I am starting this journal basically because I realise that my best periods in trading have been when I took notes on why I made a trade whether good or bad. I fully know what I want to do but rarely do I stick to it all the time. I hope this will break the final barrier to my sustained success in trading.
To that end I opened an Myfxbook account to keep track on demo.
https://www.myfxbook.com/portfolio/s...demand/1040779
I trade both spot and Binary but for this journal I will focus more on spot. My potential to earn is greater in binary however the time constraints can be frustrating when you are right but not at the right time.
So why call it the gravity system? Because I like the sound of it . Basically When price is at supply gravity brings it down and when it is at demand it pulls it back up. Nothing new under the sun and this is just like many other supply and demand theories. I just put a name on it I happen to like.
What Do I trade?
I will focus on mainly USD/JPY because I am very familiar with that pair and how it moves. I will also trade EUR/USD. I wont trade any other pairs simply because I work best when I am Master of few more than good at a bunch.
So how do I trade?
I have taken bits and peices from everywhere but I focus on supply and demand as well as value.
The following threads helped me immensly along the way to get a better understanding of what method I like to use.
I use market profile as a reference to see where value is. I dont use it as an entry, I just refer to value and if there is potential in a trade. The auction theory thread is a great resource on this subject. Points of Control I do take note of.
http://www.forexfactory.com/showthread.php?t=277528
Supply and Demand
Supply and demand is the KEY to my method and a lot on the subject can be found here:
http://www.forexfactory.com/showthread.php?t=311095
My entry and TP are bases closely to Sam Seiden's way of trading but with my own discretion. I dont trade every Supply/Demand area. I take note of where price is in conjunction with value, Cloud, MA, and Camarilla points to help make an informed decision. I ALWAYS try to set a TP Before price hits next area of Supply or Demand.
Camarilla Pivots
I use these pivots because they really help with entry and profit targes.
Ichimoku
I basically use the cloud and chiku span. I use the cloud as a filter, if price is in the cloud in the timeframe I am using I wont trade until it clears the cloud. Chiku span helps to see where price is vs past price and where it may be headed.
240 exponential MA on hourly chart.
I make my trades off the 1 hour chart but I do it in a daily fashion. I will explain more later. I use this MA on the 1 hour because it closely mimics the 4hr trend. Just a reference, it does not effect my entry but I am mindful of whether price is above or below the MA for directional bias.
And lastly I use OBV indicator to gauge momentum and to help uncover divergence.
The core of what I wish to do is locate a Supply or Demand area. Wait for the 4 hour candle to close that shows a validation of the level and enter on the break of that candle. In a way I guess it is picking tops and bottoms but in an informed way with probabilty on my side. Using the break in conjunction with the other filters I hope will give me a slight edge.
On a side note, I have NO system to sell nor do I intend to. I am not affiliated with anyone or any site. This is basically my journal to see if I have come as far in trading as I think I have and perhaps some who read this may also give insight or learn something.
So lets see where this goes. As I note the journal I will more clearly explain my trades.
To that end I opened an Myfxbook account to keep track on demo.
https://www.myfxbook.com/portfolio/s...demand/1040779
I trade both spot and Binary but for this journal I will focus more on spot. My potential to earn is greater in binary however the time constraints can be frustrating when you are right but not at the right time.
So why call it the gravity system? Because I like the sound of it . Basically When price is at supply gravity brings it down and when it is at demand it pulls it back up. Nothing new under the sun and this is just like many other supply and demand theories. I just put a name on it I happen to like.
What Do I trade?
I will focus on mainly USD/JPY because I am very familiar with that pair and how it moves. I will also trade EUR/USD. I wont trade any other pairs simply because I work best when I am Master of few more than good at a bunch.
So how do I trade?
I have taken bits and peices from everywhere but I focus on supply and demand as well as value.
The following threads helped me immensly along the way to get a better understanding of what method I like to use.
I use market profile as a reference to see where value is. I dont use it as an entry, I just refer to value and if there is potential in a trade. The auction theory thread is a great resource on this subject. Points of Control I do take note of.
http://www.forexfactory.com/showthread.php?t=277528
Supply and Demand
Supply and demand is the KEY to my method and a lot on the subject can be found here:
http://www.forexfactory.com/showthread.php?t=311095
My entry and TP are bases closely to Sam Seiden's way of trading but with my own discretion. I dont trade every Supply/Demand area. I take note of where price is in conjunction with value, Cloud, MA, and Camarilla points to help make an informed decision. I ALWAYS try to set a TP Before price hits next area of Supply or Demand.
Camarilla Pivots
I use these pivots because they really help with entry and profit targes.
Ichimoku
I basically use the cloud and chiku span. I use the cloud as a filter, if price is in the cloud in the timeframe I am using I wont trade until it clears the cloud. Chiku span helps to see where price is vs past price and where it may be headed.
240 exponential MA on hourly chart.
I make my trades off the 1 hour chart but I do it in a daily fashion. I will explain more later. I use this MA on the 1 hour because it closely mimics the 4hr trend. Just a reference, it does not effect my entry but I am mindful of whether price is above or below the MA for directional bias.
And lastly I use OBV indicator to gauge momentum and to help uncover divergence.
The core of what I wish to do is locate a Supply or Demand area. Wait for the 4 hour candle to close that shows a validation of the level and enter on the break of that candle. In a way I guess it is picking tops and bottoms but in an informed way with probabilty on my side. Using the break in conjunction with the other filters I hope will give me a slight edge.
On a side note, I have NO system to sell nor do I intend to. I am not affiliated with anyone or any site. This is basically my journal to see if I have come as far in trading as I think I have and perhaps some who read this may also give insight or learn something.
So lets see where this goes. As I note the journal I will more clearly explain my trades.