Trading Made Simple for Day Charts

Thursday's candle did dip below 1.4700, but closed 50 pips above that level.
Am I right to assume that you haven't gone short?
I'd imagine you're waiting for a confident close below 1.4700.

That is correct - I am finding more often that it is best to wait for the close to be supported by momentum for the more significant S/R breaks.

When there is a strong S/R, there are often moves which will spike past the S/R and then retrace with the close not breaking through. I have definitely suffered my share of false breakouts over the years, so time for a more conservative approach.

...or leave it alone?

Day chart still trending down and it is tracking with the mid term emas and is now within 170pips of the 200ema, which coincides with support @ 0.9064

No real signals for an exit although any long wick candle is a caution note and maybe I would move my SL to 0.9280, depending on how many pips I have at risk. Having said that, every time I get too aggressive with my SL, it gets taken out!

Hello mate. On the chart you posted if you notice the TDI, although flattening is under the Bands. You hvae not included the bands on your chart but if you load the bands (blue bands upper and lower) your see it. According to theory if the green indicator is below the blue then you can Actually add more positions.

I could be wrong. But just thought I would share my 2 bits.

DD

Thanks guys. You've convinced me to let the trade breathe.

The bit about green crossing the blue bands is quite interesting .
I could confirm it on my USDCHF chart.

I'm sorry if I'm being stupid, but the Green and Red haven't crossed in this chart?

I can see it has crossed a blue line. What is this blue line, and how should we use it for our entries/exits? I had a good read through this thread but haven't been able to find it.

Hello mate.

Maybe it was not clear what I said.

Have a look at the attacyhed chart.

As they say a picture is worth a 1000 words

DD

Any thoughts?

ROAR (I think)

Great set-ups - now it is patience time as I do not enter trades of Fridays.

ej is pulling back at the moment - RSI is really high and this will keep me out until we have a momentum run to bring it sown mearer to a break of 50. aj has a very similar profile.

I will check on these on sunday and see what the new candle for Monday is doing - it may be that this is a monday afternoon/evening play

This was posted as a possible set up for a trade once support had been broken - the Green/Red is setting up but you are correct in that it has not completed the cross - I was not planning an entry on this until a candle closed below the support anf then continued with PA.

I posted a complete set of screenshots for my TMS Watchdog settings a while back as a pdf - it'll be in the attachments. This is just for the Inputs and not for the colour of the lines which I will add and update the pdf over the weekend. My RSI Green line is set to show the last candle move in Magenta - just my approach.

The full TDI "guidelines" continually evolve, however, this is my approach:

Crossing UpZone and DnZone lines
When the Green (RSI Price Line - Line 4) crosses the UpZone (Green dotted - Line 1) going long - this can be seen as an add-on signal - when it crosses the UpZone going short, close positions.
When the Green crosses the DnZone (Green dotted - line 3) going short- this can be seen as an add-on signal - when it crosses the UpZone going long, close positions.

Role of the Mid Zone
If the Green is crossing the Red (line 5 - Trade Signal Line) going long and they are doing so above the Mid Zone (Blue line), then this is often seen as a higher probability long entry position.
If the Green is crossing the Red going short and they are doing so belowthe Mid Zone, then this is often seen as a higher probability short entry position.

TDI Crosses
Not all Green/Red crosses are entries but they are certainly a heads up to go look at the Price Action and verify the move. If there is a valid set-up candle, then look to enter on the next candle as the PA/momentum continues - this will also reinforce the TDI cross.
Green/Red Crosses from above the 68, often indicate a reverse - be aware of the possibility of a fakeout if this is near S/R levels.
Green/Red Crosses from below the 32 often indicate a reverse - be aware of the possibility of a fakeout if this is near S/R levels.
Once a candle closes, the TDI positions are locked and they are only in motion during the current candle's life time.

Thank you

Thank you Brit, I'll try that system.

All entry rules from the first post seem to apply:

Looks like a very nice set up - htere were a bunch of nice patterns approaching entry points for today - now it is all up to the PA fairies.

I'll check in later this evening in about 4 hours.

And the PA stalled - depending on where your entry is set. Currently a strong Set-Up Candle was in place on 1/27, and the PA did not break the SUC Low until 1/30, which then pulls the TDI lower and confirms the cross. The 1/30 candle did pull back 40 pips in it's final hours which did flatten the momentum. MY SUC would be the 1/30 candle with a sell stop based 10 pips below the 1/30 Low.


The attached chart is a summary of possibilties and I have put the Synergy APB and overlaid the nar chart so that you can see PA with the APB.

I have a more conservative etry with waiting for my RSI value to be blow 50 for a short SUC and above 50 for long SUC - this does occassionally give up some pips on entry - so this is a personal choice.

SUC - Set Up Candle - Change in Colour / TDI Cross / RSI crossed the 50 / PA breaks the H/L of the SUC

EC - Entry Candle

AOC Add-On Candle - usually on a Fractal Break

(My pooter is having a Microsoft moment - updates are preventing me from adding attachments - chart to follow!)

So in that last chart, if that second last candle (which you put the stop below) had have had a solid body, would you have entered on it?

I was also wondering if you change your TP's or SL when counter trend trading? I find myself getting stung trying to find reversals quite often. I am going to start avoiding trading against a significantly sloping 50 ema

Feel free to tell me to go through the thread again if you already answered that.

Well after placing some bad trades im getting crushed.Im down 300 pips.More than i ever been.Thats what i get for thinking i got this thing figured out.Im gonna go cry now

Which trades did you take?