Trading Made Simple for Day Charts

eur aud is now running in profit - currently has SL moved to BE after 30 pips, so this is now a risk free trade.

Weekly TDI is showing a bearish divergence from PA and has 400pips of space to the next weekly S/R level, so looking to let this one run with possible add-on entry points.

Daily TDI MZ is now greater than 68, so lots of downward pressure

great stuff britpip, very inspiring

my daily TMS trading has taken a bit of a plateau, mainly getting comfortavle with winning streaks and then taking reckless trades without enough consideration for PA. am going to trial a similar setup to your MACD modification in the new year except with CCI (14) including histogram

will also look to add a myfxbook link to my demo account in my signature here, if this is possible on forex factory?

Question how many pairs do you guys watch and which ones?

a more interesting question would be "what pairs do you trade most?", followed "by which pairs have the best returns?" It would be great to see some answers from those of you that follow this thread

100pipsaday was posting his best pairs and yields on his thread - the pairs he watches are included in the 12up charts and although the technique is different from TMS, he approaches it from a view as to which pairs have a habit of producing trend runs.

My standard pairs are in the market watch attachment - 19 total, and I have been developing live testing histories on the 12up chart, so my current goal is to have 12 pairs maximum and then fine tune to 8.

All open trades have been closed as everything has slowed down significantly which means any signals that were in play are now waiting for the next push, so I will sit to the side and see where they go.

While everything has slowed down it gives us a chance to relax and have some screen time without distractions of trading. When I set my charts up I always add on the Weekly S/R levels from the historical levels.

To do this I start off with just the main chart window, so all other indicator windows have been switched off by using the indicator properties window and by deselecting the weekly timeframe to leave yourself with candles. From that point add horizontal lines at the significant reversal levels - I use the Weekly Close. I will often add text to each level so that I can refer to it later. One thing that will often happen is that a Weekly S/R level will occur at a Big Round Number, which is often cited as a "psychological level" for traders (possibly self fulfilling prophesies!). Sometimes instead of a definitive price point, there will be a zone which can be up to 100 pips.

These stay on you charts as you drop to the lower timeframes so long as you click on the object after it is created - depending on your settings for options of course and this can be changed by selecting Tools and then Options and then Objects.

I find that this helps with a certain level of prediction for PA losing momentum as it reaches these levels, so either exiting trades as PA closes in on an S/R level or managing with tighter stop losses are options.

Common moves at these levels are consolidation / bounces and reversals.

Says......i been back up on my backtesting.I think im gonna start back testing without the TDI for a while.At the end of the day its really all about analyzing price action.

Im currently in the following trades

AUD/NZD : -34.2

GBP/NZD : +298.7

EUR/CHF : +19.9

Nice catch on the GB/NZD

There have been some nice moves over the past week even with the lower volumes and most of these could have been auctioned with this approach.

Currently watching the AUD retraces on USD and CHF, although PA is stalling, so probably time to close out for the year.

Not much news activity for the rest of the week - tomorrow is a bank holiday, so no markets!

Wishing you all a Peaceful and Prosperous 2014

Measures for success on your trading plans

Do Not worry too much about your overall Profit Trades as a % of total - you may have lots of B/E or small profit trades which will skew the stats.

Do worry about the following:

Gross Profit = total $ won

Gross Loss = total $ lost

Total Net Profit = Gross Profit minus Gross Loss

Profit Factor = Gross Profit divided by Gross Loss - this is the number to focus on. To get this number higher, set yourself goals on each trade and rules as to how many pips you are prepared to give up on a winning trade (trailing stops, cave manager, etc?), as well as SL settings and how you manage losing trades (once a trade goes against you, how many pips are you willing to lose?).

Here's my final numbers for December - very pleased with the month as I often have other commitments in my schedule which conflict with trading every day. Only 17 trades and only trading with 0.02 lots = $20 per trade. Depending on your account size and risk management, this level of trading can be a good supplement to your income, so if you trade with 0.1 lots, your income multiplies by 5, and so on!
Maybe that's the New Year resolution - trade on a more consistent basis with larger volumes - we shall see

Happy pip hunting on 2014 - may all your pips be green

Just posting some refresher charts on TDI Crosses and patterns,

Watch for the Trade Signal Line to rollover before taking a reversal TDI cross - I would rather miss a few pips and be a day late than get faked out be a false signal!

