This is my first main trade since i advanced through the articles in the school. I think i found a place to go short but not sure if its all a load of rubbish or not.
See pic below
The 15 minute chart indicates a steady rise and i noticed a spinning top (circled in blue, hard to see). Along with this i also looked at the Stochastic chart which indicated to me that the price couldnt go any higher, the RSI also went over 70 which indicated the same. Along with this the price had reached the top of the Boligner bands indicating also that a reversal may happen. After taking this all in i decided to sell.
Did i make the right decision? i only ask as this is my first trade since educating myself.
Thanks, Yellow bands are the Bolighner bands, Top indicator is a Stochastic and the bottom one is a RSI with default levels (30 & 70). The middle is a MACD but i didnt use that for this trade.
I was using Metatrader 4 and have a ForexYard account
Thanks both of you, good to know im doing something right. I managed to close the position with a profit as it started to runaway
Done 3 trades using all these parameters tonight and made a profit with each on a demo account however im only usually in a trade for about 15-30 minutes. Is that too short? is what im doing classed as scalping?
im glad to hear about your first trade, nicely done, now keep the momentum and avoid over holds and over trades, and frustrations, keep us posted and welcome to forex mate
Yep thanks, that trade did result in a profit, ones since not so much. I have been testing different strategies and putting into practice things i have learned. This time last week i knew nothing about trading so i feel as though i have come a long way. Im in it for the long haul!
It is great to see you start making profit. Yes, it is possible to distance yourself from negative emotions and try to learn to manage emotions in order to maintain focus when you are in the trader trenches