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Trading Made Simple for Day Charts

  • #441
  • Jan 11, 2012 5:13pm Jan 11, 2012 5:13pm
Lots of CHF crosses and bounces tonight. Went with CADCHF in the end as it seemed the best setup overall.

Didn't personally like the GBPUSD even though it's broke out of it's range it's going to meet some heavy resistance at 1.5300. If it breaks through that I will look for a pull back and continuation before getting involved.

CADCHF Buy 0.93627 SL 0.92330 TP1 0.9436
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  • #442
  • Jan 11, 2012 5:22pm Jan 11, 2012 5:22pm
hi willf,

noticed the CADCHF, but the TDI cross seems rather flat, not between 12-2 or 4-6 (clock face). and the 'air' time seems flat. also it is rather close to 68 line on TDI, which BigE warned that it wouldnt be a high probability trade, altho he has seen them go for 100+pips in past.

just my 2 cents which would warn me off that trade.

keep a close eye on it!

Mark
  • #443
  • Edited 5:49pm Jan 11, 2012 5:48pm | Edited 5:49pm
Quoting stevebalmmer
hy king , nice to see you .
have you wrong trades?
Yeah.I been taking trades i now i shouldnt have instead of following my routine and looking for the best set ups.Basically over trading.Im still new to this trading thing.Only been trading about 5 months so i often get a little antsy and want to be in a trade.I just did a little back testing to remind me that its plenty of pips to be made if i wait for excellent set ups instead of ok ones.Thats how i made 2,300 pips that month.
  • #444
  • Jan 11, 2012 6:45pm Jan 11, 2012 6:45pm
I've never posted to this thread before but maybe I can help a little on your mission for pips. One of the things I've noticed and this is especially true of the commodity pairs is their tendency to change trends close to the end or the beginning of a new month.

http://www.forexfactory.com/attachme...1&d=1326328583
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  • #445
  • Jan 11, 2012 8:23pm Jan 11, 2012 8:23pm
Hello all and thanks to Britpip7 for starting this thread, Iv' been interested in getting onto trading Daily charts for a while so many thanks guys and girls and others if any..
I use TS 2 from fxcm new day is gmt 5:00 I also ust Trader Point new day at gmt 22:00gmt, I hope that is right any one knows different correct me please. After the first few days of trying the daily trading it all went tits up but that is slowly changing and starting to improve thanks to you guys . I hope I can contribute some thing worth while in the future.
  • #446
  • Jan 11, 2012 11:14pm Jan 11, 2012 11:14pm
I have two set and ready on pendng trades - toss up between eur/jpy and eur/usd but I am opting for the former - no real reason for the preference. This was set a couple of days ago as the euro took a rest from skydiving.

Also, gbp/usd short once it clears 1.5300

On the eur/nzd, now locked in 720pips on TP2, so a total of 1010pips from this trade so far. Slight pul back in progress, so I'll see where this is tomorrow morning before moving the SL any closer (depending on whether the SL holds!)
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"To live with Passion, it takes Courage and Grace to survive"
  • #447
  • Jan 12, 2012 1:48am Jan 12, 2012 1:48am
Quoting Britpip7
I have two set and ready on pendng trades - toss up between eur/jpy and eur/usd but I am opting for the former - no real reason for the preference. This was set a couple of days ago as the euro took a rest from skydiving.

Also, gbp/usd short once it clears 1.5300

On the eur/nzd, now locked in 720pips on TP2, so a total of 1010pips from this trade so far. Slight pul back in progress, so I'll see where this is tomorrow morning before moving the SL any closer (depending on whether the SL holds!)
Hi Britpip - I have started following this thread after working my way through the original TMS Eelfranz thread, and I am grateful to you for continuing with the emphasis on daily charts.
Your eur/nzd trade is just the type of move I want to be able to catch.
However I am getting confused now, as I can't see how your idea for the eur/jpy trade is related to the TMS method. In particular, the TDI has basically no slope and no cross down. Are you assuming that the setup will look OK if your pending order is triggered - or are you just looking for a break past the last lower fractal?
  • #448
  • Jan 12, 2012 2:19am Jan 12, 2012 2:19am
Quoting Britpip7
I have two set and ready on pendng trades - toss up between eur/jpy and eur/usd but I am opting for the former - no real reason for the preference. This was set a couple of days ago as the euro took a rest from skydiving.

Also, gbp/usd short once it clears 1.5300

On the eur/nzd, now locked in 720pips on TP2, so a total of 1010pips from this trade so far. Slight pul back in progress, so I'll see where this is tomorrow morning before moving the SL any closer (depending on whether the SL holds!)
Thanks a lot Britpip!
Greed and fear kills traders
  • #449
  • Jan 12, 2012 6:58am Jan 12, 2012 6:58am
Quoting Gwsands
Hi Britpip - I have started following this thread after working my way through the original TMS Eelfranz thread, and I am grateful to you for continuing with the emphasis on daily charts.
Your eur/nzd trade is just the type of move I want to be able to catch.
However I am getting confused now, as I can't see how your idea for the eur/jpy trade is related to the TMS method. In particular, the TDI has basically no slope and no cross down. Are you assuming that the setup will look OK if your pending order is triggered - or are you just looking for...
When I place pending trades, it is usually based off of a Fractal break - this will coincide with a tdi bounce for a trend continuation as in the eur/jpy set up. Reversal set ups are the more traditional tdi cross.

