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Trading Made Simple for Day Charts

  • #81
  • Dec 31, 2011 8:26am Dec 31, 2011 8:26am
GUYS I HAVE A LIL RECOMMENDATION. The starter of the thread uses IBFX and according to their server time, their new day starts 4pm PST which is the same as 12am GMT.
For the sake of uniformity, i recommend that we all use broker whose time zone starts 4pm PST and 12am GMT
Here are the advantages:

Uniformity
We see the same set ups, two heads are better than one
Newbies will catch up very fast
Even the pros will benefit as their possibility of making errors will be reduced
We make the pips together

If your broker uses a different time zone, you can open a demo account with IBFX and watch out for setups on IBFX platform but the actual live trades will be taken on your own brokers platform.
I recomend that hence fort, any trade setup or example should be displayed from a broker whose new day starts 4pm PST (12 am GMT).
Guys what do you think?
Franklin
  • #82
  • Dec 31, 2011 8:27am Dec 31, 2011 8:27am
Closed
EURUSD short -25 -> volume went dead
EURSGD short -50 -> was just plain wrong on taking this trade
USDCHF long -25 -> resistance was close, entry candle and TDI cross were weak

Stopped out
EURHKD short +10 (BE) -> highly volatile pair!
GBPUSD short -100 -> bumped right back up from strong support

Still open
GBPNZD short +78
GBPJPY short +87
EURJPY short +112

I've included screenshots of the trades that are still open explaining why I think I could gain more pips from those.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURJPY short.PNG Size: 43 KB
Click to Enlarge Name: GBPJPY short.PNG Size: 49 KB
Click to Enlarge Name: GBPNZD short.PNG Size: 49 KB
Financial independence is what I live for
  • #83
  • Dec 31, 2011 9:45am Dec 31, 2011 9:45am
Quoting Britpip7
Here's one to watch - candle closed above 5ema followed by an additional bear candle and a Fractal Up break.

May be too late to hit this, and I do not enter mid way through the candle (something for review as this thread progresses) so worth watching over Sunday/Monday for continuation to see if breaks the recent trading range.
If you're looking to go long, you might run into resistance about a 100 pips further up. By the way AUDCAD and AUDSGD show similar large up candles.
Perhaps I misunderstood you: a bounce against resistance would make a nice short.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD long.PNG Size: 53 KB
Financial independence is what I live for
  • #84
  • Dec 31, 2011 9:49am Dec 31, 2011 9:49am
Quoting sharemaster2
Hi Britpip,

Just to compliment your thread, will it not be a good idea to set up a Skype group for members to have reall time discussion of trade set ups.

It is just an idea I think will also help.....
This is not my call but here are my views on this suggestion:

This thread is about trading the daily chart with a very straight forward system. The best way for members of this thread to learn to trade this system is for Britpip7 and other successful traders to share their trading activities right here - through posting charts etc.

The beauty of trading the daily chart is setups take a long while to form and so 'real time' is slow enough to capture and post here for all to see and learn from.

Creating another live trading forum and taking that part away from this thread would be a mistake in my opinion. Most live trading chat rooms become a place of 'follow the leader' where one trader calls his/her trades and the rest follow blindly without learning what they are doing.

My two cents....
  • #85
  • Dec 31, 2011 10:03am Dec 31, 2011 10:03am
Based on yesterday's candles (30-12), the following pairs look appealing:

