***UPDATE - 6th of March 2012***
I have reorganised my trading, because I was lacking a perspective in terms of where price is and where it is heading in the bigger picture.
I've started to explore topics as MTF analysis, support and resistance areas, longer term trading, supply and demand zones, confluence and so on.
After some time of doing that, I've decided to start trading daily charts based on price action and confluence.
A good source of infomation about this kind of trading is:
james16 chart thread Huge thread about PA trading
B.S. trading with Kenneth Lee Great source on supply and demand
Beyond the candles PA with emphasis on the use of monthly and weekly levels on the daily chart.
Good blog by ghous. He does a great sum-up of his trading approach and how newbies should start out.
Good stuff I've found also on Nial Fuller's page
Worth having alook at is the Basic candle stick pattern video series by Lance Beggs. His page in general has good info for beginners.
Price action is the main factor which my trades are based on.
Additionally I have an ADR and round number indy.
I've changed some MA's over time and added an indy here and there, but this is just for confimation.
Below is my initial post. The price action posts start from post 15 on.
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Yeah, thats right.
Im a novice trader - in the forex game for some 3 months - and I've decided its enough with changing systems, timeframes, strategies... every second day, while manically downloading the next top shit indicator.
I have chosen my trading system, I have defined my entry, exit and money management rules and I will f**king stick to them.
The purpose of this journal is to post and analyse my trades. It will also serve as the place where I have to document and justify any changes I bring to my system. And last but not least, it will, hopefully, yield some advice from experienced traders.
The system I will trade is X-Man's super symple system from this forum.
http://www.forexfactory.com/showthread.php?t=327972
My thanks go out to X-Man for sharing it and actively managing his topic.
Props go out also to emmanuel7788 and Phx62 for their insightfull and patient contributions to the topic.
I will trade the 30 min chart
My main pair is EUR/USD but I'll also have an eye on EUR/JPY
I will trade the London session
My lot size is max 2% of my account and calculated with Babypips' position size calculator
My SL is at the last swing high/low or at a certain ATR based distance.
My TP is: first half between +20 and +30 (depending on momentum) and second half manually managed till I think its maxed out.
Entry conditions vary a bit, but generally I need to see RSI cross over MBL (on the TDI indy) and PA which confirms the direction.
There also have to be a sufficent distance to the next S/R, Pivot, mayor MA...
I guess thats enough info for now, so I'll finish the first post with my new mantra:
Let the trade come to you.
Thoughts are things