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Trading Made Simple for Day Charts

  • #601
  • Feb 3, 2012 3:01pm Feb 3, 2012 3:01pm
NFP stirred up some action on multiple pairs, including GBPCAD..
Attached Image (click to enlarge)
Click to Enlarge Name: $GBPCAD (Daily) 15-5-2011 - 3-2-2012.png Size: 81 KB
Financial independence is what I live for
  • #602
  • Feb 3, 2012 3:33pm Feb 3, 2012 3:33pm
Looks similar to AUDCHF.

I'm wondering if these NFP induced surges today will last.
For all we know we'll be looking at ranging again next week..
Attached Image (click to enlarge)
Click to Enlarge Name: $CADCHF (Daily) 25-5-2011 - 3-2-2012.jpg Size: 81 KB
Financial independence is what I live for
  • #603
  • Feb 3, 2012 3:42pm Feb 3, 2012 3:42pm
PA appears to be past resistance.
TDI however is already well above 68..
Attached Image (click to enlarge)
Click to Enlarge Name: $AUDUSD (Daily) 1-6-2011 - 3-2-2012.jpg Size: 89 KB
Financial independence is what I live for
  • #604
  • Feb 3, 2012 6:42pm Feb 3, 2012 6:42pm
After getting cocky and taking some bone head trades then on top of all that staying in when i should have gotten out.....I have taken my biggest loss ever.O well Even in defeat its a valuable lesson learned so it evens it up for me.
  • #605
  • Feb 4, 2012 12:36am Feb 4, 2012 12:36am
Quoting kingclarence
After getting cocky and taking some bone head trades then on top of all that staying in when i should have gotten out.....I have taken my biggest loss ever.O well Even in defeat its a valuable lesson learned so it evens it up for me.
Sorry to hear that - does this mean the trading plan needs revisions or you were doing something you should not have been doing?
"To live with Passion, it takes Courage and Grace to survive"
  • #606
  • Feb 4, 2012 12:41am Feb 4, 2012 12:41am
Quoting smatthew
PA appears to be past resistance.
TDI however is already well above 68..
The talking heads are suggesting au will push higher, especially considering what gold is doing and that aud is really tied to gold.

Whatever the talking heads are sprouting - PA is the king - even with TDI above 68, it can push higher, so this is when you should look to the Compass approach and when the TDI upper zone is broken, that qualifies as an entry.

I am posting some trading charts for au - however, just to expand the brain cells, there will be no TDI as I was working on one of my other set ups - still valid for PA.
"To live with Passion, it takes Courage and Grace to survive"
  • #607
  • Feb 4, 2012 12:52am Feb 4, 2012 12:52am
This why I do not trade news releases and only trade the higher time frames
Attached Image (click to enlarge)
Click to Enlarge Name: this is why i don't trade the news!.gif Size: 28 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #608
  • Feb 4, 2012 12:59am Feb 4, 2012 12:59am
More charts form the hindsight academy

These are based on the AUD/USD current trend and the only reason that there is no TDI is that this is one of my test set-ups.

I am posting both the candlestick chart and the APB chart and again this shows the benefits of scaling into a trade after locking in some profits.

The risk is that you are adding into your position, so money management is critical here. Moving SL to a previous fractal in this example would keep you safe.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: au day training chart apb.gif Size: 33 KB
Click to Enlarge Name: au day training chart candlesticks.gif Size: 33 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #609
  • Feb 4, 2012 2:15am Feb 4, 2012 2:15am
This is a chart set up that I am testing for the Day Chart (the Big E set up was actually 21/233 and I have adjusted the template accordingly) - I do still use the TDI and as part of my back testing processes I will try out other methods to see if the results differ with different approaches.

The 21/233 EMA approach was a technique that Big E was using on the lower timeframes before the TMS Thread was started. Basically when 21 crosses 233 go long and add on - opposite for going short.

I am adapting this to my Day Chart trading approach.

Essentially my methodology stays true to Post #1 - the indicators may vary, but the approach is pure Price Action.

If all of the entry criteria line up, the resulting trade has a high probability of succeeding.
Attached File(s)
File Type: tpl 21 233 ema rsi(10).tpl   3 KB | 441 downloads
"To live with Passion, it takes Courage and Grace to survive"
  • #610
  • Feb 4, 2012 2:25am Feb 4, 2012 2:25am
GBP/AUD - Sell
AUD/USD - Buy
AUD/Jpy - Buy
GBP/CAD - Sell
AUD/CAD - Buy

Any comments?
  • #611
  • Feb 4, 2012 2:32am Feb 4, 2012 2:32am
GBP/AUD - Sell - Engulfing bear candle - clear water below
AUD/USD - Buy - Broke 1.075 resistance PA trending - late entry on a trend - possible entry
AUD/Jpy - Buy - Good pattern - 2 major resistance levels to break in teh next 150 pips
GBP/CAD - Sell - not one of the ones I watch
AUD/CAD - Buy - ditto

As in all cases the Friday close needs to be supported by PA on Monday
"To live with Passion, it takes Courage and Grace to survive"
  • #612
  • Feb 4, 2012 6:13am Feb 4, 2012 6:13am
Quoting Britpip7
Sorry to hear that - does this mean the trading plan needs revisions or you were doing something you should not have been doing?
Both.I havent been having as much time to study as i did before.Also i been impatient with my trades.Wanting to build up my account too fast and got greedy.Its all just lessons though.Im still less than six months into forex so ill get it eventually.
  • #613
  • Feb 5, 2012 3:19am Feb 5, 2012 3:19am
Quoting Britpip7
More charts form the hindsight academy

These are based on the AUD/USD current trend and the only reason that there is no TDI is that this is one of my test set-ups.

