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Trading Made Simple for Day Charts

  • #341
  • Jan 9, 2012 12:20pm Jan 9, 2012 12:20pm
Quoting willf
Update on these trades.

CHFJPY First TP hit for +70 pips. Trade moved to break even.
EURJPY First TP hit for +113 pips. Trade moved to break even.
EURUSD First TP hit for +115 pips. Trade moved to break even.
CHFJPY Second lot was stopped out at break even. Total for this trade was +70 pips.

EURJPY & EURUSD are still in play even though they have retraced a little.
  • #342
  • Jan 9, 2012 12:42pm Jan 9, 2012 12:42pm
70 pips is good, hope e/u go short.
Quoting willf
CHFJPY Second lot was stopped out at break even. Total for this trade was +70 pips.

EURJPY & EURUSD are still in play even though they have retraced a little.
  • #343
  • Jan 9, 2012 12:46pm Jan 9, 2012 12:46pm
Quoting fxjourney
....

AUD/NZD - short. Tentative entry for me. Market is turning short (major trend) but not completely there yet. Still, trade has good chance of working.

EUR/CHF - short. Pending TDI cross on daily. Weekly confirms major trend is down.

GBP/AUD - short. Pending TDI bounce on daily. Weekly confirms major trend is down.

GBP/NZD - short. Pending TDI bounce on daily. Weekly confirms major trend is down.

GBP/JPY - short. Pending TDI cross on daily. Weekly confirms major trend is down.

3 trades involve GBP and two trades are almost mirror...
Update on trades:

EUR/CHF - decided to stay out due to reserve bank intervention @ 1.2 - thanks Verbal.

GBP/AUD - decided to stay out due to support levels. (Would be +50 pips now but battling against support at 1.5100)

GBP/NZD - entry 1.9763 currently +115 pips. Stop is at B/E.

GBP/JPY - entry 118.60 - closed for +1. Note to self - listen to the indicators...(divergence on daily stochs). Don't take unnecessary risky trades - no need to! Trade has battled all day and I did not like the way it moved - normally the trades I have selected start moving after the first few hours. I will watch carefully to see if I am wrong about divergence - the major trend is still short.

Have been watching AUD/NZD - moving down slowly...
  • #344
  • Jan 9, 2012 12:52pm Jan 9, 2012 12:52pm
aud-nzd on my watchlist too.
Quoting fxjourney
Update on trades:

EUR/CHF - decided to stay out due to reserve bank intervention @ 1.2 - thanks Verbal.

GBP/AUD - decided to stay out due to support levels. (Would be +50 pips now but battling against support at 1.5100)

GBP/NZD - entry 1.9763 currently +115 pips. Stop is at B/E.

GBP/JPY - entry 118.60 - closed for +1. Note to self - listen to the indicators...(divergence on daily stochs). Don't take unnecessary risky trades - no need to! Trade has battled all day and I did not like the way it moved - normally the trades I have selected start...
  • #345
  • Jan 9, 2012 1:16pm Jan 9, 2012 1:16pm
audnzd weekly...any one?
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  • #346
  • Jan 9, 2012 1:28pm Jan 9, 2012 1:28pm
Quoting Tedge UK
audnzd weekly...any one?
Currently AUDNZD appears to be the only trade option that may actually come back with pips.

Hopefully this one will be better than yesterday's GBPJPY short (currently at -34).
Financial independence is what I live for
  • #347
  • Jan 9, 2012 2:46pm Jan 9, 2012 2:46pm
I went long on the USD/CAD last night following the first bar for the week. Currently down $43 (fortunately on my demo account).
I've set stop loss at 100 pips and take profit at 1.0400.

What do you guys think of the trade? Everything seemed good, no resistance bars within 100 pips, green crossing above red and stochs on the way up:

http://i49.photobucket.com/albums/f2...wal/usdcad.jpg
  • #348
  • Jan 9, 2012 2:55pm Jan 9, 2012 2:55pm
I'm watching NZDUSD daily. TDI is about to cross and the both green and red are heading up. There's red news coming up in an hour but it's going to be before the new candle.
Attached Image (click to enlarge)
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  • #349
  • Jan 9, 2012 2:56pm Jan 9, 2012 2:56pm
Quoting petrolhead88
I went long on the USD/CAD last night following the first bar for the week. Currently down $43 (fortunately on my demo account).
I've set stop loss at 100 pips and take profit at 1.0400.

What do you guys think of the trade? Everything seemed good, no resistance bars within 100 pips, green crossing above red and stochs on the way up:

http://i49.photobucket.com/albums/f2...wal/usdcad.jpg
I was also with this trade but pulled the plug....... although perhaps prematurely,I have placed a buy order above today's high
  • #350
  • Jan 9, 2012 3:57pm Jan 9, 2012 3:57pm
Quoting petrolhead88
I went long on the USD/CAD last night following the first bar for the week. Currently down $43 (fortunately on my demo account).
I've set stop loss at 100 pips and take profit at 1.0400.

What do you guys think of the trade? Everything seemed good, no resistance bars within 100 pips, green crossing above red and stochs on the way up:
I am still in this although it's currently down 60 pips. Trade still looks good to me. TDI is still in right direction and price well above the EMA. I will be holding for a little while yet.
  • #351
  • Jan 9, 2012 4:17pm Jan 9, 2012 4:17pm
Took that trade as well at 1.0250. I bailed out this morning after a 60 pip retrace. Decided to keep some profit and wait for re-entry or reversal. It looked real good to me as well but as we all know, they don't all work out as planned.

