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Daylight Trading Strategy

  • #901
  • Jul 15, 2021 1:27pm Jul 15, 2021 1:27pm
Quoting LauraT
Nice trades guys. I haven't had a lot to say recently (or a lot of free time) but I'm still keeping a close eye on what's posted here and am encouraged by the progress I see. Keep it up!
It's good seeing you around...... Madam.

Hope you are doing good..... health wise and trade wise.

Many thanks
Time always comes before price
  • #902
  • Jul 15, 2021 1:44pm Jul 15, 2021 1:44pm
Quoting 40PipsAlan
{quote} I got on that one too. +22 in amongst several other bad trades. Maybe SL is too tight. {image}
Nice seeing you taken that too.....I only got 35pips.....my patience could not go further.......and my EOD has passed.

Maybe.....you should always observe volatility (momentum and strength) at the points of entrance to aid the trade to move faster and reach destination on time......and also not going the way of your SL.


Happy trading
Time always comes before price
  • #903
  • Jul 15, 2021 1:45pm Jul 15, 2021 1:45pm
I have been following the E/U all day - first sell signal on the 5 minute chart was at 13:20 on the chart - at 15:15 another sell signal on the 15 minute chart- at 17:00 another sell signal on the 30 minute chart - at 20:00 again a sell signal , but on the 1 hour chart - some positions were closed and then re-entered as this progressed. I'm unsure if it makes sense to flip around between the time periods , but I've been using each longer period as a kind of confirmation to the signal before. Any comments/thoughts or instruction would be helpful!
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  • #904
  • Jul 15, 2021 1:48pm Jul 15, 2021 1:48pm
Got on this one a bit late and started turning on me. Luckily it went up a bit more. The H1 chart was above the -50 and I missed that signal so waited for a signal on the M15. +52
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  • #905
  • Jul 15, 2021 2:14pm Jul 15, 2021 2:14pm
I am just trying to figure the best way round trades like these on AU. The first 2 signals turned round too quick for me to act upon and the last one turned out good for me. I have tried Moving my SL further away which means more risk. Moving to BE too quick usually results in just that. Maybe constant trade monitoring is the way forward. Any suggestion guys?
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  • #906
  • Jul 15, 2021 2:24pm Jul 15, 2021 2:24pm
Quoting 40PipsAlan
I am just trying to figure the best way round trades like these on AU. The first 2 signals turned round too quick for me to act upon and the last one turned out good for me. I have tried Moving my SL further away which means more risk. Moving to BE too quick usually results in just that. Maybe constant trade monitoring is the way forward. Any suggestion guys? {image}
See post #902.......if you could find a way out of my suggestions.
Time always comes before price
  • #907
  • Edited 3:15pm Jul 15, 2021 2:33pm | Edited 3:15pm
Quoting 40PipsAlan
I am just trying to figure the best way round trades like these on AU. The first 2 signals turned round too quick for me to act upon and the last one turned out good for me. I have tried Moving my SL further away which means more risk. Moving to BE too quick usually results in just that. Maybe constant trade monitoring is the way forward. Any suggestion guys? {image}
I didn't see enough volatility (momentum and strength) on the two previous setups at the -50 levels cross (entrance).....so no trade for me on the two previous setups.

I don't trade all -50 levels cross......I only trade the one that comes with volatility at the entrance.

Many thanks
Time always comes before price
  • #908
  • Jul 15, 2021 2:34pm Jul 15, 2021 2:34pm
Quoting scsstnt
XAUUSD - M5 broken down from H1 which I posted previously,one of those zones I was waiting on,I decided to go for 50 pips target Right now price is still on a rally
I removed my chart because it had custom fib levels,its not part of the tools being used in daylight,I forgot it on,sorry about that.I will remove it and post the regular entries I had later.
  • #909
  • Jul 15, 2021 2:38pm Jul 15, 2021 2:38pm
Got on AJ as well for +49. The vertical orange line is the H1 signal and I waited for a M15 sell arrow.
Missed the first M15 sell
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  • #910
  • Jul 15, 2021 3:01pm Jul 15, 2021 3:01pm
Quoting shotshell
I have been following the E/U all day - first sell signal on the 5 minute chart was at 13:20 on the chart - at 15:15 another sell signal on the 15 minute chart- at 17:00 another sell signal on the 30 minute chart - at 20:00 again a sell signal , but on the 1 hour chart - some positions were closed and then re-entered as this progressed. I'm unsure if it makes sense to flip around between the time periods , but I've been using each longer period as a kind of confirmation to the signal before. Any comments/thoughts or instruction would be helpful!...
Taking a bias from a longer timeframe and entering on a lower timeframe is fine. It can help with timing certainly.

I know I've said in the past (on Roadmap and here) that I prefer single timeframe analysis but that is only because there's a danger a trader can get overwhelmed by the different signals on each timeframe and lose their overall perspective. In your case, it looks like using both will be helpful.
  • #911
  • Jul 15, 2021 3:04pm Jul 15, 2021 3:04pm
Quoting 40PipsAlan
I am just trying to figure the best way round trades like these on AU. The first 2 signals turned round too quick for me to act upon and the last one turned out good for me. I have tried Moving my SL further away which means more risk. Moving to BE too quick usually results in just that. Maybe constant trade monitoring is the way forward. Any suggestion guys? {image}
I agree about BE stops, I really dislike them.

