Hi again, Yes, I also traded GBP/USD - but I try to keep it very simple, so now I just trade EUR/USD. But maybe I should try GBP/USD again? And other pairs?
Nope, none totally NAKED except the 3 ma's but I really only use them as guides for direction. Ooops I almost forgot, yes I do use Volume.....
Not in any really sophisticated way really. I simple judge the validity and strength of any price moves by the level of volume that accompanies them. As an example if one of the indexes breaks out but volume is weak (relative to current market conditions) I may choose to fade the break out just as an example of course, every day and every trade is different. Like is said before I look for S/R numbers based on previous price action area's and the look for high yielding trades with very tight stops or very high risk to reward ratio's. The other caveat that I like to use is the other indexes. As an example I will usually track the ZB, ES, NQ and Russell. I will always sell the weaker one and buy the stronger one this keeps me out of trouble and limits being stopped out of allot of good trades. For example the NQ is off 1.00% as we speak yet the Dow is only off .20% and the SP is off .40% and the Rus is off .90% so if I find a short it will be on the NQ or Rus only and any buys I may find will be on the ES or YM. So I guess you could say I use the other indexes as a indicator of sorts.
Hi Baruch, Is this thread still discussing your method of trading currency or have you moved onto other things? Have you modified your method since the first post. I have looked but cannot find any update? Regards and keep up the good work.
Hi toby, 1. Both. I still trading my system here - but I love to hear about other ideas and strategies. We are here to learn, I suppose. 2. Yes, I keep testing new ideas all the time. Please read the thread. You will learn a lot - from some great traders, and my mistakes.