I am posting both the candlestick chart and the APB chart and again this shows the benefits of scaling into a trade after locking in some profits.

The risk is that you are adding into your position, so money management is critical here. Moving SL to a previous fractal in this example would keep you safe.
Hi David,
Interesting concept, to take Synergy to the daily's.
How do you find the transition with trades per quarter etc ?
less than the 4hr ?. but higher expectancy?.

Often dabbled with the daily's, but being of the impatient nature never
got past the demo stage..

Good reading....Ja
Memories caught in time but never forgotten
  • #614
  • Edited 7:22am Feb 5, 2012 7:04am | Edited 7:22am
Quoting kingclarence
After getting cocky and taking some bone head trades then on top of all that staying in when i should have gotten out.....I have taken my biggest loss ever.O well Even in defeat its a valuable lesson learned so it evens it up for me.
Hi KC,

Position sizeing is crucial to staying "a-live" in forex trading....

Are you setting a standard lot size, but have different pip-size stops ?.

If It helps, this is what i do..... Whether my stop is 40 pips or 240 pips
I still only trade 1% of my account.

To make it nice and quick I use an indicator, volume calculator, it takes care of all the conversion's
for the quote currency to base currency etc.
It does this instantly, so i can concentrate on getting my order filled or
setting my pending order.

If you already do this this please except my appology's for rambling on !!

If you dont I could post the volume calculator, its very easy to install..

Ja..
Memories caught in time but never forgotten
  • #615
  • Feb 5, 2012 8:17am Feb 5, 2012 8:17am
Quoting j4d
Hi KC,

Position sizeing is crucial to staying "a-live" in forex trading....

Are you setting a standard lot size, but have different pip-size stops ?.

If It helps, this is what i do..... Whether my stop is 40 pips or 240 pips
I still only trade 1% of my account.

To make it nice and quick I use an indicator, volume calculator, it takes care of all the conversion's
for the quote currency to base currency etc.
It does this instantly, so i can concentrate on getting my order filled or
setting my pending order.

If you already do this this please...
Or you can just use this site http://www.earnforex.com/position-size-calculator
  • #616
  • Feb 5, 2012 10:46am Feb 5, 2012 10:46am
I need some assistance regarding setting up of ATR(7) indicator. Originally it was multiplier 300 and period 20. I changed the period to 7. Am I to change the multiplier also? If so how much? I would appreciate if some one help me and advice in this regard.
  • #617
  • Feb 5, 2012 10:52am Feb 5, 2012 10:52am
Quoting ramses2
I need some assistance regarding setting up of ATR(7) indicator. Originally it was multiplier 300 and period 20. I changed the period to 7. Am I to change the multiplier also? If so how much? I would appreciate if some one help me and advice in this regard.
all indicator settings in post#1
"To live with Passion, it takes Courage and Grace to survive"
  • #618
  • Feb 5, 2012 11:02am Feb 5, 2012 11:02am
Quoting Britpip7
all indicator settings in post#1

Thank you Britpip. Though I read it all about 6 weeks back I have some how missed it.
  • #619
  • Feb 5, 2012 12:17pm Feb 5, 2012 12:17pm
Quoting j4d
Hi David,
Interesting concept, to take Synergy to the daily's.
How do you find the transition with trades per quarter etc ?
less than the 4hr ?. but higher expectancy?.

Often dabbled with the daily's, but being of the impatient nature never
got past the demo stage..

Good reading....Ja
Ja - I am still really focused on the PA - I did start using Heikin Ashi and then switched to ATD but now mostly use traditional candles. Regardless of the indicators, there are always opportunities for false signals but the day charts do minimize the risk.

What I do like about the ATD is the colour change and in particular the configuration of a good set-up candle. So the real answer is that I'll often look for the set up with both charts running - sometimes overlaying the price bars onto ATD to verify PA/momentum.

Big E had always pointed out, once the colour change occurs you will on average get 3 to 8 additional candles of the new colour. However, you still must pay attention to your entry candles, especially where the PA is stalling or does not follow through, which is when you do need to watch the actual candles/price bars and/or drop down to get a better view of PA.

Attached is a great example of APB not following expectations and stalling out even though the set up candle low did run 40pips lower than the colour change candle low. Price stalled and now you are stuck with a stalled trade going into a weekend - unfortunate, but it can happen. By the way, this trade entry broke my entry criteria, so another great example of following your trading plan to keep you out of less than AAA entries!
Attached Image
"To live with Passion, it takes Courage and Grace to survive"
  • #620
  • Feb 6, 2012 7:14am Feb 6, 2012 7:14am
Quoting Britpip7
Ja - I am still really focused on the PA - I did start using Heikin Ashi and then switched to ATD but now mostly use traditional candles. Regardless of the indicators, there are always opportunities for false signals but the day charts do minimize the risk.

What I do like about the ATD is the colour change and in particular the configuration of a good set-up candle. So the real answer is that I'll often look for the set up with both charts running - sometimes overlaying the price bars onto ATD to verify PA/momentum.

Big E had always pointed out,...
David, thanks for reply,

I agree PA is king, its just how we interpret our strategy around it....

Ja.
Memories caught in time but never forgotten
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