Over the last 2 weeks I have been using the system on the eur,gbp.nzd,cad,jpy/usd pairs. Either I am using it wrong or I am just getting lucky. I have 1 loss for 23 pips and 5 wins, sorry don’t know how many pips I could look at my history but I don’t feel like it. Somewere around 100 pips anyway. I look at the 3 hour chart (damn oanda) just to find the trend. If it is not a solid trend then I go somewhere eles. When I find a trend then I goto the 15 min and follow the rules for the 15 min chart. I will also hold a trade overnight. The way I look at it is why close a trade just because it is the end of the day?
To close the trade I will look at the candles, or place a stop 5 or 10 pips below where it is at at the moment. Since I am doing this at work I cannot sit there and watch the trade all day. I’m just a temp and I would really like to get hired in there.
I have noticed that the best times to play this system is between 6:00am and 10:00am est (-5gmt). I watch the market all day but I have noticed that if I am not in a trade by 10:00am then I usually do not get in.
My goal is just 10 pips a day. Or 1% of my account. That does not mean that I get out at 10 pips I just place a stop at 10 pips profit and move it up accourdingly to the way the market is moving.
I have also learned not to “force” a trade. That is my one loss. I really wanted to make a trade that day and I lost.
Today I was looking at USD/CAD on the 15 min chart everything said buy, but the 3 hour chart said it was in a down trend. I stayed out because the 2 did not agree. Since then the pair has gone up 45pips. Am I mad because I did not get in? No, I am glad I did not get in because I followed my system. Just becuase my gut was right this time does not make up for the 10 times my gut was wrong.