EUR-CHF Trading the Daily Chart - without Forex Killer

WON: 1 pip

I have had enough losses using Forex Killer 1 and 2 and have lost all confidence in them. In all the previous trades using them, I only won 1 trade and lost all the other 4.

From now on, I think I will stick to Bollinger Band for Range Trading and MACD for Trend Trading - the two classical tools for Range and Trend Trading respectively. My strategy is also to trade the Daily Charts - since this chart is indicative of Long Term price direction.

Below is my first experiment with Daily Charts, trading the EUR-CHF pair:


SL = 27 pips TP= 24 pips (Oanda's default)

Decision to open long trade on EUR-CHF is based on:

1. MACD trigger line crossing MACD in upward direction
2. MACD Histogram indicates strong upward momentum

Only 200 units - just to see what happens. Will MACD work better on Daily Charts? So far MACD has not been reliable on short term charts: M1,M5,M15,M30.

I avoid the USD currency for today because I do not know how the second US interest rate cuts (due to be announced today - Jan 30), will impact the USD.

Re-adjusted my SL=50 pips and TP=100 pips

Throughout the whole day the price moved down and up and stayed at around the same price. Looking at the 1 minute chart, I saw many range bound trades - which I had missed out on. Realizing this, I immediately closed the position with a 1 pip profit. It was evident the price was going nowhere.