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Trading Made Simple for Day Charts

  • #941
  • Jul 15, 2012 3:52pm Jul 15, 2012 3:52pm
AUDUSD caught my attention and looks like a potentially good long setup.
I have entered long at 1.02474.
Chart is attached with notes that show my reasoning for taking the trade.

Being new to this thread, Any comments or advice are always appreciated....

Attached Image (click to enlarge)
Click to Enlarge Name: Long AU 07-15-12.jpg Size: 261 KB


http://www.forexfactory.com/%3Ca%20h...ngau071512.jpg

Cheers.
Mike B
  • #942
  • Jul 15, 2012 5:54pm Jul 15, 2012 5:54pm
Quoting DojiMojo
First of all, a Big Thank You to you and all the other contributors for creating this thread.
I was following the original TMS thread and applied those methods, but like you, I also have new time constraints that don't allow me to trade during the day anymore.

I have moved to only trading the Daily charts and mostly on Price Action, so I am really excited that I found this thread - as it seems like a perfect fit for me.

Over the weekend, I read thru the entire thread and have learned a lot from it. I have my charts setup and look forward to getting...
Welcome Mike,

So long as the charts move, I am not too worried what time of year it is - maybe lower your expectations on initial pip targets, but the volume is still there from the institutions.

Patience is a must when waiting for the day charts to set up - sometimes, if the reversal patterns look good on day, you can drop to the lower time frames for a better / earlier entry point.
"To live with Passion, it takes Courage and Grace to survive"
  • #943
  • Jul 15, 2012 5:59pm Jul 15, 2012 5:59pm
Quoting DojiMojo
AUDUSD caught my attention and looks like a potentially good long setup.
I have entered long at 1.02474.
Chart is attached with notes that show my reasoning for taking the trade.

Being new to this thread, Any comments or advice are always appreciated....

Attachment

http://www.forexfactory.com/%3Ca%20h...ngau071512.jpg

Cheers.
Mike B
Mike - I like the notes - your comment about trading into a resistance level is accurate - my chart does not yet have a candle closing above 200ema, so I will wait for that to confirm the long
"To live with Passion, it takes Courage and Grace to survive"
  • #944
  • Jul 17, 2012 11:48pm Jul 17, 2012 11:48pm
Strong supply level on aud - plenty of room to move
Attached Image (click to enlarge)
Click to Enlarge Name: aud index day 7-17-2012.gif Size: 34 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #945
  • Jul 20, 2012 12:28am Jul 20, 2012 12:28am
gu had a large set up candle on Friday and I had every intention of setting up the trade on Sunday but got distracted.

the key to this trade was that it was heading towards the 100/200ema so the plan was to set TP1 at 150pips - so just short of the 200ema and leave TP2 open.

there was also an add-on opportunity, so this set up was good for at least 250pips.

even a missed opportunity has learning points
Attached Image (click to enlarge)
Click to Enlarge Name: gu day 7-19-2012.gif Size: 40 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #946
  • Jul 23, 2012 12:24am Jul 23, 2012 12:24am
NZD and AUD seem to setting up for a move south

NZD index RSI 10 dropping - currently 50.28 - wait for day close to confirm.
Attached Image (click to enlarge)
Click to Enlarge Name: nzd index day 7-22-2012.gif Size: 25 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #947
  • Jul 23, 2012 8:23am Jul 23, 2012 8:23am
Quoting Britpip7
NZD and AUD seem to setting up for a move south

NZD index RSI 10 dropping - currently 50.28 - wait for day close to confirm.
Hi Britpip, I took the same trade.
I entered after the TDI crossed and HA color change.
I jumped the gun a bit, since I entered before the candle closed below the MA, but it was acting nicely, so I took it after the rejection of the overhead resistance level.

Cheers..

