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  • #9,721
  • Jan 9, 2013 4:40pm Jan 9, 2013 4:40pm
Quoting munirpt
Hi PHX, Dee, Vantage, Emanuelle and other experienced traders

would like to ask you a question.

What i feel is a crucial aspect to succeed in day trading is to form the right bias for the day... sometimes you see a setup for long, but you dont take it because its counter trend and you wait for a short setup to form... but you would take it if you see certain conditions like having a 123 pattern,or if the daily candle was a bulish pin bar, or if you see a double bottom with bulish divergence , etc...

What i would like to discuss is how do you...
In my opinion your thought process is very good.....the Example you described is exactly how London trades should be analysed and your "crucial aspect to succeed" is absolutely correct......in my opinion, you cannot go wrong using the tools and analysis you described.
The only other thing I might add is that at the beginning of each week, I do a "top down analysis". I start with the weekly chart and work my way down to the hourly chart, making notes and adding S/R lines, fibs, trend lines....etc. I also have small M15 and H4 charts running next to my H1 chart to give me some perspective of the market while trading.
In answer to your questions, I think you have to do some analysis every time you sit down to trade, keeping in mind what you already know from the weekly analysis. You always have to consider current price action/volume, time of day, current events, possible entries and exits, money mangement and then stay disciplined to the rules of your trading plan.
  • #9,722
  • Jan 9, 2013 4:44pm Jan 9, 2013 4:44pm
PHX

Thanks for your reply.

Good trading to you and keep posting please.

rorieu





Quoting Phx62
Yes....I still mainly trade the EU H1....it makes a steady amount of money for me.....I do trade some EJ during the Asian and London sessions.
I only use the two features on the Cave Manager that you mentioned plus I have it set my TP and SL every time I open a trade, then I can adjust them manually from there.....you are right on the Trail by Candle feature....it trails Japanese candles.....I also use the No Loss after Pips feature in case I am not monitoring a trade.....works well for me.
Good Luck to you......
  • #9,723
  • Jan 9, 2013 9:14pm Jan 9, 2013 9:14pm
Quoting munirpt
trade today
Hi Munirpt,
If you have time , could you please post your SR lines in time for next week , i like to compare with mine to see how i'm doing , sometimes i get close but not always .
I have noticed over a few weeks that many of the lines are still valid .i am going to start with D and then 4H , 1H, and change colour for each one
best regards
.
  • #9,724
  • Jan 9, 2013 11:00pm Jan 9, 2013 11:00pm
Quoting munirpt
Hi PHX, Dee, Vantage, Emanuelle and other experienced traders

would like to ask you a question.

What i feel is a crucial aspect to succeed in day trading is to form the right bias for the day... sometimes you see a setup for long, but you dont take it because its counter trend and you wait for a short setup to form... but you would take it if you see certain conditions like having a 123 pattern,or if the daily candle was a bulish pin bar, or if you see a double bottom with bulish divergence , etc...

What i would like to discuss is how do you...
Hi Munir

We have exactly that kind of thinking to avoid not just the LO head fake but the pre US open head fake.

I post my thoughts for the day generally around 4-5am gmt on my blog. You are right IF you can get the direction for the day right the majority of the time you'll make money day trading. Sounds so simple, there must be a catch.

We look to follow the daily candles as much as possible. Trying to keep things as simple as possible we:

1) try and identify support and resistance levels (looking for prices reaction to them)
2) look for positive/negative D closes to follow through the next day (as we believe this will hold true approx 70% of the time)
3) watch for divergence (for turns, pa must confirm potential divergence)
4) Look for D chart higher lows/lower highs, double tops/bottoms, hammers/shooting stars, morning/evening star patterns, engulfing candles (candle close above/below prev 2 candle closes)
5) rsi crossing its moving average or crossing the 50 line
6) from D analysis we are looking at 4hr/1hr flow (HH HL, LH LL) to be in line (trading with small stops need flow right e.g. 1hr LH LL downtrend if D is in uptrend can still give you problems with 20 pip or so stop)

If we are confident that a confluence of the above exists then the next day we will look to trade in 1 direction only. This keeps us out of some head fake moves typically around London open and the US open (weak counter trend 1hr candles in and around US open just as big a fake move as LO).

