full disclosure: this isnt my first journal. I have started a few before, constantly forgetting to update them, and finally forgetting I even had one. Call it ADD, odds are yes. My strategy. I have been reading a lot lately about higher time frame trading. I know it sounds weird, after all every strategy, robot, indicator that is being marketed out there is more focused on the short term scalps. I fell for many of them myself, after all who has not? Anyways this strategy will focus on the Daily Time Frame. I will post every day the limit orders that I entered into the MT4, and each night a few hours after rollover I will update the status of the account. This will not be an exciting journal, after all this will not have the glitz or glamour of making 40% in one trade. However I want to build a long term strategy, which fits into my lifestyle and risk tolerance.
Added a few more positions, some were market orders, others limit. the portfolio is taking a CHF strength theme here is the updated screen shot
Not sure if there is an exact definition of what I do, but basically I try to get in on trend changes, and re-enter everytime there is a pull back. hope that explains it
Maybe similar(ish) to me. I'm using higher time-frames too like 4hr and Daily (even weekly). I use strictly price action no indicators (apart from 2 moving averages for direction basically). Would appreciate it if you could throw up a chart or too to explain a trade. Good luck with your trades.
Glad to hear that other trade the same style. here is an example which I executed just a few minutes ago as you can see the overall trend is down, the pair has had a breather, and it looks like will be resuming its trend, I entered with 1/3 position as a market order, I have another 1/3 position at the low of the trend, in case. And if I am wrong, I will let it run until the trend resumes down, and will be adding the 1/3 remaining to assist in the situation
Two new signals were generated at midnight, buy CHFJPY and sell AUDSGD here is the new account status more info is avaliable on my blog. http://forextrendistheway.blogspot.ca/2015/01/thursday-jan29th-update.html you can also follow me on twitter @TheSmokedAces
That's a lot of positions you've got there. How do you keep track of them? Aren't you worried you're doubling your risk, eg. two long AUD positions or three short EUR? This is the sort of trade I do, just closed it out this afternoon. Most of my trades are Pinbars or Inside Bars. Here's a breakout from an IB set-up, closed half just above $18, crashed back today so closed other half.
proper money management means i dont have to lose sleep. after all when you trade with the trend you have lots of room for error. i will typically have a 5% float. but the equity keeps growing so thats all that maters