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Trading Made Simple for Day Charts

  • #201
  • Jan 4, 2012 3:25pm Jan 4, 2012 3:25pm
Quoting smatthew
Closed
EURAUD short +70
EURJPY short +70 (gave back 100 pips to the market..)
GBPJPY short +40 (gave back 100 pips to the market..)

Probably should exit earlier, e.g. at tweaking of TDI.

Opened
EURHKD long
GBPUSD long
USDSGD short
Closed / stopped out
EURHKD long -500 (equivalent to -100 @ lotsize 25000)
GBPUSD long -30
USDSGD short -50

All trades were taken against the trend, so good lesson there.

Still open
GBPNZD short +266 (open since Dec 28th, TDI and candle went flat but holding on to trade anyway)
AUDCHF long +145 (open since Jan 2nd, TDI still pointing upwards)
AUDUSD long +118 (open since Jan 2nd, TDI flattening but holding on to trade anyway)

New trades
GBPCHF long (see my previous post for screenshot explaining why I entered)
EURSGD short
CADCHF long

All trades with the trend IMO.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: CADCHF long.PNG Size: 44 KB
Click to Enlarge Name: EURSGD short.PNG Size: 53 KB
Financial independence is what I live for
  • #202
  • Jan 4, 2012 5:05pm Jan 4, 2012 5:05pm
Quoting effluvium
Where the TDI cross happens does not indicate UP or Down. It is the relative position of Red and Green Lines which indicate that. Am I wrong here ?
The TDI cross refers to the crossing of the RSI Price Line (green) and Trade Signal Line (red) UPWARD or DOWNWARD.

In fact there is an indicator by Xhaplod which gives an arrow signal on the main chart once green crosses red.

The thread is "Indicators for TMS system"
http://www.forexfactory.com/showthread.php?t=294327
Happy pipping.
Let it turn and find your entry.
  • #203
  • Jan 4, 2012 5:07pm Jan 4, 2012 5:07pm
Quoting angelo5uk
Guys plz i will really appreciate it if anyone has an EMA that alerts with arrow when price closes above or below the 5EMA i think its going to be very helpful to trading this startegy...yours is very close but not exactly what i am looking for

Angelo see post 202 above try the link.
Let it turn and find your entry.
  • #204
  • Jan 4, 2012 6:53pm Jan 4, 2012 6:53pm
Day 9 of the eur/nzd trade and SL has been moved to the upper wick high of the previous day which locks in 250pips. Currently running at 380 pips on the TP2 trade.

TP1 closed for +290pips
Attached Image (click to enlarge)
Click to Enlarge Name: eur nzd 1-4-2011 Update.gif Size: 33 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #205
  • Jan 4, 2012 9:50pm Jan 4, 2012 9:50pm
This is looking good with a reversal pattern in progress coming off of a strong support level that has withstood several attempts over the last few months and with the TDI at the 32 level..

Trading range 1100, 900, 500, 600 on each of the past 4 trade runs.

A lot depends on the current candle continuing north - looking for this to break the next resistance (blue horiz line - previous Fractal Down) which should achieve the following:

1. TDI cross from the 32 level
2. PA with enough momentum to cause the reversal pattern to confirm
3. Break through of the 5EMA
4. Unlikely to take RSI above 50 on this candle my entry point may be later - maybe a Sunday/Monday entry.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp aud 1-4-2012.gif Size: 29 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #206
  • Jan 4, 2012 10:10pm Jan 4, 2012 10:10pm
The chart shows a direct comparison between the 3 types of candle charts.

My preference is to use the candlesticks because it instantly shows me PA / candle sizes with open and close levels.

APB and HA are both subject to averaging algorithms and to see PA you need to overlay the bar chart - just adds more noise to the charts IMO.