From there we are looking for good 1hr set up candles and the 15 min higher low/lower high/2b's that follows for entry.

There are some days where we will consider buying or selling but the most success follows everything lining up on D chart to trade in 1 direction.
  • #9,725
  • Jan 9, 2013 11:16pm Jan 9, 2013 11:16pm
This just an idea of some potential days that jump out.

I'm not going to go through each one but the highlighted candles show examples of lower highs (1 2 3's), engulfing closes, dble bottms, reactions from previously identified SR levels, higher lows (1 2 3's). Hopefully the days following these kinds of set ups will give greater clarity on direction.

We do NOT trade above/below a certain ma only, its just an influence.

I'll take just 1 example from the chart, the arrow up far right. A positive close after the big lower wick. My view from blog on 11 Dec:

EUR - Positive close on D but we are still below the 8 lwma and RSI has not crossed its signal line (but on 50 level). 4hr and 1hr flow now higher low. Bias up.

Anyway for me the grail, if there is such a thing, are (1) support and resistance levels (and prices reaction to them) and (2) trend. Using the above example of 11 Dec, that was 1st potential day in a move, from thereon as long as price was playing ball it was following the trend, with about 5 trading days where good gains were possible.
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  • #9,726
  • Jan 10, 2013 2:27am Jan 10, 2013 2:27am
I would like to ask if anybody into the long trade since London Open

and the reasons why that trade is taken?

I wanted to enter at LO but saw that price is testing EMA 50 but still cant break through
and above that is 4H EMA so though to my self that it was difficult for me to pull the trigger into the long trade while the daily trend is down

Your thoughts are much appreciated
I Have Learned to Take Some Losses to Make Profits
  • #9,727
  • Jan 10, 2013 3:13am Jan 10, 2013 3:13am
Quoting TheScorpS
I would like to ask if anybody into the long trade since London Open

and the reasons why that trade is taken?

I wanted to enter at LO but saw that price is testing EMA 50 but still cant break through
and above that is 4H EMA so though to my self that it was difficult for me to pull the trigger into the long trade while the daily trend is down

Your thoughts are much appreciated
I am no pro by any means but EURUSD is at a weekly resistance line atm.
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Dragon Rider
  • #9,728
  • Jan 10, 2013 3:43am Jan 10, 2013 3:43am
Quoting barloc
I am no pro by any means but EURUSD is at a weekly resistance line atm.
Hi I am long after closing LO candle.

Reason the bounce from 50 EMA was not strong, and price were closing above 1hr 10 EMA ( last 2 candles as well ). and price were closing above PVT on 15 MTF. so all that reason i am long.
I am also new like you.

Thanks
  • #9,729
  • Jan 10, 2013 3:44am Jan 10, 2013 3:44am
Quoting TheScorpS
I would like to ask if anybody into the long trade since London Open

and the reasons why that trade is taken?

I wanted to enter at LO but saw that price is testing EMA 50 but still cant break through
and above that is 4H EMA so though to my self that it was difficult for me to pull the trigger into the long trade while the daily trend is down

Your thoughts are much appreciated

I didn't pull the trigger as well...waiting to brake at least the Asian high..though we have a TDI cross
  • #9,730
  • Jan 10, 2013 4:18am Jan 10, 2013 4:18am
Quoting robuk
Hi Munirpt,
If you have time , could you please post your SR lines in time for next week , i like to compare with mine to see how i'm doing , sometimes i get close but not always .
I have noticed over a few weeks that many of the lines are still valid .i am going to start with D and then 4H , 1H, and change colour for each one
best regards
.
Hi robuk

Here are the important levels to watch. As 1H SR lines, you have many other that you can complement with daily high low of the day.
But these are the ones that you should pay more attention.

hope it helps

Munir
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  • #9,731
  • Jan 10, 2013 4:30am Jan 10, 2013 4:30am
Quoting munirpt
Hi robuk

