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Trading Made Simple for Day Charts

  • #1,461
  • May 31, 2013 7:32am May 31, 2013 7:32am
Hi All, just another newbie checking in to say hello. Finally finished reading all 73 pages, and there's a lot to take in! There are some great insights in to the market, and this thread highlights a great system. I've relatively new to forex, been studying TA intensively for the last 6 months, and have been looking for a good position trading strat to use (around my day job). I guess my personal insight in to forex currently is that the TA theory side of things is relatively easy to learn / understand, for me the hardest thing to do currently is put the theory in to practice, in context, with the right pyschological approach.

Anyway, Britpip, great thread, and I look forward to learning more from you, and the others on here!
  • #1,462
  • May 31, 2013 8:20am May 31, 2013 8:20am
Quoting Uk1
Hi All, just another newbie checking in to say hello. Finally finished reading all 73 pages, and there's a lot to take in! There are some great insights in to the market, and this thread highlights a great system. I've relatively new to forex, been studying TA intensively for the last 6 months, and have been looking for a good position trading strat to use (around my day job). I guess my personal insight in to forex currently is that the TA theory side of things is relatively easy to learn / understand, for me the hardest thing to do currently is...
Welcome to the thread - I post and trade when time commitments allow and this seems to work for me, hopefully this approach allows you to do the same.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,463
  • May 31, 2013 8:24am May 31, 2013 8:24am
Just a couple of questions from me initially (hoping to post some potential set-ups with and for commentary soon):

1) How do we define ATR(1) - Is it the distance in pips between the high and low of the last completed candle?
2) Do we only enter on a TDI cross (with all other conditions met) or can we enter on a bounce? Or are bounces just for add-ons?

Thanks guys
  • #1,464
  • May 31, 2013 8:37am May 31, 2013 8:37am
AUD/CAD is not one of my preferred pairs, just because the CAD seems to have a mind if its own - hence its nickname the loonie!

Anyway, current set up

Positives
APB colour change - great shape / size
PA moving away from the Support Zone
Supporting signal arrow
MA 2-7 cross
TDI confirmation with Trade Signal Line moving in same direction as PA

Negatives
RSI >51
PA has not broken below previous day low
It's Friday and 06:30 PDT - probably not much further PA today

one to watch
Attached Image (click to enlarge)
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"To live with Passion, it takes Courage and Grace to survive"
  • #1,465
  • Jun 2, 2013 4:10pm Jun 2, 2013 4:10pm
Quoting Britpip7
{quote} Or, you could just manage your SL on the H4 and see how far it can run - use the low from a recent fractal or the low for 2 or 3 candles previous to the current candle.

Moot point now as price keeled over and took out the stop ... still for a profit though .

Thinking a pending long above the high, to catch any further move, with the stop below the 4h fractal.
  • #1,466
  • Jun 4, 2013 3:49pm Jun 4, 2013 3:49pm
Quoting Buttonjock
{quote} Moot point now as price keeled over and took out the stop ... still for a profit though . Thinking a pending long above the high, to catch any further move, with the stop below the 4h fractal.

Back in. Pity about the negative swap as this could potentially go a long way
  • #1,467
  • Jun 5, 2013 12:16pm Jun 5, 2013 12:16pm
Currently playing with GBP/NZD.

Missed the initial move (family visiting) which would have taken a DD of over 200pips on Monday, so would probably have got stopped out after TP1 would have been hit - I am now in the current push.

Original trade entry analysis:
Positives:
Arrow confirmation
RSI >51
2/7 cross
TDI cross
PA breaks Fractal High
PA closes above 200EMA
PA moves away from Demand Zone

Couldn't see anything on the negative side!

Current Push - dropping to H4 to pick up what would have been Add-On trades (I entered as the APB was changing colour on the 04:00 candle.
Positives:
2/7 cross on H4 (day 2/7 bounce)
RSI>51
Bounce off of Asian Low

current concern is that H4 is reaching overbought, so look for pullback signals and then maybe another push and another H4 entry.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gbpnzdh4 6-5-2013.png Size: 53 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,468
  • Jun 5, 2013 3:56pm Jun 5, 2013 3:56pm
Could someone please give me guidance to find the details of the 2-7MA Cross: Which type of ma is used and which data (0pen or Close)?

