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MultiTimeFrame Trend Trading with Price Action

  • #181
  • May 21, 2015 11:54am May 21, 2015 11:54am
Hi Steve,
That's really interesting. I will have lots of charts to look this holiday weekend. I'm thinking once a daily candle has been identified, then go down to the 4hr chart and play a candle formation that lines up with the daily chart. You could always go down 2 time frames, but on the 60' chart I miss too many candles. For me the psychology aspect would require developing my own rules with entries, exits, and trailing methods. I really like the idea.
Thanks again
  • #182
  • May 21, 2015 12:28pm May 21, 2015 12:28pm
Quoting stevepatt
As a result of this self discovery I've decided to revert back to Swing Trading the Daily Chart. I'm using Candle formation alone, with no Indicators, to determine Daily Swing Points. I've tried using various Indicators to help with this but the easiest way is the Candles themselves. I'm looking for Candles that change colour and fail to make a New High/New Low - Engulfing Candles - Pin Bars - Inside Candles ect I'm looking for a positive close of a Candle with little or no wick, it's a more discretionary way to Trade. What i like about this, though,...

Thx Steve,

Will follow this TP strategy with Fibs..

Take care
  • #183
  • May 21, 2015 12:30pm May 21, 2015 12:30pm
Quoting Walter4x
Hi Steve, That's really interesting. I will have lots of charts to look this holiday weekend. I'm thinking once a daily candle has been identified, then go down to the 4hr chart and play a candle formation that lines up with the daily chart. You could always go down 2 time frames, but on the 60' chart I miss too many candles. For me the psychology aspect would require developing my own rules with entries, exits, and trailing methods. I really like the idea. Thanks again
Hi Walter;

Sometimes it's the simplest ideas that have the best results.

I've set my TP to 1.5R because it is far quicker to hit and a lot of Swings don't go much further than this any way.

As you can see from the charts I've posted there are plenty of setups the most important thing, of coarse, is selecting the Strongest Setup candles.

The biggest draw back, for me, with Trend Trading was the fact that I was allowing too many Trades to turn against me and even the Trades that did work I never made more than 4R and that could take Weeks before I banked a profit. With this method I can be making 1.5R within one or two days with a lot of Valid Setups. So even though I'm targeting a far smaller return my rate of return is far higher.

I can also get into Trades far faster because I'm not having to Trade in line with the Prevailing Trend and having having to wait for a Pullback to enter with the Trend.

Like you say it's always a good idea to tweak things to suit your own Trading Psychology I'll be interested to hear your feed back on what you discover works best for you.
  • #184
  • May 21, 2015 1:33pm May 21, 2015 1:33pm
I agree Steve, simple is better. I have often struggled with taking a TP or trailing on pivots, I have tried using multiple lots and using both methods, but I've been using 1.5r for a while and I'm having better results, and importantly, no indecision. When I find myself in indecision I usually pick wrong and get out just before the big move happens.
  • #185
  • May 21, 2015 4:32pm May 21, 2015 4:32pm
USD/CAD D1 Sell Stop
GBP/USD D1 Buy Stop
NZD/USD D1 Buy Stop

Three setups this evening.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 21st May 15 USD:CAD D1 Chart.png Size: 100 KB
Click to Enlarge Name: 21st May 15 GBP:USD D1 Chart.png Size: 93 KB
Click to Enlarge Name: 21st May 15 NZD:USD D1 Chart.png Size: 107 KB
  • #186
  • May 21, 2015 6:06pm May 21, 2015 6:06pm
I would be looking at the AUD/USD as well, but I'm not taking it going into the long weekend.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 56 KB
  • #187
  • May 22, 2015 11:28am May 22, 2015 11:28am
Just to update, the USD/AUD I was looking at reversed direction on the CPI news, going strictly by plan this would have resulted in loss of 1r. My threshold to move stop to breakeven is 50% of target (which was .7946), although the 4h chart gave an opposite signal for a small loss.
  • #188
  • May 22, 2015 11:28am May 22, 2015 11:28am
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 46 KB
  • #189
  • May 23, 2015 3:12am May 23, 2015 3:12am
Quoting stevepatt
USD/CAD D1 Sell Stop GBP/USD D1 Buy Stop NZD/USD D1 Buy Stop Three setups this evening. {image} {image} {image}
Positive USD news resulted in these Trades not doing too well.

