I Trade the Daily Chart, but I Am a Day Trader

The rates displayed in the chart above are indicative only and cannot guarantee execution of an order or trade.

This is not good for a trader: September 18, at 4: What was I doing wrong?

Analyst Report

Bollinger Bands® is the second important indicator I use along with candlesticks. In fact, the combination of candlesticks and Bollinger Bands creates the strong trade setups I look for. Bollinger Bands is a unique indicator with some awesome features that cannot be found in the other.

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Pricing Free Sign Up Login. Oct 28, Tax Form: Historical Trading Data 1 Month Avg. Realtime Rating Summary The adjacent table gives investors an individual Realtime Rating for DJCI on several different metrics, including liquidity, expenses, performance, volatility, dividend, concentration of holdings in addition to an overall rating. Compare to another ETF. Filings Data as of: Year to Date Return.

Year to Date Fund Flow. Brought to You by Mitre Media. Bollinger Brands Lower Bollinger 10 Day: Download the fact sheet PDF. It means the related party is controlling the market strongly. When the shadow is too long, it means the opposite party is trying to take the control, but have not been successful yet. Thanks Chris you always put the psychology of trading and traders in your articles which make them unique.

For the first time in my life I can get a little feeling that I really understand how market works. I just need to read your articles more carefully and do some highlights.

Your explanation of Bollinger bands in this article was awesome. It means a big Bullish pressure is imposed to the market suddenly. What is happening Chris when the shadow occur above the candle?

And the explanation is the same if the candle is Bearish? Basically do we have to follow the candles when breaking out the bollinger bands or the shadows are most important.

Hi Chris Once again i am surprised by your perfectly written Article. So many important sentences in this Article. Again your way of explaining the psychology of the market is so catching for me.

Please start from here: The stock ex tcs has reached the upper band ,still it is bullish one or some reason like some profit booking in tcs can reduce the stock little lower or the index like Nifty is consolidating so tcs can lower so that days the False signal is formed. If Nift is up or tcs has some gud news it will bounce back.

If you short that time that will hit your stoploss. Then only we can short. Hello Dear Chris I am Learning too much From Your articles but i am new learner so i am in little confusion after reading the analysis of strong piercing line pattern article that you said in above paragraph 2.

Reversal trends 1st Paragraph how candle stick 1 and 2 make piercing line Pattern I mean in that pattern 1st candle is bearish and 2nd is bullish and close little below the 1st candle other wise it would be Bullish Engulfing…..

Can you suggest me how the Bolinger band average period and candle stick time 5 min,10 min,30 min ,1 hour chart for intraday trading. Now I use the Bolinger period average period as 12 days and 5 minutes candle chart for intraday trading in index. But some says the upper band is overbought area and lower band is oversold area. I though have one question; Is this Training based on long term period traders, 1 hour, 4 hour,1 day?

It is hard to check one chart by one chart especially during working hours. Appreciate if you could consider, thanks, Chin. About the bollinger bands, I have one question. For example, we know that if the bands are too close, it means that the interest on buying and selling is low. But, what does it mean, when one band is downward, while the other is upward? Market indecision and high volatily? If a chart is volatile and is trending down strongly, but the lower band points up, it is because, after an high volatily, the market is oversold, and will likely bounce up from close support level?

How do the bands relieve it? This occurs usually when the price starts taking a direction suddenly after a while of moving sideways. After few candlesticks, both bands will follow the price direction. It was among one of the old articles of this site. I am now reviewing and editing them. I have added some more tips and delete the obsolete parts. I hope you are fine. Doji article is closed for comment,so I will ask you here. As usual, thank you for an excellent article.

You also said that 8 was confirmation for the 7 formation. What about the two candlesticks immediately following 7? One is a very small bodied bull candlestick followed by a large strong bodied bear candlestick that even breaks the Bollinger middle band. Why would you need 8 for confirmation when you have such a strong bearish engulfment pattern immediately following 7?

