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Trading Made Simple for Day Charts

  • #861
  • Jun 5, 2012 9:31pm Jun 5, 2012 9:31pm
Does this look like a correct long entry? The daily candle just closed, RSI 52. S/L 192 pips. My daily candle just closed 30 minutes ago...
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy tms daily.gif Size: 31 KB
  • #862
  • Jun 5, 2012 9:43pm Jun 5, 2012 9:43pm
Quoting Expat Trader
Hi Britpip,

Thanks for the thread, its great! I'm trying to find something that works for me on Daily charts. I have a few questions though.

How come you decided to drop the TDI indicator?

Which APB indicator are you using? Synergy APB or Synergy APB2?

Also would you consider posting your most recent MT4 template?

Thanks in advance,

Expat Trader
Welcome Expat

Expat from where?

Answers:

How come you decided to drop the TDI indicator? Not completely dropped - just removed from my main charts - I was seeing several false signals and once TDI goes overbought/oversold, it doesn't give strong signals, so I would rather rely on my own approach of entering on the day and adding on based on H4 Fractals.

Which APB indicator are you using? Synergy APB or Synergy APB2? Neither - Synergy_APB_[C] - this is probably a derivation of APB2 and can be edited

Attached is a simplified template with a lot of stuff removed as I am more interested in Price Action than indicators - the info from APB and Candlesticks tell us a lot, however I have kept a version of the MA cross technique - this is a 3/5 simple MA although a 3/8 also works well - look up Lawgirl's thread on this - not much activity these days but good info on Post#1.

As with any template, it is down to the individual to make it work.

Happy pip hunting
Attached File(s)
File Type: tpl britpip7 day template2.tpl   3 KB | 503 downloads
File Type: ex4 ATR Pips UL corner.ex4   3 KB | 459 downloads
File Type: ex4 Synergy_APB_[C].ex4   4 KB | 423 downloads
"To live with Passion, it takes Courage and Grace to survive"
  • #863
  • Edited 10:15pm Jun 5, 2012 9:56pm | Edited 10:15pm
So after the incredible past few weeks, time to take a break from the 3 amigos as nothing was setting up.

This was taken as a Fractal Low break in the day chart - this triggered after the RAB rate announcement and it sat around and sulked for a day and took off during the Asian session - TP1 closed early to take 85 pips and SL moved to BE +10.

Will move to H4 and watch for more Fractals for Add-On possibilities and see where this one takes us.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp aud 6-5-2012.gif Size: 30 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #864
  • Jun 6, 2012 10:25am Jun 6, 2012 10:25am
Quoting Britpip7
So after the incredible past few weeks, time to take a break from the 3 amigos as nothing was setting up.

This was taken as a Fractal Low break in the day chart - this triggered after the RAB rate announcement and it sat around and sulked for a day and took off during the Asian session - TP1 closed early to take 85 pips and SL moved to BE +10.

Will move to H4 and watch for more Fractals for Add-On possibilities and see where this one takes us.
I am in this trade since 1.590 - what is your take in terms of next support ??
Forex is boring but profitable with patience and discipline
  • #865
  • Jun 6, 2012 1:02pm Jun 6, 2012 1:02pm
Quoting prftablefool
I am in this trade since 1.590 - what is your take in terms of next support ??
1.5500 region looks to be a challenge.

200ema is slowly rising, and is at the 1.5430 level which may rise some more before being hit by PA..

Looks like a similar PA pattern to yesterday - still watching H4 for new entry points.
"To live with Passion, it takes Courage and Grace to survive"
  • #866
  • Jun 6, 2012 4:43pm Jun 6, 2012 4:43pm
Quoting Britpip7
1.5500 region looks to be a challenge.

200ema is slowly rising, and is at the 1.5430 level which may rise some more before being hit by PA..

