Currency trading on D1 time frame

[trader_d]

stop moved to 1.4117.

Trade well

Today euro had a huge down move. I was prepared to close my buy order and start a new short position. Price dropped to 1.4226 (near my stop) and moved higher. I'll keep my buy order for the moment with stop unchanged at 1.4117. If euro goes up, I'll add to my buy position. If euro drops further, I'll be considering short position. Let's see what happens.

Trade well

 

[trader_d]

(T06201) buy eurusd at 1.4279 closed at 1.4187 during last 30 min of Friday trading session. I will probably short euro on Sunday night when market opens.

Have a nice weekend

 

[trader_d]

(T06201) buy eurusd at 1.4279 closed at 1.4187 during last 30 min of Friday trading session. I will probably short euro on Sunday night when market opens.

Have a nice weekend

Well I'm a bit late and euro dropped about 70 pips and it is near a support level shown by gray rectangle. so I sell with minimum risk.

(T06271) sell eurusd @ 1.4132, s/l: 1.4318, t/p: 0.0000 (0.25% risk)

Trade well

 

[traderman1]

I am a follower of your trading but I don't understand this post.

it is near a support level shown by gray rectangle. so I sell with minimum risk.

It was near a SUPPORT level. So why did you sell?

I sell with minimum risk.
sell eurusd @ 1.4132, s/l: 1.4318, t/p: 0.0000 (0.25% risk)

Minimum risk of 186 pips? Sounds a mite excessive for a minimum risk trade.

I am not trying to take the p1ss out of you. But I don't understand this trade

 

[trader_d]

Well I'm a bit late and euro dropped about 70 pips and it is near a support level shown by gray rectangle. so I sell with minimum risk.

(T06271) sell eurusd @ 1.4132, s/l: 1.4318, t/p: 0.0000 (0.25% risk)

Trade well

I got stopped. Euro shows a reversal candle on D1 chart near a support level. Looks like 1.4100 level is holding very well. so I'll buy with minimum risk

(T06281) buy eurusd at 1.4298, s/l: 1.4090, t/p: 0.0000 (0.25% risk)
(T06282) buy limit eurusd at 1.4230, s/l: 1.4090, t/p: 1.4510 (0.25% risk)

Trade well

 

[trader_d]

Hi traderman1

It was near a SUPPORT level. So why did you sell?

(potential) Supports and (potential) Resistance levels exist all the time near all trading levels. Therefore, If I don't like to take a trade near one of them, I'll better stop trading as well. What is important for me is trend. Look at the chart, euro was making lower highs (LH's) these recent days. I assumed that it was reversing it's uptrend and going to start a downtrend. But 1.4100 level seems to be holding very well. That's why I took a short.

Minimum risk of 186 pips? Sounds a mite excessive for a minimum risk trade.

186 pips is stop loss value. Stop loss level (and corresponding value in pips/points) should be defined by Trading Method Rules. Risk (based on my definition) is how much of my capital I'm willing to loose on a specific trade. In that trade I took a risk of 0.25%. Based of this risk% I calculate my position size (how many lots).

Now assume that I took 1% risk on that trade with the same 186 pips stop, my position size (lots), loss or profit would be 4 times larger. Both cases (0.25% and 1%) have the same 186 pips stop.

Hope that helps

 

[trader_d]

I got stopped. Euro shows a reversal candle on D1 chart near a support level. Looks like 1.4100 level is holding very well. so I'll buy with minimum risk

(T06281) buy eurusd at 1.4298, s/l: 1.4090, t/p: 0.0000 (0.25% risk)
(T06282) buy limit eurusd at 1.4230, s/l: 1.4090, t/p: 1.4510 (0.25% risk)

Trade well

Status of trades:

(T06281) buy eurusd at 1.4298, s/l: 1.4090, t/p: 0.0000 (0.25% risk)
stop moved to 1.4190

(T06282) buy limit eurusd at 1.4230, s/l: 1.4090, t/p: 1.4510 (0.25% risk)
not activated and deleted. No other "buy limit" for today

Happy trading

 

[trader_d]

Status of trades:

(T06281) buy eurusd at 1.4298, s/l: 1.4090, t/p: 0.0000 (0.25% risk)
stop moved to 1.4190

(T06282) buy limit eurusd at 1.4230, s/l: 1.4090, t/p: 1.4510 (0.25% risk)
not activated and deleted. No other "buy limit" for today

Happy trading

Stop moved to 1.4328.

Trade well

 

[trader_d]

Stop moved to 1.4328.

Trade well

euro climbed up to 1.4500 round number. I expect a retracement, but If euro continues its uptrend I'll add to my position.
Stop moved to 1.4390.

