Trading the Daily

[quote=Bobokus;1879105]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

Demo Account opened with $3000, trading 2%Balance per trade.

Current Position and Totals

Current Position: Long @1.9864
Current Target: None Yet
Current Stop Loss: 1.9852
Total trades Completed: 5
Current Totals Week1 : +216
Current Totals Week2: +147
Current Totals Week3: +208

*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[/quote

hi bo,
pls,bob. i like to know if i can use only yesterday candle to trade the daily.as my intraday high and low hope to hear from u soonest

hi bob,

i like to know if i can pull on my intraday candle alone as my intraday high and low to trade the daily trend hope to hear from u soon

walewhat

Hello!

Bobokus, how did you "fine tune" an entry at 1.9864 ? And why is your SL at 1.9852 instead at 1.9759 (previous daily low - as you suggest in pdf manual). Was it at firts at a low of previous candle, and you moved it there after you showed profit, since you won't be able to monitor your trade?
Just to clarify things up for newbies

Take care!

Certainly, thats more of the type of strategy descibed in my other thread , Fibonacci Trading.

As far as the entry, I just happened to be turning everything on to get set up and it was breaking the high at that point yesterday so I entered manually because I didnt get a buy stop set yet.
The Stoploss was originally set to the previous day but this morning I went ahead and moved it up to the low of today since I may not be around to set it later today,Its a small loss if its hit and can be made up on the next one.

hi bob,

i got ur reply and i was so exiting with that thank u so much i like to trade it from now and i've back track it and it really work pls whats the take profit and the stop loss of the strategy, hope to hear from u so soon

walewhat

hello walewhat!

I am in the same trade as Bobokus, although I entered a bit later. Anyway, you could set your profit targets at resistance levels which he mentioned couple of posts earlier (example 1.9990), I have mine set at 2.0030 since I won't be able to monitor my trade for the rest of the day.

btw, thank you for reply on such short notice Bo.

Hope this helps a bit. Take care!

hi,

hope u got the question i mention last and i will like to know when to exit to be on a safer place, cos i dont like to experience any loss again thanks

walewhat

Losses are part of the game we play, If you dont mind me asking ,Are you trading real money at this time ?. I dont recommend using real money to learn trading any method until you can prove to yourself it is consistantly profitable in a demo account.
We use Fib levels as take profit points( like the Resistance levels mentioned in my previous post), an option is to scale out in this type method once one of those points is reached by closing 80% of the trade and letting the rest ride until the manuall trailing stoploss is hit or its obvious the trade is turnung against you.

hi bob,

pls i like to know when the retracement will occur, and how to pull it clearly and the configuration for the retracement itself, cos i can see that the only losses we encounter in the daily trend is retracement so i like to know

walewhat

hi bob,

pls i like to know when the retracement occur, and how to pull it clearly and the configuration for the retracement itself, cos i can see that the only losses we encounter in the daily trend is retracement so i like to know

walewhat

hi bob,

i avent got the reply for the last question i ask u, but in addition to it,should i wait for the retracement first before placing my order, in other to safe from the loss, if its necessary let me know.
thanks

Hi Bobo,
I can't really see what you write in the video when changing Fib levels so that they show price.

Short low % ?

Thanks!

I think you are asking questions that are more suited to Intraday trading than the subject of this thread, this thread is more of trading from the Daily chart where you will experience several retraces of price during each trade sometimes. Its all in the rules of the PDF file in the first post of the thread.

You just add ( %$ ) in the desciption line.

Hi Bob,

I've experienced one retracement today and i place the order at the right place rather, i place buy late on GBP/JPY, Today i surpose to enter when it cut my intraday high at 200.44 and i enter lately, when today candle retrace going down and i enter at 199.64 when the candle about to obey the initial trend, now am at profit +84pips, thats why am asking should i alway waiting for the daily retracement before i place the order and when exactly the time i should exit even if the trade is not getting to my take profit for the day, hope to hear from u so soon
walewhat

Your strategy of waiting on price to pull back for a better entry into a trending move is good, its more along the lines of what we do in my other thread Fibonacci Trading, in this thread though we are working on a strategy that suits more to the individuals that cannot sit in fron of the CPU and watch price action during the day, We try and limit ourselves to only being able to trade around the open and close of each Daily candle with maybe some analysis time to move stoploss and make corrections just before the US open since this is mainly the only time these traders have to operate in.
As for exits we use the fib extentions in a trending move as targets or price action when they fail to reach their targets, and the inner fib levels when price is in a correction type move of the original Weekly/Daily trend.

hi bob,
the reason why i ask the question of waiting for the market to retrace, is all becos of low equity am trading presently, or what exactly equity i need to be trade the daily trend?....... so i ave set all my market for tomorrow, my intrady candle as usual and my pending order with a little take profit in other to be on a safer side till tomorrow i ave to go bed to rest a while thanks for ur surpport

walewhat

Your welcome

Hi Bob,
I hope your health is better…
Sorry, I was travelling for the last 2 weeks and had very limited internet time.
I’m still testing my ‘H4 scalping technique’ with more and more confidence (still demo)... I have started to forward test it on 8 pairs. It requires monitoring the trades at the opening of each H4 candle (I usually miss one during the night).
I’ve also tried the Daily with mixed result, still positive but I feel like we’re almost trying to get in the same trades that in your other thread but from the daily chart, with less information (missing the inner S/R). I was wondering if monitoring the D1 wouldn’t mean to trade the monthly from the daily candles as you trade the daily from the H1 candles in your other thread? Let me explain my reasoning:
For H4 I put cycle lines from Monday to Monday (or Sunday to Sunday) to materialize the week. 1week is 30 H4 candles which is very close to the 24 H1 candles in the day so instead of playing the intra-day fib and the swing fib, I play the ‘intra-week fib’ and the swing fib. So I trade the same way that you do in your Fibonacci thread although I use most of the time the break out of the swing fib (what you call scalping), but I monitor how price react to the inner fibs of the Intra-week fib and also to the retracement fib, up-trend fib, downtrend fib, range fib and so on.
For the Daily I tried to replicate that but since the month never match with the weeks I added some cycle lines every 4 weeks which makes for a Lunar Month with 13 LM in a year 13 x 4 = 52 weeks. Once again 4W x 5 candles (6 if there is a Sunday candle) = 20 or 24 candles, very close to the daily technique. I don’t respect strictly the limits of the LM but find good Top/bottom around them, the main purpose of the LM is to give a scale on which to gauge P/A. I pretty much fib each bar except the inside bars. Actually on the bigger bars I sometime set my SL at the 38 or 62 level and not at the top/bottom or look for good S/R in H4.
But maybe I should take even less trades but out of the LM fib as you do with the intraday fib?
Please give me your view on that.
I usually open 3 trades at the Break-Out of the fib. If the B/O is set at 68/32 then TP1 is 0/100 and initial TP2 is at 138/-38 it then move with the fib to T1. If the B/O is 0/100 TP1 is at 138/-38 and initial TP2 is at 200/-100 it then move with the fib to T1 as well. I let the last trade run as far as it can, pulling the fib behind and the SL with it unless I see a nice T3 Target (skunny style).
Here is my question: You mentioned earlier closing 80% of your position. How do you technically do that? I mean can you close only a part of a trade or do you have to open for instance 10 distinct mini-lots with the same entry and different setting for TP and SL? Is there a way to open ten lots at once? I don’t see how to do that in MT4…
Thanks in advance.
Schmurex