Quoting petrolhead88
I went long on the USD/CAD last night following the first bar for the week. Currently down $43 (fortunately on my demo account).
I've set stop loss at 100 pips and take profit at 1.0400.

What do you guys think of the trade? Everything seemed good, no resistance bars within 100 pips, green crossing above red and stochs on the way up:

http://i49.photobucket.com/albums/f2...wal/usdcad.jpg
  • #352
  • Jan 9, 2012 4:27pm Jan 9, 2012 4:27pm
Right direction? The green line is completely hooked.
I guess the dilemma is to wait until the next candle or close it as soon as it gets flat.

Quoting willf
I am still in this although it's currently down 60 pips. Trade still looks good to me. TDI is still in right direction and price well above the EMA. I will be holding for a little while yet.
  • #353
  • Jan 9, 2012 4:29pm Jan 9, 2012 4:29pm
I only have two crosses today but won't be trading either.

CADCHF - Hasn't broke the EMA and against a fairly strong trend.

EURCHF - Major resistance and given the SNB's stance to keep it above 1.20 well left alone.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eurchf.jpg Size: 104 KB
  • #354
  • Jan 9, 2012 4:32pm Jan 9, 2012 4:32pm
Quoting Verbal
Right direction? The green line is completely hooked.
I guess the dilemma is to wait until the next candle or close it as soon as it gets flat.
Not hooked on mine? Still pointing up so still valid.
Attached Image (click to enlarge)
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  • #355
  • Jan 9, 2012 4:45pm Jan 9, 2012 4:45pm
My chart with your template:

Quoting willf
Not hooked on mine? Still pointing up so still valid.
Attached Image (click to enlarge)
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  • #356
  • Jan 9, 2012 4:57pm Jan 9, 2012 4:57pm
Quoting Verbal
My chart with your template:
Can only assume this is because your brokers new bar starts at a different time.

Looks like you may have had a TDI cross 1 day before me too?
  • #357
  • Jan 9, 2012 6:16pm Jan 9, 2012 6:16pm
Here is something I recently read on another thread:

You should classify any contemplated trade into one of the following five categories before putting on a position:
a. Entrance into congestion
b. A trade within a congestion
c. A breakout from a congestion area
d. A trend run
e. Trend reversal

The trader will have difficulty in formulating a successful and intelligent risk/reward (entry/exit) plan unless the trade is properly categorized before the trade is taken. The risk/reward parameters are different for each of the five types of trades.
"To live with Passion, it takes Courage and Grace to survive"
  • #358
  • Jan 9, 2012 7:30pm Jan 9, 2012 7:30pm
Quoting willf
I only have two crosses today but won't be trading either.

CADCHF - Hasn't broke the EMA and against a fairly strong trend.

EURCHF - Major resistance and given the SNB's stance to keep it above 1.20 well left alone.
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Firstly, my sincere thanks and heartfelt gratefulness to Big "E", X-man and Britpip who so generously offered these Simple and Trader-friendly systems to all without any selfish motive. The three related and complimentry threads have shown a great path and have given great guidance to ordinary new traders. I personally can now see a bright light after having wandered in Forex trading purgatory for quite a few years.

Now, to the Trading :

USDCAD - BUY - Upon stall and retracement, closed both trades, one for 60 pips, other one for 22 pips.

GBPJPY - SELL - Both trades still open, each in negative by about 30 pips. Will keep on monitoring on daily basis.

No new trade today.

Watch List for potential Set-ups in coming days :

1. AUDNZD - BUY

2. AUDJPY - SELL

3. AUDCAD - SELL

4. NZDUSD - SELL

5. NZDCHF - SELL

6. EURNZD - BUY

Kindly peruse each pair and comment for everyone's enlightenment.

Wishing everyone a happy and prosperous New Year.
  • #359
  • Jan 9, 2012 11:36pm Jan 9, 2012 11:36pm
Well, I guess you all must be bored to tears by the continuing updates on this trade.

Entered on 12/28 with TP1 closing out for +290pips

Manually managing TP2 to the high of each previous day with currently +700pips and 600 protected with the SL.

This pair has broken the previos support and could now be in free fall with no support levels as we are past the historic low since at least Aug 2008.
Attached Image (click to enlarge)
Click to Enlarge Name: eur nzd 1-9-2012.gif Size: 27 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #360
  • Jan 9, 2012 11:52pm Jan 9, 2012 11:52pm
Quoting Britpip7
Well, I guess you all must be bored to tears by the continuing updates on this trade.

Entered on 12/28 with TP1 closing out for +290pips

Manually managing TP2 to the high of each previous day with currently +700pips and 600 protected with the SL.

This pair has broken the previos support and could now be in free fall with no support levels as we are past the historic low since at least Aug 2008.
Hi Brit,
That's an awesome trade ...long swing trade!
TMS on D1 chart trading is good for swing traders.
You caught a 'falling knife' right from the top.
The bottom is no where to be seen.
Question is: How do one try catch a falling knife without getting hurt?
I think we need a TMS D1 version to catch entry for such situation.

BTW, I like your trade management mioving stops to previous day high in this sell trade. Maximise the profit ..."Let profit run..."

Good journey down for this one.

regards
ET
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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