DislikedHi Jay I mostly trade daily TF and my daily candle closes around 0.00 US EST...that's 4pm my time(New Zealand)...Oanda is the broker I trade with. So my daily candle closes afternoon session of asia...not ideal I know... have been with Oanda for a while so don't feel like changing..the best daily candle close would be end of NY session...but if there is momentum i.e. I buy after a solid bullish candle is printed at daily close and sell when a solid bearish candle is printed after daily close. Its that simple. I do look at weekly and monthly High...Ignored
I find it very difficult as a trader to trade solely on the Daily Chart, and I think that you deserve some props for doing that Mate. I have tried it before, and I know some traders out there, but the idea of having a negative RISK: Reward Ratio is not cool to me at all... I do not understand why someone wants to risk -100pips or more, just to make +60pips....
On the other hand, if you truly are dedicated and focused only on Daily TimeFrame Setups, I think that I can create a special System/Template for you, and to be honest, you won't need to scan the Market everyday looking for opportunities at all, once you find an opportunity; you will simply need to add positions daily and manage your stop-loss until it reaches profit Target...I am talking about a month or 2 later to finally close those positions. Is that something you might be interested in?
By the way, you have mentioned something about News trading again, I can understand your concern on how fast this thing can go the moment the news is out...Guess what? The move is accelerated simply because the Road has been established ahead of time, and it's never a random move...The question is: Does anyone have the ability to foresee the Trajectory of that move? Not 100% but the answer is "YES".
When you have done your analysis and predict that the market is going to test a certain level of Resistance or Support, the market will eventually get there, but the News is pushing it a lot faster to get there...
Recently, I have done my analysis on USD/JPY monthly Chart, I came up with the conclusion that Price Action will test 132-134 Level by the end of this year....As a newbie Trader, I would get so excited and telling people that I am going to be RICH by the end of this year because USD/JPY is going UP, and UP. And, that's a 1,000+ pips!!!
NO-NO That's a really really bad Mindset, and I used to get caught up on that mentality as a Technical Trader. There's a big difference between a Predictor Trader and a Follower Trader aka "a Smart Trader"... Now, as a Smart Trader, your job is to do a lot of research on Fundamental Events or Economic Data that are going to be in Harmony to support your case for a LONG DOLLAR.... What if all of a sudden, the News are becoming Negative... Guess what? If we getting ready for the collapse of the Dollar, I do have a Target for that as well...After all, News Trading is very crucial for anyone's success in this game....Don't ever let it become one of your weakest links.
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR