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Trading Made Simple for Day Charts

  • #2,001
  • Jul 21, 2014 11:52pm Jul 21, 2014 11:52pm
Quoting Britpip7
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? {image}
Encouraging response to the RBA discussions - no new additions to the trade - running with a trailing stop on the 3 trades, so we will see where this goes overnight.
Attached Image (click to enlarge)
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"To live with Passion, it takes Courage and Grace to survive"
  • #2,002
  • Jul 22, 2014 9:54pm Jul 22, 2014 9:54pm
Quoting Britpip7
{quote} Encouraging response to the RBA discussions - no new additions to the trade - running with a trailing stop on the 3 trades, so we will see where this goes overnight. {image}
8th day for this trade - AUD CPI went well and PA continues north - next news event for the AUD/NZD pair is the red flag events for RBNZ statements and NZ Trade Balance tomorrow.

Currently the EMA7 and TDi TSL are both trending up, so no real signs for an exit, just keep moving the SL with the PA. PA is back to setting HH / HC / HL, so another good sign for continuation.

200ema now coming into play - if PA breaks through 200ema, the sl will be set to 200ema minus 30.

The Fib is on for those of you who like to see some additional lines just to show where PA has reached in retracing the 350pips fall from June 4th - to July 10th. A combination of a 61.8 Fib level and the 200ema may well slow things down as may the RBNZ announcements tomorrow.

4th add-on now in play - so what this means is that when the pair stalls / pulls back, for every 1 pip pull back, that is 4 lost pips - this is where you need to stick to the trading plan and manage the SL settings and ensure that combined lost pips do not kill your profits too much. This is all down to risk tolerance for the individual trader - no real set rules here - how many pips can you stand to lose? If this trade continues and fully recovers the prior drop, there is at least another 100pips to go, which equates to an additional 400pips, or if it retraces, it loses 200pips of profit and the end result is +200.

The real test is when it is real money and not a demo account - this is my live account, so real $$$ at stake here.
Attached Image (click to enlarge)
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"To live with Passion, it takes Courage and Grace to survive"
  • #2,003
  • Jul 23, 2014 11:46pm Jul 23, 2014 11:46pm
Quoting Britpip7
{quote} 8th day for this trade - AUD CPI went well and PA continues north - next news event for the AUD/NZD pair is the red flag events for RBNZ statements and NZ Trade Balance tomorrow. Currently the EMA7 and TDi TSL are both trending up, so no real signs for an exit, just keep moving the SL with the PA. PA is back to setting HH / HC / HL, so another good sign for continuation. 200ema now coming into play - if PA breaks through 200ema, the sl will be set to 200ema minus 30. The Fib is on for those of you who like to see some additional lines ...
AUD pairs are still continuing their trends and with today's news, NZD is also on a run - more NZD news tomorrow may help the trends build momentum.

EURO pairs reaching low points, but mostly still moving lower even though momentum is slow.

GU is still struggling to break and is sitting just north of 1.7000

With regards to my ongoing AUD/NZD - Day 9 is continuing the trend run and PA has broken and left the 200ema and is now testing the Supply Zone from the previous highs back in early June.

I would normally suggest closing trades at this point but the momentum is strong enough for PA to blow through the zone past 1.1000 and then we could see another 400pis of clear sky before the next serious zones. EMA7 and TDI TSL still very bullish. Trailing Stops reduced in case the PA stalls out at this level. If this happens, then worst case will be a total of +780pips - not too bad for a 9 day trade
Attached Image (click to enlarge)
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"To live with Passion, it takes Courage and Grace to survive"
  • #2,004
  • Jul 24, 2014 12:07am Jul 24, 2014 12:07am
Britpip7 you have just produced the best trade I've seen on Forex Factory, patience must have been a key factor here, but it does demonstrate that if you can master day charts there is much less stress and far more pips to be made. Time for me to follow your thread on a daily basis, thank you for sharing your system, Brian
  • #2,005
  • Jul 24, 2014 7:23am Jul 24, 2014 7:23am
great trading britpip

i have a question, on the TMS thread i noticed you said you didnt trade if the 4hr and daily TDIs did not match. what do you think of only taking trades when the daily TDI is in congruence with the weekly TDI, eg on an mtf TDI indicator?

