Daily Candle Trend Trading + CandlePro

Trade journals, examples and tutorials made by CandlePro Users! This is also where you should post your strategy idea to have it commented on by others, and work together to create the best strategies.
Forum rules
THIS FORUM IS IN READ-ONLY MODE! Click the link below to visit our new forum:

http://piphut.com/forex-forum/

Daily Candle Trend Trading + CandlePro

Postby candlesurfer » Tue Sep 07, 2010 6:49 am

Just got CP yesterday and eager to incorporate into my trading of daily candles. Having listened to Marks wise words about CP not being silver bullet, I have come up with a strategy which attempts to blend chart patterns, MACD, Simple Moving Averages, CP and of course common sense which I am going to apply using a demo account for a while before going live.

I would appreciate any comments, feedback etc and I hope this sparks debate in the spirit of piphut.

Big up to Mark who made this all possible.

Here is the strategy, it is simple but hopefully has incorporated some wise rules. The hard thing will be to stick with it. I will try to comment every morning on the pairs I am following in terms of their daily candles.

Golden rule 1: Be disciplined, keep it simple & trade with the trend. Measure trend by eye and Simple Moving Average combinations (short term, medium, long term)

Golden rule 2: Wait for pullbacks, throwbacks and consolidations (indicated by Flags, Triangles and MA movement) to sell short term rallies and buy short term dips 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: Once in trade, actively manage, e.g. use trailing stop loss or cut short if negative event on horizon.
Last edited by candlesurfer on Thu Sep 16, 2010 5:48 am, edited 1 time in total.
candlesurfer
 
Posts: 87
Joined: Sat May 15, 2010 4:53 pm

Re: Daily Candle Trend Trading + CandlePro

Postby hungarian » Tue Sep 07, 2010 12:47 pm

Hi candlesurfer,

I am looking forward to your analysis with chart illustrations.
hungarian
 
Posts: 5
Joined: Mon Aug 09, 2010 9:07 am

Re: Daily Candle Trend Trading + CandlePro

Postby candlesurfer » Wed Sep 08, 2010 6:54 am

8 Sep 2010

EUR/USD

X EUR-USD Rolling Daily 8 sep 2010.jpg


Daily update: Choppy trend indicated by MAs, although bullish uptrend looks to be forming as MA100 below MA50. Waiting for MA10 to turn up, with MACD bullish crossover and CP daily signal to enter long. CP scan revealed no new daily bullish or bearish candles, therefore no entry as yet. Noted bullish candles on shorter time frames throughout yesterday and today (mainly 1h and 30m)

AUD/USD

X AUD-USD Rolling Daily 8 Sep 2010.jpg


Daily update: Missed recent bullish flag break (1 September). MA10 also bounced off MA50 at same point, as MACD crossed over 0. A scan of CP also showed a three outside up followed by a three inside up on 30.08.10 and 02.09.10 repsectively. Would have entered this trade on these confirmations. Waiting for a further pullback in MA10 to enter long if confirmations are present again.

GBP/USD

X GBP-USD Rolling Daily 8 Sep 2010.jpg


Daily update: Similar to EUR/USD - no clear current overall trend but MAs suggest uptrend could be establishing. MACD suggests downtrend will continue. As I say, unclear as to what is happening so will wait for something more concrete to come about. CP has shown a bullish doji on the daily charts, although I can't find this on my own charts. May be a signal that uptrend is about to start.
candlesurfer
 
Posts: 87
Joined: Sat May 15, 2010 4:53 pm

Re: Daily Candle Trend Trading + CandlePro

Postby candlesurfer » Wed Sep 08, 2010 7:04 am

USD/CHF


X USD-CHF Rolling Daily 8 Sep 2010.jpg


Daily update: Clear, strong downtrend in place. MACD pointing down, Longer term MAs above shorter term and all pointing down. Waiting for rally to sell. Daily CP kicked out a strong bullish daily three outside up (94%) on 06.09.10 which has so far been ignored, further confirming the strength of the downtrend.

Waiting for a rally to sell.