With regards to entry points when used in conjunction with TDI, not much to choose between them - you might see a candle delay so once again - personal preference time.
Attached Image (click to enlarge)
Click to Enlarge Name: Candlesticks - APB - HA.gif Size: 55 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #207
  • Jan 4, 2012 11:34pm Jan 4, 2012 11:34pm
Is someone watching EURUSD setting up for a short for tomorrow but i wont take it because of NFP coming up tomorrow...
Will this have been a perfect setup without NFP coming up?
Attached Image
  • #208
  • Jan 5, 2012 1:01am Jan 5, 2012 1:01am
Quoting angelo5uk
Is someone watching EURUSD setting up for a short for tomorrow but i wont take it because of NFP coming up tomorrow...
Will this have been a perfect setup without NFP coming up?
It's a pity NFP is coming up..
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD to short or not to short.PNG Size: 43 KB
Financial independence is what I live for
  • #209
  • Jan 5, 2012 1:53am Jan 5, 2012 1:53am
We must watching 3rd candle in this system?It's daily chart,so that candle is not so important.
  • #210
  • Jan 5, 2012 2:33am Jan 5, 2012 2:33am
Quoting palinkasa
We must watching 3rd candle in this system?It's daily chart,so that candle is not so important.
Hi palinkasa

Even though we trade the daily chart the 3rd candle of the new trend (change in colour) is still important. Eelfranz (the author of TMS system) explained that entering a trade on the 3rd candle, or later, might be too late and the market may reverse. In such situations he advised that it is better to leave alone trades signals that occur on the 3rd candle or later.

In order for you to be comfortable with this rule it may be a good idea to do some back testing and see why he created this particular rule.
  • #211
  • Jan 5, 2012 2:37am Jan 5, 2012 2:37am
Quoting palinkasa
We must watching 3rd candle in this system?It's daily chart,so that candle is not so important.
On a daily chart it's rare to have a TDI cross and have more than two candles but where it does happen it will keep you out of bad trades.

There are other factors to consider when you may want to trade after two candles. For example if the preceding candles are really small and insignificant or if it's a bounce trade and moving in the direction of the existing trend.

Personally I try to keep my trading as mechanical as possible so it's rare I will take a trade outside of my rules. Once you start bending your rules to make a trade fit you will get burned.
  • #212
  • Jan 5, 2012 3:21am Jan 5, 2012 3:21am
Quoting Britpip7
This is looking good with a reversal pattern in progress coming off of a strong support level that has withstood several attempts over the last few months and with the TDI at the 32 level..

Trading range 1100, 900, 500, 600 on each of the past 4 trade runs.

A lot depends on the current candle continuing north - looking for this to break the next resistance (blue horiz line - previous Fractal Down) which should achieve the following:

1. TDI cross from the 32 level
2. PA with enough momentum to cause the reversal pattern to confirm
3. Break...


But isn't this trading against the trend? As per previous posts i thought the idea was not to try and catch the reversals but trade in the direction of the trend?

as always - thanks!
  • #213
  • Jan 5, 2012 4:21am Jan 5, 2012 4:21am
I am thoroughly enjoying trading TMS on the daily chart and my live account has already experienced quite a big jump since I started this approach about a week ago (in a thin market too!).

I understand now why Eelfranz, Britpip7, X-man and others advocate trading the higher time frames (I am used to M15) and also why Eelfranz encouraged us to go purchase a wheelbarrow for all the cash we would make trading this way.

I think Eelfranz's decision to use APB or HA candles rather than the default setup is brilliant and has been a big asset to my trading. I respect the fact that Britpip7 does not use them but they have been a big help for me.

To date using this system I have placed 6 trades with 5 winners (3 still running) and one loss (AUD/JPY long: result -28pips).

I want to share the losing trade here. I have given my two cents worth as to why I feel the 'rocket did not leave the launch pad'. Please feel free to offer your own critique too.

