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Trading Made Simple for Day Charts

  • #1,161
  • Jan 11, 2013 8:35am Jan 11, 2013 8:35am
Quoting Buttonjock
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
fortunately the reverse orders I put in manage to dig me out of that shit!Hopefully no next time!
  • #1,162
  • Jan 11, 2013 10:04am Jan 11, 2013 10:04am
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...
Hi, Thanks so much for your forensic analysis. As a retired academic surgeon accustomed to hosting a weekly Morbidity & Mortality conference I know that it is not easy to expose ones mistakes. On the other hand this is one of the most important learning tools for any professional. Keep helping us to learn!!!
Do not dwell in the past, do not dream of the future, concentrate the mind.
  • #1,163
  • Jan 12, 2013 12:21pm Jan 12, 2013 12:21pm
This is why we do this

EUR/AUD which kicked my butt this week following my weee oopsie!

PA moved away from the horizontal 100/200EMA and gave a really strong day candle with an APB colour change to white.

ATR 7 = 100pips

TP1 closed manually at 80 pips at 5:30am PDT - just because I was there and it was a Friday - never too sure how much profit taking you will see before the markets close.

TP2 is currently running with a 70 pip trailing stop and is 2 APB's back on the H4 which is a good place to be going into the weekend. H4 possible set up for and Add-On. Watch for a Fractal High being set on H4.

Now that I have a zero risk trade, this is when I look for other pairs to trade - I am not a fan of trading multiple in a live account - looks great in a demo, but if the market goes against in a live account, there will be tears.

Manage you account, know your risk exposure, preserve your pips.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur aud day entry tdi 1-1-2013.gif Size: 39 KB
Click to Enlarge Name: eur aud h4 add-on.gif Size: 35 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,164
  • Jan 13, 2013 12:42pm Jan 13, 2013 12:42pm
Time for this week's watch list.

JPY pairs are still strong, so looking fro entries off of Fractal Highs and Day Highs - just be aware that we are in a seriously overbought zone with the TDI Mid Zone above 68 on all of the JPY pairs - everything depends on how long BOJ plans to weaken the Yen.

EUR pairs - huge moves Thursday / Friday

EU currently closed inside the Supply Zone, and above the recent Day and Week Fractal Highs. 1.3485 is the next major zone and after that, clear sailing up to 1.4500. Watching for the Supply Zone to rule here and reject the PA, so watch for a candle laving the zone heading south.

GU - PA stalled after Thursday, but TDI direction is still good. I have a pending trade set up - if this is not hit Sunday / Monday, I will cancel it. Lots of resistance up at the 1.6300 area if this breaks north.

AU / NU similar to EU

EUR AUD - I am already in this one, so I will post updates as this develops / closes

EUR NZD - the only way of catching this move from the Day charts was to trade off of the APB colour change, especially as it was moving away from the Demand Zone. TDI did not confirm this at the time.

GBP AUD - nice set up here for a long entry off of the APB colour change and very nice candle reversal - possible 300pips

GBP NZD very similat to GBP AUD

AUD CHF and NZD CHF - lots of swing action - PA moved south off of the Supply Zone and broke the Fractal Low - may be too late for this one to enter.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur jpy watch list 1-13-2013.gif Size: 37 KB
Click to Enlarge Name: eu watch list 1-13-2013.gif Size: 35 KB
Click to Enlarge Name: gu watch list 1-13-2013.gif Size: 40 KB
Click to Enlarge Name: gbp aud watch list 1-13-2013.gif Size: 37 KB
Click to Enlarge Name: aud chf watch list 1-13-2013.gif Size: 36 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,165
  • Jan 13, 2013 1:41pm Jan 13, 2013 1:41pm
Was away at a Nightwish concert on the weekend (plug for the symphonic metal fans) and just checked last weeks trades . Gbpchf short closed for +58 and +135, Euraud S1 short for +96. Very pleasing
  • #1,166
  • Jan 13, 2013 2:01pm Jan 13, 2013 2:01pm
Quoting Buttonjock
Was away at a Nightwish concert on the weekend (plug for the symphonic metal fans) and just checked last weeks trades . Gbpchf short closed for +58 and +135, Euraud S1 short for +96. Very pleasing
Nicely done - post some charts so we can see entry / exit points
"To live with Passion, it takes Courage and Grace to survive"
  • #1,167
  • Jan 14, 2013 3:53am Jan 14, 2013 3:53am
Quoting Britpip7
Nicely done - post some charts so we can see entry / exit points
Righto, here we are
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpchf2.jpg Size: 141 KB
Click to Enlarge Name: euraud.jpg Size: 142 KB
  • #1,168
  • Jan 14, 2013 3:57am Jan 14, 2013 3:57am
Ewps, not quite as clear as I was hoping.

The selected yellow lines represent the trades. Two shorts on gbpchf and one long on euraud with one trade still active. The line is offset to either side as the candle was hiding it completely
  • #1,169
  • Jan 14, 2013 3:59am Jan 14, 2013 3:59am
Quoting Buttonjock
Ewps, not quite as clear as I was hoping.

