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Trading Made Simple for Day Charts

  • #401
  • Jan 10, 2012 6:15pm Jan 10, 2012 6:15pm
Part of trading is keeping a journal of some description, and day charts allows you some time to devote to analyzing missed opportunities / losses and the wins.

I always keep screen shots of all of my entries and final trade positions and then if I'm a really good boy I'll copy these into a powerpoint and add comments. This coupled with the account summaries / statements and I have a full story of my entry criteria / history of the trade and exit criteria.

For the wins, it is just as important to review what went well, especially seeing as we all too often beat ourselves to a pulp on the losses!

For my wins, I review the entry to see if I jumped the gun, was late or hit the goldilocks candle. Equally, did I get lucky off of a dodgy entry and it pulled back and now I look really cool sitting on a pot of lucky pips.

For the losses - then look for the root cause and the following 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

Shit happens

What else?

Happy journalling
"To live with Passion, it takes Courage and Grace to survive"
  • #402
  • Jan 10, 2012 6:29pm Jan 10, 2012 6:29pm
hy king , nice to see you .
have you wrong trades?
Quoting kingclarence
I been getting punished lately lol
  • #403
  • Jan 10, 2012 6:31pm Jan 10, 2012 6:31pm
Quoting Britpip7
Part of trading is keeping a journal of some description, and day charts allows you some time to devote to analyzing missed opportunities / losses and the wins.

I always keep screen shots of all of my entries and final trade positions and then if I'm a really good boy I'll copy these into a powerpoint and add comments. This coupled with the account summaries / statements and I have a full story of my entry criteria / history of the trade and exit criteria.

For the wins, it is just as important to review what went well, especially seeing as...
I was drunk?

I f*cked up?

My dog took that trade not me?

  • #404
  • Jan 10, 2012 6:32pm Jan 10, 2012 6:32pm
I started to demo D1 with classical TMS (including stoch 8.3.3) and I'm 4 winners no loser.
+115 pips
But I still feel that this temp with classical indis is not too good for D1, more like H1 and H4(I see there more opportunities but having a full time job cant trade those timeframes reliably)...
  • #405
  • Jan 10, 2012 7:14pm Jan 10, 2012 7:14pm
http://screencast.com/t/8SzwkfX5zW
"All good things come to those who wait..."
  • #406
  • Jan 10, 2012 9:00pm Jan 10, 2012 9:00pm
EURCAD short @ 1.2973

SL @ 1.3142

but was not totally sure, so went in with just a half of a "normal" position size
  • #407
  • Jan 10, 2012 9:23pm Jan 10, 2012 9:23pm
  •  duca
  • | Joined Dec 2011 | Status: Investing is simple, but not easy | 409 Posts
Attached Image (click to enlarge)
Click to Enlarge Name: a.png Size: 35 KB
give 1 and get 100
  • #408
  • Jan 10, 2012 9:36pm Jan 10, 2012 9:36pm
Guys in a case where different pairs are correlating and we get a nice setup on all the pairs..what do we do? take all the trades or just one
  • #409
  • Jan 10, 2012 9:44pm Jan 10, 2012 9:44pm
Quoting willf
I was drunk?

I f*cked up?

My dog took that trade not me?


All of the above
"To live with Passion, it takes Courage and Grace to survive"
  • #410
  • Jan 10, 2012 9:46pm Jan 10, 2012 9:46pm
Quoting angelo5uk
Guys in a case where different pairs are correlating and we get a nice setup on all the pairs..what do we do? take all the trades or just one
What does your trading plan / money management plan say?

Pick the best risk/reward scenario and go with that - how much of your portfolio can you risk on multiple trades?
"To live with Passion, it takes Courage and Grace to survive"
  • #411
  • Jan 10, 2012 9:50pm Jan 10, 2012 9:50pm
Quoting angelo5uk
Guys in a case where different pairs are correlating and we get a nice setup on all the pairs..what do we do? take all the trades or just one
Hi angelo
That depends on what your trading business plan is.
As for me, the risk per trade remains the same. My plan allows me to take trade multiple pairs, max up to 5 simultaneous ccy/pairs. thereby multiplying my risk 5xtimes on any trading day.
Or I can divide my risk into 5 parts, each for one ccy/pair. This will change the position sizing per trade.
At the end of the day, it is the reward to risk that matter.
What is your win rate and the expectancy of your system?
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #412
  • Jan 10, 2012 10:14pm Jan 10, 2012 10:14pm
Quoting sarmatius
I started to demo D1 with classical TMS (including stoch 8.3.3) and I'm 4 winners no loser.
+115 pips
But I still feel that this temp with classical indis is not too good for D1, more like H1 and H4(I see there more opportunities but having a full time job cant trade those timeframes reliably)...

Not using stochs - never saw the value in it on D1.

Watch the higher TFs for trend or use the MAs per Post #1
"To live with Passion, it takes Courage and Grace to survive"
  • #413
  • Jan 10, 2012 10:27pm Jan 10, 2012 10:27pm
Quoting fxjourney
Trade now 38 hours old.

GBP/NZD - entry 1.9763. Current profit is +252 pips. Stop moved down to lock in +145 pips.

Update in the morning at opening of new daily candle which is 5am GMT.
Trade now 48 hours old.

Currently +278 pips. Stop moved to lock in +187 pips.

For me there are no new trade signals yet. Some pairs are ranging while others may be setting up for new entries into the major trend.

Time to sit on my hands and not try to force a trade.
  • #414
  • Jan 10, 2012 10:34pm Jan 10, 2012 10:34pm
I've just run through the charts for today and haven't seen any opportunities and it appears almost everything is consolidating and becoming range bound ... most pairs that yesterday had 2 candles up or down now have one going the other way so far today. Similar to Britpip, I end up checking the charts about 4 to 5 hours after the candle has closed - which isn't always a bad thing as it gives an idea of whether the trend is continuing or not on the day so far.

