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Trading Made Simple for Day Charts

  • #2,041
  • Aug 9, 2014 5:31pm Aug 9, 2014 5:31pm
I have seen a lot of discussions on low volatility over the past few weeks and from trading just the day charts, here's what happened on the some of the pairs I focus on - these are all from July - August 2014 - the # of candles shows that these are all longer term trades with positions open over several weekends.

If you were trading all of these pairs at the same time, your account and your nerves would have seen up to 38 open positions, so probably not practical - but very possible on one or two pairs simultaneously.

The pips are out there, but on the lower time frames there are a lot of false signals.
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File Type: docx Day Charts - July - August 2014.docx   19 KB | 747 downloads
"To live with Passion, it takes Courage and Grace to survive"
  • #2,042
  • Aug 10, 2014 7:41am Aug 10, 2014 7:41am
Quoting Britpip7
I have seen a lot of discussions on low volatility over the past few weeks and from trading just the day charts, here's what happened on the some of the pairs I focus on - these are all from July - August 2014 - the # of candles shows that these are all longer term trades with positions open over several weekends. If you were trading all of these pairs at the same time, your account and your nerves would have seen up to 38 open positions, so probably not practical - but very possible on one or two pairs simultaneously. The pips are out there, but...
Very nice indeed! Tough to find a good Trend these days.

Do these results reflect a 2 lot strategy like you have talked about before? And were the exits taken by a fixed TP strategy or some other plan?

Best, AG
Do not dwell in the past, do not dream of the future, concentrate the mind.
  • #2,043
  • Aug 10, 2014 9:33am Aug 10, 2014 9:33am
Quoting AlbinaGrande
{quote} Very nice indeed! Tough to find a good Trend these days. Do these results reflect a 2 lot strategy like you have talked about before? And were the exits taken by a fixed TP strategy or some other plan? Best, AG
Usually I am moving the SL behind each day so using the previous day low or the day before that for a long. IF PA is nearing S/R levels and I see indicators stalling / reversing, I may take a manual exit (and then complain about the additional 100pips I could have got if I stayed in )

One thing that most of the old timers wiil tell you that once an indicator is in the OverSold / OverBought region, they are unreliable, so difficult to use - base all decisions on PA at this point, so if PA starts to reverse and TDI is above 68, consider exiting and saving the pips.

Taking a 2 lot strategy helps to put some early pips in the bank, but using 1 lot for entry and then adding on after the entry ART7 value has been passed will still give very good yields and does reduce your entry risk by 50%.

There will be the occasional loss where both entries get taken out (this will usually occur in the first 3 candles as an Engulfing candle - mostly from a news event, so look ahead at the upcoming news - watch out for for red flag events - I never place trades before NFP and FOMC releases), but I only see this on less than 10% of my trades - the pips won on the bigger trends easily cover that.
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"To live with Passion, it takes Courage and Grace to survive"
  • #2,044
  • Aug 10, 2014 11:39am Aug 10, 2014 11:39am
Quoting Britpip7
{quote} Usually I am moving the SL behind each day so using the previous day low or the day before that for a long. IF PA is nearing S/R levels and I see indicators stalling / reversing, I may take a manual exit (and then complain about the additional 100pips I could have got if I stayed in )........ {image}
Liking your explanation a lot! The clearest yet.

I see that these trades were all taken on a Daily basis. In the past you have talked about H4 for add-ons. There had been a nice down move on UC prior to your example. Did you take any H4 trades on either move?

Best, AG
Do not dwell in the past, do not dream of the future, concentrate the mind.
  • #2,045
  • Aug 10, 2014 11:50am Aug 10, 2014 11:50am
Quoting AlbinaGrande
{quote} Liking your explanation a lot! The clearest yet. I see that these trades were all taken on a Daily basis. In the past you have talked about H4 for add-ons. There had been a nice down move on UC prior to your example. Did you take any H4 trades on either move? Best, AG
I am only trading Day charts now - H4 kept getting me in trouble Mosty because I'd jump in too early and not respect the day trend!!!
"To live with Passion, it takes Courage and Grace to survive"
  • #2,046
  • Aug 18, 2014 12:20pm Aug 18, 2014 12:20pm
Hi Britpip7,

I highly appreciate your posts and I wish you every success in your trading.