Trade well.

 

[trader_d]

(T06281) buy eurusd closed at 16:46 NYT (closed price 1.4525). I'll probably re-open the position on Sunday night.

Have a nice weekend.

 

[mrprofx]

Lovely thread. I do seem to be alligned with your views most of the time. Refreshing to see a daily chart trader. Feels good to get out of the rat race for the weekend, but come sunday i cant wait for the open. Holding my longs over the weekend

 

[trader_d]

Lovely thread. I do seem to be alligned with your views most of the time. Refreshing to see a daily chart trader. Feels good to get out of the rat race for the weekend, but come sunday i cant wait for the open. Holding my longs over the weekend

Thanks

BTW, that was your first post.

 

[trader_d]

(T06281) buy eurusd closed at 16:46 NYT (closed price 1.4525). I'll probably re-open the position on Sunday night.

Have a nice weekend.

I continue buying euro.

(T07041) buy eurusd at 1.4546, s/l: 1.4390, t/p: 0.0000 (0.25%)

Trade well

 

[wyichc]

I'll be posting my forex trades on daily time frame (D1) in this journal.

I have a full time job and usually have difficulty trading lower time frames. Recently I started trading H4 time frame using a mobile phone when I'm at work. However, D1 time frame is still my primary choice. My method is purely technical analysis and I (try to) follow trend. I try to catch reversals and add to my position at retracements.

My favorite pair for this method is eur/usd, but depending on market conditions I may trade other pairs such as gbp/usd, aud/usd or usd/jpy.

I hope this journal improves my trading.

Hi Trader d,

Stumbled onto this thread yesterday and have read some of the pages with interest.

However I cannot see clearly the rules that you use for entry or exit. On your attached charts you look to use bollinger bands on daily charts but cannot see the settings or when you look to enter or exit.

Can you share your rules?

Thanks in advance,

Ian.

 

[trader_d]

Hi Trader d,

Stumbled onto this thread yesterday and have read some of the pages with interest.

However I cannot see clearly the rules that you use for entry or exit. On your attached charts you look to use bollinger bands on daily charts but cannot see the settings or when you look to enter or exit.

Can you share your rules?

Thanks in advance,

Ian.

My method is discretionary and right now I don't use any indicator to open a trade or close one. You may find some guidelines of my method here and here.

Feel free to post comments/questions.

Trade well

 

[trader_d]

I continue buying euro.

(T07041) buy eurusd at 1.4546, s/l: 1.4390, t/p: 0.0000 (0.25%)

Trade well

"(T07041) buy eurusd" stopped. euro is a bit messy but I decided to sell since it's price action shows signs of downtrend.

(T07071) sell eurusd at 1.4323, s/l: 1.4477, t/p: 0.0000 (0.25% risk)
(T07072) sell limit eurusd at 1.4374, s/l: 1.4477, t/p: 1.4168 (0.25% risk)

Trade well

 

[trader_d]

"(T07041) buy eurusd" stopped. euro is a bit messy but I decided to sell since it's price action shows signs of downtrend.

(T07071) sell eurusd at 1.4323, s/l: 1.4477, t/p: 0.0000 (0.25% risk)
(T07072) sell limit eurusd at 1.4374, s/l: 1.4477, t/p: 1.4168 (0.25% risk)

Trade well

all positions closed at 1.4260 (16:45 NYT).
"(T07072) sell limit eurusd" activated yesterday at 1.4374 which was high of the day. On some brokers high of the day was 1.4373.

Have a nice weekend.

 

[trader_d]

I've not taken any trade today. It seems euro is continuing its downtrend. If today's price action is bearish I'll take a short tonight.

Trade well

 

[trader_d]

I continue to sell euro.

(T07121) sell eurusd at 1.4057, s/l: 1.4238, t/p: 0.0000 (0.5% risk)
(T07122) sell limit eurusd at 1.4128, s/l: 1.4238, t/p: 1.3908 (0.5% risk)

Trade well

 

[trader_d]

I continue to sell euro.

(T07121) sell eurusd at 1.4057, s/l: 1.4238, t/p: 0.0000 (0.5% risk)
(T07122) sell limit eurusd at 1.4128, s/l: 1.4238, t/p: 1.3908 (0.5% risk)

Trade well

update on positions:

(T07121) sell eurusd at 1.4057, s/l: 1.4238, t/p: 0.0000 (0.5% risk)
stop moved to 1.4110

(T07122) sell limit eurusd at 1.4128, s/l: 1.4238, t/p: 1.3908 (0.5% risk)
not activated and deleted.

Trade well