Trading Made Simple for Day Charts | Page 99 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trading Made Simple 151,873 replies

Trading Made Simple the right way, and other trading lessons 334 replies

Indicators for the 'Trading Made Simple' system 343 replies

Charts, Charts, Charts! 1 reply

Trading Made Simple Charts Journal 2 replies

Attachments: Trading Made Simple for Day Charts
Exit Attachments

Trading Made Simple for Day Charts

  • #1,961
  • Mar 27, 2014 6:10pm Mar 27, 2014 6:10pm
Been really busy, so back to trading this week - I'll post some current trades with the 3 chart screen so you can see the entry points

GBP/CAD - this entry could have been take 1 to 2 days earlier, given that PA was falling away from the weekly S/R level, the Day was already reversing and H4 was in agreement.

2 entries with TP1 set to 80% of the Day ATR7 value at entry ATR7 =127pips), so TP1 closed out at +110 pisp. TP2 still running with SL set to BE. Will now wait for add-on trades in the Asian sessions.

As PA moves and creates new H4 Fractals, this is where the SL will be moved to.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpcad 3-27-2014.gif Size: 106 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,962
  • Mar 27, 2014 6:37pm Mar 27, 2014 6:37pm
Quoting wnabo
How productive has the system been of pips? how stress free? I intend entering and monitoring my trades only at about 12.00 everyday is that okay? I cant be around every 4hours but I can gurantee 12.00 everyday. I intend to enter after the cross of the TDI, on a daily chart Im beginning to think it might be a little late. What do you say?
wnabo,

I'll be posting charts with trade history and then you can compare between the day TDI / candle patterns and the H4.

Personally, I like taking signals from the day, because then you have PA momentum in your favour - and also because I cannot watch the charts waiting for an H4 PA move!

I run my daily analysis during the Asian session and place trades accordingly and then monitor at 5am Pacific and may close if chart patterns look naff and may open if the H4 has picked up speed from the Asian session if I am not already in the trade.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,963
  • Mar 27, 2014 6:38pm Mar 27, 2014 6:38pm
Quoting tlpfx14
{quote} gr8 input. pls. post often. i like ma, using 9 (from macd) and 20 (in bband) cheers {image}
tip,

The MAs are almost a personal preference, so whatever you feel gives you an edge. Nice chart
"To live with Passion, it takes Courage and Grace to survive"
  • #1,964
  • Mar 27, 2014 6:47pm Mar 27, 2014 6:47pm
GBP generally seems to be moving again, so most pairs show well.

GU day candles have engulfed the previus bear candles, so makes for a good entry point.

ATR7 was too low for me to run with 2 trades, so a single entry and now the SL has been moved to a BE point which coincides with the latest H4 Fractal Low.

If momentum picks up this will support an Add-On entry off of tonight's Asian session
Attached Image (click to enlarge)
Click to Enlarge Name: gu 3-27-2014.gif Size: 105 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,965
  • Mar 27, 2014 7:04pm Mar 27, 2014 7:04pm
Reading indicators and understanding what they are telling you can give you an edge with your trading

All indicators are based off of averages, which means they are all lagging indicators. I have yet to see a leading indicator. Many candle patterns are touted as being high probability reversal signals but you can read PA in accordance with the indicators, regardless of whether it is MACD / Stochastics / Awesome Oscillator, etc.

With this indicator, I would be looking to secure my positions and maybe close all open positions. This is the Bill Williams - Awesome Oscillator and it is saying that PA momentum is drying up. If PA stalls at this level, the indicator will change colour, and if PA then continues the trend, another white bar will be set and this is a good re-entry or add-on signal
Attached Image
"To live with Passion, it takes Courage and Grace to survive"
  • #1,966
  • Mar 27, 2014 7:36pm Mar 27, 2014 7:36pm
Some random thoughts from Big E on trade entries - he was referring to H4 charts for these comments - HA refers to Heikin Ashi - we are using APB, very similar behaviour. These are from the first 5 pages of the Trading Made Simple forum and well worth going back and re-reading the early days when Big E was active and posting training charts.

TDI was his only indicator although he did start out with Stochastics for confirmation and later dropped them. On the main chart he had a 5EMA with a shift of 1 or 2 to show general PA. So this can be done without all the crap I put on the charts - start simple and see where it takes you.

