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Trading Made Simple for Day Charts

  • #581
  • Jan 31, 2012 8:46am Jan 31, 2012 8:46am
I guess my question is what FXBackTest has already asked: Why didn't you take the third red candle? Is it because it pulled back in it's final hours?

Quoting Britpip7
And the PA stalled ...
  • #582
  • Jan 31, 2012 10:36am Jan 31, 2012 10:36am
Quoting FXBackTest
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.
From the Set Up Candle I look for the entry based on the SUC H/L. Ususally there will be a wick to the SUC so the entry point is taken when the H/L of the wick is broken.

If the H/L of the SUC is not broken, then I do not have an entry. I can then do the following:

a) leave the pending trade in place until the entry point is achieved - this can take several candles so extreme patience is required.

b) cancel the pending trade and wait for another SUC.

If the TDI flattens out then PA is stalling.

The momentum of a day candle is dictated by what it does in the final 6 hours of it's life. If it pulls back, then wait for PA to resume.

I MUST have PA to confirm the TDI cross / bounce.

There are a number of training charts that show Set Ups and Entries - Keep watching for new charts / examples.
"To live with Passion, it takes Courage and Grace to survive"
  • #583
  • Jan 31, 2012 11:10am Jan 31, 2012 11:10am
If one of these candles is in play following a Set-Up Candle - DO NOT ENTER!
Attached Image (click to enlarge)
Click to Enlarge Name: Indecision Candles.jpg Size: 34 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #584
  • Jan 31, 2012 1:06pm Jan 31, 2012 1:06pm
Quoting Britpip7
If one of these candles is in play following a Set-Up Candle - DO NOT ENTER!
I don't get it. Mind to elaborate? Thanks
  • #585
  • Jan 31, 2012 2:22pm Jan 31, 2012 2:22pm
Quoting tillandran
I don't get it. Mind to elaborate? Thanks
http://www.google.nl/search?sourceid...ecision+candle
Financial independence is what I live for
  • #586
  • Jan 31, 2012 2:31pm Jan 31, 2012 2:31pm
Quoting Britpip7
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...
Good thing I heeded your advice and didn't go short at market, but instead placed a sell stop @ 119,50 (10 pips below the low of the 1/30 SUC) which didn't trigger.

Been burned before many a time when going short right away.
Financial independence is what I live for
  • #587
  • Jan 31, 2012 2:36pm Jan 31, 2012 2:36pm
Quoting smatthew
ROAR (I think)
Support @ 1,2900 got broken.
I placed a sell stop earlier at 1,2850.
This is about 20 pips below the low of 1/18's candle.
Financial independence is what I live for
  • #588
  • Jan 31, 2012 5:38pm Jan 31, 2012 5:38pm
I see some interesting possibilities on the daily charts, that i thought i'd share with y'all...

EURCAD sell @1.3115 SL 1.3250 TP 1.2953 - bouncing off upper channel in a downtrend & tdi crossed after re-entering volatility bands. only negative is angle of cross is 'iffy'.

GBPCHF buy @1.4504 SL 1.4334 TP 1.4716 - bouncing off lower channel in an uptrend & likely snb intervention on the horizon. candle kinda small though.

EURGBP sell @0.8301 SL 0.8411 TP .8175 - coming off upper channel in a downtrend, nice tdi cross angle & nice big candle. but this pair is not a big mover, and it's already moved 80 pips since today's london open.

I think i've caused myself 'paralysis by analysis', and have not entered these trades yet - though i am sorely tempted.

Anyone else wanna jump in the pool with me?

Charles
  • #589
  • Jan 31, 2012 6:16pm Jan 31, 2012 6:16pm
smathew do you use synergy candles?

The stop that you put in at 1.2850 would still be 20 pips or so above the low (wick) of the 31/1 candle which reached down to about 1.2830.

Also the tdi is already down near the 32 level.


EUR/JPY is looking good if it can get below the 30/1 candle.
  • #590
  • Jan 31, 2012 6:53pm Jan 31, 2012 6:53pm
Quoting Britpip7
If one of these candles is in play following a Set-Up Candle - DO NOT ENTER!
Say there was a good setup candle, you placed your pending order above/below the high/low and it got triggered. When the candle that triggered your order finally closed, it now looked like this indicision candle, would you close your position?
  • #591
  • Edited 12:21am Feb 1, 2012 12:10am | Edited 12:21am
Quoting FXBackTest
Say there was a good setup candle, you placed your pending order above/below the high/low and it got triggered. When the candle that triggered your order finally closed, it now looked like this indicision candle, would you close your position?
I do not have any current examples of that scenario - mostly if it meets my set up and entry criteria, the trade will run for at least a full candle which usually allows to move the SL to BE.

