My realtime account journal

Hi Sunshine, where can the daily trend be seen, on the charts?

thank you for your question, in a minute i shall answer it but firstly, i made a major mistake in my prior posting of yesterday where i presented the 2x1hr charts of the USDCHF and the USDJPY. the mistake was in me referring the to the USDCHF as the USDCAD...i've since rectified that error on the charts...i'm surprised u didn't picked up that error.

...back to your question
...Please refer to the Daily chart of the USDJPY below,

1. the Trend should be obvious, i.e. it must standout when u look at the chart, if it's not immediately clear in which the general direction of price is moving over a period of time than i don't engage that pair in that TimeFrame.
2. 2ndly, as an aid to show the direction of price over a period of time, i employ 2 exponential moving averages; the 5b EMA & the 10b EMA. Amongst other uses, this how i use them to indicate price direction,

1. ​i'm asking myself when i look at the USDJPY pair, "which way are the 2 ema's pointing, up or down ?"... they pointing down, right ?
2. "is the 10bar ema above the 5b ema and falling ?" yes
3. you can apply the same method to Weekly or any tf for that matter.

​
​that's it, sweet and simple.

Now, my general rule is when the Daily Trend is down to take only short trades, except when i see a specific chart pattern broadcasting a potential trend reversal. in such a case i will trade against the daily trend...this refers to my posting of yesterday that i will continue in my next post below to show the result of that trade setup. it may be wise to look at the shape of daily candle of yesterday, the 21st Oct, that concluded.
​The Daily Trend is still down but may reverse or just pause before continuing lower, i don't know which.

All USDCAD long trades closed to eliminate some that were in loss and to straighten my equity curve with the overall gains.
also trimmed/closed most of my current positions because i think most of them have changed trend.

Update on the DSC pattern of yesterday that referenced the 1hr charts of the USDCHF and the USDJPY respectively. the highlighted areas on the 2 charts indicate the buying zone, i have also marked additional buys or areas that were suitable to stack...+/- a 70 pip run upwards...see the x's marked on the charts for initial entries and stacks.

looking at the Daily charts of both pairs, one can see which one has formed the more bullish price pattern/candle
so, for today anticipate a retracement to one or both black horizontal lines before price may continue upwards.
for entries, employ your method or use mine.

Attached Image

i'm posting the End-of-Day [or Daily] charts of USDCHF + USDJPY from oanda for comparison with the above posted charts. focus on the shape and direction of the last candle which encapsulates yesterdays price action...does it really matters that much when your daily bar closes ? see for yourself and compare with the charts of post 104 above.
PS: these charts were taken from my android mobile, but unfortunately, forexfactory does not support mobile uploads, so i had to import these images into my netbook and from there upload the screenshots.

long entries lining up in USDCAD, USDCHF + USDJPY...consult your charts for confirmation or negation...i.e. a "Yes" or a "No"

ok, feedback on yesterdays potentials;

 

1. USDCAD, had a red Daily close but i noticed on the lower intraday tf's that it was ready to resume it's Weekly upward path...that was the reason i mentioned the pair only later instead of immediately after the Daily bar closed...this pair moved up after it broadcasted its intention on the intraday tf's, but only after first making a spike both up and down on news released...so for today ? if u not in yet than its time to do so after consulting your signals. if u don't have a system than i recommend u learn how to trade, or maybe u do know how to trade but find entries problematic. in that case, if u like, u are welcome to review my posted charts.
2. USDCHF, outperformed both pairs thus far...for today ? stacking is in order.
3. USDJPY, moving along up as anticipated but more slower. for today ? holding and stacking is in order.

