Day Trading Partners
Hi Craigus - Many thanks for sharing your methodology. We've been to the same school (babypips) so all we need now to be top traders is to refine some of their excellent material. I also use EMA's (5 and 12), Bollinger Bands and Stochastics to find trends. As mentioned before I only want to swing/position trade so I don't use charts under 4 Hours. My problem is I'm not properly timing my entries and as a result frequently get stopped out only to find that price then turns and heads off where I knew it was going before I got whacked. Placing 20 or even 50 pip Stop Losses is no solution and because my new trading balance is relatively small I cannot risk too many 100 pip Stop Losses. Maybe it's time to read the info on candlesticks again!
As to your problem of exiting too early and leaving money on the table may I suggest using a 10 or 20 pip trailing stop. So doing would keep you in the game longer and increase your profits methinks!
Cheers and good trading,
Basil.
PS Welcome aboard Jimmy. Any constructive input can only be beneficial so please feel free to add your 10 cents worth!
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