FXafrica " it is in giving that you receive..."
- #65,302
- Feb 1, 2016 9:22am Feb 1, 2016 9:22am
{quote} No. One of the principle rules is that you should enter on the close of the first or second (colour change) candle. You are entering on a later candle (4th or 5th depending on if we are looking at the red vertical line or arrow)
you right
- #65,308
- Feb 1, 2016 11:25am Feb 1, 2016 11:25am
TDI Comparison:
I spent some time looking at TDI settings. I want to focus back on basics of the thread but I think I'm not going to use the original Red-Green TDI.
So essentially, there is 2 TDI indicators that are used by most traders in this thread:
1) The RSI(10) set to Typical Price. This is a realtime indicator and does not repaint
2) The RSI(13) set to Close. This is also a realtime indicator and does not repaint. It is the same as the original Red-Green but updates every tick.
What is the difference between the two indicators?
We can see that the RSI(10) TP TDI has more OB/OS readings than the bottom TDI (RSI(13) Close).
This one shows a BEEB. The TDI set to close shows a steeper angle down.
In this one we can see the angles differ in the two versions. The one set to 'Close' Wiggles up and down following the candle close. We can assume that when the BEEB opened (just after the dark grey line) the Green could have been crossing up quite strongly. It turned down only when the BEEB formed. The TDI set to TP could have been crossing but only barely and probably at the flat angle.
The upward cross 2 bars before the grey line is followed by and IB. We can see that the TP still increases and thus the TDI edges higher. The TDI set to close does not edge higher and comes down a bit on two consecutive lower closes.
We see that there is a downward cross followed by a bullish bar that makes a new high (Stop hunt?). This is something we see a lot I think nowadays. TDI with TP goes flat to bounce down on the Pinbar and subsequent bars while the TDI with 'Close' slopes slightly back up. The Bounce trade after the pinbar on the TDI set to close is steeper.
Here we see a type of 'blowoff' bar with a long wick. This is used in the calculation of the TP which shows in the TDI edging higher in the TDI set to TP. The TDI set to 'Close' edges lower already because the candle closes lower. The same (but opposite direction) happens 2 bars later. The BUEB after the bearish bar with wick shows up in the TDI set to close as Green pointing up while the one set to RT goes flat.
Also clear divergence between the 2 TDI's. Top one (TP) still sloping down following the TP down while the bottom one (Close) is already hooked over.
(Sorry for different template)
First momentum upward followed by a retest down clearly shows up different in both TDI's.
Again, we see a Wide Range bar followed by a consolidation bar (almost an IB). Look how both TDI's respond differently to the PA.
Somewhat different than other examples, the long wick on this bar pull down the TP while the TDI set to close is still slightly up.
I apologize for the wall of pictures. Perhaps I should have made a pdf instead but the charts wouldn't show up as nicely. I will spend some more time comparing both of them in live market environment especially before and after the close.
Best,
I spent some time looking at TDI settings. I want to focus back on basics of the thread but I think I'm not going to use the original Red-Green TDI.
So essentially, there is 2 TDI indicators that are used by most traders in this thread:
1) The RSI(10) set to Typical Price. This is a realtime indicator and does not repaint
2) The RSI(13) set to Close. This is also a realtime indicator and does not repaint. It is the same as the original Red-Green but updates every tick.
What is the difference between the two indicators?
We can see that the RSI(10) TP TDI has more OB/OS readings than the bottom TDI (RSI(13) Close).
This one shows a BEEB. The TDI set to close shows a steeper angle down.
In this one we can see the angles differ in the two versions. The one set to 'Close' Wiggles up and down following the candle close. We can assume that when the BEEB opened (just after the dark grey line) the Green could have been crossing up quite strongly. It turned down only when the BEEB formed. The TDI set to TP could have been crossing but only barely and probably at the flat angle.
The upward cross 2 bars before the grey line is followed by and IB. We can see that the TP still increases and thus the TDI edges higher. The TDI set to close does not edge higher and comes down a bit on two consecutive lower closes.
We see that there is a downward cross followed by a bullish bar that makes a new high (Stop hunt?). This is something we see a lot I think nowadays. TDI with TP goes flat to bounce down on the Pinbar and subsequent bars while the TDI with 'Close' slopes slightly back up. The Bounce trade after the pinbar on the TDI set to close is steeper.
Here we see a type of 'blowoff' bar with a long wick. This is used in the calculation of the TP which shows in the TDI edging higher in the TDI set to TP. The TDI set to 'Close' edges lower already because the candle closes lower. The same (but opposite direction) happens 2 bars later. The BUEB after the bearish bar with wick shows up in the TDI set to close as Green pointing up while the one set to RT goes flat.
Also clear divergence between the 2 TDI's. Top one (TP) still sloping down following the TP down while the bottom one (Close) is already hooked over.
(Sorry for different template)
First momentum upward followed by a retest down clearly shows up different in both TDI's.
