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Trading Made Simple for Day Charts

  • #961
  • Aug 15, 2012 5:35pm Aug 15, 2012 5:35pm
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...
Britpip in your chart looking backwards, the trend was up but there were series of red candles reversals and tdi also crossed, taking those trades would have ended up a looser, why didn't you took those trades? How did you know that the current reversal was a true reversal?
  • #962
  • Aug 15, 2012 6:49pm Aug 15, 2012 6:49pm
Quoting binnie
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
Brian,

Depends on whether you let a losing trade run all the way - I have got a lot stricter in pulling the plug on the losers - if it isn't working out, I'll probably kill it on the 3rd candle.

win/lose ratio is pretty high - above 75% and a better measure is pips won / lost which should be 3:1 or better
"To live with Passion, it takes Courage and Grace to survive"
  • #963
  • Edited 8:47pm Aug 15, 2012 8:36pm | Edited 8:47pm
Hi Brit,

Can i confirm that your regular entry (non-fractal) are at the start of the new candle after the TDI cross (assuming all other conditions are favourable)?
  • #964
  • Aug 15, 2012 9:08pm Aug 15, 2012 9:08pm
E/U looks a good setup for a short, U/CH for a long..

comments greatly appreciated.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EUSD.png Size: 57 KB
Click to Enlarge Name: EU.jpg Size: 313 KB
  • #965
  • Aug 15, 2012 9:22pm Aug 15, 2012 9:22pm
Quoting junki88
Hi Brit,

Can i confirm that your regular entry (non-fractal) are at the start of the new candle after the TDI cross (assuming all other conditions are favourable)?
Always wait for the candle to close. Then ensure that Price Action confirms the move. I enter in the early stages of the new candle, so for me the new candle starts at 5pm and I enter between 8pm and 9:30 pm, or place pending buy stops or sell stops.

TDI cross should confirm the move along with price action.

I will time my entries off of the old candle H/L which allows Price Action to continue / confirm the move.

If dealing with a fractal based entry, set your entry 5 to 10 pips above / below the fractal.
"To live with Passion, it takes Courage and Grace to survive"
  • #966
  • Aug 15, 2012 9:37pm Aug 15, 2012 9:37pm
Quoting Esosa
Britpip in your chart looking backwards, the trend was up but there were series of red candles reversals and tdi also crossed, taking those trades would have ended up a looser, why didn't you took those trades? How did you know that the current reversal was a true reversal?
Great question.

see the attached chart - not all TDI crosses are created equal, and you can still lose - nothing is foolproof after all, and you do have to pay the forex gods occasionally!

As well as having great angles on the TDI cross, you need good PA momentum with HH / HL, LL / LH, and candles that do not stagnate or pull back / stall
Attached Image (click to enlarge)
Click to Enlarge Name: au cad tdi crosses.gif Size: 35 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #967
  • Aug 16, 2012 12:03am Aug 16, 2012 12:03am
Quoting ayour2a
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
As a respect to Britpip, I won't go into the details of trading method as it may contradict what Britpip is explaining and following so far on this thread.

I think it is sufficient to say the rationale behind taking those trades were that price was rejected (check marks) at 10 EMA with engulfing bars indicating the downward pressure.

If you need further clarification, pm me and I will respond.

Hope this helps.
Forex is boring but profitable with patience and discipline
  • #968
  • Aug 16, 2012 12:50am Aug 16, 2012 12:50am
It would be interesting to see if price close firmly above 1.0500. However, as a word of caution, if someone is already short on AUDCAD then it would be highly coorelated trade.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD 130812.png Size: 53 KB
Forex is boring but profitable with patience and discipline
  • #969
  • Aug 16, 2012 8:54am Aug 16, 2012 8:54am
Quoting prftablefool
As a respect to Britpip, I won't go into the details of trading method as it may contradict what Britpip is explaining and following so far on this thread.

I think it is sufficient to say the rationale behind taking those trades were that price was rejected (check marks) at 10 EMA with engulfing bars indicating the downward pressure.

If you need further clarification, pm me and I will respond.

Hope this helps.
Thank you for respecting the thread - really appreciate that.