Looks like a similar PA pattern to yesterday - still watching H4 for new entry points.
Hmmm - around 130 pips to go - Let's see.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpaud 053112.gif Size: 31 KB
Forex is boring but profitable with patience and discipline
  • #867
  • Jun 6, 2012 4:51pm Jun 6, 2012 4:51pm
I took couple of trades on Yen last Friday. It seems after today's move it will take some rest before continue the journey or take a U-turn.
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy 060112.gif Size: 30 KB
Forex is boring but profitable with patience and discipline
  • #868
  • Jun 6, 2012 6:12pm Jun 6, 2012 6:12pm
Quoting prftablefool
I took couple of trades on Yen last Friday. It seems after today's move it will take some rest before continue the journey or take a U-turn.
These current moves look like a mini retracement as opposed to full reversals with the exception of GBP/NZD - seriously missed that one - but then there was a lot of ather active pairs during the past 12 days - you can't catch them all, but it would have been a nice one
"To live with Passion, it takes Courage and Grace to survive"
  • #869
  • Jun 6, 2012 6:45pm Jun 6, 2012 6:45pm
Quoting Britpip7
These current moves look like a mini retracement as opposed to full reversals with the exception of GBP/NZD - seriously missed that one - but then there was a lot of ather active pairs during the past 12 days - you can't catch them all, but it would have been a nice one

Just out of interest, I went back and ran the numbers of the GBP/NZD. I know that hindsight charts never lie and never give a profit, but run the backtests and look for similar patterns. Once you have made the initial entry with TP1 and TP2 and once TP1 has closed out, drop down to H4 and look for add-ons off of fractal breaks - the pips really add up.

Entering on the day chart - 5/25 and then adding on off of H4 fractals, there were a total of 6 add-ons plus the original two entries for TP1 and TP2.
This would have generated a total in excess of 2,000 pips. Not bad for 11 days!

Word of caution - GBP/NZD and EUR/NZD have a high daily ATR - SL at 2XATR7 can run 500pips or higher, so be aware of the risk and stick to your money management - trade smaller lot sizes, run with 1xATR7.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp nzd 5-25-2012 entry point on day.gif Size: 28 KB
Click to Enlarge Name: gbp nzd h4 add-ons.gif Size: 29 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #870
  • Jun 6, 2012 9:30pm Jun 6, 2012 9:30pm
Not too much excitement on this trade - nice trend forming and keeping everything positive in the pip farming

One add-on taken on a Fractal Low break on H4

TP1 closed for 85 pips

SL moved to BE + 5 for the add-on which also protects 125 pips on TP2

Currently with price at 1.5557 which gives a total of 330 pips

Worst case scenario if SL triggered will be 215pips
Attached Image (click to enlarge)
Click to Enlarge Name: gbp aud 6-6-2012.gif Size: 24 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #871
  • Jun 7, 2012 5:21am Jun 7, 2012 5:21am
Could you mark the add-on candles on the H4 chart please. I see 7 horizontal lines one of which I assume is the initial entry off of the daily chart (2.06964) but I am not sure I can see the H4 fractal rule.

Quoting Britpip7
Just out of interest, I went ...

Entering on the day chart - 5/25 and then adding on off of H4 fractals, there were a total of 6 add-ons plus the original two entries for TP1 and TP2.
This would have generated a total in excess of 2,000 pips. Not bad for 11 days!

...
  • #872
  • Jun 7, 2012 8:38am Jun 7, 2012 8:38am
Quoting Verbal
Could you mark the add-on candles on the H4 chart please. I see 7 horizontal lines one of which I assume is the initial entry off of the daily chart (2.06964) but I am not sure I can see the H4 fractal rule.
I should be able to post a more detailed entry and H4 Fractal review later tonight.
"To live with Passion, it takes Courage and Grace to survive"
  • #873
  • Jun 7, 2012 9:03am Jun 7, 2012 9:03am
Quoting Britpip7
Not too much excitement on this trade - nice trend forming and keeping everything positive in the pip farming

One add-on taken on a Fractal Low break on H4

TP1 closed for 85 pips

SL moved to BE + 5 for the add-on which also protects 125 pips on TP2

Currently with price at 1.5557 which gives a total of 330 pips

Worst case scenario if SL triggered will be 215pips

SL triggered this morning on the bounce, so 215 pips banked.