When it gets like this, I always wonder what fundamentals may be causing it, and I believe it may be related to the following :

- German chancellor Angela Merkel said Greece would be the focus of talks at a meeting with International Monetary Fund director Christine Lagarde in Berlin today. Under a plan hammered out by euro zone leaders in October, investors in Greek bonds would have to accept a 50 per cent cut in the value of their holdings.
- Greece is nearer to a deal with bank creditors to wipe out 100 billion euros (NZ$161b) billion) from its huge debt, officials say ahead of talks with its European peers on a new bankruptcy-saving bailout.
- The European Central Bank will meet on Friday (GMT) to decide whether or not to cut interest rates. The meeting is heavily anticipated by investors who will be waiting to see the bank's view on Europe's current situation

So it may be that things become range bound until one or both of these possible events force us out of the range. Of course, something else may force it ... you just never know!

[Sources, not the greatest financial papers, but, if it's making our news here, you know it's big - http://www.nzherald.co.nz/business/n...ectid=10777987 ; http://www.nzherald.co.nz/business/n...ectid=10777974)
1 pip at a time ... if the entries are strong, the rest will follow ...
  • #415
  • Jan 10, 2012 10:42pm Jan 10, 2012 10:42pm
Quoting fxjourney
Trade now 48 hours old.

Currently +278 pips. Stop moved to lock in +187 pips.

For me there are no new trade signals yet. Some pairs are ranging while others may be setting up for new entries into the major trend.

Time to sit on my hands and not try to force a trade.
Nice pattern trade - very similar to the eur/nzd. Watch the TDI - about to break the down zone line - possible additional entry point.

PA had a slight pull back but overall strength of the PA is still very strong.
"To live with Passion, it takes Courage and Grace to survive"
  • #416
  • Jan 10, 2012 10:53pm Jan 10, 2012 10:53pm
eur/usd & eur/jpy both resting - both have a Fractal Low as a re-entry point for a short trade. Watch for some hesitation as there is a previous support near this level.

gbp/jpy - similar to above but with support sitting 200pips south.

aud/usd & aud/jpy - conjestion

nzd/usd attempting to push through the 200ema but looks to be stuck - possible entry if it breaks previous day high.

eur/nzd & eur/aud - strong trend runs and clear water below.

gbp/nzd & gbp/aud very similar - both facing strong support levels
"To live with Passion, it takes Courage and Grace to survive"
  • #417
  • Jan 10, 2012 11:14pm Jan 10, 2012 11:14pm
This is getting boring I quite like boring - Day 12 of this trade and +750pips so far. This is by far my biggest winner by a country mile and then some.

With TP1 closed @290pips and SL set @600pips, this trade has yielded 890pips in 12 days. SL will be moved again (possibly set to recent Fractal High @1.6125 on H1 which also shows as a good mini resistance on H4) once PA resumes after the current rest period which has the pair in an 80pip range for the past 26 hours.

Expecting a strong support at 1.6000 - major BRN
Attached Image (click to enlarge)
Click to Enlarge Name: eur nzd 1-10-2012.gif Size: 25 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #418
  • Jan 10, 2012 11:29pm Jan 10, 2012 11:29pm
Quoting Britpip7
....

With TP1 closed @290pips and SL set @600pips, this trade has yielded 890pips in 12 days. SL will be moved again (possibly set to recent Fractal High @1.6125 on H1 which also shows as a good mini resistance on H4) once PA resumes after the current rest period which has the pair in an 80pip range for the past 26 hours....
Excellent trade! Your actions here have taught me the value of being patient and letting the profits run. Thank you.
  • #419
  • Jan 11, 2012 1:17am Jan 11, 2012 1:17am
Quoting Britpip7
What does your trading plan / money management plan say?

Pick the best risk/reward scenario and go with that - how much of your portfolio can you risk on multiple trades?


My trading plan is simple..I know it may sound strange to some people but thats what works for me

I break even immediately i make 25pips then leave the trade running but close trade at the end of londons close of the 2nd day meaning i close the trade immediately when it approximately 41hours old

I risk 10% of my account with 100pips stop loss..but it hardly hits this 100pips stop loss(1 out of 12trades)..i usually exit manually most time with around pips stop loss.

i prefer trading one pair at a time. Noticed sometimes pairs may be correlating so i pick just one..i mean the one with the best setup.

I took the USDCAD sell trade today and now in profit of about 20pips i decided to break even cos price is very close to support....now i have nothing else to loose in the trade..either i win or the trade ends up a break even trade
Thats how i trade
  • #420
  • Jan 11, 2012 3:23am Jan 11, 2012 3:23am
Hi guys,

my first post here after reading a lot of threads (X-Man's, Trading Made Simple and this thread). Like many here I decided to get away from small timeframe charts and to trade h4 and daily charts.

Therefore I have a question I asked before on other forums, but got different answers. It would be great to have a clear answer

Let's say I have a trade running and think it will continue next week. There is a SL in place.

But what happens if the pair opens on Sunday evening (way) beyond the SL? In my opinion there are a few options:

-The trade closes at the level it opens, because it's passed the SL. In this case the loss can be huge, even a margin call can happen.

-The trade closes at the price level of your set SL. In this case the loss is your calculated loss.

-The trade doesn't close because the SL actually never got hit. In this case the losses can be huge also if the pair drifts further away from your entry, but also can be good when it comes back.

Anyone experienced something like this?

Regards from the Netherlands!
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