I will be posting my directional trades here in the above instruments. These will be swing-trades. I seriously doubt daytrading in the above instruments can be done by any human being consistantly over a longer period of time. The idea is post to reinforce discipline (which has not always been my forte in the past). I shorted 1.1265 in eurusd.
stopped out for -1.35% ... looking back I shouldn't have taken this trade ... not the best way to start a journal ... but I learned something ...
Being Euro made nine year double bottom, I am a buyer on any deep retracements and always start out hedged. I don't believe in swing trading as risk is same as long term trading commodities, so am already long from lows and took me half dozen tries to find possible bottom, just like double top in Dollar index short. I like looking for spike upthrusts or some type of volume divergences to look for areas that look like short term reversals, then can use Put debit spreads to hedge long futures position and sell some Call Credit spreads to wrap around futures, as many of my trades are staying in much longer-years of rollovers. I remember the double top in 2008, so many never even look at monthly charts. Day trading can be had in currencies but like anything, reading "Day Trading for Dummies" over the weekend won't come close to be good at it. Have to be patience and have sound Trading Plan. Good luck on your journal, I look forward to your progress.
2 MACDs. i like wilders for overbought and oversold areas. it generally picks them out quite well, so i like to have that added to the normal macd. then look to rss for double confirmation. the regular rss can give me good exit points when combined with fib targets. im looking for eur/usd to drop to 11150/11100 area for a wave 1. then a 2nd wave bounce then wave 3 down. this is all what ifs. but i like to have a plan ahead of time and EW counts lets me know when im wrong so stop out with not too much damage. im short eur/usd @ 11327. im a swing trader so it either stops me out now at be and my count is wrong or will look to take profits near the bottom of wave 1. i don't want to ring every pip out of it. but will be looking for 200 if it drops. then will be waiting to short wave 2 bounce. another technique i love is when the 4hr macd crosses. then i look to sell the hell out of every bear flag.
One of my favorites is Head & Shoulders whether in price or indicators, or "Batman ears", failed trendlines. I use greatly reduced indicators as I have gotten older, you watch indicators for decades, you can see them without them being on chart.
thanx Handle. always good to see how others use different analysis in their trading. will try to remember to let you know when i get any daily buy/sell signals on GC. bit late now but last daily sell on GC was @ 1270.70 target has already been hit at 1239 that daily sell was generated on 7th march no opposing daily buy forming yet