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Trading Made Simple for Day Charts

  • #821
  • Apr 21, 2012 9:55pm Apr 21, 2012 9:55pm
Quoting bedul
helo, this is my first post in FF, I'm just learning about forex, and I am interested to learn this system, because I'm not able to spend a lot of screen time in front of my computer.

I already download the indicator and template in the first page, however I have a question regarding to phi1ipp chart on the post above me.
when I open the same pair (EURAUD TF daily) in my chart, the display looks different, why is this? is because the difference of broker that we both use?
or is there a new setting/template aside the ones in the first page?

thank...
Possible reason could be no connection on your broker account
"To live with Passion, it takes Courage and Grace to survive"
  • #822
  • Apr 28, 2012 4:33pm Apr 28, 2012 4:33pm
Is that a losing trade or am I missing something?
ATR1> 75% ATR7
RSI < 50
TDI has crossed and is below 68 (oversold?)
and the trade is in the direction of the trend.
Attached Image (click to enlarge)
Click to Enlarge Name: EJ_0601.png Size: 63 KB
  • #823
  • Apr 28, 2012 9:42pm Apr 28, 2012 9:42pm
Quoting Britpip7
Possible reason could be no connection on your broker account
sorry, I didnt notice it before, turns out I have a problem with the Meta Trader. thanks

Quoting Verbal
Is that a losing trade or am I missing something?
ATR1> 75% ATR7
RSI < 50
TDI has crossed and is below 68 (oversold?)
and the trade is in the direction of the trend.
what position did you took? was it short?? I'm a newbie (both in forex business and to this thread), but if I remember correctly about the use of TDI, is to never short below 32, and never long above 68. I hope the masters here could clarify about this
  • #824
  • Apr 29, 2012 12:30pm Apr 29, 2012 12:30pm
General rules are avoid shorting in the 32 area and going long in the 68 area.

This will also be true for when the RSI10 has been down around the 20-30 area or 70-80 area. Hence the phrases Over-Sold and Over-Bought. This just means that the pair is probably getting close to S/R levels and/or the 100ema and 200ema.

Sometimes it is best to watch.

I would say that I do not take new entries in those areas as this probably is several candles after a coulour change or an initial tdi cross.

If there is still a strong trend, these entries can be great for add-ons.

I am currently not trading due to time constraints - should be back in the saddle in a couple of weeks.

Keep the backtesting going - it will show you what patterns to avoid and which are your higher probability trades.
"To live with Passion, it takes Courage and Grace to survive"
  • #825
  • May 1, 2012 12:49pm May 1, 2012 12:49pm
How about EJ? It's in the end phase of an HS pattern and TDI, ATRs and RSI are OK. I could have entered yesterday but I think there's still a chance once the R (and fractal) at 105.4 is broken.
Attached Image (click to enlarge)
Click to Enlarge Name: EJ-1may.png Size: 58 KB
  • #826
  • May 6, 2012 3:09pm May 6, 2012 3:09pm
I hope this thread gets back to life soon.
Currently I am watching USDJPY daily. Once again it's in final phase of HS and looking to be heading south. If it passes 79.6 I would consider to reenter.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY-D.png Size: 57 KB
  • #827
  • May 9, 2012 11:00am May 9, 2012 11:00am
Quoting Verbal
I hope this thread gets back to life soon.
Currently I am watching USDJPY daily. Once again it's in final phase of HS and looking to be heading south. If it passes 79.6 I would consider to reenter.
I'm also watching this, But PA doesn't look strong enough... Are you in yet?
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy short 09052012.gif Size: 23 KB
  • #828
  • May 9, 2012 1:51pm May 9, 2012 1:51pm
Quoting Pecunia
I'm also watching this, But PA doesn't look strong enough... Are you in yet?
No not yet... waiting for the burst.
  • #829
  • May 17, 2012 10:10am May 17, 2012 10:10am
-Break of the fractal
-TDI bounce
-Trading with the trend

SL @ 2x ATR

+90 pips now. I could have gotten in a little sooner. But I think it still has some air to go further south.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy short 17052012 ii.gif Size: 30 KB
  • #830
  • May 17, 2012 11:53pm May 17, 2012 11:53pm
Hi folks - glad to some activity on the thread - keep up the good work

I have had lots going in over the past few weeks, so not really in the right frame of mind to trade, so best to sit it out. I have kept up with the backtesting and everything is still working for the trade set ups - check out the chart.

