Daily Only Currency Charts

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aliassmith
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Daily Only Currency Charts

Postby aliassmith » Fri Jun 21, 2019 2:07 pm

This thread will be about trading the Daily Currency Chart.
When trading the time frames of 60 minutes or less you can get
a feel of the market. You can trade based on its "pulse". You are
a Tactician.

When trading the Daily/Weekly/Monthly charts you need to be
a Strategist because you are too far away from the action.
It is all about putting together a plan to reach a goal.

Trading these Daily charts, we should have defined risk/stops.
If you have never proven yourself to be a profitable trader you should
trade very small, I will assume 10 cents per pip. If you can trade smaller
then you should. It's not about how much money you can make. It's
about if you can make money at all without blowing up your account.

As about 1 million other traders have said you shouldn't trade more
than 1% per trade. I agree and you should really trade less than that.
Also with daily charts you could/will have multiple positions going at the
same time. I would consider not having more than 3% of your account
exposed to the Markets at one time.

That's my personal WARNING. I didn't only read this in a book. If it
is possible to mess it up I have probably already done it. Take the info
however you want. I won't be your babysitter or responsible if you lose
your house.
I also won't be doing any trade calls because I don't feel
the need to prove myself and you need to do your own work to learn.
Trade Your Way as Long as It Makes Money!

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aliassmith
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Re: Daily Only Currency Charts

Postby aliassmith » Fri Jun 21, 2019 2:45 pm

First Chart!
It is the GBP/USD Daily chart.
It is an example of a failed zero-line which I believe is also a DojiZone.
If I am wrong please correct me. I can't say I am 100% familiar with the DojiZone.

This is a basic 1 risk to 2 reward example. There are more advanced ways to manage
this position and they can be discussed down the road.

What makes this a probable trade?
Price has basically been trending down.
There was 2 pushes up.
The candle with the check mark is a clue that the zero-line failed.

How to play it:
After the check mark candle closes you place your short limit order
near the line marked entry. Put your stop where it says stop and your
target where is says target.

Very basic stuff and simple. No smaller time frame charts are used. You need to study
10+ charts for 30 minutes a day whenever your daily candles finish.

Once the basics are learned you can move on to
creative ways to manage trades like this. In the past when leverage was better
this one trade could potentially double an account.
Attachments
GBPUSDDaily1.png
GBPUSDDaily1.png (41.48 KiB) Viewed 1009 times
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aliassmith
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Re: Daily Only Currency Charts

Postby aliassmith » Fri Jun 21, 2019 3:50 pm

Same chart.
Same $14 risk.
a 10R outcome vs. 2R
Daily Charts have potential (when I retire from futures I plan on trading daily currency charts only)
From this trade:
an experienced 10 lot trader could make $140,000 in 2 weeks.
an experienced 1 lot trader could make $14,000 in 2 weeks.
an experienced .1 lot trader could make $1400 in 2 weeks.
a mico trader can learn a lot. :D

That is just one way of doing it. I think Doji has a "stacking" process that he uses.
Attachments
GBPUSDDailyadvanced.png
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Dillinger
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Re: Daily Only Currency Charts

Postby Dillinger » Fri Jun 21, 2019 5:20 pm

small charts are traded with momentum and large charts are traded with planing and position - MO
(or something like that)
"So pick up your skirt, grab your balls and let's make some money"

aliassmith
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Re: Daily Only Currency Charts

Postby aliassmith » Fri Jun 21, 2019 5:41 pm

Dillinger wrote:small charts are traded with momentum and large charts are traded with planing and position - MO
(or something like that)


Right, in this thread with these Daily charts we'll focus on the plans and position
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trojoh68
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Re: Daily Only Currency Charts

Postby trojoh68 » Sat Jun 22, 2019 1:50 am

Alias,

Thanks for starting this thread. For clarification, here is a primer on DojiZones, which are pretty much like you described in your earlier post of GU. (The black lines are 13 and 34 candle Donchian channels, which work the same as 2 and 3 semafors.)


Image

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LeMercenaire
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Re: Daily Only Currency Charts

Postby LeMercenaire » Sat Jun 22, 2019 8:00 pm

aliassmith wrote:First Chart!
It is the GBP/USD Daily chart.
It is an example of a failed zero-line which I believe is also a DojiZone.
If I am wrong please correct me. I can't say I am 100% familiar with the DojiZone.

This is a basic 1 risk to 2 reward example. There are more advanced ways to manage
this position and they can be discussed down the road.

What makes this a probable trade?
Price has basically been trending down.
There was 2 pushes up.
The candle with the check mark is a clue that the zero-line failed.

