Just another forex trading journal which odds say will die a painful death.
However, I am in desperate situation. Down to my last few thousand dollars and I am betting on Forex to change my life around.
The basis of the methodology focuses on:
[ul]
[li]trading a few currency pairs that are in a trend
[/li][li]1hr, 4hr, Daily time frames
[/li][li]candlesticks, trend lines, Fibonacci
[/li][li]50 pip or more stop losses letting winners run (will not take profit but will tighten the stop loss)
[/li][li]enough fundamental analysis to feel comfortable the trend is continuing
[/li][/ul]
MetaTrader4 is the charting software. The broker is Oanda and account balance is $1000. Generally no more than 2% of the account will be risked on any one position. At times, money management rules may be forsaken for discretionary trades that are highly leveraged. These will basically be events that appear to be short term retracement from an established trend. For instance, if the FOMC meeting on 10/31 is bearish for the euro, once support is identified this would be a time to bet-the-farm.
That is basically it. I believe in using basic fundamental analysis to justify the trend will continue then trading off longer time frames in that direction. I also let a trade mature until it is closed out by a stop loss. I do not like staring at charts all day so this strategy precludes this.
Currently been buying EUR/USD or AUD/USD and selling USD/CAD.
open positions
Long AUD/USD .02 Lot @ 0.9200
Long EUR/USD .02 Lot @ 1.4400
i got stopped out on for a 20 pip loss on 2000 units earlier on the Aussie that was not posted. i guess that is what I get for trying to scalp a little along the way.
i know not to violate the rules but i just feel like the dollar is oversold so i do not want to put a larger buy order out there. i am just scalping 5 pips here and there real quick then i’ll get back to buying euro.
I am very much with you that dollar is oversold but but you just can not help it. I am looking to trade in Euro but not getting the best suited system for me. My trading is more focused on asian and european markets.
It is very obvious that dollar is very much over sold as all the trade in world is done generally in dollar. So it is becomes very understandable that why dollar is oversold.
