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Trading Made Simple for Day Charts

  • #1,201
  • Jan 24, 2013 1:39pm Jan 24, 2013 1:39pm
Quoting 45drive45
If you go down to the 4H charts..u will see untested Supply zones just above. And everything is really flattening out there.
On the 1D charts you see also a supply zone about 80 pips above. When u see a supply zone close(<100 pips) like this, it is wise to go down TF because lower TF supply zones always appear at level below that.
And we are pretty much on a downtrend since August so odds of breaking through the zones decreases.

Anyway, that's my analysis. I see this pair continuing its drop.
There are major demand zones 200 pips below.
It's the waiting for the move that is the frustrating part, lol
  • #1,202
  • Jan 24, 2013 3:08pm Jan 24, 2013 3:08pm
Hey britpip what pairs do you watch?
  • #1,203
  • Jan 24, 2013 6:32pm Jan 24, 2013 6:32pm
Quoting kingclarence
Hey britpip what pairs do you watch?
I actually do run through every pair as I run my day chart analysis - usually does not take longer than 20 mins, unless I am checking current PA for a pending trade.

In order - all the USD pairs, followed by all JPY pairs.

AUD and NZD are next on the list and then a final sweep to catch the CHF.

No really exotics, such as Denmark, etc.

Typically I'll place a max of 5 trades a week - most of them do not trigger.

My template screens displaying 8 or 10 charts at once mostly follows Big E's set up and Rick's set up from Pro Trader Network.

This week saw my first trade on EUR/CHF and was a pure chance look after another rare look at EUR/GBP

I have never traded USD/CAD successfully, so don't usually spend much time on it.

Favourites are the 3 Amigos, then EUR/JPY followed by a combination of EUR/AUD EUR/NZD. The AUD and NZD pairs have some great moves but watch for spreads, especially on AUD/NZD
"To live with Passion, it takes Courage and Grace to survive"
  • #1,204
  • Jan 24, 2013 9:58pm Jan 24, 2013 9:58pm
Quoting wickstedFX
Hi
I've been reading thro this thread but I am struggling with your up todate strategy. I have read post 1081 but the strategy is not clear. I would appreciate if somebody could explain or point me to a post.

Thanks
WFX
Hi WFX,

Seeing as this is a combination of several entry criteria, which part is not clear? Please post a chart with questions and don't forget Post #1
"To live with Passion, it takes Courage and Grace to survive"
  • #1,205
  • Jan 24, 2013 10:54pm Jan 24, 2013 10:54pm
GBP/AUD looks interesting for a reversal. Possible entry off of the H4 Fractal High. ATR7 = 91 pips. SL is around 180pips off of the entry point to cover the swing low.

Good Points
APB colour change to white - this is a "textbook" colour change APB.

ATR1 was larger than ATR7.

MA3/5 cross confirming PA move

TDI cross from below the 32 - Nice angle on the cross.

270pips to go before the 200EMA comes into play.

Not So Good Points
No Demand Zone in play.

Similar pattern on 1/11/2013 failed.

Very strong down trend on the Day and the Week charts.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp aud day 1-24-2013.gif Size: 35 KB
Click to Enlarge Name: gbp aud h4 1-24-2013.gif Size: 38 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,206
  • Jan 25, 2013 12:19am Jan 25, 2013 12:19am
Quoting Britpip7
GBP/AUD looks interesting for a reversal. Possible entry off of the H4 Fractal High. ATR7 = 91 pips. SL is around 180pips off of the entry point to cover the swing low.

Good Points
APB colour change to white - this is a "textbook" colour change APB.

ATR1 was larger than ATR7.

MA3/5 cross confirming PA move

TDI cross from below the 32 - Nice angle on the cross.

270pips to go before the 200EMA comes into play.

Not So Good Points
No Demand Zone in play.

Similar pattern on 1/11/2013 failed.

Very...
Did you take this trade?
  • #1,207
  • Jan 25, 2013 10:11am Jan 25, 2013 10:11am
Quoting kingclarence
Did you take this trade?
No - I was already on aud/usd and this hasn't closed TP1 yet and I did not want two exposures on the same currency.

Apart from that I would have taken it and it would be +25pips at the moment, so not a huge move right now. This was a pending trade that was set on Monday for a Fractal Low Break.
Attached Image (click to enlarge)
Click to Enlarge Name: aud usd day tdi 1-25-2013.gif Size: 39 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,208
  • Jan 25, 2013 10:33am Jan 25, 2013 10:33am
Regarding the indicator II_SupDem and the way that it displays the Support and Demand Zones.

When a candle breaks through and closes above a Supply Zone / below a Demand Zone, as the Zone has been broken, it will no longer display.

Watch the EUR/GBP as this is one very likely to no longer be showing next week, so long as the candle breaks though and closes above the Zone.

Can't wait for this one to finally stall / reverse.
Attached Image (click to enlarge)
Click to Enlarge Name: supply zone broken.gif Size: 32 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,209
  • Jan 25, 2013 11:50am Jan 25, 2013 11:50am
Quoting Britpip7
No - I was already on aud/usd and this hasn't closed TP1 yet and I did not want two exposures on the same currency.

Apart from that I would have taken it and it would be +25pips at the moment, so not a huge move right now. This was a pending trade that was set on Monday for a Fractal Low Break.
Well, the GBP/AUD did confirm the move and broke away with some great PA following the "Textbook" APB signal. File this one away as reference. TP1 = ATR7 = 91pips. With Friday trading, this is something that you can make a decision on as to whether to leave the TP as set or to take the profit off the table early and set TP2 to BE. See H4 and Day charts attached.

With the exception of AUD/NZD and AUD/CAD - two of my least favourite pairs, the AUD pairings have moved well - between 60 an 100+pips.

My current trade on AUD/USD has now closed out the TP1 @ +50pips and TP2 is running with a 51pip TS which means I have 20pips locked in on TP2. This also means that I can now go for a new entry possibility and that I have 150pips locked in for the week.

No new trades until next week, wait for the day candles to close before making entry decisions.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp aud day entry possibility.gif Size: 38 KB
Click to Enlarge Name: gbp aud h4 entry possibility.gif Size: 38 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,210
  • Jan 25, 2013 12:15pm Jan 25, 2013 12:15pm
Hi

I am not clear on your TP1 and TP2 strategy. I would appreciate it if you could elaborate a bit?

Thanks
WFX
  • #1,211
  • Jan 25, 2013 12:23pm Jan 25, 2013 12:23pm
Quoting wickstedFX
Hi

I am not clear on your TP1 and TP2 strategy. I would appreciate it if you could elaborate a bit?

Thanks
WFX
WFX,

TP1 / TP2 strategy initially uses the Day ATR 7 to establish TP1 and SL for the entry, so if you have an APB colour change, then take the ATR 7 value for that candle and if it is 90 pips, that is your TP1 setting. I still use 2XATR 7 or the swing high/low for the SL.

TP2 - two options.
Option 1 - set and forget - set TP2 to 3XATR 7, so if ATR 7 on the set up candle is 90pips, TP2 - 270pips. Once TP1 is hit move SL for TP2 to BE or run a TS.
Option 2 - manually manage. Once TP1 is hit move SL for TP2 to BE and then switch to H4 and look for Add-Ons using the H4 Fractals as the entry points together with fresh TDI crosses / bounces.

Lots of training charts posted on this.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,212
  • Jan 25, 2013 12:49pm Jan 25, 2013 12:49pm
Ah, thanks I didn't have the ATR set correct.

Thanks very much for your help.

Cheers

Tim

PS - best thread currently on FF
  • #1,213
  • Jan 25, 2013 12:59pm Jan 25, 2013 12:59pm
Quoting Britpip7
Well, the GBP/AUD did confirm the move and broke away with some great PA following the "Textbook" APB signal. File this one away as reference. TP1 = ATR7 = 91pips. With Friday trading, this is something that you can make a decision on as to whether to leave the TP as set or to take the profit off the table early and set TP2 to BE. See H4 and Day charts attached.

With the exception of AUD/NZD and AUD/CAD - two of my least favourite pairs, the AUD pairings have moved well - between 60 an 100+pips.

My current trade on AUD/USD has now closed...
O ok cool i actually did take that trade : )............I also decided im gonna start watching less pairs
  • #1,214
  • Jan 25, 2013 1:07pm Jan 25, 2013 1:07pm
Quoting wickstedFX
Ah, thanks I didn't have the ATR set correct.

Thanks very much for your help.

Cheers

Tim

PS - best thread currently on FF
Thanks Tim - the prime objective was to address the higher timeframes and reduce the stress levels whilst still farming the pips.

I tried the 5 min / 15 min routine and got blown out too many times - Eelfranz (Big E) confirmed what I had thought, and hence the switch.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,215
  • Jan 25, 2013 1:10pm Jan 25, 2013 1:10pm
Quoting kingclarence
O ok cool i actually did take that trade : )............I also decided im gonna start watching less pairs
Good move King - I tried cutting down the pairs and got frustrated by the reduced number of entry signals

I spend 30 mins each evening checking out the options and then run the pending trades if the signals are good. Prob an hour each evening max. Not so bad if you drag in a couple of hundred pips a week
"To live with Passion, it takes Courage and Grace to survive"
  • #1,216
  • Jan 25, 2013 1:51pm Jan 25, 2013 1:51pm
Fractal Breaks versus TDI Crosses

Time for another good old fashioned hindsight training chart - with a point!

Fractal Breaks can be used very effectively as Add-On entry points, however, using them in conjunction with the TDI Crosses can often keep you out of a losing trade.

