3:1 or 2:1 Risk reward ratio.
I use daily charts, because otherwise I spend all my day looking at this damn market.
I look at the graph, is there a setup? yes, I enter, No, I do nothing and it’s over for the day.
I dream of making money. But I have my doubts. But I know I am addicted to this, so I cant help but trade/
Why this strategy? It makes sense, and its clear and simple. I tried the trend channels, but I get confused, the price switches channels and I get lost.
I think I may need to refine my strategy, but for now, this seems to be the best I can do.
I have some ideas but I am too lazy to write them down now.
It looks like I found something that might help me take better decision
For the Aud USD graph.I have 2 lines that push the price in a certain direction and there is the double bottom. So there is double confirmation.
So it is more likely the price will go in a certain direction.
But with EUR CHF I have 2 lines which create a traingle flag which doesnt help at all.
So next time i am going to try to find double bottoms or tops that look like AUD USD and not like EURCHF.
I mean, EUR CHF might still make it, but i doubt it. Murphy’s Law.
For the GBPCHF
I have my doubts about if it is going to make it or not.
There is the price support at the bottom. and there is a double bottom.
There might also be a support from the resistance channel line that became support.
But from another perspective it might be just a sideways double top, and the price just went beyond the resistance point and is going to get back into the channel line. So maybe this wasnt a good trade because I am like 50 50.
I redrew the channel line and it seems more like resistance became support.
