the results improve.

Thank you so much for help and ideas, really appreciated.
  • #737
  • Edited 10:53am Jul 3, 2021 8:33am | Edited 10:53am
Quoting baxter01
@fxrabbi and @BlackNapkins Thank you for your advice,,I already use a 200 sma and I think there will be no big difference by using 200EMA.. but I will try! Do you use additional indicators for Trend Strength ( like RSI or TSI) and for Momentum (MACD or others) in your strategy? I will stay on the 1HOUR and take care of the distance between price and EMA. The MTF Analysis might be of help. Will try it and see if the results improve. Thank you so much for help and ideas, really appreciated.
Baxter,

The 200EMA/200SMA are almost the same..... just choose one.

For your Strength and Momentum.......The Daylight is enough...... it's depends on the way you understand the trading signals.......

1. Strength.....both MA (blue and red lines) are above -50 for strong long.....and below -50 levels for strong short..... When both MA are above the -50 levels.....this means both the short-term trend and long-term trend are strong Long...... opposite for Short trade.

2. Momentum.....the wider the space between the two MA (blue and red lines) the better for momentum........you can never see me taking trades with a tiny Daylight........and watch out for big, bold candle that break the Channel above/below.

Happy weekend
Time always comes before price
  • #738
  • Jul 3, 2021 8:34am Jul 3, 2021 8:34am
Quoting baxter01
@fxrabbi and @BlackNapkins Thank you for your advice,,I already use a 200 sma and I think there will be no big difference by using 200EMA.. but I will try! Do you use additional indicators for Trend Strength ( like RSI or TSI) and for Momentum (MACD or others) in your strategy? I will stay on the 1HOUR and take care of the distance between price and EMA. The MTF Analysis might be of help. Will try it and see if the results improve. Thank you so much for help and ideas, really appreciated.
Baxter,

those RSI I have on my template are not related to this strategy, that why are minimized ...
I made some testing earlier of Laura T Daylight methodology, suggest to check it and spent on it some time. I think it will be useful.
Results are enclosed here in this thread, you will find them easily.
You find there how MTF approached make Hit rate better for me...
Have nice weekend
  • #739
  • Jul 3, 2021 10:04am Jul 3, 2021 10:04am
Quoting TheG-Lover
{quote} Here you go with indicators for ThinkorSwim platform (Dark Format): Here is the indicator for the Moving Averages http://tos.mx/hRJJOix Here are the indicators for the Williams %R http://tos.mx/BKEv3rZ Here is what they should look like: {image}
Thank you for this. I will add a link to the first post.

And nice to 'see' you again! I hope you're doing well.
  • #740
  • Jul 3, 2021 10:23am Jul 3, 2021 10:23am
Quoting baxter01
Maybe I`m doing something wrong..but there are a lot of so called "false signals" when trying this strategy. I only tried the 1Hour timeframe because I don`t like trading the noise on lower ones. As a lot experienced traders say it is important to avoid unnessessery losses. A good strategy should have a remarkable potential to filter out those angry thinngs. I tried to add a 200sma as an additional filter and only trade in the direction of the main trend. Then you will notice that you are going to miss some good opportunities in reverse direction...
In addition to the helpful advice offered by others, I'm going to be posting another approach that might assist you. I will use 1H timeframe to demonstrate.
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