DislikedDear Phx62,
thank you for posting your analysis! I really missed your charts.
I am still struggling with the TDI crosses. You explained this in detail in post #6882 (I printed it and read it every day), but I still don't get it.
In hindsight your entries perfectly make sense. But when I jump in right at the cross, most of the time it turns out that the cross was a fake on the next candle (TDI repaints). How do you know when NOT to enter? I don't understand how you miraculously never miss a true cross and never enter a fake cross.
- E.g. why...Ignored
I don't know which TDI indicator you are using but I use the Traders_Dynamic_Index indicator dowloaded from Compass FX. The RSI line on that indicator does not move with every tick of the chart.....it sets at the close of each candle (unless you change time frames).....sometimes it will move slightly but does not change direction until the close of each candle.
Trade analysis and answers to your questions from last week:
4-9-12: I had predetermined to only take a long trade....see the aqua line at 1.3060, that is a strong DAILY resistance area and there is another resistance area below that at around 1.3040.....so I was only interested in taking a long trade and entered following the TDI cross.
4-10-12: If you will notice, the two short trades both had enough room to hit TP before reaching that support line (I monitored the second one very closely but it did hit the TP). The first short trade was taken after price stalled at 1.3144 three times in three hours...I knew that price would have a hard time breaking that area without a strong news release and the green RSI was pointing down and about to cross the red signal line.
The long trade was taken before the close of the candle, on a bounce of the 1.3060 support line....once it headed up, I entered.
The third trade was take on a pullback and close of the blue 15:00 bar...I did not use the TDI to confirm that trade.
4-13-12: I am testing a scalp system so I took a couple of small trades during the Asian session. I could have let either one of them continue for 50 to 80 pips but because I was testing, I let my preset TP of 20 pips close both trades. I caught a couple of hours of sleep and set my alarm to monitor the opening of the NY session. I entered on the second TDI bounce and rode it out for +70....I did not see any long TDI crosses during that time.....only a couple of bounces off the red line.
I understand the frustation your experiencing.....every trader goes through that......you just have to keep backtesting, studying and learning price action....don't focus all you attention on the TDI indicator.....re-read the posts from X-Man, Eelfranz, Dcgic, Britpip7, SnarlyJack, Vantage, emmanuel and others who are having success trading forex.....they will inspire you to keep working until it "clicks" in your mind.
Regards....
)
and against my day plan to wait for a move either above or below the Tokyo 5H high-low.