I still check in with the TMS thread to see who is posting and pick up any nuggets.

Emmanuel is posting again and pulling up some of BigE's posts - here is a good one for TDI and entries:

http://www.forexfactory.com/showthre...16#post4575616

The reference to HA candles should be read as the APB candles




The TDI is the heart of our method. It tells you when to enter and where to exit any trades... so review previous posts and learn it good.

HA / APB Candles are important because it makes your trading way less stressful... use them.

Stoch's is nothing but confirmation. If Stoch's & the TDI give different signals... lights flash off and on warning me to take a closer look before entering.. and usually I look for another trade.

... only wanting to enter on candle 1 or two (after TDI cross / APB clor change - my edit!) . If there is a reversal do I have a TDI signal to enter... if not and all looks strong then enter on candle 2... use some discretion... practice on Demo... take some chances and see if yor head computer was right... it's free.

HA - APB Candles... What are their size? If they are small I will usually go find another set up... Look for consolidation... look for how close PA is to supp/res levels... use your brain !

Believe it or not you have to participate and think... until it's so second nature... there is nothing to it... it's so simple... don't complicate it or you will lose...

I am still looking with interes on this thread, keep posting, u'r great

110+ pips on USD/CHF

I closed this trade out after a few days for 80 pips




Here is another view of the same trade.Notice the old resistance level.The price has been hovering around at the point it is now not really moving all day.Coincidence? I dont think so.

Would one of the experts like to comment on why this trade did not work out - to me it looked like a strong trade. Strong signal candle below the 5 EMA, TDI below the Red & Yellow & StochsALL pointing down.
Opened a Sell trade in Tokyo session with a 50 pip SL, went 18 pips higher to 68 pips above entry.
Cheers Oldie

Oldie,

A good entry on the Day Chart with a new colour APB, new colour MACD and TDI cross. PA looks to have run into an old Weekly S/R level from 2009 on the Day chart and is also running into EMA89 and EMA200 levels on H4, so unlucky on the pullback.

I do have to ask the question as to a 50pip SL on the Day, when the ATR7 is running @ 45 and ATR1 was 90pips. The Swing high plus 15-20 pips would have kept you in the trade with maybe a better chance of a profit before the latest pullback and the Day Engulfing Candle. My guidelines on SL would be 2X ATR7 or Swing High/Low +/- 15pips or so

Thanks for those comments BritPip: I will certainly be increasing the SL. Cheers Oldie

Slowly getting more into running add-ons in the live account.

1st entry was after the new day APB colour change and day 2/7ema arrow and PA moving away from the SZ - ideally this could have been taken a couple of days earlier. 2xATR7 on the entry candle was 145 pips, SL was set above the previous swing high which was 170pips.

As the trend opens up, I use either the H4 Fractal Highs for SL settings, or run with a TS of 50pips.

Did not have time to trade on the following day, so missed an opportunity for an add on (this would have netted an additional 170pips), but did add on the next day as the trend continued and took a second add on which was stopped out. Hindsight on this one would have been to close all trades when PA hit the Day 200EMA which could have save 60pips or so.

Entry 1 = +230
Entry 2 = +120
Entry 2 = -50

Total = +300

Here's a single entry with a defined take profit that was successful.

The entry is taken after the Day APB colour change / PA crossing the 7EMA and the 2/7EMA Arrow. Day TDI shows the RSI flat and TSL moving higher.

H4 chart was confirming PA crossing EMA23 and the EMA7/23 cross was setting up (TDI cross was a day earlier on H4.

TP was based on the Weekly S/R level, so set about 50pips short of that level - could have set closer, but wanted a safety margin in case of an early short bounce

watching EJ with a view to looking for short entries? - GJ showing very similar patterns

Day - TDI still trending lower - MACD and CCI staying in short territory - PA stall

H4 - TDI looking to cross lower - PA sitting on EMA23

Going to let the Asian session run for a couple of hours and see if we get movement on these pairs - Japanese news looks to be a lower impact, but you never know.