Hi all,
This is my journal for the day.
05.21.07 EURUSD
O 13514
SL 13682
TP 13374
Close at 13468 Profit 46 pips
I am applying Fib ratio + Tom Demark TrendLine for my analysis ONLY.
Here is how I did:
1. Use MN, WK, D, and (4H if need to) to find the trendline.
All the trend line have to be in same side of market trend. If the price is
not in the same trend, doing the test if the pt D=127.2 fib ratio is
complete. PT 127.2 is the way of considering a possible reversal pt.
2. Looking for entry at point C of Fib ratio. The price have to be in same side
of trend that confluence with higher time frame.
3. TP always set fib ext 127.2, and stop loss always set at pt A (swing
high/low)
I do not like to spend a lot time to wait the setup and place trade. As the result, I came out this lazy idea to identify the chart once a day=00:00GMT and I can make the decision right the way.
From back test, I only did Jan-2006, even the profit:loss ratio isnt fair enough (about 1:2<), but winning ratio in this point is almost 99.9%.
I will appreciate if someone can do more backtest.
If you have any question, please let me know.
The trading journal will keep going when there is trade setup.
P.S. For this point, I will only focus on EURUSD
This is my journal for the day.
05.21.07 EURUSD
O 13514
SL 13682
TP 13374
Close at 13468 Profit 46 pips
I am applying Fib ratio + Tom Demark TrendLine for my analysis ONLY.
Here is how I did:
1. Use MN, WK, D, and (4H if need to) to find the trendline.
All the trend line have to be in same side of market trend. If the price is
not in the same trend, doing the test if the pt D=127.2 fib ratio is
complete. PT 127.2 is the way of considering a possible reversal pt.
2. Looking for entry at point C of Fib ratio. The price have to be in same side
of trend that confluence with higher time frame.
3. TP always set fib ext 127.2, and stop loss always set at pt A (swing
high/low)
I do not like to spend a lot time to wait the setup and place trade. As the result, I came out this lazy idea to identify the chart once a day=00:00GMT and I can make the decision right the way.
From back test, I only did Jan-2006, even the profit:loss ratio isnt fair enough (about 1:2<), but winning ratio in this point is almost 99.9%.
I will appreciate if someone can do more backtest.
If you have any question, please let me know.
The trading journal will keep going when there is trade setup.
P.S. For this point, I will only focus on EURUSD