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Trading Made Simple for Day Charts

  • #1,681
  • Aug 5, 2013 11:26pm Aug 5, 2013 11:26pm
Quoting cuchuflito
I like These 2 Charts... will go Long on day... TP 1 : ATR 7 (same as stop) TP2: 1,272 external fib of last two Pivots at 133,66 If you folllow, and we get busted , please blame it on the market.... {image} {image}
We have different brokers, so I was not seeing a long opportunity - I actually had pending short sells set up which triggered - then set my SL too close and both positions closed out for 15 pips each - still, a profit is always good.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,682
  • Aug 5, 2013 11:31pm Aug 5, 2013 11:31pm
Quoting FxLapozi
Hi guys, I am new here. Still getting grisp of the system...I just wonder if this trade set up is a good one? I m waiting for the candle to close and a bit of a retracement north before opening the trade. Expected SL around 120 pips with TP around 150-200pips. {image}
Looks promising with the TDi cross and PA moving lower
"To live with Passion, it takes Courage and Grace to survive"
  • #1,683
  • Aug 5, 2013 11:34pm Aug 5, 2013 11:34pm
Quoting Buttonjock
{quote} Hi Britpip The ant-GUBreakout appears to have two versions .0.4.1 and .0.4.2. They have different settings and seem to function somewhat differently. How are the settings determined. And the siily question, the 2-7 open ema has the defaults set to 2 and 7?
I usually mess with the timings for the boxes - taking into account time zones, etc. Mine is set up to show the LO and you can extend the horizontals to track the H/L of that session - not sure how it's all calculated though.

As far as the 2/7 indicator is concerned - yes, those are the default EMAs
"To live with Passion, it takes Courage and Grace to survive"
  • #1,684
  • Aug 5, 2013 11:40pm Aug 5, 2013 11:40pm
GA is having a fun ride after the AUD news releases - lots of folks looking for this to head lower off of the current highs.

There is a consolidation area about 400pips below current PA, so maybe worth a look
Attached Image (click to enlarge)
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"To live with Passion, it takes Courage and Grace to survive"
  • #1,685
  • Aug 6, 2013 2:02am Aug 6, 2013 2:02am
Quoting Britpip7
GA is having a fun ride after the AUD news releases - lots of folks looking for this to head lower off of the current highs. There is a consolidation area about 400pips below current PA, so maybe worth a look {image}
Seems like a promising trade. The green line is above 68 in TDI and there seems to be no strong resistance on daily chart until 200+pips lower from current PA. the R:R too is promising.
  • #1,686
  • Aug 6, 2013 1:12pm Aug 6, 2013 1:12pm
If you review each the following - EA / GA / EN / GN, you will see the same pattern - TDI crossing and APB changing colour. You may also notice that PA has yet to break and close below the 7EMA.

So - analysis time for EA - and this will hold true for GA. the reversals on the EN and GN have more current momentum

Positives:
PA reversal off of trend highs
300+ pips until next support levels
APB colour change
TDI cross in process (wait for candle to close) - TDI rolling over from above 68
MACD reducing in value
RSI reducing in value

Negatives:
PA has not crossed and closed below EMA7 - dynamic support! Price did hit 7EMA and pulled back.
So far, 3 reversal candles have not engulfed the last bull candle, so this may just be a pause
RSI >51

Waiting for candle close to see if PA regains momentum - not liking the current PA.
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"To live with Passion, it takes Courage and Grace to survive"
  • #1,687
  • Aug 6, 2013 10:14pm Aug 6, 2013 10:14pm
NU is looking promising to continue the current reversal pattern

Positives:

PA crossed and closed above 7EMA with 100pips of room before 89EMA
TDI cross confirmed
APB colour change

Negatives:

slight PA pull back at the start of the new candle
RSI correspondingly has pulled back and is <51