USD/CAD D1 Sell (-1R)
GBP/USD D1 Buy (-1R)
NZD/USD D1 Buy +0.15R
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 23rd may 15 USD:CAD D1 Chart.png Size: 94 KB
Click to Enlarge Name: 23rd May 15 GBP:USD D1 Chart.png Size: 96 KB
Click to Enlarge Name: 23rd May 15 NZD:USD D1 Chart.png Size: 92 KB
  • #190
  • May 23, 2015 3:14am May 23, 2015 3:14am
Attached Image (click to enlarge)
Click to Enlarge Name: 23rd May 15 EUR:GBP D1 Chart.png Size: 97 KB
Attached Image (click to enlarge)
Click to Enlarge Name: 23rd May 15 EUR:GBP H1 Chart.png Size: 101 KB
Attached Image (click to enlarge)
Click to Enlarge Name: 23rd May 15 NZD:USD D1 Chart 2.png Size: 94 KB


I've taken 6 other Trades this week with slightly better results.

The EUR/GBP Trade reversed and took me out at BE +10 pips as can be seen on the H1 chart.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 23rd May 15 EUR:JPY D1 Chart.png Size: 98 KB
Click to Enlarge Name: 23rd may 15 USD:CAD D1 Chart 2.png Size: 95 KB
Click to Enlarge Name: 23rd may 15 EUR:USD D1 Chart.png Size: 93 KB
Click to Enlarge Name: 23rd may 15 GBP:JPY D1 Chart.png Size: 98 KB
Attached Image
  • #191
  • May 23, 2015 9:09am May 23, 2015 9:09am
I found my Trend Trading Plan didn't give me a firm enough frame work in which to Trade consistently. By Swing Trading the Daily Time Frame I have far more flexibility to take both Long and Short Trades, no matter the Longer Term Trend, I now also have a very firm Frame Work to manage a Trade once I've entered. The advantage, of this, is that although my Target is far smaller, 1.5R, my rate of return is far higher because I am able to take more Trades because I'm entering the market as soon as I see a possible Swing Reversal Candle and not having to wait to be in Alignment with the Trend or waiting for a Market Pullback.

It does require experience and an understanding of what sort of Candle/s constitute the probable start of a Daily Swing Point. The best way to learn this is to go back over your charts and look for the type of candles that start a Swing.

The Candles themselves are the quickest form of Indicator, we have, to give us the possible start of a Swing Point.

I hope the attached chart will help.
Attached Image (click to enlarge)
Click to Enlarge Name: 23rd May 15 EUR:USD D1 Chart 3.png Size: 132 KB
  • #192
  • May 23, 2015 10:51am May 23, 2015 10:51am
When testing something, like this, look for difficult areas to Trade from.

This is the results of Trading USD/JPY consolidation.
Attached Image (click to enlarge)
Click to Enlarge Name: 23rd May 15 USD:JPY D1 Chart.png Size: 113 KB
  • #193
  • Jun 14, 2015 3:31pm Jun 14, 2015 3:31pm
Hi Steve

I see you post in the Daily green red candle, what about you MTF trend trading?.
Are you following it?
Enter Signature
  • #194
  • Jun 15, 2015 2:44pm Jun 15, 2015 2:44pm
Quoting Katfx
Hi Steve I see you post in the Daily green red candle, what about you MTF trend trading?. Are you following it?

Hi Katfx;

I've taken a step back from MTF Trend Trading because of the reasons I posted above.

I've been looking at Swing Trading and have been looking at different ideas to make this work for me.

I want to have a very tight set of rules to Trade within because this, I have found, is what works for me.

