I closed the trade last week but didnt have time to post the chart so here ya go. Almost 800 pips and it was effortless.
I got the idea of trading the daily because I trade a bullish or bearish big wick on the dailies and it is effortless trading and very consistent, so I love it!
I’m also trying to learn myself.
There’s a Big E pdf floating around with a lot of useful information you should check out.
Anyway, here’s what happened to the trades I posted, not quite what I was after but possibly good learning.
The GBPUSD
The reason I got in. Daily looked like it was turning down, the 4 hour was also turning, I had a cross of the TDI on the correct side of the yellow line to short, stochastic was up, and I felt that after the strong move up price could retrace maybe 50%.
What I failed to notice then was that price had moved up quite strongly and is now in a period of consolidation, should we trade in these areas I’m not sure. I guess in these areas the market is still undecided?
I had my stop around the high to give me breathing room. I got in on the green line, price instantly went against me (this happens a lot after you get the clear signal I find?!? so I try not to get too scared, it’s now coming back my way and has also thrown up another sell signal.)
The AUSUSD
I see I posted the daily chart instead of the 4Hour, my bad.
This did a similar thing.
My reasons for selling: The daily was looking like it was turning around, I had a cross of the tdi, nice angle. Stochastics was up, I saw a trend line being broken (confluence), expected a nice retracement.
It started to consolidate after I took the trade. My stop was in the right place. Before going to bed to minimise my risk I moved my stop lower and got stopped out in the night. Had I have left it I would still be in the trade
Thanks for sharing your experiential thought. This will be very helpful for new trader. All wnat to earn some profit with a limited investment.
You shared a file for details.
I’m new to this method with mixed success - i’m in Australia which means its daylight when London opens which is so much better than Asia - do you know why?
Also on this particular trade - firstly well done !
The TDI doesn’t indicate a clean crossover - how did you know to enter this trade.
Hi @johnnykanoo, thanks a lot for shared your strategy, it look like so profitable.
I have just a problem with the tdi indicator for mt4…whe i put it on my charts nothing is showing in the indicator window… there is something wrong with the indicator or the settings?