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Daylight Trading Strategy

  • #841
  • Jul 8, 2021 7:33am Jul 8, 2021 7:33am
@turnip15

yes..USDJPN Entry 1.10201 ex. .1.9820 on H1 timeframe
Resistance was broken and enough daylight
Could have done better entry after bear cross at 1.1051
But I´m still learning
  • #842
  • Jul 8, 2021 7:43am Jul 8, 2021 7:43am
Quoting baxter01
@turnip15 yes..USDJPN Entry 1.10201 ex. .1.9820 on H1 timeframe Resistance was broken and enough daylight Could have done better entry after bear cross at 1.1051 But I´m still learning
Nice trade..... 110.20 is not a bad entry...a lot of folks will wait until they see some momentum developing before they get in
Plan, Prepare, Execute, Repeat
  • #843
  • Jul 8, 2021 7:55am Jul 8, 2021 7:55am
Quoting swingtrade65
I decided to just post a batch of this weeks/months trades at one time since they are 4hr trades. EURUSD. Sold at the top of the channel for a quick short +34 {image} AUDJPY. Easy shorts under the 200sma. There are actually 2 trades on this chart. First one +93 2nd closed last night..+133 {image} EURJPY. Another easy sell under the 200sma +116 {image} EURCAD Same trade as EURUSD from above +38 {image} CHFJPY Got taken out during 5pm NY hour when spreads widen and I didn't adjust my stops for it +8 {image} Forgot the CADJPY....another short that...
Thanks for posting these. I like 4H TF as well.

Did you have any losing trade?
  • #844
  • Jul 8, 2021 7:59am Jul 8, 2021 7:59am
Quoting Piphunter40
{quote} Thanks for posting these. I like 4H TF as well. Did you have any losing trade?
Yes, I had a couple of small ones. I am still working on how I trade this but 4hr seems to be where I am most comfortable. I do not mind the larger stops because the rewards are equally as large. I ran the trade report for the first few days of July.....these results are with .01 size until I have this method locked down.

Attached Image (click to enlarge)
Click to Enlarge Name: CADJPYH4_week.png Size: 68 KB
Plan, Prepare, Execute, Repeat
  • #845
  • Jul 8, 2021 8:23am Jul 8, 2021 8:23am
Quoting baxter01
@turnip15 yes..USDJPN Entry 1.10201 ex. .1.9820 on H1 timeframe Resistance was broken and enough daylight Could have done better entry after bear cross at 1.1051 But I´m still learning
Well done
every Saint has a past. Every Sinner has a Future
  • #846
  • Jul 8, 2021 9:17am Jul 8, 2021 9:17am
Laura, thank you for sharing your trading method! I tried it on H4 and it seems to work nicely on this time frame.
Here are my results from the last 2 days. All the trades were opened with the smallest size possible. All of them were single entry and exit.
Attached Image (click to enlarge)
Click to Enlarge Name: Trades until July 8.png Size: 1.0 MB

Once I moved my SL to BE, and that seemed to be a mistake.
Attached Image (click to enlarge)
Click to Enlarge Name: CADJPY.FXH4.png Size: 122 KB
When a new HL or LH were formed, I moved the SL below/above them and that allowed me to be taken out of a trade with a small loss when the market changed direction.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.FXH4.png Size: 129 KB
Sometimes the price moved nicely and quickly.
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD.FXH4.png Size: 131 KB
And at other times, I lost my patience and closed the trade prematurely.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD.FXH4.png Size: 144 KB
All together, I'm very happy with the results
  • #847
  • Jul 8, 2021 9:56am Jul 8, 2021 9:56am
Quoting swingtrade65
I decided to just post a batch of this weeks/months trades at one time since they are 4hr trades. EURUSD. Sold at the top of the channel for a quick short +34 {image} AUDJPY. Easy shorts under the 200sma. There are actually 2 trades on this chart. First one +93 2nd closed last night..+133 {image} EURJPY. Another easy sell under the 200sma +116 {image} EURCAD Same trade as EURUSD from above +38 {image} CHFJPY Got taken out during 5pm NY hour when spreads widen and I didn't adjust my stops for it +8 {image} Forgot the CADJPY....another short that...

STr

Thanks for posting the 4H trades. That's what I'm attempting. If I may ask what type of exit criteria are you using. That's been the challenge for me. I was going to go with a cross back of the 50 but that sure eats up the profit.
  • #848
  • Jul 8, 2021 9:57am Jul 8, 2021 9:57am
Laura T, I really enjoyed post 801. It reminds me that it might be time to reread Primg and see what I can now get out of it after a few years of experience. I hope you post more of these.

Sorry for the late reply, I'm on vacation
  • #849
  • Jul 8, 2021 9:58am Jul 8, 2021 9:58am
Quoting Aneczka
Laura, thank you for sharing your trading method! I tried it on H4 and it seems to work nicely on this time frame. Here are my results from the last 2 days. All the trades were opened with the smallest size possible. All of them were single entry and exit. {image} Once I moved my SL to BE, and that seemed to be a mistake. {image}When a new HL or LH were formed, I moved the SL below/above them and that allowed me to be taken out of a trade with a small loss when the market changed direction. {image}Sometimes the price moved nicely and quickly. {image}And...
Nice results.

I'm really not a fan of breakeven stops, for various reasons. Better to lock in a small profit once the floating profit is large enough to still give the trade wiggle room.

In terms of trade management, it's always a work in progress. You will develop more patience as time goes on. Well done on a great start!
  • #850
  • Jul 8, 2021 10:00am Jul 8, 2021 10:00am
Quoting oradba
Laura T, I really enjoyed post 801. It reminds me that it might be time to reread Primg and see what I can now get out of it after a few years of experience. I hope you post more of these. Sorry for the late reply, I'm on vacation
Glad to hear they help. I'll certainly post more when I have trades that are interesting structurally.

Enjoy the vacation!
  • #851
  • Jul 8, 2021 11:11am Jul 8, 2021 11:11am
Quoting spyderman
{quote} STr Thanks for posting the 4H trades. That's what I'm attempting. If I may ask what type of exit criteria are you using. That's been the challenge for me. I was going to go with a cross back of the 50 but that sure eats up the profit.
Exits are the hardest part and require the most patience and discipline in my opinion.
I am actually using a couple of different exit methods.
First, I trail a stop above the top or below the bottom of the channel while I am away from the screen when it is moving in my direction.
I also use target area(s) for TP while I am not in front of my screen.
When I am in front of my screen, I watch price action around the same areas as my targets and manually exit.
I am now living in the USA so I am able to spend time usually 8-10 am EST and again for the Tokyo open from about 8-10pm EST
I enter most all of my trades during these timeframes. I use the trailer overnight when I am asleep.
If I had to choose right now what I am finding to be the best for me, I would trail my stop above/below the other side of the channel and use selected targets that offer at least 2:1 RR or greater, preferably 3:1 or more.
Plan, Prepare, Execute, Repeat
  • #852
  • Jul 8, 2021 12:06pm Jul 8, 2021 12:06pm
Just took this trade on the 4hr
AUDCAD short....it is really interesting to me because of what the monthly looks like

Attached Image (click to enlarge)
Click to Enlarge Name: AUDCADH4.png Size: 65 KB
Plan, Prepare, Execute, Repeat
  • #853
  • Jul 8, 2021 12:46pm Jul 8, 2021 12:46pm
Quoting swingtrade65
Just took this trade on the 4hr AUDCAD short....it is really interesting to me because of what the monthly looks like {image}
I see what you mean. All those timeframes are heading down. I'll probably wait for the 4h channel failure and then retrace to the channel (if it does) for an entry. But I do have it on my screen.
  • #854
  • Jul 8, 2021 1:06pm Jul 8, 2021 1:06pm
Quoting spyderman
{quote} I see what you mean. All those timeframes are heading down. I'll probably wait for the 4h channel failure and then retrace to the channel (if it does) for an entry. But I do have it on my screen.
In addition, when I find a pair like this the first thing I do is to search other pairs from both sides of the trade. What I mean by this is that I start to look at all of the other AUD crosses for signs of setups on the 4hr timeframe. If I find others that have similar looks, I can assume that the AUD is a weak pair and I will look to add good shorts across the AUD complex. I will then look at all CAD pairs for signs of strength just like I looked for weakness in the AUD.

