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Trading Made Simple for Day Charts

Here's a challenge!

eur/aud, eur/nzd, gbp/aud, gbp/nzd

Great TDI cross with APB colour change for a set-up candle. RSI still running above 50 and a rejection of the 200ema for eur/aud.

Any brave souls leaping into the abyss?

NFP tomorrow!!!
Attached Images (click to enlarge)
Click to Enlarge Name: eur aud day 9-6-2012.gif Size: 33 KB Click to Enlarge Name: eur aud fib day 9-6-2012.gif Size: 35 KB
"To live with Passion, it takes Courage and Grace to survive"
Hi Britpip,

What's your take on EUR/AUD now? Nice consolidation below 200EMA in about a 100-120 pip range. As you mentioned there was a TDI cross back last week. Seems like today we shall see a closing below EMA5 and descending TDI below 68.
This money train reached the station atleast for now.

Let's see when it makes a U-turn.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpaud 073012.gif Size: 27 KB
Forex is boring but profitable with patience and discipline
Quoting Ati_82
Hi Britpip,

What's your take on EUR/AUD now? Nice consolidation below 200EMA in about a 100-120 pip range. As you mentioned there was a TDI cross back last week. Seems like today we shall see a closing below EMA5 and descending TDI below 68.
All 4 pairs - gb/au, gb/nz, eu/au, eu/nz have similar set-ups, so really waiting for a new PA move.

out of all of these, eu/au looks the most resistant right now!
Attached Image (click to enlarge)
Click to Enlarge Name: eur aud day 9-12-2012.gif Size: 34 KB
"To live with Passion, it takes Courage and Grace to survive"
RSI was below 50, but great APB colour change and shape to support the tdi cross
Attached Image (click to enlarge)
Click to Enlarge Name: au day 9-12-2012.gif Size: 37 KB
"To live with Passion, it takes Courage and Grace to survive"
Some nice PA taking this pair and gb nzd into a reversal pattern - watch on H4 for add on possibilities

ATR 7 116pips at set up candle - TP1 = 200pips, TP2 currently open.

RSI 10 below 50

TDI RSI Price line moving below mid zone line

Depending on Friday PA, may close TP1 - patience - wait and see
Attached Image (click to enlarge)
Click to Enlarge Name: eunz day 9-13-2012.gif Size: 35 KB
"To live with Passion, it takes Courage and Grace to survive"
Hi Britpop,

I have been following your method for a while. Thankyou for taking the time to publish your results. It has helped my trading alot. I got in the eur/aud long trade and netted close to 700 pips. Amazing! It took many nights of should i close it should I not.

What do you think of this potential trade on the eur/gbp?

The rsi needs to come down at 55 at the moment. But after that I think we are good to go.

The ATR (1) is only at 65% of ATR (7) so waiting for this aswell.

Do you wait until it hits 75% then enter or do you wait until the candle close which for me is 22:00 GMT?

http://i46.tinypic.com/bi8keo.png

Thanks,

Jonny
Update: Eur/Gbp

Trade has hit >75% ATR(1) to ATR (7)

RSI is 47 according to the line but the digit top left says 52. Strange?

I am setting up a limit order on H1.
Quoting jonnywolf
Hi Britpop,

I have been following your method for a while. Thankyou for taking the time to publish your results. It has helped my trading alot. I got in the eur/aud long trade and netted close to 700 pips. Amazing! It took many nights of should i close it should I not.

What do you think of this potential trade on the eur/gbp?

The rsi needs to come down at 55 at the moment. But after that I think we are good to go.

The ATR (1) is only at 65% of ATR (7) so waiting for this aswell.

Do you wait until it hits 75% then enter or do you wait...
Hi Jonny - welcome

GB is looking strong at the moment and Eur is reversing on most pairs.

Eur GB is one og the lower ATR7 movers, so I generally stay on E/U, E/J, E/A.

