I saw this out on the net and was drawn to the idea of trading forex in as simple a manner as is possible. Sitting in a Coffee Shop, bathed in wifi signals, sitting on a comfortable sofa, trading forex from a single screen. No extra graphic cards, no extra monitors...just one trader and a laptop sitting in the corner. Best part of the idea to me was trading the Daily charts as you really don't want to be glued to a monitor for hours on end. Look at the Daily trends, see which ones look the best to you, and make a trade. You may go back to it a couple of times a day if you want to adjust something or just follow the trade. But you really don't need too.
What I'll be looking at are Daily charts of the USD majors (EU, GU, AU, NU, UChf, UCad) and some of the Yen crosses (EJ, GJ). I usually use a ICCE chart (Bemac's ICCE and One Day's versions), and I also pay attention to Jaroo Levels from Monthly, Weekly, and Daily. I tend to be a J16 nut about Pinbars and other Price Action activities.
I am a Lifetime member of the J16 Private Forum. I have over 1,600 posts in there and I tend to spend a lot of my extra time in there. I have been involved in Forex since December 2009. I have traded Live on IBFx and on Oanda. IBFx has neat tools...and nice spreads on some things. Oanda tends to have better spreads on almost everything.
I have a tendency to not explain why I took a particular trade very well. But I do tend to talk a lot about what I was thinking about before I made the trade. I believe that it was fti (on the TAF thread) that said that trading the 5 minute time frame is a young persons game. I'm not so young a person anymore and I'm finding that the Daily/4hr/1hr time frames are more to my liking. My best successes to date have come from holding a trade for several days and moving my stop along with the moving trends.
I'd like to thank James16, fti, and a whole host of others for sharing their wisdom with the newbies in FF.
If this thread develops into anything I'll use this space below as an index into my thinking. Draw up a chair beside me here in the Coffee House, and lets see if we can't have some fun.
Best,
Eric.
What I'll be looking at are Daily charts of the USD majors (EU, GU, AU, NU, UChf, UCad) and some of the Yen crosses (EJ, GJ). I usually use a ICCE chart (Bemac's ICCE and One Day's versions), and I also pay attention to Jaroo Levels from Monthly, Weekly, and Daily. I tend to be a J16 nut about Pinbars and other Price Action activities.
I am a Lifetime member of the J16 Private Forum. I have over 1,600 posts in there and I tend to spend a lot of my extra time in there. I have been involved in Forex since December 2009. I have traded Live on IBFx and on Oanda. IBFx has neat tools...and nice spreads on some things. Oanda tends to have better spreads on almost everything.
I have a tendency to not explain why I took a particular trade very well. But I do tend to talk a lot about what I was thinking about before I made the trade. I believe that it was fti (on the TAF thread) that said that trading the 5 minute time frame is a young persons game. I'm not so young a person anymore and I'm finding that the Daily/4hr/1hr time frames are more to my liking. My best successes to date have come from holding a trade for several days and moving my stop along with the moving trends.
I'd like to thank James16, fti, and a whole host of others for sharing their wisdom with the newbies in FF.
If this thread develops into anything I'll use this space below as an index into my thinking. Draw up a chair beside me here in the Coffee House, and lets see if we can't have some fun.
Best,
Eric.
" Be always employed in something useful." - Benjamin Franklin