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; Originally Posted by trader_d enclosed file includes summary of all trades of 2011 except two eurusd buy orders which are ...

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Old Feb 25, 2011, 1:04am   #161
Joined Sep 2010
Re: Currency trading on D1 time frame

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Originally Posted by trader_d View Post
enclosed file includes summary of all trades of 2011 except two eurusd buy orders which are open now. 2011 profit (up to now) is -1.34%.
Overall profit from September 2, 2010 (start of this journal) is 18.39%.
A good result so far. Keep up the good work.
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Old Feb 25, 2011, 1:13am   #162
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Re: Currency trading on D1 time frame

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As stated earlie my method r is discretionary. No indicator is used to generate signals. Recently I added RSI to my charts to study use of divergence.
I believe it is better that I explain my reasons when I'm placing a trade . This is more logical for a discretionary method.

Thanks for your interest.
OK. I understand that you are using your discretion for entries and that you are not using target prices. (I often do the same )
But if you are away at work during the day, where do you place your initial Stop Loss? 200 pips? Or do you not use a Stop Loss but use your discretion as to when a trade is turning sour and close it out then?

PS
In my opinion, there is nothing wrong with NOT using a Stop Loss if you are confident in your ability to realise when a position is turning sour and act immediately to limit your losses.
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Old Feb 25, 2011, 2:46am   #163
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Re: Currency trading on D1 time frame

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Hi

(T02241) buy eurusd at 1.3775, s/l: 1.3644 (0.5% risk)
(T02242) buy limit eurusd at 1.3714, s/l: 1.3644 (0.5% risk)

Happy trading
Hi,

Both buy orders (T02241 and T02242) are active. Stops moved to 1.3690.
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Old Feb 25, 2011, 1:02pm   #164
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Re: Currency trading on D1 time frame

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But if you are away at work during the day, where do you place your initial Stop Loss? 200 pips?
Usually I place my trades around 10pm GMT (5pm NY). At that time stop is also placed. Nothing is changed until same time next day. One reason of trading D1 time frame is that you may not be able to check markets. If you are ALWAYS able to check markets during the day, you'd better trade H4 time frame which IMO gives better entry points.

BTW, right now I do trade H4 time frame using my mobile phone. I plan to start a journal for those trades.

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Originally Posted by traderman1 View Post
In my opinion, there is nothing wrong with NOT using a Stop Loss if you are confident in your ability to realise when a position is turning sour and act immediately to limit your losses.
I feel more comfortable when I have stops.
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Old Feb 25, 2011, 10:47pm   #165
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Re: Currency trading on D1 time frame

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Hi,

Both buy orders (T02241 and T02242) are active. Stops moved to 1.3690.
Both orders closed at 1.3747.
Have a nice weekend
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Old Feb 28, 2011, 4:11am   #166
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Re: Currency trading on D1 time frame

trader_d started this thread Hi,

No trade for today.
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Old Mar 1, 2011, 2:03am   #167
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Re: Currency trading on D1 time frame

trader_d started this thread Hi,

(T03011) buy eurusd at 1.3824, s/l: 1.3690 (0.5% risk)

Trade well
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Old Mar 3, 2011, 4:13am   #168
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Re: Currency trading on D1 time frame

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Hi,

(T03011) buy eurusd at 1.3824, s/l: 1.3690 (0.5% risk)

Trade well
stop moved to 1.3733.

Trade well
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Old Mar 4, 2011, 9:31am   #169
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Re: Currency trading on D1 time frame

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stop moved to 1.3733.

Trade well
stop moved to 1.3824.

Trade well
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Old Mar 4, 2011, 10:48pm   #170
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Re: Currency trading on D1 time frame

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Hi,

(T03011) buy eurusd at 1.3824, s/l: 1.3690 (0.5% risk)

Trade well
Order closed at 1.3982 (158 pips profit vs. 134 pips risk)

Have a nice weekend
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