Currency trading on D1 time frame

[traderman1]

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.

 

[traderman1]

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 :cheesy: )
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.

 

[trader_d]

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.

 

[trader_d]

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.

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.

 

[trader_d]

Hi,

Both buy orders (T02241 and T02242) are active. Stops moved to 1.3690.

Both orders closed at 1.3747.
Have a nice weekend

 

[trader_d]

Hi,

No trade for today.

 

[trader_d]

Hi,

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

Trade well

 

[trader_d]

Hi,

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

Trade well

stop moved to 1.3733.

Trade well

 

[trader_d]

stop moved to 1.3733.

Trade well

stop moved to 1.3824.

Trade well

 

[trader_d]

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

 

[kimo'sabby]

Trader D, what is your average R:R. That is Risk:Reward, playing the dailies.

 

[kimo'sabby]

Oh by the way, don't try to have me off mate.

 

[kimo'sabby]

I'll cut to the chase mate. If you don't give me some top R:R, i'm not interested mate.

I can get 1:2 on any time frame.

 

[trader_d]

Trader D, what is your average R:R. That is Risk:Reward, playing the dailies.

Hi my friend,

From start of thread I have R:R's from 1:-1 (loss) to 1: 10.6. Not sure what you mean by "average R:R", but a mathematical average of my r:r (reward : risk) gives 0.5 from 02-Sep-2010 until 20-Dec-2010, and -0.1 from 05-Jan-2011 up to now. Please check attached files.

 

[trader_d]

Oh by the way, don't try to have me off mate.

If you refer to that post of yours which is deleted, I never had that intention.

You submitted a post which in my opinion was irrelevant to this thread. I asked you to clarify it and you didn't, therefore I asked moderators to delete it. No disrespect intended.

I always welcome comments and critics here. I believe that's the reason for such a journal. There is no point if I only post "I buy euro / I sell euro". I can do that in my spread sheet.

 

[trader_d]

I'll cut to the chase mate. If you don't give me some top R:R, i'm not interested mate.

Not interested in what? .... reading this journal? .... I'm very sorry.
Of course that's your right to be not interested. It seems that this journal is not very contributing here.

Again, not sure what is your definition of "top R:R". I like the idea of monthly or yearly returns.

I can get 1:2 on any time frame.

Congratulations

 

[shewolf]

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.

A good journal. I have read it all and it is very interesting. Keep up the good work, you are doing good. Ignore the nutjobs.

 

[trader_d]

A good journal. I have read it all and it is very interesting. Keep up the good work, you are doing good. Ignore the nutjobs.

Thanks lady.

 

[trader_d]

Hi,

euro is still in uptrend with its daily RSI near 70 level. I prefer to have a "buy limit" order.

(T03071) buy limit eurusd at 1.3910, s/l: 1.3820 (0.5% risk)

Trade well

 

[trader_d]

Hi,

euro is still in uptrend with its daily RSI near 70 level. I prefer to have a "buy limit" order.

(T03071) buy limit eurusd at 1.3910, s/l: 1.3820 (0.5% risk)

Trade well

Order is not activated and deleted. Monday candle is a reversal type. Therefore, I wait to see euro direction. No trade for Tuesday.

Trade well.