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Trading Made Simple for Day Charts

  • #1,641
  • Jul 31, 2013 3:54pm Jul 31, 2013 3:54pm
Quoting Britpip7
Just a heads-up for this Friday - NFP
Good reminder
  • #1,642
  • Jul 31, 2013 3:57pm Jul 31, 2013 3:57pm
Quoting Britpip7
GBP/AUD is heading for a weekly Resistance level, so no new entries at this time - on the watch list for a reversal or break through the weekly level of 1.6920 {image}

Interesting thought, most Jpy pairs have formed a lower high on a weekly chart in the last few weeks
  • #1,643
  • Aug 2, 2013 8:52pm Aug 2, 2013 8:52pm
I'm a beginner with this method and I must say I really like it. Going to demo trade until I get the hang of things. Here's the first trade I've been in using this method

http://i1303.photobucket.com/albums/...psd48319e2.png

I made the mistake first of going in too early and setting my stop loss too tight. I set it at the recent low which was only ~30 pips and price just barely hit the stop loss before going back up. Also the red signal line hadn't started going in the upwards direction, so I jumped in too early.

When the red signal line did start going up I went long on the high of the candle (swear I wasn't revenge trading, I thought it out for quite some time). Overall I think it was a decent trade, and so far it looks like momentum is picking up. Couple things I liked about this trade

Pros
- APB color change, doji candle right before it, also if you look at the candles preceding, it looks like the bearish candles were losing steam.
- Overall long term trend is up (weekly, 100 + 200 EMA)
- TDI cross under the 50 level
- RSI(10) just crossed the 50 mark when trade was taken
- ATR(1) was > 75% of ATR(7) and the set up bar had a substantial body, with some upper + lower wick
- Price touched the 100 EMA which acted as support and started going up from there

Cons
- Resistance level overhead, although I think price will break through it.
  • #1,644
  • Aug 2, 2013 11:25pm Aug 2, 2013 11:25pm
Quoting Revival
I'm a beginner with this method and I must say I really like it. Going to demo trade until I get the hang of things. Here's the first trade I've been in using this method {image} I made the mistake first of going in too early and setting my stop loss too tight. I set it at the recent low which was only ~30 pips and price just barely hit the stop loss before going back up. Also the red signal line hadn't started going in the upwards direction, so I jumped in too early. When the red signal line did start going up I went long on the high of the candle...
Hi - initial analysis looks good - two issues from my perspective - 1 - USD/CAD can be a wild ride, so I do not trade it - 2 - Friday and NFP can influence things a tad. Looks like a solid reversal.

Apart from that, use your Money Management skills as though this was a live account, so trade lot sizes that you will trade live and try to imagine how the losses feel because that is when you find out what sort of trader you are. When you see $100 burn on a loss, or $500, how do you feel? the wins are easy to handle, but those losses...
Attached Image (click to enlarge)
Click to Enlarge Name: usdcaddaily 8-2-2013.png Size: 68 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,645
  • Aug 2, 2013 11:32pm Aug 2, 2013 11:32pm
Britpip sadly Emmanuel is leaving the TMS thread, your input over there would be appreciated by many in the weeks to come if you have any time spare.
  • #1,646
  • Aug 2, 2013 11:47pm Aug 2, 2013 11:47pm
Quoting Revival
I'm a beginner with this method and I must say I really like it. Going to demo trade until I get the hang of things. Here's the first trade I've been in using this method {image} I made the mistake first of going in too early and setting my stop loss too tight. I set it at the recent low which was only ~30 pips and price just barely hit the stop loss before going back up. Also the red signal line hadn't started going in the upwards direction, so I jumped in too early. When the red signal line did start going up I went long on the high of the candle...
Thanks. Yea I think I took a risk holding the trade close to the NFP, but it seems to be alright, will take into account next time. I am trying to trade like it's real money. I do feel bad about my losses, just because it's a demo account, I don't just carelessly try to take trades. I'm trying to stick to the system as much as possible and use the least amount of emotion/gut feeling so that when I eventually trade live, it will be an easier transition. Thanks for the tips though.

Also what do you use the MACD indicator for? Divergence?
  • #1,647
  • Aug 2, 2013 11:53pm Aug 2, 2013 11:53pm
Here is a great example for what NFP can do to what would appear to be a great set up.

Trading before NFP is like rolling the dice - you have no idea what will happen, so if you like your odds at 50/50 then go place all your money on black and go to Vegas.

This example, depending on how you placed your trade - pending as a sell stop or a by market sell, would either have not triggered if you set your Entry Point below the Thursday Low, or you would be sitting 190pips if placed as a sell by market.

