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Trading Made Simple for Day Charts

  • #2,081
  • Oct 22, 2014 2:41pm Oct 22, 2014 2:41pm
EURCAD looks like a possible Sell for dayly. Both Monthly and Weekly trend looks descendent. The cross just happened and we are in the red HA candle. There was a bounce on resistance at 1.4435 and next TP should be at 1.4060. What is your opinion? I'm a beginner....
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  • #2,082
  • Oct 23, 2014 8:25am Oct 23, 2014 8:25am
From the first post, Birt did mention to set the TP according to the ATR in pips.
You can read the post for the indicator and how to use it.
  • #2,083
  • Oct 24, 2014 9:38am Oct 24, 2014 9:38am
Hello,

I just read first post and i am subscribe with interest. lets see what happened
  • #2,084
  • Nov 10, 2014 12:11am Nov 10, 2014 12:11am
Nice to see you guys still going
  • #2,085
  • Nov 27, 2014 12:31am Nov 27, 2014 12:31am
Quoting kingclarence
Nice to see you guys still going
still going - bit like the Energizer Bunny
"To live with Passion, it takes Courage and Grace to survive"
  • #2,086
  • Nov 27, 2014 12:31am Nov 27, 2014 12:31am
Quoting denvertan
From the first post, Birt did mention to set the TP according to the ATR in pips. You can read the post for the indicator and how to use it.
ATR7 is what I base all of my Take Profit levels on
"To live with Passion, it takes Courage and Grace to survive"
  • #2,087
  • Dec 7, 2014 10:28am Dec 7, 2014 10:28am
Quoting Britpip7
{quote} ATR7 is what I base all of my Take Profit levels on
Good evening !Does this ATR7 indicator calculate in different timeframes different ranges ?Thank you . K . Dax
  • #2,088
  • Jan 9, 2015 10:05am Jan 9, 2015 10:05am
Quoting klausdax
{quote} Good evening !Does this ATR7 indicator calculate in different timeframes different ranges ?Thank you . K . Dax
It will be different on each time zone as it is looking at the previous 7 candles on the timeframe selected
"To live with Passion, it takes Courage and Grace to survive"
  • #2,089
  • Jan 9, 2015 10:09am Jan 9, 2015 10:09am
Just checking in for the New Year.

Here is my latest trade on GA. Now running with 3 entries per set-up - everything still based against the day ATR7 value for stop losses and taking profits. This will put your SL up around 200 pips or higher for the larger moving pairs, so watch your total account exposure for money management.

Similar results with EA.
Attached Image (click to enlarge)
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"To live with Passion, it takes Courage and Grace to survive"
  • #2,090
  • Jan 9, 2015 1:35pm Jan 9, 2015 1:35pm
So with 3 targets do you take 1 at ATRx2, 1 at ATRx3, and one trailing?
  • #2,091
  • Jan 10, 2015 3:03am Jan 10, 2015 3:03am
I have been reading this thread from the begging & as explain in thread when TP1 is hit stop loss should set as BE.so in that time should we closed half of our trade and let other half to reach TP2 after setting 100pip TS or do you use another method?

Pls explain me it will help me to understand other post clearly..

Thanks
Helanka
Helanka
  • #2,092
  • Jan 10, 2015 8:09am Jan 10, 2015 8:09am
Quoting mess7777
So with 3 targets do you take 1 at ATRx2, 1 at ATRx3, and one trailing?
Looking at TP1 @1.5 X ATR7 and TP2 @ 3 X ATR7 with TP3 left open to run - manually move SL as PA moves in your favour.
"To live with Passion, it takes Courage and Grace to survive"
  • #2,093
  • Jan 10, 2015 8:09am Jan 10, 2015 8:09am
Quoting Helanka
I have been reading this thread from the begging & as explain in thread when TP1 is hit stop loss should set as BE.so in that time should we closed half of our trade and let other half to reach TP2 after setting 100pip TS or do you use another method? Pls explain me it will help me to understand other post clearly.. Thanks Helanka
You can move to BE after TP1 closes or earlier if you prefer - I tend to move to BE after PA has moves to the ATR7 value
"To live with Passion, it takes Courage and Grace to survive"
  • #2,094
  • Jan 11, 2015 6:37am Jan 11, 2015 6:37am
@ Britpip7, Could u with an example on chart show how to use the atr to put stoploss and the profit levels. I have shifted back to the daily charts, also put in 03 entries,but I take profit differently. Trying to find out if there is a better way of doing it. Thank u and God Bless.

