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Originally Posted by david
hey there...
yes i read some of it and very interesting..think i have to read it a few more times for all to sink in as i am taking alot of info in right now and my brain is ^$%%$£ lol....seriosly though i have been putting the lines on the chart..as you say ive been using 5M lately but do refer to 15 and 60M and as i said in my last post it does seem like an upward trend is now forming...as i see it getting squeezed out (consoladation?) before the breakout..so how i would do it now is when the first full candle forms above the previous down trend line i would then enter my trades...
hope that makes sense..but is something have been following for past couple days and it appears to be working lol on the last short netted 60 pips from following the lines and as it was unable to push through 0335 resistance i went short..
thanks for all your help the other day..share the wealth! .....
thanks..and if i havent made sense of my reply i do apologise but i have not got all the lingo correctly yet...
ciao for now and go bulls!! lol
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That is the main thing.. Find something that you have confidence in. Back test your strategy. Look for Profit / Loss statistics. See if you can take the emotion out of the set up. Once you can remove the emotion from your system and just Trade it; Trading becomes so much easier. Trading was more about mastering myself, to a certain degree, than it was writing down a set of rules and having the disclipline to follow them. Wether I won or lost pips. I just keep trading the rules. My back test showed that I won more pips than I lost pips. My loss ratio is high but, The pips I gain on my long runs is what increases my account balance.
I work so I don't day trade. (Unless I am home with a sick kid).. Then I take some quick pips. I Long term trend trade / Swing trade so my holds are days to weeks long. I'm really not into these quick hits. I would have gotten in around 1.9616 except I was already short US/JP and Long GB/NZ. (I don't like to have more than 2 open positions at a time). but hey.. Made 469 pips off GB/NZ..
As my account builds I'll start adding more open positions.
Still short US/JP so I'm looking for Good entry back into GB/US. Last break out at 2.0196 did not hold.