Why do I do this? Because I want to pile on the weak currency short(s) across the board or vice versa, I want to be buying every setup across the board with the strong currency. If one was to look at all of the trades in the trading summary graphic I posted, you will that the vast majority money and winning trades were based off of two central themes....Strong Dollar and Strong Yen. When you do this, you are trading with the real true movement of currency in my opinion.
The other trades were really just one offs that were there and not part of any central "theme" so to speak.
Hope this makes sense.
Plan, Prepare, Execute, Repeat
  • #855
  • Jul 8, 2021 1:36pm Jul 8, 2021 1:36pm
Quoting swingtrade65
Just took this trade on the 4hr AUDCAD short....it is really interesting to me because of what the monthly looks like {image}
I took the same trade on H4
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCAD.FXH4.png Size: 107 KB
  • #856
  • Jul 8, 2021 1:42pm Jul 8, 2021 1:42pm
New Journal Post:

https://www.forexfactory.com/thread/...2#post13618562
  • #857
  • Jul 8, 2021 2:21pm Jul 8, 2021 2:21pm
Quoting swingtrade65
{quote} In addition, when I find a pair like this the first thing I do is to search other pairs from both sides of the trade. What I mean by this is that I start to look at all of the other AUD crosses for signs of setups on the 4hr timeframe. If I find others that have similar looks, I can assume that the AUD is a weak pair and I will look to add good shorts across the AUD complex. I will then look at all CAD pairs for signs of strength just like I looked for weakness in the AUD. Why do I do this? Because I want to pile on the weak currency short(s)...

More interesting thoughts. Typically you see individuals espousing a "don't enter multiple times on same currency". But I tend to agree with your assessment and results.
  • #858
  • Jul 8, 2021 2:24pm Jul 8, 2021 2:24pm
Quoting LauraT
New Journal Post: https://www.forexfactory.com/thread/...2#post13618562
Excellent post. Thank you for everything. And I sincerely wish you all the very best for your health!
  • #859
  • Jul 8, 2021 2:39pm Jul 8, 2021 2:39pm
Quoting LauraT
New Journal Post: https://www.forexfactory.com/thread/...2#post13618562
Hi Laura

I've been meaning to ask you if you know of any reference materials i.e. textbooks that you would recommend. You mentioned Raghee Horner at the outset of Roadmap thread i think, but it sounded like you have moved on somewhat.

Kind regards
  • #860
  • Jul 8, 2021 2:47pm Jul 8, 2021 2:47pm
Quoting spyderman
{quote} More interesting thoughts. Typically you see individuals espousing a "don't enter multiple times on same currency". But I tend to agree with your assessment and results.
Ultimately it comes down to risk. If, as swingtrade sets out, a particular currency is firing off buy or sell signals across multiple pairs, that's a sign of a potential edge (and when our edge exists, we want to really push the boat out).

However, as i'm sure swingtrade would agree, we also have to maintain an overall risk profile we are comfortable with. For example, I wouldn't want to risk 1% on each of 6 USD shorts. That's simply too much risk associated with a single currency and an adverse move could do significant damage. But shorting a couple of Dollar pairs at the same time isn't in itself a problem.

I trade indices more than currencies now so, to apply the same principle, I can happily be long or short on two of the three indices I trade (Dow, Dax, Nasdaq) at any given time but never all 3 at once as the risk becomes too imbalanced for my liking.
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