Attached Image (click to enlarge)
Click to Enlarge Name: NU short 7-22-12.GIF Size: 27 KB
  • #948
  • Jul 28, 2012 2:17pm Jul 28, 2012 2:17pm
Depending on how you treat fundamentals with the latest usd retail figures and gbp AAA rating and EuroZone recovery plans and the Olympics effect, this makes for some interesting trades, but can be difficult on the day charts.

Personally, I let the charts tell me where they want to go- I keep up to date with the news events but really pay little attention to them when placing trades - Price Action overrules news!

Currently the GU is ranging 300pips on the day supply and demand regions. Depending on your trading styles, placing a pending short would take advantage of the current supply levels with the Friday candle showing as much body as wick which indicates a loss of momentum. Probably profit taking on Friday before market close.

Dropping down to H4 may give some better entry signals with plenty of reluctance on the past couple of candles to set new higher closes.

I am looking to set the SL just above the supply zone if the Sunday candles support the Friday set up. Risk:Reward at 1:3 with this set up.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu day 7-28-2012.gif Size: 20 KB
Click to Enlarge Name: gu h4 7-28-2012.gif Size: 22 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #949
  • Aug 8, 2012 4:10pm Aug 8, 2012 4:10pm
Hi there BP7,
Not a lot of action around here. I just wanted to follow up your last post to see how it ended. My chart is Ninja but basically same data - looks like it was a good result. How did you go ??
Cheers
Brian
Attached Image (click to enlarge)
Click to Enlarge Name: 6B 09-12 (240 Min) 9_08_2012.jpg Size: 89 KB
  • #950
  • Aug 9, 2012 7:59pm Aug 9, 2012 7:59pm
Quoting binnie
Hi there BP7,
Not a lot of action around here. I just wanted to follow up your last post to see how it ended. My chart is Ninja but basically same data - looks like it was a good result. How did you go ??
Cheers
Brian
Hi Brian,

It went well - TP1 closed at +100 pips and TP2 closed at +130, so +230 for the week.

Really slow at the moment - watching EU for a short as well as CHF pairs. CAD pairs look to be moving along with oil right now.

On the liteforex index charts - NZD + EUR + CHF for short, CAD and Brent for longs

Basic rules are, if it doesn't match with the trading plane, sit out. Doing a lot of sitting out so far in August - but that's par for the course through the summer.
"To live with Passion, it takes Courage and Grace to survive"
  • #951
  • Aug 12, 2012 7:54pm Aug 12, 2012 7:54pm
Not a huge amount of movement in the past week

Eur is slowly heading back south on EU and EJ, so may be worth an entry. Thursday gave a large initial move and then pulled back on Friday, so maybe after a rest for a couple of days, we'll see further movement.

Same story for NZD after the employment figures

CHF/JPY is also in a similar set-up

CAD pairs are enjoying a run based on what oil is doing - past 30 days has seen a $20 rise which was worth 2,000pips.
Attached Image (click to enlarge)
Click to Enlarge Name: eur jpy day 8-12-2012.gif Size: 36 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #952
  • Aug 12, 2012 9:42pm Aug 12, 2012 9:42pm
Quoting Britpip7
Not a huge amount of movement in the past week

Eur is slowly heading back south on EU and EJ, so may be worth an entry. Thursday gave a large initial move and then pulled back on Friday, so maybe after a rest for a couple of days, we'll see further movement.

