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Trading Made Simple for Day Charts

  • #1,301
  • Feb 26, 2013 10:27pm Feb 26, 2013 10:27pm
Quoting Buttonjock
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
Looks like the main movers on GBP are losing their momentum. the new candle is over 4 hours old and the Asian session is not achieving much
"To live with Passion, it takes Courage and Grace to survive"
  • #1,302
  • Feb 26, 2013 10:29pm Feb 26, 2013 10:29pm
Once again i lost lots of pips because i exited some trades waaaayy too early.Entries right exits wrong lol
  • #1,303
  • Feb 26, 2013 10:39pm Feb 26, 2013 10:39pm
EU in a down trend

APB still red

PA hanging on to the 200EMA which is currently acting as a dynamic support level - Demand Zone coming into play

Current Trade range is 700pips

Watching for a reversal candle off of the current level - wait for day candle to close - if move is up - initial target 38.2 level.

For a continuation, candle must close clear of the 200EMA
Attached Image (click to enlarge)
Click to Enlarge Name: eu day 2-26-2003.gif Size: 39 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,304
  • Mar 2, 2013 11:24pm Mar 2, 2013 11:24pm
Here's the thoughts for the week for the Watch List

EU has closed below the 200EMA, but not below the Fractal and approaching Demand Zone, still good possibilities of continuing the downward trend

GU has closed below the previous low - trend continues

NZD USD is hanging up on the 200EMA, so usual rules to wait for a candle to close above / below the 200EMA - last candle was a doji, so anything possible

AUD JPY bouncing off of the 50EMA floowing a pullback candle - colour change on APB, however most JPY pairs are ranging - this one is in a 450pip range

AUD NZD candle pattern reversing off of 50EMA

USD CHF PA approaching Supply Zone, so watching for candle patterns for a reversal

GBH CHF with a colour change followed by a reversal - trend still continuing down
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu day 3-2-2013.gif Size: 36 KB
Click to Enlarge Name: gu day 3-2-2013.gif Size: 29 KB
Click to Enlarge Name: nzd usd day 3-2-2013.gif Size: 35 KB
Click to Enlarge Name: aud jpy day 3-2-2013.gif Size: 31 KB
Click to Enlarge Name: aud nzd day 3-2-2013.gif Size: 33 KB
Click to Enlarge Name: usd chf day 3-2-2013.gif Size: 34 KB
Click to Enlarge Name: gbp chf day 3-2-2013.gif Size: 31 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,305
  • Mar 4, 2013 4:15pm Mar 4, 2013 4:15pm
Quoting kingclarence
Once again i lost lots of pips because i exited some trades waaaayy too early.Entries right exits wrong lol
With you on that one, King
  • #1,306
  • Mar 4, 2013 10:53pm Mar 4, 2013 10:53pm
Quoting Buttonjock
With you on that one, King
It all comes down to trusting your entries and then trusting to your SL to keep you in the good trades.

I have run lots of backtesting on the entry signals and DrawDowns and this gives you the confidence to stay in the trades until you hit your Take Profit levels.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,307
  • Mar 5, 2013 12:32am Mar 5, 2013 12:32am
Quoting Britpip7
It all comes down to trusting your entries and then trusting to your SL to keep you in the good trades.

I have run lots of backtesting on the entry signals and DrawDowns and this gives you the confidence to stay in the trades until you hit your Take Profit levels.
Yeah i feel you lol.I should be past it by now but i keep getting faked out lol.Im gonna get over it though im in this for the long haul
  • #1,308
  • Mar 5, 2013 4:31pm Mar 5, 2013 4:31pm
David,
What's your take on USDJPY? Looking at weekly it's the first time there's a negative signal from TDI since the beginning of the uptrend. On the other hand there this pin bar indicating a continuation of the trend (?). The price action has been stalling during the whole Feb. expect the huge sell off on 25th.

V
Attached Image (click to enlarge)
Click to Enlarge Name: UJ.png Size: 38 KB
  • #1,309
  • Mar 5, 2013 6:15pm Mar 5, 2013 6:15pm
Hey all,

Just adding what I found as some interesting observations on the eurusd with Fibonacci's.

The first chart is a long term look with a couple of fibs in gray on significant highs and lows. The second chart is our standard view with a couple of short term fibs added in brown.

What we are looking at is not the individual lines but the groupings of the older and newer.

About now at 1.3050 both the short fibs have lines that align very tightly with an older fib. If you zoom out this will also show as a significant pivot point several times; since setpt/12 feb-may/12, Dec/10 to jan/11 and several others even as far back as 1991. It also just happens to be the level of our 200 EMA at the moment.


There's also a looser grouping around 1.2880 that aligns with a demand zone.

Shorter term, 1.331 and 1.265 have significant groupings.

What I'm suggesting is, we may see price movement for a while around the first two fibs with extensions to the higher and lower points and back.

Comments anyone?