Limited options on this as it does happen.

1. let it run for at least one full candleand then make the call - usually I will let it run for 3 candles before making a decision or until the SL is triggered.

2, Close and look for another option - depends how close this is to S/R (Check out the gbp/aud - good example of nothing really setting up) - I have modified my entry rule for trading S/R breaks, but if it the PA does stall then I am looking to exit and re-enter following a close below/above the S/R

The attached chart is more confirmation of a good set up and entry,
Attached Image (click to enlarge)
Click to Enlarge Name: set-up and entry training chart.gif Size: 24 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #592
  • Feb 1, 2012 10:40am Feb 1, 2012 10:40am
GBPUSD has reached the 200sma on the Daily chart, will we be seeing a downtrend soon? In October and November 2011 the pair couldn't get through after an uptrend.

Will keep an eye on this pair, missed the uptrend from 16 January. Looking for a reversal, if there is a reversal here it probably also occurs on other pairs (eurusd, audusd etc.)

Because it could mark the end of the major USD sell of we have seen in January.

Any ideas on this?
  • #593
  • Feb 1, 2012 1:46pm Feb 1, 2012 1:46pm
Quoting Liberum
GBPUSD has reached the 200sma on the Daily chart, will we be seeing a downtrend soon? In October and November 2011 the pair couldn't get through after an uptrend.

Will keep an eye on this pair, missed the uptrend from 16 January. Looking for a reversal, if there is a reversal here it probably also occurs on other pairs (eurusd, audusd etc.)

Because it could mark the end of the major USD sell of we have seen in January.

Any ideas on this?
Looks like a trend continuation right now - great looking pattern now it is clearing 1.58.

Next challenge is getting past 1.61 which will push into the Nov resistance.
"To live with Passion, it takes Courage and Grace to survive"
  • #594
  • Feb 1, 2012 3:31pm Feb 1, 2012 3:31pm
Can't and won't argue wit you

Just thought I spotted a possible reversal, didn't took a short.

Will keep an eye on this pair
  • #595
  • Feb 1, 2012 3:49pm Feb 1, 2012 3:49pm
Quoting Liberum
Can't and won't argue wit you

Just thought I spotted a possible reversal, didn't took a short.

Will keep an eye on this pair
No problem. We don't argue on FF threads - we just have lively discussions

My thoughts on this is that I would not enter at this point - too far into the trend.

I will look for a possible entry point / add-on type entry following a pause/pullback.

Another possible entry point will be following the 200ema breakthrough confirmation which at a minimum will be a candle close above followed by additional PA.

As always, watch for the reversal patterns especially if the EU is getting shorted. Ususal entry criteria apply.
"To live with Passion, it takes Courage and Grace to survive"
  • #596
  • Feb 1, 2012 4:01pm Feb 1, 2012 4:01pm
Quoting FXBackTest
smathew do you use synergy candles?

The stop that you put in at 1.2850 would still be 20 pips or so above the low (wick) of the 31/1 candle which reached down to about 1.2830.

Also the tdi is already down near the 32 level.


EUR/JPY is looking good if it can get below the 30/1 candle.
Hopefully AUDNZD will take a dive soon.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDNZD.PNG Size: 73 KB
Financial independence is what I live for
  • #597
  • Feb 1, 2012 4:03pm Feb 1, 2012 4:03pm
Quoting luckyeranch
I see some interesting possibilities on the daily charts, that i thought i'd share with y'all...

EURCAD sell @1.3115 SL 1.3250 TP 1.2953 - bouncing off upper channel in a downtrend & tdi crossed after re-entering volatility bands. only negative is angle of cross is 'iffy'.
The green hasn't actually crossed the red on the 3rd red candle so I would personally be wary of this trade, candle bodies are small which would indicate a weak bearish reversal.
  • #598
  • Feb 3, 2012 2:29pm Feb 3, 2012 2:29pm
Not sure if there's any SNB intervention to worry about.
Attached Image (click to enlarge)
Click to Enlarge Name: $AUDCHF (Daily) 28-6-2011 - 3-2-2012.png Size: 62 KB
Financial independence is what I live for
  • #599
  • Feb 3, 2012 2:44pm Feb 3, 2012 2:44pm
May head down..
Attached Image (click to enlarge)
Click to Enlarge Name: $EURCAD (Daily) 15-5-2011 - 3-2-2012.png Size: 70 KB
Financial independence is what I live for
  • #600
  • Feb 3, 2012 2:50pm Feb 3, 2012 2:50pm
TDI close to 32..
Attached Image (click to enlarge)
Click to Enlarge Name: $EURAUD (Daily) 4-7-2011 - 3-2-2012.png Size: 67 KB
Financial independence is what I live for
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