Try to line them up to avoid going against the trend for quick dippers that will hit your SL.
Focus on syncing up
Friday, January 21, 2011
10M signals---->30 min crosses
Improvement
Much better concept now...combine everything I know...
2 ways to exit a trade:
1. SL is hit (smaller because I'm using the TMA hook
2. Next Signal...close out
*** SL------>BE @ +20 pips
Wednesday, January 19, 2011
-3.6 on the day-- nice comeback
Well you stayed with the whole NY session today and made a few good trades...now -3.6 on the day.
Remember what you wrote above and take only those good trades.
-good job, and stay focused.
Lessons Learned
-31 pips on the day.
It took me a long time to establish criteria that keeps me out of the market...it's worthless if I don't utilize that criteria.
Only trade on a cross of the 60/50/40...and thats it. Both 5M and 10M must mesh together, and the stop loss will be the most recent swing high on the 5M chart (usually a semafor) My Take profit will be @ 50 pips, but I will move my SL to BE as soon as the 10M chart has breached a significant level on the Strength Indicator.
I need to analyze quickly, yet throughly and follow the above guidelines for every trade.
Since you are just now getting back into a routine of trading it's normal to experience that apprehension and fear of being stopped out, but if you use the correct stoploss and SL-BE tactics you will win more trades than you lose. Today, that fear stopped me from experiencing a 60+ pip win after going -31 in the hole. It's my inability to be consistent that hurts me, and if I traded without emotion I would be better off, hell if I traded with less emotion and stuck to a strict mechanical approach to setting/moving my SL I'd be better off.
Tuesday, January 18, 2011
History proves very useful and predicting the past
Uh, that's something you should know from life...not just trading Forex.
So what did you learn today?
1. 2 verified trades per LO
2. 2 verified trades per NY
3. 13-100 pip swings per trade
4. Frequent lame counter move trades that stop and reverse back with the trend @ 38.2-50.0-61.8 Fibo
Tactics based on history:
1. Focus on locking in BE on every trade (trade on the "house" as often as possible)
2. BE should be based on crossing of 10M chart 40/50/60 lines
3. Goal of every trade should be to get SL to BE and then let the trade run
4. Possible use of a Trailing Stop to lock in 25 pip bunches
Patience
You have to sleep, so don't be stubborn...just keep making yourself available for success and success will come.
Problems are just opportunities disguised in work clothes.
Stay focused, stay constant.
Monday, January 17, 2011
Subscribe to:
Posts (Atom)