Watch this for an entry point on H4 - I will still use the day ATR 7 which is sitting at 103pips for SL / TP1
Attached Image (click to enlarge)
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"To live with Passion, it takes Courage and Grace to survive"
  • #1,688
  • Aug 6, 2013 11:01pm Aug 6, 2013 11:01pm
Quoting Britpip7
If you review each the following - EA / GA / EN / GN, you will see the same pattern - TDI crossing and APB changing colour. You may also notice that PA has yet to break and close below the 7EMA. So - analysis time for EA - and this will hold true for GA. the reversals on the EN and GN have more current momentum Positives: PA reversal off of trend highs 300+ pips until next support levels APB colour change TDI cross in process (wait for candle to close) - TDI rolling over from above 68 MACD reducing in value RSI reducing in value Negatives: PA has...

following on from my earlier comments, and with the trend for the week still predominately up, even with the current pull-back, there is a strong possibility of a move up short term.

H4 is showing a 150pips until it hits the high for the past week.

TDI Cross showing continuation
PA heading higher
2/7EMA confirmation
MACD heading higher
RSI>51
Attached Image (click to enlarge)
Click to Enlarge Name: euraudh4 8-6-2013.png Size: 61 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,689
  • Aug 7, 2013 9:53am Aug 7, 2013 9:53am
Quoting FxLapozi
Hi guys, I am new here. Still getting grisp of the system...I just wonder if this trade set up is a good one? I m waiting for the candle to close and a bit of a retracement north before opening the trade. Expected SL around 120 pips with TP around 150-200pips. {image}
2/2 short closed!

1= +88
2nd sold at retrace) = +135

Trades closed, entering 4th candle and 8583 seems to be a strong line of defense
  • #1,690
  • Aug 7, 2013 3:56pm Aug 7, 2013 3:56pm
Quoting Britpip7
NU is looking promising to continue the current reversal pattern Positives: PA crossed and closed above 7EMA with 100pips of room before 89EMA TDI cross confirmed APB colour change Negatives: slight PA pull back at the start of the new candle RSI correspondingly has pulled back and is <51 Watch this for an entry point on H4 - I will still use the day ATR 7 which is sitting at 103pips for SL / TP1 {image}

About time this thing moved. Gave me a hell of a scare when it came within 60 pips of my weekly stop! Pity the swap is negative.
  • #1,691
  • Aug 8, 2013 6:04pm Aug 8, 2013 6:04pm
Some interesting moves on JPY pairs - some have produced and APB colour change, on the day, so worth a look.

AUD/JPY

Positives:
APB colour change - ATR1 good size at 130pips
TDI cross in process from the 32 level - Trade Signal Line is moving higher
TDI Convergence indicating higher move
MACD and RSI moving higher

Negatives
PA has not yet crossed and closed above 7EMA
RSI <51
Counter trend trade going against current Day and Week
Attached Image (click to enlarge)
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"To live with Passion, it takes Courage and Grace to survive"
  • #1,692
  • Aug 8, 2013 6:10pm Aug 8, 2013 6:10pm
EUR/AUD making a strong case for a reversal play

Positives:
Strong reversal candle crossing EMA7 (wait for day to close to confirm)
250+pips to next prior resistance levels
TDI Cross confirmed
MACD heading for crossover
RSI heading towards 50

Negatives
Going against current up trends for Day and Week charts
TDI cross was 2 candles ago
Already 300pips into the reversal / pull back
Attached Image (click to enlarge)
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"To live with Passion, it takes Courage and Grace to survive"
  • #1,693
  • Aug 9, 2013 10:33am Aug 9, 2013 10:33am
From the two set-ups, NJ did not trigger. EA did trigger and is now 120pips in profit and now running with a 60pip trailing stop. so 60 pips locked in.

Will watch this on the lower timeframes for add-ons so long as PA does not retrace and stop me out
Attached Image (click to enlarge)
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"To live with Passion, it takes Courage and Grace to survive"
  • #1,694
  • Aug 9, 2013 5:31pm Aug 9, 2013 5:31pm
Guys,
How do you get the open / close bar tabs to show either side of the APB's without seeing the candlestick? I cant seem to do that without overlaying the candles over the apb's which then looks really messy - advice much appreciated.

