Keyduck
Ive used and experimented with a few indicators myself, especially MACDs, STOCHASTICS but like the rest of them, they only served to complicate things even more. It was even more disastrous when I traded several strategies on the smaller time frames which will always be a game of Russian Roulette…
Basically my strategy involves identifying the Candlestick PAtterns that indicate that the market will move by at least 200- 300 Pips on the Daily Chart over the next few days. After they appear, I decide where to place the stop loss based on the patterns seen and then determine how much of that move I can get (minimum 100, maximum 200 Pips). I hold on to the trade for a set, pre-determined period and exit when that target is hit/period expired/ or stopped out.
I NEVER check the trade after it is executed. I only look at the window of the platform that shows that the trade is still open at the end of each day, then close till the next day. I NEVER check the news to avoid hearing or seeing anything related to the currency I am trading. All of this was important to getting rid of the micro-managing and impatient bad habits of day trading and allowing the market to do what it naturally does.
I think that most people know that the larger time frames/trends are better, but since it is hardly promoted and we are led to believe that trading is an everyday activity, we never take the time and develop the patience and strategy required to take a larger view of the market.
Over the years I went back and forth between smaller time frames and larger time frames, getting my ass kicked with the short-term strategies then getting saved when traded the larger trends (more examples to follow). It is only in the last 7 months that I began to focus on the larger trends and develop a solid plan with checks and balances to ensure that this would be the long-term way of trading. (Available soon in the Advertising section). Confirmation has come from the results of these trades and when I compared them to the returns of the BarcalyHedge top 10 Currency Traders so far this year-no comparison.
What I recommend is this
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[li]Practice opening an arbitrary trade on the Daily / 4H Chart and leave it open until target hit/stopped out
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[/li][li]Close all time frames lower than the 4H Chart
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[/li][li]Start Identifying Trend Lines and Consolidation Patterns on these Time Frames
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[/li][li]Abandon Live Account for now and practice on demo account.
[/li][li] -Persons who get the Manual receive my Trade Setups for Entry 15 Minutes before I execute them which you [I][U]could[/U][/I] use on your live account (with my Disclaimer of course) BUT!!! I recommend doing anything new first on demo account.
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[/li][li]Start identifying the Candlestick Patterns and Signals that start, continue and end trends and consolidation breakouts that lead to 200- 300 Pip Moves;
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[/li][li]Look at the patterns on the Daily and 4H Charts as the currency goes to these targets;
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[/li][li]Try to identify any relationship you see between the signals on the Daily and 4H charts;
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