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Tag Archives: day trading

Yesterdays Trading. 2 Trades, 62 Pips Profit.

2 trades yesterday for 62 pips profit.

The first trade of the day was EJ long at 10283 up to 10319 for 36 pips.

Second trade was AUD short at 10384 down to 10358 for 26 pips.

I was a bit of a funny day yesterday, up and down in a pretty tight range, so trading was a bit hit and miss. Any new traders that were trading yesterday would have got killed for sure.

This week the pairs have been ranging a bit more than of late, which is good for us, as we don’t like trading when the markets are going sideways, its very dangerous.

Some good numbers out of the UK on Thursday saw Cable spike up 60 odd pips. It retraced some of that move yesterday, but it finished the day quite strong, so we may have a gap up on Sunday nite open.

Euro had been moving down the last few days but finished the week quite strong. EJ had a bit of a sell off on Thursday and Friday but recovered a bit of ground yesterday afternoon. AUD does not seen to know where its going at the moment.

We have had a successful week though. 271 pips profit for the week.

I have just taken on a new student that wants to learn price action trading on the larger time frames daily and weekly charts. So that will be a nice change for me, as i am normally teaching day trading strategies.

Anyway, have a great weekend all. I will update you on trading next week. 🙂

Day Trading Verses Trading Daily And Weekly Charts

Day trading verses trading daily and weekly charts.

Some traders have different ideas on what day trading Forex is. I qualify day trading as trading anything less than a daily chart.

If you are trading 4 hour charts, 1 hour charts, 15 min charts or less, then you are day trading.

I am a day trader most of the time, but i can, and do trade longer time frames. The set ups that i use are better suited to day trading, but do work very well on the longer time frames.

The main benefit of trading longer time frames, daily and weekly charts is time. You can spend an hour or so every day analyzing the charts and set up your trades in advance. This style of trading is very good if you are in full time employment, or have other business commitments, or you just want more time to enjoy your life.

Day trading requires you to be at the PC for most of the day, looking for trading opportunities and set ups. Day trading is more exiting, but can also be more stressful. How you decide to trade is entirely up to you and each style can be equally rewarding.

This may come as a shock to some people, but the charts work the same way in every time frame from the 1 min chart right up to the monthly chart. Some trading strategies only work on certain time frames, but a good trading strategy should work equally well on any time frame. The smaller time frames are more volatile and set ups can be less reliable. You are also more likely to be stopped out of a trade if some price sensitive news comes out, but your stops are tighter on the smaller time frames, so you are protected to a certain extent.

I personally don’t trade anything less than the 15 min chart. I occasionally use the 5 min chart to manage a trade, or to get a better entry on a trade, but as far as set ups go its more likely that i will be trading 15 min, up to 4 hour time frames.

I like to trade everyday and if you are trading the longer time frames you sometimes have to wait for a few days sometimes a week or so before you get a good set up. I enjoy trading very much, and if i had to wait for a week for a trade it would drive me crazy, but each to their own. 🙂

If you are new to trading you have to decide what type of trader you want to be. Do you have the time required to sit in front of the PC and day trade, or do you prefer to take a couple of trades per week and have more free time? You can do both of course.

I teach people to trade any time frame so it makes no difference to me what type of trader you want to be, i can teach you either or.

For more information on my Forex training and mentoring program please click on the link.