Currency trading on D1 time frame

[trader_d]

I opened my position to sell the Euro long term down below 1.20

Interesting... that should be based on Elliot wave analysis I suppose.

Actually I do not predict where price may go and which level it may reach, I only follow the price. As stated in last post, I believe euro is in a corrective wave right now. It may turn up and continue its uptrend. It may continue going down and reverse its trend.

Thanks for posting and trade well.

 

[nubchai]

trader_d congrats on your system. I saw your description of your strategy earlier. Do you use any particular indicators to determine trend? Or do you simply look at price action? Thanks!

 

[trader_d]

trader_d congrats on your system. I saw your description of your strategy earlier. Do you use any particular indicators to determine trend? Or do you simply look at price action? Thanks!

I used to have Bollinger bands and RSI on my charts, but I deleted them. Right now, for this Daily method and my H4 swing method I only look at price.

I also draw a lot of horizontal lines on my chart to indicate potential S&R levels, especially major round numbers like 1.3500, 1.4000, 1.4500, 1.5000, ...
Look at the chart included in post # 260.

Trade well

 

[4fx]

Like you i'm trying to trade around a fulltime job and your thread struck a chord. I use the 4hr for reference mainly and almost always trade EU.....interesting level approaching now in fact on the 50% retrace of the swing from May 23rd low.

 

[trader_d]

I don't have any trade right now.
If today euro forms a strong bullish candle I'll buy. Otherwise maybe I'll take a short position.

Trade well.

 

[4fx]

I'm thinking the short option on EU might be the most probable trade. Last week's price action was bearish through and closing below 1.4500, so i'm thinking we're now seeing a retracement of last week to test 4500 before the next leg down. I'll trade from a bearish (closed) HA candle to test this analysis.

Good trading.

 

[trader_d]

Last week's price action was bearish through and closing below 1.4500,

Very good analysis IMHO.

so i'm thinking we're now seeing a retracement of last week to test 4500 before the next leg down. I'll trade from a bearish (closed) HA candle to test this analysis.

Good trading.

If today's candle turns out to be a good bearish candle I'll go short too.

Trade well.

 

[shewolf]

Very good analysis IMHO.



If today's candle turns out to be a good bearish candle I'll go short too.

Trade well.

Beware of being influenced by others in your trading. You are doing a good job of trading your own trades. And the other posters have no visible trading history.

 

[4fx]

Beware of being influenced by others in your trading. You are doing a good job of trading your own trades. And the other posters have no visible trading history.

trader_d, let me know if you would rather I didn't post to your thread.

 

[trader_d]

If today's candle turns out to be a good bearish candle I'll go short too.

Well euro made a massive down move and I have to go same way. But, I trade with minimum size because it's a little bit oversold.

(T06161) sell eurusd at 1.4189, s/l: 1.4392, t/p: 0.0000 (0.25 % risk)
(T06162) sell limit eurusd at 1.4287, s/l: 1.4392, t/p: 1.4077 (0.25 % risk)


Trade well

 

[trader_d]

Beware of being influenced by others in your trading. You are doing a good job of trading your own trades. And the other posters have no visible trading history.

You are always very kind.

Actually I don't mind others posting their charts and trades in this thread. But you brought up an interesting point in trading, being influenced by other people, media, …

I always try to minimize factors affecting my trading decision, because I find contradicting information all the time. That's why I decided to turn off news and forgot about fundamental reports. The charts are the only place I look to.
At the same time you can't isolate yourself from the world. Online forums are the place we learn from each other. But taking the trade (i.e. pulling the trigger) should be a personal thing IMHO.

A good trading system/method is not the only thing I need to have. I must have discipline and strong dedication to trade according to my trading plan.

 

[trader_d]

trader_d, let me know if you would rather I didn't post to your thread.

I don't have any problem with other people posting their trades here.

Trade well.

 

[4fx]

I don't have any problem with other people posting their trades here.

Trade well.

Thank you, trader_d. I guessed you were one of the more astute traders and wouldn't be distracted. I will just post the odd update to the EU short from earlier this week...although i use daily/weekly hindsight bias, my entries are off the 4hr usually, so i won't dilute your thread too much.

 

[trader_d]

Well euro made a massive down move and I have to go same way. But, I trade with minimum size because it's a little bit oversold.

(T06161) sell eurusd at 1.4189, s/l: 1.4392, t/p: 0.0000 (0.25 % risk)
(T06162) sell limit eurusd at 1.4287, s/l: 1.4392, t/p: 1.4077 (0.25 % risk)


Trade well

Thursday candle is a pin bar formed at 1.4077 support level. Positions are modified as below:

(T06161) sell eurusd at 1.4189, s/l: 1.4392, t/p: 0.0000 (0.25 % risk)
stop moved to 1.4330

(T06162) sell limit eurusd at 1.4287, s/l: 1.4392, t/p: 1.4077 (0.25 % risk)
deleted

Trade well

 

[trader_d]

Thursday candle is a pin bar formed at 1.4077 support level. Positions are modified as below:

(T06161) sell eurusd at 1.4189, s/l: 1.4392, t/p: 0.0000 (0.25 % risk)
stop moved to 1.4330

(T06162) sell limit eurusd at 1.4287, s/l: 1.4392, t/p: 1.4077 (0.25 % risk)
deleted

Trade well

(T06161) sell eurusd at 1.4189
stopped at 1.4330

I will probably go long eurusd on Sunday night.

Have a nice weekend

 

[4fx]

I will just post the odd update to the EU short from earlier this week...

...just for completeness, the EU short exited within the exhaustion zone yesterday for +257. Just been watching the retrace all day today, sitting on hands

 

[traderman1]

...just for completeness, the EU short exited within the exhaustion zone yesterday for +257. Just been watching the retrace all day today, sitting on hands

Yes, we all believe you

 

[trader_d]

Thursday and Friday candle were both bullish, so I'll go long eurusd.

(T06201) buy eurusd at 1.4279, s/l: 1.4063, t/p: 0.0000 (0.5% risk)

Trade well

 

[trader_d]

Thursday and Friday candle were both bullish, so I'll go long eurusd.

(T06201) buy eurusd at 1.4279, s/l: 1.4063, t/p: 0.0000 (0.5% risk)

Trade well

stop moved to 1.4117.

Trade well

 

[4fx]

Yes, we all believe you

...just seen this comment, here's the Oanda FXTrade acitivity log for the trade, plus a chart i snipped before the exit was filled (red horizontal line).