The selected yellow lines represent the trades. Two shorts on gbpchf and one long on euraud with one trade still active. The line is offset to either side as the candle was hiding it completely
Hi,

Did you take the signal from just the TDI cross and APB or did you also consider the Histo?
  • #1,170
  • Jan 14, 2013 1:52pm Jan 14, 2013 1:52pm
Quoting 45drive45
Hi,

Did you take the signal from just the TDI cross and APB or did you also consider the Histo?
I'm using ordinary candlesticks at the moment, so it was primarily a TMS cross and price closing below the 5 EMA.

The ATR and RSI weren't very good, however the downward trend was supported by the consistency of the channel since July, the previous high being a lower high, a supply/demand zone, a fractal and having the 55 and 200 EMA's close together and acting as resistance.

There was support from a potential double bottom in October and the end of November, however the previous low had broken it, reaching a similar low to June 2011.

Whilst it didn't necessarily tick all the right boxes for a TMS trade, there was sufficient supporting evidence to make it viable.

Cheers
  • #1,171
  • Jan 14, 2013 1:58pm Jan 14, 2013 1:58pm
That was for the gbpchf. The euraud was similar, however I've run out of time at the moment. Apologies.
  • #1,172
  • Jan 14, 2013 2:01pm Jan 14, 2013 2:01pm
Looking at the retracement on the gbpchf, I think I was fortunate to get what I got
  • #1,173
  • Jan 14, 2013 11:05pm Jan 14, 2013 11:05pm
Quoting Buttonjock
Ewps, not quite as clear as I was hoping.

The selected yellow lines represent the trades. Two shorts on gbpchf and one long on euraud with one trade still active. The line is offset to either side as the candle was hiding it completely
You can always pull the trades up from the Account history - just click on the trade and drag it onto the chart.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,174
  • Jan 14, 2013 11:17pm Jan 14, 2013 11:17pm
Inside bar setting up on AUD/USD and NZD/USD

JPY pairs setting up for retrace - possible pause before resuming or is this the reversal? Check out the previous patterns for this set-up.

CHF/JPY had an APB colour change and close, as well as TFI - this has faked out before, so caution.

GBP/CHF has a TDI cross - Day candle is currently reversing.

Nothing that I want to trade tonight.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,175
  • Jan 15, 2013 4:54am Jan 15, 2013 4:54am
Quoting Britpip7
You can always pull the trades up from the Account history - just click on the trade and drag it onto the chart.
Cheers, never knew that
  • #1,176
  • Jan 16, 2013 2:01pm Jan 16, 2013 2:01pm
What do we think of gbpaud as a short continuation entry? TMS cross ATR1 @ 75%+ RSI10 in the basement digging deeper. support from November is being broken and there's little to stop it for 300+ pips.

Apologies, run out of time fpr posting a chart
  • #1,177
  • Jan 16, 2013 8:23pm Jan 16, 2013 8:23pm
Quoting Buttonjock
What do we think of gbpaud as a short continuation entry? TMS cross ATR1 @ 75%+ RSI10 in the basement digging deeper. support from November is being broken and there's little to stop it for 300+ pips.

Apologies, run out of time fpr posting a chart
Does not Look to good to me based on my charts. Monthly S2 is just below and was not broken. TDI close to 32 and rather flat. Lower TF RSI's all pointing Upwards.
  • #1,178
  • Jan 16, 2013 10:42pm Jan 16, 2013 10:42pm
Quoting Buttonjock
What do we think of gbpaud as a short continuation entry? TMS cross ATR1 @ 75%+ RSI10 in the basement digging deeper. support from November is being broken and there's little to stop it for 300+ pips.

Apologies, run out of time fpr posting a chart
Everything was fine until the aud news broke on inflation and unemployment - the Aussie equivalent of NFP?

I rarely watch the news and there are set events that I'll avoid trading / entering before, such as NFP and FOMC announcements in the US.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,179
  • Jan 16, 2013 10:55pm Jan 16, 2013 10:55pm
Quoting Britpip7
Everything was fine until the aud news broke on inflation and unemployment - the Aussie equivalent of NFP?

I rarely watch the news and there are set events that I'll avoid trading / entering before, such as NFP and FOMC announcements in the US.
Ouch. Yea news can be a bitch sometimes. But i did not see a good signal for the short entry anyway.
  • #1,180
  • Jan 16, 2013 11:58pm Jan 16, 2013 11:58pm
Quoting 45drive45
Does not Look to good to me based on my charts. Monthly S2 is just below and was not broken. TDI close to 32 and rather flat. Lower TF RSI's all pointing Upwards.
I can agree that if the Fractal Low was broken with a candle closing below and holding the PA on the next candle - TDI had retraced and then re-crossed and this will always happen near the 32 for the larger trend runs and Add-On possibilities. On these types of entries, you will often see them just break a strong level of resistance and then not hold and reverse,
Attached Image (click to enlarge)
Click to Enlarge Name: gbp aud day.gif Size: 39 KB
"To live with Passion, it takes Courage and Grace to survive"
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