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Trading Made Simple for Day Charts

  • #1,281
  • Feb 19, 2013 10:06pm Feb 19, 2013 10:06pm
Quoting Buttonjock
Hello folks, I'm back :o)

Had an enforced absence due to rain. It came down for three days and our home developed a couple of small leaks. This was not of itself a problem, except that one of them was right on top of my PC. Power supply blew out but fortunately no other damage, just the wait time for it to get fixed. Been using a old back up PC and had forgotten my log in password.

Anyway, demo trading in December and January gave me a 30/12 win/loss ratio over 42 trades, with 2000+ pips profit, so February was time to go live. So far the...
Welcome back - glad everything was recoverable. I was on a pending on au chf but failed to trigger, so on o the next one.

Nice results, now the challenge is to change nothing when you go live and make sure your money management is sound. Plan the trade and trade your plan - follow your rules.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,282
  • Feb 19, 2013 10:50pm Feb 19, 2013 10:50pm
Closed an Aud/Cad trade for like twenty pips last week when i should have stayed in.Now its up.Gotta remember to stay in my trades.Its either hit my stop loss or at least 100 pips no matter what lol.
  • #1,283
  • Feb 20, 2013 2:00pm Feb 20, 2013 2:00pm
Thanks Britpip. How come your audchf trade didn't trigger?

Here's todays on the eurnzd
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzd.gif Size: 68 KB
  • #1,284
  • Feb 20, 2013 9:36pm Feb 20, 2013 9:36pm
SSooo fellow traders...i was doing a little math and i calculated that if you started with 30,000...and averaged 500 pips a month.You could turn that 30,000 to around 2,000,000 in four years.So imagine if you could average 1,000 pips a month?? Just something to think about.
  • #1,285
  • Feb 20, 2013 10:02pm Feb 20, 2013 10:02pm
Quoting Buttonjock
Thanks Britpip. How come your audchf trade didn't trigger?

Here's todays on the eurnzd
I had the trigger set at a higher level above the Day Fractal Highs - no problem, just catch the next set up
"To live with Passion, it takes Courage and Grace to survive"
  • #1,286
  • Feb 20, 2013 10:06pm Feb 20, 2013 10:06pm
Quoting kingclarence
SSooo fellow traders...i was doing a little math and i calculated that if you started with 30,000...and averaged 500 pips a month.You could turn that 30,000 to around 2,000,000 in four years.So imagine if you could average 1,000 pips a month?? Just something to think about.
It is always fun to run the spreadsheets - question is, what will your trading style evolve into once you are placing a full lot and then multiple lots?

How much of your account balance will you risk per entry position - 1%. 2%. higher?

Money management becomes crucial. what will you do after 2 successive losses, or 5 successive losses?
"To live with Passion, it takes Courage and Grace to survive"
  • #1,287
  • Edited 11:18pm Feb 20, 2013 10:27pm | Edited 11:18pm
EU is hitting a key level again - this coincides with the lower level of the current Demand Zone and as acted as a strong Support / Demand level over the past couple of years.

Currently looking for a bounce higher unless there is a close below the 1.3400 level. - Ooops - Edit - should have said 1.3200!

Current trend is up with TDI Mid Zone running above 50.

PA and TDI are in agreement.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu day 2-20-2013.gif Size: 39 KB
Click to Enlarge Name: eu support - resistance level.gif Size: 65 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,288
  • Feb 20, 2013 10:39pm Feb 20, 2013 10:39pm
EUR NZD

Following the APB colour change PA is stalling following the pull back candle yesterday. PA is holding back below the 50EMA, so not convinced that this will not stall out

RSI 10 is not yet >51

One to watch - possible pending trade for a buy stop above the 50EMA which will see RSI gain strength
Attached Image (click to enlarge)
Click to Enlarge Name: eur nzd day 2-20-2013.gif Size: 35 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,289
  • Feb 20, 2013 10:45pm Feb 20, 2013 10:45pm
GBP AUD

TDI Convergence

Current trend is down with TDI mid zone below 50. RSI Price Line hitting 32 level

PA hitting Demand Zone last seen in Jul 2012
Attached Image (click to enlarge)
Click to Enlarge Name: gbp aud day 2-20-2013.gif Size: 45 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,290
  • Feb 20, 2013 11:30pm Feb 20, 2013 11:30pm
Quoting Britpip7
It is always fun to run the spreadsheets - question is, what will your trading style evolve into once you are placing a full lot and then multiple lots?

How much of your account balance will you risk per entry position - 1%. 2%. higher?

Money management becomes crucial. what will you do after 2 successive losses, or 5 successive losses?
I have it calculated to about 2 per pip per every ten thousand in the account.Everytime the account goes up ten thousand dollars add 2 more dollars per pip.

No matter how many losses im just sticking to the same plan.Just perfecting my Tms trading for now.Maybe another year or two then ill go live.
  • #1,291
  • Feb 21, 2013 1:57pm Feb 21, 2013 1:57pm
Quoting kingclarence
I have it calculated to about 2 per pip per every ten thousand in the account.Everytime the account goes up ten thousand dollars add 2 more dollars per pip.

No matter how many losses im just sticking to the same plan.Just perfecting my Tms trading for now.Maybe another year or two then ill go live.
Hi King, if you really want to perfect your plan, go live with a small account and .01 order sizes. Demo trading is fine but it's never ever the same as pulling the trigger on real money.

Cheers
  • #1,292
  • Feb 21, 2013 2:05pm Feb 21, 2013 2:05pm
Quoting Buttonjock
Hi King, if you really want to perfect your plan, go live with a small account and .01 order sizes. Demo trading is fine but it's never ever the same as pulling the trigger on real money.