Currently the RSI 10 is showing 48 on the day chart, although it is now on its 4th bar after TDI cross, so maybe this is worth looking at on the H4 for an entry on a Fractal Low break.

Good luck
Attached Image (click to enlarge)
Click to Enlarge Name: eur gbp day 9-20-2012.gif Size: 33 KB
"To live with Passion, it takes Courage and Grace to survive"
Nice reversal bar yesterday, is this the one that starts the reversal?

TDI has crossed and is confirmed

Lots of room to run - 800pips

RSI 10 coming down with the current PA but still up at 58 - 60

Possibly waiting for a close below the 200ema

This pair is also giving the appearance of a reverse head & shoulders pattern - read into that what you will
Attached Image (click to enlarge)
Click to Enlarge Name: eur aud day 9-20-2012.gif Size: 35 KB
"To live with Passion, it takes Courage and Grace to survive"
Quoting Britpip7
Nice reversal bar yesterday, is this the one that starts the reversal?

TDI has crossed and is confirmed

Lots of room to run - 800pips

RSI 10 coming down with the current PA but still up at 58 - 60

Possibly waiting for a close below the 200ema

This pair is also giving the appearance of a reverse head & shoulders pattern - read into that what you will
Well that did not happen - nice set up but PA stalled out and we now have a pinbar / pull back candle which shows more of a buy signal than anything, especially given the bounce back up from the 200ema!
Attached Image (click to enlarge)
Click to Enlarge Name: eur aud day 9-21-2012.gif Size: 32 KB
"To live with Passion, it takes Courage and Grace to survive"
Ok so after a tense couple of days my limit order (EUR/GBP) was activated. Yesterday the trade formed a new low and then pulled back. I could have had an add on there but I was against my risk criteria.

I am now 37 pips up for TP1 and TP2. Its here i need to be paitient and disciplined as my initial feeling is to close the trade to avoid a loss and lock in profit.

But we are clear for the next 200 pips so i will stick to the rules and take profit at 2 x ATR (100 pips) and 4 x ATR (200 pips).

http://i49.tinypic.com/sl7mfp.png

Britpip I have noticed that looking on h1 to see that the tdi is in oversold territory would it be worth locking in pips and re-entering on fragment break to optimise profit?

check out h1 atm

http://i46.tinypic.com/wjusys.png
Quoting jonnywolf
Ok so after a tense couple of days my limit order (EUR/GBP) was activated. Yesterday the trade formed a new low and then pulled back. I could have had an add on there but I was against my risk criteria.

I am now 37 pips up for TP1 and TP2. Its here i need to be paitient and disciplined as my initial feeling is to close the trade to avoid a loss and lock in profit.

But we are clear for the next 200 pips so i will stick to the rules and take profit at 2 x ATR (100 pips) and 4 x ATR (200 pips).

http://i49.tinypic.com/sl7mfp.png

Britpip...
Nice entry - looks like the 3 amigos have finally aligned!

For my approach / trading style, once the entry has been executed I only use the H4 to make decisions based on re-entries / SL adjustments, etc.

One of the dangers of dropping to the lower timeframes is that they will often have reached an oversold / overbought area during any trend move on the day charts.
Attached Image (click to enlarge)
Click to Enlarge Name: gu h4 9-25-2012.gif Size: 36 KB
"To live with Passion, it takes Courage and Grace to survive"
Finally after a couple of false starts, we have PA.

RSI 10 has agreed to drop below 50 - coincides with the TDI bounce

80 pips until the 200ema

SL moved to BE - an early and aggressive move, but with the 200ema relatively close, maybe not - we shall see!
Attached Image (click to enlarge)
Click to Enlarge Name: eu day 9-25-2012.gif Size: 38 KB
"To live with Passion, it takes Courage and Grace to survive"
Quoting Britpip7
...