Are there any negative points that would negate that bearish engulfment pattern? Those small candlesticks are just 2 hours old candlesticks that were used to form on the platforms on Sunday afternoon on the daily chart. It was because of the broker sever time difference and market open on Sunday afternoon. They are not valid daily candlesticks.

But sometimes is difficult to determine trend,because after strong trend the market is behaving strangely.

In chart below we had strong downtrend in previous structure. The angle is very steep, and after then we should wait for trend continuation setup,right. But after that the price is start to go up and down, up and down,and we did not have a clear trend.

You had to wait for a trend continuation setup after the price went up. But such a setup never formed. As a result, you stay out. This eBook shows you the shortest way to acheive Financial Freedom: Just before you go, did you check This System? Make sure to do it now, otherwise you will regret. Article by LuckScout Team. November 17, at December 1, at 2: December 28, at 3: March 13, at 1: March 12, at March 20, at April 7, at June 26, at 4: July 2, at 6: July 2, at 1: July 5, at July 16, at 2: August 15, at 2: August 15, at 3: August 15, at 9: August 26, at September 6, at September 13, at 2: September 14, at 4: September 14, at September 15, at 5: October 15, at 1: October 15, at 2: October 16, at 7: November 26, at 8: November 27, at 2: November 28, at 2: November 28, at November 29, at 6: November 29, at 3: November 29, at 7: November 30, at January 22, at 7: January 23, at 2: January 23, at 9: February 9, at 4: February 16, at 3: February 17, at 8: February 17, at 1: March 1, at 4: March 1, at 5: March 17, at 5: March 18, at 8: March 18, at April 15, at 8: April 15, at 2: April 15, at 3: April 16, at 3: May 3, at May 4, at 2: May 4, at 3: May 4, at 4: May 5, at 4: May 5, at 5: May 6, at 5: May 31, at June 1, at 2: August 2, at August 3, at 1: August 3, at August 10, at August 27, at 3: September 10, at 3: Hi Kamel, Thanks for your articles and showing us your trading method.

It is not necessary to tell us the setups Before you enter. Just tell us one time each week what setups you entered during the week? If you dont have the time for writing too much details, just a few lines is okay and we can try to understand the reasons for entry by ourselves. If you are comfortable with doing this, it would really be too useful for us and future followers of LuckScout. Many of us are learning by looking at examples of real trades, the more the better! If you are not comfortable to do this, then please dont worry, we understand!

Ash, you are welcome. Actually we took a weak position this week and Chris is supposed to write about it. Account size has nothing to do with the time frame. You just need to take smaller positions. You can calculate your position size here: Dear Chris i worked with several demo accounts with several methods. Hi Majid, They work on all time frames. However, the problem is that the shorter time frames have become unreliable on market.

You could trust the one hour chart 5 years ago, but now it works like a 1min chart. So I do not recommend you to use short time frames. Hi Kamel, been reading your entries and like this day system you have going. It suites me as I work full time and wanted a day type of system to follow and develop that will take me away from the screens. What are the Bollinger Settings you use please? I have read one of the Articles about Scaling up, do you ever use them.

It depends on the markets. You never know how many trade setups they form. Yes, I still check the same pairs. I trade the weekly itself. Yes, the SL will be larger, but the solution is in taking a smaller position.

How would you trade if a signal appears when the candle closes on thursday and is confirmed by the friday candle? Would you wait until the monday candle is closed? Or would you just enter your orders as soon as market opens on sunday? Thanks for your quick reply! I have started using your strategy this week; already showing good results! I have taking some weak setups just to test, which I maybe should not have take as a beginner.. Will demo this till end of this year and try to get comfortable with it.

We have already written too many articles about our system. Thank you so much for the clarification of how you trade, simple and precise. As for the pairs that you trade, you mentioned 15 of them, can you give some clarity into which ones work best for you.

