Being apart of a forum is a good thing. Especially for forex. You can post your anaylsis and have it critiqued by other traders, giving you something else to think about. Alot of my trade setups have been based on a H&S pattern I did not see, or a Fib retracement I just didn't bother drawing. It helps reading posts around here.
So this is the purpose of my thread, to help. I don't expect you to follow my trades, nor would I want you to. You have your rules, I have mine. What I want to do is provide you with my analysis based on my rules and my preferences for the GBP/USD currency pair. Plus, I would probably be posting a trade (i.e. charts) after I take it and also the outcome. I am not afraid of posting a bad trade, so you will see everything.
I read fundamental news but do not build trade plans around it. I love technical anaylsis and as such base my trade plans around that. Whether or not a particular trade plan is executed depends on the conditions at the level I would like to take a trade. Whats more important is knowing what you will do before the trade even develops.
A bit about me.
I am 22 and from Canada. I am in my last year of an Honours Bachelor Degree in Physiology. The purpose of my involvement in Forex now is to learn discipline so that when I have a career, I can employ the same tactics with a much larger account.
My first account was a Mini with a $300.00 deposit. I lost is very quickly. I waited, educated myself, and now trade a Micro account. I have lost 5, $25 micro's before this one, which is up more than 400%. I am almost at that level of discipline where I believe I can be consistently profitable at least 51% of the time.
A bit about my strategy.
Platform - MT4
Charts - M15, H1, H4, and D1 tiled vertically
Indicators:
All Charts - OsMA (12,26,9), 21-55-89-200 EMA's
M15 Chart - Daily Pivot Points + Major S/R zones (white boxes)
H4 Chart - Weekly Pivot Points
Daily Chart - Monthly Pivot Points
Trend - Position of the 21 and 55 EMAs on H1 and D1 charts
A bit about my targets.
I like to trade off pivots. A with-trend trade targets the second pivot point from entry and a counter-trend trade targets the nearest pivot point. Off of major S/R levels, first target is 90 and second target is 200.
A small handfull of times I will forget my targets and hold on for a longer term target based on where I am entered. The trades I enter never have a stop-loss greater than 30 pips, and when I am up 30 pips in profit, my stops are moved to BE + 1.
How I enter a trade.
I enter on the 1 minute chart. At a level, I first look for a bounce off the level and then a fib pullback, double touch or for the level to be violated further with an accompanying divergence on the 1 minute MACD. I confirm which of these three scenarios is occuring by a 5-ema crossing above/below the 8-sma depending on the direction of the trade and a MACD cross in my favor.
My plan allows me to trade only from...
7:00AM to 11:00AM EST
8:00PM to 12:00AM EST
However, if time permits and I happen to see a setup at another time during the day, I may take it.
I trade at a maximum of 1:20 true leverage which I calculate as (account balance X 20)/1000. This tells me the max number of 1k lots I can trade per position in the market.
I look forward to your feedback about my strategies.
I will also post my analysis for the week on Sunday afternoon, as well as my trade plans before I excute the trade (depends on time, but I will try to post prior to executing a trade). Expect also to see charts of the Dollar Index.
--Jack.
So this is the purpose of my thread, to help. I don't expect you to follow my trades, nor would I want you to. You have your rules, I have mine. What I want to do is provide you with my analysis based on my rules and my preferences for the GBP/USD currency pair. Plus, I would probably be posting a trade (i.e. charts) after I take it and also the outcome. I am not afraid of posting a bad trade, so you will see everything.
I read fundamental news but do not build trade plans around it. I love technical anaylsis and as such base my trade plans around that. Whether or not a particular trade plan is executed depends on the conditions at the level I would like to take a trade. Whats more important is knowing what you will do before the trade even develops.
A bit about me.
I am 22 and from Canada. I am in my last year of an Honours Bachelor Degree in Physiology. The purpose of my involvement in Forex now is to learn discipline so that when I have a career, I can employ the same tactics with a much larger account.
My first account was a Mini with a $300.00 deposit. I lost is very quickly. I waited, educated myself, and now trade a Micro account. I have lost 5, $25 micro's before this one, which is up more than 400%. I am almost at that level of discipline where I believe I can be consistently profitable at least 51% of the time.
A bit about my strategy.
Platform - MT4
Charts - M15, H1, H4, and D1 tiled vertically
Indicators:
All Charts - OsMA (12,26,9), 21-55-89-200 EMA's
M15 Chart - Daily Pivot Points + Major S/R zones (white boxes)
H4 Chart - Weekly Pivot Points
Daily Chart - Monthly Pivot Points
Trend - Position of the 21 and 55 EMAs on H1 and D1 charts
A bit about my targets.
I like to trade off pivots. A with-trend trade targets the second pivot point from entry and a counter-trend trade targets the nearest pivot point. Off of major S/R levels, first target is 90 and second target is 200.
A small handfull of times I will forget my targets and hold on for a longer term target based on where I am entered. The trades I enter never have a stop-loss greater than 30 pips, and when I am up 30 pips in profit, my stops are moved to BE + 1.
How I enter a trade.
I enter on the 1 minute chart. At a level, I first look for a bounce off the level and then a fib pullback, double touch or for the level to be violated further with an accompanying divergence on the 1 minute MACD. I confirm which of these three scenarios is occuring by a 5-ema crossing above/below the 8-sma depending on the direction of the trade and a MACD cross in my favor.
My plan allows me to trade only from...
7:00AM to 11:00AM EST
8:00PM to 12:00AM EST
However, if time permits and I happen to see a setup at another time during the day, I may take it.
I trade at a maximum of 1:20 true leverage which I calculate as (account balance X 20)/1000. This tells me the max number of 1k lots I can trade per position in the market.
I look forward to your feedback about my strategies.
I will also post my analysis for the week on Sunday afternoon, as well as my trade plans before I excute the trade (depends on time, but I will try to post prior to executing a trade). Expect also to see charts of the Dollar Index.
--Jack.
