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Trading Made Simple for Day Charts

  • #781
  • Mar 25, 2012 2:28pm Mar 25, 2012 2:28pm
Just experimenting with EMAs of 200/100/50/21/8/3 and looking at the end of week inside bars/candles - here's a few from Thursday/Friday - possible set-ups for Sunday/Monday.

Inside candles can be an indication of a trend pause followed by trend continuation.

Reversal inside candles often occur near or ar S/R levels
Attached Image(s) (click to enlarge)
Click to Enlarge Name: au inside candle 3-25-2012.gif Size: 33 KB
Click to Enlarge Name: ej inside candle 3-25-2012.gif Size: 29 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #782
  • Mar 25, 2012 2:36pm Mar 25, 2012 2:36pm
Quoting Britpip7
Just experimenting with EMAs of 200/100/50/21/8/3 and looking at the end of week inside bars/candles - here's a few from Thursday/Friday - possible set-ups for Sunday/Monday.

Inside candles can be an indication of a trend pause followed by trend continuation.

Reversal inside candles often occur near or ar S/R levels
I'm gonna agree with you there Britpip, i'm watching H4 on those 2 for return to trend...

http://www.forexfactory.com/showthread.php?t=349900
tradewith60
  • #783
  • Mar 25, 2012 3:11pm Mar 25, 2012 3:11pm
AU has the look of reversing with the current chart.

Everything will depend on Sunday/Monday Price Action.

I will wait for the Monday candle to fill out before I move and may wait until it closes before taking any action.

One thing that I have learned on day charts - there is no rush to trade - develop your patience
Attached Image (click to enlarge)
Click to Enlarge Name: au inside candle additional comments 3-25-2012.gif Size: 39 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #784
  • Apr 2, 2012 1:59pm Apr 2, 2012 1:59pm
Current USDCAD analysis

Per rules :

Current trend : Minor downtrend (borderline ranging, determined by the daily channel)

1. PA moves with ATR(1) at 75% or higher of ATR(7)
2. RSI moving below 50
3. TDI cross within the last 1 or 2 candles and moving down from the 68 region
4. 5EMA broken to the downside
5. Slope Angle

1. PA = Don't know how to determine this precisely, but by the looks of it, it seems ok
2. RSI = 41
3. TDI Cross = will be at 2nd candle at the current's close of current, coming from in between 68-50
4. 5EMA to be broken on the downside at the current candle's close
5. Cross slope = 5.8 (above 4.5)

Conclusion : Based strictly on the rules, this would be an appropriate set-up?
Attached Image (click to enlarge)
Click to Enlarge Name: monday 2nd apr.JPG Size: 78 KB
  • #785
  • Apr 2, 2012 2:28pm Apr 2, 2012 2:28pm
Quoting Jayf19
Current USDCAD analysis

Per rules :

Current trend : Minor downtrend (borderline ranging, determined by the daily channel)

1. PA moves with ATR(1) at 75% or higher of ATR(7)
2. RSI moving below 50
3. TDI cross within the last 1 or 2 candles and moving down from the 68 region
4. 5EMA broken to the downside
5. Slope Angle

1. PA = Don't know how to determine this precisely, but by the looks of it, it seems ok
2. RSI = 41
3. TDI Cross = will be at 2nd candle at the current's close of current, coming from in between 68-50
4. 5EMA to be broken on...
UC has had a range of 2,00 pips moving down to 1,700 pips last week

The current Day candle range is 102 pips with the ATR7 sitting at 62 pips.

TDI is showing a series of higher peaks

Price Action is showing a series of lower peaks

General pattern is a converging pennant so possible tighter range / squeeze before a possible breakout.

0.9880 and 9830 are the next major support lines which does not give you much of a run.

