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Trading Made Simple for Day Charts

  • #1,921
  • Feb 14, 2014 3:57pm Feb 14, 2014 3:57pm
Quoting kingclarence
Ok so i lost 100 pips on the Eur/Usd lol Gbp/Nzd is + 40 pips Gbp/Usd is + 324 and rising I got stopped out of the Eur/Gbp for +100 pips or so because my stop was too tight and it appears to be moving back in the right direction.Lesson learned
Likewise on the EUR/USD...I'm trying my best not to be disheartened by the loss, back to the drawing board! My stop was about 70 pips (1xATR) which I think was sufficient breathing space. It doesn't seem like the trade would have gone in my favour by the looks of the most recent chart, a strong up candle with the TDI now pointing upwards. Going to stick to demo trades for the mean time while I think.
  • #1,922
  • Feb 14, 2014 4:03pm Feb 14, 2014 4:03pm
Quoting kiranizzle
{quote} Likewise on the EUR/USD...I'm trying my best not to be disheartened by the loss, back to the drawing board! My stop was about 70 pips (1xATR) which I think was sufficient breathing space. It doesn't seem like the trade would have gone in my favour by the looks of the most recent chart, a strong up candle with the TDI now pointing upwards. Going to stick to demo trades for the mean time while I think.
When i look at i was probably a little hasty on the Eur/Usd.Dont let losses get to you they are part of the game.The difference between a loser and a winner is a winner doesnt quit until he wins.If we keep back testing and stay in there we will get this forex thing down eventually.Think of all the benifits once we master this!
  • #1,923
  • Feb 15, 2014 1:47pm Feb 15, 2014 1:47pm
Quoting notreally
{quote} Thanks, I will check into it.
Cave Manager is another one to look at - Phx62 uses it with great success

http://www.forexfactory.com/search.php?searchid=8627806
"To live with Passion, it takes Courage and Grace to survive"
  • #1,924
  • Feb 15, 2014 1:49pm Feb 15, 2014 1:49pm
Quoting kingclarence
{quote} I dont think my trading is aggressive at all.If anything i toned it down a notch.I had to learn to be more patient.I just look for trades that meet my criteria thats all.By doing this i think my last series of trades have been all winners. EUR/GBP is +100 GBP/USD is +180 Also i closed out the EUR/JPY trade for like +80 i think
nice results King - that patience thing grows on you eventually
"To live with Passion, it takes Courage and Grace to survive"
  • #1,925
  • Feb 15, 2014 1:59pm Feb 15, 2014 1:59pm
Quoting kiranizzle
What are people's views on the EUR/USD? Price seems to be making lower highs and lower lows on the daily chart. TDI has crossed on the latest candle with stochastic agreement. The 200 MA is leveling off but isn't in sight for another 120+ points. {image}
EU looking to be on a downward channel at the moment, however, TSL is moving higher and the Thursday candle was engulfing followed by a strong Friday candle,

PA is moving onto Demand Zone territory, so not sure I am looking for Long entries at the moment - waiting for Monday's candle
Attached Image (click to enlarge)
Click to Enlarge Name: eurusddaily 2-15-2014.png Size: 65 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,926
  • Feb 15, 2014 2:09pm Feb 15, 2014 2:09pm
GU breaking the 1.65 barrier was a strong move and breaking 1.67 clears one of the last weekly chart historical resistance points to give it clear skies ahead.

Watch for pull backs and new long entries in the next weeks
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusddaily 2-15-2014.png Size: 65 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,927
  • Feb 15, 2014 2:13pm Feb 15, 2014 2:13pm
AU and NU are hitting Demand Zones and the tops pf their current ranges, so waiting for Short signals here unless PA blows through the current zones.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audusddaily 2-15-2014.png Size: 58 KB
Click to Enlarge Name: nzdusddaily 2-15-2014.png Size: 67 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,928
  • Feb 15, 2014 2:17pm Feb 15, 2014 2:17pm
EUR/AUD has lost its downward momentum and may continue to push off of the Weekly S/R of 1.49

Although TDI looks to be crossing, the TSL is not yet moving up, so careful with this one.

The Thursday Friday candles set up an inside Candle pattern, so wait for the Mother Candle to be broken before entering.
Attached Image (click to enlarge)
Click to Enlarge Name: eurauddaily 2-15-2014.png Size: 56 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,929
  • Feb 15, 2014 2:25pm Feb 15, 2014 2:25pm
GBP/AUD looks to be resting after its big moves on Wed/ Thur of 320 and 220 pips respectfully.

All indications are suggesting Long which would support what GU is also doing.