Same story for NZD after the employment figures

CHF/JPY is also in a similar set-up

CAD pairs are enjoying a run based on what oil is doing - past 30 days has seen a $20 rise which was worth 2,000pips.
Hi David - welcome to a new week. Can only jot down what I see happening but as you know very well , this market beast will do what it wants / when it wants. It's good to have a bit of a plan of attack though.
Have a great week . Regards
Brian
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 6B 09-12 (240 Min) 13_08_2012.jpg Size: 132 KB
Click to Enlarge Name: 6E 09-12 (240 Min) 13_08_2012.jpg Size: 124 KB
  • #953
  • Aug 12, 2012 9:58pm Aug 12, 2012 9:58pm
No place for mistakes
  • #954
  • Aug 13, 2012 10:56pm Aug 13, 2012 10:56pm
TDI setting up for a cross - RSI10 >50 - APB colour change
Attached Image (click to enlarge)
Click to Enlarge Name: eur jpy day 8-13-2012.gif Size: 36 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #955
  • Aug 14, 2012 11:38pm Aug 14, 2012 11:38pm
Is it a start of reversal
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCAD 120812.png Size: 56 KB
Forex is boring but profitable with patience and discipline
  • #956
  • Aug 15, 2012 12:57am Aug 15, 2012 12:57am
Quoting prftablefool
Is it a start of reversal
hello prftablefool,
can you pls post your template and explain the rationale behind it. Thanks in anticipation that you won't turn me down.

Ayour2a
  • #957
  • Aug 15, 2012 1:26pm Aug 15, 2012 1:26pm
Quoting prftablefool
Is it a start of reversal
Looks promising - missed the reversal on the day chart, so watching for an H4 entry now.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: au cad day 8-15-2012.gif Size: 27 KB
Click to Enlarge Name: au cad h4 add-ons 8-15-2012.gif Size: 27 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #958
  • Aug 15, 2012 3:14pm Aug 15, 2012 3:14pm
Quoting Britpip7
Looks promising - missed the reversal on the day chart, so watching for an H4 entry now.
Hi David - I like the look of your daily chart . The TDI crosses seem deliberate & easily identified. I am concentrating on Momentum / Pullback /entry off PA but the us of the TDI on the Daily looks worthy of investigation. Question for you - what sort of Stop is required ( ballpark figure is fine ). Obviously we would not get the same tight stops we can get in the 15min. Any other comments on your experiences with this method would be really interesting to hear. Regards
Brian
  • #959
  • Aug 15, 2012 3:59pm Aug 15, 2012 3:59pm
Quoting binnie
Hi David - I like the look of your daily chart . The TDI crosses seem deliberate & easily identified. I am concentrating on Momentum / Pullback /entry off PA but the us of the TDI on the Daily looks worthy of investigation. Question for you - what sort of Stop is required ( ballpark figure is fine ). Obviously we would not get the same tight stops we can get in the 15min. Any other comments on your experiences with this method would be really interesting to hear. Regards
Brian
Brian,

I use a couple of approaches on SL

In a tighter ranging market I will look to keep around the rule of 1X ATR7, and in a wider ranging market 2xATR7, so this way it ties in with the range moves of the timeframe that you are trading.

Another approach is to use previous swing high/low - which often matches to 2xATR7 rule.

Higher timeframes = larger SL and TP target, with less trades and less time needed on the screen.

the chart shows my thoughts on this trade - if TP1 does not close out in the current candle I would consider closing manually in case the 200ema dynamic support kicks in - TP2 SL would move to BE+20pips and then manually manage any add-ons / profits
Attached Image (click to enlarge)
Click to Enlarge Name: au cad sl tp levels.gif Size: 31 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #960
  • Aug 15, 2012 4:31pm Aug 15, 2012 4:31pm
Quoting Britpip7
Brian,

I use a couple of approaches on SL

In a tighter ranging market I will look to keep around the rule of 1X ATR7, and in a wider ranging market 2xATR7, so this way it ties in with the range moves of the timeframe that you are trading.

Another approach is to use previous swing high/low - which often matches to 2xATR7 rule.

Higher timeframes = larger SL and TP target, with less trades and less time needed on the screen.

the chart shows my thoughts on this trade - if TP1 does not close out in the current candle I would consider closing...
Cheers for the response David. Comparing your S/L with expected TP1, this infers that your Stops are very seldom hit. Is this a fair assumption?
I am generally happy with 1:1 myself on live trading but this is small stuff compared to say the Daily. I would be uneasy with the same MM on the Daily. In other words - if the success rate was consistant, it would be worth the probable pain of seeing larger than normal DrawDowns. What do you reckon ?
Regards
Brian
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