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Trading Made Simple for Day Charts

  • #641
  • Feb 8, 2012 11:29am Feb 8, 2012 11:29am
Quoting smatthew
When I woke up 12 hours ago to go to work, I saw your reply.
I realized I had overlooked the fact that TDI was already well into the overbought zone.
Looking to the left seems to apply to indicators as well...

I immediately decided to close the trade at +6
Good thing I did cause PA reversed and I'd be looking at -100 by now...

I've attached my TDI settings.
Congratulations on exiting from a low probability set up - that is excellent.

Upon discovering that you are in a trade that on reflection reveals that you should not be - close it! Do not sit in the trade and turn it into a "Hope Trade".

What I have seen more often is that when I have a trade that triggers or that I enter and then the PA stalls, often the pair will move into consolidation mode. Once you lose the momentum, the pair can do anything - the set-up / entry signal was therefore not valid.

Better to exit and look for new opportunities than sit in a trade and watch it drift away and eventually hil the SL.
"To live with Passion, it takes Courage and Grace to survive"
  • #642
  • Feb 8, 2012 11:33am Feb 8, 2012 11:33am
Quoting smatthew
Trade still open. Not moving all that much.
Price is stalling at strong support: 0,9120.
I've closed the trade I had open for two weeks at +150.
Perhaps I should've pulled the plug on Feb 2 when PA bounced off support again...
Attached Image (click to enlarge)
Click to Enlarge Name: USDCHF closed.PNG Size: 56 KB
Financial independence is what I live for
  • #643
  • Feb 9, 2012 10:55pm Feb 9, 2012 10:55pm
Hi everyone
Just want to introduce myself. I'm trading forex and indecies for ab a year with mixed results . Like your system as it does not require being constantly in front of the screen.
Very interesting thread. I was reading this thread for some time and now trying to make it work.

Looking at GBPUSD chart now. It seems that we have a correction or reversal. 3 red candles, Yesterday candle closed below EMA, TDI crossed down from 68 area down.

What would be the SL and TP for this set up.( i saw Britpip7 calculations at the beginning of the thread, but not comfortable with it yet)

Any help or comments are welcome.

Cheers
  • #644
  • Edited 1:55am Feb 10, 2012 1:43am | Edited 1:55am
Quoting Invest_or
Hi everyone
Just want to introduce myself. I'm trading forex and indecies for ab a year with mixed results . Like your system as it does not require being constantly in front of the screen.
Very interesting thread. I was reading this thread for some time and now trying to make it work.

Looking at GBPUSD chart now. It seems that we have a correction or reversal. 3 red candles, Yesterday candle closed below EMA, TDI crossed down from 68 area down.

What would be the SL and TP for this set up.( i saw Britpip7 calculations at the beginning of...
Hi I O,

Personally i Would not trade this possible entry,
my Reasons are....

1, Trading into resistance @ 1.5750
If you set stop at say 1.59, would you have the R-R you are looking for
to make this trade worth while.

2, If I was going to trade against the daily trend, i would wait for a large volume bar to close over 5 MA, and preferably take out some important levels below, and start to use them as support.

Some of the others might play this different..

only imho.......Ja

Hope this helps
Memories caught in time but never forgotten
  • #645
  • Feb 10, 2012 1:50am Feb 10, 2012 1:50am
Thanks for your input j4d!

I will try to analyze the chart using your info.
  • #646
  • Feb 10, 2012 2:25am Feb 10, 2012 2:25am
Quoting Invest_or
Thanks for your input j4d!

I will try to analyze the chart using your info.
Just thought i would add a chart to explain my reasoning...

If Todays bar on AUDNZD closes past 5 ma and tdi line has crossed

It might be a worth while entry.
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd.gif Size: 34 KB
Memories caught in time but never forgotten
  • #647
  • Edited 10:26am Feb 10, 2012 10:04am | Edited 10:26am
Quoting Invest_or
Hi everyone
Just want to introduce myself. I'm trading forex and indecies for ab a year with mixed results . Like your system as it does not require being constantly in front of the screen.
Very interesting thread. I was reading this thread for some time and now trying to make it work.

Looking at GBPUSD chart now. It seems that we have a correction or reversal. 3 red candles, Yesterday candle closed below EMA, TDI crossed down from 68 area down.

