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Bunyip: I totally agree with you on trading the daily charts. There have been some really large moves in many of the currency pairs recently. Most of the daily scalpers will have missed these opportunities to earn many hundreds of pips. It pays to keep your eyes on the larger timeframes.

AUDUSD (-1000 pips), EURUSD (-1100 pips), GBPUSD (- 800 pips), USDCHF (+700 pips), USDCAD (+500 pips)

GBPJPY (-800 pips), EURJPY (-500 pips), AUDJPY (- 600 pips)

GBPAUD (+1000 pips, the spread sucks, but the move was big.)

Your money management is sound. While trading the daily charts, it is possible to start many trades that are highly correlated to the one currency, the USD. The recent USD strength created large moves in at least 5 major currency pairs, AUD, EUR, GBP, CHF and CAD. A trader needs to be mindful of portfolio heat in these circumstances, 5 x 2% is risking 10% of the account on the USD strength (long USD).

The recent strength in the JPY (or weakness in the others) created moves in the GBPJPY, EURJPY and AUDJPY pairs, 3 x 2% = another 6% at risk.

Each trader needs to determine their own maximum portfolio heat.

<blockquote data-quote="peter2" data-source="post: 325674" data-attributes="member: 13908">Bunyip: I totally agree with you on trading the daily charts. There have been some really large moves in many of the currency pairs recently. Most of the daily scalpers will have missed these opportunities to earn many hundreds of pips. It pays to keep your eyes on the larger timeframes. AUDUSD (-1000 pips), EURUSD (-1100 pips), GBPUSD (- 800 pips), USDCHF (+700 pips), USDCAD (+500 pips)GBPJPY (-800 pips), EURJPY (-500 pips), AUDJPY (- 600 pips)GBPAUD (+1000 pips, the spread sucks, but the move was big.)Your money management is sound. While trading the daily charts, it is possible to start many trades that are highly correlated to the one currency, the USD. The recent USD strength created large moves in at least 5 major currency pairs, AUD, EUR, GBP, CHF and CAD. A trader needs to be mindful of portfolio heat in these circumstances, 5 x 2% is risking 10% of the account on the USD strength (long USD). The recent strength in the JPY (or weakness in the others) created moves in the GBPJPY, EURJPY and AUDJPY pairs, 3 x 2% = another 6% at risk.Each trader needs to determine their own maximum portfolio heat.</blockquote>

[QUOTE="peter2, post: 325674, member: 13908"] [B]Bunyip[/B]: I totally agree with you on trading the daily charts. There have been some really large moves in many of the currency pairs recently. Most of the daily scalpers will have missed these opportunities to earn many hundreds of pips. It pays to keep your eyes on the larger timeframes. AUDUSD (-1000 pips), EURUSD (-1100 pips), GBPUSD (- 800 pips), USDCHF (+700 pips), USDCAD (+500 pips) GBPJPY (-800 pips), EURJPY (-500 pips), AUDJPY (- 600 pips) GBPAUD (+1000 pips, the spread sucks, but the move was big.) Your money management is sound. While trading the daily charts, it is possible to start many trades that are highly correlated to the one currency, the USD. The recent USD strength created large moves in at least 5 major currency pairs, AUD, EUR, GBP, CHF and CAD. A trader needs to be mindful of portfolio heat in these circumstances, 5 x 2% is risking 10% of the account on the USD strength (long USD). The recent strength in the JPY (or weakness in the others) created moves in the GBPJPY, EURJPY and AUDJPY pairs, 3 x 2% = another 6% at risk. Each trader needs to determine their own maximum portfolio heat. [/QUOTE]

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