Daily CP filtering

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Daily CP filtering

Postby cvamichael » Tue Aug 24, 2010 9:57 pm

Here is a simple way I have found to filter Daily searches. I only trade Daily candles as I run my own company and can not spend hours in front of the computer.
First I look at one currency pair chart at a time on MT4, like EUR/USD. I then check what color the Supertrend line is. Lets say it's GREEN. Then, using the CP Dashboard I filter for all the Bullish patters. This way I am only trading WITH the trend. Bellow are some examples. Keep it simple, trade with the trend.
There were six trades given in the Dashboard, but I would have already been into the trade indicated on the 7th.
For Stop Loss I use the last pivot point, Take Profit is scale out and move Stop Loss up as candles move.
Attachments
piphut daily.gif
Purple arrows show when CP gave the signal
CP Bullish.png
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New Signals

Postby cvamichael » Thu Aug 26, 2010 4:10 pm

piphut daily aud.gif
piphut daily aud.gif (10.6 KiB) Viewed 16418 times
I will start posting the signals and charts as they come.
Here is one from Aug. 24th. In the red so far, but the trend is not broken so I will hang in there.
Attachments
Picture 1.png
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Re: Daily CP filtering

Postby candlesurfer » Fri Aug 27, 2010 9:01 am

Hi,

Thanks for posting your experiences etc. I think it can never hurt and provides a basis for discussion / learning etc etc. I also believe in trading with the trend, waiting for consolidations, pullbacks, selling ralles, buying dips etc with candlestick confirmations as signals and MA's to establish trend strength.

I am in a similar situation to you and aim to trade primarily daily setups rather than hourly etc. as I have a busy day job. I am in the London (GMT) zone, hence the new daily candles come out at one minute past midnight where I am (outside of summer that is!). Would appreciate your thoughts on whether in my situation you would wait overnight to place morning trades on new CP setups (using the 6 or so hours until next morning as confirmation) or just get in there when the new signal comes out.

Iam trying to establish a routine and not sure whether to place trades late at night or first thing in the morning, perhaps it actually doesn't matter?

Also, as I haven't yet got my hands on CP (can't wait though, looks great) roughly how many decent daily setups does it kick out a week?

Thanks again for posting your experiences, I am sure over time this forum will become an invaluable source of knowledge.

Greg
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Re: Daily CP filtering

Postby ralf » Tue Aug 31, 2010 2:41 pm

Greg, I have not enough expierience yet with CP on daily base. I am testing everything and I will let you know, when we have serious results out of that. But this can take few weeks or month. Until now, I can say CP is absolutly brillant, but you have to study it, and you need some basic knowledge about trading. This tool helps you a lot!
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Re: Daily CP filtering

Postby candlesurfer » Tue Aug 31, 2010 9:07 pm

No worries. I understand that these tings take a while. Patience is key in this game!

I am hoping to get a copy of CP as well this week, start testing with a demo acc given my lifestyle, comittments etc and post my experiences for discussion/ feedback/input etc.

I asked Mark a similar question, he said the following:

it kicks out 2 daily signals on average, I would say. It really depends on the setup. Some daily signals I would say shouldn't be traded at all depending on the quality of the signal, others should be traded right away while others you should wait for a pullback or confirmation signal. I would say that in general, to answer your question, CandlePro can be combined with any strategy you want to help enhance the results of that strategy, and that there are a variety of strategies to fit a variety of personalities, lifestyles, etc. For example lets say there is a bullish daily signal but you don't want to trade it right then (or you can't), then you could wait until you are in front of a computer later in the day and then look for strong bullish signals on a smaller timeframe chart to confirm and enter at a different time. With daily candles especially since we the profit/loss are based on the 10-candle strategy you actually have 10-days from the time the signal hits to enter. Does that help?
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Re: Daily CP filtering

Postby ralf » Wed Sep 01, 2010 5:42 am

Sure, it all depends on your strategie, but trading daily candles is not bad and you can make good results if you keep your rules...
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Re: Daily CP filtering

Postby candlesurfer » Wed Sep 01, 2010 6:42 am

true I have written mine down here and will try my damn hardest to stick with it.

Golden rule 1: I have to be disciplined & trade with the trend. I will measure trend by eye and MA combinations (short term, medium, long term)

Golden rule 2: Wait for pullbacks, consolidations etc. (indicated by Flags, Pennants, Triangles) to sell short term rallies and buy short term dips (short term being 2-4 days) within longer term trend.

Golden rule 3: Use CandlePro formation analysis as additional confidence that rally or dip is about to turn and estimate by how much.

Golden rule 4: Support and Resistance as further indicators of likely success of trade and to time entry, SL and TP.

Golden rule 5: Risk:reward must be at least 2-3:1 and each trade no more than 2% of capital risked.

Golden rule 6: Actively manage trade, use trailing stop loss using initial SL distance behind price.
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Re: Daily CP filtering

Postby chasev » Fri Sep 03, 2010 2:34 am

How can one receive the super trend indicator?
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Re: Daily CP filtering

Postby candlesurfer » Fri Sep 03, 2010 11:48 am

If by super trend you mean the longer term trend, I use a combination of Simple Moving Averages and MACD, just my preference, there are probably other fancy indicators but I like to keep things as simple as poss.
I use 10, 50 and 200 SMA's on the daily charts, looking for all three to be pointing/ sloping up with the 10 above the 50, 50 above the 200 which I interpret as a bullish trend, the opposite for a bearish trend. I then look for trade opportunites /setups where the shorter term 10 day SMA dips in bullish trends to go long if the trend resumes and 10 day SMA rallies within longer term bearish trends to short if the bearish trend resumes.
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Re: Daily CP filtering

Postby markelshark » Fri Sep 03, 2010 4:10 pm

candlesurfer wrote:true I have written mine down here and will try my damn hardest to stick with it.

Golden rule 1: I have to be disciplined & trade with the trend. I will measure trend by eye and MA combinations (short term, medium, long term)

Golden rule 2: Wait for pullbacks, consolidations etc. (indicated by Flags, Pennants, Triangles) to sell short term rallies and buy short term dips (short term being 2-4 days) within longer term trend.

Golden rule 3: Use CandlePro formation analysis as additional confidence that rally or dip is about to turn and estimate by how much.

Golden rule 4: Support and Resistance as further indicators of likely success of trade and to time entry, SL and TP.

Golden rule 5: Risk:reward must be at least 2-3:1 and each trade no more than 2% of capital risked.

Golden rule 6: Actively manage trade, use trailing stop loss using initial SL distance behind price.


Looks good Candlesurfer. I might have missed this but what timeframe do you trade?
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