Slow and steady

Hi there,

I would like to post some trade ideas...upcoming...execution...and outcome.

This will be based on a slow and steady approach. I'll be using very conservative money management, longer term charts (4 hours mostly), and awaiting setups based mostly on fibs and support/resistance.

Would love to have you input.

Much of the trading will be sort of common sense, with attempts at staving off the emotional side of things - hopefully with your help!

I'll use just about any currency pair, there will be stops and limits put in. Trades will be based on an expected move occuring and then only opening the trade once that move is confirmed (as much as anything can be confirmed in forex ! :-) ).

Let's see how we go. Details and explanations will appear on the charts as I post them...

OK, here's the first chart....

I'll try and use default colors -

blue line = open
red line = stop
green line = limit

I'll do a few trades first, then move on to lot size, money management etc.

MAs are 50, 100 SMA and 62 EMA - sometimes adds weight to decisions
Image quite blurry. Please give suggestions how to improve this. It was very clear but I had to decrease size to upload. What would let me decrease it without losing clarity ? Thanks

Some background.

I have been around the mill a little. Tried automated stuff, fancy indicators, very short time frames etc. Now much of this may work, but I could never be consistent or unemotional. I find the noise of smaller timeframes knocked me time and again...hence the 4 hour time frame. Also given up on doubling my account every month! :-) Not much left to double anyway !!! ;-)

10% is what I aim for (per month), risking no more than 2% per trade. If a month doesn't make 10% or makes a loss, so be it. Strategy doesn't change.

Hi Mosaic,

Thank you for choosing forex factory. For your first.... hehe..
Sounds like a salesman..

Anyway, welcome to FF.

Just one suggestion though. Do you mind moving to the Journal Factory here:
http://www.forexfactory.com/forexfor...splay.php?f=49

It's a dedicated section here in FF to keep trade logs or anything.

If you agree, we'll be happy to do the move for you.

Best of wishes and happy trading,
East

Sure....see you there.

You can try and upload your images on a file server like imageshack.
Just do make sure that it doesn't mess the page too much.
Maybe just enough to fit the page.

Hope this helps.

East

This is one I missed !!!

EUR/AUD Looking for another bounce down from this resistance level - would be the 4th.

Note : I will go short only if it touches and shows downward momentum, not simply once it touches the line...

Here's the gbp/jpy also bouncing wonderfully off the 211 level

USDCAD. Irritated at my missing this. Marked it out earlier today...put in the rectangle. Bounced off the 50% fib and rettested the support that became resistance and then dropped.

Good luck Mosaic!

My experience matches yours! I am currently trading longer term timeframes (daily) also, using trendlines as my main tool. If you wanna learn more about trendlines trading stick around Charts Factory subforum also, there's some great stuff in there from Isotonic.

-soso

Ah I entered on this one at 1.1087, using same trendline bounce. Don't worry for missing, there's plenty of setups to come.

-soso

Well done. Yes...I've learned the hard way not to rue missed opportunities too much. The market will always be there, as will opportunities.


What I also like to do is if I get in and it moves my way quickly, I move my stop to break even and simply sit on the trade...good risk free way to get 100's of pips.

Ah yes yes, moving as quickly as possible to breakeven is the best MM thing I have ever learned to apply!

-soso

Yet another example of a trigger past...more live ones will come as time goes by....

this is GBPAUD

would have preferred a clearer bounce off of the 50 or 62% fib.

closeup update on the chf/jpy trade....

very nice trendline, have you took the long?

-soso

Yep...went long at 92.21

Hi MOSAIC,

I appreciate your traing chart .
Excellent resource for a newbie like me.
Thanks.

Hi FXNewbie,

Only a pleasure. Not really training, just what I do and am doing currently to make sense of this fx world !!

What I've struggled with so much is finding people who consistently really make money from this, and then knowing what they do, and for how long. I would love to post trade after trade here indefinitely that over time shows profit. Sure some will be losses, but overall I think it would be great to have an ongoing record of profitability.

Cheers