Update
gbp usd hit the sl for 30 pips
New trades:
buy eur usd @ 1.3530, sl @ 1.3430
Open trades :
buy usd cad @ 1.0382, sl moved to 1.0520
buy eur usd @ 1.3530, sl @ 1.3430
Total profit (pips):
Update
usd cad hit the sl for 138 pips
New trades:
buy eur usd @ 1.3530, sl @ 1.3430
Open trades :
buy eur usd @ 1.3530, sl @ 1.3430
Total profit (pips):
Update
New trades:
buy gbp usd @ 1.6334, sl : 1.6234
Open trades :
buy eur usd @ 1.3530, sl @ 1.3430
buy gbp usd @ 1.6334, sl : 1.6234
Total profit (pips):
Update
buy gbp usd move sl to 1.6340
New trades:
Open trades :
buy eur usd @ 1.3530, sl @ 1.3430
buy gbp usd @ 1.6334, sl moved : 1.6340
Total profit (pips):
Update
buy gbp usd hit sl @ 1.6340 for a small profit
New trades:
buy usd chf @ 0.9022, sl @ 0.9122
Open trades :
buy eur usd @ 1.3530, sl @ 1.3430
buy usd chf @ 0.9022, sl @ 0.9122
Total profit (pips):
Update
buy eur usd , sl moved to 1.3566
New trades:
Open trades :
buy eur usd @ 1.3530, sl moved @ 1.3566
buy usd chf @ 0.9022, sl @ 0.9122
Total profit (pips):
When I was in the early developmental stage of trying to design a system, I too designed a system similar to yours but I used a MACD crossover system. Here are the problems with a system like this. First there are two types of indicators one for trending markets, and one for ranging markets. Your using a system that helps identify a trend so in ranging or sideways markets your getting wipsawed for losses. Two if you use an indicator based system for entry your technically your suppose to use it to exit. But I only comment cause it seems your making a lot of trades for no real gain. I am a new trader myself so I will put that out there but I have gone through the process of trying to design systems and follow them. I pretty much found out price action is where its at. Even though this sounds boring compared to indictor systems this is where its at. The best thing to be able to do is draw trend lines this will show you where support and resistance is at, where channels are at, trends, triangles and so on. This will also help you be able to project targets for profit and stop losses allowing you to take trades with risk reward 1.5/1 or 2/1 whatever you prefer. Your secondary indicators are technically used to confirm price action. I could go on but this post will get ridiculously long. But don’t get down on yourself everything succesful or not is learning experience, and there are many succesful traders that had to practice for years before nailing it so keep going at it continue the quest for knowledge and keep practicing.
Thanks Beachbumm. I really appreciate your feedback. I am 100% in agreement with your comments. I am also looking into Price action. I tried to many threads on babypips on price action, but couldn’t grasp it much. So I still keep on reading on this topic. Presently, I am looking for a good reliable mentor who could help me with price action trading. I found few, but when I checked them at forexpeacearmy, I found lot of negative feedbacks. Let me know if you could suggest few.
Update
buy eur usd , sl moved to 1.3607
New trades:
Open trades :
buy eur usd @ 1.3530, sl moved @ 1.3607
buy usd chf @ 0.9022, sl @ 0.9122
New trades:
Apologies, usd chf should be sell. I just noticed it. I opened a sell trade, but updated the thread as buy.
Open trades :
buy eur usd @ 1.3530, sl moved @ 1.3640
sell usd chf @ 0.9022, sl moved @ 0.9003
I can’t really say that I know a mentor, there are probably decent ones out there I’m sure there’s legit ppl out there willing to help but I’m sure plenty of others are looking to help themselves so be careful. I found that the best learning for me came in two forms both relatively inexpensive but they do take time since its self education. Books was first, I went to my local library and got ahold of every book I could read that I felt applicable they actually had quite a bit both physical and electronic. other books I really felt the urge to read I did have to purchase I found that amazon and barnes and noble marketplace sellers often had what I wanted for cheap often under $10. If your looking to get into price action read as many books as you can on technical analysis, especially pay attention to the parts on trend lines, channels and triangles. at first it may be confusing, but eventually you will build more and more and understand later books fully. stikky stock charts was the book I found to be most simple on patterns trend lines, triangles, tops and bottoms the book isn’t really detailed on candles but great on recognition of patterns and its written in such a simple format.