I'm going long GBPJPY if this candle closes strong. It found good support and might test new high.
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  • #2,047
  • Edited 4:40am Aug 19, 2014 12:27am | Edited 4:40am
GBPUSD daily. I find danger in this one. TDI could be seen as suggesting long (red's flat though) but look at the TDI-MTF. I was intrigued by the large space between the red and blue so I scrolled back to find another when it was indicating the same type gap. . The previous time I found TDI-MTF took a couple of weeks to come into agreement with TDI again. Nerves of steel might have scalped some pips long but mere mortals like me no way am I touching it

But then again I'm new here, some of you ones have been around much longer and your knowledge is far more than mine. Hows my synopsis?
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"You know what needs to be addressed , completely completely reverse that".
  • #2,048
  • Aug 19, 2014 4:27am Aug 19, 2014 4:27am
Hi KMW,

Can you share the TDI MTF indi?

Thank you!
  • #2,049
  • Edited 5:12am Aug 19, 2014 4:49am | Edited 5:12am
Sure but see the similar threads to the left of your screen, might have to scroll to the bottom of the page for it. trading made simple etc etc, they are all in there. If you put indicators into mt4 but they don't show up it probably means they are not compatible with any build after build 600, I'm on 670, just delete them again and find the ones that are.
Attached File(s)
File Type: ex4 TDI-MTF.ex4   31 KB | 542 downloads
"You know what needs to be addressed , completely completely reverse that".
  • #2,050
  • Aug 22, 2014 8:26pm Aug 22, 2014 8:26pm
back from a week's holiday - hope you have all had green pips - not been able to trade seeing as the grand canyon had no internet access - no sure that was a bad thing
"To live with Passion, it takes Courage and Grace to survive"
  • #2,051
  • Aug 25, 2014 12:28am Aug 25, 2014 12:28am
Quoting Britpip7
back from a week's holiday - hope you have all had green pips - not been able to trade seeing as the grand canyon had no internet access - no sure that was a bad thing
Hi.
If we have trade D TF on Monday, when do we trade? After London Open? ... And if we take a D TF trade on Friday, are we not risking to keep the trade open for the week end?
TIA
  • #2,052
  • Aug 27, 2014 10:22am Aug 27, 2014 10:22am
I am new to here...& interesting day trading very much...I download all indicators from paperclip, but still some thing missing i think....please, can some show me what are missing from my chart ? & i am not clear how to enter the trade? what are the rules for entering trade ?
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  • #2,053
  • Aug 27, 2014 1:46pm Aug 27, 2014 1:46pm
Quoting adikashyap
{quote} Hi. If we have trade D TF on Monday, when do we trade? After London Open? ... And if we take a D TF trade on Friday, are we not risking to keep the trade open for the week end? TIA
Tia,

My rules for day trading are to base all trade decisions off of the previous day close - I review charts during the Asian Sessions, which is 5pm to 8pm Pacific. If there is a strong move in the first 3 hours of the new candle and confirms the previous PA direction, then it can be taken as an entry.

Another strong rule is to trade in the direction of the TDI Trade Signal Line. If the TSL is heading up, ignore any RSI Price Line crosses that are opposite to TSL.

Remember, we are looking for larger pip gains on the day charts - If a pair does not have the possibility of moving 100pips, then we should question whether it is the right pair to trade - there are plenty out there that move 100+pips.
"To live with Passion, it takes Courage and Grace to survive"
  • #2,054
  • Aug 28, 2014 11:54am Aug 28, 2014 11:54am
Quoting hrds
I am new to here...& interesting day trading very much...I download all indicators from paperclip, but still some thing missing i think....please, can some show me what are missing from my chart ? & i am not clear how to enter the trade? what are the rules for entering trade ? {image}
This is how my charts look - this is a live trade on AUD/USD
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"To live with Passion, it takes Courage and Grace to survive"
  • #2,055
  • Aug 28, 2014 4:13pm Aug 28, 2014 4:13pm
Quoting Britpip7
{quote} Tia, My rules for day trading are to base all trade decisions off of the previous day close - I review charts during the Asian Sessions, which is 5pm to 8pm Pacific. If there is a strong move in the first 3 hours of the new candle and confirms the previous PA direction, then it can be taken as an entry. Another strong rule is to trade in the direction of the TDI Trade Signal Line. If the TSL is heading up, ignore any RSI Price Line crosses that are opposite to TSL. Remember, we are looking for larger pip gains on the day charts - If a pair...
Tia,