Hope this helps a few of you in being convinced that the H4 and Day charts offer much less stress and much higher returns for your efforts and to believe that more indicators don't really help Thanks to Big E - he'll always be remembered on these threads

HA candles average a 3-8 candle run in most cases when it reverses... That's why I want to enter on candle 1 or 2 if I see a set up. A single candle on the 4hr nets you 30-60 pips or more generally. If it goes 3-4 candles you've already made 80-150 pips.


A set up is NOT GREEN TOUCHING RED. Why? Many times green bounces back and the original direction continues. That's a bounce trade.
Wait for green to CROSS RED and open your trade at the beginning of the new candle... usually candle 1 or 2.
Catch the momentum...

A Normal entry is when green crosses red on the TDI (and you can actually see the green on the other side)
A bounce trade is when green gets close to red but bounces away and the original trade continues are good entries generally.
I always look to the left for a possible res/sup level being near. If it's close I pass on the trade and go find another...

I generally quit trading at 6am Pacific (9am est). Why? The market might cook some for the next hour or two but unless there is a hot news announcement during the day... the market pretty much peters out and ranges... I don't want to be trading in that junk. Thats where dealers make most of your money is ranging markets and 5-15 min time frame trading... you got to quit trading those trash time frames. Granted there are 2 out of 100 who can Kick bootie there but chances are your in the 98% who can't. I hear it over and over traders complaining that they have 2-3 years experience but can't keep their head above water... always losing or just breaking even... or worse...

You can't get different results if you keep doing the same thing over and over... just ain't gonna happen anytime soon...

Years ago I traded stocks but later switched to fx. I started using higher timeframes moving up from 5 to 15 to 30 to 1hr and I was seeing benefits every time I went higher. Kept working on the TDI honeing it to the maximum simplicity possible and moving up to 4hr charts and trading at my bed time... wow what a difference in pips earned... stress free as I slept...
"To live with Passion, it takes Courage and Grace to survive"
  • #1,967
  • Mar 28, 2014 11:01am Mar 28, 2014 11:01am
Quoting Britpip7
Some random thoughts from Big E on trade entries - he was referring to H4 charts for these comments - HA refers to Heikin Ashi - we are using APB, very similar behaviour. These are from the first 5 pages of the Trading Made Simple forum and well worth going back and re-reading the early days when Big E was active and posting training charts. TDI was his only indicator although he did start out with Stochastics for confirmation and later dropped them. On the main chart he had a 5EMA...
Many thanks for the refresher, David;

Best Wishes, Bob
Do not dwell in the past, do not dream of the future, concentrate the mind.
  • #1,968
  • Mar 28, 2014 2:16pm Mar 28, 2014 2:16pm
Just so that you can see a trade not going to plan - Jury still out on this one, so I am not killing it yet even though we have the weekend coming (probably a dumb idea, but let's see)

Reasons for entering AUD/CAD:

Pull Back on the weekly chart - not sure the channel is valid - still testing this.

Day - PA at a Weekly S/R level - MACD decreasing and CCI dropping below +100 and the start of a TDI Cross above the 68 zone (the one thing I don't like is that the TSL is still moving higher). Candle pattern over the past 5 days has had a Pin Bar and we are now in consolidation, so nothing conclusive for an entry. This is a very narrow range for Day closes, so a breakout is due (coin toss?). One thing to note with TDI is that just because it is above 68, does not automatically mean it is going to reverse - it can still go higher.

H4 was showing bearish divergence on TDI and AO and PA had turned Thursday night was moving lower with AO and TDI confirming - my sell stop was hit so now I have -35pips on the 2 entries.

Entry based on Day ATR7 @ 65pips, so SL is at 130pips - TP1 is at 60pips.

Fingers crossed now on this one and prayers to the forex gods
Attached Image (click to enlarge)
Click to Enlarge Name: audcad 3-28-2014.gif Size: 103 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,969
  • Mar 28, 2014 3:58pm Mar 28, 2014 3:58pm
AU - looks to be turning - but do you bet against the day trend?

One of my rules is to not go against the Day TDI, especially when the TSL is showing a strong trend as typically RSI crosses to the downside when TSL is heading up are mostly PA pauses and then there is a continuation.

I would like to see Thursday's Day candle engulfed and TSL flatten / reverse.

