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Trading Made Simple for Day Charts

  • #1,321
  • Mar 8, 2013 1:56pm Mar 8, 2013 1:56pm
Quoting kingclarence
Did you take this trade?
Thankfully not - trigger wasn't hit and I had completely forgotten that NFP was today - I never trade NFP days!

I did have a GU in play at the time and killed that one for BE
"To live with Passion, it takes Courage and Grace to survive"
  • #1,322
  • Mar 8, 2013 5:07pm Mar 8, 2013 5:07pm
Quoting Britpip7
Thankfully not - trigger wasn't hit and I had completely forgotten that NFP was today - I never trade NFP days!

I did have a GU in play at the time and killed that one for BE
Owch, I did. forgot about NFP as I thought it was last Friday, that one being the first Friday of the month.
  • #1,323
  • Mar 8, 2013 5:09pm Mar 8, 2013 5:09pm
Quoting Britpip7
Thankfully not - trigger wasn't hit and I had completely forgotten that NFP was today - I never trade NFP days!

I did have a GU in play at the time and killed that one for BE
How far above the previous days close did you put your eurusd entry?
  • #1,324
  • Mar 8, 2013 5:25pm Mar 8, 2013 5:25pm
Quoting Buttonjock
Owch, I did. forgot about NFP as I thought it was last Friday, that one being the first Friday of the month.
Double ouch me 2 lol
  • #1,325
  • Mar 8, 2013 7:16pm Mar 8, 2013 7:16pm
Quoting Buttonjock
How far above the previous days close did you put your eurusd entry?
I had it 20 pips above Thursday High - the ATR 7 was at 90 pips and the previous day range was 144 pips, so maybe pure luck rather than judgement. I generally use approx 10% to 15% of the ATR 7 with spread for setting the entry point above the previous day high, so often between 10 and 25 pips, hust to allow far breathing space if PA stalls out.

The high from Thursday was 1.3117, the high for Friday was 1.3133, so it missed by 3 pips - which makes a nice change.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,326
  • Mar 9, 2013 9:40am Mar 9, 2013 9:40am
Forgot about NFP as well.
Lesson cost - 100 pips
Will remember next time
  • #1,327
  • Mar 10, 2013 2:50pm Mar 10, 2013 2:50pm
Quoting Britpip7
I had it 20 pips above Thursday High - the ATR 7 was at 90 pips and the previous day range was 144 pips, so maybe pure luck rather than judgement. I generally use approx 10% to 15% of the ATR 7 with spread for setting the entry point above the previous day high, so often between 10 and 25 pips, hust to allow far breathing space if PA stalls out.

The high from Thursday was 1.3117, the high for Friday was 1.3133, so it missed by 3 pips - which makes a nice change.

Thanks, good to know and glad at least someone missed this pahlava of a trade

A little something on NFP from Wikipedia. I'd assumed it was always the first Friday. Apparently not.

"The Bureau of Labor Statistics releases preliminary data on the third Friday after the conclusion of the reference week, i.e., the week which includes the 12th of the month, at 8:30 a.m. Eastern Time; typically this date occurs on the first Friday of the month." (but not always ...!)
  • #1,328
  • Mar 10, 2013 5:18pm Mar 10, 2013 5:18pm
Quoting Buttonjock
Thanks, good to know and glad at least someone missed this pahlava of a trade

A little something on NFP from Wikipedia. I'd assumed it was always the first Friday. Apparently not.

"The Bureau of Labor Statistics releases preliminary data on the third Friday after the conclusion of the reference week, i.e., the week which includes the 12th of the month, at 8:30 a.m. Eastern Time; typically this date occurs on the first Friday of the month." (but not always ...!)

This caught a lot of experienced traders out this week - showing you just how important it is to be aware of the key news events.

For each currency, this is usually the equivalent of NFP - typically unemployment / employment numbers. Canada releases theirs usually on the same day as the USA. Others vary.

The other key one for USA to note is the FOMC.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,329
  • Mar 10, 2013 11:38pm Mar 10, 2013 11:38pm
Some links worth watching / subscribing to:

dcginc - alias Rick at Pro Trader's Network - http://www.protradenetwork.com

Also, Jason Stapleton has some good training videos - http://tradeempowered.com/forex-mark...out-to-bounce/

as always, this is not advice to buy anything, just a recommendation for some good materials.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,330
  • Mar 14, 2013 2:56pm Mar 14, 2013 2:56pm
Gbpusd is making a nice signal. Is that current bar too good to be true?
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusddaily.png Size: 118 KB
  • #1,331
  • Mar 14, 2013 11:23pm Mar 14, 2013 11:23pm
Ok sooooo...after going back in time i have come to the conclusion either the markets are jacked up or im doing something wrong these days.I look at my older posts and see times when i was up 500+ pips sometimes on trades and im wondering what was i doing then that im not doing now? I mean im not really losing but im not doing close to what i was back then.It seems like i was racking up the pips lol.