As you will notice from the chart, this is pure Price Action with the usual suspects on the MA settings - 21/100/200EMA. The 5EMA is still there - minor modifications but still in play - Yellow MA is a test setting.

TDI is not in play as I am reducing the indicators to the main window and for my trading style, it wasn't really adding anything - ATR7 and RSI10 are still in use per the Page 1 post. I mostly monitor these in the Data Window. I may add additional templates and settings as this progresses but no real need right now.

Lots of movement over the past few weeks with 100s of pips in play on multiple pairs. This is aud usd and demonstrating several entry options. My entry option for this was #3 to allow for confirmation of the 200EMA break. Currently after 15 days with 2 add-ons this would be giving over 1,000 pips.

My current preferred entry criteria are:
1. Change of colour on APB
2. Next candle confirms PA
3. RSI10 <50 for shorts >50 for longs
4. No trading into S/R
5. Take Add-Ons whenever the run pauses for breath

TP1 & SL are still using 2XATR7
TP2 left open with same SL as TP1

Manually manage SL after TP1 closes out

Essentially not much has changed, except for the shock of dropping TDI - but that is my choice, so if TDI is working for you, stick with it.
Attached Image (click to enlarge)
Click to Enlarge Name: aud usd 5-17-2012.gif Size: 31 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #831
  • May 18, 2012 12:05am May 18, 2012 12:05am
Quoting Britpip7
Hi folks - glad to some activity on the thread - keep up the good work

I have had lots going in over the past few weeks, so not really in the right frame of mind to trade, so best to sit it out. I have kept up with the backtesting and everything is still working for the trade set ups - check out the chart.

As you will notice from the chart, this is pure Price Action with the usual suspects on the MA settings - 21/100/200EMA. The 5EMA is still there - minor modifications but still in play - Yellow MA is a test setting.

TDI is not in play...

HI,

isn't TDI based on RSI period 13 on MA2/7?
so what is different in using RSI period 10 now?

AUDUSD looks very nice down trending since 3 weeks ago, so it is very nice to know where to add-on positions. /
But when the TDI or RSI is above or below below the 68 or 32 lines , what is your assessment whether to take the trade or add-on position now?

thank you.
  • #832
  • May 18, 2012 12:35am May 18, 2012 12:35am
Quoting vtayha
HI,

isn't TDI based on RSI period 13 on MA2/7?
so what is different in using RSI period 10 now?

AUDUSD looks very nice down trending since 3 weeks ago, so it is very nice to know where to add-on positions. /
But when the TDI or RSI is above or below below the 68 or 32 lines , what is your assessment whether to take the trade or add-on position now?

thank you.
These are just settings that I use on the Day charts - nothing has really changed from Post # 1 except what you see on the chart.

I want this to move more towards Price Action and S/R levels and be less about the indicators. Candle patterns are a part of this and I use a combination of the APB with price bars as an overlay.

With regards to TDI - once you are above 68 or below 32, then I would not take a new entry. Add-Ons will occur in these regions, so take them with caution if that is in your trading plan - if not, don't go there

I have often seen with indicators, that they will keep you out of perfectly good trades that you would have taken if following PA. However, it doesn't hurt to know if you are in overbought or oversold territory, just understand what it means!
"To live with Passion, it takes Courage and Grace to survive"
  • #833
  • May 18, 2012 12:39am May 18, 2012 12:39am
This is my approach to Stop Loss settings - check out the chart
Attached Image (click to enlarge)
Click to Enlarge Name: eu 5-17-2012.gif Size: 27 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #834
  • May 18, 2012 2:17am May 18, 2012 2:17am
Quoting Britpip7
This is my approach to Stop Loss settings - check out the chart
HI,

looking at your EURUSD chart in hindsight, the SL setting looks very good in strong trending market.
But, what is your Entry based on?
Don't you see 1.3070 region is a support before all this happen?
What gave you the confidence that the Entry will give you RR 1:1 trade minimum considering your 2xATR7 as Entry SL.?

Thanks.
  • #835
  • May 18, 2012 6:32am May 18, 2012 6:32am
Quoting Pecunia
-Break of the fractal
-TDI bounce
-Trading with the trend

SL @ 2x ATR

+90 pips now. I could have gotten in a little sooner. But I think it still has some air to go further south.
TP hit @ 2x ATR @ 124.73 for +200 pips profit!
  • #836
  • May 18, 2012 11:41am May 18, 2012 11:41am
Quoting vtayha
HI,

looking at your EURUSD chart in hindsight, the SL setting looks very good in strong trending market.
But, what is your Entry based on?
Don't you see 1.3070 region is a support before all this happen?
What gave you the confidence that the Entry will give you RR 1:1 trade minimum considering your 2xATR7 as Entry SL.?

