I'ts been while since my last comment on this thread so I thought I'd bring you up to date. I am now full time trading and have moved from Australia to Thailand, and so far, so good. It has only been a few months to date and I've yet to dip into my savings to survive. Hopefully that will continue.
I originally started trading off the Daily charts with a different system. It was going well for a while but then I suffered the inevitable drawdown and realising that it would take me a while to recover just due to the amount of time between signals on such a large time frame, I decided to drop this same system down to the 4hr charts on one account, and then look for a 1hr trading system on another account. That is when I decided to go back to the above system trading the lines on the 1hr chart. I was concerned about missing out on sleep if I was going to trade every day, but Thailand's time zone, which is 3 hours behind my old Brisbane time zone, actually works pretty well. I trade multiple pairs (about 15) and only really have to watch the charts between 8am and midnight daily. Sounds like a lot, but I don't get to the charts until about 8.30am local where it is just a matter of checking things and bringing all the lines up to date. Then up until about 4pm, I'm only checking them every couple of hours when I get around to it. Even in the evening, I'm not really at my computer that often. I am aware of any major news and like to be present for this if I have the relevant pairs close to the action. After about 9pm local, I'm at my computer just updating spreadsheets and doing testing, and in bed just after midnight. So it is not that hard for me, but keep in mind, I have no other responsibilities. Even on a recent 8 day holiday to Ho Chi Minh City, I still managed to keep on top of these trades, which included going out on all day tours etc.
Since I have gone back to the 1hr charts trading probably way too many pairs, I have slightly modified my rules just in an effort to keep me out of reversing too early. Nothing major but it seems to be working for me pretty well so far. I am still very discretionary when it comes to some exits and I will also sometimes set a hard stop inside the SAR level just to lock in profits. There were some huge moves last night on several pairs, and when I see 100+ pips profit on the 1hr charts, I take half my position immediately off the table and look for ways to either mover the remaining half to break even or tighten up the stop.
So if anyone is interested in discussing this method a little further, I'm more than happy to oblige. I don't have access to my video recording software these days but I'm sure I can work something out. Cheers. Jim
I originally started trading off the Daily charts with a different system. It was going well for a while but then I suffered the inevitable drawdown and realising that it would take me a while to recover just due to the amount of time between signals on such a large time frame, I decided to drop this same system down to the 4hr charts on one account, and then look for a 1hr trading system on another account. That is when I decided to go back to the above system trading the lines on the 1hr chart. I was concerned about missing out on sleep if I was going to trade every day, but Thailand's time zone, which is 3 hours behind my old Brisbane time zone, actually works pretty well. I trade multiple pairs (about 15) and only really have to watch the charts between 8am and midnight daily. Sounds like a lot, but I don't get to the charts until about 8.30am local where it is just a matter of checking things and bringing all the lines up to date. Then up until about 4pm, I'm only checking them every couple of hours when I get around to it. Even in the evening, I'm not really at my computer that often. I am aware of any major news and like to be present for this if I have the relevant pairs close to the action. After about 9pm local, I'm at my computer just updating spreadsheets and doing testing, and in bed just after midnight. So it is not that hard for me, but keep in mind, I have no other responsibilities. Even on a recent 8 day holiday to Ho Chi Minh City, I still managed to keep on top of these trades, which included going out on all day tours etc.
Since I have gone back to the 1hr charts trading probably way too many pairs, I have slightly modified my rules just in an effort to keep me out of reversing too early. Nothing major but it seems to be working for me pretty well so far. I am still very discretionary when it comes to some exits and I will also sometimes set a hard stop inside the SAR level just to lock in profits. There were some huge moves last night on several pairs, and when I see 100+ pips profit on the 1hr charts, I take half my position immediately off the table and look for ways to either mover the remaining half to break even or tighten up the stop.
So if anyone is interested in discussing this method a little further, I'm more than happy to oblige. I don't have access to my video recording software these days but I'm sure I can work something out. Cheers. Jim
JAGfx