Do you use any fib retraces? ma's? What time frames?
Hope I'm not too nosy..
Thanks.
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DislikedI dumped Fibs a long tome ago. I've never seen a Fib retracement that didn't match an existing S/R area.
Key TFs:
- Monthly/Weekly for key S/R areas
- Daily S/R for ranging periods
- 4-hr for Stop loss adjustments (sometimes - depending on PA)
- 5-15M for entries at S/R levels
Ignored
DislikedI try to identify an exit area around Resistance (if I'm long) and assess if price will get all the way or if there are areas of previous consolidation below that area, in which case I'll bring my TP target down a bit.
I've long stopped worrying about a few missed pips on those occasions when price has pushed thro' my TP. I'll wait for a pullback and then trade again if I feel comfortable.
This comes after several years of trial and error, staring at charts, reading and absorbing info from the J16 thread and NOT following any of the pair threads...Ignored
DislikedI couldn't program my way out of a wet paper bag .
Yes, it nearly all discretionary, although I do use blind entries at times. Nearly all the trades on that graph are based on one pair (GBPJPY) with the exception of a dumb-ass short I took on the EURUSD. That was the 5.47% drawdown and I still can't explain why I took it. I'd set a disaster stoploss and couldn't get back to computer in time to get out earlier.
I spend a lot of time deciding my trades based on the prevailing trend (on the daily chart) and then look to find opportunities...Ignored
DislikedYeah, there's no point trying to trade as many pairs as possible, as trading is all about quality of trades rather than quantity.
Interesting to know though your method works well on two pairs (and might be more as far as I know).
So for how long have you been consistent with this method?
Just trying to measure your success...Ignored
DislikedThanks for the link, I will try it.
I have another question, though.
I saw someone asking PeterFM if he's trading manually or automatically. Which way is better?Ignored
DislikedIn essence, about 12 months. I started a demo in Aug 2008 just to refine this and I've attached the equity curve up till Dec 2008. I stopped trading (live and demo) through the holiday period and found that the demo account had been de-activated in Jan. Therefore I had to start a new demo account this year.
So the trades on the myfx site are the trades since Jan 2009 and the PDF attached is from Aug 2008 to the end of Dec 2008. Many of these early trades were single micro lots and well below even 1% as a risk profile as this was really a test period...Ignored
DislikedLooks like you've made it to where every trader tries to get to..Congratulations!
So are you trading full time? Or this is the next step?Ignored
DislikedWe have a retail business that provides our main income but there is the live account that I trade which is designed to provide backup to my pension (I'm now officially retired in the UK).
In due course the funds from the US b roker will be pulled across to the UK to go into either a spread betting or a binary options account. Both of these are treated as tax-free incomes by HMRC so have advantages over normal spot FX.
So, in answer to your question. Yes, I trade full time but it's not my main source of income.Ignored
QuoteDislikedHave you thought of, or been asked to trade for clients? Looking on your system page, I don't think it will be an issue for you to find any.
DislikedPeter,
I'm glad to see you're enjoying yourself and being consistent. That's the key, isn't it?Ignored