The Thief of Wall Street
Chicky's Trading Journal 314 replies
bo7a method... method for GBP/JPY 205 replies
VPS Using VNC Viewer - help appreciated 7 replies
Using a VPS server with team viewer for webcast 2 replies
Chicky's House of Pleasure and Pain 11 replies
DislikedIntend to close 90 pips below current level, .........if sl survives.Ignored
DislikedLooks like we will have to wait until friday before it moves.
Taking random trades to set a r/r ratio and estimate good stoploss pips for 20/40 pip profit target trades in consolidating market.
No. Short term is not the right timeframe for trading consolidations, good for entry and exit though.Ignored
DislikedOK. Time to explain the Method.
1. Select a time-frame to trade on. In the begining, select one timeframe, but when you become "more" professional, select three to four timeframes to trade. This will provide more opportunity and diversify your risk.
2. Identify a trend in your selected time-frame. A trend is normally referred to when PA is making Higher Highs and Higher Lows (up-trend) or PA is making Lower Lows and Lower Highs (down-trend). There could be more than one visible trends on a time-frame. Select the biggest you can see on that...Ignored
DislikedExample:
Timeframe: Daily
Pair: EURUSD
Trend: Down (LL and LH marked green)
Chance: Trend Reversal (from the area marked red)
Exception: Its too early to take a chance of a trend reversal because it has not made even its first HH. Following the book, a short near 1.3150 was the right entry.
Why exception: Because I am impatient and greedy, and therefore may lose this trade. But I have some profits to bet on this chance.Ignored
DislikedA short scalp
It normally settles at x.xx25 before session start and that 25 is below the beltIgnored
Disliked1.2986 is the key level now. More short-term levels in this chart.
Closed scalp. Now watchingIgnored