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Attachments: Trading the Daily
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Trading the Daily

  • #1
  • First Post: Edited May 20, 2008 11:57am Mar 2, 2008 1:07am | Edited May 20, 2008 11:57am
Ive opened this at the request of some my Fibonacci thread readers that are looking for something that can be traded and still keep your day job and also be able to sleep at night.
Trading more from the Daily chart at the open of each new Daily candle.
The principles are the same from my fibonacci thread but this is more of a method or strategy that can built upon to suit each individuals needs.
The heart of this is still fibonacci but with the use of some basic indicators and some basic price action tactics already installed.
All you need is:
The Daily chart
Simple Stochastic indicator
2 horizontal lines
and Fibonacci ( which you can learn the basics from in my Fibonacci trading thread)

Ive posted the basic rules in PDF and Word Doc formats, the figures in the documnets are not very clear so I will post those in the following posts.
Also is a template set up as we are now wating for the Open Sunday

*Ive added Version 1 of an Indicator that displays the entry and exit points as well as the trailing stoploss to previous candles, the Indicator is new and has not been forward tested which will start this week so I am not sure if it will track correctly or not yet since this is the first attempt.


Current Position and Totals
Wins / Losses: 13/5
Current Trade : #18
Current Position: None
Current Target:
Current Stop Loss:


Total trades Completed: 18
March 2008 Totals: 735 pips
April 2008 Totals: 714 pips

Current Month: May2008
Current Totals Week1 : 178
Current Totals Week2: -169
Current Totals Week3: 39
Current Totals Week4:

*Any updates and the Video will be posted here in the 1st post*

Link to Fibonacci thread http://www.forexfactory.com/showthread.php?t=50767
Attached File(s)
File Type: pdf Trading the Daily.pdf   529 KB | 8,768 downloads
File Type: doc Trading the Daily.doc   155 KB | 4,107 downloads
File Type: tpl tradingdaily.tpl   4 KB | 2,880 downloads
File Type: mq4 DailyTrend.mq4   13 KB | 2,162 downloads | Uploaded Apr 13, 2008 9:29am
  • #2
  • Mar 2, 2008 1:07am Mar 2, 2008 1:07am
These pics are if the Charts in the Documents arnt clear
Figures 1 and 2
Attached Image(s) (click to enlarge)
Click to Enlarge Name: figure1.gif Size: 23 KB
Click to Enlarge Name: figure2.gif Size: 34 KB
  • #3
  • Mar 2, 2008 1:08am Mar 2, 2008 1:08am
Figures 3 and 4 from the Documents
Attached Image(s) (click to enlarge)
Click to Enlarge Name: figure3.gif Size: 23 KB
Click to Enlarge Name: figure4.gif Size: 23 KB
  • #4
  • Mar 2, 2008 2:06am Mar 2, 2008 2:06am
Bo, nice of you to start a thread trading the higher tf.
Is there an indicator that would give an alert on stoch crossing?

Thanks.
Mukesh
  • #5
  • Mar 2, 2008 2:20am Mar 2, 2008 2:20am
Quoting Mukesh
Bo, nice of you to start a thread trading the higher tf.
Is there an indicator that would give an alert on stoch crossing?

Thanks.
Mukesh
Im sure someone could write one, but the Stoch crossing is usually going to be late its used more as a confirmation once in a trade.
  • #6
  • Mar 2, 2008 3:12am Mar 2, 2008 3:12am
Hi, thanks for starting this thread, I shall be following along as I am in the situation you describe i.e. a day job!
  • #7
  • Mar 2, 2008 8:20am Mar 2, 2008 8:20am
Now I have something new to beat to death - just in time. I was running out of material.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #8
  • Mar 2, 2008 8:22am Mar 2, 2008 8:22am
Quoting Thexder
Now I have something new to beat to death - just in time. I was running out of material.
LOL, I know after you look this over youll find a way to make this work.
  • #9
  • Mar 2, 2008 8:34am Mar 2, 2008 8:34am
The strange thing is as I read the document I can hear that voice in my head from the youtube videos narrating it. Every other sentence there's this faint straw gnawing thing.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #10
  • Mar 2, 2008 8:46am Mar 2, 2008 8:46am
Respect Bo for this methodology and wish you and your threads to prosper!
  • #11
  • Mar 2, 2008 8:53am Mar 2, 2008 8:53am
Quoting Thexder
The strange thing is as I read the document I can hear that voice in my head from the youtube videos narrating it. Every other sentence there's this faint straw gnawing thing.