Im gonna go back and study my old stuff and figure out whats going on.
  • #1,332
  • Mar 14, 2013 11:32pm Mar 14, 2013 11:32pm
Quoting Buttonjock
Gbpusd is making a nice signal. Is that current bar too good to be true?
Careful on this pair - economy figures for GBP are still looking poor, so this could just be a bounce
"To live with Passion, it takes Courage and Grace to survive"
  • #1,333
  • Mar 15, 2013 2:29am Mar 15, 2013 2:29am
Well guys ive been doing a little chart study.Part of it is my old trades and part of it is just other stuff.Something i think im kinda relearning is that candle size is important.The size of the candles is kinda like momentum and strong momentum is hard to stop.I need to do more study so dont quote me but it appears often times when candles are in an up or down trend and they go into a consoladation period usually if the candles before it were large it will often keep going in the same direction afterwards and often if they are small and shrinking it might be a reversal.Like i said got to study a lot of this more so dont quote me on any of this lol.
  • #1,334
  • Mar 15, 2013 8:25am Mar 15, 2013 8:25am
Quoting kingclarence
Well guys ive been doing a little chart study.Part of it is my old trades and part of it is just other stuff.Something i think im kinda relearning is that candle size is important.The size of the candles is kinda like momentum and strong momentum is hard to stop.I need to do more study so dont quote me but it appears often times when candles are in an up or down trend and they go into a consoladation period usually if the candles before it were large it will often keep going in the same direction afterwards and often if they are small and shrinking...
Momentum in the PA is key and candle size is important - I'll post some charts in the next couple of days
"To live with Passion, it takes Courage and Grace to survive"
  • #1,335
  • Mar 15, 2013 8:29am Mar 15, 2013 8:29am
watch out for the Consumer Sentiment numbers at 6:55 PDT this morning - manage your trades / close out stalled positions if you don't fancy the idea of holding over the weekend.

I have nothing open - just closed my GBP/USD for 195 pips - done for the week. Trade charts to follow at the weekend
"To live with Passion, it takes Courage and Grace to survive"
  • #1,336
  • Mar 15, 2013 2:58pm Mar 15, 2013 2:58pm
Quoting Britpip7
watch out for the Consumer Sentiment numbers at 6:55 PDT this morning - manage your trades / close out stalled positions if you don't fancy the idea of holding over the weekend.

I have nothing open - just closed my GBP/USD for 195 pips - done for the week. Trade charts to follow at the weekend
When did you take that trade?
  • #1,337
  • Mar 15, 2013 6:45pm Mar 15, 2013 6:45pm
I dont know which version of the TDI everyone has but i have the one that has the bands.I hated this at first and tried to figure out how to get rid of them now i actually like them.Ive noticed its often a good trade signal when the TDI breaks the top or bottom of the bands.

Notice how on this first chart the band TDI is just starting to break the outside of the band.

Attached Image (click to enlarge)
Click to Enlarge Name: Forex band break.png Size: 45 KB



Now see on this second chart how this trend went on for almost 500 pips if you followed it all the way through.

Attached Image (click to enlarge)
Click to Enlarge Name: Band break 2.png Size: 43 KB



If you have the bands like me this is something you might wanna pay attention to.
  • #1,338
  • Mar 15, 2013 10:25pm Mar 15, 2013 10:25pm
Quoting kingclarence
When did you take that trade?
Entry was taken as PA moved off of the Demand Zone - colour change on APB wasn't stellar as it ended up as a doji, but I was more interested in the bounce for the lows from the previous 3 days and this was supported by the TDI crossing.

Attached are the day and H4 charts and a look forward for possible moves next week
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu day 3-15-2013.gif Size: 29 KB
Click to Enlarge Name: gu h4 3-15-2013.gif Size: 32 KB
Click to Enlarge Name: gu day possible move 3-15-2013.gif Size: 31 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,339
  • Mar 15, 2013 10:34pm Mar 15, 2013 10:34pm
Quoting kingclarence
I dont know which version of the TDI everyone has but i have the one that has the bands.I hated this at first and tried to figure out how to get rid of them now i actually like them.Ive noticed its often a good trade signal when the TDI breaks the top or bottom of the bands.

Notice how on this first chart the band TDI is just starting to break the outside of the band.

Attachment


Now see on this second chart how this trend went on for almost 500 pips if you followed it all the way through.

Attachment


Great...
Mine is the TMS Watchdog version posted here on 12/11/2011 and I have always had the bands visible.

If you go into the Indicator settings for TDI, lines 1 and 3 are the upper and lower bands.

If you go to Dean Malone's website, one of the trade signals he teaches is breaks of the bands. Buy when the upper band is broken on an up trend and sell when the lower band is broken on a down trend. Well, that's the simple version - more detail can be found by watching his training videos.
Attached Image
"To live with Passion, it takes Courage and Grace to survive"
  • #1,340
  • Mar 15, 2013 10:48pm Mar 15, 2013 10:48pm
Here's one that did not go to plan.

Essentially if you follow the trading plan, you don't get stopped out!
Attached Image (click to enlarge)
Click to Enlarge Name: usd chf day 3-15-2013.gif Size: 39 KB
"To live with Passion, it takes Courage and Grace to survive"
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