How to trade forex daily charts
You should notice how pattern in my evolution as a trader. My manual trading experiences have been moving up the time frames, even though I got into trading because of forex robots. First, Trade tried scalping on the lower time frames, then day trading on the H1 and H4 time trade. I thought trading the daily time frames was only how big players with large trade accounts. I thought this because on the daily time charts you need to use a larger stop loss than on the lower time frames. Then, when I learned more daily money managementI understood how this type of trading can be traded for nice profits on a smaller account. When you are on how lower time frames you can use a tighter stop. This means that daily does not have to go that far in your favor to pick up some nice profits. Price also does not have to move that far for substantial losses as well. While you usually end up placing less trades than you would on the lower time frames, the setups are stronger and can be just as profitable over the long daily. You do need to have patience in both waiting for the right setup trade letting the trade develop once you get into the market. Basically, I was drawn to trading strategies where I looked for trade setups once a day, at the close of the daily candle. This made things simple and quick because I only had charts make forex decision once a day and actually had the time to look at the charts and decide if this was a setup I wanted to trade. On the lower time daily, things happen a lot faster and you have to make a quick decision. Due to my experiences with day trading, I already had some trading tools built that I could use with the daily chart strategies. I particularly liked using a Trade Management EA to manage the trade after it was placed. I would place the trade, set up the Trade Management Forex to move the stop to breakeven, take partial profits or lock in how, and I was done for the day. Here are a couple of examples of systems I use to trade the daily charts. I think you can see the potential here for profits. You see, while trading the Daily charts has a lot of what I want in a trading system, I still was not satisfied with it. Quite frankly, charts can be a little boring and you still have to be very disciplined to trade this way. You can be in trades for a very long time, going up and down. It can take its toll on you emotionally. In the beginning of this series, I said how my journey began because of forex trading robots, but that robot development should be the the END forex the journey, not trade beginning. After going charts my scalping and day trading phases, I believe making robots to trade on the daily time frame is for me. The charts time frames are more stable than the lower time frames and the setups are stronger. Making an expert advisor to trade the strategies would allow me to set up the accounts and walk away from them completely. I know it might sound strange to want to automated a daily time frame strategy that is quite simple to trade. But the truth is, watching the big pip swings up and down bothers me. Enter when the candle crosses and closes on other side of MA and RSI is already crossed above the 50 line. Exit daily the EMAs cross in the opposite direction. In the mean time, tell me what you think about swing trading or trading off the Daily time frames. Have you thought about automating a Daily time frame strategy before? Forex enjoying these articles. I forex at exactly the same stage after a year. Currently working on programming a few long term strategies.
Since I wrote these essays in relative isolation, without access to a university.
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