What are the time frames for a short position a long position? Thanks I think you guys may have saved me from disaster thanks from the bottom of my heart! I have a question. You have mentioned above , you use SL and TP both are same size , That mean risk reward ratio should be 1: Thefore do u enough your profit? Pls answer this matter. Please can you write more about your candlestick strategy? Hi Kamel, nice candlestick strategy, i have a question. Does signal must form and touch moving average one of the candlestick shadow,… or we can also take setup that form a little far of moving average.

Jul for example, and would you take 8 Jul setup, i think its valid setup. Have i understood this correctly: In a strong trend, you look for reversal patterns at the middle band, and in a ranging market, you look for reversal patterns at the outer bands? Hopefully it will come. Hi Kamal, thank you.

I would like to know more about your system. Please could you write some more articles. Like indeed in what kind of markets should we take the signals.

I have a question about the target you set. In the article you mentioned that the size of it is the same as the stop loss. In your last example you show trading off the outer bands, I thought you only concentrated on the middle Bollinger band?

The next day EXIT before 4: Thank you and Chris very much. LuckScout team open my eyes on how to trade the…. I love this site. Thanks mr chris and kamel. I would like a ray of light on the logic that brought you to trade like this, maybe I will understand and move forward cause its a bit confusing the temptation to leave one trade open.

Thank you Kamel and Chris. Thanks for a great article and some good tips. I can testify that this strategy does work. I followed it in my last 5 trades. All turned to be winners with an average of 50 pips per trade. Also forums separately for candlestick bb, dbb, and stochastic breakout would be greatly appreciated.

Unfortunately Kamel has not participated in any of these activities. That is a great idea though. I have to ask him to start a topic on the forums and let traders follow him. Apologies for the late reply. I have been occupied so badly, and I am a struggling grad in london, its like being in limbo, but making the best of it.

Hopefully we can get an updated forum soon. Cheers Casey, I appreciate the consideration. I have to catch up with the last two months, but il definitely be up to scratch to contribute back to the LuckScout community.

Chris in the article it is said that: What are those special signals? I follow the strong candlestick patterns: The first thing is that they have to be not too sharp or shallow. The other thing is that they have to be validated by the price reaction. It means the price has to react to them, otherwise they are not valid. I already have too many articles about them, but it seems I have to write a detailed article focused on the characteristics of strong SR lines.

Thank you for reminding me. I am adding it to my to do list. Perfectly written and so easy to understand. Thanks a lot kamel. I have one question. Does Kamel hold positions over a day. For instance if his limit order is not triggered does he close the position at 5: This could be off topic, but will you be able to share if USD related pair for instance will move the same way?

Does this correlated somehow or they are independent? Please read these articles: In your first example, the barsih candle is formed below middle band without touching middle band. Are not you concerned about the lower shadow candles 2 in the first chart? One more thing please, because I wanna to falow this type of setup like example in first chart , does the candle must reach middle band , or do you have some rule if not tuch middle band you are in if …?

Good work Sir, I will like to know your entry time frame, or still in Daily? God knows how many times I have read this article. I am not able yet to open position based on setup from the first example, that inside day setup is weak for me, but I think that I will be in the future, when I gain enough experience.

Hi kamel I like your articles very much and read all of them strategy more than once.. So you can trade only one of them. Is this something you are happy to live with or do you have a way of trading inside the bands?

Thanks for sharing a clear and profitable strategy. I just got stopped out because the trend continued upwards despite a huge breakout candle, one of several, piercing the top bb. On the first reversal candle I went short but the next candle blazed upwards. What was I doing wrong? Thanks for your help in advance. For the trades that you limit your TP and SL to a 1: I usually allow the market to go on its own way.

So I let the position work. Hi, Thank you for your article on how you trade the daily. Perhaps you or a reader would answer. I close trades before the Friday close. Therefore, if I were to take a trade, I would do so only if I thought there was a good chance the trade would go into profit before the Friday close.

Now, it sometimes takes four or five candles for a trade to move into profit. Should I therefore not take trades on the daily beyond Monday? Where is your cutoff?