Thanks.
The Low of the Set-Up candle was 1.3121 - depending on how you view the Support levels they ranged from 1.2973 to 1.3034. Essentially 1.3000 +/- 30-40 pips. On a risk aspect this was going to be a 120 pip loss if it reversed and engulfed the set-up candle which would have been enough to see me pull the trigger, or 175 pips loss if the emergency SL was hit.

On the Reward side of this, if the 1.3000 barriers were broken and it held, then it is clear water below.

For me the deciding factor for the entry was an APB colour change following three doji candles. The set-up candle had a move of 119 pips with the ATR7 at 76 pips and relatively small wicks, so a solid move. Entry placed at around 10 pips below the low of the set-up candle. Also good break and close below the 100-EMA.

Mostly, this set-up pattern carries through and delivers pips. All depends on your trading style.
"To live with Passion, it takes Courage and Grace to survive"
  • #837
  • May 18, 2012 11:43am May 18, 2012 11:43am
Quoting Pecunia
TP hit @ 2x ATR @ 124.73 for +200 pips profit!
Nice pick up - do you still have any positions open - looks like it may take a breather for Friday and the weekend.
"To live with Passion, it takes Courage and Grace to survive"
  • #838
  • May 18, 2012 12:30pm May 18, 2012 12:30pm
Hello all,

Big thanks to David for starting this thread. I have been following quietly since day 1. Lots of excellent education here. Just thought I would share an indicator that I came across recently in this forum. It is an expanded version of the ATR Pips indicator. It has percentage settings for SL, TP1 and TP2. Much more info than the plain ATR Pips indy. Also, i have just recently felt comfortable enough to start demoing. Took 2 trades on the 16th. USD/CAD and EUR/NZD, both long. Currently up 375 pips!!

Have a great weekend. It's a long one here in Canada,

John
Attached File(s)
File Type: mq4 ATR in SL-TP(1).mq4   5 KB | 461 downloads
  • #839
  • May 18, 2012 2:57pm May 18, 2012 2:57pm
A convenient spot for a rest - strong support region, so caution on taking any longer term short trades - maybe a chance if it resumes the trend for a another 100 pips, but extreme caution.

Minimize the chart and look left to Aug 2010.

I am only looking at this for add-ons, but the SL will be tighter.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu 5-18-2012 support.gif Size: 23 KB
Click to Enlarge Name: eu 5-18-2012.gif Size: 39 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #840
  • May 18, 2012 7:35pm May 18, 2012 7:35pm
Here are my pairs that I watch on a consistent basis:

eu / gu / au / nzu / aj / ea / ga / enz / gnz / ej / gj / chj / ach / uch / acad

Generally we are at the end of a 3 week major trend run with most usd crosses seriously into overbought/oversold territory.

eu and gu had some pullback on Friday and too early to call this a reversal or just a pause for breath. The RSI needs to recover before we see any further drops in these two and history does show that following a large drop, followed by a pause, there is every chance for the trend to continue. No real surprise if Sunday sees another positive bar and maybe Monday takes us back to the Thursday low, but the eu is now into a major support area.

chj / ej / gj are similar and may set up for add-ons short.

eu did post a colour change on APB but RSI10 is way below 50, so not an entry point for me. A friend recently reminded me of this phrase - may be applicable here - http://www.investopedia.com/terms/d/deadcatbounce.asp

au / aj / nzu - all still running lower - these are in add-on territory only for me

ea / ga / enz / gnz - all took pauses and are back on the run higher again - out of these - ea was giving signs of a continuation on Thursday with a large pin bar

ach had a huge candle (ATR7 = 52, ATR1= 132) on Friday and was giving set up signals on Wed / Thur with RSI10 hovering below 50 and a large pin bar on Thursday - missed the set up which would have given a nice 100pips on Friday.

uch - reverse of eu with a colour change on the APB - needs PA on Monday for reversal signal, otherwise possible add-on for continuation long.

acad had a nice pullback on Wed/Thur and a colour change on APB on Friday, so possible for trend continuation - don't expect too much on this pair - ATR7 has been around the mid 50s to mid 60s for a while and like most pairs is running into strong support.

As you probably know G8 is in session, so probably a choppy week, and the markets are due for a rest after the past few weeks.
"To live with Passion, it takes Courage and Grace to survive"
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