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Attachments: Trading the Daily
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Trading the Daily

  • #241
  • May 7, 2008 12:24am May 7, 2008 12:24am
Quoting Bobokus
I usually do throw in some of the logic behind the entry
Hi Bo,

When are those CDs getting released?

TS
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #242
  • May 7, 2008 2:14am May 7, 2008 2:14am
Quoting Bobokus
Even though not much interest in this Im going to continue to post the trades and results of this, Ive entered again short on the break of the Sunday low Short now from 1.9718, with a stop at 1.9790 above the high of Monday, could move it up to the high of Tuesday but it feels too close for comfort there and the recent price action is anything but comforting so far, paying the swap and the pair just simply cant get out of its own way yet and pick a direction. Going to ride it out, if the stop is hit I may go with the stop and reverse from there time and price action will tell. If support holds from the 4 hour and 1 hour we may get a run up and will leave no choice but to ride along and see where it goes. As for a target I would like to see 1.9450's but that may be stretching it, will just have to let price action detirmine the exit considering the recent action weve been getting.
Hi Bo,
Just for clarification, I assume that you actually entered trade 14 on Monday with a stoploss above Friday - is that correct? Then you moved the stoploss on Tuesday.

I get a little confused, since (partly due to time zones) I see your updates so late.

Ian
  • #243
  • May 7, 2008 2:19am May 7, 2008 2:19am
Quoting ianf0ster
Hi Bo,
Just for clarification, I assume that you actually entered trade 14 on Monday with a stoploss above Friday - is that correct? Then you moved the stoploss on Tuesday.

I get a little confused, since (partly due to time zones) I see your updates so late.

Ian
Hi Bo,
Another confusion is that on Monday (GMT) price broke the high of the Sunday Bar before it broke the Low - so did you have an abortive trade before trade 14?
If not, why did you go short rather than long?

Thanks,
Ian
  • #244
  • May 7, 2008 5:14am May 7, 2008 5:14am
I would also like to invite you to continue this thread, I'm learning a lot from it.
  • #245
  • May 7, 2008 5:56am May 7, 2008 5:56am
Quoting ianf0ster
Hi Bo,
Just for clarification, I assume that you actually entered trade 14 on Monday with a stoploss above Friday - is that correct? Then you moved the stoploss on Tuesday.

I get a little confused, since (partly due to time zones) I see your updates so late.

Ian
Yes thats correct
  • #246
  • May 7, 2008 5:58am May 7, 2008 5:58am
Quoting ianf0ster
Hi Bo,
Another confusion is that on Monday (GMT) price broke the high of the Sunday Bar before it broke the Low - so did you have an abortive trade before trade 14?
If not, why did you go short rather than long?

Thanks,
Ian
Didnt want to try the longs, the latest news events have been positive US and negative GBP just going where the flow should. If this trade continues we can look for a long after this wave down is over though.
  • #247
  • May 7, 2008 6:03am May 7, 2008 6:03am
Quoting TradeStar
Hi Bo,

When are those CDs getting released?

