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Trading Made Simple for Day Charts

  • #2,061
  • Oct 5, 2014 2:52pm Oct 5, 2014 2:52pm
Quoting ponchofx
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...
Hi Ponchofx - welcome to the day chart aspect of TMS. This works well with some of the swings we are seeing and with Add-Ons can harvest hundreds of pips, so this makes up for the quieter times when pairs range / consilidate,

Your biggest challenge is being patient and waiting for the A+ entries that you will see from many of the charts posted.

I am not posting much at the moment - nothing really new to share plus IBFX was acquired by FXCM, so until my live account gets re-activated.......

Once you get going, post some charts.
"To live with Passion, it takes Courage and Grace to survive"
  • #2,062
  • Oct 5, 2014 11:32pm Oct 5, 2014 11:32pm
Britpip7,
Thank you for your reply! I will do some practicing and backtesting of the method to build my confidence. It really looks promising. I actually did a simple backtesting on 6 pairs. I went back on the chart 1 year and up to now I took a trade to TP1 each time the TDI lines crossed. For the sake of simplicity, I didn't apply discretion or additional rules/filters - it didn't matter if it was 32/68 set up or if the color of candles changed, or when it changed, or PA. Just the fact that the lines crossed or green line bounced off the red one(add on). Just one entry to TP1. Even that unrefined version produced over a 1000 pips per pair. That's amazing!
The one thing that I don't fully understand is how to use the readings of the slope in the bottom right corner, are we looking for certain value upon which we make assessment?
  • #2,063
  • Oct 6, 2014 11:31am Oct 6, 2014 11:31am
I would like to offer my thoughts on some pairs
AUDJPY added to watchlist
TDI lines about to cross near 32 area, TSL flat above the 50 mark and price paused just above the 200 MA. Waiting for color change and adequate bullish PA
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPYDaily.png Size: 58 KB

Weekly chart supports the bullish trend
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPYWeekly.png Size: 52 KB
  • #2,064
  • Oct 6, 2014 11:45am Oct 6, 2014 11:45am
CADJPY is in similar situation
P retraced to 21 MA, TDI lines about to cross at the 50 mark but on retracement in a trend I think it is acceptable. Will watch price evolution as candles change color
Attached Image (click to enlarge)
Click to Enlarge Name: CADJPYDaily.png Size: 51 KB

And this is the longer term outlook. If we get a sustained break above the current market structure next stop is 106
Attached Image (click to enlarge)
Click to Enlarge Name: CADJPYMonthly.png Size: 43 KB

Attached Image (click to enlarge)
Click to Enlarge Name: CADJPYWeekly.png Size: 46 KB
  • #2,065
  • Oct 6, 2014 11:59am Oct 6, 2014 11:59am
Here is another pair that I find interesting
Attached Image (click to enlarge)
Click to Enlarge Name: CADCHFWeekly.png Size: 40 KB

Attached Image (click to enlarge)
Click to Enlarge Name: CADCHFDaily.png Size: 40 KB

TDI lines have already crossed a few days ago but no bullish momentum so far. But break above(happening now or so it seems) the triangle will fuel the bullish trend and give us opportunities to enter on break of fractal or play the add-on scenario on the first retracement on 4h
Attached Image (click to enlarge)
Click to Enlarge Name: CADCHFDaily1.png Size: 53 KB
  • #2,066
  • Oct 6, 2014 11:41pm Oct 6, 2014 11:41pm
I took a small short on USDCAD. Candles changed color yedterday, cross at 68 zone, good slope, flat TSL, RSI is at 55(on 4h TF already crossed the 50). Since this is a countertrend trade I am setting a target of 7ATR (90pips) which is pretty much retrace to 21 MA.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADDaily.png Size: 54 KB

PA also suggests that conservative short position is justified. Although on W chart the bullish trend is obvious and slope of TL is getting steeper, we paused at major R level
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADWeekly.png Size: 43 KB

On daily chart we see that bulls are rejected at 1.12 for the 4th time this year with a nice reverse candle. I expect to see some consolidation before another attempt to break R is made and the current bearish momentum to drive P a little further south (may be to test bullish TL).
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADDaily1.png Size: 39 KB

In conclusion, this week's close and this month's also will shed some more light on the broader picture - either break R or set a DT in place.
  • #2,067
  • Oct 10, 2014 11:28pm Oct 10, 2014 11:28pm
EURAUD D1 Chart, all signal is good besides the EMA200 is just slightly below last Friday Closing.
Any option to take or leave this signal is welcome.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 63 KB
  • #2,068
  • Oct 12, 2014 9:59pm Oct 12, 2014 9:59pm
Quoting denvertan
EURAUD D1 Chart, all signal is good besides the EMA200 is just slightly below last Friday Closing. Any option to take or leave this signal is welcome. {image}
eur/aud has a strong looking s/r level at 1.4600, so patience on this until PA confirms.

this pair is my primary for live trading and cantake a few candles to confirm, especially when messing around on the 100 / 200 EMAs
"To live with Passion, it takes Courage and Grace to survive"
  • #2,069
  • Edited 10:31pm Oct 12, 2014 10:11pm | Edited 10:31pm
Quoting ponchofx
Britpip7, Thank you for your reply! I will do some practicing and backtesting of the method to build my confidence. It really looks promising. I actually did a simple backtesting on 6 pairs. I went back on the chart 1 year and up to now I took a trade to TP1 each time the TDI lines crossed. For the sake of simplicity, I didn't apply discretion or additional rules/filters - it didn't matter if it was 32/68 set up or if the color of candles changed, or when it changed, or PA. Just the fact that the lines crossed or green line bounced off the red one(add...
Poncho,

It is a very powerful approach and can pick up some major pips on the larger trend runs.

