Also tell a little about the type of trading you do in forex, I dont need to know the ins and outs of ur strategy but how do u trade, indicators, PA, TA what time frames etc... This will help people get a feeling of how you trade when you post trades
right now...I mean right now...I look at a 200 day chart and then a 200 5 minute period chart...of all the pairs I mentioned, I focus on the one that is most bearish at the moment...for whatever reason I feel better able to "perceive" short set-ups rather than buys...I do not know if others are that way but I am... I look for entries off the 5 minute chart and tend to "Get in" the trade as the new 5 minute candle is about to be written...kinda like "stepping off the ledge" for the "Free fall"...but...I do look at the 200 day chart to get a sense of key levels and support/resistance...also, try to be in tune with key economic reports happening at specific time frames... I really only will trade at any time from 8:30am-3:00pm CST... ...will focus in on trading around the 9:00AM tomorrow New Homes report numbers coming out...maybe the 9:35am CST natural gas EIA numbers also... how bout you?
I like I said I trade the 2 patterns I like the inside bar and shooting star pattern only. It gives me plenty of chances each day on the 15/30 min charts. I used to use the 5 min but for me too much noise. I look for the trend and trade in that direction. When I trade the IB I trade the break of the high or low depending on the direction I am going with my stop above the bar previous to the IB. Its simple and I just used really strict MM to keep the losses real short. Generally do the same thing for a star and I really like the stars for counter trend as well. I dont use the patterns as the end all be all, becuase all they are , is just patterns. I do look at the price action around those patterns. I look if its on s/r, double top or bottom, even levels, and watch the price and see how it trades , if it looks exhausted or not. I try to keep the trading as simple as possible and once I did that I was sucessful I trade with GFT the spreads arent to bad, I dont care about a pip or 2 because I am not scalping. I like them for the stability and there honesty and never once had a problem with erractic spikes and what not. I use tradestation for charting. I trade 4am - 3pm est time. I am on the east coast.
thanks rsikit...I will review what you wrote more in depth...really appreciate your comments...best trading to you
I took 3 trades today and made about $12 USD...wow...traded around 1pm cst time and not much happening there...was very choppy...think I need to focus on morning trading?just a thought...how did you guys do?
thanks man...great stuff..I think I need to bounce out to the 15/30 as well and get away from the 5 minute chart...I've gotta hold trades longer and also need to be "Weened" away from the emini scalper mentality...thanks...