Thank you
  • #1,469
  • Jun 5, 2013 3:57pm Jun 5, 2013 3:57pm
Quoting Britpip7
Currently playing with GBP/NZD. Missed the initial move (family visiting) which would have taken a DD of over 200pips on Monday, so would probably have got stopped out after TP1 would have been hit - I am now in the current push. Original trade entry analysis: Positives: Arrow confirmation RSI >51 2/7 cross TDI cross PA breaks Fractal High PA closes above 200EMA PA moves away from Demand Zone Couldn't see anything on the negative side! Current Push - dropping to H4 to pick up what would have been Add-On trades (I entered as the APB was changing...
Wouldn't the initial TMS day cross being well above 50, instead of coming up from 32, be a negative?
  • #1,470
  • Jun 5, 2013 6:31pm Jun 5, 2013 6:31pm
Quoting Forex37
Could someone please give me guidance to find the details of the 2-7MA Cross: Which type of ma is used and which data (0pen or Close)? Thank you
Post #1
"To live with Passion, it takes Courage and Grace to survive"
  • #1,471
  • Jun 5, 2013 6:32pm Jun 5, 2013 6:32pm
Quoting Buttonjock
{quote} Wouldn't the initial TMS day cross being well above 50, instead of coming up from 32, be a negative?
That would indeed be a negative - sorry - got carried away with it after the trade hit
"To live with Passion, it takes Courage and Grace to survive"
  • #1,472
  • Jun 5, 2013 11:09pm Jun 5, 2013 11:09pm
USD JPY has a series of Inside Bars accompanied by a double bottom on Day / H4.

Waiting for a break of the Mother Candle to see whether we go short or long. With RSI currently sitting below 49, my choice would be for a continuation - but then what do I know?
Attached Image (click to enlarge)
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"To live with Passion, it takes Courage and Grace to survive"
  • #1,473
  • Jun 6, 2013 1:53am Jun 6, 2013 1:53am
Quoting Britpip7
{quote} Post #1
Thank you for your kind reply. Post 1 is very impressive - as all of your postings,which I followed since a long time. Still I seem to be unable to find details about the properties of those 2 MAs. I remember having seen posts describing and recommending this as a replacement for the TDI. But I can`t find it again.

I plan to use this as a replacement for the TDI on platforms, which make it impossible to replicate the TDI (i.e. Dealbook).

Thank you
  • #1,474
  • Jun 6, 2013 8:00am Jun 6, 2013 8:00am
Quoting Forex37
{quote} Thank you for your kind reply. Post 1 is very impressive - as all of your postings,which I followed since a long time. Still I seem to be unable to find details about the properties of those 2 MAs. I remember having seen posts describing and recommending this as a replacement for the TDI. But I can`t find it again. I plan to use this as a replacement for the TDI on platforms, which make it impossible to replicate the TDI (i.e. Dealbook). Thank you
Sorry - my error.

Please start at post 1446 for 2/7 approach

http://www.forexfactory.com/showthre...78#post6706878
"To live with Passion, it takes Courage and Grace to survive"
  • #1,475
  • Jun 6, 2013 12:38pm Jun 6, 2013 12:38pm
Quoting Britpip7
USD JPY has a series of Inside Bars accompanied by a double bottom on Day / H4. Waiting for a break of the Mother Candle to see whether we go short or long. With RSI currently sitting below 49, my choice would be for a continuation - but then what do I know? {image}
Apparently I was correct - And look what it did - over 200pips - anyone catch this? not me
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpydaily 6-6-2013.png Size: 55 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,476
  • Jun 6, 2013 3:56pm Jun 6, 2013 3:56pm
Quoting Britpip7
{quote} That would indeed be a negative - sorry - got carried away with it after the trade hit

Lol, and no one else has ever done that. Mate, love your work
  • #1,477
  • Jun 6, 2013 3:58pm Jun 6, 2013 3:58pm
Quoting Britpip7
{quote} Apparently I was correct - And look what it did - over 200pips - anyone catch this? not me {image}

The Jpy's have been pretty dodgy lately, so it's not one I'd feel bad about missing. did get the move on the eurusd though
Attached Image (click to enlarge)
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  • #1,478
  • Jun 9, 2013 2:40pm Jun 9, 2013 2:40pm
Possibly some reversal patterns to watch for with APB colour changes - if there are gaps on market open, I will wait for the new day candle.
Attached Image(s) (click to enlarge)
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"To live with Passion, it takes Courage and Grace to survive"
  • #1,479
  • Jun 9, 2013 2:44pm Jun 9, 2013 2:44pm
Many of the big trend runs are reaching major price zones, so caution on following the trends with new entries. Let the markets have a breather and see where the move takes them with the new week.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpauddaily 6-9-2013.png Size: 41 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,480
  • Jun 9, 2013 2:57pm Jun 9, 2013 2:57pm
Nothing to really confirm a reversal on GU, however it is moving away from a reasonably strong price zone. PA has closed and remained above 200EMA, so this may just be a pause.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusddaily 6-9-2013.png Size: 57 KB
"To live with Passion, it takes Courage and Grace to survive"
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