Over the course of interacting with the forex market, I have developed what I call marketmover trading method. This approach involves monitoring the actions of the key market participants and making trading decisions based on their actions. I will use this method to look for buying signals from market movers and follow their lead. I will avoid cases where a central bank announces an interest rate hike and the currency pair affected by such an announcement. What are the risks involved? Like any trading strategy, the market movers method has its risks. One of the major risks is that market movers can change their positions quickly, and by following their lead I could end up on the wrong side of the trade. Additionally, market movers can create false signals, which can lead to losses. Therefore, it is essential to use proper risk management techniques and have a solid trading plan to mitigate these risks. Why am I shifting to this method? I believe my marketmover trading strategy will help me to improve my chances of success. It demands a thorough understanding of the forex market and the key market participants. Additionally, I have to use multiple sources of information to identify market movers and confirm their actions. Some of these sources include technical analysis, fundamental analysis, news releases, and social media monitoring. In my view, these are the least important sources. Let’s see the outcome.
Your entry point is unclear. Assume you long audjpy at 94.2 and your STOP is 93.8 So max loss is 0.4 You are expected to take profit at > 94.2 + {.4*3} = 95.4 with reward risk ratio of > 3:1 If not, MARKETMOVER ought to be called MARKETSLEEPER. Important Information : At this moment, the whole of currency (and bonds, commodities, index futures ...) markets are not moving. It's not a wise thing to enter a trade. Many newbie forex traders like to enter a trade when the market is dead / not moving.
Another big mistake you made was you missed trading currencies ~10 hours ago. AUD GBP EUR JPY ... all went up ~10 hours ago, during today's Asian session. Another another big mistake you made was When Aud/USD was up, and JPY/USD was up too, AUDJPY would be directionless / ranging. Far too many big mistakes already.
I would appreciate if people can desist from posting anything for the first 6 months. Anything I post here will be late by some hours. Its for my record keeping and is not helpful to anyone. Avoid reading it
So, you are posting on a trading forum and don't want anyone to read and comment what you are posting? How about keeping your thing private and record everything in an Excel spreadsheet instead?