UPDATED: February 21, 2011
Another update as I am getting my trading guide together.
My posts up to this point have been a bit cluttered and disorganized without much structure, making it difficult for me to go back and reference. This process of refinement and self-assessment is going well and has been very beneficial, I hope to move forward with a more seemless flow.
In an effort to have a clean record flow, I will be changing my trade record format on post #136, page 10.
_________________________________
Here's a brief summary of how I will be trading. I am still working out many of the details, but here's a start.
This approach is very much inspired by pipEASY's method on the "Building an equity millipede thread". I've been lurking around in that thread off and on since it started with great interest. I have much respect for the knowledge and time that went into his posts and will not attempt to try and outline it here, as I will likely do it a dis-service.
Objective:
Objective #1 is to make as many low risk entries as possible that have the best chance to survive the entire current Daily trend. My defining factor for the trend will be based on the status of the 7/14 EMAs that will be explained in detail below. The approach is to build multiple positions based on the daily, weekly and monthly trends. Objective #2 is based on the shorter time frames, and is to ride out the mini trends for quicker profits.
Currency Pairs: EU & UJ
Indicators: 7, 14 & 30 EMAs
The EMAs purpose is to gauge the trend on all time frames. On the Weekly and Daily charts, it’s very simple. When the 7 is above the 14, bias is long, and vice-versa. Using the example of a long bias, all positions that have stayed alive on the Weekly and Daily will be closed once the EMAs cross.
Entries:
Entries will be based on PA across the time frames mentioned above and will be logged and managed starting with post #136, page 10.
Positions Management:
Stop losses and profit target will vary, but will be placed and logged shortly after each entry.
More to come...
_________________________________
CLOSED TRADES
February: +402 (pips)
Another update as I am getting my trading guide together.
My posts up to this point have been a bit cluttered and disorganized without much structure, making it difficult for me to go back and reference. This process of refinement and self-assessment is going well and has been very beneficial, I hope to move forward with a more seemless flow.
In an effort to have a clean record flow, I will be changing my trade record format on post #136, page 10.
_________________________________
Here's a brief summary of how I will be trading. I am still working out many of the details, but here's a start.
This approach is very much inspired by pipEASY's method on the "Building an equity millipede thread". I've been lurking around in that thread off and on since it started with great interest. I have much respect for the knowledge and time that went into his posts and will not attempt to try and outline it here, as I will likely do it a dis-service.
Objective:
Objective #1 is to make as many low risk entries as possible that have the best chance to survive the entire current Daily trend. My defining factor for the trend will be based on the status of the 7/14 EMAs that will be explained in detail below. The approach is to build multiple positions based on the daily, weekly and monthly trends. Objective #2 is based on the shorter time frames, and is to ride out the mini trends for quicker profits.
Currency Pairs: EU & UJ
Indicators: 7, 14 & 30 EMAs
The EMAs purpose is to gauge the trend on all time frames. On the Weekly and Daily charts, it’s very simple. When the 7 is above the 14, bias is long, and vice-versa. Using the example of a long bias, all positions that have stayed alive on the Weekly and Daily will be closed once the EMAs cross.
Entries:
Entries will be based on PA across the time frames mentioned above and will be logged and managed starting with post #136, page 10.
Positions Management:
Stop losses and profit target will vary, but will be placed and logged shortly after each entry.
More to come...
_________________________________
CLOSED TRADES
February: +402 (pips)