Great trades Britpip, the market truly does reward discipline and patience, I continue to take notes!

Ross
  • #1,695
  • Edited 9:18pm Aug 9, 2013 6:09pm | Edited 9:18pm
Hi Britpip..

Started today to delete the most of my subscribed threads.

Some of them are useless, some of them are driven by drunk people (i guess)
who waste my time or some are (hidden) commercial.

Yours survived and i will start to read it from the beginning. Thanks..

D1/W1 is the best thing if you want to have a nice life and trade forex.
But patience is the key, and balls of steel

Lets see what this thread brings..

How to opt out annoying user signatures ??
  • #1,696
  • Aug 9, 2013 7:07pm Aug 9, 2013 7:07pm
Quoting Toranaga
Hi Britpip.. Started today to delete the most of my subscribed threads. Some of them are useless, some of them are driven by drunk people (i guess) who waste my time or some are (hidden) commercial. Yours survived and i will start to read it from the beginning. Thanks.. D1/W1 is the best thing if you want to have a nice live and trade forex. But patience is the key, and balls of steel Lets see what this thread brings..
Toranga - nice to see you here - you'll see some of the third screen strategy deployed in here with regards to using weekly and add-ons.

If you start at Post # 1, it should direct you to some of the more relevant posts, so no real need to read everything - lots of repetition.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,697
  • Aug 9, 2013 7:11pm Aug 9, 2013 7:11pm
Quoting Uk1
Guys, How do you get the open / close bar tabs to show either side of the APB's without seeing the candlestick? I cant seem to do that without overlaying the candles over the apb's which then looks really messy - advice much appreciated. Great trades Britpip, the market truly does reward discipline and patience, I continue to take notes! Ross
Thanks Ross,

Lots of time spent analyzing trends and then finding an entry point - Focusing on not trading against trends unless there is overwhelming evidence of a reversal / strong pullback.

My charts are run with the Chart on Foreground disabled, so the price bars are behind APB
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"To live with Passion, it takes Courage and Grace to survive"
  • #1,698
  • Aug 9, 2013 7:55pm Aug 9, 2013 7:55pm
Quoting Britpip7
From the two set-ups, NJ did not trigger. EA did trigger and is now 120pips in profit and now running with a 60pip trailing stop. so 60 pips locked in. Will watch this on the lower timeframes for add-ons so long as PA does not retrace and stop me out {image}

Time to analyze a trade that is actually in process as opposed to completed trades or hindsight training charts.

EA Weekly Chart was on a very strong up trend, however, MACD is showing a strong bearish divergence and TDI has flattened, so technically a Bearish signal. especially being heavily oversold,

EA Day Chart was showing the initial PA running out of steam with MACD, RSI 10 and TDI RSI Price Line all rolling over on the last 2 white APB candles. TDI Trade Signal Line has nicely rolled over, making a TDI cross very strong for the reversal. TDI is then supporting the PA move.
Once the APB colour change candle closes, you have a potential Entry Point - this would have caught the Entry Point #2 on the H4 Chart. This Entry Point would have triggered on the 3rd black APB candle.

The 2/7EMA confirmation arrow appears after the close of the 3rd black APB candle, so this provides another entry signal.

EA H4 chart shows how to look at PA when the Day Chart is giving an indication of a move and then starts to roll over.

The H4 chart was showing TDI Bearish Divergence against the PA, so the set up is there several candles before the first TDI cross and well in advance of the signals on the Day chart. Entry Point #1 as it turned out was not a strong running one as it initially went for 110pips and then suffered a 55pip drawdown before Entry Point 2 was confirmed with the TDI Cross and a Fractal Low break. This time the PA move is stronger until it takes a four candle rest (go to YouTube and watch "four candles" by the two Ronnies - hilarious) and then resumes the trend for Entry Position 3, which is the one that I am riding.

