Alright guys starting a journal, couple entries here and there. But will focus on developing and adjusting a strategy. Going to keep it simple first then add on other things, going to be looking for criticism. Will mainly be playing the AUS/USD pair. Ok a simple trade idea. Determine if the market is consolidating and define the range, use an oscillator such as RSI to help you get entries, and lets say use stop of half of the range in pips?
Example maybe something like this. Some questions, In what way do we determine it is ranging. We can obviously eye ball, what indicators or parameters can we use? and how can we use them effectively. A constant average true range over some period X? How about meta information such as the economic calendar? Does price tend to consolidate say during the week when there are alot of high impact news releases at the end on Friday?
It’s good to keep a journal as it helps to maintain a record of your trades. One can easily compare their trade performance and take an action accordingly.