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Trading Made Simple for Day Charts

  • #1,721
  • Aug 31, 2013 12:03am Aug 31, 2013 12:03am
Quoting Britpip7
As I had mentioned earlier on this thread that I was developing an H4 strategy based on the Day PA & TDI, I thought I would see how accurate it will be going forward, so I will be posting trade forecasts next week based on the following news alerts on selective currencies, so fingers crossed.......
Hi David, Sounds interesting. I particularly like the forward testing notion on limited pairs. Will follow. AG
Do not dwell in the past, do not dream of the future, concentrate the mind.
  • #1,722
  • Aug 31, 2013 2:18pm Aug 31, 2013 2:18pm
Quoting AlbinaGrande
{quote} Hi David, Sounds interesting. I particularly like the forward testing notion on limited pairs. Will follow. AG
I may switch UJ for GU on the US news events - see how it looks on day.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,723
  • Aug 31, 2013 4:05pm Aug 31, 2013 4:05pm
GBP/NZD - PA is again attempting to break the weekly resistance line, so is setting up a nice Supply Zone.

Positives:

Strong Supply Zone - looking for PA to move south
TDI in 68 zone - and has not recrossed higher so good possibility of a bounce lower
PA / TDI / MACD all trending lower
1,000 pips to next weekly level / Demand Zone

Negatives:
No confirmation of a sell at this time - need PA to move south
RSI 10 still above 49
Attached Image (click to enlarge)
Click to Enlarge Name: gbpnzddaily 8-31-2013.png Size: 62 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,724
  • Sep 1, 2013 12:09am Sep 1, 2013 12:09am
Thank You Britpip7,

I think you did a excellent job helping new traders! It takes a special
personality to teach people how to trade and you did fantastic.

I hope your new adventure works out great for you, you deserve it
you have worked very hard. And for everyone else the secret to
forex is: Don't quit and work hard and it will pay off...

Congrat's Britpip7 You did great!!!

snarlyjack
  • #1,725
  • Sep 1, 2013 12:47am Sep 1, 2013 12:47am
Good luck in your new endeavour. I will be following along with interest......
  • #1,726
  • Sep 1, 2013 3:24am Sep 1, 2013 3:24am
Quoting Britpip7
Back from vacation, so no trading this week due to zero access to the world wide interweb thingy. Looks like everyone left - hope you got some good pips this week - lots of movement going on. For those of you trading day charts with limited available screen time, this is still an extremely valid approach and still works and will bring in 400 plus pips per month per pair (in some cases this can be a weekly expectation), depending on the pairs that you trade. Just be patient with the set ups and remeber, that a 3 candle pattern takes 3 days to complete,...

Britpips7,

This is a big step forward in the right direction. Congratulations!

Will be eagerly looking forward to your launch.

With my best wishes,
EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,727
  • Sep 1, 2013 12:34pm Sep 1, 2013 12:34pm
Quoting Phx62
Good luck in your new endeavour. I will be following along with interest......
Well my friend, in part, this is a development resulting from your consistency in trading the H1 charts with TMS. I started mapping your trades as well as trades on the Third Screen Strategy and was seeing consistent patterns. The challenge was to replicate your success but with the Day TMS and H4 PA charts.

The theory holds water and with all of the backtesting completed which has taken over 2,000 data points per pair, across multiple time frames (think I may have worn out the F12 key ). The yields look encouraging, but then they always do when there is nothing at stake. So now it is time to prove the theory with live / forward testing. I have always liked the approach of adding-on to trades (along the lines of Equity Millipede and the Norwood approach), so that is a significant part of the strategy.

I thought I would throw in the additional challenge of posting my trade forecasts just as an extra level of accountability. so no pressure

I should have a trade explorer up and running for the tests (just waiting for the new IBFX account to be approved), so no fudging of results, although I have always used the MT4 detailed summaries to show results in the past

September should be a fun month, as I plan to run this for the next 4 weeks, so long as the day job does not interfere!
"To live with Passion, it takes Courage and Grace to survive"
  • #1,728
  • Sep 1, 2013 12:36pm Sep 1, 2013 12:36pm
Quoting snarlyjack
Thank You Britpip7, I think you did a excellent job helping new traders! It takes a special personality to teach people how to trade and you did fantastic. I hope your new adventure works out great for you, you deserve it you have worked very hard. And for everyone else the secret to forex is: Don't quit and work hard and it will pay off... Congrat's Britpip7 You did great!!! snarlyjack
Thank you kind sir.