For additional Add-Ons, watch this on H4 or H1, but for my trade, it will depend on how much gap we see on Sunday, especially as I only have 20 pips left from my trailing stop of 65pips - maybe I should have closed the trade before Friday close, but with 100pips locked in, I'm prepare to risk 65 for a longer trade run and Add-Ons.

Happy pip hunting
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"To live with Passion, it takes Courage and Grace to survive"
  • #1,699
  • Aug 9, 2013 10:08pm Aug 9, 2013 10:08pm
Trade Summary for the week.

13 trades set up for pending trades (buy stops / sell stop) which is a really high number of trades in a week for me.

10 trades triggered (including one oops with a sell by market instead of a pending sell stop - don't ask - which was immediately closed so that I stick to the trading plan!)

9 profits and 1 loss (including a couple of BE stop outs after the trades were in profit), this includes the current trade with 100pips locked in.

Pips won 32/99/4(BE)/68/29/2(BE)/18/18/100 = 370

Pips lost 3(oops trade - sell by market) = 3

Win to Loss Ratio 370/3 which is not bad

This is my best ever win/loss ratio since going live (and I would have to say is an exceptional result - certainly not typical), so we shall see how this pans out over the next few weeks. I spend about 2 hours per day analyzing and placing the set ups and closing the trades. These were all pending trades that triggered while I was sleeping and then the closure is one of 4 scenarios:

a) hit TP target
b) closed when I woke up
c) closed after setting to run with TS
d) closed later in the day on a pull back / PA stall

Just to confirm, this is a live account and the current lot size is 0.02, so $20 per trade. Risk per trade is below 5% and they key is to watch your total exposure when trading multiple pairs. Same rules apply when you start adding on to winning positions - understand how many trades you are opening and what your total risk is.

It may look really impressive in a demo account having 20+ trades open, but if you get a bad news result / central bank announcement / natural disaster - earthquake, then all those pending pips will reverse on you. No harm in the demo, but do this with real money and there will be tears - ask me how I know this

If JPY is on a trend run, then pick 2 of the strongest pairs - same with any of the currencies, otherwise you will risk over trading and blow your account.

Happy pip hunting - looking forward to next week
Attached Image (click to enlarge)
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"To live with Passion, it takes Courage and Grace to survive"
  • #1,700
  • Aug 10, 2013 1:48pm Aug 10, 2013 1:48pm
Looking at a few of the day chart set ups for next week

EU and GU are showing MACD Bearish Divergence versus PA with the current PA running out of steam - early days, so worth putting on the watch list for Monday to see if we get a continuation and PA breaks below to 7EMA, etc.

AU is bouncing back into positive trend territory and is now mushing to a significant level of resistance, so wouldn't be surprised to see this hit the 9300 level and fall back.

USD CHF looks to be hitting a very strong weekly support line, so this sets up a Demand Zone - watching for a bounce higher - opposite of EU and GU of course.

EJ The gap between RSI Price Line and Trade Signal Line on TDI is closing on the day chart (Weekly shows TDI Bearish Divergence for quite a while), so currently no new entries on the day unless PA breaks below 128.00 - next major weekly support is 250 pips away - H4 gives a better entry view for the next few candles.

EUR NZD following the 125pip gap last week which was closed and then some, looks to be stuck in a 700pip range, so with the current move at 500pips, then this one is watch and see. Looks like PA is respecting the 89EMA line, so no surprise if this pattern repeats.

AUD CAD weekly is still down and using the 7EMA as dynamic resistance, so probability for the current PA to respect the trend line is high, however RSI is now >51 and TDI is still moving higher. If the next candle breaks and closes above the current trend line, there is a strong case for reversal. The gap between RSI Price Line and TDI Trade Signal Line concerns me, so this would be another danger signal for going long before the trend line is broken.

Eur CAD and GBP CAD both show the same. EUR CAD Weekly is pulling back from recent highs and the Day chart pull back, APB colour change and TDI cross all look good. A break of the current Day trend lows would be more evidence of the reversal.
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"To live with Passion, it takes Courage and Grace to survive"
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