P.S. My apologies if this has already been answered, would appreciate being directed to the post.
  • #2,095
  • Jan 11, 2015 8:59am Jan 11, 2015 8:59am
Quoting csethna
@ Britpip7, Could u with an example on chart show how to use the atr to put stoploss and the profit levels. I have shifted back to the daily charts, also put in 03 entries,but I take profit differently. Trying to find out if there is a better way of doing it. Thank u and God Bless. P.S. My apologies if this has already been answered, would appreciate being directed to the post.
From Post #1:

SL and TP levels:
From the TMS thread - dcginc posted several posts on setting up SL and TP levels using the ATR(7) and I have tweaked this to match my approach.

I now run with 3 entries per set-up and base my SL on the current ATR(7) - usually 1.5XATR(7) or the previous swing H/L / Fractal - this will mean SL levels are sometimes 200 + pips on the more volatile pairs.

TP1 for reversals is 1.5XATR(7)

TP2 - options here are to set TP2 at 3XATR(7), OR, for TP2, you can always leave this open and manually manage the trade. My suggestion is to start out wit the fixed

TP3 - no fixed level - run with manually adjusting SL levels

Experiment with TP1 and TP2, see how it works, modify as necessary, but don't allow the greed glands to take over your trading plan

Once TP1 is hit, move TP2 and TP3 to B/E and then manage to your trading plan.
"To live with Passion, it takes Courage and Grace to survive"
  • #2,096
  • Jan 12, 2015 11:25pm Jan 12, 2015 11:25pm
Quoting Britpip7
Just checking in for the New Year. Here is my latest trade on GA. Now running with 3 entries per set-up - everything still based against the day ATR7 value for stop losses and taking profits. This will put your SL up around 200 pips or higher for the larger moving pairs, so watch your total account exposure for money management. Similar results with EA. {image}
GBP/AUD had a 250pip candle, so this one is now done with 3 entries closing for a combined net of 1,000pips. No Add-Ons, but there were a possible additional 400pips here.

EUR/AUD held on, so TP 3 is still running - SL was originally set to a 200pip TS. Current ATR7 = 140pips.
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDDaily 1-12-2015.png Size: 49 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #2,097
  • Jan 13, 2015 12:06am Jan 13, 2015 12:06am
Quoting Britpip7
{quote} From Post #1: SL and TP levels: From the TMS thread - dcginc posted several posts on setting up SL and TP levels using the ATR(7) and I have tweaked this to match my approach. I now run with 3 entries per set-up and base my SL on the current ATR(7) - usually 1.5XATR(7) or the previous swing H/L / Fractal - this will mean SL levels are sometimes 200 + pips on the more volatile pairs. TP1 for reversals is 1.5XATR(7) TP2 - options here are to set TP2 at 3XATR(7), OR, for TP2, you can always leave this open and manually manage the trade. My...
Dear Britpip 7,

Pls explain me when we enter three trades for any trade set up & set stop loss for those trade 1.5xATR(7) & if my 1st 2 trades hit stop loss how we manage it.because we lost 6 trade in that time.but when we profit we have to let trade run till TP3 to recover those loss trades.

Thanks
Helanka
  • #2,098
  • Jan 13, 2015 6:23am Jan 13, 2015 6:23am
Quoting Britpip7
{quote} GBP/AUD had a 250pip candle, so this one is now done with 3 entries closing for a combined net of 1,000pips. No Add-Ons, but there were a possible additional 400pips here. EUR/AUD held on, so TP 3 is still running - SL was originally set to a 200pip TS. Current ATR7 = 140pips. {image}
Hello,

I started trading daily using your method, and I really like it?

Is this you current template for trading?
I only see a moving average, TDI and ATR.
Do you take your decisions using this indicators only, or do you use any others.

I've been using EMA 233 because I read on your posts that you avoid trading when price is heading EMA 233.


Thanks
  • #2,099
  • Jan 14, 2015 6:45am Jan 14, 2015 6:45am
nice tweak over here. 15 mins before us data
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  • #2,100
  • Jan 15, 2015 9:27am Jan 15, 2015 9:27am
Hi There, my name is Ruud and I'm new to the trading world. Recently opened up a demo account and have been soaking up information about currency trading of the past couple of months. From my demo trades I never quite understood why my 'obvious' trades went completely the opposite direction.

I've read a couple of pages and installed tried the indicators and charts. When I check my older trades that went in the other direction then expected I found that this system had very clear indication that those trades were going to go against my own trades.

Thanks to all of you for sharing your detailed information and indicators!

cheers!
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