​Lastly, i wish to draw attention to the DoW or US30 as some trading platforms may refer to it:
...the Daily Chart is below and it is at a critical juncture according to my interpretation of it. should today close up than we may have upward price movement for the rest of the week, if not than down.
...lower tf's seem to favour a reversal down, so if u are long than i suggest caution.

the EURUSD & GBPUSD & NZDUSD interpretations say shorts are in order after an initial intraday rise.
the AUDUSD daily is a mess with no clear direction emerging so i will abstain from it for now.
the EURGBP, see my 4hr chart some time back that i posted, maybe a day or 3, this pair broadcasting shorts are still to be preferred.

excellent analysis ...

thank u H4

it will make both of us both happy if u did partake in those runs.
if not, its time to do so.

as a nod to both very bullish Daily candles that completed on USDCHF & SGDCHF, i have entered Buy Limit orders about halfway up each green candle of yesterday, 22 Oct.
What that means is that i am acknowledging that price may retrace to that levels intraday before resuming it's upward momentum.

hiya,
good morning...
hope u r ok n enjoying your pips....
what's going on with USDCAD any idea ?
im long with it but there is no price action ...

hello H4,
my apologies for the late reply.

...back to your question,

as you can see from my post on the 21st, post 103, i closed all my longs in this pair...so it sort of slipped off my watchlist, but today it's back on my Watchlist for Long trades.

​...please note, i haven't entered long yet but is considering buys based on the following;

Daily Trend has switched to short on the 21st [same day i closed my longs, see the white x above that day on the Daily chart] and is still favouring shorts, unless::
...today close up

...why, u may ask do i want to go against the daily down Trend ? See Daily Chart below

1. well, yesterday produced a very bearish candle that broadcast more downside to follow, so if today can't follow through on that announcement and results in a green up bar than i'm willing to send a long probe...but in this case i will enter an 80 pip StopLoss (as a nod to the downtrend that could resume.)
2. the 4hr TF is setting up for +DCP [Distress Candle Pattern] Signal...[the plus sign in +DSP signifies bullish], so after a +BRB forms, i may sent a long probe also...see the 4hr chart below as reference.
3. Weekly Trend is still up

forgot to mention that a long probe on 4hr chart will be only after a +BRB with a 50 pip SL...the SL because Daily Trend is still down.

H4,

hope u are in a better trading position than yesterday, but for the USDCAD pair we are not clear out of the woods yet, i would like to see a follow thru of price today and a complete wipeout of tuesdays long red bar...

for long trades entries for today i suggest u look at the swissie, USDCHF, which to my chart reading has the best chance of continuing up, but expect a retracement to around 0.9520 than enter long on buy signals from yr strategy.
Alternatively, if u can't or don't want to watch the market than enter a Limit Buy Order at that level with an 80 pip StopLoss. (i recommend 80 pip Stops when trading off Daily Charts, and 50 pips SL when taking trading signals off the 4hr charts)
That's what i did yesterday on USDJPY & the USDCHF, both got stopped-in when price turned around to obey the Longer Term Trend (read Weekly Trend). Just aswell, because at that time of price reversal i was in dreamland.
on my mobile demo account i did the same with the USDCAD. i will post that charts here. Should you wish to see live account charts than i can oblige.
Please note that the the BuyStop long entry was meant to be stopped-in when price reaches and surpasses the 2nd last red candle.

and here is the chart illustrating the BuyStop of the USDCHF, note the short purple line at the bottom of the candle ? ...that's the StopLoss that was entered at the same time...the chart is for illustrative purposes as it is from a demo trading station
...the only reason i didn't post chart from my live accounts is that there are already previous floating trades market on the chart which will detract from what i'm trying to convey., but i can post those if u want to see.
hope the charts helps.

monthly housekeeping coming up since it's now the end of Oct.2014 CE, and the beginning of my New Year, 7 Muharram 1436 AH.

Closed ALL my trades in all my FX accounts, except the oanda android demo account on my fone.
going to show one or two closed accounts with some charts to show my holding period.

in addition to revealing my holding period the implied is that when you trade in the direction of the Longer Term or Long Term Trend which in my case is the Weekly Trend, your::

