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Trading Made Simple for Day Charts

  • #1,141
  • Jan 8, 2013 9:48am Jan 8, 2013 9:48am
Hi,Been a quiet week so far. So cracking up the simulator for practice!
  • #1,142
  • Jan 8, 2013 12:01pm Jan 8, 2013 12:01pm
The jpy pairs all seem to be showing the the final stages of the upward part of an Elliott Wave. Quite tempting to jump in. The waiting game for confirmation can be so frustrating, lol.

Took a short on the gbpchf. Whilst the moves are not overly large the signals appear reasonably reliable for the last six months.
  • #1,143
  • Jan 8, 2013 1:10pm Jan 8, 2013 1:10pm
Quoting Buttonjock
The jpy pairs all seem to be showing the the final stages of the upward part of an Elliott Wave. Quite tempting to jump in. The waiting game for confirmation can be so frustrating, lol.

Took a short on the gbpchf. Whilst the moves are not overly large the signals appear reasonably reliable for the last six months.

I took a Eur/Jpy trade on the 4th just to see what would happen.After been down a few days it finally looks to be headed in the right direction
  • #1,144
  • Jan 8, 2013 9:10pm Jan 8, 2013 9:10pm
Quoting Buttonjock
The jpy pairs all seem to be showing the the final stages of the upward part of an Elliott Wave. Quite tempting to jump in. The waiting game for confirmation can be so frustrating, lol.

Took a short on the gbpchf. Whilst the moves are not overly large the signals appear reasonably reliable for the last six months.
This patience thing can be painful.

I jumped in early on EUR/AUD as last nights APB was changing from red to white - candle strength was looking good and then the PA stalled after triggering my pending trade by 1pip and then reversed 70pips, APB is now a nice red candle!

DO NOT be tempted - WAIT for a day candle to close with the new colour before looking for entry points.

I'll post the outcome later this week so you all can see the damage
"To live with Passion, it takes Courage and Grace to survive"
  • #1,145
  • Jan 8, 2013 10:54pm Jan 8, 2013 10:54pm
Quoting Britpip7
This patience thing can be painful.

I jumped in early on EUR/AUD as last nights APB was changing from red to white - candle strength was looking good and then the PA stalled after triggering my pending trade by 1pip and then reversed 70pips, APB is now a nice red candle!

DO NOT be tempted - WAIT for a day candle to close with the new colour before looking for entry points.

I'll post the outcome later this week so you all can see the damage
Yes that pair keeps 'hinting' thats its about to turn the corner and then keeps blasting through. The Yen pairs are being just as fickle.
I am having a hard time not trading!!!!
  • #1,146
  • Jan 9, 2013 12:43am Jan 9, 2013 12:43am
Hello guys,

I apologize for the stupid question, but I downloaded the system and see the APB rule about changing color, but the problem is that I don't know what is the APB and where to look for it on the template. Any help is welcome!

Thanks in advance.
  • #1,147
  • Jan 9, 2013 1:38pm Jan 9, 2013 1:38pm
Quoting kingclarence
I took a Eur/Jpy trade on the 4th just to see what would happen.After been down a few days it finally looks to be headed in the right direction
How's that trade going King?

Looking at the jpy pairs today, none of them has made a significant new low, except the gbp which looks like a pennant. They all seem to be forming triangles. Maybe we have a pause before a continuation? Then there's the Elliott wave reversal. Right now they're too risky for me. Any thoughts?
  • #1,148
  • Jan 9, 2013 1:41pm Jan 9, 2013 1:41pm
Quoting 45drive45
Yes that pair keeps 'hinting' thats its about to turn the corner and then keeps blasting through. The Yen pairs are being just as fickle.
I am having a hard time not trading!!!!
It's been said more than once, but I'm very glad you started this thread. This is the first time I've used a forum like this and it's very comforting to have the support of everyone
  • #1,149
  • Jan 9, 2013 1:51pm Jan 9, 2013 1:51pm
Quoting xTraderx
Hello guys,

I apologize for the stupid question, but I downloaded the system and see the APB rule about changing color, but the problem is that I don't know what is the APB and where to look for it on the template. Any help is welcome!

