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Trading the Daily

  • #41
  • Mar 3, 2008 10:45pm Mar 3, 2008 10:45pm
Quoting Thexder
I have the same problem with the demo MT4 feed on my main system and laptop. I downloaded both times from the same metaquotes site link and applied for a demo account but one chart has sunday bars and lags an hour, and overall the candles form differently. Yesterday I had one chart showing a lower high and the other a higher high. I don't seem to have much control over choosing the demo feed, I might have to just keep re-applying for accounts until I get a match.

In the end I just use those feeds as a guide and when it's time to make a trade I'll go with the demo chart formations, then take the numbers on my own broker's feed at the last minute since that's what I'm ultimately trading against. If my broker shows an S/R level different from MT4, I'll go with my broker.
Thexder,

Thanks for your post, I kept me from trying another metaquotes ... and probably wasting my time.

Lou
  • #42
  • Mar 3, 2008 10:48pm Mar 3, 2008 10:48pm
Maybe this is only an issue with getting MT4 from the Metaquotes site. There's other brokers that provide MT4 - I haven't tried doing that but maybe the feed would be consistent from such a download with a fixed demo account, then just find one in the right time zone with the right sunday bar handling. I just haven't gone to such trouble.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #43
  • Mar 3, 2008 10:50pm Mar 3, 2008 10:50pm
Ok,
Getting back to the chart example. I take it that the bias is to the downside because of the H to L swing of the 2/27 and 2/28 candles.
  • #44
  • Mar 3, 2008 11:42pm Mar 3, 2008 11:42pm
Quoting Lou
Ok,
Getting back to the chart example. I take it that the bias is to the downside because of the H to L swing of the 2/27 and 2/28 candles.
Not yet Support has shown too much strength as well since we made our last Daily high and why we've been ranging, no clear direction has shown itself just yet. We are getting higher lows and lower highs from the waveforms on the 1 hour chart so something has to give pretty soon though.
  • #45
  • Mar 4, 2008 7:12am Mar 4, 2008 7:12am
Quoting Bobokus
Not yet Support has shown too much strength as well since we made our last Daily high and why we've been ranging, no clear direction has shown itself just yet. We are getting higher lows and lower highs from the waveforms on the 1 hour chart so something has to give pretty soon though.

BO,
Lovely to see your new thread. As a lover of your fib tools,i will like to follow along but both the pdf and word format you posted at the begining are corrupted, kindly help to repost it pls.
Thanks.

Olorunloniemi.
  • #46
  • Mar 4, 2008 7:23am Mar 4, 2008 7:23am
Quoting olorunloniem
BO,
Lovely to see your new thread. As a lover of your fib tools,i will like to follow along but both the pdf and word format you posted at the begining are corrupted, kindly help to repost it pls.
Thanks.

Olorunloniemi.
Hmm, has anyone else had problems with the PDF or the Word file ?
  • #47
  • Mar 4, 2008 8:19am Mar 4, 2008 8:19am
I have no problems with PDF.
  • #48
  • Mar 4, 2008 8:45am Mar 4, 2008 8:45am
Quoting olorunloniem
BO,
Lovely to see your new thread. As a lover of your fib tools,i will like to follow along but both the pdf and word format you posted at the begining are corrupted, kindly help to repost it pls.
Thanks.

Olorunloniemi.
Try downloading it again it may have been corrupted during the download or something.
  • #49
  • Mar 4, 2008 12:16pm Mar 4, 2008 12:16pm
Quoting Bobokus
Try downloading it again it may have been corrupted during the download or something.
Bo,
i tried again the word format opened but the pdf did not maybe the fault is from my windows here.
Thanks
  • #50
  • Mar 4, 2008 12:34pm Mar 4, 2008 12:34pm
Quoting olorunloniem
Bo,
i tried again the word format opened but the pdf did not maybe the fault is from my windows here.
Thanks

Could be I downloaded them and they opened fine for me
  • #51
  • Mar 4, 2008 2:29pm Mar 4, 2008 2:29pm
Quoting Bobokus
Hmm, has anyone else had problems with the PDF or the Word file ?
Actually a strange thing did happen for me - when I FIRST downloaded the PDF and saved on the hard drive, it said it was corrupt when I went to open, so I clicked and downloaded and saved it again and then it worked.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #52
  • Mar 4, 2008 7:33pm Mar 4, 2008 7:33pm
My pdf opened fine. Thanks Bo, great thread. Hope I can learn this, will work good with a regular day job schedule.
  • #53
  • Edited 1:57am Mar 5, 2008 1:27am | Edited 1:57am
I'm short from 805 when it cleared the low of the last 2 days. Finally it follows some proper M1 S/R and I'm set to break even, even though its' not proper upper resistance...just don't want to lose out in case the range is still in play.

I waited for the short to form an M1 support, then break it rather than go sideways and I noted it was breaking the 2 day low so I gambled.

Update: Just broke the next M1 support, too bad the upper M1 resistance stop point is exactly break even. It came within 1 or 2 of stopping me out before it fell back down. At least it's a valid stop location now and I'm in a legit free trade.

Update: +21 locked in. FINALLY the week begins.

Update: +29 locked in. I had forgotten what this feels like.