How to play it:
After the check mark candle closes you place your short limit order
near the line marked entry. Put your stop where it says stop and your
target where is says target.

Very basic stuff and simple. No smaller time frame charts are used. You need to study
10+ charts for 30 minutes a day whenever your daily candles finish.

Once the basics are learned you can move on to
creative ways to manage trades like this. In the past when leverage was better
this one trade could potentially double an account.


Great stuff.

For my part, I would add that in my style of running these kind of things, you could have trailed a fib down off the move on the left and it would likely be that the pull back (where the stop is set) will be a significant fib level, usually 23.6 or 50.

This means that you could actually begin your trade by going in small to test the water even before morphing it into the trade you show here.

Anyway, sorry, Alias, I don't mean to hijack, I just thought that I would say that fibs work really well alongside Z-Lines.

Looking forward to following along.

aliassmith
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Re: Daily Only Currency Charts

Postby aliassmith » Sat Jun 22, 2019 8:31 pm

LeMercenaire wrote:
aliassmith wrote:First Chart!
It is the GBP/USD Daily chart.
It is an example of a failed zero-line which I believe is also a DojiZone.
If I am wrong please correct me. I can't say I am 100% familiar with the DojiZone.

This is a basic 1 risk to 2 reward example. There are more advanced ways to manage
this position and they can be discussed down the road.

What makes this a probable trade?
Price has basically been trending down.
There was 2 pushes up.
The candle with the check mark is a clue that the zero-line failed.

How to play it:
After the check mark candle closes you place your short limit order
near the line marked entry. Put your stop where it says stop and your
target where is says target.

Very basic stuff and simple. No smaller time frame charts are used. You need to study
10+ charts for 30 minutes a day whenever your daily candles finish.

Once the basics are learned you can move on to
creative ways to manage trades like this. In the past when leverage was better
this one trade could potentially double an account.


Great stuff.

For my part, I would add that in my style of running these kind of things, you could have trailed a fib down off the move on the left and it would likely be that the pull back (where the stop is set) will be a significant fib level, usually 23.6 or 50.

This means that you could actually begin your trade by going in small to test the water even before morphing it into the trade you show here.

Anyway, sorry, Alias, I don't mean to hijack, I just thought that I would say that fibs work really well alongside Z-Lines.

Looking forward to following along.


You (anyone) is welcome here as long as the discussion is about Daily Charts, entries on Daily Chart, Risk on Daily Chart, etc., I don't mind.
I mean we can use the Weekly/Monthly for levels and such, but I don't want to go below Daily, because who the heck wants to get up every 4 hours to monitor 4 hour charts. :roll:

I threw a FIB on there and it was 61.8.
My personal opinion about FIB is that it is best when used with "something" else as confluence, as you mentioned, zlines.
So there you go for whoever is following along. We have a FIB confirmation to go along with our DojiZone and other reasons I mentioned.
In the post by trojoh68 there is also mention of a Dochain Channel/SEMA confirmation.
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Re: Daily Only Currency Charts

Postby aliassmith » Sat Jun 22, 2019 9:00 pm

Next Trade:
So after the nice GBP/USD short there was 2 pushes down and a long zero-line trade shows up.
The check mark candle was momo (body size 2 times the previous body size)
Entry is in the white box with about $7.30 risk
Target is $14.60
The long white arrow is where I figure price would go
It didn't work!!! They don't always work, that is just how it is.
You could have exited 2 candles after the momo for about $2.75 loss.
2 trades so far up $25
Attachments
GBPUSDDaily2.png
GBPUSDDaily2.png (44.23 KiB) Viewed 810 times
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aliassmith
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Re: Daily Only Currency Charts

Postby aliassmith » Sat Jun 22, 2019 9:26 pm

Another long Zero-line trade shows up
After 3 pushes down
The 2 SEMA shows up
We are at the 161.8 FIB extention level
There was also a bear trap. Turns out not a big one.
if you have other reasons chime in.

Risk was $8
Target is set to $16
But it doesn't hit the target!
NOW WHAT?????

The worst way to handle the exit is to let it hit your original stop $8
Result (-$8)

A common exit is to move your Stop to Break-even when price moves 1:1
Result Break-even

You could also exit when price wicked below the red candle
Result $3.25

You could also exit when that failed zero-line shows up
Result $5 and reversal setup

There are many ways to manage trades. You could have also scaled out at some point.

3 trades so far up $30 and a reversal trade coming up next.
If you are observing out there hit the thumbs up, but I would rather you hit thumbs up and
add to the discussion.
Attachments
GBPUSDDaily3.png
GBPUSDDaily3.png (43.35 KiB) Viewed 803 times
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