Nothing else set up - probably done for the week
"To live with Passion, it takes Courage and Grace to survive"
  • #874
  • Jun 7, 2012 9:31am Jun 7, 2012 9:31am
As you peruse the FF threads, you will come across many folks that have multiple trades running and as a result they post very impressive pips.

The primary thing to have clear in your mind as you read these threads, is how the money management strategies play out.

If you trade multiple pairs simultaneously, then your risk reward ratios get dramatically affected. As you stack up multiple trades, so do you stack up the risk portion of the equation.

Run the numbers and make sure your account can withstand the losses and then understand how long it will take you to make the losses back. If you lose 25% on a trade, you need to gain 33% on the next trades to break even - a 50% loss means that you now need a 100% win to get back to where you were. Do you have a money management plan? Do you follow it? What happens if you have multiples of losses?

Essentially, don't get greedy. I would prefer to have one successful entry and miss four than load up multiples and then have them reverse on a bad piece of news, or adverse market reaction. "Pigs get fat, Hogs get slaughtered" - be a pig, not a hog!

Once you have a trade in profit and protected, then look for additional trades, or stick with the trade you have and look for Add-Ons.
"To live with Passion, it takes Courage and Grace to survive"
  • #875
  • Jun 7, 2012 2:00pm Jun 7, 2012 2:00pm
Honestly i have been following this thread for some time now, infact i have read the whole thread twice. pls forgive me for my ignorant question because i am just a newbie. Anytime i open the daily chart, the trend is already in play and the tdi cross is already in play also, and i am having a hard time finding the set ups. Pls anyone with an elaborate answer will be appreciated.
  • #876
  • Jun 7, 2012 10:15pm Jun 7, 2012 10:15pm
Quoting Verbal
Could you mark the add-on candles on the H4 chart please. I see 7 horizontal lines one of which I assume is the initial entry off of the daily chart (2.06964) but I am not sure I can see the H4 fractal rule.
Here you go - hope this helps
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp nzd training chart.gif Size: 30 KB
Click to Enlarge Name: gbp nzd training chart - h4 fractals.gif Size: 34 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #877
  • Jun 7, 2012 10:23pm Jun 7, 2012 10:23pm
Quoting Esosa
Honestly i have been following this thread for some time now, infact i have read the whole thread twice. pls forgive me for my ignorant question because i am just a newbie. Anytime i open the daily chart, the trend is already in play and the tdi cross is already in play also, and i am having a hard time finding the set ups. Pls anyone with an elaborate answer will be appreciated.
It takes time to pick the entries on the day charts - drop down to H4 and see what happens there and get used to the patterns, then come back to the day charts.
"To live with Passion, it takes Courage and Grace to survive"
  • #878
  • Jun 8, 2012 1:43am Jun 8, 2012 1:43am
Thanks! Do you also consider ATRs and RSI when entering add-ons off of H4 or are broken fractals the main concern here?

Quoting Britpip7
Here you go - hope this helps
  • #879
  • Jun 8, 2012 8:31am Jun 8, 2012 8:31am
Quoting Verbal
Thanks! Do you also consider ATRs and RSI when entering add-ons off of H4 or are broken fractals the main concern here?
ATRs are not a concern for me for Add-Ons - RSI once the day chart has moved, will usually be below 50 for a short Add-On - often times once a fractal forms, it may be several candles before the next run, so there can be a couple of valid entry points for the Add-On
"To live with Passion, it takes Courage and Grace to survive"
  • #880
  • Jun 13, 2012 11:34pm Jun 13, 2012 11:34pm
Hi Brit,

Whist not a A+++ setup I would appreciate some feedback on my interpretation on the below chart.

TDI cross + bar colour change within 2 bars
RSI above 50
Decent ATR
5 EMA broken
Seems to have broken 0.8100 which looks to me as the most significant resistence

TDI is a little high and would be trading against the direction of the the longer term MAs, though looking at the candle stick chart they seem bullish along with the higher lows. Actually the more I think about it the better it sounds.

Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp14062012.jpg Size: 103 KB


Thanks for all the effort you've put into this thread. I've learnt a lot reading through it.


MM
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