LOL, thats just the entertainment part
  • #12
  • Mar 2, 2008 8:59am Mar 2, 2008 8:59am
Now that I've read it I've already got a few thoughts on how to bastardize it. I'll need to sleep first. I've been thinking about daily chart systems myself so I wonder how some of my thoughts might work out if superimposed, particularly on how to detect and minimize damage in ranging conditions.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #13
  • Mar 2, 2008 9:06am Mar 2, 2008 9:06am
Quoting Thexder
Now that I've read it I've already got a few thoughts on how to bastardize it. I'll need to sleep first. I've been thinking about daily chart systems myself so I wonder how some of my thoughts might work out if superimposed, particularly on how to detect and minimize damage in ranging conditions.
I have confidence in you, get some sleep first.
  • #14
  • Mar 2, 2008 9:14am Mar 2, 2008 9:14am
Im also a big fan of Fib's Bob... I also enjoy your post's thank's for this thread also...
  • #15
  • Mar 2, 2008 9:20am Mar 2, 2008 9:20am
Quoting Umairs2004
Im also a big fan of Fib's Bob... I also enjoy your post's thank's for this thread also...

Your welcome then, hopefully you can find something in this to use in your trading.
  • #16
  • Mar 2, 2008 9:24am Mar 2, 2008 9:24am
Before I sleep here's one thing I saw when I pulled up a chart and looked at a random spot. If this fib were part of a retracement or the start of a new down move (I didn't look long term to see how it fits in), then the pull back upward retraces to the inner fibs within an upward range that becomes clear as time goes on.

There's lots of high and low candle breaks as one clue to the range period. When clear boundary lines can be drawn, a break of the range coinciding with fib levels may be a good time to get in.

In this case the range is broken to the down side on the circled candle, and this coincides with a 38.2 bounce. Taking the break of the low and trailing the stop behind the candles gives a good move. There's lots of penetrations and bounces in & around the fib levels but once the noise clears up, the true fib bounce/break is seen.
Attached Image (click to enlarge)
Click to Enlarge Name: T1.jpg Size: 100 KB
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #17
  • Mar 2, 2008 9:27am Mar 2, 2008 9:27am
Quoting Thexder
Before I sleep here's one thing I saw when I pulled up a chart and looked at a random spot. If this fib were part of a retracement or the start of a new down move (I didn't look long term to see how it fits in), then the pull back upward retraces to the inner fibs within an upward range that becomes clear as time goes on.

There's lots of high and low candle breaks as one clue to the range period. When clear boundary lines can be drawn, a break of the range coinciding with fib levels may be a good time to get in.

In this case the range is broken to the down side on the circled candle, and this coincides with a 38.2 bounce. Taking the break of the low and trailing the stop behind the candles gives a good move. There's lots of penetrations and bounces in & around the fib levels but once the noise clears up, the true fib bounce/break is seen.

LOL, I thought you were going to get some sleep first
  • #18
  • Mar 2, 2008 9:29am Mar 2, 2008 9:29am
Quoting Bobokus
Your welcome then, hopefully you can find something in this to use in your trading.
Ya Ofcourse There are lot of useful thing's related with Fib's In your both thread's... Also I forgot to mention about your video's On YouTube ... Great....Thank's Again and keep up your nice work...
  • #19
  • Mar 2, 2008 9:30am Mar 2, 2008 9:30am
Quoting Bobokus
LOL, I thought you were going to get some sleep first
Just like you say about there always being a market tomorrow, there's lots of time for sleep, if I miss it today I can try again tomorrow. The bed isn't going anywhere.

So when is Skunny going to come in here and post a daily chart with a Gann Tron Grid on it?
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #20
  • Mar 2, 2008 10:14am Mar 2, 2008 10:14am
Thank you Bo your Thread on Fibo and now this one on daily is just great.Keep the good work going.There are really few people in this world who really share their knowledge for good of others.May God Bless You.Keep the Good work going.
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