Simple Thread Rules:
- Please be nice and kind with others.
- IF you wanna share a view, support it with a simple chart.
- Overly complex charts may not help others.
- See chart att.. The arrows are placed manually by me on Pin Bars.
- Catch Spiky Reversal (Pin Bars) Above/Below SMA-13 on H1.
- Ideally, you should let price go sideways for 5 - 10 hrs for consolidation after Pin formation. I call it cooling period like.. let it kool down after the spike.
- SL around wick of the pin.
- Additionally, I pay attention to break-outs on H4. I believe that majority of the times the pairs continue to range. If you look at daily and weekly charts, you'll see that price is going nowhere at most of the times but oscillating within a range.
- In other words, the probability of price staying within a range on H4, Daily and weekly is higher than break-out.
- Take cues from other pairs. For Eg. IF Gold has been falling really badly, I won't sell U/J. Similarly, I would like to sell EU/US, if US/CH has been climbing.
- When stakes are high and I'm not confident about what I'm doing, hedging helps. For Eg. IF I'm selling EU/US, buying EU/Au and EU/NZ might offset the risk.
- Wait for NY morning on Mondays (after the weekend)
- Trade Ultra-light on Fridays.
- Try not to trade EU or Cable before 10:00 London time, earliest would be 07:00 am London time
- If you are not feeling well, do not trade. If its compulsive, trade light.
- Do not trade if you are drunk.
- If you are vegetarian, take sufficient B6 n B12 from multi vitamins etc.
- Try to live on Fruits, Salads, Nuts and Cold Water Fish.
- Do sufficient Cardio.
Spiritual Angle for discipline and patience:
I suggest just try your best to not commit any deadly sin (I like The Catholic version) and meditate (Yoga) for self control and discipline.
- 80% of traders lose their money in Forex Markets.
- I believe more than 80% blow their money within 6 months.
- Therefore, do not invest more than you can afford to lose.
- Use leverage as low as possible. No matter how rosy it looks like, stay grounded.
- Avoid Revenge Trading, if you lost money, let go.
- It takes time, I've been into this since 2006, only know little and still learning.
PS: English is a foreign language for me, so you know.