I have always found with teaching that you learn so much more about the subject from all of the contributions, so this tread has certainly help me to evolve my trading skills.

Looking forward to the next chapter.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,729
  • Sep 1, 2013 12:37pm Sep 1, 2013 12:37pm
Quoting emmanuel7788
{quote} Britpips7, This is a big step forward in the right direction. Congratulations! Will be eagerly looking forward to your launch. With my best wishes, EMMANUEL
Thanks Emmanuel - fingers crossed for the live testing.

Keep up the great work that you are doing on TMS - great to see that thread so active.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,730
  • Sep 4, 2013 11:42am Sep 4, 2013 11:42am
Hi Folks,

First of all, serious apologies for the recent posts on the live testing. this was at best an error on my behalf as after serious review, was very confusing and was too early to release the information.

I need to stick to the original plan and finish the September live testing and then post results and then issue the forecasts. One thing that was very clear during the first week of live testing is that some assumptions that were developed during the back testing do not work in practice in a live environment, which is why we live test before publishing results! (ask me how I know this)

This was too much too soon - so, again, my apologies - not sure the post op drugs were helping the clarity of the mind!!!

I am in the process of cleaning up the posts, so for now, please ignore Posts 1730, 1731, 1732, 1733
"To live with Passion, it takes Courage and Grace to survive"
  • #1,731
  • Sep 4, 2013 2:47pm Sep 4, 2013 2:47pm
Quoting Britpip7
Hi Folks, First of all, serious apologies for the recent posts on the live testing. this was at best an error on my behalf as after serious review, was very confusing and was too early to release the information. I need to stick to the original plan and finish the September live testing and then post results and then issue the forecasts. One thing that was very clear during the first week of live testing is that some assumptions that were developed during the back testing do not work in practice in a live environment,...
YEP this is what I have learned as well stick to your plan don't be swayed by big profits and shiny objects

Steady as she goes

And yes back testing has no bearing on the future in anyway
I do Good I feel GoodI do Bad I feel Bad
  • #1,732
  • Sep 5, 2013 12:53pm Sep 5, 2013 12:53pm
Quoting Britpip7
Hi Folks, First of all, serious apologies for the recent posts on the live testing. this was at best an error on my behalf as after serious review, was very confusing and was too early to release the information. I need to stick to the original plan and finish the September live testing and then post results and then issue the forecasts. One thing that was very clear during the first week of live testing is that some assumptions that were developed during the back testing do not work in practice in a live environment, which is why we live test before...
No need to apologize, here. Thanks for being so forthright. Personally I like to know what is going into my sausage. I did like the working template that you showed us though.

Best, AG
Do not dwell in the past, do not dream of the future, concentrate the mind.
  • #1,733
  • Sep 9, 2013 10:38am Sep 9, 2013 10:38am
Dear Britpip
I only registered to this forum to reply to this thread. As many, I came here through Big E's TMS thread.
I'm new to forex, and I'm using daily charts. When I watched EUR/USD pair since Friday, I can see it's going to have a nice up movement, although many technical reports are saying the opposite.

- TDI crossed [Slope is more than 4.5]
- Monthly trend is up and can drive the PA
- ATR (1) is higher than 100% ATR (7)
- Good long candle that expresses a good momentum
- Traditional Fib setup [bouncing off 50]
- Its reaction to 200 ema looks good to me.

If you've some time, what do you think of this setup? I'm waiting for the next candle to confirm my decision.

Greetings from Egypt
Attached Image (click to enlarge)
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  • #1,734
  • Sep 9, 2013 11:05pm Sep 9, 2013 11:05pm
Quoting Mourad
Dear Britpip I only registered to this forum to reply to this thread. As many, I came here through Big E's TMS thread. I'm new to forex, and I'm using daily charts. When I watched EUR/USD pair since Friday, I can see it's going to have a nice up movement, although many technical reports are saying the opposite. - TDI crossed [Slope is more than 4.5] - Monthly trend is up and can drive the PA - ATR (1) is higher than 100% ATR (7) - Good long candle that expresses a good momentum - Traditional Fib setup [bouncing off 50] - Its reaction to 200 ema...

