Disliked{quote}No offense dude, but no matter what type of trader you are, I just don't see the risk/reward to this type of trade. You might be good for a few pips or a quick scalp, but I don't see anything substantial. The problem with your analysis is the low of yesterday's candle is basically 151.75 and we are (currently) at 154.35 which means you are using a minimum of 260 pips as your stop loss and that is just wayyy too big in my opinion. Even if you were targeting a 1:2 risk/reward trade, GBP/JPY would have to get to 159.55 to meet those standards...Ignored
I am in complete disagreement with this post you have just made. 260 SL is my typical SL for most pairs and I have made a killing swing trading with a 260 SL and a 320 TP trading from the daily charts.
If you can show me better statistics in terms of total pips gained, Win %, and profit factor trading from a lower time frame then I will give you a big round of applause, unfortunately I don't think there are many people who can say (or prove) that they have experienced better statistics then what you will find here.
Trading from the daily time frame has nothing to do with not being able to fine tune your system to fit a "smaller time frame" but it may have to do with the type of trading strategy in general. 100, 200, or even 300 pip swings in the market are expected and even quite normal but it doesn't mean that a trend is not still intact. So by placing a larger SL it helps to protect one from getting stopped out by the typical swings / spikes and also allows a trader to do something else than to be glued to their computer screen all day looking for trade setups.
Again, show me better statistics trading from a lower time frame and I will take back everything I just said...
http://www.forexfactory.com/showthre...11#post6577111 (start with this post...)
More statistics for a few more pairs: http://www.forexfactory.com/showthre...51#post6690551