Trading Made Simple for Day Charts | Page 20 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trading Made Simple 151,867 replies

Trading Made Simple the right way, and other trading lessons 334 replies

Indicators for the 'Trading Made Simple' system 343 replies

Charts, Charts, Charts! 1 reply

Trading Made Simple Charts Journal 2 replies

Attachments: Trading Made Simple for Day Charts
Exit Attachments

Trading Made Simple for Day Charts

  • #381
  • Jan 10, 2012 2:03pm Jan 10, 2012 2:03pm
gbp-cad looks good.
Make a lot of pips.
Quoting smatthew
GBPAUD looks similar.

Imminent TDI cross down on GBPCAD.
Same on EURCAD.
  • #382
  • Jan 10, 2012 2:07pm Jan 10, 2012 2:07pm
it is better show us your next trade.
Congratulation of good pips.
Quoting duca
  • #383
  • Jan 10, 2012 2:25pm Jan 10, 2012 2:25pm
Quoting willf
quick update on these trades.

Gbpjpy is down around -55 pips but still looks promising. Very little movement today and is still way off the ema so going to hold a little longer.

Usdcad has not faired well. Currently down -120 pips. Was down almost -140 earlier today but is has made a little ground. Was going to close it but decided to move the stop to todays low and play it out. If i closed it all together i just know it will shoot off
i know usd/cad looks bad right now (i am down 86 pips) but i am confident it will turn. No stop loss on this one. Us dollar just taking a rest. Next downturn in us stock market and us dollar will shoot up and usd/cad will also. Hang in there.
  • #384
  • Jan 10, 2012 2:41pm Jan 10, 2012 2:41pm
Quoting smatthew
GBPAUD looks similar.

Imminent TDI cross down on GBPCAD.
Same on EURCAD.
1.5725 seems as a really good resistance. What do you think?
  • #385
  • Edited 2:50pm Jan 10, 2012 2:49pm | Edited 2:50pm
Quoting tamiflu
1.5725 seems as a really good resistance. What do you think?
Pretty strong support on that trade.
Depending on the next candle (in an hour at Interactive Brokers), I'll probably pick one of the following pairs to go short on:

EURAUD
GBPAUD
EURCAD
Financial independence is what I live for
  • #386
  • Jan 10, 2012 3:02pm Jan 10, 2012 3:02pm
Quoting smatthew
Pretty strong support on that trade.
Depending on the next candle (in an hour at Interactive Brokers), I'll probably pick one of the following pairs to go short on:

EURAUD
GBPAUD
EURCAD
I am short on AUDCAD, dbhlc and TMS confirms direction, also closed above EMA5.
  • #387
  • Jan 10, 2012 3:04pm Jan 10, 2012 3:04pm
FYI when trading the USD/CAD pair, have a look at the chart of light crude oil. The Canadian dollar tends to follow the price of oil.
  • #388
  • Jan 10, 2012 3:28pm Jan 10, 2012 3:28pm
Quoting tamiflu
I am short on AUDCAD, dbhlc and TMS confirms direction, also closed above EMA5.
The last two candles are doji shaped. Hopefully you'll still get some movement your way!
Financial independence is what I live for
  • #389
  • Jan 10, 2012 3:29pm Jan 10, 2012 3:29pm
Quoting Verbal
I'm rather new to TMS but it seems to me that in the current market (mostly consolidating?) H4 charts have more potential and get you earlier in. I hope I am not violating any rules by questioning the main topic of this thread. It's just something I'd like to share and discuss.
The primary reason that I trade day charts is my availability to be in front of the screen, so for me, 4pm pst is the new day candle and I may set up trades at that time, however, I mainly trade in the 8pm to 10pm window. Dropping down to H4 is only something I do as part of MTFA to confirm PA on the Day.

Certainly, as timeframes build, the moves start in the lower timeframes, but then there are more false signals. Also, if the pair is ranging, you can look to trade in the range and you can always do that on the lower timeframe. The original TMS and X-Man's thread is running on those scenarios - see post #1 for the links. Phx62 has some great posts on H1 trading techniques.

Appreciate the question, but I am keeping this as a day chart thread - hope this clarifies the reasoning.
"To live with Passion, it takes Courage and Grace to survive"
  • #390
  • Jan 10, 2012 3:53pm Jan 10, 2012 3:53pm
Quoting tomthepoppop
i know usd/cad looks bad right now (i am down 86 pips) but i am confident it will turn. No stop loss on this one. Us dollar just taking a rest. Next downturn in us stock market and us dollar will shoot up and usd/cad will also. Hang in there.
Not any more. Stopped out for a -139 pip loss
  • #391
  • Jan 10, 2012 4:02pm Jan 10, 2012 4:02pm
Hi Britpip7, You are right there are lots of advantages to daily. I appreciate your efforts for the thread.
  • #392
  • Jan 10, 2012 4:30pm Jan 10, 2012 4:30pm
It's quite shocking to see, but the new D1 candles just opened and most are barely 50 pips in size...

