Daily Bar Analysis - All Pairs/All Welcome

Hello: It is nice to meet all of you.

I am hoping to create something powerful here.

I started this thread because I have very little time to trade lower tf's, and when I do, I have narrowed it down to trading only one pair, using one system, which I like, and it is very successful for me. The more pairs I try to trade on the lower tf's, the worse I end up doing. However, there is so much opportunity just by looking at the d1 bars, once each day.

This thread is for others like me who are interested in sharing analysis on d1 bars for trading. I would like it if people would keep this thread free of their trades and analysis on 15m, 30m, 1hr, etc. The purpose of this thread is for daily bar analysis, only. Now, this does not mean that you should not post a 4hr chart if it helps in your analysis of the d1 bar. I just want to refrain from having people post there trades off lower tf's. Charts from lower tf's that help in your daily bar analysis are of course acceptable.

What I would also like to have happen is that not only do we post our daily analysis on pairs, but that we take a look at what others have posted, and check out the analysis that they did. There are very nice ways to say that you see things differently (if you do in fact see things differently), or that your trade would be too risky for you to take, etc. Together, we can help make each other better traders.

I currently watch 15 pairs on the daily bar, which is too many for me to analyze in this thread. Maybe, individuals could commit to doing a daily analysis every night on one or two pairs. An analysis could be a chart and why today is a good day for a trade, or just a chart and that today it is better to stay away. Really the simpler the better. If everyone does a little bit, we can all get in on the good trades, and stay out of the bad ones.

If you are interested in making a commitment to analyzing a pair or two on a regular basis, and also giving a critique or two of another analysis, can you let me know, and pick the pair/pairs you would like to analyze. Remember that the point of the critique is not to find something wrong with someone else's analysis, but to save them or another member in our analysis group from making a trade off the analysis that would be a bad trade, or miss a trade that would be a good trade. Make sense? Kind of like just re-checking someones work as a way to have everyone's back.

Maybe, together, we can turn our group into a pip making machine. What do you think? It might take a little time and getting used to and comfortable with each other, but I think that more heads are better than just mine.. lol

So, I will start it out and say that I will analyze EurNzd, and GbpCad. I have become quite fond of these two pairs as of late. I use FXCM, and so my daily bar begins at 4PM CST. I will try to get my analysis up very close to that time, but sometimes, I will be late do to volunteer commitments.

BTW... you also do not have to make a commitment to post charts and give us an analysis off a daily chart. Feel free to be one of us, even if you make no daily commitment.

Anyone looking for a system to help enter trades based on what your daily analysis might be may like this entry system: http://www.forexfactory.com/showthread.php?t=563164

So, who else is in?

damonl - EurNzd/GbpCad

EurNzd Daily Analysis

My analysis is that price is sitting on strong support from June 2013, and the retest as failed. As such, I am actually already in a long position for this pair, and I think this is a safe trade. As usual, there may be some pullback as can happen. It is possible that price is about to jump above the 9 EMA and make it support instead of resistance. I was thinking around 1.6500 would be the place to move the trade to BE.

GbpCad Daily Analysis

There is a Bullish Harami formed, making this a great buy trade today. I believe that I am going to do that as soon as I finish this analysis. Long trade looking good to take here today.

Okay.. I will do one more tonight.....

GbpJpy Daily Analysis -

Bar closed right up against the 50 EMA making me hesitant to want to take this trade any higher. 4hr chart is also over-bought. If you have a good system to get you into trades, see if you get a short signal on the 1hr or 4hr bars as that is my bias, but as for me, I think that things are not clear enough to me to see a clear trading direction and it might be best to just find another pair with more potential today. I think I will stay out.

Finally! Somebody else who likes the daily charts! Even though I do trade intraday, I will only trade markets that trigger their signals (if any) on daily charts.
Thanks for starting the thread!

Rob

That sounds like a great formula and idea. I love the daily charts myself. They can add direction to everything else I do, and no matter how much time I have, I always have time to give some analysis of the daily charts. I hope that you can join me with with some daily chart analysis and we can grow this thing. I know that there are more of us out there, it will just take some time to get it going.

I also trade intraday, but am getting to that point as well, where I would rather have my trades trigger on the daily chart, than on other charts. It was interesting that you brought that up and you trade that way. I think I would trade like that than sitting around trading a 5m chart any day!

I hope that you can make this thread a regular posting sight, to share what you see, and how you would trade it.. if you would trade it.

Thanks for stopping by. You made my weekend so far!

Damon

with regard to eur nzd ,and trading daily generally you might find its better to stay in tune with the next tf up like weekly
even your own system shows strong down momentum ,with a really large bear d1 22 oct

if you look to the past after such a sell off ,the power of probability is the next candle will be negative ,most likely a downtrend will form ,
in a nut shell any up for this new month can only be a retrace

this down move in EURNZD imho is more of a retrace then continue to move UP.
but i will wait for confirmation on Daily timeframe to enter long. Might go down for some pips more

I am kind of with you on this one. I do not see any signs of support breaking. but resistance also is getting lower and lower. For the moment, I am in a short, and with any luck, price will drive right through, and if not, I will take it back up. Believe it or not. I do not think now is the time to get all ones info from a daily bar, as the range is really about one daily bar. Following the 4hr wave is the best way to trade it right now.

Thanks guys I will try to be around more often. Maybe this thing really will grow into something strong!

Right on Bones..... I love to get the view point of the weekly and monthly time frames. A very important thing to never overlook. Especially if one knows anything about price action, candlestick formations, and s/r.

GbpCad Analysis

The daily bar is hard to see as it ended as a hammer signifying an up move. The 4hr chart clearly tells me that the time to get in this trade is now, and the direction to take this trade is long. See you at the top!

Attached Image (click to enlarge)

Attached Image (click to enlarge)

And there she goes....down for some more pips.......

I actually have not gotten my long signal yet, so I have not entered long. It does however appear that it will want to go that way. Follow your system.....

The lower, the better to buy

you may be right ,but the risk in buying a reversal here are huge ,if you said thats number 3 close candle last month ,we may see like the past but it could only be consolidation ,based on probability ,