Hi everyone. So basically my situation is as follows.
I started studying forex about 9 months ago. Not so long ago but I gave it my all, and I have a good discipline and psychology, and maybe a bit of natural talent. I quickly became profitable on demo, moved to live and have been getting good profits since. I passed the FTMO challenge, now I'm on the verification phase. I've already hit the profit target for that too, now I'm just trading micro lots to fill out the minimum trading days. I'm not trying to brag, just setting up some context.
I trade on the 1h chart using price action. I trade pairs that are trending. I just wait for price to come to an area of value and enter when I see an entry signal candle. dojis, engulfing candles and whatnot. I ideally enter slightly after the London open, but if I see a good opportunity I'll enter at other times too. The only indicator I use all the time is the ATR to set my stop losses, and I forgot to say, I avoid trading before news.
Since FTMO allows you to trade XAUUSD, indices like US30, metals and other CFDs, I was thinking maybe to broaden my trading, using price action like I've been doing with forex pairs. I'm thinking to start with XAUUSD first. I've been looking at the charts and it looks like XAUUSD makes nice big clean moves up and down. It looks like I could make some trades with a really good RRR.
Does anyone have any thoughts or advice? Potential dangers I should watch out for, fundamental factors and so on. Any help would be greatly appreciated. Thank you in advance.
I started studying forex about 9 months ago. Not so long ago but I gave it my all, and I have a good discipline and psychology, and maybe a bit of natural talent. I quickly became profitable on demo, moved to live and have been getting good profits since. I passed the FTMO challenge, now I'm on the verification phase. I've already hit the profit target for that too, now I'm just trading micro lots to fill out the minimum trading days. I'm not trying to brag, just setting up some context.
I trade on the 1h chart using price action. I trade pairs that are trending. I just wait for price to come to an area of value and enter when I see an entry signal candle. dojis, engulfing candles and whatnot. I ideally enter slightly after the London open, but if I see a good opportunity I'll enter at other times too. The only indicator I use all the time is the ATR to set my stop losses, and I forgot to say, I avoid trading before news.
Since FTMO allows you to trade XAUUSD, indices like US30, metals and other CFDs, I was thinking maybe to broaden my trading, using price action like I've been doing with forex pairs. I'm thinking to start with XAUUSD first. I've been looking at the charts and it looks like XAUUSD makes nice big clean moves up and down. It looks like I could make some trades with a really good RRR.
Does anyone have any thoughts or advice? Potential dangers I should watch out for, fundamental factors and so on. Any help would be greatly appreciated. Thank you in advance.