Journal to track the success (or failure) of what I have called: "2nd Base Set and Forget"
Trades are taken purely on previous price action.
I look for a certain set of conditions that suggest either a buy or sell. Then set my stop loss, and target.
This method should work on any currency pair. Personally I trade USD, EUR, GBP, JPY, AUD, NZD
Below I have a couple of examples (one buy and one sell) of what I look for when setting a trade.
Preferred Time Frame: H4 (however you need to look at higher TF's to get a feel of the market)
Step 1: Look for a Base rally Base for a buy (Base drop Base for a sell)
Step 2: Look for price to break a previous swing high (or swing low if selling)
Step 3: Set a buy order at top of 2nd Base (or a sell order at bottom of 2nd base if selling)
Step 4: Set stop loss just below top of 1st Base (or just above bottom of 1st base if selling)
Step 5: Set a conservative target at first obvious resistance (or support for a sell), or a optimistic target at the first major supply area (or demand area for a sell)
And that is pretty much it. Real simple. You can look for these trades at any time. Simply set on the 2nd Base and forget.
Trades are taken purely on previous price action.
I look for a certain set of conditions that suggest either a buy or sell. Then set my stop loss, and target.
This method should work on any currency pair. Personally I trade USD, EUR, GBP, JPY, AUD, NZD
Below I have a couple of examples (one buy and one sell) of what I look for when setting a trade.
Preferred Time Frame: H4 (however you need to look at higher TF's to get a feel of the market)
Step 1: Look for a Base rally Base for a buy (Base drop Base for a sell)
Step 2: Look for price to break a previous swing high (or swing low if selling)
Step 3: Set a buy order at top of 2nd Base (or a sell order at bottom of 2nd base if selling)
Step 4: Set stop loss just below top of 1st Base (or just above bottom of 1st base if selling)
Step 5: Set a conservative target at first obvious resistance (or support for a sell), or a optimistic target at the first major supply area (or demand area for a sell)
And that is pretty much it. Real simple. You can look for these trades at any time. Simply set on the 2nd Base and forget.