Again, we see a Wide Range bar followed by a consolidation bar (almost an IB). Look how both TDI's respond differently to the PA.
Somewhat different than other examples, the long wick on this bar pull down the TP while the TDI set to close is still slightly up.
I apologize for the wall of pictures. Perhaps I should have made a pdf instead but the charts wouldn't show up as nicely. I will spend some more time comparing both of them in live market environment especially before and after the close.
Best,
Hi all, 2 trades from last hours - both of them 4H.
I closed part of the trades because its close to sup/res and the price have a few pips from TP, I prefer to go to sleep with safty pips in my pocket
so far the strategy looking good and easy to analayse, i like the 4H, no need to sit infront of the screen whole day.
Ill check the 1D time frame this week, think it will fit to me either.
I closed part of the trades because its close to sup/res and the price have a few pips from TP, I prefer to go to sleep with safty pips in my pocket
so far the strategy looking good and easy to analayse, i like the 4H, no need to sit infront of the screen whole day.
Ill check the 1D time frame this week, think it will fit to me either.
- #65,313
- Feb 1, 2016 4:14pm Feb 1, 2016 4:14pm
- Joined Nov 2008 | Status: Trader | 50,203 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #65,314
- Feb 1, 2016 4:20pm Feb 1, 2016 4:20pm
- Joined Nov 2008 | Status: Trader | 50,203 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #65,315
- Feb 1, 2016 4:21pm Feb 1, 2016 4:21pm
- Joined Nov 2008 | Status: Trader | 50,203 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #65,316
- Feb 1, 2016 4:29pm Feb 1, 2016 4:29pm
{quote} hi pete, No need to do any wave analysis for this. see this post link below. I have a very simple way how I trade EOD for stocks and Gold included. http://www.forexfactory.com/showthre...92#post8555392 on current day chart, we have short term resistance .. last week's swing high. if market overcome that resistance 1125, then we have some bullish days. target 1134 and 1141. Asian markets still nervous .... regards,
Can we apply to forex EOD too?re-entry and add on prices break Hi & Low. Do we have to wait for candle close or not necessary?(worry about faked break out)
Thank you very much
- #65,317
- Edited 5:03pm Feb 1, 2016 4:46pm | Edited 5:03pm
- Joined Nov 2008 | Status: Trader | 50,203 Posts
{quote} Wow very simple
use that only for stock market and gold included.
stock market closes everyday and re-open the next morning.
after stock market closed, I check my charts. this gives me plenty of time to decide what to do the next day.
often there are gaps in previous day close price and next morning open price.
spot forex runs 24-hours, 5 days a week.
its different, day gaps are rare.
we trade forex D1 chart and check it at least once per day.
we can place our trades any time during the day.
regards,
edit:
yesterday broke the 1125 level.
we have targets 1134 and 1141 in sight ... just matter of days.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #65,318
- Feb 1, 2016 5:34pm Feb 1, 2016 5:34pm
- Joined Nov 2008 | Status: Trader | 50,203 Posts
GBPCAD and GBPAUD Day charts:
Setups for Day chart traders.
It's all about entries and exits.
Setups for Day chart traders.
It's all about entries and exits.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #65,319
- Feb 1, 2016 5:36pm Feb 1, 2016 5:36pm
- Joined Nov 2008 | Status: Trader | 50,203 Posts
AUDNZD D1 chart 2 Feb
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #65,320
- Feb 1, 2016 6:45pm Feb 1, 2016 6:45pm
{quote}Hi, Dimi! Based on the previous blue candles, the bulls exhaustion was obvious. But I must admit that the look of the previous bar and the very close S area would have kept me out of that trade. I am glad it worked out that well for you. One question: do you ever take into consideration S/R, or only when it is obviously very strong? Thanks in advance!
I do take note of support and resistance but it doesn't stop me from entering a 4H TDI cross because once that 4H TDI crosses, the odds are in your favour and you'll usually see price smash right through those zones.
This is why we don't need Pivots or Fibonacci on our TMS charts because if the push is strong, it'll rip right through those levels!
I actually have a solid level of experience with Pivots, Fibonacci and Murrey Math Levels as well but I don't use those tools as part of my TMS trades. Why? Because there's no need to! This is trading made simple remember?
It's good you guys are taking note of support and resistance but don't let it scare you out of 4H trades.
If you have that nice strong angle on the TDI, click that buy or sell and let nature take it's course.
New TMS traders, before making your TMS trades take a screenshot of your entry and on your exit. Win or lose. If you lose, go back and look at that screenshot and find out what went wrong. Or show me and I'll tell you what happened!
TMS trade examples
Took two 4H TMS trades yesterday at the start of New York session EURCAD +50 pips profit (I pulled my stop loss up to lock in +50 pips profit before the TDI went flat and "hooked") and GBPCAD +125 pips profit. Look at the TDI angles on entry. They stand out like a steep quarter pipe in Tony Hawk's Skater.
I hope you guys caught these ones too!
(Examples below are an animated GIFS if you click on the pics).
