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Day Trading Currency Futures W/Multiple time frames


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Day Trading Currency Futures W/Multiple time frames

  #61 (permalink)
 
David_R's Avatar
 David_R 
San Jose, Ca
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I took a look at some longer term charts of the Euro, Aussie and the Pound. To me, it looks as though they are setting up for a large more down. My assumptions is that they would all move the same direction against the dollar, but the charts do not all look the same. There is a Daily and a weekly of each. I am curious what others think. This is purely technical. I don't consider any funnymentals.

David






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  #62 (permalink)
 
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 ratfink 
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David_R View Post
I took a look at some longer term charts of the Euro, Aussie and the Pound. To me, it looks as though they are setting up for a large more down. My assumptions is that they would all move the same direction against the dollar, but the charts do not all look the same. There is a Daily and a weekly of each. I am curious what others think. This is purely technical. I don't consider any funnymentals.

Strictly for curiosity here's my long term EURUSD charts, there is basically a valid long setup on the monthly and nested short and long setups on the daily, latter being reason for the whipsaw stuckery of late. Concur regarding funnymentals or news as the setups are usually 9/10 already in place before the jumping around occurs.



L/t targets either 1.25 and 1.14 or 1.33 and 1.41 depending on chosen poison.



Each of A, B and C has its own personality and trending style as you say and all tend to respond to D as Mr Big.

Hard to know what is predicated for inflation/deflation/stagflation regardless of what setups hold or are busted as all the proponents themselves are already holding busted flushes.

Biggest differential I see is the US change in energy reserve status, is it enough to cover up that Minsky feeling again I doubt it. Hard to see how a blow up is avoidable but at what paper levels I have no idea, I suspect the credit destruction to come is still monumental but the apparent start of a new 60yr cycle in 2009 and the difficulty of calling the longwave as 09 or 13/16 does one's head in.

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  #63 (permalink)
ESFXtrader
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If I get a PM, I will be glad to respond. I do check from time to time.
My system continues to work well. Here are some charts that may help you see what I mean.
They are all on the 6A and the 3rd shows 6 charts.
The last chart [8 tick (r)] would have prevented your closing the 2nd long trade on the 30 min chart and shorting at the green MA or RMA for a loss. Using this technique, you will be able to hold trades for bigger moves and prevent many losses.
Hope this helps, and, as always, good trading.

WK

PS I will soon post some FX charts used in a similar manner.
For those trading this software, see if your charts match mine. I would suggest that they don't.
May God Bless all those who have served in any capacity in our armed forces!!!
Thank you from the bottom of my heart.

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  #64 (permalink)
benjjj6
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ESFXtrader View Post
If I get a PM, I will be glad to respond. I do check from time to time.
My system continues to work well. Here are some charts that may help you see what I mean.
They are all on the 6A and the 3rd shows 6 charts.
The last chart [8 tick (r)] would have prevented your closing the 2nd long trade on the 30 min chart and shorting at the green MA or RMA for a loss. Using this technique, you will be able to hold trades for bigger moves and prevent many losses.
Hope this helps, and, as always, good trading.

WK

PS I will soon post some FX charts used in a similar manner.
For those trading this software, see if your charts match mine. I would suggest that they don't.
May God Bless all those who have served in any capacity in our armed forces!!!
Thank you from the bottom of my heart.

Thanks for the charts, after reading through your threads I still find it very difficult to determine your entry criteria.

Could you please reply with a checklist of criteria which need to be filled enter a trade, I understand not all elements must be present on every trade but a list of the signs you look for, for example to enter the trades in the charts you posted above would be helpful.

Secondly, I assume you must be entering on the candle after the arrow, since you would need to wait for that candle to close, if so how can you be making a profit on a 6-tick chart, surely the spread or slippage erases your profits?

  #65 (permalink)
ESFXtrader
West Coast of Florida
 
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benjjj6 View Post
Thanks for the charts, after reading through your threads I still find it very difficult to determine your entry criteria.