CADJPY short
USDJPY short
EURAUD short

Overall it appears Aussie en JPY are getting stronger.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: CADJPY short.PNG Size: 51 KB
Click to Enlarge Name: USDJPY short.PNG Size: 46 KB
Click to Enlarge Name: EURAUD short.PNG Size: 55 KB
Financial independence is what I live for
  • #86
  • Dec 31, 2011 11:48am Dec 31, 2011 11:48am
smatthew, did you drew this little white boxes with numbers inside at the top and bottom of the polynomial regression channel? what it mean?
Humble & Kalcker CLO2 = Covid killer
  • #87
  • Dec 31, 2011 11:58am Dec 31, 2011 11:58am
Quoting jusiur
smatthew, did you drew this little white boxes with numbers inside at the top and bottom of the polynomial regression channel? what it mean?
I've explained my chart template in the following post:
http://www.forexfactory.com/showthre...12#post5229912
I've also attached my template to that post.
Financial independence is what I live for
  • #88
  • Dec 31, 2011 12:16pm Dec 31, 2011 12:16pm
Quoting sharemaster2
Hi Britpip,

Just to compliment your thread, will it not be a good idea to set up a Skype group for members to have reall time discussion of trade set ups.

It is just an idea I think will also help.

What do you all think of it, if the idea is good then Britpip can set one up with a good name for it or I can do that. Either way, lest discuss this and see what peopele think first.

Just my two cents worth as always.
My personal view of skype rooms is that they are a huge distraction from what we can achieve on this thread.

I joined in with the 3 versions that X-Man opened up and you have to available for hours at a time to make it work, so I neither have the time nor motivation to do this and I do not want the thread swamped with a hundred requests for people to be added as happened on TMS and the SSS thread.
"To live with Passion, it takes Courage and Grace to survive"
  • #89
  • Dec 31, 2011 12:43pm Dec 31, 2011 12:43pm
hi all,

just wondering if anyone is seeing the AUDUSD cross as a potential long entry. also what are your thoughts on the false signal on the same cross a few days ago - ccould that short have been avoided and if so how, given there was a clear TDI signal (green cross red) to the downside?

Thanks
  • #90
  • Dec 31, 2011 12:51pm Dec 31, 2011 12:51pm
Quoting Britpip7
My personal view of skype rooms is that they are a huge distraction from what we can achieve on this thread.

I joined in with the 3 versions that X-Man opened up and you have to available for hours at a time to make it work, so I neither have the time nor motivation to do this and I do not want the thread swamped with a hundred requests for people to be added as happened on TMS and the SSS thread.
Agreed. Trading daily charts usually means you have little time (like me) or don't want to be glued to a screen for hours. A skype room will just take up time and are usually open to abuse.
  • #91
  • Dec 31, 2011 12:51pm Dec 31, 2011 12:51pm
Depending on how much volume there is on Sunday / Monday:

A/U - possible break to the upside - Fractal Up break / TDI strong cross / TMS Osc green for day and week / RSI(10) above 50

E/U - sitting on a strong support line for the past 12 days - something has to give at some point

NZ/U - similar to A/U as usual

GB/NZ - possible Fractal Low break - TDI has bounced / TMS OSC red for day and week / RSI(10) below 50 - If the Fractal Low break does not occur watch for reversal signals

GB/J - similar to GB/NZ

AU/CH - possible divergence PA to TDI - waiting for possible reversal

The rest of the pairs are already into trend runs or are seriously ranging - so, worth watching the trending pairs for a pause / fractal break - some of these are getting into OB / OS areas so be careful with new entries - maybe go for smaller profit targets.

My only open trade is E/NZ which has two trades running in parallel. TP1 is set for 270pips (originally set @ 2XATR(7) based on the candle values at the time of setting the trade), TP2 has not been set, so I am manually managing this. Currently I have a TS of 100 on both trades (100 pips protected on each) as that is all I am willing to surrender to the forex gods at this time. Bear in mind, that the current ATR(7) is 129 pips, so these trades could easily get stopped out when the market re-opens. All down to risk tolerance at this point.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: au day 12-31.gif Size: 29 KB
Click to Enlarge Name: gb nz day 12-31.gif Size: 29 KB
Click to Enlarge Name: au ch day 12-31.gif Size: 28 KB
Click to Enlarge Name: eu nz day 12-31.gif Size: 29 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #92
  • Dec 31, 2011 12:54pm Dec 31, 2011 12:54pm
Quoting nemke
hi all,

just wondering if anyone is seeing the AUDUSD cross as a potential long entry. also what are your thoughts on the false signal on the same cross a few days ago - ccould that short have been avoided and if so how, given there was a clear TDI signal (green cross red) to the downside?