Another book that I really found helpful was maverick trading. Now I will be forward with this maverick is a prop shop and they recruit traders so the book is a little bit of a sell on them and its geared more towards equity options trading so there are some things in there on options and sector analysis that isn’t of importance to forex. The book is written simple to understand and does give out some great info on candles and explicit instructioned detail on how to enter bull/bear pull backs, high base breakouts, and triangle break outs which we can use in forex. you trade daily charts which is what I trade and maverick also trades I noticed a vast improvement in my trading when I applied their strategies. I only get trade triggers a few times a week so I’m not over trading. Best of all I’m pulling 200 to 300 pip moves while only risking about half of that so I been pulling risk rewards of 1.5/1 to over 2/1 while having about a 60% win loss ratio. It was after I switched to their strategy that for the first time I consistently felt good about a style I was trying out. That’s why I mention this book even though its based about equity options their strategy works. One downfall to the book they didn’t really talk about projecting profit targets.
A couple other books worth a mention on forex are raghee horners trading forex for maximum profit and her forex in 5 hrs. I don’t like fibs but she has a lot of helpful ideas in her books if you read them read them in the order I listed them. So your library is a good start for free info. I used a free trial at audible, and audiobooks to get a free audio book but make sure you cancel before your trial is up or they will bill you. Youtube also a member called urbanforex has some good videos they trade 1hr charts so I don’t really use their strategy but they have great videos on pivot point candles and support and resistance that I really thought helpful. They also have videos on indicator divirgences. Other youtube users may have some helpful stuff. Sorry I couldn’t recommend a mentor but the ways I mentioned above to learn are free to cheap but take time, keep in mind though when a major bank hires a prop trader even after school their first year is all training and practice so the learning curve takes time and dedication.
New trades:
Open trades :
buy eur usd @ 1.3530, sl moved @ 1.3662
sell usd chf @ 0.9022, sl moved @ 0.8970
Thanks a lot beachbumm. This will help me in a very big way. I am going to try the library first.
I really like the fibs, especially overlapping fibs. Read some articles and trying to draw them in MT4 and looking for more to read.
Again, thanks a million.
Update
New trades:
Open trades :
buy eur usd @ 1.3530, sl moved @ 1.3700
sell usd chf @ 0.9022, sl moved @ 0.8937
if you like fibs the Raghee horner books are really good. She developed an indicator called the wave its basically the 34 EMA which is based off a fib ratio then she
plotted the 34 EMA on each of the high, close and low so its three lines and she actually uses the angle of the wave to determine the market cycle Trending, consolidating, or ranging. She uses it as support to opportunities to buy in pull backs. By the way nice job I see you got a few good trades coming along.
Thanks again beachbumm. Really appreciate it.
Update
New trades:
aud usd broke through my sr line and continue to go down.
sell aud usd @ 0.8926, sl @ 0.9026
Open trades :
buy eur usd @ 1.3530, sl moved @ 1.3700
sell usd chf @ 0.9022, sl moved @ 0.8937
sell aud usd @ 0.8926, sl @ 0.9026
Update
buy eur usd @ 1.3530, hit sl @ 1.3700 (170 pip profit)
sell usd chf @ 0.9022, hit sl @ 0.8937 (85 pip profit)
I won’t be opening any more new trades for the rest of the year as I will be taking a small break. So I am moving my sl on aud usd trade to 0.8900 (+26 pips already secured).
See you in the new year.
[B]My demo account is up by 5.5% for the month. Not too bad :)[/B]
Wish you all a Merry Christmas and a Happy New Year
New trades:
Open trades :
sell aud usd @ 0.8926, sl @ 0.9026
Update :
aud usd hit sl @ 0.8900 for +26 pips. That’s it for December. Had a great month. See you all in 2014
Thanks for describing trading system,there is lot of learning for me.
Yes, thanks for your hard work, I wonder if you could just post any differences in the method now since your first post about it. Thanks.
excuse me,I’m trying to learning some trick on in this thread…
Thanks anyway…