Could you please reply with a checklist of criteria which need to be filled enter a trade, I understand not all elements must be present on every trade but a list of the signs you look for, for example to enter the trades in the charts you posted above would be helpful.

Secondly, I assume you must be entering on the candle after the arrow, since you would need to wait for that candle to close, if so how can you be making a profit on a 6-tick chart, surely the spread or slippage erases your profits?

If you check the charts with notations in my threads, you will clearly see my entries. The entries at the close of the candle are only a small part of my overall trading entries. In those cases, there can certainly be some slippage using market orders and using limit orders, you will miss some trades. You will need to decide which works best for you. After using the demo for a while, you will know which is best and even after you begin with cash, you can change your mind. There are so many setups in all the futures, you will have no trouble finding a trade, your capital permitting. Some futures do require more margin and therefore a larger balance from which to work. Many of my trades are BB trades and, therefore, counter trend and are preset before the price gets to it. Many are at the RMA or green or Rolling Moving Average. Those are also preset, awaiting price arrival. Those are continuation trades.
Hope this heads those following this thread in the right direction.
This is the first time I am actually showing my settings. I use the 18 and 21 on the two MAs. This should help you get up to speed quickly. Good trading.
WK

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  #66 (permalink)
ESFXtrader
West Coast of Florida
 
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Here I will post multiple charts on FX to help you see how well it works using 3 charts which must agree to take a trade. I am posting 4 & 6 tick RENKO charts and a 6 minute chart. After 4 & 6 tick RENKO charts agree and closed below the Blue MA, then only take the short trade when the price on the 6 minute is also below the Blue MA, but does not need to be closed. Longs are opposite: after 4 & 6 tick RENKO charts agree and closed above the Blue MA, then only take the long trade when the price on the 6 minute is also above the Blue MA, but does not need to be closed.
By using this system, you will eliminate most losses. Check it out and see if you do not agree.
Remember to move you stop to +1 PIP, or + 1 tick on futures contracts, after you have gained 10 PIPs or 5 ticks positive. This, too, will help prevent losses. If the setup is still good, you may even be able to re-enter the trade at a better price point or move on to some other FX pr or futures contract.
Hope this helps and, as always, good trading.
WK
You may substitute range charts for RENKO charts.

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  #67 (permalink)
ESFXtrader
West Coast of Florida
 
Posts: 505 since Jul 2010
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Does anyone else like the longer time frames on FX trades?
Check out these 2 trades on EURAUD 120 min chart, where you short on close below the Blue MA and reverse on close above the Blue MA for 2 nice trades. Short @ 1.3525 to 1.3417 reverse. Of course, there was more to be had, but this allows one to move stop and return 2 hrs later to check, if still in trade, decide just what to do.
Simple and profitable....gotta love it.
As always, Good trading.
WK

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  #68 (permalink)
 leprechaun 
Quebec
 
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WK

thanks for on going charts and guidance. Yes the longer term charts offer some super rewarding trades. I also like the smaller range charts for added insight - the recent 4 tick chart you posted with the 6 tick is invaluable. I also see a lot of value in your Orange EMA - price above or below that gives a great overall directional bias Especially if price blows through the EMA without hesitation i.e. with a full 'wholesome bar' i.e. a bar with no retrace.

thanks as always !

L.

example of what I refer to - the 6 tick comes to a halt and the 4 tick shows why at 14:20 ~ on June 10th


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  #69 (permalink)
 FKtrader 
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@ESFXtrader thanks for the great stuff in your journal.keep up the good work

  #70 (permalink)
ESFXtrader
West Coast of Florida
 
Posts: 505 since Jul 2010
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For those who have not yet joined the Elite group, don't you think it's about time to have access to some of the best posts and material available for traders?
For a trader, it can't be about the money. You will learn enough to make it up many times over. Get on board.
https://nexusfi.com/elite-trading-journals/

See what you are missing.
Good trading.
WK
PS The 800 tick chart on CL is well represented and you will see just how successful you can be.


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Last Updated on December 21, 2014


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