Another cloudy day in North West Ohio!
But a Glorious day for trading!
A day in the currency markets is like a day in Paradise!
Over the weekend I made a few adjustments to my Ninja Charts adding Heiken Ashi candles and changing the existing candles to a line.
I also installed an automatic regression channel and removed the pivots. I found that the pivots cluttered up the chart too much for my taste and I had used channels before and liked them.
I also adjusted my stop rules.
After taking the 1st target profit, I move the stop up to the bottom (or top, depending on the trade direction) of the previous Heiken Ashi candle using the 1100 tick chart (my entry was based on the 512 tick chart).
I continue to do this until being stopped out. I wanted to do it this way because my logic says that if I continue to move the stop, effectively having a target from below (in the case of a long trade), I won't miss the potential big move or at least have a lower probability of doing so.
This is where it got interesting:
I made 3 trades in my PFG account using this method. All 3 were stopped out after taking the 1st target profit (+3 pips) and adjusting the stop. This netted
+12.8 pips
The 4th trade I made on my thinkorswim account using Ninja charts but entering it into the thinkorswim active trader.
This trade went as planned but I noticed that I was approaching the top of my channel and the opening of the US market so I moved the 2nd target (a limit order) down to just above the top of the channel.
I also moved the stop up to the bottom of the previous candle.
I thought to myself, "maybe I shouldn't have moved the target down". Just then the price spiked and triggered the 2nd target.
I was a little irritated thinking "Rookie Mistake" (of course, everything I do could be one big "Rookie Mistake"
)
5 minutes before the bell the bottom fell out and I found my exit at the top of that move.
Talk about serendipity!
That trade netted
+11.9 pips
Attachment 34408
Mike, if you, or anyone else, has an opinion regarding this plan I am open to hear it!
I find this method to be more comfortable psychologically as it assures that I won't move in and back out of profit turning a winner into a loser.