In brief I now realise that there was not enough momentum on the weekly chart to keep the TDI cross on daily chart moving up. I put too much emphasis on the weekly stochastic and not enough on price and TDI slope which lead to a loss.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDJPY Weekly trade - bad result.jpg Size: 62 KB
Click to Enlarge Name: AUDJPY Daily trade - bad result.jpg Size: 94 KB
  • #214
  • Edited 5:03am Jan 5, 2012 4:35am | Edited 5:03am
Quoting fxjourney
I am thoroughly enjoying trading TMS on the daily chart and my live account has already experienced quite a big jump since I started this approach about a week ago (in a thin market too!).

I understand now why Eelfranz, Britpip7, X-man and others advocate trading the higher time frames (I am used to M15) and also why Eelfranz encouraged us to go purchase a wheelbarrow for all the cash we would make trading this way.

I think Eelfranz's decision to use APB or HA candles rather than the default setup is brilliant and has been a big asset to my...
Lately both Aussie en JPY have been strong - for lack of a better word - opponents in currency pairs including them.
As a consequence AUDJPY is like watching Ali vs. Frazier: many rounds without a clear winner.

Big E definitely got fed up with expensive 4X courses with their complex trading guidelines turning out to be worthless.
Only through his selflessness we're on the road to getting wheelbarrow status.
Anyone with a job should seriously consider switching to trading TMS on the Daily.
Combining work and intraday trading is too much hassle.
Financial independence is what I live for
  • #215
  • Jan 5, 2012 4:39am Jan 5, 2012 4:39am
Quoting fxjourney
I am thoroughly enjoying trading TMS on the daily chart and my live account has already experienced quite a big jump since I started this approach about a week ago (in a thin market too!).

I understand now why Eelfranz, Britpip7, X-man and others advocate trading the higher time frames (I am used to M15) and also why Eelfranz encouraged us to go purchase a wheelbarrow for all the cash we would make trading this way.

I think Eelfranz's decision to use APB or HA candles rather than the default setup is brilliant and has been a big asset to my...
too many whipsaws over here in aud/jpy daily chart for the past week.

TMS suffers with whipsaws as do other trading methods. but a break either up or down will bring u the pips eventually if u keep going at it.
  • #216
  • Jan 5, 2012 6:06am Jan 5, 2012 6:06am
Quoting fxjourney
I want to share the losing trade here. I have given my two cents worth as to why I feel the 'rocket did not leave the launch pad'. Please feel free to offer your own critique too.

In brief I now realise that there was not enough momentum on the weekly chart to keep the TDI cross on daily chart moving up. I put too much emphasis on the weekly stochastic and not enough on price and TDI slope which lead to a loss.
Thank you - this was a good analysis and explanation. Much appreciated.

PS I too prefer HA candles as per Eelfranz's method.
  • #217
  • Jan 5, 2012 7:02am Jan 5, 2012 7:02am
Quoting fxjourney
In brief I now realise that there was not enough momentum on the weekly chart to keep the TDI cross on daily chart moving up. I put too much emphasis on the weekly stochastic and not enough on price and TDI slope which lead to a loss.
Weekly chart shows aj in the centre of a triangle in a downtrend, as I understand it normally means more downside to come. We'll see its not a pair I follow.

I think the above comment about 2 strong currencies fighting it out and going nowhere is bang on.
  • #218
  • Jan 5, 2012 7:04am Jan 5, 2012 7:04am
Is a possible long on the close of the this bar after 7 hours ...?
Attached Image (click to enlarge)
Click to Enlarge Name: ca.gif Size: 18 KB
  • #219
  • Jan 5, 2012 7:22am Jan 5, 2012 7:22am
kijkij, I noticed the same thing about a possible long coming up on the usdcad pair. 200 ma is up,rsi is heading towards the 50 level, tdi is close to crossing on a good angle and is below the 50 level, we are having higher lows. comments from other traders welcomed
  • #220
  • Jan 5, 2012 8:03am Jan 5, 2012 8:03am
Quoting kijkij
Is a possible long on the close of the this bar after 7 hours ...?
Looks great to me..but remember tomorrow is NFP news so its not advisable to trade at all..
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