The gpb/usd is more of a range reakout, although this is following a series of lower highs and lower lows over the past few weeks.
"To live with Passion, it takes Courage and Grace to survive"
  • #450
  • Jan 12, 2012 9:18am Jan 12, 2012 9:18am
  •  duca
  • | Joined Dec 2011 | Status: Investing is simple, but not easy | 409 Posts
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give 1 and get 100
  • #451
  • Jan 12, 2012 11:59am Jan 12, 2012 11:59am
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.....
The run came to an end and my stop was hit for a total of +389 pips.

The risk/reward ratio eventually ended up as 1:5
  • #452
  • Jan 12, 2012 1:19pm Jan 12, 2012 1:19pm
Quoting fxjourney
The run came to an end and my stop was hit for a total of +389 pips.

The risk/reward ratio eventually ended up as 1:5

well done mate!!! great work!!
  • #453
  • Jan 12, 2012 2:07pm Jan 12, 2012 2:07pm
Quoting fxjourney
The run came to an end and my stop was hit for a total of +389 pips.

The risk/reward ratio eventually ended up as 1:5
Nicely done - congrats on the money management
"To live with Passion, it takes Courage and Grace to survive"
  • #454
  • Edited 8:10pm Jan 12, 2012 4:08pm | Edited 8:10pm
My daily candle just changed (16:00 CT) so I placed a Buy Stop order on the Eur/usd @ 1.2847. This is a support area last seen in Aug 2010. the big question is - will it go lower and not trigger my order or reverse so I can make some pips. A buy is definitely against the overall trend and if my order isn't triggered by bed time I may just cancel and see what the 4H shows tomorrow morning at 08:00. I am using BigE's original setup but added a 60 & 100 SMA for overall trend indication but not for entry or exit.

edit: 20:09hrs CT - Price has continued to decline slightly in a very slow market, cancelled.
  • #455
  • Jan 12, 2012 5:15pm Jan 12, 2012 5:15pm
I have just gone long on EUR/CAD. Green line sharply crossed above the red on TDI, and I estimate it will retrace to somewhere around the 50% mark as this is a support area we last saw on September 16th.

I will put a stop loss at 1.2900 and take profit at 1.3385 with a Trailing Stop of 110 points.

What do you guys think?

http://i49.photobucket.com/albums/f2...chartusd-1.gif
  • #456
  • Jan 12, 2012 5:26pm Jan 12, 2012 5:26pm
Quoting petrolhead88
I have just gone long on EUR/CAD. Green line sharply crossed above the red on TDI, and I estimate it will retrace to somewhere around the 50% mark as this is a support area we last saw on September 16th.

I will put a stop loss at 1.2900 and take profit at 1.3385 with a Trailing Stop of 110 points.

What do you guys think?
Brave move

You are trading against a huge down trend.
  • #457
  • Jan 12, 2012 6:23pm Jan 12, 2012 6:23pm
I've clearly a lot to learn, that's why I'm on a demo account
  • #458
  • Jan 12, 2012 6:36pm Jan 12, 2012 6:36pm
Quoting petrolhead88
I have just gone long on EUR/CAD. Green line sharply crossed above the red on TDI, and I estimate it will retrace to somewhere around the 50% mark as this is a support area we last saw on September 16th.

I will put a stop loss at 1.2900 and take profit at 1.3385 with a Trailing Stop of 110 points.

What do you guys think?
1. Stop Loss at 1.29 is a typo, maybe 1.23 as trading at 1.24 right now

2. Not as bad as most think, anything can happen and if risk is managed, might work out for you.

3. Need the EUR index to continue strengthen, while the CAD index continue to weaken, charts 1 & 2

4. Possibly better entry on 4 hour TDI, chart 3, but time will tell

good trading to all
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It takes a lot for me to IGNORE you, but you can try.
  • #459
  • Jan 12, 2012 9:49pm Jan 12, 2012 9:49pm
  •  duca
  • | Joined Dec 2011 | Status: Investing is simple, but not easy | 409 Posts
good pips...
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give 1 and get 100
  • #460
  • Jan 12, 2012 10:30pm Jan 12, 2012 10:30pm
Quoting Britpip7
When I place pending trades, it is usually based off of a Fractal break - this will coincide with a tdi bounce for a trend continuation as in the eur/jpy set up. Reversal set ups are the more traditional tdi cross....
Hi Britpip7

The penny has finally dropped for me regarding the use of fractals for entry signals. Up till now I would typically wait for the close of the daily candle and then place an entry at market based on the confirmed TDI cross/bounce.

This approach has been like taking one shot at a new signal setup and watching the long runs on pairs where I did not get in but not be able to do anything about it if I missed the TDI entry.

Having done a lot of back testing and checking the role of fractals and the way you use them I can see their value in offering alternative new entry / add to existing trade options.

It is amazing to see how often a fractal break correlates with a new TDI cross and there are plenty of opportunities to add extra lots to strong moves too.

Thank you for sharing - this has added a new dimension to my daily chart trading and I will actively use fractals in combination with TDI now.
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