On the TDI Watchdog, I don't really use the slope numbers but the higher the number the better the slope angle for an entry.
"To live with Passion, it takes Courage and Grace to survive"
  • #2,070
  • Oct 12, 2014 10:50pm Oct 12, 2014 10:50pm
CAD/JPY may be worth watching to see if attempts a reversal - need a change in candle patterns but this may be bottoming out on the current channel together with the 100/200EMA.
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpydaily 10-12-2014.png Size: 63 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #2,071
  • Oct 13, 2014 3:25pm Oct 13, 2014 3:25pm
EUR/AUD is setting up for a reversal - nothing on TDI as yet, and PA has been in a 300pip range recently so still possible for it to continue ranging.

PA has bounces off of 1.4600 for the second time in 10 days, so worth watching.

NAB Business Confidence can often influence the AUD, so today's announcement may be the start of another monthly run.

abbreviations on the chart:

NFP = USA Non Farm Payrol
NAB = AUD Business Confidence
EMP = AUD Employment
RBA = AUD Royal Bank Aus announcement
Attached Image (click to enlarge)
Click to Enlarge Name: eurauddaily 10-13-2014.png Size: 63 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #2,072
  • Oct 16, 2014 2:41pm Oct 16, 2014 2:41pm
Quoting Britpip7
EUR/AUD is setting up for a reversal - nothing on TDI as yet, and PA has been in a 300pip range recently so still possible for it to continue ranging. PA has bounces off of 1.4600 for the second time in 10 days, so worth watching. NAB Business Confidence can often influence the AUD, so today's announcement may be the start of another monthly run. abbreviations on the chart: NFP = USA Non Farm Payrol NAB = AUD Business Confidence EMP = AUD Employment RBA = AUD Royal Bank Aus announcement {image}
Hi Brit, RBA = Reserve Bank of Australia

Cheers
B
  • #2,073
  • Oct 16, 2014 3:18pm Oct 16, 2014 3:18pm
Hi everybody, I'm a newbie and in the next days will try to analise the D charts following the BigE and Britpips rules. Would be nice to analise the charts together and trade together like in a trading room.
- Georgewashington
  • #2,074
  • Oct 16, 2014 11:34pm Oct 16, 2014 11:34pm
Quoting Buttonjock
{quote} Hi Brit, RBA = Reserve Bank of Australia Cheers B
Sincere apologies - must have been a subliminal slip
"To live with Passion, it takes Courage and Grace to survive"
  • #2,075
  • Oct 16, 2014 11:36pm Oct 16, 2014 11:36pm
Quoting georgewashin
Hi everybody, I'm a newbie and in the next days will try to analise the D charts following the BigE and Britpips rules. Would be nice to analise the charts together and trade together like in a trading room. - Georgewashington
George - welcome.

please post charts and analysis any time - day charts tend not to be hectic enough for a trading room, and most of us only check set-ups once or twice a day
"To live with Passion, it takes Courage and Grace to survive"
  • #2,076
  • Oct 16, 2014 11:48pm Oct 16, 2014 11:48pm
Quoting Britpip7
EUR/AUD is setting up for a reversal - nothing on TDI as yet, and PA has been in a 300pip range recently so still possible for it to continue ranging. PA has bounces off of 1.4600 for the second time in 10 days, so worth watching. NAB Business Confidence can often influence the AUD, so today's announcement may be the start of another monthly run. abbreviations on the chart: NFP = USA Non Farm Payrol NAB = AUD Business Confidence EMP = AUD Employment RBA = AUD Royal Bank Aus announcement {image}
Despite the pull back yesterday - overall day trend is still moving higher and heading back up to 1.4600

The NAB day close didn't inspire much confidence with the late pull back, so the up trend was never really broken still waiting for a reversal to confirm!

TDI is still confirming PA - everything heading to the 68 zone
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDDaily 10-16-2014.png Size: 58 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #2,077
  • Oct 16, 2014 11:58pm Oct 16, 2014 11:58pm
Still watching CAD/JPY for it to reverse - looking more encouraging with yesterday's candle - similar pattern on GBP/JPY but lots more pips at stake there!
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpydaily 10-16-2014.png Size: 63 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #2,078
  • Edited 7:26am Oct 18, 2014 12:40am | Edited 7:26am
Agreee with Brit, CADJPY really nice pair to trade are at normal less volatile as other JPY pair but good ! Is stable !

Spotted the EURJPY does have a good signal when checking P.A it already 3rd time this zone is still supported (Just my personal view).
Check the PA chart attached is a nice pin bar there !!! (Also is a Fakey setup)
Anyone mind to share his opinion on trading this pair is welcome!

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 53 KB


Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 54 KB
  • #2,079
  • Oct 19, 2014 2:57pm Oct 19, 2014 2:57pm
Quoting Britpip7
{quote} Sincere apologies - must have been a subliminal slip
Lol, happens to the best of us
  • #2,080
  • Oct 21, 2014 6:38pm Oct 21, 2014 6:38pm
EURAUD looks pretty promising for a short? It is getting below 1.45000 with a nice looking cross?

I am very new at the game so interested in your opinions. Weekly trend just changed color as well.
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