Trading Made Simple for Day Charts | Page 35 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trading Made Simple 151,872 replies

Trading Made Simple the right way, and other trading lessons 334 replies

Indicators for the 'Trading Made Simple' system 343 replies

Charts, Charts, Charts! 1 reply

Trading Made Simple Charts Journal 2 replies

Attachments: Trading Made Simple for Day Charts
Exit Attachments

Trading Made Simple for Day Charts

  • #681
  • Feb 15, 2012 11:46am Feb 15, 2012 11:46am
I am short on GU - this triggered on Friday despite my rules for not trading on Fridays! Looks to be +50 at the moment.

Also short on E/NZ which triggered on Feb 3rd but has been sulking ever since - by following my entry criteria and SL settings, the trade survived the mini pull back and is now showing +100

I was on EJ for a few days but it pulled back and I closed it for a loss of 15 and then it took off again - some times you ignore your trading plan at your peril! On hindsight, probably not a terrible decision looking at last nights PA on the candle.

I have started moving the SL to protect some profit, so these are both sitting at worst case Break Even.

Charts to follow later tonight - I now have a new hard drive for my laptop and can start to rebuild, so fingers crossed for a painless process
"To live with Passion, it takes Courage and Grace to survive"
  • #682
  • Feb 15, 2012 3:36pm Feb 15, 2012 3:36pm
Quoting Britpip7
My thought here is that your TP1 is below the BRN of 1.3000 and you are facing Fractal Lows at 1.3026 and 1.3025, so this gives you 2 potential support levels to get through.

After that it should be clear sailing for the next 300 pips
EU indeed has a hard time getting past support.
I'll adjust my TP.

Quoting JayTrader
Also dealing with the right shoulder of a inverted H&S if any of you trade patterns. And to be a failed inverted H&S it has to break below the right shoulder (RED line) which is all the areas BritPip spoke of above. I am looking at this trade after the Break.

Attachment
I usually don't notice chart patterns
Just the occassional 1-2-3..
TDI is coming down from about 65 with still a long way to go down.
Hopefully that will prove to be the deciding factor.

Quoting firsttimer
Hi,

I took identical trade to yours on this one. setup looks promising.

My tps are more conservative though. using 4h chart as areas for TP.
My TP's are based on ATR(7), as recommended by the topic starter.
I'm not used to referencing lower or higher TF's at all when trading D1.

Quoting Britpip7
I am short on GU - this triggered on Friday despite my rules for not trading on Fridays! Looks to be +50 at the moment.

Also short on E/NZ which triggered on Feb 3rd but has been sulking ever since - by following my entry criteria and SL settings, the trade survived the mini pull back and is now showing +100

I was on EJ for a few days but it pulled back and I closed it for a loss of 15 and then it took off again - some times you ignore your trading plan at your peril! On hindsight, probably not a terrible decision looking at last nights...
Both GU and EU keep tipping their toes in the water but too scared to dive in..
I did notice E/NZ as well, however I passed on it since TDI was around 32..
E/J same story mirrored: TDI approaching 68..
Financial independence is what I live for
  • #683
  • Feb 15, 2012 5:28pm Feb 15, 2012 5:28pm
So i took two trades on the 14th

Eur/Usd currently +82

Gbp/Usd currently +13

Both short.

So lately i have been back to doing some chart studying.I have noticed somethings and i also watched some of those videos by oz trader that brit pip was talking about.

I dont know when im gonna do it but eventually im gonna start trading pure price action.No indicators no heiken ash candles or anything.
  • #684
  • Feb 16, 2012 12:08am Feb 16, 2012 12:08am
As promised - here are the charts from the GU and E/NZ trades

Euro Zone generally down, so EU and GU running together although EU is running into te 1.3000 level of support, so this may stall the GU/

GU is +70. TP1 is set at 200, TP2 is open. SL was at 200 at trade entry and has now been moved to BE

AU is STILL trying to break out from the Inside Candle formation which is now 5 days old! Frustrating!