What would be the SL and TP for this set up.( i saw Britpip7 calculations at the beginning of...
Hi and welcome

Interesting chart at the moment - there is a previous resistance which was broken and an upcoming Fractal Low to get through, The APB candle looks like a nice set-up candle, even though the TDI cross was 2 candles earler - but then I always look for PA to confirm the TDI signals.

I don't trade on a Friday, so this for me is a good one for the watch list.
Attached Image (click to enlarge)
Click to Enlarge Name: gu 2-10-2012.gif Size: 32 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #648
  • Feb 11, 2012 12:00pm Feb 11, 2012 12:00pm
Hers's my views for the coming week - this is the full list of currencies that I watch. However, my trading metrics will show that 80% of my trades are on the 3 Amigos, followed by EJ, EA, EN, AJ, so there is a very strong case for focussing on a smaller set of pairs as opposed to trying to pick from everything that is available!

EU - divergence in play - nice shape for a set-up candle and TDI looking to cross - chart attached

GU - divergence in play - already crossed so mayb late for an entry unless this pauses and goes again - nice set-up with the Fractal Low

AU - divergence in play - same story as EU

AJ - will probably follow AU but doesn't look the strongest of set-ups

NU - TDI bounce is in place - if the 3 Amigos all run south, so will NU

EA - nice pull back at the moment - major resistance at 1.2500

GA - Still looks to be congested with a fair degree of chop

EN - similar to EA and will start to run into resistance at 1.6100

GN - very similar to GA

EJ - was having a very nice run with a 3 white knight set up but now the latest candle is showing as an inside candle - watch for the break on Monday - Sunday will very likely give a second inside candle

GJ - showing divergence, if this runs south then it may drag EJ with it - also watch what the 3 Amigos get up to!

CH/J - similar set up to EJ

U/CH - still consolidating and waiting for direction

A/CH - not convinced on the pull back - lots of support at 0.9700

Good pip hunting everyone
Attached Image (click to enlarge)
Click to Enlarge Name: eu - tdi divergence.gif Size: 32 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #649
  • Feb 11, 2012 1:48pm Feb 11, 2012 1:48pm
Quoting Britpip7
Hers's my views for the coming week - this is the full list of currencies that I watch. However, my trading metrics will show that 80% of my trades are on the 3 Amigos, followed by EJ, EA, EN, AJ, so there is a very strong case for focussing on a smaller set of pairs as opposed to trying to pick from everything that is available!

EU - divergence in play - nice shape for a set-up candle and TDI looking to cross - chart attached

GU - divergence in play - already crossed so mayb late for an entry unless this pauses and goes again - nice set-up...
----------------------------------------------------

Thank you sincerely for the detailed analysis.

This helps us newbies immensely in our learning process.

For example, this has solidified my earlier thinking (which was somewhat shaky) of shorting EU and AU upon market opening on Sunday evening (of course, after reviewing afresh at that time).
  • #650
  • Feb 11, 2012 6:06pm Feb 11, 2012 6:06pm
From the earlier review, here's the EJ chart with candlesticks.

And now we wait for the break out
Attached Image (click to enlarge)
Click to Enlarge Name: ej inside candle.gif Size: 29 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #651
  • Feb 11, 2012 11:20pm Feb 11, 2012 11:20pm
Quoting Britpip7

GU - divergence in play - already crossed so mayb late for an entry unless this pauses and goes again - nice set-up with the Fractal Low
Should it occur a D lower high following divergence normally a very high prob trade.
  • #652
  • Feb 12, 2012 5:21am Feb 12, 2012 5:21am
Great thread and thanks vantage for sharing.
  • #653
  • Feb 12, 2012 9:19am Feb 12, 2012 9:19am
I discovered BigE system about a month ago and thought I would drop here and say "hi" before this thread develops into another 900+ pages monster .

I just completed Babypips school a couple of months ago, played with a demo account and started trading with my first real $100 mini account since February. I work full time and my employer has this weird (and totally unreasonable, if you ask me!) idea that during the work time the employees are supposed ... to work and not stare at the forex charts...

This leaves with me an obvious choice of using the daily charts. As a newbie I also find them less stressful so I can take time to do the analysis and not worry about the candle changing the color.

I am still in the early stages of learning and practicing and so far the most difficult part for me personally is not the issue of "when to take the trade" (this one is actually very easy, thanks to Big E!), but rather "when not to take the trade".