Welcome Mourad - good analysis - I do like the bounce off of to 200EMA plus the 2/7 confirmation arrow - RSI 10 is now above 51, so looking very good
Attached Image (click to enlarge)
Click to Enlarge Name: eurusddaily tdi 9-9-2013.png Size: 64 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,735
  • Sep 10, 2013 2:48am Sep 10, 2013 2:48am
Quoting Britpip7
{quote} Welcome Mourad - good analysis - I do like the bounce off of to 200EMA plus the 2/7 confirmation arrow - RSI 10 is now above 51, so looking very good {image}
Thank you for your quick response, I took the trade earlier, and waiting....
  • #1,736
  • Sep 10, 2013 3:53pm Sep 10, 2013 3:53pm
Quoting Mourad
Dear Britpip I only registered to this forum to reply to this thread. As many, I came here through Big E's TMS thread. I'm new to forex, and I'm using daily charts. When I watched EUR/USD pair since Friday, I can see it's going to have a nice up movement, although many technical reports are saying the opposite. - TDI crossed [Slope is more than 4.5] - Monthly trend is up and can drive the PA - ATR (1) is higher than 100% ATR (7) - Good long candle that expresses a good momentum - Traditional Fib setup [bouncing off 50] - Its reaction to 200 ema...

Forgive me for being obtuse. I think the weekly trend is down on this one. Having said that, I have a long on the gbp/usd
  • #1,737
  • Sep 10, 2013 5:07pm Sep 10, 2013 5:07pm
Quoting Buttonjock
{quote} Forgive me for being obtuse. I think the weekly trend is down on this one. Having said that, I have a long on the gbp/usd
Thank you BJ..
I'm still learning, so all opinions will absolutely help.
I guess you're right. price stalled and not moving above 1.32600. It looked like a perfect setup. but the weekly trend might be the prob.

I went long also on GBP/USD and took profit earlier [1.57324] for 34 pips , then price stopped moving.
EUR/JPY is booming, but it's going into an unknown area.. no clear indications for anything.. you might help me with your opinion.

USD/CHF is showing a perfect setup, but if you're right.. the weekly trend might ruin it! PA is bouncing off of 60 & 200 ema
Attached Image (click to enlarge)
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  • #1,738
  • Sep 10, 2013 6:53pm Sep 10, 2013 6:53pm
Some questions for open discussion:

1- Which trend do you follow: Daily, weekly, or monthly? or what combination of trends that must line up to trade? [e.g. daily and weekly!]
2- What should I do when price for no reason stalls?
3- Is there any way to know whether the price is going to breach the supp and demand zones or not!
4- Do you keep the trade going when it reaches these zones? [I'm playing it one trade not 2 like your plan]

P.s. I read the whole thread.. maybe I missed something.

Thank you in advance!
Mourad
  • #1,739
  • Sep 10, 2013 11:39pm Sep 10, 2013 11:39pm
Quoting Mourad
Some questions for open discussion: 1- Which trend do you follow: Daily, weekly, or monthly? or what combination of trends that must line up to trade? [e.g. daily and weekly!] 2- What should I do when price for no reason stalls? 3- Is there any way to know whether the price is going to breach the supp and demand zones or not! 4- Do you keep the trade going when it reaches these zones? [I'm playing it one trade not 2 like your plan] P.s. I read the whole thread.. maybe I missed something. Thank you in advance! Mourad
1- Which trend do you follow: Daily, weekly, or monthly? or what combination of trends that must line up to trade? [e.g. daily and weekly!] I use the weekly for S/R levels as well as overall trend - sometimes you will have pullbacks on the day chart that are tradeable, but all my entry signals are form the day charts.

2- What should I do when price for no reason stalls? once you lose your initial trade entry signals, all bets are off and it is a 50/50 call - best bet, cancel and start again - look for new entry positions

3- Is there any way to know whether the price is going to breach the supp and demand zones or not! not really - PA is king and it will tell you where it wants to go - no predictive indicators I'm afraid.

4- Do you keep the trade going when it reaches these zones? If you have two trades running you can close one and manage the second - I am inclined to close and wait for the next signal.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,740
  • Sep 10, 2013 11:42pm Sep 10, 2013 11:42pm
Quoting Buttonjock
{quote} Forgive me for being obtuse. I think the weekly trend is down on this one. Having said that, I have a long on the gbp/usd
Not sure how you would call the weekly right now - looks to ne in the middle of the range
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdweekly 9-10-2013.png Size: 51 KB
"To live with Passion, it takes Courage and Grace to survive"
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