Quote:
Originally Posted by burrob
Hi Everyone,
Very good discussion all round.
Yarcofin, I am courious in what system you use and the time frame.
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Like many people here, I guess I would say I am using a modified version of the Cowabunga system (5 & 10 moving averages, RSI, Stochastic.)
But I guess I kind of just look at the charts and know from experience too.
Timeframe I would say all, but primarily 15 minutes and 4 hour. But really I go all the way from M1 to Daily depending on the circumstances and how detailed I want to get.
I also use support levels. Although I normally just visualize them, I'll illustrate them on a picture for you to see...
I made this prediction on Saturday night, to be executed as soon as the markets opened at 6 pm EST on Sunday. These are my exact words, which you can see on my blog (link is in my profile, I can't directly link to it because of forum rules.)
The yellow vertical line indicates when I made these predictions:
Short, T/P between 1.5425 and 1.5395
Buy Limit at 1.5425 (after short order has closed), sell at 1.5525
Below I have put the trades I made based on this info. As you can see, these 2 calls netted me over 100 pips.
Sorry, kind of small and I accidentally cut the price scale on the right side off, but you get the idea. You can verify the numbers and times on your own 15 minute charts.
So my basic strategy is either buy & hold for the week on strong trends, or exploit support levels basically. Overall I've found long-term (intraday) is a lot more profitable than shorter term, especially compared to scalping, at least for me.