Thanks
Depends on whether the pull back continues. I would wait for it to break the previous day high - set initial TP to the next fractal levels - 150 pips and if it breaks through it may keep running back to the previous trading range.
"To live with Passion, it takes Courage and Grace to survive"
  • #93
  • Dec 31, 2011 12:54pm Dec 31, 2011 12:54pm
Quoting nemke
hi all,

just wondering if anyone is seeing the AUDUSD cross as a potential long entry. also what are your thoughts on the false signal on the same cross a few days ago - ccould that short have been avoided and if so how, given there was a clear TDI signal (green cross red) to the downside?

Thanks
Personally I will be giving any signals a miss until Wednesday. The market is too thin to be trading and that's why you will get false signals.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd.jpg Size: 121 KB
  • #94
  • Dec 31, 2011 1:25pm Dec 31, 2011 1:25pm
Quoting Britpip7
Depending on how much volume there is on Sunday / Monday:

A/U - possible break to the upside - Fractal Up break / TDI strong cross / TMS Osc green for day and week / RSI(10) above 50

E/U - sitting on a strong support line for the past 12 days - something has to give at some point

NZ/U - similar to A/U as usual

GB/NZ - possible Fractal Low break - TDI has bounced / TMS OSC red for day and week / RSI(10) below 50 - If the Fractal Low break does not occur watch for reversal signals

GB/J - similar to GB/NZ

AU/CH - possible divergence PA to TDI...

Been Trading this way for a while (Daily weekly), ever since Big E started TMS. Looking forward to trading with you guys after the New Year breaks.

Hope every one has a Happy Safe New Year
And again nice Thread Britpip7
Always Learning
  • #95
  • Dec 31, 2011 2:59pm Dec 31, 2011 2:59pm

Wishing you all a very peaceful New Year as well as a very prosperous and pip filled 2012

"To live with Passion, it takes Courage and Grace to survive"
  • #96
  • Dec 31, 2011 3:03pm Dec 31, 2011 3:03pm
Well, well, been a while, interested to see how you go. Good on you for beginning this venture ....I wish you much success in this endeavor.
Happy and Prosperous New Year
Leona
  • #97
  • Jan 1, 2012 4:39am Jan 1, 2012 4:39am
Quoting willf
Personally I will be giving any signals a miss until Wednesday. The market is too thin to be trading and that's why you will get false signals.
Thanks Willf - was there any way to void this recent short signal? or is the lesson no to trade on small volume?
  • #98
  • Jan 1, 2012 5:33am Jan 1, 2012 5:33am
Quoting nemke
Thanks Willf - was there any way to void this recent short signal? or is the lesson no to trade on small volume?
The thing I/we did wrong was to let a winner turn into a loser.
There was strong support where PA was unable to break through.
That's where IMO TP1 should've been.
Financial independence is what I live for
  • #99
  • Jan 1, 2012 6:09am Jan 1, 2012 6:09am
Quoting nemke
Thanks Willf - was there any way to void this recent short signal? or is the lesson no to trade on small volume?
It was a good signal. The TDI had crossed, stochs were indicating the direction, and the HA bar had pierced the EMA (something I always look for). Had it been any other time of the year it would have been a good trade to take.

Some losses are unavoidable, that's part of the game. If you are playing on demo then you can risk trading at this time of the year. When it's my hard earned cash I am trading with I won't take unnecessary risks.
  • #100
  • Jan 1, 2012 6:32am Jan 1, 2012 6:32am
EURCHF seems to be turning down now. it traded in a range more than 4 months and hitting the support now. Does any one check the probability of this pair?
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