Anyway, I will be happy to be around and contribute in any way I can, although taking into account my experience (or rather the lack thereof) my contributions will probably be in the area of "stupid-newbie-mistakes-to-avoid".

Happy and fun trading to everyone!
Michael
  • #654
  • Feb 12, 2012 3:21pm Feb 12, 2012 3:21pm
Quoting Britpip7
Hi and welcome

Interesting chart at the moment - there is a previous resistance which was broken and an upcoming Fractal Low to get through, The APB candle looks like a nice set-up candle, even though the TDI cross was 2 candles earler - but then I always look for PA to confirm the TDI signals.

I don't trade on a Friday, so this for me is a good one for the watch list.
Perhaps it will trigger!
Attached Image (click to enlarge)
Click to Enlarge Name: $GBPUSD (Daily) 23-11-2011 - 13-2-2012.png Size: 56 KB
Financial independence is what I live for
  • #655
  • Feb 13, 2012 4:59am Feb 13, 2012 4:59am
I saw this message on page 32:
Quoting jmtini
I noticed that some of you guys are entering trades at extreme levels of trend swings.
<snip>
Your system doesn't seem to avoid this rather serious problem.
I know this guy has been banned from the thread but we may be throwing the baby out with the bathwater here.

He certainly has a point.

As a new user of this system my first entries were exactly like he said: at the higher highs or lows of the entry candle.

So I wanted to improve my entries and decided to switch to 5M charts once I identify an entry opportunity. This was a little bit better than just simple jumping into the trend but still it meant that I was entering the trend at the lower level of the current hour.

What I am using now: I place a pending entry order a little bit below or above the close level of the entry candle. Sometimes my entry is hit the same day and sometimes only the next day, which is in a way a slight violation of BigE's rules since we are entering on the third candle (but for a day chart this is probably OK).

So what do you guys think of this approach?
How do you manage your entries?
  • #656
  • Edited 7:25am Feb 13, 2012 4:59am | Edited 7:25am
Quoting smatthew
Perhaps it will trigger!
I took this trade on demo.Even though the candles arent looking the way i would like its all the way at the 68 level so i feel like its gotta reverse back in the other direction.At least for a little while.I cant see it going up much farther but then again it could lol.

**edit** now that i look at it again it appears it could go sideways for a little while.
  • #657
  • Feb 13, 2012 8:33am Feb 13, 2012 8:33am
Quoting michael_k
I saw this message on page 32:


I know this guy has been banned from the thread but we may be throwing the baby out with the bathwater here.

He certainly has a point.

As a new user of this system my first entries were exactly like he said: at the higher highs or lows of the entry candle.

So I wanted to improve my entries and decided to switch to 5M charts once I identify an entry opportunity. This was a little bit better than just simple jumping into the trend but still it meant that I was entering the trend at the lower level of the...
Michael - I nuked this guy because he wasn't posting to the thread but wanting folks to PM him and he wasn't disclosing a method - no real time to go and jump on another "new system" and did not want the thread distracted.

Pure Price Action and candle formations on the day chart with the entry criteria as posted on Post #1.

Also look for the training charts.
"To live with Passion, it takes Courage and Grace to survive"
  • #658
  • Feb 13, 2012 9:40am Feb 13, 2012 9:40am
Looks like EU and GU are forming HS.

Quoting Britpip7
....

EU - divergence in play - nice shape for a set-up candle and TDI looking to cross - chart attached

GU - divergence in play - already crossed so mayb late for an entry unless this pauses and goes again - nice set-up with the Fractal Low

...
  • #659
  • Feb 13, 2012 9:53am Feb 13, 2012 9:53am
Quoting Verbal
Looks like EU and GU are forming HS.
Certainly GU is looking encouraging with the recent candle formations - always like to see the long tails forming before a push on the short side.

Nice reversal pattern setting up on EU
"To live with Passion, it takes Courage and Grace to survive"
  • #660
  • Feb 13, 2012 9:55am Feb 13, 2012 9:55am
Quoting Britpip7
Michael - I nuked this guy because he wasn't posting to the thread
Fair enough, I understand that, it is your your call


Quote
Pure Price Action and candle formations on the day chart with the entry criteria as posted on Post #1.

I get that. I guess my problem was and still is: how do you define the perfect entry: as low as possible for the long trades or as high as possible for the short ones?

But then I guess this issue is a universal problem for any forex system

Best,
Michael
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