Currency trading on D1 time frame

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Old Aug 31, 2010, 9:19pm   #1
Joined Aug 2010
Currency trading on D1 time frame

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.
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Old Aug 31, 2010, 10:29pm   #2
 
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Re: Currency trading on D1 time frame

Good luck

I'm guessing you are not Trader_Dante in disguise.

Will watch with interest
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Old Aug 31, 2010, 10:39pm   #3
Joined Jan 2009
Re: Currency trading on D1 time frame

Quote:
trader_d;1238500using 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.

Good luck as your gonna need it trading off a mobile. I use a mobile app only to monitor or close trades but never to open trades.
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Old Sep 1, 2010, 6:47am   #4
Joined Aug 2010
Re: Currency trading on D1 time frame

trader_d started this thread
Quote:
Originally Posted by bangkoker View Post
Good luck

I'm guessing you are not Trader_Dante in disguise.

Will watch with interest
No. I'm not him. But I wish I was a professional trader like him.

Thanks for your interest.
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Old Sep 1, 2010, 6:53am   #5
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Re: Currency trading on D1 time frame

trader_d started this thread
Quote:
Originally Posted by JDTRADER View Post
Good luck as your gonna need it trading off a mobile. I use a mobile app only to monitor or close trades but never to open trades.
I'm not gonna use my mobile device for this method. I open/close trades only around 5 pm NY time. This method is suitable for people having full time job who can't watch the market intraday.
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Old Sep 1, 2010, 7:20am   #6
Joined Aug 2010
Re: Currency trading on D1 time frame

trader_d started this thread I'm short on eur/usd at 1.2879 from 12-Aug-2010.
I won't consider this trade in my profit/loss calculations in this journal, because I opened it before starting this thread.
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Old Sep 2, 2010, 8:20am   #7
Joined Aug 2010
Re: Currency trading on D1 time frame

trader_d started this thread I closed my short position and now I'm long at 1.2802 with s/l at 1.2650 with 1% risk.
Things on on daily time frame move very slowly. This will be a very boring journal.
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eur.gif  

Last edited by trader_d; Sep 2, 2010 at 8:45am. Reason: correction - risk % added
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Old Sep 2, 2010, 8:29am   #8
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Re: Currency trading on D1 time frame

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Originally Posted by trader_d View Post
I closed my short position and now I'm long at 1.2802 with s/l at 1.2650 with 1% risk.
Trading on daily time frame is very slow. This will be a very boring journal.
Lets see who is right ?

I'm short target 1.2665
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Old Sep 2, 2010, 8:43am   #9
 
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Re: Currency trading on D1 time frame

YOu might both be right, bearing in mind that his stop is below your target.
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Old Sep 2, 2010, 9:07am   #10
D70
Joined Nov 2009
Re: Currency trading on D1 time frame

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Originally Posted by trader_d View Post
No. I'm not him. But I wish I was a professional trader like him.

Thanks for your interest.
He isnt a professional trader.
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Thanks! The following members like this post: trader_dante
Old Sep 3, 2010, 1:26am   #11
Joined Aug 2010
Re: Currency trading on D1 time frame

trader_d started this thread Thursday euro traded in a very narrow range. I won't close the position during NFP.
I also set a sell stop order at 1.2650 s/l: 1.2786
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Old Sep 3, 2010, 5:54pm   #12
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Re: Currency trading on D1 time frame

trader_d started this thread
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Originally Posted by trader_d View Post
Thursday euro traded in a very narrow range. I won't close the position during NFP.
I will close the position around 19:30 GMT and re-open it on Sunday night (Monday morning).

Quote:
Originally Posted by trader_d View Post
I also set a sell stop order at 1.2650 s/l: 1.2786
Sell stop order is not activated and will be deleted at 19:30 GMT
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Old Sep 3, 2010, 7:36pm   #13
Joined Aug 2010
Re: Currency trading on D1 time frame

trader_d started this thread Position closed at 1.2880. Have a nice weekend everybody.
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Old Sep 4, 2010, 10:35am   #14
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Re: Currency trading on D1 time frame

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Originally Posted by trader_d View Post
I closed my short position and now I'm long at 1.2802 with s/l at 1.2650 with 1% risk.
Things on on daily time frame move very slowly. This will be a very boring journal.
A good move and good trading, well done
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Old Sep 4, 2010, 11:10am   #15
Joined Feb 2002
Re: Currency trading on D1 time frame

Quote:
Originally Posted by trader_d View Post
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.


Good luck trader, I have an ambition to add forex at some point to my index trading and I too have a 'real' job that keeps me away from the screen for long periods.

One word of caution on trend-following. This is old, well-established respected advice - but it dates from an era when investors were just that, rather than traders, when they could only go long and only on real shares, there being no spreadbetting or CFD's available. Check your system for positions taken with-trend and counter-trend. Two systems that I use and have back-tested on indices are only just a bit better than break-even when counter-trend entry signals are ignored: but they pay very well if these are included. Severely back-test your systems before you exclude counter-trend positions, they could be your biggest earners as long as you have a strict and sensible stop-loss.
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