Cheers
Yeah ive been live before which is why im back to demo trading lol.Gonna perfect it before i dive back in.Had a few great months of 2,000 plus pips and thought i was the man.Thought i was a forex god then went live and realized i still had a lot to learn and was a mortal after all.
  • #1,293
  • Feb 21, 2013 4:23pm Feb 21, 2013 4:23pm
Lots of PA stalling at the moment - EUR AUD is the latest and has a very strong Support / Resistance level going back to 2010

For any shorts, I would want to a break and close below 1.2800

Trend is still up and you currently have a retrace of 350pips, so still plenty of opportunity to go long with PA confirmation

Currently TDI is showing some divergence, but if this level holds, that will give way to a new move back up to 1.3000
Attached Image (click to enlarge)
Click to Enlarge Name: euraud day 2-21-2013.gif Size: 40 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,294
  • Feb 21, 2013 6:08pm Feb 21, 2013 6:08pm
EUR JPY is looking to test some major levels as it pulls back from recent highs.

Here are some different ways of looking at the PA and also where the key levels of Support and Resistance are from the full range of data available on MT4. The shorter term H4 charts makes for interesting reading - bounce higher anyone?

The only indicators apart from the Fractals are EMAs - 21/50/100/200

I usually start out with these and then pull in the TDI - currently studying patterns and relationships to key levels and the EMAs
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur jpy key levels - day chart to 2009.gif Size: 67 KB
Click to Enlarge Name: eur jpy key levels.gif Size: 44 KB
Click to Enlarge Name: eur jpy h4.gif Size: 45 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,295
  • Feb 21, 2013 10:51pm Feb 21, 2013 10:51pm
Quoting Britpip7
GBP AUD

TDI Convergence

Current trend is down with TDI mid zone below 50. RSI Price Line hitting 32 level

PA hitting Demand Zone last seen in Jul 2012
GBP AUD - still looking at a bullish convergence. Three candles with lows within 6pips of each other. I would love to see the current candle close higher, which should then bring an APB colour change. Not too keen on placing an entry without confirmation, so I am out until I see the candle close!

A candle closing and moving away from the current Demand Zone plus colour change plus TDI cross would make for a really great entry signal, but of course that means that GBP needs a bit of good news to push it in the right direction
Attached Image (click to enlarge)
Click to Enlarge Name: gbp aud day 2-21-2013.gif Size: 38 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,296
  • Feb 24, 2013 1:43pm Feb 24, 2013 1:43pm
Quoting kingclarence
Yeah ive been live before which is why im back to demo trading lol.Gonna perfect it before i dive back in.Had a few great months of 2,000 plus pips and thought i was the man.Thought i was a forex god then went live and realized i still had a lot to learn and was a mortal after all.
So relate to that, lol
  • #1,297
  • Feb 24, 2013 1:53pm Feb 24, 2013 1:53pm
Quoting Britpip7
EUR NZD

Following the APB colour change PA is stalling following the pull back candle yesterday. PA is holding back below the 50EMA, so not convinced that this will not stall out

RSI 10 is not yet >51

One to watch - possible pending trade for a buy stop above the 50EMA which will see RSI gain strength
Owch! still in but a long way down ...
  • #1,298
  • Edited 7:07pm Feb 24, 2013 3:14pm | Edited 7:07pm
Observations for the coming week for the watch list

EU is on a run down to the Day 200EMA, Possibly hanging up on the 100EMA, so options for H4 re-entries may present themselves until the day pauses / turns again

GU is in danger of being in freefall but after Friday's pause, may provide a decent re-entry. I have a pending sell stop on this.

AU did have an APB colour change so may be worth a long play, but the last 10 candles are messy - too much chop

NU is playing with the Day 100EMA and is hitting and bouncing higher each time - I did thrade this and had a good entry but moved my stop to BE and it was hit.

JPY is ranging on H4 for most pairs, however the range is 200 to 300 pips, so watch for colour changes and TDI crosses and especially PA bounces off of the 100 and 200 EMA.s

EUR/NZD both PA and TDI are following the same pattern, so at some point this squeeze will breakout. TDI mid zone is still showing an up trend and there are a few Demand Zones coming up, so watch for price bounces away from these zones

GBP/AUD is following the GU pattern - Most GBP pairs are on a strong run, so again watch for re-entries on day and H4

GBP/NZD gives the appearance of sitting on an historic low and waiting for the next direction - TDI bullish convergence

EUR/GBP gave us a colour change on Thursday plus a TDI cross on Friday but with a pullback candle - caution on short entries here.

AUD/CAD running into a strong Supply Zone - watch for price reversals.

Happy pip hunting
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu day 2-24-2003.gif Size: 40 KB
Click to Enlarge Name: gu day 2-24-2003.gif Size: 37 KB
Click to Enlarge Name: au day 2-24-2003.gif Size: 45 KB
Click to Enlarge Name: aud jpy h4 2-24-2013.gif Size: 40 KB
Click to Enlarge Name: eur nzd day 2-24-2013.gif Size: 47 KB
Click to Enlarge Name: gbp nzd day 2-24-2013.gif Size: 39 KB
Click to Enlarge Name: aud cad day 2-24-2003.gif Size: 49 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,299
  • Feb 25, 2013 1:34pm Feb 25, 2013 1:34pm
Quoting Buttonjock
Owch! still in but a long way down ...
... and out
  • #1,300
  • Feb 26, 2013 1:59pm Feb 26, 2013 1:59pm
I'm thinking we might be looking at a pull back on some of the gbp pairs, especially the gpbaud. Except for the RSI, which is heavily oversold, and the candle size there' s a lot of signals showing up
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