Thanks in advance.
Let Me GOOGLE that for You

Average Price Bar

Check out all (for educational purpose) videos by Dean Malone at

http://www.compassfx.com/

It takes a lot for me to IGNORE you, but you can try.
  • #1,150
  • Edited 4:36pm Jan 9, 2013 3:54pm | Edited 4:36pm
Quoting xTraderx
Hello guys,

I apologize for the stupid question, but I downloaded the system and see the APB rule about changing color, but the problem is that I don't know what is the APB and where to look for it on the template. Any help is welcome!

Thanks in advance.
Hi - please read Post #1 of this thread - in that post, there are links to related posts on APD / Heikin Ashi / Candlesticks
"To live with Passion, it takes Courage and Grace to survive"
  • #1,151
  • Jan 9, 2013 9:26pm Jan 9, 2013 9:26pm
Do as I say, not as I do!!!

OK - time to fess up to a bad entry on the day for EUR/AUD. There are some really good learning points here, so if you follow Rule #1, should keep you out of a bunch of bad entries. Wait for Day Candle to close and for APB colour change to have been completed. This means DO NOT enter if you have a series of APBs that are red and the the current day is white. Wait for the current day to close white. As PA moves, the colour of the APB will change, so what often looks like a colour change APB, turns into a colour continuation - ask me how I know this.

Rule #2 - If the PA is hovering around the 200EMA, and especially if the 100EMA and 200EMA are running together horizontally and PA is not moving, that is a DO NOT enter signal, as if I haven't known that for an eternity! This is your signal to go fishing, watch a movie, etc. If this was ever a pending trade, then it should only have been a sell stop, but seriously, it is still a crap shoot.

At the time of setting the buy stops, TDI was crossing on the Day and had already done so on H4 - Rule #3, wait for day to close and TDI to confirm the cross.

All comments are welcome - on reflection you are never sure why it went wrong - maybe having the week and day red was a clue.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur aud bad day entry.gif Size: 40 KB
Click to Enlarge Name: eur aud bad day entry h4.gif Size: 42 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,152
  • Jan 9, 2013 10:02pm Jan 9, 2013 10:02pm
Quoting Britpip7
Do as I say, not as I do!!!

OK - time to fess up to a bad entry on the day for EUR/AUD. There are some really good learning points here, so if you follow Rule #1, should keep you out of a bunch of bad entries. Wait for Day Candle to close and for APB colour change to have been completed. This means DO NOT enter if you have a series of APBs that are red and the the current day is white. Wait for the current day to close white. As PA moves, the colour of the APB will change, so what often looks like a colour change APB, turns into a colour continuation...
Mistakes give you a major kick in the butt that your rules are there for a reason. We've all been down that road, and it never ends well.

Wishing you the best for 2013.
  • #1,153
  • Jan 10, 2013 12:28am Jan 10, 2013 12:28am
Quoting Britpip7
Do as I say, not as I do!!!

OK - time to fess up to a bad entry on the day for EUR/AUD. There are some really good learning points here, so if you follow Rule #1, should keep you out of a bunch of bad entries. Wait for Day Candle to close and for APB colour change to have been completed. This means DO NOT enter if you have a series of APBs that are red and the the current day is white. Wait for the current day to close white. As PA moves, the colour of the APB will change, so what often looks like a colour change APB, turns into a colour...
I must admit that sometimes we break our own rules. Maybe because we had some success breaking them in the past and thought to ourselves..yea...thats a minor rule. Until it kicks us in the butt!

And of course, there are times when you follow the rules perfectly and still we get kicked in the butt and we wonder why.

In many threads, we see almost the same rules.

1. Buy if abv XX MA or Sell if below x MA
2. Dont trade if you see a MA soup etc etc

All this are really fine advice.

But when we look at the charts....u see great opportunities that are against these rules...so what do we do? Especially for day charts...if you really follow the rules..you end up not trading for 2-3 weeks.

SO, my question is...do you really follow the rule not to Buy when price below a MA, for example a 50MA or 35MA or 100MA??
I think its a SAFE method but ultimately..it limits the frequency of trades.