Cheers
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd week.gif Size: 66 KB
Click to Enlarge Name: eurusd.gif Size: 65 KB
  • #1,310
  • Mar 5, 2013 6:50pm Mar 5, 2013 6:50pm
To add to the pot, I just placed a fib extension from the high of 1st feb to the low of 15th feb, 161.8 is almost smack on the current price, with 261.8 being at 1265!
  • #1,311
  • Mar 5, 2013 11:34pm Mar 5, 2013 11:34pm
Quoting Verbal
David,
What's your take on USDJPY? Looking at weekly it's the first time there's a negative signal from TDI since the beginning of the uptrend. On the other hand there this pin bar indicating a continuation of the trend (?). The price action has been stalling during the whole Feb. expect the huge sell off on 25th.

V
V,

The weekly has a nice reversal pattern building, and it will be interesting to see if this holds on to the red bar for this week. If that confirms, then look for PA signals on the H4 for entry points.

Day chart looks to found a nice strong resistance at 94.25, so watching for continued bounces off of that level. The Day range looks to be around 270pips and is using the 21EMA as a dynamic support level.

H4 has lots going on with PA narrowing considerably. Its last attempt to go short failed at the 200EMA, so maybe that is the current extent of moves south until that is broken and confirmed. Watching for a breakout - no clue as to which direction I'm afraid - yet!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: uj week 3-5-2013.gif Size: 29 KB
Click to Enlarge Name: uj day 3-5-2013.gif Size: 34 KB
Click to Enlarge Name: uj h4 trend lines 3-5-2013.gif Size: 43 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,312
  • Mar 5, 2013 11:44pm Mar 5, 2013 11:44pm
Quoting Buttonjock
To add to the pot, I just placed a fib extension from the high of 1st feb to the low of 15th feb, 161.8 is almost smack on the current price, with 261.8 being at 1265!
Interesting when you zoom out all of the way on the dy chart and mark the S/R levels and then zoom back in.

The current Demand Zone is sitting below the 200EMA, so waiting to see if the current colour change pushes through and confirms with a TDI cross - tad weak at the moment.
Attached Image (click to enlarge)
Click to Enlarge Name: eu day s - r levels 3-5-2013.gif Size: 40 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,313
  • Mar 6, 2013 7:30pm Mar 6, 2013 7:30pm
Quoting Britpip7
Interesting when you zoom out all of the way on the dy chart and mark the S/R levels and then zoom back in.

The current Demand Zone is sitting below the 200EMA, so waiting to see if the current colour change pushes through and confirms with a TDI cross - tad weak at the moment.
A quick q. What is the Significance of Currency Strength When it is changing every now and then? Can we Rely on it? and in what way?
Thanks.
  • #1,314
  • Mar 6, 2013 8:16pm Mar 6, 2013 8:16pm
Quoting behman8850
A quick q. What is the Significance of Currency Strength When it is changing every now and then? Can we Rely on it? and in what way?
Thanks.
Probably of more relevance on the shorter timeframes and good to use if scalping on M15. It does give you a heads up as to the current status and is a clue to go check out the charts. I do not use it as anything more than a pro,pt to review the top versus bottom currency and to verify whether ot not this is a news realted event.

Never use it for entry decisions always use PA for that.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,315
  • Mar 6, 2013 8:23pm Mar 6, 2013 8:23pm
Quoting Britpip7
Probably of more relevance on the shorter timeframes and good to use if scalping on M15. It does give you a heads up as to the current status and is a clue to go check out the charts. I do not use it as anything more than a pro,pt to review the top versus bottom currency and to verify whether ot not this is a news realted event.

Never use it for entry decisions always use PA for that.
Appreciate sir!
  • #1,316
  • Mar 7, 2013 1:08pm Mar 7, 2013 1:08pm
here's a heads up for a possible reversal.

first signs of a pullback from the Demand Zone

TDI bearish divergence - TDI above 68 with a possible cross - wait for current day candle to close to confirm

APB not showing a colour change yet, but is showing as a doji on a strong bear candle - not yet engulfing the previous day candle. IF PA continues, the next APB will show as Red

Pending sell stop below the Fractal Low
Attached Image (click to enlarge)
Click to Enlarge Name: usd chf day 3-7-2013.gif Size: 41 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,317
  • Mar 7, 2013 1:44pm Mar 7, 2013 1:44pm
Hi BritPip7

I've been following your thread for some time, just wanna thanks for your great work here.
Just starting trading your system, so finding your charts a big help.
Thanks
  • #1,318
  • Mar 7, 2013 1:52pm Mar 7, 2013 1:52pm
Quoting FxIsland
Hi BritPip7

I've been following your thread for some time, just wanna thanks for your great work here.
Just starting trading your system, so finding your charts a big help.
Thanks
Welcome - happy pip hunting
"To live with Passion, it takes Courage and Grace to survive"
  • #1,319
  • Mar 7, 2013 1:53pm Mar 7, 2013 1:53pm
EUR / USD

The day chart looks interesting - APB colour change, TDI moving out of oversold territory, PA above 200EMA - wait for day candle to close then enter off of day high. Current ATR 7 = 91 pips for first profit target.
Attached Image (click to enlarge)
Click to Enlarge Name: eu day 3-7-2013.gif Size: 39 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,320
  • Mar 8, 2013 11:38am Mar 8, 2013 11:38am
Quoting Britpip7
EUR / USD

The day chart looks interesting - APB colour change, TDI moving out of oversold territory, PA above 200EMA - wait for day candle to close then enter off of day high. Current ATR 7 = 91 pips for first profit target.
Did you take this trade?
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