E/NZ pulling back so no real chance to move SL past the BE point and as I write this it hit the SL, so no blood on that trade.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu 2-15-2012.gif Size: 36 KB
Click to Enlarge Name: au inside candle day 5.gif Size: 31 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #685
  • Feb 16, 2012 2:28am Feb 16, 2012 2:28am
Quoting smatthew
EU indeed has a hard time getting past support.
I'll adjust my TP.


I usually don't notice chart patterns
Just the occassional 1-2-3..
TDI is coming down from about 65 with still a long way to go down.
Hopefully that will prove to be the deciding factor.


My TP's are based on ATR(7), as recommended by the topic starter.
I'm not used to referencing lower or higher TF's at all when trading D1.


Both GU and EU keep tipping their toes in the water but too scared to dive in..
I did notice E/NZ as well, however I passed...
smatthew,

Can teach how to use ATR to calculate stop loss and take profit?

Thank you.
  • #686
  • Feb 16, 2012 7:34am Feb 16, 2012 7:34am
Quoting fxbreeze
smatthew,

Can teach how to use ATR to calculate stop loss and take profit?

Thank you.
Have you read post # 1 or any of the training charts posted?
"To live with Passion, it takes Courage and Grace to survive"
  • #687
  • Feb 16, 2012 9:06am Feb 16, 2012 9:06am
Quoting Britpip7
Have you read post # 1 or any of the training charts posted?
Britpip,

Yes, seriously I did. But I never see any docu pertaining to ATR.

But I do sort of understand/figure how one use the ATR to derive the TP and SL but there is one thing I am not sure: how to enter / exit with the use of ATR.

Is it entering at the 2nd candle, thus using the ATR to calculate the exit & stoploss?

If above the 2 candles, the ATR cannot be used as it is no longer applicable?



Regards,
breeze
  • #688
  • Feb 16, 2012 10:26am Feb 16, 2012 10:26am
Quoting fxbreeze
Britpip,

Yes, seriously I did. But I never see any docu pertaining to ATR.

But I do sort of understand/figure how one use the ATR to derive the TP and SL but there is one thing I am not sure: how to enter / exit with the use of ATR.

Is it entering at the 2nd candle, thus using the ATR to calculate the exit & stoploss?

If above the 2 candles, the ATR cannot be used as it is no longer applicable?




Regards,
breeze
Base your ATR(7) value from your set-up candle - go find the training charts on this

From Post # 1
SL and TP levels:
From the TMS thread - dcginc posted several posts on setting up SL and TP levels using the ATR(7) and I have stayed with the approach.
I base my SL on the current ATR(7) - usually 2XATR(7) or the previous swing H/L
TP1 for reversals is 2XATR(7) - for ranging market be more conservative - possibly 1XATR(7) - in fact it is worth initially running with 1XATR(7) for TP1 and see how it turns out. Usually on the day charts the ATR(7) is at least 70 pips.
TP2 - options here are to set TP2 at a higher multiple of the ATR(7) - I use 4XATR(7) for reversals and again, more conservative in ranging markets
For TP2, you can always leave this open and manually manage the trade

Once TP1 is hit, move TP2 to B/E and then manage to your trading plan.
"To live with Passion, it takes Courage and Grace to survive"
  • #689
  • Feb 16, 2012 10:42am Feb 16, 2012 10:42am
EU has not had a day candle close blow 1.3000, so currently not an entry.

The current candle is developing into a reversal signal as the PA bonces off of the 1.3000.

Looks like a very good possibility of this pair ranging in 1.3000 to 1.32/1.33 area
"To live with Passion, it takes Courage and Grace to survive"
  • #690
  • Feb 16, 2012 9:54pm Feb 16, 2012 9:54pm
EU now sitting 124 pips above the 1.3000, so very possible for the upwards bounce to continue.

