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Trading the Daily

  • #261
  • May 8, 2008 8:22pm May 8, 2008 8:22pm
Trade 14 is now history and in the bank. Closed 80% at 1.9520 and the remainder was stopped out at 1.9620, for a net of 178 pips. Good start for the month of May. Now looking to reset here. Im going with either the high or low break of today. either way the stoploss will be small considering this is a daily and the small range of today.
The break of the high seems the most likely at this point since retracement may be necessary now and if so I will look for resistance levels of the previous swings for target selection, unsure yet which until I can see the strength of the move if it breaks.
  • #262
  • May 8, 2008 9:20pm May 8, 2008 9:20pm
Quoting Bobokus
Trade 14 is now history and in the bank. Closed 80% at 1.9520 and the remainder was stopped out at 1.9620, for a net of 178 pips. Good start for the month of May. Now looking to reset here. Im going with either the high or low break of today. either way the stoploss will be small considering this is a daily and the small range of today.
The break of the high seems the most likely at this point since retracement may be necessary now and if so I will look for resistance levels of the previous swings for target selection, unsure yet which until I can see the strength of the move if it breaks.
Did you put buy stop and sell stop at 1.9622 and 1.9499 already? Or you'll just wait and enter live?
  • #263
  • May 8, 2008 10:08pm May 8, 2008 10:08pm
Quoting jasius
Did you put buy stop and sell stop at 1.9622 and 1.9499 already? Or you'll just wait and enter live?
I always enter this way with either a buy or sell stop. In this case 1.9627 and 1.9497
  • #264
  • May 9, 2008 5:23pm May 9, 2008 5:23pm
Still holding the short cable trade. Should have put a trailing stop before left to work, would have banked 30 pips. Now 30 in minus, let's hope it's a minor retracement and 500 level will be broken on Monday
  • #265
  • May 9, 2008 7:05pm May 9, 2008 7:05pm
Quoting jasius
Still holding the short cable trade. Should have put a trailing stop before left to work, would have banked 30 pips. Now 30 in minus, let's hope it's a minor retracement and 500 level will be broken on Monday
May very well be taking an 80 pip loss on this one, but it has to be played out to find out. I updated my stop to the high of today, just in case.The strength at the end of today was not a good sign giving a reversal signal which wont be confirmed until the market opens again Sun/Mon. If we see support levels holding on the 1 hour and 4 hour we'll be stop and reversing. And Cable is back into the pattern of the past couple of weeks.
  • #266
  • May 10, 2008 12:33pm May 10, 2008 12:33pm
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.
Current direction is often a problem.. determining it. Have you found any use for Heikin Ashi candlesticks in this regard. Sometimes I wonder if they don't give one false hope. They do show nice wave patterns... and...

I mention this because of some earlier comments you made about 'nice wave forms' or words to that effect regarding 1 hour and possibly 4 hr time frames.

Also do you look at any funamental data? for instance Committment of Traders?
  • #267
  • May 10, 2008 1:06pm May 10, 2008 1:06pm
Quoting Lou
Current direction is often a problem.. determining it. Have you found any use for Heikin Ashi candlesticks in this regard. Sometimes I wonder if they don't give one false hope. They do show nice wave patterns... and...

I mention this because of some earlier comments you made about 'nice wave forms' or words to that effect regarding 1 hour and possibly 4 hr time frames.

Also do you look at any funamental data? for instance Committment of Traders?
Ive seen Heikin Ashi but ive never had a use for it. Yes my view is this that fundamantals are whats making the market move, technicals just provide entry and exit points to that movement. What I meant earlier by the waveforms is even though Cable cant maintain a steady trending move yet the 1 hour and 4 hour waveforms have been for the most part smooth enough for some very good trades from an Intraday perspective.
  • #268
  • May 10, 2008 1:22pm May 10, 2008 1:22pm
Quoting Bobokus
Ive seen Heikin Ashi but ive never had a use for it. Yes my view is this that fundamantals are whats making the market move, technicals just provide entry and exit points to that movement. What I meant earlier by the waveforms is even though Cable cant maintain a steady trending move yet the 1 hour and 4 hour waveforms have been for the most part smooth enough for some very good trades from an Intraday perspective.
Thanks. I am wondering if the fact that the 1 hr and 4 hr are smooth, will that eventually lead to, effect, the daily. It must when you think of it. Maybe smooth waveforms on the hourly could be a signal when they effect the 4hr, that they will later influence the daily.

With regard Heikin Ashi I have seen several downloadable indicators for MT4 but the one I tried did not work well. I chart on MT4 Alipari but place orders on Oanda. Oanda has a good looking HA set up.
  • #269
  • May 10, 2008 2:38pm May 10, 2008 2:38pm
Quoting Lou
Thanks. I am wondering if the fact that the 1 hr and 4 hr are smooth, will that eventually lead to, effect, the daily. It must when you think of it. Maybe smooth waveforms on the hourly could be a signal when they effect the 4hr, that they will later influence the daily.