another rule to watch for is once you have a TDI Cross and a colour change on the APB, make sure you enter on the 1st or 2nd candle. The 3rd candle after the TDI cross is too late.
"To live with Passion, it takes Courage and Grace to survive"
  • #2,056
  • Aug 30, 2014 10:26am Aug 30, 2014 10:26am
EU weekly is still pushing lower and is heading towards 1.3100 which may hold the PA - no new entries at this time - If PA bounces then there may be more opportunities to enter short once the pause / bounce is done.

From looking at the TDI, here are the observations:

MBL is now below 32 - this does not happen very often with any pair, and may give hope that there will be a pullback in the near future. The MBL will try to pull PA back to the 50% level eventually.

TSL - last 3 days have still seen TSL values dropping and it is now at 24.9 - TSL has only been that low once in the past 3 years. Until TSL starts to increase in values at the day close, ignore any TDI crosses, and then watch out for Supply/Demand Zones and S/R levels.

Once any indicator heads into the Oversold / Overbought zones, they are incredibly difficult to read, so relying on signals from these types of indicators is dangerous.
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"To live with Passion, it takes Courage and Grace to survive"
  • #2,057
  • Aug 30, 2014 10:38am Aug 30, 2014 10:38am
GU looks promising for a mini retrace with the week showing a bounce.

Similar story line to EU with the exception that there is a fresh TDI cross from the 32 zone which will attract some interest - watch out for the 200ema about 100pips above current PA which may well reject a PA move higher and provide more short entry opportunities.

If this is broken on the upside, then it will be worth following.
Attached Image (click to enlarge)
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"To live with Passion, it takes Courage and Grace to survive"
  • #2,058
  • Sep 6, 2014 12:10pm Sep 6, 2014 12:10pm
GU and EU continue to be heavily oversold as do most of the $ pairs. Any TDI crosses need to looked at as pauses / mini retraces, so keep the money management tight until PA really confirms any reversals - most likely scenarios on these pairs will be a pause and then trend continuation.

GJ presented a nice set of TDI crosses on H4 and Day charts with the H4 cross matching with the Day TSL direction, so a strong entry signal.

This entry was taken off of the day charts - if the H4 cross was taken this would have added another 50pips to the current trade. With a pin bar on the Day chart, the entry could have been taken earlier as PA continued.

SL now moved to BE and the trade is going to run over this weekend - if PA continues then it is time to start adding on.
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"To live with Passion, it takes Courage and Grace to survive"
  • #2,059
  • Sep 8, 2014 4:34pm Sep 8, 2014 4:34pm
Quoting Britpip7
GU and EU continue to be heavily oversold as do most of the $ pairs. Any TDI crosses need to looked at as pauses / mini retraces, so keep the money management tight until PA really confirms any reversals - most likely scenarios on these pairs will be a pause and then trend continuation. GJ presented a nice set of TDI crosses on H4 and Day charts with the H4 cross matching with the Day TSL direction, so a strong entry signal. This entry was taken off of the day charts - if the H4 cross was taken this would have added another 50pips to the current...

Currently looking at the retrace as a partial gap fill from Sunday's open - nothing fundamental to change the view that this is still heading down - Day TDI TSL is still moving lower as is the Day MA7. As long as those two run together, I will stay in and look for more add-ons
Attached Image (click to enlarge)
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"To live with Passion, it takes Courage and Grace to survive"
  • #2,060
  • Oct 2, 2014 12:47pm Oct 2, 2014 12:47pm
Hello,
I am new to this thread, I was redirected from the original TMS thread cause I am looking to trade the Daily TF. I like the method as it is promising and simple and I think it may help me with my trading decisions. In hindsight, looking back on the charts it seems very profitable. I realize though that in real trading it won't be easy.
I realize that if this thread is still going then the method is proven reliable but I am curious how consistent it has been over the years as market dynamics change over such period of time? May be Britpit7 and the other senior members would be kind enough to share some thoughts.
Thank you!
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