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Trading Made Simple for Day Charts

  • #1,981
  • Jun 3, 2014 3:40pm Jun 3, 2014 3:40pm
Quoting Buttonjock
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 {image}
Looks like this hasn't worked out
  • #1,982
  • Jun 17, 2014 3:55pm Jun 17, 2014 3:55pm
Apologies for all the lines. Interesting move on AUDUSD
Attached Image (click to enlarge)
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  • #1,983
  • Jun 24, 2014 3:47pm Jun 24, 2014 3:47pm
Well, AUDUSD isn't working gout at the moment. Second choice was AUDCAD, this one has a live trade moving slowly in the right direction.

On the AUDNZD the purple line represents predicted movement. Whilst I haven't yet taken a trade the first move was quite accurate. Looking for a long entry now
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audcaddaily.png Size: 116 KB
Click to Enlarge Name: audnzddaily.png Size: 116 KB
  • #1,984
  • Jul 13, 2014 11:37am Jul 13, 2014 11:37am
anyone still doing this method?
Skype ID - jagpal.kooner1
  • #1,985
  • Jul 13, 2014 5:01pm Jul 13, 2014 5:01pm
Quoting jagpalsingh
anyone still doing this method?
still plugging away - not been posting for a while, but still trading
"To live with Passion, it takes Courage and Grace to survive"
  • #1,986
  • Jul 14, 2014 12:16am Jul 14, 2014 12:16am
Watching aud/jpy - reversal in progress - see how PA runs on Monday
Attached Image (click to enlarge)
Click to Enlarge Name: audjpydaily 7-13-2014.1.png Size: 55 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,987
  • Jul 15, 2014 11:12pm Jul 15, 2014 11:12pm
Quoting Britpip7
Watching aud/jpy - reversal in progress - see how PA runs on Monday {image}
well, that fizzled out!
Attached Image (click to enlarge)
Click to Enlarge Name: audjpydaily 7-15-2014.png Size: 57 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,988
  • Jul 15, 2014 11:18pm Jul 15, 2014 11:18pm
AUD/NZD looking promising
Attached Image (click to enlarge)
Click to Enlarge Name: audnzddaily 7-15-2014.png Size: 58 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,989
  • Jul 16, 2014 1:25am Jul 16, 2014 1:25am
dont you think too many indicators to verify a trade ? i think price action is enough for trading ..
  • #1,990
  • Jul 16, 2014 7:43am Jul 16, 2014 7:43am
Quoting ebizpromo
dont you think too many indicators to verify a trade ? i think price action is enough for trading ..
primary indicators are TDI and PA - mostly the rest are running experiments - I have a couple of stripped down charts that I refer to which also work.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,991
  • Jul 16, 2014 8:23am Jul 16, 2014 8:23am
Britpip - [I want to preface this question that I am asking this question sincerely, not trying to point out that you use indicators or whatever]

Do you believe using the MAs and the TDI offer a more precise, and I guess, more consistent entry than trying to use just support/resistance and defining what an "entry" candle looks like? I ask because I have been looking at moving more trading to EOD and am just interested in learning others' approaches to daily chart trading.
Thanks -
Attached Image (click to enlarge)
Click to Enlarge Name: audnzddaily.png Size: 64 KB
Small disciplines repeated with consistency lead to great achievements.
  • #1,992
  • Jul 17, 2014 11:29am Jul 17, 2014 11:29am
Quoting jmflukeiii
Britpip - [I want to preface this question that I am asking this question sincerely, not trying to point out that you use indicators or whatever] Do you believe using the MAs and the TDI offer a more precise, and I guess, more consistent entry than trying to use just support/resistance and defining what an "entry" candle looks like? I ask because I have been looking at moving more trading to EOD and am just interested in learning others' approaches to daily chart trading. Thanks - {image}
The indicators that help me the most on day charts are the support / resistance levels. The weekly S/R levels are often stall points / reversal points as well as the 200ema which becomes a dynamic S/R level. The Supply / Demand Zones are part of this and they often coincide with the weekly S/R levels.

PA leaving or bouncing off of these is often a strong entry point and in many cases precedes the TDI cross. Moving average crossovers do work for some folks, but are usually read in partnership with other indicators and this adds to the data points in making decisions and often to the analysis paralysis syndrome.

The APB colour change is an additional bonus for an entry as once the colour changes (with a decent candle body and smaller wicks, or a pin bar) the PA will usually follow that direction for several candles.

Waiting until EOD gives you some time to review / analyze the PA relative to the indicators, or the recent candle patterns and in many cases the Asia session can kick off a new move. At the very least, you can create a watch list for pairs more likely to make a move, especially if a TDI cross and/or APB colour change is in play. It will also help to reduce your screen time and the number of trades and therefore stop the overtrading.

Trade durations can be anything from a day to several weeks with a disciplined approach to Stop Loss management and trading the day charts takes out a lot of noise and false signals.

The TDI TSL for me is a very strong indicator - if it is on a trend run from 32 to 68 or 68 to 32, then it is most often telling you that the the momentum has been established and to stay in the trade.

Hope this helps - happy pip hunting
"To live with Passion, it takes Courage and Grace to survive"
  • #1,993
  • Edited 1:52pm Jul 17, 2014 11:46am | Edited 1:52pm
Thank you for the detailed response. For the sake of learning, perhaps you can help me read the right side of this attached GU chart.