One of the dangers of dropping to the lower timeframes is that they will often have reached an oversold / overbought area during any trend move on the day charts.
Would you elaborate how to avoid it? Would RSI10 be of any concern in H4?
Quoting Verbal
Would you elaborate how to avoid it? Would RSI10 be of any concern in H4?
My trading plan is written based on day charts, so all of my entries are from the day chart.

Once I am in a trade, the only time I go to a lower timeframe is when the PA is stalling. The H4 charts give me add-on entries, once I am in profit and pips are locked in the bank.

I have no real interest in going lower. In fact as you go through the lower time frames you will pick up conflicting signals.
The Day will confirm your short entry and show no signs of danger.
The H4 may show a pull back.
M30 will show you a buy signal.

After all of this information what do you do? Close the trade? Open a new trade hoping for a reversal?

I decided long ago that I needed a timeframe to stick with and with my lifestyle and available hours, that was the day chart.

It has boiled down to making a choice, sticking with it and having the patience not to be distracted by all of the noise on the lower timeframes.

Most of my trading decisions are based on the day candles (patterns / supply / demand / fractals) and the day RSI 10, so even though the H4 RSI 10 may conflict with the Day RSI 10, I'll usually ignore it, set my SL to a recent H/L and go from there - much more peaceful way of trading - but that's me!
"To live with Passion, it takes Courage and Grace to survive"
The short eur/gbp trade stalled.

It hit a support area and everytime it touch the price zone it accelerated upwards. I locked in 70 pips profit.

New trade:

EUR/JPY

SL = 100 pips
TP1 =200 pips
TP2 = 400 pips

RSI currently at ~45
ATR1 >75% ATR (7)
Below 200 EMA
Free for 4 x ATR after price breaks the BRN

Limit orders setup for fractal break 25 pips out of current fractal low

http://i50.tinypic.com/nltxua.png
Quoting jonnywolf
The short eur/gbp trade stalled.

It hit a support area and everytime it touch the price zone it accelerated upwards. I locked in 70 pips profit.

New trade:

EUR/JPY

SL = 100 pips
TP1 =200 pips
TP2 = 400 pips

RSI currently at ~45
ATR1 >75% ATR (7)
Below 200 EMA
Free for 4 x ATR after price breaks the BRN

Limit orders setup for fractal break 25 pips out of current fractal low

http://i50.tinypic.com/nltxua.png
Hi JonnyWolfe,
Would you please be kind enough to tell this New Trde Buy or Sell ? also please tell about Entry Price .
Thanks

arsheed
Quoting Britpip7
My trading plan is written based on day charts, so all of my entries are from the day chart.

Once I am in a trade, the only time I go to a lower timeframe is when the PA is stalling. The H4 charts give me add-on entries, once I am in profit and pips are locked in the bank.

I have no real interest in going lower. In fact as you go through the lower time frames you will pick up conflicting signals.
The Day will confirm your short entry and show no signs of danger.
The H4 may show a pull back.
M30 will show you a buy signal.

After all of this...
I would very much value your opinion on a short on GU - I think it fulfils most of the requirements for your 'ideal entry' at the moment , but I have only recently started seriously looking at daily charts ,so i've probably missed some important points , and I would realy like to learn the daily trades .Rob.
Quoting robuk
I would very much value your opinion on a short on GU - I think it fulfils most of the requirements for your 'ideal entry' at the moment , but I have only recently started seriously looking at daily charts ,so i've probably missed some important points , and I would realy like to learn the daily trades .Rob.
No problem - Day charts are by their nature slow to develop, but when they confirm are usually good for at least 100 pips.

GU looks to have a strong resistance developing at 1.6100 and EU is following the pattern - patience.

Maybe a pending sell stop at at 1.6075?

However, with the RSI 10 moving back to the 50 level, watch for the 3 amigos to establish another mini range - possibly reversing back to their highs of a few weeks ago.

EU could well be rejecting the 200ema and this would give a possible range of 400 pips
"To live with Passion, it takes Courage and Grace to survive"
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