It looked like a break to the high side, only to plummet in the next candle…could have happened to anyone…
You can set the WMA to 200 periods to give overall market direction or 22 periods… It is just a guide, you can sharpen the indicator by lowering the period but this can also lead to a plethora of false signals… play around with settings and you’ll see what I mean.
The WMA will Indicate the strength and direction a little cleaner than the MA Cross… Cheers
Thanks, yeah you are right.
Probably have to hold onto the trade a bit longer, it’s hard to know when a trend reversal is going to happen or when a continuation of a trend is happening.
I use the WMA Slope as displayed below, Thin white line being price and the serrated lines Heiken Ashi MA’s are used to form a channel of sorts. No noise causing candles to contend with.
If price is inside the channel, I deam this as ranging and so don’t place trades, but when price breaks out of the “HK Channel” it usually gives a clear signal of market" intent" on the 1 hour Chart.
The MA (can be any MAType) Coloured Slope Indicator is a fantastically simple indicator to use
Following the news from the President Donald Trump.
Very optimistic view on the economy following his speech.
I took a short position on the AUDUSD and a short position on NZDUSD.
Closed my AUDUSD -$1.38
NZDUSD position size 500
AUDUSD position size 500
AUD had disappointing news on CPI, making it the weaker economy currently.
I took a trade on AUDJPY
AUDJPY position size 500
Yeah, I liked the coloured part of the MA, have no clue on how to make it Oanda.
I’ll work it out, when I come back home from work.
How about a forex contest? those are fun.
[Removed for Forums Policy violation] was fun, I don’t think they are doing any contests anymore.
Concerned bro.
You seem to be listening to every bit of advice given, Chopin, changing what it is your doing.
How do you know what adds value to or detracts from YOUR system.
First rule - don’t listern to anyone, our opinions count for nothing. Only your opinion counts.
Second rule - Don’t chop and change your system. If its not broke, then don’t try and fix it. Evolve.
Third rule - if you do feel the need to change, change only one aspect at a time, collect your data and analysis. Plan, do, check, act.
Keep going bro
Bob
Alot of people have mentioned and gave me their opinions and I have implemented everyone’s thoughts.
I think the biggest issue for me is my broad currency range of roughly 24 currencies, which I don’t try understanding the price action too much and put emphasis on technical analysis causing an imbalance in my reads.
I should just focus on the majors instead since it’s gives better reads.
Plus the market environment has changed, the bulls have exhausted from the good news from EURO and JPY and currently the market is indecisive on where the USD should be, hence why I am making some bad decisions.
THanks for the concern,
I think I am in a market environment where market trend is more important, more emphasis on technicals than strong bullish fundamentals that previously existed. I am trying to adjust but it is going horrible, I have actually been trying to align my reads with stochastic but has been hitting at a low percentage.
Since economic events and fundamentals are having a lesser impact on the currencies, I am trying to figure out a strategy to win, but it isn’t going well.
Thanks, I needed that insight.
I have deviated too much from my original idea where now I am putting more emphasis on technical entry points while limiting my emphasis on making sense of the market which made me lose my touch on price action, market sentiment and my most beloved fundamentals 
.
My capital, unfortunately, when down to $207.46 and I must realise I ain’t no technical trader and need to evolve my original ideas to trading 
.
I have been putting less emphasis on fundamentals and more on following the market trend while aligning stochastic overbought and oversold just to see the price still going the same direction and losing money.
Previously, I used economic events to create myself higher probability trades, not stochastic overbought and oversold. Also, the higher timeframe analysis for me has been of no use to me, since I base my trades on the present fundamentals, candlestick patterns, price action and market sentiment. In all honestly, technicals seem useless in my style of trading, after all, I could be a “special snowflake” afterall haha.
Which was mentioned by:
I am failing more on a technical approach than my fundamental analysis lol I’ll give my fundamental approach a shot! lol, I also usually ask questions before I enter a trade, but now I have automated my approach by technicals which seems wrong.
