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Trading Made Simple for Day Charts

  • #1,421
  • Apr 22, 2013 1:51pm Apr 22, 2013 1:51pm
EMA10? Haven't noticed that previously. Any particular reason for this one?
  • #1,422
  • Apr 22, 2013 9:30pm Apr 22, 2013 9:30pm
Quoting Buttonjock
EMA10? Haven't noticed that previously. Any particular reason for this one?
Just running some tests with the EMA10 - using it as a dynamic support/resistance on trends - breaks of the EMA10 may be exit signal on trend runs.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,423
  • Apr 23, 2013 1:47pm Apr 23, 2013 1:47pm
Quoting Britpip7
{quote} Just running some tests with the EMA10 - using it as a dynamic support/resistance on trends - breaks of the EMA10 may be exit signal on trend runs.
Ok, interesting. One of my earliest intros to trading taught about using the EMA9, however I forget the reasons why. I suspect each possible MA has a lot to do with personal preference
  • #1,424
  • Apr 29, 2013 3:59pm Apr 29, 2013 3:59pm
Quoting Britpip7
{quote} Just running some tests with the EMA10 - using it as a dynamic support/resistance on trends - breaks of the EMA10 may be exit signal on trend runs.
It works as support / resistance if combined with PA.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: BRENTH12.png Size: 47 KB
Click to Enlarge Name: XAUUSDH12.png Size: 33 KB
  • #1,425
  • Apr 29, 2013 5:21pm Apr 29, 2013 5:21pm
Quoting Britpip7
The Trade Signal line also gives some clues on where PA is heading. the attached chart shows horizontal sky blue lines to highlight the Trade Signal Line reversing. {image} {image}
Is there any way to get the Trade Signal Line to change colour when it changes direction? Alternately, is it possible to construct a line that does this in a separate window?

I'm thinking of using this more on a weekly chart with the RSI price line for a quick and easy visual method of determining direction changes, then looking for entries in that direction on the daily chart.

There would be missed daily signals, however potentially fewer losses too, which is more important overall.
  • #1,426
  • Apr 29, 2013 9:50pm Apr 29, 2013 9:50pm
Quoting Buttonjock
{quote} Is there any way to get the Trade Signal Line to change colour when it changes direction? Alternately, is it possible to construct a line that does this in a separate window? I'm thinking of using this more on a weekly chart with the RSI price line for a quick and easy visual method of determining direction changes, then looking for entries in that direction on the daily chart. There would be missed daily signals, however potentially fewer losses too, which is more important overall.
Here's a chart with all of the indicators that I have played around with - no data on performance or backtesting - the template is attached.

There are a few colour change indicators around - most lag the TDI considerably.

Not sure if any of these help, or whether it just throws more confusion into the arena - usually when I add stuff, it all gets too much to focus on!
Attached Image (click to enlarge)
Click to Enlarge Name: everything weekly chart.png Size: 61 KB
Attached File(s)
File Type: tpl # 000 bp7 everything.tpl   9 KB | 391 downloads
"To live with Passion, it takes Courage and Grace to survive"
  • #1,427
  • May 1, 2013 3:12pm May 1, 2013 3:12pm
Quoting Britpip7
{quote} Here's a chart with all of the indicators that I have played around with - no data on performance or backtesting - the template is attached. There are a few colour change indicators around - most lag the TDI considerably. Not sure if any of these help, or whether it just throws more confusion into the arena - usually when I add stuff, it all gets too much to focus on! {image} {file}
Many thanks for both replies. The AO looks pretty close
  • #1,428
  • May 1, 2013 3:29pm May 1, 2013 3:29pm
Following on from posts regarding the TDI Trade Signal Line and allowing it to flatten or reverse so that when the TDI cross occurs the Trade Signal Line is heading in the same direction as PA, here's an H4 chart for review.

Because the TDI cross occurs before the APB Colour change, the entry point could be taken early, or wait until PA confirms. As this is H4, there are multiple Add-On opportunities.

With H4 trades, I will often use the ATR 7 setting from the Day chart for TP1, so this would yield 60 pips for TP1 and TP2 plus add-ons would give you over 400pips to date.

A good example of an H4 entry followed by add-ons for pip farming
Attached Image (click to enlarge)
Click to Enlarge Name: usd chf h4 5-1-2013.png Size: 74 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,429
  • May 1, 2013 9:42pm May 1, 2013 9:42pm
Watching Eur/CAD for PA to confirm TDI cross on the day chart
Attached Image (click to enlarge)
Click to Enlarge Name: eur cad day 5-1-2013.png Size: 55 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,430
  • May 1, 2013 9:47pm May 1, 2013 9:47pm
Watching for GU reversal off of the 200EMA
Attached Image (click to enlarge)
Click to Enlarge Name: gu day 5-1-2013.png Size: 52 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,431
  • May 2, 2013 9:54pm May 2, 2013 9:54pm
No new set ups for this week - NFP Friday morning, so lock in your pips, or sit it out until the crazy PA calms down.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,432
  • May 3, 2013 2:54pm May 3, 2013 2:54pm
Just a reminder to zoom out on your charts or use the weekly chat to pick up the key S/R levels.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: day zoom out s-r levels.png Size: 134 KB
Click to Enlarge Name: s r levels weekly.png Size: 71 KB
Click to Enlarge Name: day chart - sup dem.png Size: 55 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,433
  • May 8, 2013 9:32am May 8, 2013 9:32am
Hi David,

Would you care to share the results of this system? What's the average monthly pips you have gained/lost?
  • #1,434
  • May 11, 2013 7:48am May 11, 2013 7:48am
Quoting Verbal
Hi David, Would you care to share the results of this system? What's the average monthly pips you have gained/lost?
Hi Verbal,

Not been too active the last few months due to other projects, however I am still using Day or H4 charts for entering.