TDI Reading: I see the TDI has reached well above the 68 line, but we are also in a huge uptrend on the GU, so this isn't unexpected. We have had a cross below the red line, and now has dropped below the blue line, moved up and then hooked back down. This hook actually formed a divergence in price/TDI, as the price poked higher. The red line is almost crossing the blue line [I apologize, I don't know the names of any of these lines, if they have them]. The blue line is however still moving up. Also, the TDI has breached the low of the last TDI pullback and now could be forming hidden divergence supporting a long.

Price Reading: The last poke above the upper resistance could be considered a bit of a stop hunt and has since sold off, with an inside bar, and then today's bar breaking below its low. There is potential support not too far below, and then more support at the previous broken resistance from April.

Would this be good enough as a "bounce" trade? Is it too close to potential support? Has this been trending long enough where a reasonable retracement can be expected? Or perhaps we are in a bit of consolidation, building up the steam to move up again higher. If this bar closes where around where it will be, the APB will again be red following a blue retest of the highs earlier in the month.

Any help you want to provide would be interesting - thank you. I seem to feel a number of conflicting signals are present; perhaps its best if its not screaming "take the trade!" to just forget it?

EDIT: I apologize for being a learning sloth... I just read the first post thoroughly. It appears you used to use the RSI, but it appears no longer?
EDIT: I suppose attaching the chart I was referencing would be worthwhile.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily.png Size: 49 KB
Small disciplines repeated with consistency lead to great achievements.
  • #1,994
  • Jul 17, 2014 11:59am Jul 17, 2014 11:59am
AUD/NZD still moving and has reached the 89ema - still 120 to go to 200ema and 220 to weekly s/r level

No overbought signals at this point in time - possibly time to add a TS - I'll wait until EOD for that decision.

If current trend continues there will be an add-on for tonight which will make it 3 open positions.
Attached Image (click to enlarge)
Click to Enlarge Name: audnzddaily 7-17-2014.png Size: 59 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,995
  • Jul 19, 2014 8:56pm Jul 19, 2014 8:56pm
Quoting Britpip7
AUD/NZD still moving and has reached the 89ema - still 120 to go to 200ema and 220 to weekly s/r level No overbought signals at this point in time - possibly time to add a TS - I'll wait until EOD for that decision. If current trend continues there will be an add-on for tonight which will make it 3 open positions. {image}
Britpip7 could you explain your reason for the first buy entry?
  • #1,996
  • Jul 19, 2014 10:53pm Jul 19, 2014 10:53pm
Quoting trexy123
{quote} Britpip7 could you explain your reason for the first buy entry?
PA leaving the Demand Zone and the candle had engulfed the previous candle from 7/10, also the TDI had crossed at the entry time and was moving away from the 32 zone, as well as an APB colour change. The 2/7 Arrow would not appear until the following day so this was not part of the decision process. RSI 10 was on the increase bit I do not recall what the value was at trade entry - seeing as it was 51 at day close, I suspect it was <50, so not part of the decision process.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,997
  • Jul 19, 2014 11:12pm Jul 19, 2014 11:12pm
Quoting Britpip7
AUD/NZD still moving and has reached the 89ema - still 120 to go to 200ema and 220 to weekly s/r level No overbought signals at this point in time - possibly time to add a TS - I'll wait until EOD for that decision. If current trend continues there will be an add-on for tonight which will make it 3 open positions. {image}
AUD/NZD continued to run with the trend on Friday - 2nd add-on set up before the close on Friday which has triggered. we now wait to see what the Forex Gods will do at market open on Sunday. TS running on entries 1 and 2, so if thre is a pull back of 50 pips, this will close out all positions for a total of +60pips. If PA continues, then another add-on can be taken on Sundays close.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDNZDDaily 7-19-2014.png Size: 61 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,998
  • Jul 20, 2014 12:23am Jul 20, 2014 12:23am
Quoting Britpip7
{quote} PA leaving the Demand Zone and the candle had engulfed the previous candle from 7/10, also the TDI had crossed at the entry time and was moving away from the 32 zone, as well as an APB colour change. The 2/7 Arrow would not appear until the following day so this was not part of the decision process. RSI 10 was on the increase bit I do not recall what the value was at trade entry - seeing as it was 51 at day close, I suspect it was <50, so not part of the decision process.
Were you using buy limit or a manual entry?
  • #1,999
  • Jul 20, 2014 5:26pm Jul 20, 2014 5:26pm
Quoting trexy123
{quote} Were you using buy limit or a manual entry?
I think it was a manual entry for this one, however I normally place pending orders for buy stops and sell stops
"To live with Passion, it takes Courage and Grace to survive"
  • #2,000
  • Jul 21, 2014 12:05pm Jul 21, 2014 12:05pm
AUD/NZD day 5

Trades are just about holding in there with the SL not hit Sunday / Monday. AUD red flag news event this afternoon and this evening with the RBA announcements, so fingers crossed for some upbeat Aussie news.

This event usually moves the AUD, with the last 2 announcements triggering 200 pip drops against the NZD, so this will be a test for the recent run up. Price is stalling so maybe a suggestion of another drop?
Attached Image (click to enlarge)
Click to Enlarge Name: audnzddaily 7-21-2014.png Size: 64 KB
"To live with Passion, it takes Courage and Grace to survive"
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