And I'm out for +29, it's starting to shoot up on M1 now. the target extensions of many possible range bound fibs within the last few days have all been hit by this short so it ran its course and at least I got something from it even if it continues down.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #54
  • Mar 5, 2008 7:11am Mar 5, 2008 7:11am
Im still hanging on to this short from 1.9832 and to test the strategy i will let the market take the trade out with the stop loss now trailing behind the 03/04 candle high, even though this one is in profit it doesnt make me feel good when i see the amount of movement weve had the past 4-5 trading days.
Slow moving market and now missing data feels like bad luck for this trade right now.
Here are the last 2 updates to this trades stoploss, still (-66 pips) if the market roll back from todays news and spikes up to hit it. Even though a 66 pip loss isnt much considering its a trade from the Daily chart it will still be a loss if the news from the US this morning is worse than expected.
The stop is currently 109 pips away from the current price which is still within the daily range of cables capabilities. the news in the next few days may hurt if the actuals are worse for the US than expected...which is very possible.
If the Short is to continue I am looking to the Retracement fibs levels to possibly close this trade on any sign of a bounce from its levels.
At the close of today if the trade is still in play another assessment from the other timeframes will need to be made.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: trade1update1.gif Size: 28 KB
Click to Enlarge Name: trade1update2.gif Size: 28 KB
  • #55
  • Mar 5, 2008 11:03am Mar 5, 2008 11:03am
Ive updated the first post to display the current results of the forward testing as well as the current position. Today at the close I will make a post with the updated charts and my take on the action and the thoughts going into the next days trading.
For now we want to see what happens during the retrace of this move up today.
Sorry Demo from IBFX didnt show the data that price actually made contact with our retracement fib where we wanted to possibly take profit at so The first trade does end in a loss but we kinda expected it since we jumped into the market being anxious to get started, oh we'll working from adversity builds character...or something like that.
  • #56
  • Mar 5, 2008 7:41pm Mar 5, 2008 7:41pm
Trading an always in strategy has me Long now from 1.9898 on the break of the previous days high and initially placing the stop well away from the entry at 1.9716. A retracement may provide another entry at a better position and using a fib placed on this last move up gives me a buy in point at 1.9834 just above the Long fib level. Even though this has the potential to retrace to the 9790 level, if you were not able to monitor this you have to select a closer entry point or the first bounce point...that being the Long fib level.
We will try this again now and if the long position holds up through Friday we will be in good shape, what we dont want to see is retracement that penetrates the 1.9750 area where price will go into the possibility of reversing again.If we get candles with higher lows the remainder of the week we will be able to move our stop loss up along with them until we get our stop above the entry point, Of coase if we reach our target range of 2.0100/2.0180 we may take profit there unless we get the indication from price action more room is available to the topside.
If this trade fails we may sit it out until another fib level is reached and reset positions from there.

The general plan is long now from 1.9898 targeting 2.0100/2.0180
Obstacles to overcome ( 1.9970 retracement High, 2.0033 DownTrend Short level)
Holding the trade if price action/candle formations allow.
Possible 2nd entry set to 1.9834 on a bounce
StopLoss adjustable with current candle formations
Stop and Reverse point 1.9716


From the 4hr and 1 hr analysis
The 4 hour and 1 hour both showing signs we can get some retracement now and looking for the bounce for another attempt at the Retracement high 1.9970. The 1 hour already indicating were retracing now.
The 4 hour showing more evidence of the bounce from the Support fib drawn from the Daily as well as the touch and bounce from the Retracement Long fib level @1.9728 earlier today. The news today may just have givin Cable the kick in the pants it needed to get things moving and with Interest rate statement from UK and NFP on friday it should be an interesting end to the week that started off miserable.
The 1 houralready showing some retracement has began Im looking for the bounce now and maybe a second entry at a better price. A small fib on the retracement from the 1 hour is showing price was not able to rally or break resistance again yet and its levels indicating short targeting the 1.9870 area is available if this holds true this may be the first buying area and will need to be watched if price retraces this far. Weve also with the help of the news today retraced more than the 61.8 level from the previous day on the 1 hour adding confidence we could be reversing long now or move sidways until the econonomic news later this week.

If possible when new developements occur I will try and make a post on any updates or changes to the current plan.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: trade2.gif Size: 28 KB
Click to Enlarge Name: trade2_4hr.gif Size: 23 KB
Click to Enlarge Name: trade2_1hr.gif Size: 23 KB
  • #57
  • Mar 6, 2008 7:13am Mar 6, 2008 7:13am
Ive updated the stoploss now to the low of todays candle after the news from UK this morning and NFP coming out tomorrow which most likely will not be good. looks as if we may be holding this one over the weekend, we will know more tomorrow and the close of todays trading.
Attached Image (click to enlarge)
Click to Enlarge Name: trade2update1.gif Size: 28 KB
  • #58
  • Mar 6, 2008 9:41am Mar 6, 2008 9:41am
Bo,
The daily TF helps to see the market in its naked form and your wonderful analysis with the great fib x-ray it in a manner that it helps even the newbie to understand,
Seeing market this way removes emotion from trading and net good pips.
Thank you, you are doing a great job here.
Love ya

Olorunloniemi.
Attached Image (click to enlarge)
Click to Enlarge Name: ac.gif Size: 18 KB
  • #59
  • Mar 6, 2008 10:10am Mar 6, 2008 10:10am
Quoting olorunloniem
Bo,
The daily TF helps to see the market in its naked form and your wonderful analysis with the great fib x-ray it in a manner that it helps even the newbie to understand,
Seeing market this way removes emotion from trading and net good pips.
Thank you, you are doing a great job here.
Love ya

Olorunloniemi.

It does have its advantages, the simpler the better.
  • #60
  • Mar 6, 2008 11:28am Mar 6, 2008 11:28am
Thanks for the daily strategy.
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