I find I get superior results from my trades when I document them in real time , or as close as possible to real time entries and exits , here in the (ours) public eye . Why that is I dont know but when I tally up all Im doing the results are better when I journal them this way . Ive had several journals here with each defining a segment of my progress .
As far as what Im up to I would describe it as trend following . The main emphasis is on nailing down profits when they're available , studying support and resistance , studying range as it relates to recent price action and studying price levels . Im in it to make money only . I am using an oscillator to define my bias . I pay attention to when major news events are slated but tend to hold trades right through them , I dont concern myself with "what" the news is only the "when" . Im careful to not pigeonhole myself in regards to variables , I employ a flexible yet limited criteria with potential profit and risk being the driving force to initiate a trade . I am looking to favor either a bullish or bearish bias on the USD and favor that direction as it pertains to each pair . Im a part timer and place my trades live only , then leave it to let the market unfold however it wants to .
I only trade forex , I dont bother with cross currencies and only look at one timeframe for entries and exits . Im trading USDCAD,USDCHF,EURUSD,GBPUSD and AUDUSD .
I will say my approach is extremly similar to this awesome threads approach - . Please refer to this thread to gain a perspective or get yourself grounded BEFORE trading anything live - .
Im only going to use this thread to stash screenshots and info that I find helps me consistently . If you would like to ask anything please dont hesitate as Ive found when I reach to help someone Im equally helping myself . Ive got nothing to hide and everything to gain and keeping anything a secret is a waste of time imho .
OK , the timeframe I base all trades on is four hour . Ive traded every timeframe and bar type and for this approach , you'll only get ran over trading anything shorter or non time based price bars . Currency pair prices habitually rise->pause->rise->pause->drop->pause->drop->pause and so on . Prices move in waves . I dont follow any specific "wave theory" but my observations show me this phenomena is true .
Its black friday today and my week is done . This is my weapon of choice . The oscillator has a (relatively) very fast ema , a very slow ema and fast signal line . The signal line is obscurred as it has no role here . The macd line independently defines the bias . Its relation to the 0.005 and -0.005 levels are all Im referring to . Macd closes > 0.005 the bias is bullish until macd closes