For thos awaiting the continuation of the reversal short, patience
Attached Image (click to enlarge)
Click to Enlarge Name: eu 2-16-2012.jpg Size: 106 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #691
  • Feb 16, 2012 10:00pm Feb 16, 2012 10:00pm
Quoting Britpip7
Base your ATR(7) value from your set-up candle - go find the training charts on this

From Post # 1
SL and TP levels:
From the TMS thread - dcginc posted several posts on setting up SL and TP levels using the ATR(7) and I have stayed with the approach.
I base my SL on the current ATR(7) - usually 2XATR(7) or the previous swing H/L
TP1 for reversals is 2XATR(7) - for ranging market be more conservative - possibly 1XATR(7) - in fact it is worth initially running with 1XATR(7) for TP1 and see how it turns out. Usually on the day...

Thank you, Sir.
  • #692
  • Feb 21, 2012 6:40am Feb 21, 2012 6:40am
Britpip7:
Do you have a divergence indicator for TDI?
  • #693
  • Feb 21, 2012 6:36pm Feb 21, 2012 6:36pm
Quoting Verbal
Britpip7:
Do you have a divergence indicator for TDI?
Fraid not - I just eyeball the charts on day and go from there.

There is a Stochastic Divergence indicator - might be worht running some back testing with it - should come up in the search function
"To live with Passion, it takes Courage and Grace to survive"
  • #694
  • Mar 2, 2012 3:22pm Mar 2, 2012 3:22pm
what happened to this thread? lol anyway...

Im currently +125 pips on the Eur/Cad.Went short on the 29th
  • #695
  • Mar 3, 2012 9:17pm Mar 3, 2012 9:17pm
I was wondering the same thing King. I took the same trade.
  • #696
  • Mar 4, 2012 1:39pm Mar 4, 2012 1:39pm
Greetings All,

I have had a bunch of other committments to deal with over the past couple of weeks, so the thread is not dead by any means - just resting .

I am still trading and still following all of the principals discussed here - Current week saw closed trades for + 200 with 2 trades still running with 140 pips locked in for eur/aud and aud/chf.

I am using the APB set up to watch for colour change and am running some interesting back testing based on that and managing add-ons with the H4 fractals which I will shae in a couple weeks along with training charts.

Just not had the time to post trades and comments - but that should not prevent the rest of you from carrying on and keeping the active discussions.

I am checking in on the threads for this / X-Man and TMS - just lurking at the moment.

My tech issues are also being resolved ans I building 2 laptops up from new disc drives - just takes a while.
"To live with Passion, it takes Courage and Grace to survive"
  • #697
  • Mar 4, 2012 2:43pm Mar 4, 2012 2:43pm
all dependant upon PA as usual
Attached Image (click to enlarge)
Click to Enlarge Name: au possible set up 3-4-2012.gif Size: 23 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #698
  • Mar 4, 2012 3:11pm Mar 4, 2012 3:11pm
Lots of opportunities for entries on this trend run - the draw downs should not be a concern, but even if your SL has been moved and gets triggered, there was always another entry point following new set up candles.

Lots of patience required on these types of runs - no real excitement or drama apart form closing out for large profits with a managed risk.

Look for these types of patterns on back testing - they repeat quite often over the space of the past couple of years.
Attached Image (click to enlarge)
Click to Enlarge Name: training chart - set up candles and add ons.gif Size: 28 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #699
  • Mar 4, 2012 3:35pm Mar 4, 2012 3:35pm
Another entry method can be using the main EMAs - once PA breaks the EMA, this can be an entry point with the TP being at the next major EMA.

Once the 200EMA is broken, there is a great probability of the trend holding for a good run.

Trade between the 21 and 100

Trade between the 100 and 200

Each of these can become floating S/R levels
Attached Image (click to enlarge)
Click to Enlarge Name: using emas as entry points.gif Size: 24 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #700
  • Mar 4, 2012 4:06pm Mar 4, 2012 4:06pm
Here's one from last week with TP1 manually closed as it stalled initially for 120 pips.

TP2 currently has 100pips locked in.
Attached Image (click to enlarge)
Click to Enlarge Name: eur aud trades3-4-2012.gif Size: 25 KB
"To live with Passion, it takes Courage and Grace to survive"
1 trader viewing now