I am fully prepared for the unexciting trading of the daily NY close. I have been working diligently on “flat-lining” my emotions.
Will be using @Trendswithbenefits MA w/ Dinapoli Stoch.
Setting Monthly/Weekly levels based on consolidation and ADX extremes.
I don’t want to be camping in front of the monitor, spending evenings endlessly analyzing charts and over trading/leveraging.
Unfortunately, with a micro account, percent risk will be on the higher side, hard to trade the dailies without that happening.
Based on account size max 2 trades open at a time. I would be more apt to increase initial trade size on a pullback than open a separate trade.
I have to be vigilant about SL and TPs as these have been my downfall on demo. Letting winners become losers and let losers live too long. I understand the “Needs room to breath” philosophy… but I had too much room, more like a few rooms or a whole house. Literally can’t afford to do that with a micro account.
That’s all for now. Will update when I have money on the line.
While I can see my balance when I sign into the IG website. It is shown there in the mt4 account. However, when I open mt4 and sign-in I have a zero balance. I haven’t been able to get through to customer service. I heard they are notoriously slow.
I’m sure it’s some easy technofix I have to find.
I’ll be back when the “game is on!”
KC
Edit… have to email them to see if I need you to submit additional documentation. I just thought of this.
I’ll mark charts with boxes of ADX extremes stretching them back to '08 into 2021.
Some of the things I look for is PA - not a purist - DiNapoli Cross, Hull MA price close above/below Hull MA and @Trendswithbenefits befuddled thread strat.
On the Chart I am looking at the XLV4 MA 45, XLV4 MA 21 and the Hull MA 9.
I have been watching the up/down cycle of the MA 9 as it gets continually closer to the MA 21 that is beginning to level out. The MA 9 eventually breaks the MA 21and is retracing.
I’m thinking that all that “up and down” is price grinding through buy/sell orders. Maybe I’m wrong. But, that’s how I think of it. A constant pushme/pullme up and down until eventually one side is going to give up and price will breakout.
If the MA 9 makes a new high I’ll wait for the pull back for a possible entry.
I find it interesting to look at a chart with out the bars/candles/lines. This was the jist of the “befuddled” thread. I have found by being open my perspective can change and new thoughts/learning occurs.
Here is a shot of the weekly. Quite “rangey” in the box. Could be a nice move to the upside coming or perhaps the floor will giveway and plunge into the cellar!
It didn’t plunged, but did walk down the basement stairs. I would have to say I didn’t enter on a break-out. I had entries using limit orders totaling .04 and topped at $11 profit and now -$16 US approx.
I was looking for a much bigger gain. There is a lot of upside. I have to figure out /decide if it’s worth it to sell at that amount and catch the ranging downs side or wait on the sidelines or just get in the trade at some point and wait for the train to leave the station. I know that there is no way I am going to catch tops and bottoms.
Which charts are you actually trading? I’ve found that trading daily and below with stochastic indicators is unreliable, a lot of signals don’t really do much.
The weekly chart seems to be much more reliable and the benefit of that is I just look at the charts over the weekend, make a note of which pairs have given signals and then place the orders when I get up on a Monday morning. Hardly takes any time, and the signal reliability is very good. The main problem is I panic and close trades when the strategy doesn’t tell me to and then it almost always turns around and goes right afterwards…
I did post about an EA that traded this system and was very good in backtesting, but I stopped using the EA and went manual because MT5 kept locking up and the EA couldn’t make the trades. Still does this without EAs running, but I know that it’s happened.
@chesterjohn hi, i m usually entering a trade off of a 15 or a 5m chart after doing a top down from weekly, daily, 1hr… i do not use anything other then volume, and i have 3 emas (14, 50 and 200) for dynamic support and resistance, test areas and confluence(which u could do without). additional i do use a weighted macd 2lines only without histogram just to look for divergence on daily 4 and 1hr tfs(again u can do without, mostly adding confluence if the divergence is there). the main thing is volume and price action at areas of interest. @frandlost i m sorry for diverging from ur thread!journal, won t happen again btw, how s ur Aussie trade going?
In a similar position I have experienced in Demo. Too many positions open.
All were limit order triggers that I thought I put at the “outside of the bell curve”. Well the Bell is wider than I realized.
9 - .01 Limit orders triggered on a $300 account - too many.
I am near the historic low, wasn’t trying to catch the bottom. Thought I was on the way up. Nope. Monthly was indicating short. I have to learn to listen.
btw, how s ur Aussie trade going?
