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Trading Made Simple for Day Charts

  • #1,241
  • Feb 3, 2013 11:51am Feb 3, 2013 11:51am
Quoting kingclarence
What do you mean when you say supply zone?
Hi King,

Check out the attachments posted on Dec 26th and Post # 1096 - http://www.forexfactory.com/showthre...03#post6322703
"To live with Passion, it takes Courage and Grace to survive"
  • #1,242
  • Feb 3, 2013 1:32pm Feb 3, 2013 1:32pm
Quoting Britpip7
Hi King,

Check out the attachments posted on Dec 26th and Post # 1096 - http://www.forexfactory.com/showthre...03#post6322703
O ok thanks.This is kinda something i been paying attention too with out really having a name for it
  • #1,243
  • Feb 3, 2013 10:40pm Feb 3, 2013 10:40pm
Quoting Britpip7
Echoman,

Nothing changes on the settings with one exception - when using H4 you need to make a decision for your Take Profit Settings. If you are purely using H4 as an Add-On strategy, I will leave the TP open and manually manage. SL will usually be to an H4 swing high/low.

On the indicators, I generally have it Il_SupDem switched off on H4 and then I will run off of Fractals once the trend is established.
Thanks again Britpip
  • #1,244
  • Feb 4, 2013 4:14pm Feb 4, 2013 4:14pm
Hello britpip7 and others
I am your method for a few weeks and I wanted to ask you if it would be correct table ?
RSI 10 lower 50
cross TDI output 68
Break fractal day
Bounce TDI
Attached Image (click to enlarge)
Click to Enlarge Name: britpip7.JPG Size: 153 KB
  • #1,245
  • Feb 4, 2013 10:10pm Feb 4, 2013 10:10pm
Quoting thomi
Hello britpip7 and others
I am your method for a few weeks and I wanted to ask you if it would be correct table ?
RSI 10 lower 50
cross TDI output 68
Break fractal day
Bounce TDI
Thomi,

You look to be on the right track.

APB colour change + TDI cross / bounce - if TDI is above 68, it is an indicator of being oversold

If the move is higher, then RSI>50 is good, if lower, then look for RSI<50

Fractal Break is also good
"To live with Passion, it takes Courage and Grace to survive"
  • #1,246
  • Feb 5, 2013 2:29pm Feb 5, 2013 2:29pm
???

So yesterday i took a Eur/Gbp trade that looked to have a good Tdi cross and a decent candle.So i wake up and check my charts and now im down almost 100 pips??Did i do something wrong or is this just one of those routine losses that just happen? The candle is even blue now and it was red yesterday.
  • #1,247
  • Feb 5, 2013 2:39pm Feb 5, 2013 2:39pm
hello kingclarence ,
RSI 10 > 50 bad for short ... and TDI is still in zone 68
  • #1,248
  • Feb 5, 2013 4:03pm Feb 5, 2013 4:03pm
Quoting kingclarence
???

So yesterday i took a Eur/Gbp trade that looked to have a good Tdi cross and a decent candle.So i wake up and check my charts and now im down almost 100 pips??Did i do something wrong or is this just one of those routine losses that just happen? The candle is even blue now and it was red yesterday.
Looks like it ran into the support at 0.8555 and the support held and it reversed and resumed the overall trend

I'll look at the chart in more detail tonight
"To live with Passion, it takes Courage and Grace to survive"
  • #1,249
  • Feb 5, 2013 4:31pm Feb 5, 2013 4:31pm
britpip7 please if you have time can you make a point of eur chf detailed
entry point, stop, take profit
Are you in a position at this time and you have trades in planning ?
  • #1,250
  • Feb 5, 2013 10:27pm Feb 5, 2013 10:27pm
Quoting kingclarence
???

So yesterday i took a Eur/Gbp trade that looked to have a good Tdi cross and a decent candle.So i wake up and check my charts and now im down almost 100 pips??Did i do something wrong or is this just one of those routine losses that just happen? The candle is even blue now and it was red yesterday.
Looking at the chart and the entry, this would have looked a good entry point on the Day Chart with the one exception of the RSI 10 up at 62. There may have been a possibility of taking this earlier on the H4 which would have had to be set up from the 04:00 candle which would have been before the day candle showed reversal, so not easy to do unless you are seriously watching H4 charts.

The H4 chart may have shown you the possible Demand Zone / Support level that eventually snagged you. Other than that - tough break

Good Points

APB colour change with good candle shape

ATR 1 > ATR 7

Fresh TDI cross

Not So Good Points:

TDI >50
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur gbp day entry.gif Size: 31 KB
Click to Enlarge Name: eur gbp h4 entry.gif Size: 34 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,251
  • Feb 5, 2013 10:37pm Feb 5, 2013 10:37pm
Quoting thomi
britpip7 please if you have time can you make a point of eur chf detailed
entry point, stop, take profit
Are you in a position at this time and you have trades in planning ?
Not a huge fan of this pair due to the SNB screwing around with their ideas of fixing the euro exchange rate.

Not sure if it is trying to settle on 1.2300 as it seems to be hovering there.

I would find something else to trade.

I am currently 40 pips down on the Eur/Nzd after my TP1 was missed by 3 pips followed by a 100pip reversal - I'll probably kill it if it shows no sign of recovery in the morning.
Attached Image (click to enlarge)
Click to Enlarge Name: eur chf day 2-5-2013.gif Size: 35 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,252
  • Feb 5, 2013 10:38pm Feb 5, 2013 10:38pm
Quoting Britpip7
Looking at the chart and the entry, this would have looked a good entry point on the Day Chart with the one exception of the RSI 10 up at 62. There may have been a possibility of taking this earlier on the H4 which would have had to be set up from the 04:00 candle which would have been before the day candle showed reversal, so not easy to do unless you are seriously watching H4 charts.

