I wish i had got on board that ship at the start of the week!!
I have been trading forex for a few years but wasn’t able to profit at all until recently. I think this is because i have more time. Its really hard if you are starting out in forex and working full time. Its hard, and requires not only a huge amount of research and effort, but also a lot of patience. When you have time, you don’t feel as much pressure to enter trades, and this can help in reducing losing trades.
This week i’ve been working on MACD divergence setups on the four hourly charts. When looking back they seem to catch large moves, sometimes for several days. But i think with the amount of influence on price action that the news announcements had this week has made it difficult to rely on this sort of indicator.
The problem i’m facing now is how to find the best setups on shorter time frames when a divergence on 4 hr charts is recognized. I was thinking about fractals on 15 minute charts, pivot points, or maybe oscillators such as stochastics. If anyone likes to trade this way or has some direction for me that would be great.
If anyone is in aust and interested in gold trading (given the FED’s recent commitment to further devalue the USD), there is a security on ASX called QAU. One unit is equal one hundredth of an ounce. Good for more long term trades. So currently its price 18.09 or so, and follows the spot price exactly, hedged for AUD/USD movements.
Wish you all many pips and that you stay on top of your game
James