thanks
  • #2,006
  • Jul 24, 2014 7:34am Jul 24, 2014 7:34am
Quoting blamshakk
great trading britpip i have a question, on the TMS thread i noticed you said you didnt trade if the 4hr and daily TDIs did not match. what do you think of only taking trades when the daily TDI is in congruence with the weekly TDI, eg on an mtf TDI indicator? thanks
Thanks - I should clarify that statement - If I am trading H4 timeframe and the H4 conflicts with the day then I do not trade. If I am trading the day, I rarely look at H4 - all my entries are based purely on what the Day PA is doing relative to S/R and candle structure in conjunction with TDI.
"To live with Passion, it takes Courage and Grace to survive"
  • #2,007
  • Jul 24, 2014 7:34am Jul 24, 2014 7:34am
Quoting Noosaville
Britpip7 you have just produced the best trade I've seen on Forex Factory, patience must have been a key factor here, but it does demonstrate that if you can master day charts there is much less stress and far more pips to be made. Time for me to follow your thread on a daily basis, thank you for sharing your system, Brian
Thanks - welcome to the thread
"To live with Passion, it takes Courage and Grace to survive"
  • #2,008
  • Jul 24, 2014 7:44am Jul 24, 2014 7:44am
Dear Britpip7,

Today i came to know about this thread while reading Quote of Blamshakk on Big-E TMS thread.
I have glanced through few pages and found it extremely useful. I appreciate your efforts and fruitful inputs.

I realized that I basically need this type of strategy instead of losing money frequently as intraday trader.
I just subscribed. Now onward, i'll stay here permanent and will try my level best to grab max. knowledge for implementation and survival in a better way.

Regards,
Azfar
  • #2,009
  • Jul 24, 2014 9:43am Jul 24, 2014 9:43am
ok thanks

can i ask how the trading on daily timeframe has been this year, im finding it more of a challenge than last year with not clearly defined trends and ranging markets. i know you alter your stops and tp based on ATR so has it been more choppy

blam



Quoting Britpip7
{quote} Thanks - I should clarify that statement - If I am trading H4 timeframe and the H4 conflicts with the day then I do not trade. If I am trading the day, I rarely look at H4 - all my entries are based purely on what the Day PA is doing relative to S/R and candle structure in conjunction with TDI.
  • #2,010
  • Jul 24, 2014 3:03pm Jul 24, 2014 3:03pm
Quoting blamshakk
ok thanks can i ask how the trading on daily timeframe has been this year, im finding it more of a challenge than last year with not clearly defined trends and ranging markets. i know you alter your stops and tp based on ATR so has it been more choppy blam {quote}
Hi Blam,

I have not been trading much for the past few months, so just getting back into it after a hectic schedule. EA seemed to be the best pair on day for me, so that was fun - It's been sulking for the past moth or so,
"To live with Passion, it takes Courage and Grace to survive"
  • #2,011
  • Jul 27, 2014 4:32pm Jul 27, 2014 4:32pm
GBP/AUD has had an interesting reversal pattern form over the past two days. Initially a PA bounce off of the 200ema as well as the current ascending channel, followed by a continuation of the move long.

Note that the lower line of the channel is running with the 200ema, so a significant dynamic support level at present.

Nothing from TDI and 7EMA, so these are still indicating momentum short, although other indicators show PA as oversold, so another one for the watch list as if PA continues north, there will probably be a colour change on APB on the Sunday/Monday candle.
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"To live with Passion, it takes Courage and Grace to survive"
  • #2,012
  • Jul 27, 2014 4:33pm Jul 27, 2014 4:33pm
EUR/AUD is giving signs of reversal with a bounce off of the Demand Zone by 100pips, but no signs of reversal on TDI or EMA7 at this point. Another one for the watch list

Key Weekly S/R numbers are all BRNS - 1.4000 / 1.4500 / 1.5000 and as Big E would often point out, these seem to attract the PA.

EJ would also be worth watching
Attached Image (click to enlarge)
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"To live with Passion, it takes Courage and Grace to survive"
  • #2,013
  • Jul 27, 2014 4:34pm Jul 27, 2014 4:34pm
Thoughts on AUD/NZD

Full retrace completed

All open positions closed as price stalled at the Supply Zone + PA stalling @ 1.1000

Friday Candle is a pull back / pin bar which copies the Thursday candle - both days fail to close above 1.1000 and appears to be holding short of the Supply Zone created by the previous highs in early June.

TDI angle and strength is strong as is EMA7, however TDI is heading towards the OverSold region. Most other indicators are showing this pair as OverSold on Day.

The weekly range is 540pips which started back in Jan 2014 - 1.1000 is the high of that range.

Depending on what the Monday PA does, this may well be a reversal candidate - way too early for setting entries at this point unless you are gambling - I am watching this on for a reversal candle pattern and a TDI and EMA 7 flattening before any decisions to go short.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDNZDDaily 7-26-2013.png Size: 55 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #2,014
  • Jul 28, 2014 12:44am Jul 28, 2014 12:44am
Hi Britpip7, I'm following your thread. Have some experience with TDI ( thanks to Big e's TMS thread) but came across with your thread accidentally. Look forward to your posts.

Regards
  • #2,015
  • Jul 28, 2014 7:46am Jul 28, 2014 7:46am
Quoting nimsri
Hi Britpip7, I'm following your thread. Have some experience with TDI ( thanks to Big e's TMS thread) but came across with your thread accidentally. Look forward to your posts. Regards
welcome to the thread
"To live with Passion, it takes Courage and Grace to survive"
  • #2,016
  • Jul 28, 2014 4:36pm Jul 28, 2014 4:36pm
Britpip7 regarding your post 1267

I really appreciate your thoughts a comments regarding the TDI/RSI and size and shape of candles. However, I don't understand your meaning when you stated the following
"4. Colour change candle value (ATR 1) should be at least 75% of the previous candle ATR 7
5. Colour change candles that are > 2X of the ATR7 may result in a PA stall"

What is a candle value ATR 1 or 7 and how would I find that value?

Thanks
  • #2,017
  • Jul 28, 2014 10:36pm Jul 28, 2014 10:36pm
Quoting pivotpower
Britpip7 regarding your post 1267 I really appreciate your thoughts a comments regarding the TDI/RSI and size and shape of candles. However, I don't understand your meaning when you stated the following "4. Colour change candle value (ATR 1) should be at least 75% of the previous candle ATR 7 5. Colour change candles that are > 2X of the ATR7 may result in a PA stall" What is a candle value ATR 1 or 7 and how would I find that value? Thanks
Pivot - Everything should be in Post #1 - the indicator is ATR Pips UL Corner

Short Summary - If ATR7=100pips, then ATR 1 for the APB colour change should be 75pips - however, I would be OK with 50% or 50pips. when the APB changes colour, there needs to be a reasonable body size - not all wicks, so I initially came up with 75% as a test. If you enter on really small candles, the move generally loses momentum. I have attached a snapshot of my data window so you can see it in action.

the APB Guidelines were posted last year and may be of use

Indicators for Chart (Day)
Synergy_APB_[C]
ATR Pips UL Corner – color to none - periods 1 – multiplier 1 - this will give you the ATR for a single candle
ATR Pips UL Corner – color to none - periods 7 – multiplier 1 (read dcginc posts for using this and setting SL and TP)
EMA 200 – blue dotted – Price Typical
EMA 7 - Price typical - shift = 1
Fractals (Bill Williams)
Supply and Demand indicator II_SupDem
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Attached Image
"To live with Passion, it takes Courage and Grace to survive"
  • #2,018
  • Jul 28, 2014 11:01pm Jul 28, 2014 11:01pm
Interesting watching the charts right now - many pairs are set up for reversals but have no price action - very small candles on the day charts, so entering is a complete gamble.

In some cases it can pay off to switch to H4 to pick up the moves as they commence.

AUD/NZD is a good example of PA momentum stalling and holding underneath a strong weekly S/R level, so looks to be a candidate if it follows traditional patters!!! But then what do I Know?

Wait for the move to pick up momentum and run for while and then enter in the direction PA.
"To live with Passion, it takes Courage and Grace to survive"
  • #2,019
  • Jul 29, 2014 12:18am Jul 29, 2014 12:18am
Britpip7, would u kindly share the indicator which shows i the tdi window,showing the tdi slope values.Thank u .
  • #2,020
  • Jul 29, 2014 9:07am Jul 29, 2014 9:07am
Quoting csethna
Britpip7, would u kindly share the indicator which shows i the tdi window,showing the tdi slope values.Thank u .
everything you need is in Post #1 - please read the post and the referenced posts

Also, these are the settings
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