My primary goal is to not get hung up an a screen full of indicators - From the days of Big E and the Synergy approach, I have several screen set ups, but the TDI seems a consistent approach so long as you don't blindly take every cross.
"To live with Passion, it takes Courage and Grace to survive"
  • #970
  • Aug 16, 2012 4:31pm Aug 16, 2012 4:31pm
Can any one show me how to set time parimeters in tdi histo 3 time frames. I want to have 1day, week & month.
  • #971
  • Aug 16, 2012 8:03pm Aug 16, 2012 8:03pm
Quoting Esosa
Can any one show me how to set time parimeters in tdi histo 3 time frames. I want to have 1day, week & month.
take a look at Xaphod's thread - http://www.forexfactory.com/showthread.php?t=294327 - there was discussion on this a while ago
"To live with Passion, it takes Courage and Grace to survive"
  • #972
  • Aug 16, 2012 8:04pm Aug 16, 2012 8:04pm
GU is haeding back into a major Support Zone and has typically bounced off of the 200ema - watch for APB colour change
Attached Image (click to enlarge)
Click to Enlarge Name: gu range.gif Size: 27 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #973
  • Aug 18, 2012 3:52pm Aug 18, 2012 3:52pm
Britpip
there are so many convetional rules regarding this system. What is your basic rule before you consider taking any trade? I.e whithout this rule being met you pass the trade
  • #974
  • Aug 18, 2012 9:32pm Aug 18, 2012 9:32pm
Quoting Esosa
Britpip
there are so many convetional rules regarding this system. What is your basic rule before you consider taking any trade? I.e whithout this rule being met you pass the trade
Read Page 1 - everything is there
"To live with Passion, it takes Courage and Grace to survive"
  • #975
  • Aug 19, 2012 5:11pm Aug 19, 2012 5:11pm
It would appear that not only the talking heads are talking the euro down, but so is the serious money. Following this week's news - watch for the euro to eventually drift lower - suggest watching this one on H4 for entry positions.

As usual, wait for the charts to tell you where they are heading. The eu weekly chart is showing lower lows continuing to be set.


Lord Rothschild has taken a near-£130m bet against the euro as fears continue to grow that the single currency will break up.

The member of the banking dynasty has taken the position through RIT Capital Partners, the £1.9bn investment trust of which he is executive chairman.
The fact that the former investment banker, a senior member of the Rothschild family, has taken such a view will be seen as a further negative for the currency.
The latest omen follows news in The Daily Telegraph late last week that the government of Finland is already preparing for the euro’s break-up.
RIT, which Lord Rothschild has led since 1988, had a -7pc net short position in terms of principal currency exposures on the euro at the end of July, up from -3pc at the end of January. Given a net asset value of £1.836bn at the end of July, the position is worth £128m.
Sources close to RIT suggested that the position was not a dogmatic negative view on the euro as a currency, but rather a realistic approach on a currency that remains relatively weak.
Attached Image (click to enlarge)
Click to Enlarge Name: eu week 8-19-2012.gif Size: 35 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #976
  • Aug 19, 2012 5:17pm Aug 19, 2012 5:17pm
With the aud index heading south and gold reaching the 200ema, watch for continued weakness.
Attached Image (click to enlarge)
Click to Enlarge Name: aud index day 8-19-2012.gif Size: 27 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #977
  • Aug 20, 2012 2:37am Aug 20, 2012 2:37am
Quoting Britpip7
With the aud index heading south and gold reaching the 200ema, watch for continued weakness.
Britpips thank you for your trade insights, i just opened a demo acc 1 wk ago and since then i have not taken any trade because as i open my charts all d pairs are already on a trend rally. So, what am i suppose to do? Sit out and wait for a tdi cross?
  • #978
  • Aug 20, 2012 7:22am Aug 20, 2012 7:22am
Quoting Esosa
Britpips thank you for your trade insights, i just opened a demo acc 1 wk ago and since then i have not taken any trade because as i open my charts all d pairs are already on a trend rally. So, what am i suppose to do? Sit out and wait for a tdi cross?
That is pretty much how it works. I am in the same position and will not place any trades until this evening - if there is an entry!

You can also look at the H4to pick up trend pauses and fractal breaks - refer to the training charts
"To live with Passion, it takes Courage and Grace to survive"
  • #979
  • Aug 20, 2012 7:57am Aug 20, 2012 7:57am
Quoting Britpip7
With the aud index heading south and gold reaching the 200ema, watch for continued weakness.
I'm on the same boat. I have my demo account for about a month, just $100. However, I'm activitly trading with the fake money. Currently I lost about $18, but I've gained a lot of experience. I bought the AUDCAD at $1.0335 Sunday night. I'm getting $0.41 profile at this point. Brithpip, thanks for your jump start training.
Keep learning while you are alive!
  • #980
  • Aug 20, 2012 11:09pm Aug 20, 2012 11:09pm
Quoting exiao
I'm on the same boat. I have my demo account for about a month, just $100. However, I'm activitly trading with the fake money. Currently I lost about $18, but I've gained a lot of experience. I bought the AUDCAD at $1.0335 Sunday night. I'm getting $0.41 profile at this point. Brithpip, thanks for your jump start training.
Looks good today based on the early signs of the TDI Cross coming from the 32 level - possible rejection of the 200ema break a few days ago. I would prefer PA to be above the 200ema, but that's me! I'll wait for the Tuesday candle close before entering if PA continues .

Nice reversal pattern on the candles so far.

APB colour change
Attached Image (click to enlarge)
Click to Enlarge Name: aud cad day 8-20-2012.gif Size: 42 KB
"To live with Passion, it takes Courage and Grace to survive"
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