I was always interest in trading but I never really did it seriously. I din`t have any plan at all. The classic twat buy here or sell there and I will get rich.
In this period at home I put a lots of effort in studying and try to get it right, so now i`m starting more seriously and with more understanding. (still not enough)
In reality now is not even about the money, is about understanding and get the knowledge to get it right.
Obviously the result is if you are profitable.
I still have lots to learn and that`s why I planning to put my trades here so hopefully I can have some constructive opinion.
My strategy is based on technical analyse patterns, candle stick patters and confirmation with MACD and RSI.
I will trade only Euro crosses.
I`m planning to use 1% of my account each trade and max 3 trades running at the time.
Like i said i`m very new to this. The reason why is i think it will be more easy to have it under control, especially in the begginins, it will be more easy to spot something watching always the same chats, Then try to spot something everytime in a new chart.
Don’t limit yourself. What if the “euro crosses” behave in a way that is not conducive to a strategy you choose to employ? You’ll think you’re doing something wrong, when in reality the instrument(s) just weren’t behaving.
Both charts that you show are 1H charts. You need to conduct your analysis on higher timeframes, such as 4H or 1D. You can execute your trades on the 1H once you’ve analyzed the market on higher timeframes.
Also, I suggest that you stop drawing channels and geometric shapes on your charts. Learn and understand market structure instead. Here are two useful YouTube channels that you may wish to visit.
Trade was long. Sorry i did`t metion that. SL was the bottom of the candle. Now i realize was a mistake i should use the bottom of the rectangular. Actually the price stop me out and push up again to the top of the rectangle.
What i`m trying to do is stuck the trade by opening 3 positions with 1:1 and 1:2 risk/reward and the last just keeping open and moving the SL.
But the very next candle left a wick which would have been 1:1. Can you please re check this because what you’re saying doesnt make sense. What do you mean it hit your target? The chart shows price going down, your target was at the top of the rectangle.
If you dont use the moving averages to trade then you should remove them off your chart. They will just confuse you.
The entrance is the green candle with the blue line on top (the 7th candle if you go back) , the top of the candle was the entry point the bottom of the candle the SL.
It almost reached my 1:1 target, it didn`t cause of the spread, then went down again, stop me out and then it went back up where my 1:1 was and even more up to my 1:2 target was.
Btw thanks for your time replying to me.
I definitely need to keep just want im using on the chart. As a beginner i thing we always looking to keep many indicator to get more confirmation and then they just confused us more or we dont even use them.
I need to say thanks to the Scruffy Trader for this one. I kind of followed his way.
I clean my charts and try really to work from higher time frame down and just try to understand the movement on the price without looking any indicators and just using support and resistance area.
I pick the pair with a forex power indicator so i open to something different then just EUR.
I reached 1:1 and 1:1.5 and i still have one open position risk free.
I really appreciate your previous comments, how you can see i took them on board.
