Trading Forex Daily Charts
Gone back to trading the Daily
I came here because I wanted more action than I was getting trading the Daily and soon found out that the action I got (pressure) was way more than I could handle.
I learned that I am more suited to doing a 20 minute analysis over 10 pairs after 2pm (PST, when NY closes) and placing limit/stop orders and letting them run, than I am doing my head in watching M15 charts all day, which also requires me to be awake and alert at non – social hours (11pm and 5am PST). Plus I can go back to doing other things during the day while my trades are working. Yes, you do need wider stops and therefore a larger account or smaller contract size.
I have just closed my Daily short GBPUSD trade at the close (1.3874) after entering at 1.4788 for a nice 914 piparoonis in 3 days.
I have now placed an order to go long at 1.4029, a couple of pips above the high of the hammer bar with a SL at 1.3615, a couple of pips below the low.
Again, I take my hat off to you guys (and Pip Queen Nicola) that can profit from these short time frames. Keep on doing what works for you.
Rock n Roll,
Strat