Currency trading on D1 time frame

This is a discussion on Currency trading on D1 time frame within the Trading Journals forums, part of the Reception category; Market high was 1.4345. Six pips less than your SL. The E/U is now dropping back to your entry price ...

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Old May 21, 2011, 7:37am   #241
Joined Feb 2011
Re: Currency trading on D1 time frame

Market high was 1.4345. Six pips less than your SL.
The E/U is now dropping back to your entry price You are in the trade over the weekend?
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Old May 21, 2011, 7:07pm   #242
Joined Aug 2010
Re: Currency trading on D1 time frame

trader_d started this thread
Quote:
Originally Posted by trader_d View Post
all positions re-opened. Stops moved to 1.4351

(T05161) sell eurusd at 1.4051, s/l: 1.4351, t/p: 0.0000 (same position size as before)
(T05162) sell eurusd at 1.4049, s/l: 1.4351, t/p: 1.4038 (same position size as before)

Trade well
Friday eurusd climbed as far as 1.4345 but did not hit my stop loss. It dropped and closed at 1.4159. I was unable to close my positions, let's see what happens in Monday morning.

Have a nice weekend.
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Old May 21, 2011, 7:11pm   #243
Joined Aug 2010
Re: Currency trading on D1 time frame

trader_d started this thread
Quote:
Originally Posted by shewolf View Post
Market high was 1.4345. Six pips less than your SL.
You always checking my stops
Yes it did not hit this time.

Quote:
Originally Posted by shewolf View Post
The E/U is now dropping back to your entry price You are in the trade over the weekend?
Usually I close my positions over the weekends, but this time I was unable to do so.

Thanks and have a nice weekend
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Old May 22, 2011, 2:34am   #244
 
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Joined Apr 2011
Re: Currency trading on D1 time frame

hey trader_d, nice journal! I too plan on trading forex based on daily time frames eventually (currently paper trading) due to work schedule. I was wondering what your general strategy is when it comes to picking entries. From your posts it seemed to be trading with the trend but I was wondering if there was something more than that?
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Old May 22, 2011, 5:32pm   #245
Joined Aug 2010
Re: Currency trading on D1 time frame

trader_d started this thread
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Originally Posted by biDc View Post
hey trader_d, nice journal! I too plan on trading forex based on daily time frames eventually (currently paper trading) due to work schedule. I was wondering what your general strategy is when it comes to picking entries. From your posts it seemed to be trading with the trend but I was wondering if there was something more than that?
Yes, the most important element of my trading methods is trend (I trade this D1 method and I'm experimenting with a 4H swing method).

I used to take counter-trend trades, but not any more.

When I spot a trend I take two positions. One is a market order which entry point should be closing price of last day. The other one is a pending order (buy limit or sell limit). The exact entry point of pending orders is discretionary, but usually is a retrace level of last day candle. Many times this is the pivot level.

Stop loss level is usually 10 pips above/below of last day's high/low.

Hope that helps
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Old May 22, 2011, 10:29pm   #246
 
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Joined Apr 2011
Re: Currency trading on D1 time frame

I see that seems to be working wonderfully for you. I really like your general approach to trading the daily time frame which is keeping it simple and somewhat in lieu with what I have been doing. I like your idea of setting another order for buy/sell limit though and I may experiment around to see how I can add it to my trading style. Looks like I have many things to learn for you. I'll be keeping up with this log
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Old May 23, 2011, 3:32am   #247
Joined Aug 2010
Re: Currency trading on D1 time frame

trader_d started this thread
Quote:
Originally Posted by trader_d View Post
Friday eurusd climbed as far as 1.4345 but did not hit my stop loss. It dropped and closed at 1.4159. I was unable to close my positions, let's see what happens in Monday morning.

Have a nice weekend.
eurusd opened at 1.4124. No change in stop-loss position.
Let's see what happens.

Trade well
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Old May 23, 2011, 11:32pm   #248
Joined Aug 2010
Re: Currency trading on D1 time frame

trader_d started this thread
Quote:
Originally Posted by trader_d View Post
eurusd opened at 1.4124. No change in stop-loss position.
Let's see what happens.

Trade well
euro is stalled at 1.4000 major round number which acts as strong support area.

Status are as bellow:

(T05161) sell eurusd at 1.4051, s/l: 1.4351, t/p: 0.0000
still open, s/l moved to 1.4155

(T05162) sell eurusd at 1.4049, s/l: 1.4351, t/p: 1.4038
Target hit

The trend is still down, however since we have 1.4000 major round number nearby, I will not add another sell limit position.

