Currency trading on D1 time frame

[trader_d]

Monday and Tuesday price actions were slightly bullish, but I'll keep my two sell orders with no change in s/l. Let's see what happens.

Trade well

Today's price action was bullish but euro could not break yesterday's high. I'll remain bearish.

Trade well

 

[trader_d]

Given last week's price action, I sell euro

new orders:

(T03281) sell eur/usd at 1.4050, s/l: 1.4231, t/p: 0.0000 (0.25% risk)
(T03282) sell limit eur/usd at 1.4111, s/l: 1.4231, t/p: 1.3867 (0.25% risk)

Trade well

Both trades stopped (0.5 % loss). Euro is stalled in 1.4020 - 1.4247 range. No trade for Friday which is also NFP day.

Trade well

 

[shewolf]

Both trades stopped (0.5 % loss). Euro is stalled in 1.4020 - 1.4247 range. No trade for Friday which is also NFP day.

Trade well

Your stop loss was at 1.4231. The euro peaked at 1.4233 and has been dropping since then. You were stopped out at the peak.
Isn't that a pain !

 

[vchohan]

Hi All, I have been watching this thread with interest as I'm trying to get back into trading after being out for a while due to other commitments! Now I'm settled into my new job and am looking at trading daily charts of the Forex market.

Great work trader D. I'm looking to trade trends and break of support and resistance. Still studying charts at the moment so got a long way to go!

 

[trader_d]

Your stop loss was at 1.4231. The euro peaked at 1.4233 and has been dropping since then. You were stopped out at the peak.
Isn't that a pain !

Ofcourse it is .... but that's trading :cheesy:

Another example is my 'buy limit' in post #187. Entry missed by 1 pip and market reached t/p, look at the chart .... Isn't that a pain ?

Thanks for stopping by ... and trade well.

 

[trader_d]

... as I'm trying to get back into trading after being out for a while due to other commitments! Now I'm settled into my new job and am looking at trading daily charts of the Forex market.

That's great. But remember ... trading off daily charts requires a lot of patience.

Trade well

 

[shadowninja]

Well, you could argue the opposite. If you're intraday then you're sitting at the desk staring at the charts all the time waiting for the set ups. Swinging the dailies, I just look every now and then, place an order or buy at market then **** off to the climbing centre/shops/bed/dojo/Karkand* (depending on time of day and my mood). I keep going back to intraday but only prove to myself that it's more screen time for less pippage.

*-

 

[trader_d]

Well, you could argue the opposite. If you're intraday then you're sitting at the desk staring at the charts all the time waiting for the set ups. Swinging the dailies, I just look every now and then, place an order or buy at market then **** off to the climbing centre/shops/bed/dojo/Karkand* (depending on time of day and my mood). I keep going back to intraday but only prove to myself that it's more screen time for less pippage.

*-

The reason I trade the daily is that it is more approporate for peaple having a day job (myself included). It requires less screen time and I can be consistent in not missing any trade.

I do trade shorter time frame (H4 for the moment) via my mobile phone with much difficulty of course, I have to check market every 4 hours.

I believe (although I can't provide any proof) that 1 hour or 4 hour trading time frames should give better returns compared to daily. Of course more screen time is required.

Anyway, your post contains interesting observation, thanks

Trade well

 

[trader_d]

I don't take any trade today. euro is still at resistance level of 1.4240. Before taking any long trades I'll prefer to see a break of this level.

Happy trading

 

[shadowninja]

The reason I trade the daily is that it is more approporate for peaple having a day job (myself included). It requires less screen time and I can be consistent in not missing any trade.

I do trade shorter time frame (H4 for the moment) via my mobile phone with much difficulty of course, I have to check market every 4 hours.

I believe (although I can't provide any proof) that 1 hour or 4 hour trading time frames should give better returns compared to daily. Of course more screen time is required.

Appreciate what you're saying. It's a common belief. My experience has been the opposite. Reward vs time... use the daily.

I use M5 for the PA, mind. Just looking at it all bunched up tight to get a feel for when it's about to turn.

 

[trader_d]

Appreciate what you're saying. It's a common belief. My experience has been the opposite. Reward vs time... use the daily.

I use M5 for the PA, mind. Just looking at it all bunched up tight to get a feel for when it's about to turn.

I have another rule for my D1 trading. When I place an order (buy, sell, ... whatever) at the start of so-called Forex day, i.e. 5pm NY time (9pm GMT), then I won't make any change to my orders until the next day. In other words during this 24 hour period, I won't place any additional orders nor I will modify any of them.

My understanding is that you watch the market during the day from time to time and you may place an order accordingly in any time you want. Is my understanding correct?

 

[trader_d]

I don't take any trade today. euro is still at resistance level of 1.4240. Before taking any long trades I'll prefer to see a break of this level.

Happy trading

Monday's candle was a doji. Therefore, no trade for Tuesday also.

Trade well

 

[trader_d]

euro breaks 1.4240 resistance so I go long.

new orders:

(T04071) buy eurusd at 1.4311, s/l: 1.4190, t/p: 0.0000 (0.5% risk)
(T04072) buy limit eurusd at 1.4270, s/l: 1.4190, t/p: 1.4430 (0.5% risk)

Trade well

 

[trader_d]

euro breaks 1.4240 resistance so I go long.

new orders:

(T04071) buy eurusd at 1.4311, s/l: 1.4190, t/p: 0.0000 (0.5% risk)
(T04072) buy limit eurusd at 1.4270, s/l: 1.4190, t/p: 1.4430 (0.5% risk)

Trade well

Both orders are active, stop moved to 1.4232

Trade well

 

[marbig]

Both orders are active, stop moved to 1.4232

Trade well

A good trade. The euro is now at 1.4401. You are 131 pips and 90 pips in the positive for the respective trades. And it looks like there is further momentum to the upside. Good luck.

 

[trader_d]

euro breaks 1.4240 resistance so I go long.

new orders:

(T04071) buy eurusd at 1.4311, s/l: 1.4190, t/p: 0.0000 (0.5% risk)
(T04072) buy limit eurusd at 1.4270, s/l: 1.4190, t/p: 1.4430 (0.5% risk)

Trade well

All positions closed, status as below:

(T04071) buy eurusd at 1.4311, s/l: 1.4190, t/p: 0.0000 (0.5% risk)
closed at 1.4474.

(T04072) buy limit eurusd at 1.4270, s/l: 1.4190, t/p: 1.4430 (0.5% risk)
t/p hit at 1.4430.

Have a nice weekend

 

[trader_d]

A good trade. The euro is now at 1.4401. You are 131 pips and 90 pips in the positive for the respective trades. And it looks like there is further momentum to the upside. Good luck.

Thanks

 

[trader_d]

attached PDF shows summary of all trades taken in 2011 up to now.

overall profit for 2011 YTD is -0.21%, so I'm roughly break-even.

 

[trader_d]

This morning I posted a trade here, but it seems that I forgot to hit "submit reply" after preview. Anyway I placed a buy limit (not activated yet) which I include in next post.

 

[trader_d]

Friday candle closed outside Bollinger Band (20), therefore I'll go long with a buy limit order.

(T04111) buy limit eurusd at 1.4391, s/l: 1.4280, t/p: 1.4613 (0.5% risk)

Trade well