It is entirely my fault that I did not write a hand-written trade plan that I usually take when I traded and got influenced by other people’s approach that works for them but might not work for me.
I will be demo-trading until 16 Feb to finalise my approach and write down a weekly trade plan to see my final results. I’ll have a hand-written approach on how I will trade every week and not try to automate it by technical entry points.
CSorry, that I went solitude mode 
,
I ended up losing around $50 dollars extra of my capital:
However, being in solitude and fixing my trading game privately, helped me dramatically.
The biggest lesson I learnt from my game that my capital and money at risk was not aligned correctly to become profitable. I focused on my risk/money management dramatically and made improvements.
First week in solitude trading
My risk management strategy (generic version for day trading) atm is:
I have different strategies for news and swing trading which I will write later.
Second week in solitude trading
I created strategies in how I decide on how to enter a trade and have implemented multiple timeframe analysis as the main basis when to enter a trade.
My current trades atm have a stop loss of 25pips and take profit 50pips.
EUR/USD - 600 units
USDJPY - 600 units
Both of these trades are based on the 1D chart of a USD temporary correction phase.
My main focus for this week is “not to interrupt my trades too much and allow them to manifest slowly based on market trend, also, close trades only on high impact economic events and switch to news trading strategy mode.” PATIENCE IS A VIRTUE
When there is low volatility in the market where there isn’t many economic events or market corrections that will appear, I change my strategy.
My current capital is:
I closed some positions because volatility was low.
I have a trade on at the moment that is against the current market trend, hence why I inputted a T/P 30 and S/L 15. I’ll be happy even to get 15pips back, anyways, waiting until I can get into a better position to go short on the EUR/USD. Won’t open any other positions for now. I open two positions when I am certain of the market trend.
EURUSD 1 hour chart - position 600 - T/P 30, S/L 15.
EURUSD Day chart - position 600 - T/P 30, S/L 15.
as you can see, it is against the day chart market trend. Hence, why I put a lower profit target and stop loss, based on the volatility atm.
ZI closed my EURUSD trade and entered my AUDUSD trade because of currency correlation issues which I try to avoid.
AUDUSD position 600 - T/P 30, S/L 15.
Looked like a higher probability trade with the same concept as the EURUSD trade. However, it goes in the direction of the market trend.
I entered a trade for the EUR/USD trade believing the market will head downwards after the news, however, the market is consolidating and there is no clear direction, therefore, went for the fast win pip strategy. the market is in an indecisive market
EUR/USD - position size 600 T/P 30, S/L 15.
exited the trade and got $0.67
I re-entered the trade on the EURUSD, after looking at the price action
EURUSD - position 600 - T/P 30 S/L - 15
I closed my AUD/USD trade $0.79
I closed my EUR/USD trade $0.80
I took a position on EURUSD as a long position, this is because I believe the market is confused about what the actual trend is and a recovery should happen and go back to the mean.
There is no obvious trend yet, making this trade a high probability trade.
EURUSD - position size 600 - T/P 30, S/L 15.
Yeah, keeping a close eye on it atm, if I get it wrong, it has a stop loss of 15.
Especially since on the EURUSD there is a long candlestick on the other side.
Hmm, got stopped, I’ll wait for another trade opportunity.
Based on my previous trade where I got stopped and lost $1.15
It confirms to me that the USD is gaining strength and therefore, chose the AUDUSD on my longer time period trade.
AUDUSD position size 600 - T/P 60 S/L 30
Will hold it longer than normal.
EURUSD position size 600 - T/P 60 S/L 30
Will hold it for longer.
I entered too early for my other trades
fixed my entry points
EURUSD - position size 600 T/P 60 S/L 30
AUDUSD - position size 600 T/P 60 S/L 30
I accidentally put two trades on AUDUSD but I positioned myself better than before to profit.
I closed my double entry for AUD/USD and took a profit of $0.71 as I do not want to add unnecessary risk