H4 chart suggest that we may see a PA pause at this level until PA breaks off of the 89EMA and 200EMA
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpaudh4 2-15-2014.png Size: 55 KB
Click to Enlarge Name: gbpauddaily 2-15-2014.png Size: 56 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,930
  • Feb 15, 2014 2:31pm Feb 15, 2014 2:31pm
AUD/CAD looks to be close to the top of its recent weekly range, so waiting for the PA the head lower.

Thu/Fri candles cancelled each other so this often sees the next candle go lower. Wait for the PA to break the previous closes before entering.

Day TDI looks to be crossing lower and TSL is heading lower
Attached Image (click to enlarge)
Click to Enlarge Name: audcaddaily 2-15-2014.png Size: 59 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,931
  • Feb 16, 2014 2:48am Feb 16, 2014 2:48am
Quoting Britpip7
AUD/CAD looks to be close to the top of its recent weekly range, so waiting for the PA the head lower. Thu/Fri candles cancelled each other so this often sees the next candle go lower. Wait for the PA to break the previous closes before entering. Day TDI looks to be crossing lower and TSL is heading lower {image}
Thanks for all your analysis work Brit, really appreciate it.
Shane.
  • #1,932
  • Feb 16, 2014 10:43am Feb 16, 2014 10:43am
Quoting spiritboy
{quote} Thanks for all your analysis work Brit, really appreciate it. Shane.
Hi Shane,

I try to run through this routine every weekend to review each pair and cherry pick possible trades for Sunday/Monday.

I also run a review of the week's trades for lessons learned and to fine tune the entry / exit process - this way I stand a chance of having some reference material for each pair. Helps keep me on track.

Happy pip hunting
"To live with Passion, it takes Courage and Grace to survive"
  • #1,933
  • Feb 16, 2014 12:39pm Feb 16, 2014 12:39pm
quite strong bearish divergence on the TDI there also for AUDCAD

Quoting Britpip7
AUD/CAD looks to be close to the top of its recent weekly range, so waiting for the PA the head lower. Thu/Fri candles cancelled each other so this often sees the next candle go lower. Wait for the PA to break the previous closes before entering. Day TDI looks to be crossing lower and TSL is heading lower {image}
  • #1,934
  • Feb 16, 2014 1:42pm Feb 16, 2014 1:42pm
Quoting kingclarence
Ok so i lost 100 pips on the Eur/Usd lol Gbp/Nzd is + 40 pips Gbp/Usd is + 324 and rising I got stopped out of the Eur/Gbp for +100 pips or so because my stop was too tight and it appears to be moving back in the right direction.Lesson learned
Awesome result for the G/U
  • #1,935
  • Feb 16, 2014 3:34pm Feb 16, 2014 3:34pm
Quoting Buttonjock
{quote} Awesome result for the G/U
Yeah i know right? lol Suprised me.On top of that its still going.Its at +350 and looks like it might continue to rise.Also the Eur/Gbp looks like it might continue back downwards.I caught some pips but put my stop too tight.I wont re enter but i learned a lesson.
  • #1,936
  • Feb 16, 2014 7:53pm Feb 16, 2014 7:53pm
Quoting kingclarence
{quote} Yeah i know right? lol Suprised me.On top of that its still going.Its at +350 and looks like it might continue to rise.Also the Eur/Gbp looks like it might continue back downwards.I caught some pips but put my stop too tight.I wont re enter but i learned a lesson.
Still looking good on GU - Currently watching the way that PA has pulled away from the 7EMA and the TDI gap between the RSI and TSL (RSI is now >68, so technically Over Bought) and with CCI falling, I am expecting this pair to pause / pull back.

It now has clear skies above, so could well continue to rise with no clear Resistance levels.
Attached Image (click to enlarge)
Click to Enlarge Name: GU 2-16-2013.gif Size: 18 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,937
  • Feb 17, 2014 1:44pm Feb 17, 2014 1:44pm
It's quite possible that a reverse head and shoulders is forming on the audnzd
Attached Image (click to enlarge)
Click to Enlarge Name: audnzddaily.png Size: 105 KB
  • #1,938
  • Feb 18, 2014 3:58pm Feb 18, 2014 3:58pm
hey britpip

please can you check your messages, i have contacted you via pm, many thanks man

blam
  • #1,939
  • Feb 19, 2014 1:58pm Feb 19, 2014 1:58pm
Just for interest, skip to a monthly time frame on the audcad, gbpaud and euraud, put a fibonacci on the 2008/2009 high/low and the subsequent high/low in 2012/2013. Go back to a daily chart an see the current price/fib relatioship. Audusd and audjpy have some interesting stuff as well although with different dates and not as immediate as the first three
  • #1,940
  • Feb 19, 2014 8:15pm Feb 19, 2014 8:15pm
Here is a trade I just took on the nzd jpy. I don't see a lot of S/L on the way down. 4 hour looks good also.
Attached Image (click to enlarge)
Click to Enlarge Name: nzdjpydaily.png Size: 56 KB
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