USD/JPY

X USD-JPY Rolling Daily 8 Sep 2010.jpg



Daily update: pair appears strongly rangebound in down trend. MACD not helping much, staying flat so not really signifiying much. MAs suggest selling rallies is the strategy, will wait for a decent rally to sell. Bottom trend line is sloping differently to upper, suggesting bullish breakout may occur. CP has kicked out a strong (88%) three outside down pattern so helping confirm downtrend is in place.
candlesurfer
 
Posts: 87
Joined: Sat May 15, 2010 4:53 pm

Re: Daily Candle Trend Trading + CandlePro

Postby candlesurfer » Thu Sep 09, 2010 6:40 am

EUR/USD

X EUR-USD Rolling Daily.jpg


9 Sep 2010 Daily update: Continuing choppy trend indicated by MAs. CP scan revealed several strong (100%) bullish formations on the 4h charts yesterday, but nothing of note on the daily. Waiting for trend to reassert.



AUD/USD

X AUD-USD Rolling Daily.jpg


9 Sep 2010 Daily update: MA10 has not yet pulled back to longer MAs. Bullish break of flag is continuing. CP kicked out a weak (6%) new daily bullish engulfing this morning. No bearish formations, MACD up, MAs up - all suggest some life left in this move.


GBP/USD

X GBP-USD Rolling Daily.jpg


9 sep 2010 Daily update: MACD flattening out, possible reversal to uptrend approaching, corresponds with daily bullish doji CP kicked out yesterday. CP also kicked out a strong (100%) three inside up on the 4h yesterday morning. However, CP is also kicking out plenty of bearsish formations on the 4h charts, so confirming that the trend is not clear. MA 50 and 100 both pointing up, MA 10 lagging.
candlesurfer
 
Posts: 87
Joined: Sat May 15, 2010 4:53 pm

Re: Daily Candle Trend Trading + CandlePro

Postby candlesurfer » Thu Sep 09, 2010 6:59 am

USD/CHF

X USD-CHF Rolling Daily.jpg


9 sep 2010 Daily update: MACD flattening out, CP kicked out a few strong (43% and 94%) bullish formations on the 4h charts yesterday afternoon. CP kicked out two new strong bullish daily candles today, so anticipating an imminent reversal. fingers crossed that this is the rally I have been waiting to sell, will of course wait patiently to see if this unfolds.


USD/JPY

X USD-JPY Rolling Daily.jpg


9 Sep 2010 daily update: pair still strongly rangebound in down trend. MACD staying flat / oscillating so still not helping much, Still waiting for a decent rally to sell.
candlesurfer
 
Posts: 87
Joined: Sat May 15, 2010 4:53 pm

Re: Daily Candle Trend Trading + CandlePro

Postby candlesurfer » Fri Sep 10, 2010 6:22 am

EUR/USD

X EUR-USD Rolling Daily.jpg


10 Sep 2010 Daily update: still no clear trend as signified by eye/ MA combinations. CP scan kicking out a combination of bullish and bearish 4h formations, adding to the sense that there is no overall trend. CP kicked out a v weak (19%) new daily bearish engulfing, I am not going to take much notice. MACD is flat also, with both signal lines on top of each other. Marks daily analysis is along the same lines so I'm also going to see what happens next week.


AUD/USD

X AUD-USD Rolling Daily.jpg



10 Sep 2010 Daily update: That sweet set up that I missed a few days back is now about 300+ pips in profit. I am not annoyed, it serves as proof that this strategy can pay off. THe move still appears to be in play, MA10 has pulled further away from MA50 and MA100. CP scan kicked out a new daily bullish three outside up (37%) the day after kicking out a weak (6%) new daily bullish engulfing formation. No bearish formations, MACD up, MAs up - all suggest some life left in this move. Could this have anything to do with the elections perhaps?


GBP/USD

X GBP-USD Rolling Daily.jpg


10 sep 2010 Daily update: MACD still flat, no reversal of shorter term down trend as yet. No new daily formations from CP. Broadly similar (unsurprisingly) to EUR/USD. Will wait to see what arrives next week.
candlesurfer
 
Posts: 87
Joined: Sat May 15, 2010 4:53 pm

Re: Daily Candle Trend Trading + CandlePro

Postby candlesurfer » Fri Sep 10, 2010 6:48 am

USD/CHF

X USD-CHF Rolling Daily.jpg


10 sep 2010 Daily update: MACD is about to cross over, heading north but still below the zero line. The bullish daily candles kicked out by CP recently are in play. CP also kicked out an extremely strong (100%) 4h bullish 3 inside up yesterday morning.It also kicked out a weak (34%) bearish doji yesterday afternoon. Looks potentially like this is the start of a rally within a longer term downtrend, just the kind of wave candlesurfer likes to ride! I'll wait for MA10 to change direction before the setup is confirmed.