1. pips or gains are much-much bigger,
2. your entry becomes less important....read that again please...a Rising Tide LIFTS ALL boats in the harbour, i even got a trade strategy that i named...Rising Tide Trades
3. holding period releases you of constant monitoring, because a furtive glance at the end of each day or even better...twice weekly... is more than enough,
4. smaller position size because it's in the nature of bigger time frames to cause bigger drawdowns or adverse price movement against your entry, almost immediately after entry.
5. stoploss should be set at the same time as entry of trades. thus, i recommend a 200 pip SL when entering off the Weekly Chart, 100 pip SL when entry signal is generated by the Daily Chart and if entry signal is generated by the 4hr Chart use an 80 pip SL, except for Yen pairs where the SL is 100 pips. i generally don't use a SL in my trades but i reserve the right to do so.
6. considerably less stress than scalping narrow price movements/channels on intraday charts with much too big a position size for 5-10-20 pip gains, i should know...been there- done that- got da t-shirt.
7. i found that trading this way frees mytrading mind in such a way that i'm free to look for new setups in different pairs or new setups in the the same pair...each entry is treated as an individual stand-alone new trade...the holding periods may differ even for more than one trade in the same pair, example:: if i have a short trade in the EURUSD pair with the Entry Signal taken off the Weekly chart, than i could enter a 2nd short with the Entry Signal being generated by the Daily Chart...in such a case i may close the 2nd trade after a day or 2 or 3 or 4 or 5 should my reading tells me that the 2nd trade has run it's course, WITHOUT closing the original 1st short trade-because that entry reason may still be valid.
8. lastly, because each trade setup in a lower tf is considered as a complete new trade, i can take gains often off the table without affecting my original initial trade...see last point above...it's worth repeating.

sorry

i came across this excellent piece on our "laat lammetjie's" (late last born) D6 parent/school/student information software and could not keep it to myself, so i'm sharing it here...hope it stirs a cord.

An Obituary You Really Must Read

Printed in the London Times.
Interesting and sadly true.

Today we mourn the passing of a beloved old friend, Common Sense, who has been with us for many years.
No one knows for sure how old he was, since his birth records were long ago lost in bureaucratic red tape.
He will be remembered as having cultivated such valuable lessons as:
- Knowing when to come in out of the rain;
- Why the early bird gets the worm;
- Life isn't always fair;
- Maybe it was my fault.

Common Sense lived by simple, sound financial policies (don't spend more than you can earn) and reliable strategies (adults, not children, are in charge).
His health began to deteriorate rapidly when well-intentioned but overbearing regulations were set in place.
Reports of a 6-year-old boy charged with sexual harassment for kissing a classmate; teens suspended from school for using mouthwash after lunch; and a teacher fired for reprimanding an unruly student, only worsened his condition.

Common Sense lost ground when parents attacked teachers for doing the job that they themselves had failed to do in disciplining their unruly children.
It declined even further when schools were required to get parental consent to administer sun lotion or an aspirin to a student; but could not inform parents when a student became pregnant and wanted to have an abortion.

Common Sense started to lose the will to live as the churches became businesses; and criminals received better treatment than their victims.

Common Sense took a beating when you couldn't defend yourself from a burglar in your own home and the burglar could sue you for assault.

Common Sense finally gave up the will to live, after a woman failed to realize that a steaming cup of coffee was hot. She spilled a little in her lap, and was promptly awarded a huge settlement.

Common Sense was preceded in death, by his parents, Truth and Trust, by his wife, Discretion, by his daughter, Responsibility, and by his son, Reason.

He is survived by his 4 stepbrothers;
I Know My Rights
I Want It Now
Someone Else Is To Blame
I'm A Victim

thanks for reading and i wish u "common sense" in your trading decisions, i know, easier said than done but still, optimism reigns eternal.
Good Luck.

The only time when u make money is when u are in a trade, when u participate...go around on this site today and checkout the threads dedicated to the different pairs and commodities and make a mental note of how many "traders" lament that they were not in a trade of that momentous run of the Yen last week...also make a note of the various excuses put forward
....my point ?
BuyStop orders and Limit Buy orders [if u think price will rise], SellStop order and Sell Limit orders [if u think price will drop] are all tools to eliminate excuses should one not be able to be present at that time that price triggers an entry signal.

AUDCHF>>>just opened a long trade off 4hr signal but it appears to be premature or may result in a loss, in any case i have a 50 pip SL. i'm anticipating a run north based on my Monthly Chart signal.

placed a BuyStop order with a 100 pip SL on the AUDUSD pair...[this is so that i should not look for an excuse].
trade Signal off Weekly TF