Here are the important levels to watch. As 1H SR lines, you have many other that you can complement with daily high low of the day.
But these are the ones that you should pay more attention.

hope it helps

Munir
Yes, It does help , thank-you , and mine are very close at the moment , so maybe i'm getting the hang of it .
I got 3 nice little trades today -1 on 4h chart, should have got a lot more profit from each one , but ''little fish are sweet ''
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  • #9,732
  • Edited 5:23am Jan 10, 2013 4:53am | Edited 5:23am
I am going to be extremely contentious. Higher Time Frame, important for intra day trading?? Here are a Weekly, Daily, 4 Hr, 1Hr and 15 min charts. They all have a 200ema, 50 ema and a Trend line. Question! We are Intraday Traders trying to establish a bias for the day. From these charts are we in an uptrend, downtrend or consolidating?
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Cut your Losers short and let your Winners run.
  • #9,733
  • Jan 10, 2013 5:50am Jan 10, 2013 5:50am
Hi Dee50,

I would say we are in an uptrend just by looking at your charts.

Quoting dee50
I am going to be extremely contentious. Higher Time Frame, important for intra day trading?? Here are a Weekly, Daily, 4 Hr, 1Hr and 15 min charts. They all have a 200ema, 50 ema and a Trend line. Question! We are Intraday Traders trying to establish a bias for the day. From these charts are we in an uptrend, downtrend or consolidating?
  • #9,734
  • Jan 10, 2013 7:08am Jan 10, 2013 7:08am
Quoting dee50
I am going to be extremely contentious. Higher Time Frame, important for intra day trading?? Here are a Weekly, Daily, 4 Hr, 1Hr and 15 min charts. They all have a 200ema, 50 ema and a Trend line. Question! We are Intraday Traders trying to establish a bias for the day. From these charts are we in an uptrend, downtrend or consolidating?
I would say trend is time frame dependent so if you are an intra day trader you'd look to something that works for you on the TF you are trading.
  • #9,735
  • Jan 10, 2013 7:25am Jan 10, 2013 7:25am
thanks for the posts(s) guys and gals

-bill
  • #9,736
  • Jan 10, 2013 8:01am Jan 10, 2013 8:01am
Quoting mkfx
Hi I am long after closing LO candle.

Reason the bounce from 50 EMA was not strong, and price were closing above 1hr 10 EMA ( last 2 candles as well ). and price were closing above PVT on 15 MTF. so all that reason i am long.
I am also new like you.

Thanks

Hope you are still into the trade, cause its making sweet pips

I got stopped out a bit early with a +9 pips and only after I was out, a bullish tornado spiked
I Have Learned to Take Some Losses to Make Profits
  • #9,737
  • Jan 10, 2013 8:09am Jan 10, 2013 8:09am
Thank you once again Mr Draghi. Nice trade for +110 pips. I am definitely done for the day. Entry was classic TDI off S&R level and 38.2%Fib and D Pivot. TDI red & Green above MBL and good angle on R & G and Bounce on my Stochs. In other words many things saying "What you waiting for" Used the 123 Pullback on the 15 min to confirm entry.
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Cut your Losers short and let your Winners run.
  • #9,738
  • Jan 10, 2013 8:36am Jan 10, 2013 8:36am
Hi dee you can explain it better for newebies pls what u mean with r and g etc mbl u can show exact where and tdi classic sand r level etc explain pls nearer .. I will thx for that
  • #9,739
  • Jan 10, 2013 8:49am Jan 10, 2013 8:49am
Dee50 about ur post u can more in details in picture??? Maybe notice on charts
  • #9,740
  • Jan 10, 2013 9:39am Jan 10, 2013 9:39am
I may need to borrow X-Man's wheelbarrow to get all these pips to the bank.......LOL
Just exited a EJ trade that I entered on a TDI break early in the Asian session.....I have some business meetings this morning or I would consider staying in a little longer. Just before news, I moved my SL up tight but it was not hit. EU also produced +40 but I did not re-enter because of news and I was already in the EJ trade.
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