Not going into too much of how i trade, that's why I am posting here in rookie. But just sharing, simplicity is enough to make pips. Just dont be greedy.
- Any systems comes from basics, add any ingredients you want to make it delicious.
- Price movements hid in patterns within patterns.
- Different pairs move differently.
- Different time frames move differently. (Eg, different individuals prefer different vehicles and travel at different speeds)
When hit rate is high, R/R are useless. When high hit rates are achieve, you remove partial emotional attachments. And maybe, you start dealing with consistency, where this is more important to your long term results.
What tools do you need?
1. Drawing channels/trendlines
Additional Tools:
1. D/S regions (I played horizontal and diagonal regions)
2. S/R lines (Swing H/L, Calendar events, News, Daily H/L, Daily/Session O/C)
3. Fibo
4. Anything you like
Indicators:
1. Any of it you trust it to filter your trades
How to trade?
1. Just locate 2 points of High and 1 point of low to establish a channel or locate 2 points of Low and 1 point of High to draw the channel.
2. Just trade off the bounce off of channels, stop loss you can decide, profit taking up to you or near channel.
3. I only trade the 4th and 5th points on the channel.
4. I only take 10-15 pips profits no matter if it reach the other end of the channels.
Below is one example of a chart of how 3 channels being drew in 3 different timeframes (5 mins, 15 mins and 1hr). They all travel at different channels.
Ignore my indicators. You dont really need them. Good Luck!
Some recommended threads:
1. http://www.forexfactory.com/showthread.php?t=357104 by CrucialPoint
2. http://www.forexfactory.com/showthread.php?t=215432 by CrucialPoint
3. http://www.forexfactory.com/showthread.php?t=364383 by EmeraldEyes
4. http://www.forexfactory.com/showthread.php?t=216097 by Razorjack
- Any systems comes from basics, add any ingredients you want to make it delicious.
- Price movements hid in patterns within patterns.
- Different pairs move differently.
- Different time frames move differently. (Eg, different individuals prefer different vehicles and travel at different speeds)
When hit rate is high, R/R are useless. When high hit rates are achieve, you remove partial emotional attachments. And maybe, you start dealing with consistency, where this is more important to your long term results.
What tools do you need?
1. Drawing channels/trendlines
Additional Tools:
1. D/S regions (I played horizontal and diagonal regions)
2. S/R lines (Swing H/L, Calendar events, News, Daily H/L, Daily/Session O/C)
3. Fibo
4. Anything you like
Indicators:
1. Any of it you trust it to filter your trades
How to trade?
1. Just locate 2 points of High and 1 point of low to establish a channel or locate 2 points of Low and 1 point of High to draw the channel.
2. Just trade off the bounce off of channels, stop loss you can decide, profit taking up to you or near channel.
3. I only trade the 4th and 5th points on the channel.
4. I only take 10-15 pips profits no matter if it reach the other end of the channels.
Below is one example of a chart of how 3 channels being drew in 3 different timeframes (5 mins, 15 mins and 1hr). They all travel at different channels.
Ignore my indicators. You dont really need them. Good Luck!
Some recommended threads:
1. http://www.forexfactory.com/showthread.php?t=357104 by CrucialPoint
2. http://www.forexfactory.com/showthread.php?t=215432 by CrucialPoint
3. http://www.forexfactory.com/showthread.php?t=364383 by EmeraldEyes
4. http://www.forexfactory.com/showthread.php?t=216097 by Razorjack
The only winner is the one who survive the longest...