Just ranting some of the self-argument I have with myself from time to time.
But I think I am learning to just say "NO".
  • #1,154
  • Jan 10, 2013 12:37am Jan 10, 2013 12:37am
Anyone took the GY Short 2 candles back???

This is an example of a bad trade I took.
For some reason...just seeing such a trend..you think, it gotta reverse soon.
And then u see the red candle close
And the TDI cross down
And you SELL the sucker!

The rest is obvious of what happened next!

For some reason, i did not like losing this trade and so I initiated a recovery trade(which is also something againts my usual rules).
At least for now, I have halfed my losses from this bad entry.

But, frankly, this is just more PAIN!
It would have been better to close the trade earlier when it was pretty clear that the trade was a bad one.
  • #1,155
  • Jan 10, 2013 11:59am Jan 10, 2013 11:59am
Quoting Buttonjock
How's that trade going King?

Looking at the jpy pairs today, none of them has made a significant new low, except the gbp which looks like a pennant. They all seem to be forming triangles. Maybe we have a pause before a continuation? Then there's the Elliott wave reversal. Right now they're too risky for me. Any thoughts?
Really bad move on my part lol.I knew that i shouldnt have taken that trade in the first place though.Just an experiment really and im on demo so its cool.I still kinda thing that the jpy pairs are gonna make some kinda big move south but we will see.
  • #1,156
  • Jan 10, 2013 3:33pm Jan 10, 2013 3:33pm
[quote=Britpip7;6352480]Do as I say, not as I do!!!

OK - time to fess up to a bad entry on the day for EUR/AUD. There are some really good learning points here, so if you follow Rule #1, should keep you out of a bunch of bad entries. Wait for Day Candle to close and for APB colour change to have been completed. This means DO NOT enter if you have a series of APBs that are red and the the current day is white. Wait for the current day to close white. As PA moves, the colour of the APB will change, so what often looks like a colour change APB, turns into a colour continuation - ask me how I know this.

Like, we haven't all done this before.

On the plus side, a reasonable looking long trade is presenting itself.
  • #1,157
  • Jan 10, 2013 3:43pm Jan 10, 2013 3:43pm
Quoting 45drive45
Anyone took the GY Short 2 candles back???

This is an example of a bad trade I took.
For some reason...just seeing such a trend..you think, it gotta reverse soon.
And then u see the red candle close
And the TDI cross down
And you SELL the sucker!

The rest is obvious of what happened next!

For some reason, i did not like losing this trade and so I initiated a recovery trade(which is also something againts my usual rules).
At least for now, I have halfed my losses from this bad entry.

But, frankly, this is just more PAIN!
It...


Hard not to jump in when there's so much movement. Personally I get those feelings that say "I'm missing out!", so I get in and ... the rest is history
  • #1,158
  • Jan 10, 2013 3:46pm Jan 10, 2013 3:46pm
Quoting Buttonjock
How's that trade going King?

Looking at the jpy pairs today, none of them has made a significant new low, except the gbp which looks like a pennant. They all seem to be forming triangles. Maybe we have a pause before a continuation? Then there's the Elliott wave reversal. Right now they're too risky for me. Any thoughts?
Looks like the breakouts are ruling. Oh, to have had a pending long on the highs, 'sigh'.
  • #1,159
  • Jan 10, 2013 4:09pm Jan 10, 2013 4:09pm
Gbpchf short from the 8th closed S1 for +52

Long today on the euraud but with an ATR7 x2 stop to put it under the previous low. S2 is at high of 27/12 as this may be a double top from 10/8.

Possible set ups for Monday would be a short on the audchf and maybe a long on the eurnzd. This one does have EMA issues but it appears to be ranging.

By the way, just ot avoid any confusion, being English/Australian my dates are day/month
  • #1,160
  • Jan 10, 2013 8:12pm Jan 10, 2013 8:12pm
Quoting Vantage
Mistakes give you a major kick in the butt that your rules are there for a reason. We've all been down that road, and it never ends well.

Wishing you the best for 2013.
Absolutely - thanks for stopping by and hope your 2013 is going to plam
"To live with Passion, it takes Courage and Grace to survive"
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