Wait and see on this one for Sunday/Monday to see what PA does, even though H4 is showing a Bearish Divergence on AO!!!
Attached Image (click to enlarge)
Click to Enlarge Name: au 3-28-2014.gif Size: 98 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,970
  • Mar 29, 2014 9:43pm Mar 29, 2014 9:43pm
GU has maintained its momentum, so an add-on is now in play

SL is being kept below the last H4 Fractal
Attached Image (click to enlarge)
Click to Enlarge Name: gu 3-29-2014.gif Size: 110 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,971
  • Apr 2, 2014 8:06am Apr 2, 2014 8:06am
NZD/CAD

Daily Chart:
TDI big cross slope is 11.0
PA manage to push through the fractal lower of the congestion band.
EMA 200 and 100 is far below.

Weekly Chart:
TDI not crossing but with hint to cross
Momentum for uptrend is stalled as previous bar cannot make new high.

I am in this trading. Anyone else ?
  • #1,972
  • Apr 3, 2014 1:59pm Apr 3, 2014 1:59pm
Quoting denvertan
NZD/CAD Daily Chart: TDI big cross slope is 11.0 PA manage to push through the fractal lower of the congestion band. EMA 200 and 100 is far below. Weekly Chart: TDI not crossing but with hint to cross Momentum for uptrend is stalled as previous bar cannot make new high. I am in this trading. Anyone else ?
NZD/USD also looks good - well into the move now - may stall at the upcoming day resistance @ around 8530, so may give another entry if trend continues,
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusddaily 4-3-2013.png Size: 32 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,973
  • Apr 5, 2014 4:57am Apr 5, 2014 4:57am
hi brit
which is the post to refer to your full write-up for your trading method?
i want to study and incorporate your trading thought in MA and MACD.
fyi, i use both MA and MACD.
e.g. http://www.forexfactory.com/showthre...19#post7382619
trust we can exchange trading view.

  • #1,974
  • Apr 13, 2014 2:32pm Apr 13, 2014 2:32pm
Quoting Britpip7
Been really busy, so back to trading this week - I'll post some current trades with the 3 chart screen so you can see the entry points GBP/CAD - this entry could have been take 1 to 2 days earlier, given that PA was falling away from the weekly S/R level, the Day was already reversing and H4 was in agreement. 2 entries with TP1 set to 80% of the Day ATR7 value at entry ATR7 =127pips), so TP1 closed out at +110 pisp. TP2 still running with SL set to BE. Will now wait for add-on trades in the Asian sessions. As PA moves and creates new H4 Fractals,...
Hello Britpips,
you are doing a great job here. Am a little bit confused as to your basics of entring a cross.
Is it that you take crosses from demand and supply zones or confluent levels for continuation of trends?
  • #1,975
  • Apr 13, 2014 3:12pm Apr 13, 2014 3:12pm
Britpip, do you still use supadem? What is your settings?
  • #1,976
  • Apr 13, 2014 3:58pm Apr 13, 2014 3:58pm
USDCAD, EURCAD and GBPCAD giving some interesting signals ...
  • #1,977
  • Edited 9:24pm Apr 15, 2014 7:33pm | Edited 9:24pm
GBPAUD have a crossing candle push above the EMA5. Is a bullish engulfing bar too. Anyone in this pair ? I use real candle. And I only do day trading.

sorry for the lousy screen capture from my phone. I am not able to access my chart now.

Attached Image (click to enlarge)
Click to Enlarge Name: image.jpg Size: 143 KB
  • #1,978
  • Apr 16, 2014 3:50pm Apr 16, 2014 3:50pm
Quoting denvertan
GBPAUD have a crossing candle push above the EMA5. Is a bullish engulfing bar too. Anyone in this pair ? I use real candle. And I only do day trading. sorry for the lousy screen capture from my phone. I am not able to access my chart now. {image}
Interesting one, I'd like to see a close above the EMA23 and the previous fractal or 2/7. Hasn't done it om my screen. RSI is a bit low too
  • #1,979
  • Apr 24, 2014 7:16am Apr 24, 2014 7:16am
Oil on daily chart, possible entry according to TMS in vertical yellow line.
Attached Image (click to enlarge)
Click to Enlarge Name: oil-jun14daily.png Size: 50 KB


Added 89EMA and 34 EMA to know trend direction, and horizontal round number line as they show support/resistance, maybe because the future market is more centralized (everyone looking at same price chart) that is why they work better than in forex.
  • #1,980
  • May 28, 2014 3:50pm May 28, 2014 3:50pm
Interesting situation on the gbpchf. The day hasn't closed yet to indicate a 2/7 cross and RSI is still a bit high. The top of the last few days is also a significant pivot point
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchfdaily.png Size: 129 KB
1 trader viewing now