Not the best pattern for me to enter on - TDI keeps giving a long indication and is contrary to PA
Attached Image (click to enlarge)
Click to Enlarge Name: uc - convergence 4-2-2012.gif Size: 30 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #786
  • Apr 2, 2012 2:32pm Apr 2, 2012 2:32pm
looking promising once candle closes above 200ema

Remember - patience - wait for the day candle to close before making your decisions
Attached Image (click to enlarge)
Click to Enlarge Name: au chf reversal.gif Size: 24 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #787
  • Apr 2, 2012 2:50pm Apr 2, 2012 2:50pm
Quoting Britpip7
looking promising once candle closes above 200ema

Remember - patience - wait for the day candle to close before making your decisions
Thanks for the fast reply and your input

Regarding your AUD/CHF analysis, is the reason you mention that it looks promising once it closes above the 200 EMA because it could be an indication of a possible trend reversal? (Along with the basic rules of your system being respected)
  • #788
  • Apr 2, 2012 10:22pm Apr 2, 2012 10:22pm
Quoting Jayf19
Thanks for the fast reply and your input

Regarding your AUD/CHF analysis, is the reason you mention that it looks promising once it closes above the 200 EMA because it could be an indication of a possible trend reversal? (Along with the basic rules of your system being respected)
Once the PA has taken a position above the 200ema, the RSI will increase. I am looking for a move above the candle high of 4/2 before an entry.

Other reversals in play - EA and E/NZ

E/NZ PA has movedlow enough to bring the RSI down and again I am looking for a real break of the previous day L.
"To live with Passion, it takes Courage and Grace to survive"
  • #789
  • Apr 3, 2012 9:18pm Apr 3, 2012 9:18pm
Following the recent signs of a reversal forming, we now have a double bottom 0.9431 and 0.9435 - close enough.

PA looking to move higher - pick your entry spot carefully in case this ranges and then continues the previous trend down!

Previous two day H levels were 0.9430 followed by 0.9442.

ATR7 is 63, so TP1 would be at 126 pips

Sl would be below the bottoms
"To live with Passion, it takes Courage and Grace to survive"
  • #790
  • Apr 5, 2012 6:34am Apr 5, 2012 6:34am
Master Brit,

Does it look reasonable to you? Does the fact that it's a fourth candle with the opposite color affect the decission?
Attached Image (click to enlarge)
Click to Enlarge Name: euraud.gif Size: 27 KB
  • #791
  • Apr 5, 2012 10:57am Apr 5, 2012 10:57am
Quoting phi1ipp
Master Brit,

Does it look reasonable to you? Does the fact that it's a fourth candle with the opposite color affect the decission?
eur/aud has been restricted by the 200ema for a few days and has now bounced lower. I am not too worried about the 4th candle - the way that I read the APB is to look for breaks of previous H/L.

Current candle is 153 pips - ATR7 is 100 pips.

Looks good with this being a strong push across many of the eu pairs.

Just as a side note - my previous comment on eu/nzd still holds - I am on that pair haveing had a couple of stalled trades on aud/jpy and aud/chf this week.
"To live with Passion, it takes Courage and Grace to survive"
  • #792
  • Apr 5, 2012 11:55pm Apr 5, 2012 11:55pm
here we go again - another run at 1.3000

if this ever breaks through and holds below, there is a further 300 pips before the next support
Attached Image (click to enlarge)
Click to Enlarge Name: eu 4-5-2012.gif Size: 27 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #793
  • Apr 6, 2012 1:18am Apr 6, 2012 1:18am
Quoting Britpip7
here we go again - another run at 1.3000

if this ever breaks through and holds below, there is a further 300 pips before the next support
great read as usual, same from the professionals



http://www.incrediblecharts.com/trad...forex-gold.php
Attached Image (click to enlarge)
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It takes a lot for me to IGNORE you, but you can try.
  • #794
  • Apr 6, 2012 5:26am Apr 6, 2012 5:26am
Quoting Britpip7
here we go again - another run at 1.3000

if this ever breaks through and holds below, there is a further 300 pips before the next support
May I ask if you're going to open a position with stop order or wait till the PA will close below the major support?
  • #795
  • Apr 6, 2012 10:04am Apr 6, 2012 10:04am
Quoting phi1ipp
May I ask if you're going to open a position with stop order or wait till the PA will close below the major support?
With this emotional level of support I am waiting for a strong close below.

