Excellent results, really impressive,
Can I ask you how many pairs you monitor and how you monitor them, I mean do you do a weekly analysis,or a daily analysis or how do you organize what you are watching...do you have a limit of pairs you watch or any you dont watch, I really like what you are doing...take care, Raz
Hi Raz,
I monitor 23 pairs on IBFX. All my white PPZ lines/zones are drawn on monthly charts going back in time as far as the IB platform will let me. They were drawn months ago, and once or twice I have adjusted one by a few pips.But in general they are a permanent unchahging feature of my charts.
All the blue and purple lines/zones are drawn on daily charts.They are added and removed as I see patterns, triangles, S/R, appearing and disappearing,although they can and do often stay for days and weeks at a time.
So I spend a couple of hours every day looking at all 23 pairs,adding and subtracting lines.
Raz I hoped this answered your questions. If I was not clear, please let me know.
In the attached chart you can see the pairs I trade.
This pair is at the top of my watch list for Monday. A beautiful breakout of the triangle, and then it carried on to break the support line. On the 4hr it has pulled back to turn the support into resistance,and zoomed out on the daily it is with the main trend.
Sorry you can not see the pairs.Well I trade all the pairs on IB except the exotics and NCHF. The platform I trade on does not have NCHF.
Just to add a bit more, I only trade OB/engulfing bars,pin bars, pinbars that take two days to form or two 4hr periods to form, and BPC.
The daily's are what I trade from, but sometimes I will drop down to the 4hr to look for an entry.
My triangle's are just that ,triangel's.They have all sorts of names ,flags, flags with poles,bearish flags,bullish flags,pennants ,bearish pennants,bullish pennants etc,etc. To me they are all just triangle's, and regardless of what they are called they are all going to break one way or the other.
Perfect explanation thanks very much. I never look at monthly really but I will give it a go, lets see what I come up with in the way of ppzs. Its practice isnt it...I will see how well I can follow you but I love your style of trading its simple and clean and uses price action and trendlines which is basically how I trade anyway. Watching so many pairs must take some getting used to though, at least it will for me. Anyway, I will watch from the sidelines and see how I go. I have more questions about your targets and stops too, but I will leave you alone for now! Do you use fib expansions? Ok, take care, have a great weekend, Raz
Off to bed in a minute, just after midnight here.But to answer one of your questions now.No I do not use fib's or anything else. What you see on my charts is all I use.
Yes I believe practice is of major importance, hundreds and hundreds, indeed thousands of hours staring at charts. Fortunately for my I have an addictive personality, and I am totally addicted to FX. I am also determined to make a living out of this.
Please, ask your questions at any time, I will do my best to answer them.