TS
Hopefully this summer, Ive added a few things like carry trading to go along with trading on the Daily chart and of coarse Intraday trading, and needed a little more time in live trading before releasing it.
  • #248
  • May 7, 2008 11:29am May 7, 2008 11:29am
Quoting Bobokus
Even though not much interest in this Im going to continue to post the trades and results of this, Ive entered again short on the break of the Sunday low Short now from 1.9718, with a stop at 1.9790 above the high of Monday, could move it up to the high of Tuesday but it feels too close for comfort there and the recent price action is anything but comforting so far, paying the swap and the pair just simply cant get out of its own way yet and pick a direction. Going to ride it out, if the stop is hit I may go with the stop and reverse from there time and price action will tell. If support holds from the 4 hour and 1 hour we may get a run up and will leave no choice but to ride along and see where it goes. As for a target I would like to see 1.9450's but that may be stretching it, will just have to let price action detirmine the exit considering the recent action weve been getting.
Hi Bo,
I am very interested in your daily trades strat.
I guess many people are. I used to check it regularly but after a few day without new post I got the impression that for some reason you gave up.
I guess that most of the people who arrive here believe the thread is dead.
I tried to trade in this way ie the breakout of the high/low of daily candle but obviously there is more to it but so far there is no clear rules...
So if you could check in daily even if you do not take a trade to just say why you did not enter it, then the thread would really become alive and would attract more input from others.
keep up the good work
cheers.
Schmurex
  • #249
  • May 7, 2008 12:41pm May 7, 2008 12:41pm
Quoting schmurex
Hi Bo,
I am very interested in your daily trades strat.
I guess many people are. I used to check it regularly but after a few day without new post I got the impression that for some reason you gave up.
I guess that most of the people who arrive here believe the thread is dead.
I tried to trade in this way ie the breakout of the high/low of daily candle but obviously there is more to it but so far there is no clear rules...
So if you could check in daily even if you do not take a trade to just say why you did not enter it, then the thread would really become alive and would attract more input from others.
keep up the good work
cheers.
Schmurex
Here recently its several days before a trade would actually develope, this last trade #14 may be the only one for this week.There is just alot of time between trades , just simply waiting to trade with the current direction mostly.
  • #250
  • May 7, 2008 3:45pm May 7, 2008 3:45pm
Couldn't help but set TP at Daily Short Low which was hit overnight, didn't have guts to keep it longer. Still, ~100 pips profit.

Bob, what would you do if you wanted to get some sleep in this case? You just don't know if it bounces off of it and retraces or pierces thru (as it did this time)
  • #251
  • May 7, 2008 6:59pm May 7, 2008 6:59pm
Quoting jasius
Couldn't help but set TP at Daily Short Low which was hit overnight, didn't have guts to keep it longer. Still, ~100 pips profit.

Bob, what would you do if you wanted to get some sleep in this case? You just don't know if it bounces off of it and retraces or pierces thru (as it did this time)
Thats where the stoploss comes into play, and with the daily chart it can pretty far where i like it anyway, I set it and forget it basically then update my stop as each new day begins. As each day opens you need to make an analysis of what has taken place during the coarse of each day and decide to close it if it looks bad or take partial profits and let in run.
Today I am taking out 80 % profits at 1.9480 if it hits here soon, if not ill take it at todays low and let the rest run, Ive updated the stoploss to 1.9725 so this trade is basically in the bank now and the rest if it continues is just icing.
Looking back a little I see we are very close to T1 of the original retracement into Cables last push up its just taken this long for it to reach this and the reasoning for taking partial profits here, Ive posted the chart to illustrate this, If we continue short we will be breaking out from the decending channel finally.
The Stoch is burried but doesnt really mean anything at this point.
Attached Image (click to enlarge)
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  • #252
  • May 7, 2008 8:43pm May 7, 2008 8:43pm
Finally. Took 173 pips on this one. Did the fib studies off of the 4hr chart then jumped to the daily to 'see if it looked like a good set up'. Then let it go overnight. Checked it this morning...looked good to me. Moved my stop to bank profit and went off to work. Came home to see price had hit my T1 and was bouncing up and down. Tightened up my stop. Got hit. Maybe I could have made 15 more pips if I had set my TP at T1 but I was going for T2. I see now price still is hugging my T1 at 1.9524

I am quite happy taking profit since my T1 was hit. Will wait and see what direction we are going in tonight.

I think this is the way I can best trade the daily, using the 4 hr candles for setting up fibs as well as fibs based on weekly extremes.
  • #253
  • May 7, 2008 8:51pm May 7, 2008 8:51pm
Quoting Lou
Finally. Took 173 pips on this one. Did the fib studies off of the 4hr chart then jumped to the daily to 'see if it looked like a good set up'. Then let it go overnight. Checked it this morning...looked good to me. Moved my stop to bank profit and went off to work. Came home to see price had hit my T1 and was bouncing up and down. Tightened up my stop. Got hit. Maybe I could have made 15 more pips if I had set my TP at T1 but I was going for T2. I see now price still is hugging my T1 at 1.9524

I am quite happy taking profit since my T1 was hit. Will wait and see what direction we are going in tonight.

I think this is the way I can best trade the daily, using the 4 hr candles for setting up fibs as well as fibs based on weekly extremes.