USD/JPY

X USD-JPY Rolling Daily.jpg


10 Sep 2010 daily update: You know what, I must admit I am seriously tempted to just jump on the trend and surf it! This pair is stuck in a strong downwards bound range and as far as I can see there is no imminent warning that it is about to end. BUT! this is not my strategy so I won't. CP has kicked out a mid strength (49%) new daily bullish hammer two days after a much stronger (88%) daily bearish 3 outside down. Just goes to prove further that the bears and bulls are locked. MACD flat and oscillating, signals that no nasty suprises are on the horizon. I'll wait for a noticeable rally on MA10 to sell into.

pair still strongly rangebound in down trend. MACD staying flat / oscillating so still not helping much, Still waiting for a decent rally to sell.
candlesurfer
 
Posts: 87
Joined: Sat May 15, 2010 4:53 pm

Re: Daily Candle Trend Trading + CandlePro

Postby candlesurfer » Mon Sep 13, 2010 6:53 am

EUR/USD

X EUR-USD Rolling Daily.jpg



13 Sep 2010 Daily update: Heavy bullish move this morning, uptrend could be forming. CP scan shows confluence of the 15m, 1h and 4h charts today, brand new candles on all (46%, 40% and 75% strength). MACD finally showing signs of an uptrend developing. Has not crossed over the 0 line as yet though. Outlook for week is therefore more likely bullish, this is underlined by a rising triangle pattern I noticed today. There could be a bullish breakout about to occur shortly. Waiting to see if the upper side of the ascending triangle pattern is broken / MAs align to uptrend / MACD signals bullish move / CP kicking out a new daily bullish pattern before entering long.



AUD/USD

X AUD-USD Rolling Daily.jpg


13 Sep 2010 Daily update: The move I have been following is heading for +400 pips with no immediate sign of stalling. CP kicking out mix of bulish and bearish signals on 4h and daily, but bulls in control. MACD up above 0 and flowing upwards, MAs aligned nicely.

GBP/USD

X GBP-USD Rolling Daily.jpg



13 sep 2010 Daily update: MACD still flattish. Price appears to have found support at around 1.5330 and entering sideways trend with resistance around 1.5530. Waiting for MACD/ MAs to align. This new resistance level gives another possible confirmation for any trades taken this week. CP scan signals new bullish confluence on 4h and daily (68% and 35%). 15m kicked out a bearish doji around 6:45am (100%).
candlesurfer
 
Posts: 87
Joined: Sat May 15, 2010 4:53 pm

Re: Daily Candle Trend Trading + CandlePro

Postby candlesurfer » Mon Sep 13, 2010 7:17 am

USD/CHF

X USD-CHF Rolling Daily.jpg


13 sep 2010 Daily update: MACD has crossed over, still heading north but still below the zero line and could be stalling. CP kicked out v weak daily bearish shooting star (7%) and a much stronger 3 outside down on the 30m (87%). The 1h kicked out a v strong (100%) hammer signalling the mornings selling pressure could be about to end. Still waiting for a decent rally to sell into, hope this mornings selling will reverse through the rest of today. MA10 is teasing me, is definately flattening but not reversed.



USD/JPY

X USD-JPY Rolling Daily.jpg



13 Sep 2010 daily update: Price today bounced almost perfectly off my upper trend line. MA10 not turned sufficiently north for me to sell although recent gap up may serve as adequate proof of rally? Decisions, decisions. New daily bullish candle (100%,) 3 outside up signals that price may be about to go higher, although this mornings action is opposite. Also got a 3 inside up (100%) on the 15m this morning. Weak bearish candlestick on the 4h this morning (28%) signifies that bulls should control todays price action and therefore I'll wait once more for MA10 to go higher before selling. MACD also looking bullish.
candlesurfer
 
Posts: 87
Joined: Sat May 15, 2010 4:53 pm

Next

Return to CandlePro Trading

Who is online

Users browsing this forum: No registered users and 2 guests

cron