Daily Charts, 2
Minutes a Day!
Over +1,000 pips in March 2011
This
is my favourite way to trade - we don't have to worry about
the swings that knock day traders out and we can just relax for several days and let it run its
course.
For
several currency pairs, the SaneFX indicators can give us
great trades on the daily charts. All we need to is
to check at the start of each day to see whether we have a
trade arrow - a 30 second task.
USD/CAD - Daily Chart
Chart, 50 pip divisions
As
you can see, this is over a period of about two and a
half months. We got three excellent trades and one no
trade because the TCCI was not green to the left of the
arrow.
This saved us from a poor trade. Daily
trades have a maximum of 400 pips or 14 days as this has
proven to be the optimum limits. They are closed earlier
if the TCCI changes colour or we get an opposing trade
arrow.
The beauty of trading from the daily chart is that we
need not be concerned about the relatively small
fluctuations that knock day traders out of the game!
As long as we have a currency pair that tends to trend,
we are in business.
We
trade with a 150 - 300 pip stop loss (depending
on the pair), which moves as
profits accrue. It rarely happens that we
lose the whole full pips because the indicator
will change colour long before then - indicating
to close the trade.