Depending on how you manage your entries with your Add-On stop loss settings, a bad entry can stop you out very easily.

EUR JPY is a good example and shows several Day Chart Fractal High Breaks. Check out the strength / non existence of a TDI Cross with these breaks. The weaker the TDI Cross, the more risk of a Draw Down and a busted trade as your stop loss is hit and then the trade continues its trend - very frustrating and to a point avoidable.

Only two options with the Day Charts:

Option 1 - set your SL at 2XATR 7 from the Fractal High candle
Option 2 - wait for a strong TDI Cross to coincide with a Fractal High Break - do not jump the gun and enter early (ask me how I know this)
Attached Image (click to enlarge)
Click to Enlarge Name: fractal breaks versus tdi.gif Size: 39 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,217
  • Jan 25, 2013 3:20pm Jan 25, 2013 3:20pm
Quoting Britpip7
Regarding the indicator II_SupDem and the way that it displays the Support and Demand Zones.

When a candle breaks through and closes above a Supply Zone / below a Demand Zone, as the Zone has been broken, it will no longer display.

Watch the EUR/GBP as this is one very likely to no longer be showing next week, so long as the candle breaks though and closes above the Zone.

Can't wait for this one to finally stall / reverse.
Now that the II_SupDem has deleted the Supply Zone, does not mean that it is still not an applicable area of concern (it is just the way the software works for this indicator) - just manually insert it and watch for PA to either continue the trend on H4 which will generate a Fractal High Break AND give a new TDI Cross which will confirm the move.

OR, watch for the reversal signals.

This is where common sense and PA overrides an indicator. Software is only capable of so much, and PA doesn't care what the code says
Attached Image(s) (click to enlarge)
Click to Enlarge Name: day eur gbp - supply zone.gif Size: 31 KB
Click to Enlarge Name: h4 eur gbp - supply zone.gif Size: 30 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,218
  • Jan 25, 2013 6:01pm Jan 25, 2013 6:01pm
Quoting Britpip7
Regarding the indicator II_SupDem and the way that it displays the Support and Demand Zones.

When a candle breaks through and closes above a Supply Zone / below a Demand Zone, as the Zone has been broken, it will no longer display.

Watch the EUR/GBP as this is one very likely to no longer be showing next week, so long as the candle breaks though and closes above the Zone.

Can't wait for this one to finally stall / reverse.
Probably something to do with brokers, however my eurgbp doesn't have the supply zone on your chart.

My usdchf has moved into profit, although it did give a lot back.

Don't know if all brokers have these, however also took a trade on gold on Friday which I didn't have time to write up. Both metals gave signals, as did oil however there's no colour change or ema break yet. Could be a good one to watch as there's zones just above price on both daily and weekly charts.

Nice catch on the audusd. Was the entry on the 18th? As it's moving towards the 55/100 ema I was wary. How would this compare to a short on the audchf about the 23rd and the nzdusd for monday?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurgbp.jpg Size: 144 KB
Click to Enlarge Name: usdchf.jpg Size: 161 KB
Click to Enlarge Name: xau.jpg Size: 157 KB
Click to Enlarge Name: oil.jpg Size: 151 KB
  • #1,219
  • Jan 25, 2013 6:06pm Jan 25, 2013 6:06pm
Quoting Britpip7
Fractal Breaks versus TDI Crosses

Time for another good old fashioned hindsight training chart - with a point!

Fractal Breaks can be used very effectively as Add-On entry points, however, using them in conjunction with the TDI Crosses can often keep you out of a losing trade.

Depending on how you manage your entries with your Add-On stop loss settings, a bad entry can stop you out very easily.

EUR JPY is a good example and shows several Day Chart Fractal High Breaks. Check out the strength / non existence of a TDI Cross with these breaks....
How do you do this?
  • #1,220
  • Jan 25, 2013 7:02pm Jan 25, 2013 7:02pm
Quoting Buttonjock
Probably something to do with brokers, however my eurgbp doesn't have the supply zone on your chart.

My usdchf has moved into profit, although it did give a lot back.

Don't know if all brokers have these, however also took a trade on gold on Friday which I didn't have time to write up. Both metals gave signals, as did oil however there's no colour change or ema break yet. Could be a good one to watch as there's zones just above price on both daily and weekly charts.

Nice catch on the audusd. Was the entry on the 18th? As it's moving towards...
I ended up just using the 100EMA and 200EMA on day and H4 - I used to get too conflicted with the additional EMAs

The AU trade was set as a pending Sunday night for the Fractal Low Break and it triggered Wed night.

Very similar pattern on the aud chf

Did not like the nzd usd as it was too choppy
Attached Image (click to enlarge)
Click to Enlarge Name: aud usd day tdi 1-25-2013.gif Size: 39 KB
"To live with Passion, it takes Courage and Grace to survive"
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