Success rates in the 70% - 80% range with pip hauls in the 400 to 800 pips per month range - this week was +100 pips from 3 trades 61 / 36 / 3

Still following posts from Rick on the Pro Trader's Network as well as occasional posts from Jason Stapleton and Niall Fuller

I have slowed down the entries to coincide with the Trade Signal Line moving in the same direction as PA - no other major changes to the system

This post shows the details (Post # 1419) - http://www.forexfactory.com/showthre...53#post6623553
"To live with Passion, it takes Courage and Grace to survive"
  • #1,435
  • May 11, 2013 8:34am May 11, 2013 8:34am
Time for a training chart

Here is what I would consider one of the perfect text book entries.

Everything confirms everything else - TDI on H4 showing a Bearish set up, TDI Cross is with Trade Signal Line & Price Action heading south, PA crosses and closes below 10/21EMAs, etc. etc.

Candle close time for the signal candle was 9am PDT

Good one to commit to memory - these really strong set ups occur quite often on H4, especially where the day chart has already provided a huge clue with such a strong Supply Zone being established with PA moving south
Attached Image(s) (click to enlarge)
Click to Enlarge Name: perfect trade set up gu h4.png Size: 63 KB
Click to Enlarge Name: day chart set up for gu.png Size: 54 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,436
  • May 12, 2013 6:59am May 12, 2013 6:59am
Quoting Britpip7
{quote} Hi Verbal, Not been too active the last few months due to other projects, however I am still using Day or H4 charts for entering. Success rates in the 70% - 80% range with pip hauls in the 400 to 800 pips per month range - this week was +100 pips from 3 trades 61 / 36 / 3 Still following posts from Rick on the Pro Trader's Network as well as occasional posts from Jason Stapleton and Niall Fuller I have slowed down the entries to coincide with the Trade Signal Line moving in the same direction as PA - no other major changes to the system...
Hi David, Really nice! I have learned a great deal from your work. Thanks so much for sharing. If you wanted to improve on your total monthly pips gained, what do you imagine that it might take - more time devoted to your trading or perhaps taking on more risk with a lower R/R etc, etc? Not that you need to, of course, but I am just curious. Thanks again, AG
Do not dwell in the past, do not dream of the future, concentrate the mind.
  • #1,437
  • May 12, 2013 8:35am May 12, 2013 8:35am
Quoting AlbinaGrande
{quote} Hi David, Really nice! I have learned a great deal from your work. Thanks so much for sharing. If you wanted to improve on your total monthly pips gained, what do you imagine that it might take - more time devoted to your trading or perhaps taking on more risk with a lower R/R etc, etc? Not that you need to, of course, but I am just curious. Thanks again, AG
AG,

Waiting for the A+ set-ups is what makes the difference, so, essentially not placing trades and hoping they work out. Wait for PA to really confirm the move and if you are using indicators or patterns including supply and demand zones, wait for the previous candle (set up candle) to close and then either at the end of the candle or at the beginning of the new candle make your decisions.

I am placing less trades with waiting for the move to confirm, but see better results.

I would avoid the approach that increases risk - I want to see safe and boring trades. The GU training chart that I posted was a high probability low risk trade - this is what I look for to increase my pip yields. Managing your trades once they are in profit and giving your trades space to breathe will help as will cutting the losing trades after it is clear that the PA is not following your rules.

The two biggest reasons for traders not making profits are:

1. Cutting a profitable trade too early
2. Keeping a losing trade running for too long and hoping it will turn around (this is probably the hardest skill to perfect because nobody likes losing!!!).
"To live with Passion, it takes Courage and Grace to survive"
  • #1,438
  • May 12, 2013 10:17am May 12, 2013 10:17am
Great feedback David. I have also been paying more attention to the Market Base Line/Signal Line crosses at extremes. Slow going but it has the added advantage of slowing an itchy finger and yeilding better trending trades. Bob
Do not dwell in the past, do not dream of the future, concentrate the mind.
  • #1,439
  • May 13, 2013 1:58pm May 13, 2013 1:58pm
Quoting Britpip7
Time for a training chart Here is what I would consider one of the perfect text book entries. Everything confirms everything else - TDI on H4 showing a Bearish set up, TDI Cross is with Trade Signal Line & Price Action heading south, PA crosses and closes below 10/21EMAs, etc. etc. Candle close time for the signal candle was 9am PDT Good one to commit to memory - these really strong set ups occur quite often on H4, especially where the day chart has already provided a huge clue with such a strong Supply Zone being established with PA moving south...
Interesting. I had issues with this one because the 100 ans 21 EMA's are close support, my chart has a demand zone at 1.52655, it's in a bullish channel from 3rd March and the overall weekly trend was still very bullish.
  • #1,440
  • May 14, 2013 10:01pm May 14, 2013 10:01pm
not much happening tonight - watching the AUD USD for a reversal - note the TDI Mid Zone is sitting on the 32 so good chance of a PA move north.

no signals or PA to confirm anything at this time.

weekly chart starting to get close to a major Demand Zone

patience!!!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audusd h4 5-14-2013.png Size: 59 KB
Click to Enlarge Name: AUDUSDWeekly.png Size: 67 KB
"To live with Passion, it takes Courage and Grace to survive"
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