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Trading Made Simple for Day Charts

  • #21
  • Dec 30, 2011 1:27am Dec 30, 2011 1:27am
daily for living ...
  • #22
  • Dec 30, 2011 1:54am Dec 30, 2011 1:54am
Quoting Britpip7
So here is the first trade posted.

This one was set up as a pending sell stop and was based off of a "Fractal Down" break. The TDI was running lower although there wasn't a distinct cross at the time.

The TDI would have shown a cross as the trade triggered, but the candle did pull back.

Entered with two trades - SL set to 2XATR(7) which was 130 pips, so SL @260 pips. TP1 set to 260 pips. TP2 currently open - will wait to see how the trade progresses.

Currently this trade is +50pips
If you don't mind would be kind to share the template and indicators from the picture you have provided again!
  • #23
  • Edited 5:21am Dec 30, 2011 4:15am | Edited 5:21am
Britpip7, i have a couple of questions if you would. Do you sometimes enter a trade in between the 24 hour candle or do you always wait for
the new candle, another words if a new trend developes between the
24 hours say halfway or so in the candle, would you open a trade at that
point of the candle.
Also, you say you set your SL based on the ATR, is this always true or do
you also look at S&R, etc.
I have been trading the H1 and H4, preferably the H4 and will continue to
trade these times but i will try a few pairs on the Daily to see how it works for me.
Being retired i have all the time in the world but i am getting to the point where i spend to much time at my computer watching the charts and not enjoying much of my retirement, therefore i want to learn the Daily to have more free time, if this works out then i will go strictly Daily.

Good Luck
  • #24
  • Dec 30, 2011 5:14am Dec 30, 2011 5:14am
Britpip7

I am learning forex and I have never tried the daily charts but I am very interested in this extension eelfranz's TMS. Thanks for this thread.
What pairs are you using?
  • #25
  • Dec 30, 2011 5:55am Dec 30, 2011 5:55am
subscribed ...cheers ...
I am the one and only profitable forex trader, but not the only one
  • #26
  • Dec 30, 2011 6:05am Dec 30, 2011 6:05am
Here is a potential set up. (AUD/CAD)

Price has formed a wedge since the end of November and we could see a breakout soon.

TDI is crossing up but this will only be confirmed at Monday's open of the daily....

Stochs are also turning up too.

Too early to consider this a trade and I will revisit on Monday with potential entry/stop loss levels.
Attached Image (click to enlarge)
Click to Enlarge Name: audcad daily2.jpg Size: 112 KB
  • #27
  • Dec 30, 2011 6:11am Dec 30, 2011 6:11am
Subscribed as well. Thanks
  • #28
  • Dec 30, 2011 6:16am Dec 30, 2011 6:16am
Thank you Britpip7 for this awsome thread
  • #29
  • Dec 30, 2011 6:22am Dec 30, 2011 6:22am
Where can I get the TDI indi?


Gez
Seek not to change the world; seek only to change your mind about the world
  • #30
  • Dec 30, 2011 7:05am Dec 30, 2011 7:05am
Thanks for setting up this thread its going to be a good resource I feel.

Do you use a trailing SL for this on daily charts trading? if so what level would be appropriate do you reckon? i'm thinking 25-50
  • #31
  • Dec 30, 2011 7:10am Dec 30, 2011 7:10am
britpip7

it will be great if you can upload your template, I would like to make sure I have the same settings as you

thank you
  • #32
  • Dec 30, 2011 7:14am Dec 30, 2011 7:14am
I am following too...

Many like us who still haven't managed to break free from job routine...

All the best...
  • #33
  • Dec 30, 2011 7:30am Dec 30, 2011 7:30am
Hi Britpip7,

I have been a follower of the main thread and like this idea of your daily trades.

As it still enables one to work and also play the markets too. Smaller TF is just a challenge to play if you do a 9 - 5 job which a few people here do.

From what I make out from this, you are purely a Technical Trader with this method.

As we all know, the markets are moved by global fundementals, ie news and announcements.

So just to ask, what part does news and announcement play in your trading strategy or you do not consider this at all.

As you can enter a trade and in two hours time or so, news hits the market and this reverses a trend, this can be bad for your trade but if you had looked at the pending news release, you may have held off taking a trade.

What is your take on this and any one can add to this point.

I am in the mean time a strong memeber of this thread of yours. I sure do like it. Count me in.
Born to rule my Economic World and Make a Difference!
  • #34
  • Dec 30, 2011 7:35am Dec 30, 2011 7:35am
Entered Short E/J at the opening of the 3rd short candle. Up 40pips now. I just moved my stop to TP at +10pips.
From what I learned from the Big E there are 2 things to consider with this trade.
1. I should have entered at the opening of the second candle not the third.
2. Most moves last 3 - 5 candle... So I locked in the 10 pips because there is only 7 hours left before the weekend and I don't want to hold this over the new year weekend.