Perfect !, use the 4 hour and 1 hour timeframes to see the daily candles price action breakdown to make an analysis as you go into the next trading day and make your decisions based from that, along with what the current direction is and the reasoning or fundamental reasons price is moving in its current direction.
  • #254
  • May 7, 2008 9:10pm May 7, 2008 9:10pm
Quoting Bobokus
Perfect !, use the 4 hour and 1 hour timeframes to see the daily candles price action breakdown to make an analysis as you go into the next trading day and make your decisions based from that, along with what the current direction is and the reasoning or fundamental reasons price is moving in its current direction.
You mean previous day high low and breakout from that? Or current day high low? Although it's next trading day already, so a couple of hours ago you used high lows of May 7th to analyze possible entry?
  • #255
  • May 7, 2008 9:24pm May 7, 2008 9:24pm
Quoting jasius
You mean previous day high low and breakout from that? Or current day high low? Although it's next trading day already, so a couple of hours ago you used high lows of May 7th to analyze possible entry?
The 4 hour and 1 hour charts are just breakdowns of the daily candles and it can give you a better idea of how each candle was formed, what actually happened during each day..ie was it a single straight or directional move indicating strong trending movement, was it formed from 4 different waves during the 1 hour indicating a battle over long or short...etc. etc. And yes when looking at each daily candle individually this way, its the high and low point of each day.
Today for instance was a single directional move, the was no debate over its direction.
Not to detirmine the entry the entry was already made the previous day, you want to use this information to detirmine if you hold the trade, close a portion and let the rest ride or get out completely and look for another entry at the next opportunity.
  • #256
  • May 7, 2008 9:30pm May 7, 2008 9:30pm
Do you know if there is a way to copy paste Fibs from chart to chart? I am lazy to retype all the words again on USDJPY chart...
  • #257
  • May 7, 2008 9:33pm May 7, 2008 9:33pm
Quoting jasius
Do you know if there is a way to copy paste Fibs from chart to chart? I am lazy to retype all the words again on USDJPY chart...
Sure, on an MT4 platform just open the properties of the fib you want to move and view the levels, nothing else is needed.When you view the levels of a fib it becomes your default fib. Close the properties and select the chart you want to draw the fib on and when you draw it it should be that last one you viewed the properties of.
  • #258
  • May 8, 2008 7:54am May 8, 2008 7:54am
Ive updated my stoploss based on the last 4 hour high (1.9620) now considering the news event this morning and protect to the remaining portion of the trade. Closed 80% of this one at 1.9520 last night and letting the stoploss take me out of the market now.
Attached Image (click to enlarge)
Click to Enlarge Name: trade14update2.gif Size: 22 KB
  • #259
  • May 8, 2008 3:07pm May 8, 2008 3:07pm
Bo,

I've been trying to follow a torrent of fibs that you use but miserably failed. Looked at the movies, browsed through posts: you use Up trend, Down Trend, Support, Resistance, Retracement, Intraday, Range and probably more. Could you narrow down on which ones are essential for this type of trading (probably Daily, but looking at the intraday as a starting point).

If I had to guess, I would use Up and Down Trend for cable, then Retracement from the last big down move, then one more retracement for the current retracement from the previous retracement (!!!) and then probably intradays to begin with. What would you say?
  • #260
  • May 8, 2008 5:00pm May 8, 2008 5:00pm
Quoting jasius
Bo,

I've been trying to follow a torrent of fibs that you use but miserably failed. Looked at the movies, browsed through posts: you use Up trend, Down Trend, Support, Resistance, Retracement, Intraday, Range and probably more. Could you narrow down on which ones are essential for this type of trading (probably Daily, but looking at the intraday as a starting point).

If I had to guess, I would use Up and Down Trend for cable, then Retracement from the last big down move, then one more retracement for the current retracement from the previous retracement (!!!) and then probably intradays to begin with. What would you say?

Some of those fibs are for Intraday trading and not needed on the daily. All I use are the (uptrend the downtrend and the retracement), sometimes I will use either the support or resistance fib on swings just for a look see then take them off.
You dont necessarily even have to have all of those on the chart just the ones relevent to the current movements or the swings you want to measure. Long term levels, Short term levels etc..
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