As Nancy Reagan would say - Just say No to placing trades before NFP - same advice applies to FOMC news events!

Happy pip hunting
Attached Image (click to enlarge)
Click to Enlarge Name: eurusddaily - nfp.png Size: 74 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,648
  • Aug 3, 2013 12:11am Aug 3, 2013 12:11am
For those of you struggling with trade entry decisions, here's a great example
Attached Image (click to enlarge)
Click to Enlarge Name: Trade Entry Points.png Size: 82 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,649
  • Aug 3, 2013 12:33am Aug 3, 2013 12:33am
And for those of you wondering if this works, here is this week's closing trades, this week was around 340 pips (I think) - combination of Day and H4 trades - still running with general trends or reversals and TDI crosses / bounces.

Rough math would be 11 trades - 8 wins - 3 losses - wins = $82 (approx 410pips), losses = $23 (approx 110 pips) depending on the pairs traded.

82/23 = 3.56:1 win to loss ratio, so a good week.

This is a live account on 0.02 lots per trade
Attached Image (click to enlarge)
Click to Enlarge Name: week ending 8-2-2013.gif Size: 53 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,650
  • Aug 3, 2013 12:37am Aug 3, 2013 12:37am
Quoting Britpip7
Here is a great example for what NFP can do to what would appear to be a great set up. Trading before NFP is like rolling the dice - you have no idea what will happen, so if you like your odds at 50/50 then go place all your money on black and go to Vegas. This example, depending on how you placed your trade - pending as a sell stop or a by market sell, would either have not triggered if you set your Entry Point below the Thursday Low, or you would be sitting 190pips if placed as a sell by market. As Nancy Reagan would say - Just say No to placing...

I think the main message here is that if you have open positions and FOMC or NFP is coming up, be prepared for the news to spike the PA and close you out.

Alternatively you can always close all open positions and look for new entry positions.

Next option - do not trade right before FOMC and NFP!
"To live with Passion, it takes Courage and Grace to survive"
  • #1,651
  • Aug 3, 2013 5:23am Aug 3, 2013 5:23am
Quoting Britpip7
And for those of you wondering if this works, here is this week's closing trades, this week was around 340 pips (I think) - combination of Day and H4 trades - still running with general trends or reversals and TDI crosses / bounces. Rough math would be 11 trades - 8 wins - 3 losses - wins = $82 (approx 410pips), losses = $23 (approx 110 pips) depending on the pairs traded. 82/23 = 3.56:1 win to loss ratio, so a good week. This is a live account on 0.02 lots per trade {image}
Hi Britpip7, I just came across this thread. Still reading from page 1 and DIGESTING. May I ask how do I open the tpl file? (referring to the template)
  • #1,652
  • Aug 3, 2013 7:21am Aug 3, 2013 7:21am
Hi Fx Lapozi,
the .tpl file should be put in the template folder on mt 4,

do you know where to put indicators etc ? If yes then look down the list to find templates, put the file in the,
restart mt4.
Then - charts - templates from menu at top, the template should be in there !


Regards
nelly
  • #1,653
  • Aug 3, 2013 10:07am Aug 3, 2013 10:07am
Quoting FxLapozi
{quote} Hi Britpip7, I just came across this thread. Still reading from page 1 and DIGESTING. May I ask how do I open the tpl file? (referring to the template)
here's a visual - save / move the file to "templates" - once the .tpl file is in MT4 - close your Mt4 and relaunch and then right click n the main chart and then go to "Template"
Attached Image
"To live with Passion, it takes Courage and Grace to survive"
  • #1,654
  • Aug 3, 2013 11:13am Aug 3, 2013 11:13am
Quoting Nellycopter
Hi Fx Lapozi, the .tpl file should be put in the template folder on mt 4, do you know where to put indicators etc ? If yes then look down the list to find templates, put the file in the, restart mt4. Then - charts - templates from menu at top, the template should be in there ! Regards nelly
Ah now I know. Didnt know it should be there...I actually googled tpl files opener and downloaded the software and still cant open it hahaha.

Thanks btw!
  • #1,655
  • Aug 3, 2013 11:13am Aug 3, 2013 11:13am
Quoting Britpip7
{quote} here's a visual - save / move the file to "templates" - once the .tpl file is in MT4 - close your Mt4 and relaunch and then right click n the main chart and then go to "Template" {image}
Noted with thanks
  • #1,656
  • Aug 3, 2013 12:22pm Aug 3, 2013 12:22pm
Just looking through the charts for an initial review, so here's my approach.

EU - Weekly chart is currently showing a trade range of 670 pips for the past 18 weeks. Depending on how you are reading the weekly PA, the current Doji candle would indicate a pause and we are nearing the 1.3400 level AND PA is sitting on the 200EMA, so I am looking for pull back from the 200EMA level for next week.