Overall l a c k of PA on all pairs, not counting those pairs that are in trend continuation phase, such as EURNZD (sporting Britpip7's pip-tacular short running at +700).

So IMO no new trades
Financial independence is what I live for
  • #393
  • Jan 10, 2012 4:31pm Jan 10, 2012 4:31pm
Quoting willf
Not any more. Stopped out for a -139 pip loss
Not to dwell on your pain Wilf, but looking back on this one, what would you say were contributing factors for the result? When we get it wrong or we get bitten by the forex gods, it would be great to analyse the root cause.

Options:

Trading into conjestion / resistance / support

False signal - trade reversed after valid entry criteria

Entry signal was not optimal - reasons?

Reversal didn't follow through - overall trend took prescedence

Higher timeframes did not support the entry

Aliens abducted the trade

What else?
"To live with Passion, it takes Courage and Grace to survive"
  • #394
  • Jan 10, 2012 4:34pm Jan 10, 2012 4:34pm
Quoting smatthew
It's quite shocking to see, but the new D1 candles just opened and most are barely 50 pips in size...

Overall l a c k of PA on all pairs, not counting those pairs that are in trend continuation phase, such as EURNZD (sporting Britpip7's pip-tacular short running at +700).

So IMO no new trades
Time for patience - don't trade unless the pattern is good with PA and supporting signals from whichever indicators you follow.
"To live with Passion, it takes Courage and Grace to survive"
  • #395
  • Jan 10, 2012 4:38pm Jan 10, 2012 4:38pm
Quoting Britpip7
Time for patience - don't trade unless the pattern is good with PA and supporting signals from whichever indicators you follow.
I'm trying hard to keep myself from overtrading. Switching to D1 has been the first step.
Step two is to judge new D1 candle situations as they are and not what I want them to be(come).
I'll get there, step by step.
Financial independence is what I live for
  • #396
  • Jan 10, 2012 4:48pm Jan 10, 2012 4:48pm
Hi @ all, especially to Britpip7 and his contributions!

Quoting smatthew
Depending on the next candle (in an hour at Interactive Brokers), I'll probably pick one of the following pairs to go short on:

EURAUD
GBPAUD
EURCAD
The EURAUD and the GBPAUD do not look that promising (in my opinion). The H4-TF is pointing into the Long direction.

The EURCAD could reaccelerate... I am not sure.
  • #397
  • Jan 10, 2012 4:55pm Jan 10, 2012 4:55pm
Quoting Britpip7
Not to dwell on your pain Wilf, but looking back on this one, what would you say were contributing factors for the result? When we get it wrong or we get bitten by the forex gods, it would be great to analyse the root cause.

Options:

Trading into conjestion / resistance / support

False signal - trade reversed after valid entry criteria

Entry signal was not optimal - reasons?

Reversal didn't follow through - overall trend took prescedence

Higher timeframes did not support the entry

Aliens abducted the trade

What else?
Overall weekly trend is up so that was ok. Can't say there was any congestion either as there was no real resistance nearby. Only thing I can see is it was into a round number 1.0300 but that number has not really held before.

I suspect the Iran/oil is what caused the problem as CAD pairs are affected by oil prices. Also I seemed to have got the TDI cross later than others. Probably because my broker is on a different time zone.

Sometimes though shit happens and the best laid plans will go tits up. Fortunately it only cost me 1.1% of my balance so with good money management I can afford a few losers
  • #398
  • Jan 10, 2012 5:19pm Jan 10, 2012 5:19pm
Two new trades placed tonight :

EURCAD Sell 1.2986 SL 1.3151 TP1 1.2895

NZDUSD Buy 0.7937 SL 0.7767 TP1 0.8019

EURCAD is more of a bounce trade and with a strong downward trend. Nearest resistance is about 150 pips away.

NZDUSD has a good TDI cross of a pull back to an existing trendline.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurcad.jpg Size: 94 KB
Click to Enlarge Name: nzdusd.jpg Size: 107 KB
  • #399
  • Jan 10, 2012 6:05pm Jan 10, 2012 6:05pm
I been getting punished lately lol
  • #400
  • Jan 10, 2012 6:07pm Jan 10, 2012 6:07pm
Quoting willf
Overall weekly trend is up so that was ok. Can't say there was any congestion either as there was no real resistance nearby. Only thing I can see is it was into a round number 1.0300 but that number has not really held before.

I suspect the Iran/oil is what caused the problem as CAD pairs are affected by oil prices. Also I seemed to have got the TDI cross later than others. Probably because my broker is on a different time zone.

Sometimes though shit happens and the best laid plans will go tits up. Fortunately it only cost me 1.1% of my balance...
I forgot to add the "shit happens" in the options
"To live with Passion, it takes Courage and Grace to survive"
0 traders viewing now