With regard Heikin Ashi I have seen several downloadable indicators for MT4 but the one I tried did not work well. I chart on MT4 Alipari but place orders on Oanda. Oanda has a good looking HA set up.
It would be nice to see Cable go into a long sustainable trending move.
  • #270
  • May 11, 2008 6:48pm May 11, 2008 6:48pm
Quoting Bobokus
May very well be taking an 80 pip loss on this one, but it has to be played out to find out. I updated my stop to the high of today, just in case.The strength at the end of today was not a good sign giving a reversal signal which wont be confirmed until the market opens again Sun/Mon. If we see support levels holding on the 1 hour and 4 hour we'll be stop and reversing. And Cable is back into the pattern of the past couple of weeks.
If intraday close above Intraday Long @ 1.9527, that's time to reverse? Or cosing above Intraday High would make it reverse?
  • #271
  • May 11, 2008 7:46pm May 11, 2008 7:46pm
Quoting jasius
If intraday close above Intraday Long @ 1.9527, that's time to reverse? Or cosing above Intraday High would make it reverse?
At the moment Im going to place the stop above Fridays high, even though it showing the potential to reverse and go back long I want to see it prove to me that is so...by breaking fridays high 1.9577.
If you were to take an Intraday trade on the break of fridays Intraday long level I would treat it as a scalp until price proves itself by support holding after it breaks Fridays long fib level. A fib from the low of Friday to whatever high it tops out at here will provide the support levels that would show support and a change in sentiment to long if its levels are tested and they hold.
  • #272
  • May 12, 2008 1:32am May 12, 2008 1:32am
Moving up the stoploss to Sundays High 1.9529, price is moving down but I dont feel comfortable in this short, shortening up the stoploss now so the trade is a small loss. Retracement is overdue on this push down.
  • #273
  • May 12, 2008 7:02am May 12, 2008 7:02am
got 15 pips on the short trade from last week and about 15 pips on a buy stop from Friday's high. The question is if the long move will be sustained
  • #274
  • May 12, 2008 8:54pm May 12, 2008 8:54pm
wow, this 1.9500 holds so well
  • #275
  • May 12, 2008 8:57pm May 12, 2008 8:57pm
Bo,

so in intraday you look for the bounce off the long or short fibs and possibly break of intraday high or low, then you hope it will reach T1 target. What about daily? What's the basic definition of the entry?
  • #276
  • May 12, 2008 9:10pm May 12, 2008 9:10pm
Quoting jasius
Bo,

so in intraday you look for the bounce off the long or short fibs and possibly break of intraday high or low, then you hope it will reach T1 target. What about daily? What's the basic definition of the entry?
On the Daily its somewhat different we are looking more for the high and lows to be broken and trying to follow with it to fib levels as exits or a reversal signal in the opposite direction. Trading with the trending moves. I think its in the PDF file.
Trading from the inner fib levels is more of we do Intraday in the other thread. In that we look for price to test the inner levels of the Intraday moves and enter the market based on what happens at those levels.
  • #277
  • May 12, 2008 9:32pm May 12, 2008 9:32pm
Trade 15 is now in the books for -32 pips and the Long is triggered at 1.9529 now, with the current conditions in Cable we could see yet another reversal and break this one off for a loss as well, If so its drop back and punt time again and we'll have to make an analysis at that time to stop and reverse yet again. If we do we may start taking shorter profits until we see some directional confirmations by support and resistance levels holding more than 1 day in a single direction.
Long now from 1.9529. A good sign is support from todays movement on the 1 hour showing support levels holding and as I write this the 61.8 or short level is being tested now Im guessing from the RICS data released late in the day.At 1 point today this trade was in profit by 103 pips, so its my own fault now for holding out too long looking for Cable to break and test the upper resistance levels. Going to have to let it play out though. This one could lead into a loosing week, but in the long run It will be ok.
Attached Image (click to enlarge)
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  • #278
  • May 13, 2008 3:24am May 13, 2008 3:24am
Quoting Bobokus
Trade 15 is now in the books for -32 pips and the Long is triggered at 1.9529 now, with the current conditions in Cable we could see yet another reversal and break this one off for a loss as well, If so its drop back and punt time again and we'll have to make an analysis at that time to stop and reverse yet again. If we do we may start taking shorter profits until we see some directional confirmations by support and resistance levels holding more than 1 day in a single direction.
Long now from 1.9529. A good sign is support from todays movement on the 1 hour showing support levels holding and as I write this the 61.8 or short level is being tested now Im guessing from the RICS data released late in the day.At 1 point today this trade was in profit by 103 pips, so its my own fault now for holding out too long looking for Cable to break and test the upper resistance levels. Going to have to let it play out though. This one could lead into a loosing week, but in the long run It will be ok.
Hi Bo,
On trade 16 where is your stoploss? Below the low of Monday ( when it opened) or below low of Friday (the previous full day)?
  • #279
  • May 13, 2008 7:05am May 13, 2008 7:05am
Quoting ianf0ster
Hi Bo,
On trade 16 where is your stoploss? Below the low of Monday ( when it opened) or below low of Friday (the previous full day)?

Below Mondays low (1.9436). Almost got hit already, one more wave down and this one is stoppoed out. Whew !
  • #280
  • May 13, 2008 7:13am May 13, 2008 7:13am
Hello,

If I may, I believe SL for trade 16 is Monday's low + 6 pips.
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