One option you have is that you can choose to ignore long signals when they occur below your big moving average. The obvious downside to this approach is that you will potentially have bigger losers when a full reversal takes place, but on the plus side you won't get shaken out of positions.

Unfortunately everything is a trade-off. Whatever decisions we make have pros and cons.
  • #912
  • Jul 15, 2021 3:14pm Jul 15, 2021 3:14pm
Quoting fxrabbi
{quote} I didn't see enough volatility (momentum and strength) on the two previous setups at the -50 levels cross (entrance).....so no trade for me on the two previous setups. Many thanks
Please could you clarify a bit?

How are you measuring momentum and strength and at what point are your criteria met to pull the trigger?
  • #913
  • Jul 15, 2021 6:12pm Jul 15, 2021 6:12pm
USD/CAD M15. Went short against my trading plan into the moving average (trading like a newb this month) closed, then went long 8 bars later on candle that came off the 100sma/200ema and closed over the channel (trade was confirmed next candle). 65pips total for two losers and two winners.
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  • #914
  • Jul 15, 2021 10:58pm Jul 15, 2021 10:58pm
Quoting Zimbinga
{quote} Please could you clarify a bit? How are you measuring momentum and strength and at what point are your criteria met to pull the trigger?
Pending fxrabbi's reply, one thing you could consider on Laura's templates, is the amount of daylight at the time of the -50 cross.

On Tranqility's chart above:

First third of chart - down move. From the blue and red cross, look how long it took the red to cross the -50 and how little the daylight at that time.
Second two thirds of chart - up move. From the blue and red cross look how quickly the red then crossed the -50 and how much extra daylight.
Good Trading
  • #915
  • Jul 15, 2021 11:37pm Jul 15, 2021 11:37pm
Quoting LauraT
{quote} Taking a bias from a longer timeframe and entering on a lower timeframe is fine. It can help with timing certainly. I know I've said in the past (on Roadmap and here) that I prefer single timeframe analysis but that is only because there's a danger a trader can get overwhelmed by the different signals on each timeframe and lose their overall perspective. In your case, it looks like using both will be helpful.
In my experience, I found your opinion is accurate.
so many traders think using multiple time frame improve trading results, It is kind of true but not all the time.
There is nothing wrong watching multiple time frame, but when comes to trade executions focusing on one tf do the best work. By focusing One TF Traders can execute trade at accurate point and exit at accurate point it improve trading results in long run.
Analysis and trading has differences the difference is trade executions.
MA provides the market's current direction and strength.
  • #916
  • Jul 16, 2021 3:26am Jul 16, 2021 3:26am
Still, sometimes it's better to focus on one thing and get it right.
  • #917
  • Jul 16, 2021 12:15pm Jul 16, 2021 12:15pm
My one trade for the day. GN +44
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  • #918
  • Jul 16, 2021 1:32pm Jul 16, 2021 1:32pm
Quoting aud
{quote} Pending fxrabbi's reply, one thing you could consider on Laura's templates, is the amount of daylight at the time of the -50 cross. On Tranqility's chart above: First third of chart - down move. From the blue and red cross, look how long it took the red to cross the -50 and how little the daylight at that time. Second two thirds of chart - up move. From the blue and red cross look how quickly the red then crossed the -50 and how much extra daylight.
I agree angle of indis is usually important. If they lie flat or angle is shallow its usually a range. I think I will visually back test this a bit more.
  • #919
  • Jul 17, 2021 12:56am Jul 17, 2021 12:56am
Let me make a few comments about how I am trying to trade.
I am using Alan's nice H1 trade as the basis of my M1 trade explanation.
I marked GBPNZD/H1 situations which caught my attention.
We can see that the dominant trend is downward. We see a sharp rebound from the top lane of price channel which is going downwards… Are we likely to expect another black H1 candlestick? Of course, we can.

Attached Image (click to enlarge)
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On M15 we can see ready patterns for taking position at the close of H1 candle or the next M15 candle ... look at WPR… on both M15 and H1.

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The M1 looks even more interesting ...

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Girls and Guys, have a nice weekend.
  • #920
  • Jul 17, 2021 2:39am Jul 17, 2021 2:39am
Quoting BlackNapkins
Let me make a few comments about how I am trying to trade. I am using Alan's nice H1 trade as the basis of my M1 trade explanation. I marked GBPNZD/H1 situations which caught my attention. We can see that the dominant trend is downward. We see a sharp rebound from the top lane of price channel which is going downwards… Are we likely to expect another black H1 candlestick? Of course, we can. {image} On M15 we can see ready patterns for taking position at the close of H1 candle or the next M15 candle ... look at WPR… on both M15 and H1. {image} The...
Nice Posts BN, keep it up. I am trying to be more selective in my trades and looking at this trade I could have made my entry better.
The orange line is the H1 down signal, Below the 200 SMA so I am looking for Sell trades. Drop to M5 and my entry was on the turn already. If I had waited for another WPR down arrow on the M5 also bounce off the 200 SMA my trade would have been better. I exited when the M5 WPR crossed.
Easy to hindsight trade but in the moment not so easy.
Maybe my SL could have been above that swing high. Maybe add to the position on the next WPR down arrow
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