I see too many fake outs with strong S/R levels and two things concern me on EU.

1. It has not closed below 1.3000 (based on a downward move) since Dec 28th 2011.

2. The 200 EMA is a long way away and EU likes to head back in that general direction.

My gut feel is that this will reverse again and head back to the 200ema so watch for reversal signals. A colour change on the APB would be the first signal - confirmation from a TDI cross seeing as there is huge separation between RSI Price and signal lines would support the reversal.
"To live with Passion, it takes Courage and Grace to survive"
  • #796
  • Apr 8, 2012 3:14pm Apr 8, 2012 3:14pm
Master Brit,

I've been doing some backtesting and suddenly realized that you haven't covered the matter of adding to a winning position after a fractal break when all of your previous positions are still open. That usually happens after a trend rest. Do you open 2 positions with TP1/TP2 in this case as well?

Thank you!
  • #797
  • Apr 8, 2012 6:46pm Apr 8, 2012 6:46pm
Quoting phi1ipp
Master Brit,

I've been doing some backtesting and suddenly realized that you haven't covered the matter of adding to a winning position after a fractal break when all of your previous positions are still open. That usually happens after a trend rest. Do you open 2 positions with TP1/TP2 in this case as well?

Thank you!
I show this in a lot of the training charts.

I only add-on with one position. Typically with trades that keep on running past TP1, the following applies starting with the initial trade entry:

Place entry position on pending trade - buy or sell stop

TP1 and SL = 2XATR7 - if ranging drop down to 1XATR7

TP2 left open - SL as per TP1

Once TP1 is hit, move SL to BE for TP2

As Fractals occur, set up new buy/sell stop for one position - start to look for how to manage the trade - I have a couple of techniques - often this will be to the previous day H/L. Another technique can be to use a previous Fractal as your SL.

Where new Fractals occur, continue to add on and move SL for each position as required.

SL on each new entry tend to be previous H/L or 1XATR7 on the Fractal candle.

Hope this helps
"To live with Passion, it takes Courage and Grace to survive"
  • #798
  • Apr 9, 2012 10:43am Apr 9, 2012 10:43am
Just as a heads up on the Euro pairs - setting up today for possible reversals this week.

Watch for colour change on the APBs - TDI is crossing back through the Down Zone line on EU.

EJ is running into 100ema and 200ema - watch for stalling / reversal signs

EA has a nice Fractal Low set up as well as a large Inside Candle set up for 4/5/2012
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu 4-9-2012 - inside bar plus double bottom.gif Size: 32 KB
Click to Enlarge Name: ej - 4-9-2012.gif Size: 27 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #799
  • Apr 9, 2012 10:57am Apr 9, 2012 10:57am
Quoting Britpip7
Just as a heads up on the Euro pairs - setting up today for possible reversals this week.

Watch for colour change on the APBs - TDI is crossing back through the Down Zone line on EU.

EJ is running into 100ema and 200ema - watch for stalling / reversal signs

EA has a nice Fractal Low set up as well as a large Inside Candle set up for 4/5/2012
Do you think that Friday's and today's candle are worth to consider as Europe's been closed since Friday? I think that could affect the validity of Inside Candle.
  • #800
  • Apr 9, 2012 11:16am Apr 9, 2012 11:16am
Quoting phi1ipp
Do you think that Friday's and today's candle are worth to consider as Europe's been closed since Friday? I think that could affect the validity of Inside Candle.
Very true with regards to volumes from Europe due to Easter.

I am not seeing any entries today - just setting up for overnight triggers.

often times the original trend will prevail, so inside candles become fractal points - PA then provides the trigger points
"To live with Passion, it takes Courage and Grace to survive"
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