The H4 chart may have shown you the possible Demand Zone / Support level that eventually snagged you. Other than that - tough break

Good Points

APB...
Yup tough break indeed but o well.Mistakes = lessons
  • #1,253
  • Feb 5, 2013 11:00pm Feb 5, 2013 11:00pm
Quoting kingclarence
Yup tough break indeed but o well.Mistakes = lessons
Not too sure what the lesson was - apart from looking for an early reversal from a really strong up trend which you already knew with the TDI RSI above 80.

This was a high probability trade with the Support Zone set and the candle moving south. This may well have another attempt and succeed 2nd time around. This is quite common for these Zones to be tested a couple of times before the move away is strong enough to build a reversal.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,254
  • Feb 5, 2013 11:15pm Feb 5, 2013 11:15pm
Quoting Britpip7
Not too sure what the lesson was - apart from looking for an early reversal from a really strong up trend which you already knew with the TDI RSI above 80.

This was a high probability trade with the Support Zone set and the candle moving south. This may well have another attempt and succeed 2nd time around. This is quite common for these Zones to be tested a couple of times before the move away is strong enough to build a reversal.
Actually i dont even use the Rsi anymore.My chart doesnt have anything except the heiken ash candles and the TDI.
  • #1,255
  • Feb 6, 2013 10:44am Feb 6, 2013 10:44am
I'm gathering up the Ninjatrader indicators for this method. I'm curious to see how TMS

would work with futures along with FX. Going to test it on the IB demo for a wile. I will let you guys know

how it works.
  • #1,256
  • Feb 7, 2013 12:12am Feb 7, 2013 12:12am
Quoting echoman_1
I'm gathering up the Ninjatrader indicators for this method. I'm curious to see how TMS

would work with futures along with FX. Going to test it on the IB demo for a wile. I will let you guys know

how it works.
I have had no experience with Ninjatrader, however, from all of my backtesting and demo tests, I would say that this approach will work with any chart that has movement and trends and cycles. Not necessarily limited to 4X by any stretch.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,257
  • Feb 7, 2013 12:50pm Feb 7, 2013 12:50pm
So things havent been as successfull for me lately as they were when i first started trading the daily charts.I was kinda wondering what i was doing wrong or different.Seems like i was killing it on the pips back then.So today i wake up to check my trades and low and behold they are finally starting to go my way.

Also i checked some older ones that i got out of last week and if i was still in them i would be winning on all four of them.Now i realize why i got a lot of pips back then.......because when i took a trade i just set my stop loss and rode it out.

Thats what i gotta get back too
  • #1,258
  • Feb 7, 2013 4:11pm Feb 7, 2013 4:11pm
Quoting kingclarence
So things havent been as successfull for me lately as they were when i first started trading the daily charts.I was kinda wondering what i was doing wrong or different.Seems like i was killing it on the pips back then.So today i wake up to check my trades and low and behold they are finally starting to go my way.

Also i checked some older ones that i got out of last week and if i was still in them i would be winning on all four of them.Now i realize why i got a lot of pips back then.......because when i took a trade i just set my stop loss and...
Funny how that works.

This is especially true when trading off of the Supply / Demand Zones. the first candle moving and closing away from the zone sometimes hold and then the reversal builds off of it. Other times, the first candle is a fake out which is then retested followed by a second move away from the zone which is usally a stronger move - as per the current chart for Eur/GBP
Attached Image (click to enlarge)
Click to Enlarge Name: eur gbp supply zone 2-7-2012.gif Size: 29 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,259
  • Feb 7, 2013 4:30pm Feb 7, 2013 4:30pm
Quoting Britpip7
Funny how that works.

This is especially true when trading off of the Supply / Demand Zones. the first candle moving and closing away from the zone sometimes hold and then the reversal builds off of it. Other times, the first candle is a fake out which is then retested followed by a second move away from the zone which is usally a stronger move - as per the current chart for Eur/GBP
Yup....im currently in that Eur/Gbp trade and its +50 pips.I read a good article on that guy oz traders website that gave me some good ideas and reminded me of somethings.For a second i thought maybe the markets changed or something when i went back and looked at my old posts and all the pips i was making.I realized i just not riding my trades out like i used to.

Just gotta stick in there as long as my stop loss isnt hit.I closed like 4 trades that are all winning right now lol.Im going back to the old me
  • #1,260
  • Feb 7, 2013 4:59pm Feb 7, 2013 4:59pm
Quoting kingclarence
Yup....im currently in that Eur/Gbp trade and its +50 pips.I read a good article on that guy oz traders website that gave me some good ideas and reminded me of somethings.For a second i thought maybe the markets changed or something when i went back and looked at my old posts and all the pips i was making.I realized i just not riding my trades out like i used to.

Just gotta stick in there as long as my stop loss isnt hit.I closed like 4 trades that are all winning right now lol.Im going back to the old me
I like Oz trader - Niall Fuller's approach - no clutter and lots of info on his web site, even if you don't subscribe. I check in on his site occasionally and it is always worth reading the articles. He generally advocates forecasting how far the price can move and looking for a risk / reward ratio of 1:3, so hi s SL settings are usually not too painful, although I cannot speak to how often they get hit.

I am still sticking to the ATR 7 set ups / swing high/low for SL and this means really nailing your trading plan for your entry criteria - sometimes, the 4X gods will take a toll, but long term you will be ahead. I am batting 1 for 3 this week and I'll post some charts for each of the entry positions later this week / weekend.
"To live with Passion, it takes Courage and Grace to survive"
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