Trade well
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Old May 27, 2011, 2:42am   #249
Joined Aug 2010
Re: Currency trading on D1 time frame

trader_d started this thread
Quote:
Originally Posted by trader_d View Post
euro is stalled at 1.4000 major round number which acts as strong support area.

Status are as bellow:

(T05161) sell eurusd at 1.4051, s/l: 1.4351, t/p: 0.0000
still open, s/l moved to 1.4155

(T05162) sell eurusd at 1.4049, s/l: 1.4351, t/p: 1.4038
Target hit

The trend is still down, however since we have 1.4000 major round number nearby, I will not add another sell limit position.

Trade well
(T05161) sell eurusd at 1.4051 stopped on 26-May.

It seems that euro is going to resume it's uptrend. However I don't have a trade for today.

Trade well
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Old May 30, 2011, 2:49am   #250
Joined Aug 2010
Re: Currency trading on D1 time frame

trader_d started this thread Based on last week price action, I'll buy euro

(T05301) buy eurusd at 1.4293, s/l: 1.4115, t/p: 0.0000 (0.5% risk)
(T05302) buy limit eurusd at 1.4233, s/l: 1.4115, t/p: 1.4469 (0.5% risk)

Trade well
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Old Jun 1, 2011, 3:10am   #251
Joined Aug 2010
Re: Currency trading on D1 time frame

trader_d started this thread
Quote:
Originally Posted by trader_d View Post
Based on last week price action, I'll buy euro

(T05301) buy eurusd at 1.4293, s/l: 1.4115, t/p: 0.0000 (0.5% risk)
(T05302) buy limit eurusd at 1.4233, s/l: 1.4115, t/p: 1.4469 (0.5% risk)

Trade well
Here is the status

(T05301) buy eurusd at 1.4293, s/l: 1.4115, t/p: 0.0000 (0.5% risk)
position is in profit, s/l moved to 1.4246

(T05302) buy limit eurusd at 1.4233, s/l: 1.4115, t/p: 1.4469 (0.5% risk)
position not activated and deleted

I place another buy limit
(T06011) buy limit eurusd at 1.4346, s/l: 1.4246, t/p: 1.4546 (0.5% risk)

Trade well
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Old Jun 2, 2011, 7:52am   #252
Joined Feb 2011
Re: Currency trading on D1 time frame

Good honest trades. All explained BEFORE the trades. No B.S. No trying to flog anything. Just good well thought out and executed trades.
Congratulations on being one of the very few honest traders here
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Old Jun 3, 2011, 3:53am   #253
Joined Aug 2010
Re: Currency trading on D1 time frame

trader_d started this thread
Quote:
Originally Posted by shewolf View Post
Good honest trades. All explained BEFORE the trades. No B.S. No trying to flog anything. Just good well thought out and executed trades.
Congratulations on being one of the very few honest traders here
Thanks
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Old Jun 3, 2011, 4:03am   #254
Joined Aug 2010
Re: Currency trading on D1 time frame

trader_d started this thread
Quote:
Originally Posted by trader_d View Post
Here is the status

(T05301) buy eurusd at 1.4293, s/l: 1.4115, t/p: 0.0000 (0.5% risk)
position is in profit, s/l moved to 1.4246

(T05302) buy limit eurusd at 1.4233, s/l: 1.4115, t/p: 1.4469 (0.5% risk)
position not activated and deleted

I place another buy limit
(T06011) buy limit eurusd at 1.4346, s/l: 1.4246, t/p: 1.4546 (0.5% risk)

Trade well
Here is the status:

(T05301) buy eurusd at 1.4293, s/l: 1.4115, t/p: 0.0000 (0.5% risk)
position is in profit, s/l moved to 1.4297

(T06011) buy limit eurusd at 1.4346, s/l: 1.4246, t/p: 1.4546 (0.5% risk)
Position activated and is in profit, s/l moved to 1.4297

Today is NFP day and euro is near 1.4500 resistance level, let's see what happens.

Trade well
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Old Jun 3, 2011, 4:12am   #255
 
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Joined Mar 2011
Re: Currency trading on D1 time frame

Hi, nice journal i and good trades

I have shorted the EUR/USD just before 1.4500 at 1.4486 with 100pt stop,
Im hoping that 14500 will act as a nice resistance, and if you zoom out so
you can see the last few years it seems like its due a big reversal downwards

Lets hope so, will let you know how it goes
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