Overall weekly trend (long term) is moving lower and the MACD is supporting this and is probably showing consolidation, so possibility for a breakout move from current levels.

On to the Day Chart and we have 3 APB colour changes in 3 days, which usually indicates a lower range is setting up with a current sticking point for PA @ 1.3300.

TDI had a strong cross on Thursday and then NFP messed it all up, but MACD and TDI are still heading lower, so once all the gloom and doom merchants are done with the NFP news, we'll see where the market really wants to go. Patience on this one and see where PA goes after the Sunday gap trading settles down.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSDWeekly 8-3-2013.png Size: 61 KB
Click to Enlarge Name: EURUSDDaily 8-3-2013.png Size: 69 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,657
  • Aug 3, 2013 12:47pm Aug 3, 2013 12:47pm
For Gu you can make an argument for the weekly range to be 1000pips centred around current price, so the 1.5300 area can be seen as a pivot point given how strong it was as a support zone dating back into Aug 2011.

The Day chart gives you a current range of 300pips with the 200EMA acting as dynamic resistance. The NFP PA engulfed the previous two days, so a very strong day candle which has crossed and closed above 7EMA and 21EMA. With PA sitting on 100EMA and with 150pips to go before the 200EMA, this would need to be a lower time frame trade, so waiting for PA to give confirmation on the current day move following NFP.

RSI Trade Signal Line has flattened, so any +ve PA on Monday will probably cause a TDI cross plus a 2/7MA confirmation arrow
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly 8-3-2013.png Size: 69 KB
Click to Enlarge Name: gbpusddaily 8-3-2013.png Size: 75 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,658
  • Aug 3, 2013 1:07pm Aug 3, 2013 1:07pm
Eur/AUD keeps showing signs of slowing down and then it pushes higher. It has been in oversold territory for a while, however, the Weekly chart show it has a long way to go.

On the Day chart, TDI still gave two very valid Entry Points with the second TDI Cross strongly supported by RSI / MACD and a Fractal High Break - this would have been a nice 400+pip gain.

Lesson Learned here, is to watch for the PA pauses when everything is oversold, the continuation moves can still be very strong.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euraudweekly 8-3-2013.png Size: 72 KB
Click to Enlarge Name: eurauddaily 8-3-2013.png Size: 58 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,659
  • Aug 3, 2013 1:18pm Aug 3, 2013 1:18pm
NZD/JPY is looking to follow the general theme that AUD is following - down.

Weekly shows us that the last 2 weeks have engulfed the previous week's candle, so not a bad signal that the weekly trend down is resuming. 300+pips to the next weekly support range.

Day Chart has PA siting above the 200EMA, so PA momentum needs to push through this area to allow for another Entry Position following on from the initial TDI cross several days ago. PA / MACD / TDI / RSI are all heading lower.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nzdjpyweekly 8-3-2013.png Size: 52 KB
Click to Enlarge Name: nzdjpydaily 8-3-2013.png Size: 71 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,660
  • Aug 3, 2013 11:42pm Aug 3, 2013 11:42pm
Here is the current template and screenshots of the indicators plus weekly / daily / H4 and H1 charts

This is from an earlier post
After testing a variety of formats, I am keeping the TDI on the chart because it does give some good confirmations which you may otherwise miss.

TDI is an overlay onto a MACD which is there as a general momentum indicator - The OSMA Oscillator is very similar, and the Awesome Oscillator is also good - but pick one and go with it.

The RSI may be too much on top of all of this, but knowing the value is a good thing.

All the rules are intact, so no changes there. The colours work for me with my colour vision issues, so feel free to make it work for you.

The main chart has lost the Supply and Demand Zones because mostly they were sitting on the primary Weekly S/R price lines, so once you zoom out and add the S/R lines as Horizontal Lines, they will not repaint as the zones do when PA hits them.

The White arrows are the 2/7 EMA confirmation and I am currently testing with the Black arrows which are 5/10 EMA confirmations - they may not add anything, so could well get nuked in the next version.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Template Indicator List.gif Size: 138 KB
Click to Enlarge Name: gbpusdweekly template.png Size: 57 KB
Click to Enlarge Name: gbpusddaily template.png Size: 69 KB
Click to Enlarge Name: gbpusdh4 template.png Size: 64 KB
Click to Enlarge Name: gbpusdh1 template.png Size: 67 KB
Attached File(s)
File Type: tpl # 000 bp7 2-7ma tdi macd v5.tpl   12 KB | 874 downloads
"To live with Passion, it takes Courage and Grace to survive"
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