I'll star starting posting here again soon.
  • #195
  • Jun 19, 2015 3:56pm Jun 19, 2015 3:56pm
I've been looking at Fractals and how they help to define Market Structure.

I hope the charts explain what I'm looking at.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 19th June 15 GBP:USD D1 Chart.png Size: 140 KB
Click to Enlarge Name: 19th June 15 GBP:USD D1 Chart 2.png Size: 121 KB
Click to Enlarge Name: 19th June 15 USD:CAD D1 Chart.png Size: 83 KB
  • #196
  • Jun 21, 2015 9:57am Jun 21, 2015 9:57am
USD/JPY D1 Bearish Setup
GBP/USD D1 Bullish Setup
GBP/JPY D1 Bullish Setup
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 21st June 15 USD:JPY D1 Chart.png Size: 110 KB
Click to Enlarge Name: 21st June 15 GBP:USD D1 Chart.png Size: 136 KB
Click to Enlarge Name: 21st June 15 GBP:JPY D1 Chart.png Size: 124 KB
  • #197
  • Jun 23, 2015 12:29am Jun 23, 2015 12:29am
Quoting stevepatt
USD/JPY D1 Bearish Setup GBP/USD D1 Bullish Setup GBP/JPY D1 Bullish Setup {image} {image} {image}
I still have these Pending Orders open.

I also have these Pending Orders:

GBP/NZD D1 Pending Buy Stop
GBP/CAD D1 Pending Buy Stop
NZD/JPY D1 Pending Sell Stop
AUD/USD D1 Pending Sell Stop
AUD/JPY D1 Pending Sell Stop
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 23rd June 15 GBP:NZD D1 Chart.png Size: 81 KB
Click to Enlarge Name: 22nd June 15 GBP:CAD.png Size: 87 KB
Click to Enlarge Name: 22nd June 15 NZD:JPY D1 Chart.png Size: 82 KB
Click to Enlarge Name: 22nd June 15 AUD:JPY D1 Chart.png Size: 95 KB
Click to Enlarge Name: 22nd June 15 AUD:USD D1 Chart.png Size: 93 KB
  • #198
  • Jun 23, 2015 4:36pm Jun 23, 2015 4:36pm
Quoting stevepatt
{quote} I still have these Pending Orders open. I also have these Pending Orders: GBP/NZD D1 Pending Buy Stop GBP/CAD D1 Pending Buy Stop NZD/JPY D1 Pending Sell Stop AUD/USD D1 Pending Sell Stop AUD/JPY D1 Pending Sell Stop {image} {image} {image} {image} {image}

AUD/USD D1 Sell is active
GBP/NZD D1 Buy is active

GBP/JPY D1 Pending Buy Stop
GBP/CAD D1 pending Buy Stop
NZD/JPY D1 Pending Sell Stop

All other Pending Orders have been closed, the GBP/USD explains why I would close a Pending Order
Attached Image (click to enlarge)
Click to Enlarge Name: 23rd June 15 GBP:USD D1 Chart.png Size: 97 KB
  • #199
  • Jun 23, 2015 10:35pm Jun 23, 2015 10:35pm
Quoting stevepatt
{quote} AUD/USD D1 Sell is active GBP/NZD D1 Buy is active GBP/JPY D1 Pending Buy Stop GBP/CAD D1 pending Buy Stop NZD/JPY D1 Pending Sell Stop All other Pending Orders have been closed, the GBP/USD explains why I would close a Pending Order {image}
Hi Steve.

My first post here but I was following your post from Nihilist thread.

Just have a question about AUDUSD 23/06/2015 pending order status.
If you believe in yourself anything is possible !!
  • #200
  • Jun 24, 2015 12:41am Jun 24, 2015 12:41am
Quoting imifx
{quote} Hi Steve. My first post here but I was following your post from Nihilist thread. Just have a question about AUDUSD 23/06/2015 pending order status.

Hi imifx;

Both the AUD/USD D1 Sell is active and the GBP/NZD D1 Buy is active.
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