Any thoughts, concerns or advice??? Please critique me...
Attached Image (click to enlarge)
Click to Enlarge Name: ej daily.gif Size: 26 KB
If you want to pick up a lot of pips..... Hedge my trades!
  • #35
  • Edited 10:14am Dec 30, 2011 7:47am | Edited 10:14am
Is anyone having trouble getting this indicator @TMSTDI_WatchDog.ex4 loaded? I put it in the Indicator file with all the other indicators, I open Metatrader, it is then showing in the Custom Indicator panel but when I drag it onto the chart it just isn't there.
I would appreciate any advice.
  • #36
  • Dec 30, 2011 9:04am Dec 30, 2011 9:04am
Quoting taylor4law
Entered Short E/J at the opening of the 3rd short candle. Up 40pips now. I just moved my stop to TP at +10pips.
From what I learned from the Big E there are 2 things to consider with this trade.
1. I should have entered at the opening of the second candle not the third.
2. Most moves last 3 - 5 candle... So I locked in the 10 pips because there is only 7 hours left before the weekend and I don't want to hold this over the new year weekend.

Any thoughts, concerns or advice??? Please critique me...
I think you made a good move. The volumn is very low - take your profit and have a fun weekend. As far as when you got in - I like to have the green below the 50 line and get in. It looks like you got in one candle later - so what - you made pips bottom line - gongrats - no critique here. I do think eelfranz was referring to the H4 chart when he said 3-5 candle moves. Daily appears to be many more. As long as the green & red TDI line are below the 50 line it looks like, in my visual backtest, that you can stay with the trade.
Any thoughts? Tom
  • #37
  • Dec 30, 2011 9:13am Dec 30, 2011 9:13am
Quoting tomthepoppop
I think you made a good move. The volumn is very low - take your profit and have a fun weekend. As far as when you got in - I like to have the green below the 50 line and get in. It looks like you got in one candle later - so what - you made pips bottom line - gongrats - no critique here. I do think eelfranz was referring to the H4 chart when he said 3-5 candle moves. Daily appears to be many more. As long as the green & red TDI line are below the 50 line it looks like, in my visual backtest, that you can stay with the trade.
Any thoughts?...
I can see what you mean. There appears to be more than 5 candles on these daily moves.
Do I have my TDI set up wrong? Both the red and green line are below the 50 line on mine.
Just closed my position for +41 pips.
If you want to pick up a lot of pips..... Hedge my trades!
  • #38
  • Dec 30, 2011 10:29am Dec 30, 2011 10:29am
Quoting taylor4law
I can see what you mean. There appears to be more than 5 candles on these daily moves.
Do I have my TDI set up wrong? Both the red and green line are below the 50 line on mine.
Just closed my position for +41 pips.
Nope - I think that is what indicates a strong, long move in a particular direction. In a Short move if the TDI red & green stay below the 50 line or vice versa in a long move it usually is a very long positive move on the daily. Just based on what I have seen. I am going to close it down for this year and look forward to the DAILY TMS thread to get PIPPIN for 2012. Happy New Year everyone.
  • #39
  • Dec 30, 2011 11:28am Dec 30, 2011 11:28am
eur/nzd is developing nicely.

Moved SL on both trades to BE +10 last night and added a 100pipTS.

Currently no reason to close this heading into the weekend, even though PA is taking a rest on the H4, but then volume has dropped off. the 100pip TS will allow breathing room and is now protecting 70pips of profit.

Current profit is running at +160 pips - TP1 was set to 2XATR(7) on the entry Fractal Low which was 2X162 = 324pips.

TP2 is open and depending on how PA runs may get closed out by the TS or may run past TP1 which if you zoom out on the Day will hit a major support level.

I will be responding to some of the posts through the day and weekend.

Please read post 1 - it has more info added on a regular basis, especially where the indicators live and what pairs I trade (hint - they are on the screenshot)
Attached Image (click to enlarge)
Click to Enlarge Name: eur nzd day 12-30.gif Size: 21 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #40
  • Dec 30, 2011 11:38am Dec 30, 2011 11:38am
Here's the zoom out showing the next level of support which coincidentally is where my TP1 is set.

Lessons Learned - check for Support/Resistance levels when setting TP levels.

If you see a strong S/L occurring before your TP, consider moving accordingly, OR, manually manage your trade as it approaches the S/L.

If you have two trades running concurrently (dcginc methodology), then your TP2 can be past the S/L levels - just be aware of any associated risks.
Attached Image (click to enlarge)
Click to Enlarge Name: eur nzd day 12-30 zoom out.gif Size: 28 KB
"To live with Passion, it takes Courage and Grace to survive"
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