When I first started with forex, I couldn’t get enough. Day trades were too slow, I wanted trades NOW. I did 1H and 4H charts, then tried 15-30M charts, and liked them. Had some success, then losses, because I didn’t have rules, and it turned into just gambling. Went back to 1H and 4H charts, still do a bit with them, but now have turned to daily charts. My theory is, trends are more stable then short term, so why not go with it. Also, though this may sound dumb, when you trade the minute charts, spreads effect your trading. So why not get far away from that?
I’m using OsMA at 12,26,9. I’m watching candle patterns, trends. I don’t really have any entry rule, it’s kinda just by feel, which in the end, could be the downfall. I’ve been testing for about 1 week now. Will go live in 2 weeks if I can keep on being successful. 1 week is very short time, so I have to be patient. We’ve all seen strategies that were great in the beginning, but lose it all shortly after.
I am testing on ALL pairs, including WTI(oil), GLD (though haven’t made a trade yet), EUR/TRY(Turkey)
10 pairs total to see which ones work, and some will only have a trade a few times a month.
I’m still impatient, and take profits too soon, which I need to work on. Psychologically, I see 100pips and feel I should take it.
S/L, originally was 300pips. So because of that, I’m trading .2, .3, .5 lots.
I will re-evaluate the s/l after the next two weeks of trading. I think it’s higher than it needs to be.
(demo account had around $2000 left in my demo account. Started with $3000, went up to $5000, then down to $2000, jumping in trades I shouldn’t have)
Results so far since trading like this:
1/9 - WTI - .5 lot - Win - 145pips - 725.00
1/9 - U/J - .2 lot - Win - 92pips - 206.00
1/9 - G/U - .2 lot - Loss- 53pips - -106.00 (Can’t remember what happened but remember I shouldn’t have entered it, put s/l on, hoped for best and went to bed.
1/12 -G/J- .2 lot - Win - 112pips - 248.42
1/12 -WTI .3 lot - Win - 95pips - 285.00
1/12- G/J - .3 lot - Win - 176pips - 588.56
1/9 - U/J - .3 lot - Win - 204pips - 687.02 (Originally .5 lot from the 9th, closed .2 at 92pips)
1/13- G/U- .3 lot - Win - 102pips - 306.00
1/13- G/CHF .3lot - Win - 193pips - 518.21
1/13- G/U - .2lot - Win - 190pips - 400.00
1/13- E/TRY-.5lot - Loss - 300pips - -941.80
Open right now:
Buy eur/gbp .3lot .9069 currently +13.
I was iffy abot EURTRY, but thought the volatility looks interesting, so thought I would give it a try. I was going to enter yesterday long, but didn’t, and could have potentially made 500pips. But I didn’t, and waited for it to close, and entered today. I’ll try it again, but see if I can jump in earlier next time. Gold, Oil and EURTRY are all my iffy ones. So far oil worked.
This strategy has worked a lot better than I thought. I jumped in early on many than I wanted to, but it’s just a test, so I didn’t care if it lost. This could also be my downfall. My first 5 trades which averaged about 100pips, if I was patient and hung on, could have easily averaged me around 250 pips each. My last 2 trades for 190pips, I set t/p and went to bed, so I didn’t have the chance to close out at 100. G/U is down another 80pips since then, so I could have had over 250. GB/CHF, is also down another 60 pips. I would love to set t/p for 200-300, but I don’t think 1) I could sit there and watch it aorund 150-200 and not t/p 2) If it got up to around 200, and went back down, and I lost, I dont’ think I could handle that. I’m willing to bet GB/CHF(1.6250) and GB/USD(1.4491) will still go down another 100pips in the next day, but I’m not entering them.
Besides the EURTRY, which went to -300, the lowest any other trade went was -60. Most not even to -30. I don’t expect to be that lucky in the future, which is why I started with a 300s/l. 150 may be more idea, possibly even 100. If I do that, then I will change lot sizes to .5
Anyways the original strategy was to find and enter even just one trade a week to make 100pips, so far I’ve jumped in a lot more than that.